Quad/Graphics (QUAD) Financials

$5.20 -0.06 (-1.14%)

Closing price 05/23/2025 03:59 PM Eastern

Extended Trading

$5.23 +0.03 (+0.58%)

As of 05/23/2025 04:04 PM Eastern

Annual Income Statements for Quad/Graphics

This table shows Quad/Graphics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	-51	-55	9.30
Consolidated Net Income / (Loss)	-51	-55	9.30
Net Income / (Loss) Continuing Operations	-51	-55	9.30
Total Pre-Tax Income	-45	-43	18
Total Operating Income	19	26	54
Total Gross Profit	580	577	598
Total Revenue	2,672	2,958	3,217
Operating Revenue	2,672	2,958	3,217
Total Cost of Revenue	2,092	2,381	2,619
Operating Cost of Revenue	2,092	2,381	2,619
Total Operating Expenses	561	551	545
Selling, General & Admin Expense	357	345	359
Depreciation Expense	103	129	141
Restructuring Charge	102	78	45
Total Other Income / (Expense), net	-64	-68	-36
Interest Expense	65	70	48
Other Income / (Expense), net	0.80	1.70	13
Income Tax Expense	6.40	13	8.40
Basic Earnings per Share	($1.07)	($1.14)	$0.18
Weighted Average Basic Shares Outstanding	47.60M	48.40M	50.70M
Diluted Earnings per Share	($1.07)	($1.14)	$0.18
Weighted Average Diluted Shares Outstanding	47.60M	48.40M	52.50M
Weighted Average Basic & Diluted Shares Outstanding	52.35M	52.28M	53.42M
Cash Dividends to Common per Share	$0.20	$0.00	-

This table shows Quad/Graphics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	4.70	-25	-2.80	-28	-22	-2.70	-6.10	-25	-8.70	14
Consolidated Net Income / (Loss)	4.70	-25	-2.80	-28	-22	-2.70	-6.10	-25	-8.70	14
Net Income / (Loss) Continuing Operations	4.70	-25	-2.80	-28	-22	-2.70	-6.10	-25	-8.70	14
Total Pre-Tax Income	4.80	-22	-1.90	-26	-15	-3.50	-8.20	-16	-4.30	16
Total Operating Income	20	-4.90	15	-11	3.50	14	8.40	0.10	8.70	25
Total Gross Profit	159	147	140	134	155	139	133	149	178	156
Total Revenue	708	675	634	655	788	700	703	767	885	830
Operating Revenue	708	675	634	655	788	700	703	767	885	830
Total Cost of Revenue	549	528	494	521	633	561	570	618	708	674
Operating Cost of Revenue	549	528	494	521	633	561	570	618	708	674
Total Operating Expenses	139	152	125	144	151	126	125	149	169	131
Selling, General & Admin Expense	97	88	89	83	90	83	83	89	102	91
Depreciation Expense	23	24	26	29	31	32	32	34	35	35
Restructuring Charge	20	39	10	33	31	11	9.60	26	32	5.60
Total Other Income / (Expense), net	-15	-17	-17	-15	-19	-17	-17	-16	-13	-8.90
Interest Expense	15	17	17	15	19	18	17	16	16	12
Other Income / (Expense), net	0.20	0.20	0.20	0.20	0.40	0.50	0.40	0.40	-	3.20
Income Tax Expense	0.10	3.00	0.90	2.40	6.90	-0.80	-2.10	8.80	4.40	2.60
Basic Earnings per Share	$0.11	($0.52)	($0.06)	($0.60)	($0.46)	($0.06)	($0.12)	($0.50)	($0.17)	$0.27
Weighted Average Basic Shares Outstanding	47.60M	47.80M	47.70M	47.20M	48.40M	48M	49.30M	49.20M	50.70M	50.10M
Diluted Earnings per Share	$0.11	($0.52)	($0.06)	($0.60)	($0.46)	($0.06)	($0.12)	($0.50)	($0.17)	$0.27
Weighted Average Diluted Shares Outstanding	47.60M	47.80M	47.70M	47.20M	48.40M	48M	49.30M	49.20M	52.50M	51.60M
Weighted Average Basic & Diluted Shares Outstanding	52.35M	52.12M	52.16M	51.94M	52.28M	51.31M	51.51M	52.71M	53.42M	52.69M

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

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Change in Cash & Equivalents	-24	28	-155
Net Cash From Operating Activities	113	148	155
Net Cash From Continuing Operating Activities	113	148	155
Net Income / (Loss) Continuing Operations	-51	-55	9.30
Consolidated Net Income / (Loss)	-51	-55	9.30
Depreciation Expense	103	129	141
Amortization Expense	1