Packaging Corporation of America (PKG) Financials

$186.95 +0.72 (+0.39%)

Closing price 06/20/2025 03:59 PM Eastern

Extended Trading

$186.92 -0.02 (-0.01%)

As of 06/20/2025 05:45 PM Eastern

Annual Income Statements for Packaging Corporation of America

This table shows Packaging Corporation of America's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	437	450	669	738	696	461	910	1,003	797	833
Consolidated Net Income / (Loss)	437	450	669	738	696	461	841	1,030	765	805
Net Income / (Loss) Continuing Operations	437	450	669	738	696	461	841	1,030	765	805
Total Pre-Tax Income	665	689	829	971	917	633	1,109	1,365	1,014	1,064
Total Operating Income	750	783	933	1,068	1,054	724	1,241	1,421	1,075	1,101
Total Gross Profit	1,208	1,276	1,471	1,645	1,644	1,369	1,873	2,091	1,699	1,783
Total Revenue	5,742	5,779	6,445	7,015	6,964	6,658	7,730	8,478	7,802	8,383
Operating Revenue	5,742	5,779	6,445	7,015	6,964	6,658	7,730	8,478	7,802	8,383
Total Cost of Revenue	4,534	4,503	4,974	5,369	5,320	5,289	5,857	6,387	6,104	6,600
Operating Cost of Revenue	4,534	4,503	4,974	5,369	5,320	5,289	5,857	6,387	6,104	6,600
Total Operating Expenses	458	493	538	578	590	646	632	670	624	682
Selling, General & Admin Expense	458	493	538	578	590	590	632	670	624	682
Total Other Income / (Expense), net	-86	-95	-104	-97	-137	-91	-133	-56	-61	-37
Interest Expense	-	95	103	95	129	94	152	70	53	41
Other Income / (Expense), net	-	-	-1.30	-2.10	-7.90	2.30	20	15	-7.70	4.50
Income Tax Expense	228	239	160	233	221	172	268	335	249	259
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-	-	-	-	-69	29	-33	-28
Basic Earnings per Share	$4.47	$4.76	$7.09	$7.82	$7.36	$4.86	$8.87	$11.08	$8.52	$8.97
Weighted Average Basic Shares Outstanding	96.60M	93.50M	93.50M	93.70M	94.65M	94.83M	93.53M	89.69M	89.62M	89.80M
Diluted Earnings per Share	$4.47	$4.75	$7.07	$7.80	$7.34	$4.84	$8.83	$11.03	$8.48	$8.93
Weighted Average Diluted Shares Outstanding	96.60M	93.50M	93.50M	93.70M	94.65M	94.83M	93.53M	89.69M	89.62M	89.80M
Weighted Average Basic & Diluted Shares Outstanding	96.60M	93.50M	93.50M	93.70M	94.65M	94.83M	93.53M	89.69M	89.62M	89.80M
Cash Dividends to Common per Share	$2.20	$2.36	$2.52	$3.00	$3.16	$3.37	$4.00	$4.75	$5.00	$5.00

This table shows Packaging Corporation of America's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	263	184	192	333	185	86	148	335	240	110	205
Consolidated Net Income / (Loss)	263	212	190	333	183	59	147	335	238	86	204
Net Income / (Loss) Continuing Operations	263	212	190	333	183	59	147	335	238	86	204
Total Pre-Tax Income	347	277	253	268	245	249	188	267	319	292	267
Total Operating Income	360	288	271	284	259	261	196	276	327	302	280
Total Gross Profit	518	450	431	445	413	410	370	438	505	470	455
Total Revenue	2,126	1,978	1,976	1,952	1,936	1,938	1,980	2,075	2,182	2,146	2,141
Operating Revenue	2,126	1,978	1,976	1,952	1,936	1,938	1,980	2,075	2,182	2,146	2,141
Total Cost of Revenue	1,608	1,528	1,545	1,507	1,523	1,528	1,609	1,638	1,677	1,676	1,686
Operating Cost of Revenue	1,608	1,528	1,545	1,507	1,523	1,528	1,609	1,638	1,677	1,676	1,686
Total Operating Expenses	158	162	161	160	154	149	174	162	178	168	174
Selling, General & Admin Expense	158	162	161	160	154	149	174	162	178	168	174
Total Other Income / (Expense), net	-13	-12	-17	-17	-14	-13	-8.50	-9.30	-8.50	-11	-13
Interest Expense	17	15	15	17	12	9.00	9.60	9.30	9.70	13	13
Other Income / (Expense), net	3.60	3.70	-2.00	-	-1.80	-	1.10	-	1.20	-	0.00
Income Tax Expense	85	65	63	-65	61	190	41	-68	81	206	64
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	0.00	-	-2.60	-	-2.40	-	-0.80	-	-3.00	-	-1.20
Basic Earnings per Share	$2.81	$2.34	$2.12	$2.25	$2.04	$2.11	$1.64	$2.22	$2.65	$2.46	$2.27
Weighted Average Basic Shares Outstanding	92.53M	89.69M	89.93B	89.92M	89.62M	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M
Diluted Earnings per Share	$2.80	$2.33	$2.11	$2.24	$2.03	$2.10	$1.63	$2.21	$2.64	$2.45	$2.26
Weighted Average Diluted Shares Outstanding	92.53M	89.69M	89.93B	89.92M	89.62M	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M
Weighted Average Basic & Diluted Shares Outstanding	92.53M	89.69M	89.93B	89.92M	89.62M	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M
Cash Dividends to Common per Share	$1.25	$1.25	$1.25	$1.25	$1.25	$1.25	$1.25	$1.25	$1.25	$1.25	$1.25

This table details how cash moves in and out of Packaging Corporation of America's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	59	55	-22	145	318	295	-356	-299	328	37
Net Cash From Operating Activities	769	807	856	1,180	1,207	1,033	1,094	1,495	1,315	1,191
Net Cash From Continuing Operating Activities	769	807	856	1,180	1,207	1,033	1,094	1,495	1,315	1,191
Net Income / (Loss) Continuing Operations	437	450	669	738	696	461	841	1,030	765	805
Consolidated Net Income / (Loss)	437	450	669	738	696	461	841	1,030	765	805
Depreciation Expense	357	358	391	411	388	410	418	457	518	526
Amortization Expense	7.80	7.80	10	8.60	23	2.60	4.40	2.10	2.20	2.30
Non-Cash Adjustments To Reconcile Net Income	49	-11	14	37	34	29	47	3.40	18	49
Changes in Operating Assets and Liabilities, net	-82	2.30	-228	-14	66	131	-216	2.90	12	-191
Net Cash From Investing Activities	-298	-770	-609	-608	-547	-426	-794	-834	-875	-278
Net Cash From Continuing Investing Activities	-298	-770	-609	-608	-547	-426	-794	-834	-875	-278
Purchase of Property, Plant & Equipment	-327	-285	-351	-556	-403	-428	-607	-830	-472	-672
Purchase of Investments	-	-	-	0.00	-157	-110	-127	-126	-507	-114
Sale of Property, Plant & Equipment	1.50	0.50	17	1.50	4.10	4.60	7.90	2.20	1.60	1.30
Sale and/or Maturity of Investments	-	-	-	0.00	11	107	127	119	103	507
Other Investing Activities, net	4.20	0.00	-1.10	2.50	-1.30	0.00	0.00	1.90	0.00	0.00
Net Cash From Financing Activities	-411	18	-269	-427	-343	-312	-656	-960	-112	-876
Net Cash From Continuing Financing Activities	-411	18	-269	-427	-343	-312	-656	-960	-112	-876
Repayment of Debt	-47	-40	-1,019	-151	-925	-1.50	-760	-1.70	-3.00	-402
Repurchase of Common Equity	-155	-100	-	-	0.00	0.00	-193	-523	-42	0.00
Payment of Dividends	-201	-216	-238	-268	-299	-300	-380	-420	-449	-449
Issuance of Debt	0.00	385	998	0.00	889	0.00	690	0.00	397	0.00
Other Financing Activities, net	-8.70	-11	-11	-7.90	-8.20	-11	-13	-15	-16	-26

This table details how cash moves in and out of Packaging Corporation of America's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-19	-329	48	109	96	75	44	-79	63	8.40	67
Net Cash From Operating Activities	431	420	280	360	340	335	260	278	327	325	339
Net Cash From Continuing Operating Activities	431	420	280	360	340	335	260	278	327	325	339
Net Income / (Loss) Continuing Operations	263	212	190	203	183	189	147	199	238	221	204
Consolidated Net Income / (Loss)	263	212	190	203	183	189	147	199	238	221	204
Depreciation Expense	114	119	130	128	129	131	128	129	133	136	138
Amortization Expense	0.50	0.60	0.50	0.60	0.50	0.60	0.60	0.60	0.60	0.50	0.50
Non-Cash Adjustments To Reconcile Net Income	-44	12	22	16	-36	16	26	14	-8.00	17	24
Changes in Operating Assets and Liabilities, net	97	77	-62	13	62	-1.80	-42	-63	-36	-49	-27
Net Cash From Investing Activities	-184	-252	-115	-127	-89	-544	-81	-243	249	-203	-144
Net Cash From Continuing Investing Activities	-184	-252	-115	-127	-89	-544	-81	-243	249	-203	-144
Purchase of Property, Plant & Equipment	-183	-248	-114	-127	-90	-141	-78	-245	-147	-201	-150
Purchase of Investments	-34	-28	-30	-26	-20	-431	-33	-30	-29	-22	-32
Sale of Property, Plant & Equipment	1.40	0.40	0.30	0.10	1.10	0.10	0.10	0.50	0.20	0.50	0.70
Sale and/or Maturity of Investments	31	23	28	26	21	28	30	32	425	20	36
Net Cash From Financing Activities	-265	-497	-117	-124	-155	284	-135	-114	-513	-114	-128
Net Cash From Continuing Financing Activities	-265	-497	-117	-124	-155	284	-135	-114	-513	-114	-128
Repayment of Debt	-0.40	-0.40	-0.50	-0.40	-0.50	-1.60	-0.50	-0.50	-400	-0.50	-0.50
Payment of Dividends	-117	-116	-112	-112	-112	-112	-112	-112	-112	-112	-112
Other Financing Activities, net	-5.80	-0.10	-4.70	-11	-0.10	-	-23	-1.60	-0.70	-0.90	-15

This table presents Packaging Corporation of America's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	5,272	5,777	6,198	6,570	7,236	7,433	7,837	8,004	8,681	8,833
Total Current Assets	1,555	1,696	1,915	2,115	2,478	2,750	2,733	2,508	3,254	3,233
Cash & Equivalents	184	239	217	362	680	975	619	320	648	685
Short-Term Investments	-	-	-	-	88	106	86	85	494	102
Accounts Receivable	637	689	831	902	846	832	1,071	1,032	1,033	1,144
Inventories, net	677	724	763	796	794	788	903	977	1,013	1,125
Prepaid Expenses	29	30	36	39	45	45	47	58	62	167
Current Deferred & Refundable Income Taxes	28	14	70	17	27	5.10	7.40	36	4.30	10
Plant, Property, & Equipment, net	2,832	2,896	2,925	3,109	3,152	3,193	3,529	3,900	3,864	4,039
Total Noncurrent Assets	886	1,185	1,358	1,346	1,606	1,490	1,575	1,596	1,563	1,561
Long-Term Investments	-	-	-	-	58	43	60	65	64	65
Goodwill	544	738	883	917	919	864	924	922	922	922
Intangible Assets	271	367	410	378	339	296	308	268	230	192
Other Noncurrent Operating Assets	71	80	64	51	290	287	283	340	347	382
Total Liabilities & Shareholders' Equity	5,272	5,777	6,198	6,570	7,236	7,433	7,837	8,004	8,681	8,833
Total Liabilities	3,639	4,017	4,015	3,897	4,165	4,187	4,230	4,337	4,684	4,429
Total Current Liabilities	562	625	833	694	724	783	885	876	1,266	1,002
Short-Term Debt	7.70	27	151	-	-	-	-	0.00	400	0.00
Accounts Payable	294	324	403	382	352	387	452	410	402	430
Accrued Expenses	194	201	203	222	218	216	255	264	254	363
Dividends Payable	53	60	61	76	77	97	96	116	116	116
Other Current Liabilities	-	-	-	1.40	64	71	69	74	81	83
Other Current Nonoperating Liabilities	13	13	15	12	14	12	12	12	14	9.50
Total Noncurrent Liabilities	3,077	3,392	3,182	3,204	3,441	3,404	3,345	3,461	3,418	3,428
Long-Term Debt	2,290	2,620	2,480	2,484	2,477	2,479	2,472	2,474	2,472	2,474
Noncurrent Deferred & Payable Income Tax Liabilities	347	335	240	285	340	379	466	543	558	562
Noncurrent Employee Benefit Liabilities	359	357	373	358	376	298	157	142	106	96
Other Noncurrent Operating Liabilities	60	60	71	60	233	233	250	57	282	296
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,633	1,760	2,183	2,672	3,071	3,246	3,607	3,667	3,997	4,404
Total Preferred & Common Equity	1,633	1,760	2,183	2,672	3,071	3,246	3,607	3,667	3,997	4,404
Total Common Equity	1,633	1,760	2,183	2,672	3,071	3,246	3,607	3,667	3,997	4,404
Common Stock	441	452	472	495	526	555	580	583	621	671
Retained Earnings	1,317	1,447	1,867	2,316	2,705	2,836	3,102	3,187	3,447	3,777
Accumulated Other Comprehensive Income / (Loss)	-125	-140	-157	-139	-160	-145	-75	-102	-71	-43

This table presents Packaging Corporation of America's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	8,344	8,004	8,049	8,107	8,178	8,681	8,857	8,982	8,754	8,833	8,970
Total Current Assets	2,908	2,508	2,585	2,671	2,773	3,254	3,445	3,484	3,241	3,233	3,303
Cash & Equivalents	649	320	368	477	573	648	692	614	677	685	752
Short-Term Investments	78	85	96	102	104	494	492	491	95	102	91
Accounts Receivable	1,113	1,032	1,031	1,024	1,045	1,033	1,045	1,145	1,216	1,144	1,164
Inventories, net	995	977	1,003	992	986	1,013	1,004	1,030	1,062	1,125	1,141
Prepaid Expenses	67	58	87	76	65	62	212	205	192	167	155
Current Deferred & Refundable Income Taxes	6.10	36	0.00	0.00	0.00	4.30	0.00	0.30	0.00	10	0.00
Plant, Property, & Equipment, net	3,813	3,900	3,897	3,887	3,863	3,864	3,865	3,962	3,982	4,039	4,080
Total Noncurrent Assets	1,624	1,596	1,567	1,549	1,541	1,563	1,547	1,537	1,530	1,561	1,588
Long-Term Investments	67	65	57	51	49	64	69	68	70	65	71
Goodwill	922	922	922	922	922	922	922	922	922	922	922
Intangible Assets	277	268	258	249	239	230	220	211	201	192	183
Other Noncurrent Operating Assets	357	340	329	328	330	347	336	335	337	382	412
Total Liabilities & Shareholders' Equity	8,344	8,004	8,049	8,107	8,178	8,681	8,857	8,982	8,754	8,833	8,970
Total Liabilities	4,373	4,337	4,291	4,258	4,290	4,684	4,826	4,856	4,490	4,429	4,471
Total Current Liabilities	963	876	829	798	1,279	1,266	1,400	1,432	1,101	1,002	1,008
Accounts Payable	485	410	411	366	406	402	450	475	460	430	481
Accrued Expenses	260	264	185	220	245	254	304	346	393	363	263
Dividends Payable	119	116	116	115	115	116	115	115	116	116	116
Current Deferred & Payable Income Tax Liabilities	0.00	0.00	18	8.00	8.40	-	18	-	15	-	30
Other Current Liabilities	74	74	75	77	79	81	81	82	84	83	86
Other Current Nonoperating Liabilities	26	12	26	12	26	14	33	-	33	9.50	33
Total Noncurrent Liabilities	3,410	3,461	3,462	3,460	3,012	3,418	3,426	3,424	3,390	3,428	3,463
Long-Term Debt	2,473	2,474	2,474	2,475	2,076	2,472	2,473	2,473	2,474	2,474	2,475
Noncurrent Deferred & Payable Income Tax Liabilities	514	543	546	539	537	558	567	552	541	562	571
Noncurrent Employee Benefit Liabilities	129	142	149	154	116	106	112	115	99	96	94
Other Noncurrent Operating Liabilities	294	57	283	284	273	282	65	284	270	296	323
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,971	3,667	3,758	3,849	3,887	3,997	4,031	4,127	4,264	4,404	4,499
Total Preferred & Common Equity	3,971	3,667	3,758	3,849	3,887	3,997	4,031	4,127	4,264	4,404	4,499
Total Common Equity	3,971	3,667	3,758	3,849	3,887	3,997	4,031	4,127	4,264	4,404	4,499
Common Stock	602	583	599	608	613	621	641	651	662	671	689
Retained Earnings	3,444	3,187	3,259	3,339	3,371	3,447	3,460	3,544	3,669	3,777	3,853
Accumulated Other Comprehensive Income / (Loss)	-74	-102	-100	-99	-97	-71	-70	-69	-67	-43	-42

This table displays calculated financial ratios and metrics derived from Packaging Corporation of America's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.89%	0.65%	11.52%	8.84%	-0.72%	-4.40%	16.10%	9.67%	-7.97%	7.45%
EBITDA Growth	1.90%	3.12%	15.97%	11.44%	-1.91%	-21.83%	47.80%	12.54%	-16.20%	2.92%
EBIT Growth	6.73%	4.44%	18.88%	14.43%	-1.86%	-30.56%	73.66%	13.81%	-25.63%	3.60%
NOPAT Growth	9.78%	3.75%	47.10%	7.90%	-1.44%	-34.09%	78.55%	13.83%	-24.32%	2.69%
Net Income Growth	11.26%	2.93%	48.71%	10.38%	-5.64%	-33.80%	82.45%	22.43%	-25.69%	5.21%
EPS Growth	12.03%	6.26%	48.84%	10.33%	-5.90%	-34.06%	82.44%	24.92%	-23.12%	5.31%
Operating Cash Flow Growth	4.42%	4.98%	6.10%	37.85%	2.31%	-14.46%	5.94%	36.64%	-12.03%	-9.42%
Free Cash Flow Firm Growth	19.25%	-82.40%	276.07%	87.56%	44.32%	-27.71%	-61.05%	83.88%	135.26%	-55.31%
Invested Capital Growth	0.17%	11.10%	10.10%	4.44%	-1.45%	-2.12%	14.74%	11.45%	-4.14%	6.19%
Revenue Q/Q Growth	-0.75%	1.51%	3.33%	0.90%	-0.38%	-0.09%	4.44%	-0.76%	-0.52%	2.55%
EBITDA Q/Q Growth	1.27%	2.23%	5.64%	1.36%	-2.45%	-4.81%	12.98%	-2.19%	-1.39%	3.18%
EBIT Q/Q Growth	0.36%	2.62%	6.30%	3.12%	-4.82%	-5.64%	17.32%	-3.57%	-3.12%	4.27%
NOPAT Q/Q Growth	1.17%	1.84%	30.12%	-8.93%	-4.48%	-7.46%	16.37%	-4.72%	-16.40%	3.05%
Net Income Q/Q Growth	1.32%	1.47%	31.00%	-8.01%	-8.94%	-2.68%	12.45%	-0.48%	-16.63%	3.42%
EPS Q/Q Growth	1.82%	1.93%	30.93%	-7.91%	-9.05%	-2.81%	12.48%	0.46%	-2.64%	4.08%
Operating Cash Flow Q/Q Growth	6.54%	-1.61%	7.46%	6.57%	-1.34%	-5.33%	12.27%	2.01%	-6.06%	-0.82%
Free Cash Flow Firm Q/Q Growth	2.31%	-42.68%	-27.53%	56.27%	45.35%	-33.08%	-45.48%	13.52%	8.38%	-12.65%
Invested Capital Q/Q Growth	-0.37%	1.40%	8.20%	1.21%	-4.94%	0.38%	7.01%	4.28%	0.12%	1.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.04%	22.08%	22.82%	23.46%	23.61%	20.57%	24.23%	24.66%	21.77%	21.27%
EBITDA Margin	19.41%	19.88%	20.68%	21.17%	20.92%	17.10%	21.77%	22.34%	20.34%	19.49%
Operating Margin	13.06%	13.55%	14.47%	15.22%	15.13%	10.87%	16.06%	16.76%	13.78%	13.14%
EBIT Margin	13.06%	13.55%	14.45%	15.19%	15.02%	10.91%	16.31%	16.93%	13.68%	13.19%
Profit (Net Income) Margin	7.61%	7.78%	10.37%	10.52%	10.00%	6.92%	10.88%	12.15%	9.81%	9.60%
Tax Burden Percent	65.73%	65.30%	80.69%	76.04%	75.94%	72.86%	75.86%	75.45%	75.46%	75.64%
Interest Burden Percent	88.60%	87.90%	88.98%	91.08%	87.68%	87.12%	87.92%	95.09%	95.01%	96.26%
Effective Tax Rate	34.27%	34.70%	19.31%	23.96%	24.06%	27.14%	24.14%	24.55%	24.54%	24.36%
Return on Invested Capital (ROIC)	12.87%	12.64%	16.81%	16.93%	16.45%	11.04%	18.56%	18.70%	13.71%	13.95%
ROIC Less NNEP Spread (ROIC-NNEP)	10.37%	10.00%	13.46%	13.81%	11.24%	6.94%	12.45%	16.69%	11.50%	12.37%
Return on Net Nonoperating Assets (RNNOA)	14.83%	13.87%	17.11%	13.47%	7.80%	3.55%	5.99%	9.61%	6.26%	5.22%
Return on Equity (ROE)	27.69%	26.50%	33.92%	30.40%	24.25%	14.59%	24.55%	28.31%	19.97%	19.17%
Cash Return on Invested Capital (CROIC)	12.69%	2.11%	7.19%	12.59%	17.91%	13.19%	4.84%	7.87%	17.94%	7.94%
Operating Return on Assets (OROA)	14.22%	14.18%	15.55%	16.69%	15.15%	9.90%	16.52%	18.12%	12.79%	12.63%
Return on Assets (ROA)	8.28%	8.14%	11.17%	11.56%	10.09%	6.29%	11.02%	13.00%	9.17%	9.19%
Return on Common Equity (ROCE)	27.69%	26.50%	33.92%	30.40%	24.25%	14.59%	24.55%	28.31%	19.97%	19.17%
Return on Equity Simple (ROE_SIMPLE)	26.74%	25.55%	30.63%	27.62%	22.68%	14.20%	23.32%	28.08%	19.14%	18.28%
Net Operating Profit after Tax (NOPAT)	493	512	752	812	800	527	942	1,072	811	833
NOPAT Margin	8.59%	8.85%	11.67%	11.57%	11.49%	7.92%	12.18%	12.64%	10.40%	9.94%
Net Nonoperating Expense Percent (NNEP)	2.49%	2.63%	3.35%	3.12%	5.21%	4.11%	6.11%	2.01%	2.21%	1.58%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	16.79%	11.81%	12.11%
Cost of Revenue to Revenue	78.96%	77.92%	77.18%	76.54%	76.39%	79.43%	75.77%	75.34%	78.23%	78.73%
SG&A Expenses to Revenue	7.98%	8.53%	8.35%	8.23%	8.48%	8.87%	8.17%	7.90%	8.00%	8.13%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	7.98%	8.53%	8.35%	8.23%	8.48%	9.69%	8.17%	7.90%	8.00%	8.13%
Earnings before Interest and Taxes (EBIT)	750	783	931	1,066	1,046	726	1,261	1,435	1,067	1,106
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,114	1,149	1,333	1,485	1,457	1,139	1,683	1,894	1,587	1,634
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.93	3.67	4.31	2.51	3.03	3.65	3.34	3.04	3.57	4.60
Price to Tangible Book Value (P/TBV)	5.84	9.86	10.58	4.87	5.13	5.68	5.07	4.50	5.02	6.15
Price to Revenue (P/Rev)	0.83	1.12	1.46	0.96	1.33	1.78	1.56	1.31	1.83	2.42
Price to Earnings (P/E)	10.95	14.37	14.08	9.09	13.35	25.69	13.23	11.12	17.93	24.32
Dividend Yield	4.46%	3.44%	2.53%	5.11%	3.22%	2.70%	3.15%	3.94%	3.15%	2.22%
Earnings Yield	9.14%	6.96%	7.10%	11.00%	7.49%	3.89%	7.56%	9.00%	5.58%	4.11%
Enterprise Value to Invested Capital (EV/IC)	1.80	2.09	2.52	1.81	2.27	2.80	2.54	2.22	2.75	3.55
Enterprise Value to Revenue (EV/Rev)	1.20	1.54	1.84	1.26	1.57	1.98	1.78	1.58	2.04	2.61
Enterprise Value to EBITDA (EV/EBITDA)	6.21	7.73	8.89	5.96	7.53	11.61	8.17	7.07	10.05	13.39
Enterprise Value to EBIT (EV/EBIT)	9.22	11.35	12.72	8.30	10.48	18.20	10.91	9.33	14.95	19.78
Enterprise Value to NOPAT (EV/NOPAT)	14.03	17.38	15.74	10.90	13.70	25.05	14.60	12.50	19.67	26.25
Enterprise Value to Operating Cash Flow (EV/OCF)	9.00	11.01	13.84	7.50	9.08	12.80	12.57	8.96	12.13	18.36
Enterprise Value to Free Cash Flow (EV/FCFF)	14.22	103.82	36.79	14.65	12.58	20.98	56.06	29.69	15.03	46.11
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.42	1.52	1.21	0.94	0.81	0.77	0.69	0.74	0.72	0.56
Long-Term Debt to Equity	1.42	1.50	1.15	0.94	0.81	0.77	0.69	0.74	0.62	0.56
Financial Leverage	1.43	1.39	1.27	0.98	0.69	0.51	0.48	0.58	0.54	0.42
Leverage Ratio	3.34	3.26	3.04	2.63	2.40	2.32	2.23	2.18	2.18	2.08
Compound Leverage Factor	2.96	2.86	2.70	2.40	2.11	2.02	1.96	2.07	2.07	2.01
Debt to Total Capital	58.68%	60.25%	54.84%	48.35%	44.80%	43.45%	40.66%	42.58%	41.81%	35.97%
Short-Term Debt to Total Capital	0.19%	0.61%	3.13%	0.00%	0.00%	0.00%	0.00%	0.00%	5.82%	0.00%
Long-Term Debt to Total Capital	58.49%	59.64%	51.71%	48.35%	44.80%	43.45%	40.66%	42.58%	35.99%	35.97%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	41.32%	39.75%	45.16%	51.65%	55.20%	56.55%	59.34%	57.42%	58.19%	64.03%
Debt to EBITDA	2.08	2.32	1.99	1.68	1.71	2.19	1.47	1.44	1.81	1.51
Net Debt to EBITDA	1.92	2.11	1.83	1.44	1.14	1.20	1.01	1.19	1.05	0.99
Long-Term Debt to EBITDA	2.07	2.30	1.88	1.68	1.71	2.19	1.47	1.44	1.56	1.51
Debt to NOPAT	4.71	5.21	3.52	3.08	3.12	4.73	2.62	2.54	3.54	2.97
Net Debt to NOPAT	4.33	4.75	3.23	2.64	2.08	2.60	1.81	2.10	2.05	1.95
Long-Term Debt to NOPAT	4.69	5.16	3.32	3.08	3.12	4.73	2.62	2.54	3.05	2.97
Altman Z-Score	2.92	2.99	3.57	3.39	3.59	3.77	4.06	4.00	3.97	5.01
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.77	2.71	2.30	3.05	3.42	3.51	3.09	2.87	2.57	3.23
Quick Ratio	1.46	1.48	1.26	1.82	2.23	2.44	2.01	1.64	1.72	1.93
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	486	86	322	604	871	630	245	451	1,061	474
Operating Cash Flow to CapEx	236.27%	283.92%	256.16%	212.86%	302.45%	244.16%	182.65%	180.51%	279.39%	177.71%
Free Cash Flow to Firm to Interest Expense	0.00	0.90	3.14	6.35	6.77	6.74	1.61	6.41	19.91	11.46
Operating Cash Flow to Interest Expense	0.00	8.51	8.34	12.41	9.37	11.05	7.18	21.24	24.67	28.77
Operating Cash Flow Less CapEx to Interest Expense	0.00	5.51	5.09	6.58	6.27	6.52	3.25	9.47	15.84	12.58
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.09	1.05	1.08	1.10	1.01	0.91	1.01	1.07	0.94	0.96
Accounts Receivable Turnover	8.95	8.72	8.48	8.10	7.97	7.94	8.12	8.06	7.56	7.70
Inventory Turnover	6.76	6.43	6.69	6.89	6.69	6.69	6.93	6.80	6.13	6.17
Fixed Asset Turnover	2.02	2.02	2.21	2.33	2.22	2.10	2.30	2.28	2.01	2.12
Accounts Payable Turnover	14.51	14.57	13.69	13.68	14.49	14.32	13.96	14.81	15.02	15.85
Days Sales Outstanding (DSO)	40.77	41.87	43.04	45.08	45.79	45.99	44.94	45.27	48.30	47.40
Days Inventory Outstanding (DIO)	54.01	56.76	54.53	52.96	54.53	54.59	52.67	53.71	59.51	59.12
Days Payable Outstanding (DPO)	25.15	25.05	26.66	26.69	25.18	25.50	26.15	24.65	24.30	23.02
Cash Conversion Cycle (CCC)	69.63	73.58	70.90	71.35	75.14	75.09	71.45	74.32	83.51	83.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,835	4,261	4,692	4,900	4,829	4,726	5,423	6,043	5,793	6,152
Invested Capital Turnover	1.50	1.43	1.44	1.46	1.43	1.39	1.52	1.48	1.32	1.40
Increase / (Decrease) in Invested Capital	6.60	426	431	208	-71	-103	696	621	-250	359
Enterprise Value (EV)	6,917	8,887	11,845	8,847	10,962	13,215	13,755	13,395	15,955	21,868
Market Capitalization	4,781	6,459	9,411	6,707	9,295	11,844	12,048	11,146	14,288	20,246
Book Value per Share	$16.84	$18.68	$23.13	$28.28	$32.44	$34.23	$37.97	$39.63	$44.60	$49.04
Tangible Book Value per Share	$8.44	$6.95	$9.43	$14.57	$19.16	$22.01	$25.01	$26.77	$31.75	$36.63
Total Capital	3,953	4,427	4,833	5,174	5,564	5,740	6,079	6,386	6,869	6,878
Total Debt	2,320	2,667	2,651	2,501	2,493	2,494	2,472	2,719	2,872	2,474
Total Long-Term Debt	2,312	2,640	2,499	2,501	2,493	2,494	2,472	2,719	2,472	2,474
Net Debt	2,136	2,428	2,434	2,140	1,667	1,371	1,707	2,249	1,666	1,622
Capital Expenditures (CapEx)	325	284	334	554	399	423	599	828	471	670
Debt-free, Cash-free Net Working Capital (DFCFNWC)	816	859	1,017	1,060	987	888	1,143	1,228	1,247	1,444
Debt-free Net Working Capital (DFNWC)	1,000	1,098	1,234	1,422	1,755	1,968	1,848	1,633	2,388	2,231
Net Working Capital (NWC)	993	1,071	1,082	1,422	1,755	1,968	1,848	1,633	1,989	2,231
Net Nonoperating Expense (NNE)	56	62	84	74	104	66	101	42	46	28
Net Nonoperating Obligations (NNO)	2,202	2,501	2,509	2,227	1,758	1,480	1,815	2,376	1,796	1,748
Total Depreciation and Amortization (D&A)	364	366	401	420	411	413	422	459	520	528
Debt-free, Cash-free Net Working Capital to Revenue	14.21%	14.86%	15.78%	15.11%	14.18%	13.33%	14.79%	14.48%	15.98%	17.23%
Debt-free Net Working Capital to Revenue	17.42%	19.00%	19.14%	20.26%	25.19%	29.55%	23.90%	19.26%	30.61%	26.62%
Net Working Capital to Revenue	17.29%	18.53%	16.79%	20.26%	25.19%	29.55%	23.90%	19.26%	25.49%	26.62%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.47	$4.76	$7.09	$7.82	$7.36	$4.86	$8.87	$11.08	$8.52	$8.97
Adjusted Weighted Average Basic Shares Outstanding	94.25M	94.21M	94.35M	94.50M	94.65M	94.83M	93.53M	89.69M	89.62M	89.80M
Adjusted Diluted Earnings per Share	$4.47	$4.75	$7.07	$7.80	$7.34	$4.84	$8.83	$11.03	$8.48	$8.93
Adjusted Weighted Average Diluted Shares Outstanding	94.25M	94.21M	94.35M	94.50M	94.65M	94.83M	93.53M	89.69M	89.62M	89.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	94.25M	94.21M	94.35M	94.50M	94.65M	94.83M	93.53M	89.69M	89.62M	89.80M
Normalized Net Operating Profit after Tax (NOPAT)	493	512	752	812	800	568	942	1,072	811	833
Normalized NOPAT Margin	8.59%	8.85%	11.67%	11.57%	11.49%	8.53%	12.18%	12.64%	10.40%	9.94%
Pre Tax Income Margin	11.57%	11.91%	12.86%	13.84%	13.17%	9.50%	14.34%	16.10%	13.00%	12.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	8.26	9.08	11.21	8.12	7.77	8.27	20.39	20.03	26.71
NOPAT to Interest Expense	0.00	5.40	7.33	8.54	6.21	5.64	6.18	15.23	15.22	20.12
EBIT Less CapEx to Interest Expense	0.00	5.26	5.82	5.38	5.02	3.24	4.34	8.62	11.20	10.52
NOPAT Less CapEx to Interest Expense	0.00	2.40	4.08	2.71	3.11	1.12	2.25	3.46	6.39	3.93
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	45.97%	48.06%	35.54%	36.33%	42.89%	64.99%	45.16%	40.81%	58.66%	55.74%
Augmented Payout Ratio	81.39%	70.37%	35.54%	36.33%	42.89%	64.99%	68.10%	91.56%	64.09%	55.74%

This table displays calculated financial ratios and metrics derived from Packaging Corporation of America's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.29%	-3.17%	-7.49%	-12.75%	-8.93%	-2.04%	0.16%	6.31%	12.73%	10.74%	8.16%
EBITDA Growth	4.20%	-11.47%	-15.22%	-22.71%	-19.17%	-4.45%	-18.21%	-1.89%	19.37%	11.66%	28.43%
EBIT Growth	3.15%	-17.96%	-25.38%	-32.19%	-29.43%	-10.42%	-26.65%	-2.95%	27.84%	15.61%	42.21%
NOPAT Growth	2.78%	-19.73%	-23.71%	12.97%	-28.83%	-71.85%	-24.41%	-2.09%	26.16%	42.94%	39.12%
Net Income Growth	4.71%	-2.31%	-25.22%	10.41%	-30.21%	-72.12%	-22.72%	0.48%	29.97%	45.08%	38.73%
EPS Growth	6.46%	2.19%	-21.85%	-30.00%	-27.50%	-9.87%	-22.75%	-1.34%	30.05%	16.67%	38.65%
Operating Cash Flow Growth	51.83%	7.53%	-13.80%	12.82%	-21.16%	-20.19%	-7.13%	-22.67%	-3.65%	-2.95%	30.22%
Free Cash Flow Firm Growth	-382.93%	5.08%	90.08%	154.82%	144.52%	178.00%	117.63%	-24.61%	-110.33%	-186.46%	43.37%
Invested Capital Growth	14.36%	11.45%	4.55%	1.05%	-0.16%	-4.14%	2.46%	2.15%	4.59%	6.19%	3.34%
Revenue Q/Q Growth	-4.98%	-6.94%	-0.11%	-1.22%	-0.82%	0.10%	2.14%	4.84%	5.16%	-1.66%	-0.24%
EBITDA Q/Q Growth	-10.45%	-14.05%	-3.04%	3.56%	-6.35%	1.60%	-16.60%	24.23%	13.95%	-4.96%	-4.54%
EBIT Q/Q Growth	-13.23%	-19.81%	-7.92%	5.84%	-9.70%	1.79%	-24.05%	40.03%	18.95%	-7.95%	-7.25%
NOPAT Q/Q Growth	-13.00%	-19.02%	-7.86%	74.02%	-45.19%	-67.97%	-22.84%	125.43%	-29.38%	-63.71%	140.82%
Net Income Q/Q Growth	-12.94%	-19.39%	-10.16%	75.12%	-44.97%	-67.79%	-22.36%	127.71%	-28.82%	-64.05%	138.08%
EPS Q/Q Growth	-12.50%	-16.79%	-9.44%	6.16%	-9.38%	3.45%	-22.38%	35.58%	19.46%	-7.20%	-7.76%
Operating Cash Flow Q/Q Growth	34.98%	-2.44%	-33.25%	28.35%	-5.67%	-1.24%	-22.34%	6.87%	17.54%	-0.52%	4.21%
Free Cash Flow Firm Q/Q Growth	14.73%	12.10%	87.03%	663.78%	-30.76%	54.00%	-95.99%	2,310.23%	-109.49%	-1,188.87%	104.86%
Invested Capital Q/Q Growth	0.44%	4.28%	-2.98%	-0.55%	-0.76%	0.12%	-0.11%	-0.86%	1.60%	1.66%	0.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.39%	22.76%	21.83%	22.78%	21.32%	21.16%	18.71%	21.09%	23.15%	21.89%	21.24%
EBITDA Margin	22.50%	20.78%	20.17%	21.15%	19.97%	20.27%	16.47%	19.52%	21.15%	20.44%	19.56%
Operating Margin	16.95%	14.56%	13.70%	14.57%	13.36%	13.49%	9.90%	13.30%	14.99%	14.08%	13.09%
EBIT Margin	17.12%	14.75%	13.60%	14.57%	13.26%	13.49%	9.96%	13.30%	15.04%	14.08%	13.09%
Profit (Net Income) Margin	12.35%	10.70%	9.62%	17.05%	9.46%	3.04%	7.42%	16.12%	10.91%	3.99%	9.52%
Tax Burden Percent	75.56%	76.53%	75.05%	124.31%	74.93%	23.74%	78.35%	125.42%	74.73%	29.36%	76.22%
Interest Burden Percent	95.47%	94.76%	94.27%	94.16%	95.21%	95.07%	95.13%	96.63%	97.05%	96.49%	95.40%
Effective Tax Rate	24.44%	23.47%	24.95%	-24.31%	25.07%	76.26%	21.65%	-25.42%	25.27%	70.64%	23.78%
Return on Invested Capital (ROIC)	20.14%	16.48%	14.91%	25.08%	13.56%	4.22%	10.20%	22.44%	15.47%	5.80%	13.96%
ROIC Less NNEP Spread (ROIC-NNEP)	19.55%	16.06%	14.24%	23.99%	12.99%	4.08%	9.88%	21.83%	15.13%	5.63%	13.43%
Return on Net Nonoperating Assets (RNNOA)	8.47%	9.25%	7.44%	11.63%	6.15%	2.22%	5.18%	10.43%	6.84%	2.37%	5.80%
Return on Equity (ROE)	28.61%	25.73%	22.34%	36.71%	19.71%	6.44%	15.38%	32.87%	22.31%	8.18%	19.76%
Cash Return on Invested Capital (CROIC)	7.32%	7.87%	13.14%	17.02%	16.91%	17.94%	10.40%	10.73%	9.17%	7.94%	11.34%
Operating Return on Assets (OROA)	17.23%	15.79%	13.97%	14.23%	12.59%	12.62%	9.19%	12.34%	14.53%	13.48%	12.55%
Return on Assets (ROA)	12.43%	11.45%	9.89%	16.66%	8.98%	2.85%	6.85%	14.96%	10.54%	3.82%	9.13%
Return on Common Equity (ROCE)	28.61%	25.73%	22.34%	36.71%	19.71%	6.44%	15.38%	32.87%	22.31%	8.18%	19.76%
Return on Equity Simple (ROE_SIMPLE)	26.06%	0.00%	25.70%	25.91%	23.61%	0.00%	17.91%	17.54%	18.26%	0.00%	19.16%
Net Operating Profit after Tax (NOPAT)	272	220	203	354	194	62	154	346	244	89	214
NOPAT Margin	12.81%	11.14%	10.28%	18.11%	10.01%	3.20%	7.76%	16.68%	11.20%	4.13%	9.98%
Net Nonoperating Expense Percent (NNEP)	0.59%	0.42%	0.66%	1.09%	0.57%	0.15%	0.33%	0.61%	0.34%	0.18%	0.53%
Return On Investment Capital (ROIC_SIMPLE)	-	3.45%	-	-	-	0.90%	-	-	-	1.29%	3.06%
Cost of Revenue to Revenue	75.62%	77.24%	78.17%	77.22%	78.68%	78.84%	81.29%	78.91%	76.85%	78.11%	78.76%
SG&A Expenses to Revenue	7.44%	8.19%	8.13%	8.21%	7.96%	7.67%	8.81%	7.79%	8.16%	7.81%	8.15%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	7.44%	8.19%	8.13%	8.21%	7.96%	7.67%	8.81%	7.79%	8.16%	7.81%	8.15%
Earnings before Interest and Taxes (EBIT)	364	292	269	284	257	261	197	276	328	302	280
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	478	411	399	413	387	393	326	405	462	439	419
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.54	3.04	3.21	3.00	3.46	3.57	4.23	3.98	4.54	4.60	3.96
Price to Tangible Book Value (P/TBV)	3.63	4.50	4.68	4.31	4.93	5.02	5.91	5.48	6.17	6.15	5.25
Price to Revenue (P/Rev)	1.18	1.31	1.45	1.44	1.71	1.83	2.19	2.07	2.37	2.42	2.08
Price to Earnings (P/E)	9.73	11.12	12.82	11.87	15.03	17.93	22.69	21.78	23.95	24.32	20.02
Dividend Yield	4.19%	3.94%	3.72%	3.90%	4.18%	3.15%	2.63%	2.74%	2.32%	2.22%	2.53%
Earnings Yield	10.28%	9.00%	7.80%	8.42%	6.65%	5.58%	4.41%	4.59%	4.18%	4.11%	5.00%
Enterprise Value to Invested Capital (EV/IC)	2.03	2.22	2.39	2.30	2.63	2.75	3.15	3.04	3.47	3.55	3.12
Enterprise Value to Revenue (EV/Rev)	1.38	1.58	1.69	1.67	1.94	2.04	2.42	2.29	2.57	2.61	2.27
Enterprise Value to EBITDA (EV/EBITDA)	6.07	7.07	7.69	7.90	9.44	10.05	12.47	11.99	13.27	13.39	11.22
Enterprise Value to EBIT (EV/EBIT)	7.89	9.33	10.43	11.13	13.79	14.95	18.98	18.26	19.81	19.78	16.29
Enterprise Value to NOPAT (EV/NOPAT)	10.44	12.50	13.90	12.78	15.66	19.67	24.81	23.91	25.99	26.25	21.69
Enterprise Value to Operating Cash Flow (EV/OCF)	8.02	8.96	9.67	8.98	10.86	12.13	14.59	14.93	17.49	18.36	15.25
Enterprise Value to Free Cash Flow (EV/FCFF)	29.56	29.69	18.60	13.57	15.52	15.03	30.61	28.65	38.70	46.11	27.96
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.62	0.74	0.66	0.65	0.64	0.72	0.76	0.70	0.58	0.56	0.55
Long-Term Debt to Equity	0.62	0.74	0.66	0.65	0.54	0.62	0.67	0.60	0.58	0.56	0.55
Financial Leverage	0.43	0.58	0.52	0.48	0.47	0.54	0.52	0.48	0.45	0.42	0.43
Leverage Ratio	2.24	2.18	2.15	2.11	2.10	2.18	2.17	2.14	2.08	2.08	2.09
Compound Leverage Factor	2.14	2.06	2.02	1.98	2.00	2.07	2.06	2.07	2.02	2.01	1.99
Debt to Total Capital	38.38%	42.58%	39.80%	39.23%	38.99%	41.81%	43.33%	41.05%	36.78%	35.97%	35.49%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	6.27%	5.82%	5.62%	5.71%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	38.38%	42.58%	39.80%	39.23%	32.72%	35.99%	37.70%	35.33%	36.78%	35.97%	35.49%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	61.62%	57.42%	60.20%	60.77%	61.01%	58.19%	56.67%	58.95%	63.22%	64.03%	64.51%
Debt to EBITDA	1.28	1.44	1.36	1.47	1.54	1.81	2.03	1.90	1.57	1.51	1.43
Net Debt to EBITDA	0.87	1.19	1.08	1.09	1.09	1.05	1.21	1.12	1.04	0.99	0.90
Long-Term Debt to EBITDA	1.28	1.44	1.36	1.47	1.30	1.56	1.77	1.64	1.57	1.51	1.43
Debt to NOPAT	2.20	2.54	2.46	2.37	2.56	3.54	4.05	3.79	3.07	2.97	2.77
Net Debt to NOPAT	1.49	2.10	1.95	1.77	1.81	2.05	2.40	2.24	2.03	1.95	1.75
Long-Term Debt to NOPAT	2.20	2.54	2.46	2.37	2.15	3.05	3.52	3.26	3.07	2.97	2.77
Altman Z-Score	3.41	3.52	3.66	3.59	3.74	3.66	3.90	3.84	4.53	4.71	4.35
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.02	2.87	3.12	3.35	2.17	2.57	2.46	2.43	2.95	3.23	3.28
Quick Ratio	1.91	1.64	1.80	2.01	1.35	1.72	1.59	1.57	1.81	1.93	1.99
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-455	-400	-52	293	203	312	9.16	221	-21	-270	13
Operating Cash Flow to CapEx	237.38%	170.01%	246.61%	283.61%	381.46%	237.63%	333.85%	113.68%	222.97%	162.05%	227.58%
Free Cash Flow to Firm to Interest Expense	-27.60	-26.16	-3.37	17.64	16.49	34.70	0.95	23.74	-2.16	-21.09	1.02
Operating Cash Flow to Interest Expense	26.10	27.46	18.21	21.68	27.60	37.26	27.13	29.92	33.72	25.42	26.29
Operating Cash Flow Less CapEx to Interest Expense	15.10	11.31	10.82	14.04	20.37	21.58	19.00	3.60	18.60	9.73	14.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.01	1.07	1.03	0.98	0.95	0.94	0.92	0.93	0.97	0.96	0.96
Accounts Receivable Turnover	7.84	8.06	7.66	7.19	7.27	7.56	7.52	7.31	7.23	7.70	7.74
Inventory Turnover	6.82	6.80	6.51	6.36	6.16	6.13	6.15	6.23	6.30	6.17	6.23
Fixed Asset Turnover	2.38	2.28	2.20	2.10	2.04	2.01	2.01	2.02	2.08	2.12	2.15
Accounts Payable Turnover	12.99	14.81	13.22	13.84	13.70	15.02	14.34	14.99	14.90	15.85	14.35
Days Sales Outstanding (DSO)	46.56	45.27	47.66	50.80	50.22	48.30	48.55	49.93	50.48	47.40	47.18
Days Inventory Outstanding (DIO)	53.53	53.71	56.07	57.40	59.23	59.51	59.39	58.58	57.93	59.12	58.60
Days Payable Outstanding (DPO)	28.10	24.65	27.60	26.37	26.65	24.30	25.45	24.35	24.49	23.02	25.43
Cash Conversion Cycle (CCC)	71.99	74.32	76.13	81.84	82.80	83.51	82.49	84.16	83.92	83.49	80.36
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,795	6,043	5,863	5,831	5,786	5,793	6,008	5,956	6,052	6,152	6,208
Invested Capital Turnover	1.57	1.48	1.45	1.38	1.35	1.32	1.32	1.35	1.38	1.40	1.40
Increase / (Decrease) in Invested Capital	728	621	255	61	-9.00	-250	144	125	265	359	201
Enterprise Value (EV)	11,748	13,395	14,022	13,395	15,199	15,955	18,896	18,118	21,011	21,868	19,369
Market Capitalization	10,068	11,146	12,058	11,540	13,441	14,288	17,067	16,418	19,371	20,246	17,808
Book Value per Share	$42.36	$39.63	$41.89	$0.04	$43.23	$44.60	$44.98	$0.05	$47.47	$49.04	$50.10
Tangible Book Value per Share	$29.56	$26.77	$28.73	$0.03	$30.31	$31.75	$32.23	$0.03	$34.96	$36.63	$37.80
Total Capital	6,444	6,386	6,242	6,333	6,372	6,869	7,113	7,000	6,745	6,878	6,974
Total Debt	2,473	2,719	2,484	2,485	2,485	2,872	3,082	2,873	2,481	2,474	2,475
Total Long-Term Debt	2,473	2,719	2,484	2,485	2,085	2,472	2,682	2,473	2,481	2,474	2,475
Net Debt	1,680	2,249	1,964	1,855	1,758	1,666	1,828	1,700	1,640	1,622	1,560
Capital Expenditures (CapEx)	181	247	114	127	89	141	78	245	147	201	149
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,218	1,228	1,293	1,294	1,217	1,247	1,260	1,348	1,369	1,444	1,452
Debt-free Net Working Capital (DFNWC)	1,944	1,633	1,757	1,873	1,894	2,388	2,445	2,452	2,141	2,231	2,295
Net Working Capital (NWC)	1,944	1,633	1,757	1,873	1,494	1,989	2,045	2,052	2,141	2,231	2,295
Net Nonoperating Expense (NNE)	9.75	8.88	13	21	11	3.06	6.66	12	6.35	3.11	9.83
Net Nonoperating Obligations (NNO)	1,824	2,376	2,105	1,982	1,899	1,796	1,977	1,829	1,788	1,748	1,709
Total Depreciation and Amortization (D&A)	115	119	130	129	130	132	129	129	133	137	139
Debt-free, Cash-free Net Working Capital to Revenue	14.25%	14.48%	15.55%	16.11%	15.51%	15.98%	16.14%	17.00%	16.75%	17.23%	16.99%
Debt-free Net Working Capital to Revenue	22.76%	19.26%	21.12%	23.32%	24.15%	30.61%	31.32%	30.93%	26.19%	26.62%	26.86%
Net Working Capital to Revenue	22.76%	19.26%	21.12%	23.32%	19.05%	25.49%	26.20%	25.89%	26.19%	26.62%	26.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.81	$2.34	$2.12	$2.25	$2.04	$2.11	$1.64	$2.22	$2.65	$2.46	$2.27
Adjusted Weighted Average Basic Shares Outstanding	92.53M	89.69M	89.93B	89.92M	89.62M	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M
Adjusted Diluted Earnings per Share	$2.80	$2.33	$2.11	$2.24	$2.03	$2.10	$1.63	$2.21	$2.64	$2.45	$2.26
Adjusted Weighted Average Diluted Shares Outstanding	92.53M	89.69M	89.93B	89.92M	89.62M	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	92.53M	89.69M	89.93B	89.92M	89.62M	89.62M	89.80B	89.81M	89.80M	89.80M	89.98M
Normalized Net Operating Profit after Tax (NOPAT)	272	220	203	199	194	183	154	193	244	212	214
Normalized NOPAT Margin	12.81%	11.14%	10.28%	10.20%	10.01%	9.44%	7.76%	9.31%	11.20%	9.86%	9.98%
Pre Tax Income Margin	16.34%	13.98%	12.82%	13.72%	12.63%	12.82%	9.47%	12.85%	14.60%	13.59%	12.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	22.05	19.07	17.45	17.13	20.88	29.04	20.53	29.68	33.85	23.61	21.73
NOPAT to Interest Expense	16.50	14.41	13.19	21.30	15.75	6.90	16.00	37.22	25.20	6.93	16.56
EBIT Less CapEx to Interest Expense	11.06	2.92	10.06	9.49	13.64	13.37	12.41	3.35	18.72	7.92	10.18
NOPAT Less CapEx to Interest Expense	5.51	-1.74	5.81	13.65	8.52	-8.78	7.87	10.90	10.08	-8.76	5.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	38.60%	40.81%	45.44%	45.89%	49.34%	58.66%	62.16%	62.00%	57.61%	55.74%	52.10%
Augmented Payout Ratio	70.97%	91.56%	99.55%	45.89%	95.33%	64.09%	67.91%	62.00%	57.61%	55.74%	52.10%

Key Financial Trends

Packaging Corp. of America (NYSE:PKG) delivered a strong start to fiscal 2025, with solid year-over-year growth across revenue, earnings and cash flow. The company also improved leverage and return metrics while maintaining a healthy balance sheet and dividend. However, sequential quarterly comparisons showed some expected seasonality and free cash flow remained modest.

8.16% year-over-year revenue growth in Q1 2025, continuing top-line momentum.
38.7% year-over-year increase in net income to $203.8 M in Q1 2025, driven by margin expansion.
Operating cash flow rose 30.2% year-over-year to $339.1 M in Q1 2025, reflecting strong cash generation.
Net debt/EBITDA fell to 0.90× in Q1 2025 from ~0.99× in Q4 2024, indicating prudent leverage.
Current ratio of 3.28× and quick ratio of 1.99× in Q1 2025, underscoring ample liquidity.
Return on invested capital (ROIC) improved to 13.96% in Q1 2025 from 5.80% in Q4 2024, highlighting better capital efficiency.
Maintained quarterly dividend at $1.25 per share, delivering a ~2.53% yield.
Price/Earnings multiple compressed to ~20.0× in Q1 2025 (from 24.3× in Q4 2024), edging closer to historical norms.
Sequential Q/Q headwinds: revenue down 0.24%, EBITDA down 4.5%, EBIT down 7.2% and EPS down 7.8%, reflecting seasonal patterns.
Free cash flow to firm was modest at $13.1 M in Q1 2025, versus a negative $(270.0 M) in Q4 2024, highlighting variability in capital spending and working-capital changes.

06/22/25 06:37 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Packaging Corporation of America's Financials

When does Packaging Corporation of America's fiscal year end?

According to the most recent income statement we have on file, Packaging Corporation of America's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Packaging Corporation of America's net income changed over the last 9 years?

Packaging Corporation of America's net income appears to be on an upward trend, with a most recent value of $805.10 million in 2024, rising from $436.80 million in 2015. The previous period was $765.20 million in 2023. Find out what analysts predict for Packaging Corporation of America in the coming months.

What is Packaging Corporation of America's operating income?

Packaging Corporation of America's total operating income in 2024 was $1.10 billion, based on the following breakdown:

Total Gross Profit: $1.78 billion
Total Operating Expenses: $681.80 million

How has Packaging Corporation of America's revenue changed over the last 9 years?

Over the last 9 years, Packaging Corporation of America's total revenue changed from $5.74 billion in 2015 to $8.38 billion in 2024, a change of 46.0%.

How much debt does Packaging Corporation of America have?

Packaging Corporation of America's total liabilities were at $4.43 billion at the end of 2024, a 5.4% decrease from 2023, and a 21.7% increase since 2015.

How much cash does Packaging Corporation of America have?

In the past 9 years, Packaging Corporation of America's cash and equivalents has ranged from $184.20 million in 2015 to $974.60 million in 2020, and is currently $685 million as of their latest financial filing in 2024.

How has Packaging Corporation of America's book value per share changed over the last 9 years?

Over the last 9 years, Packaging Corporation of America's book value per share changed from 16.84 in 2015 to 49.04 in 2024, a change of 191.2%.

Related Companies

This page (NYSE:PKG) was last updated on 6/22/2025 by MarketBeat.com Staff

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Packaging Corporation of America (PKG) Financials

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Packaging Corporation of America (PKG) Financials

Annual Income Statements for Packaging Corporation of America

Quarterly Income Statements for Packaging Corporation of America

Annual Cash Flow Statements for Packaging Corporation of America

Quarterly Cash Flow Statements for Packaging Corporation of America

Annual Balance Sheets for Packaging Corporation of America

Quarterly Balance Sheets for Packaging Corporation of America

Annual Metrics And Ratios for Packaging Corporation of America

Quarterly Metrics And Ratios for Packaging Corporation of America

Key Financial Trends

Frequently Asked Questions About Packaging Corporation of America's Financials

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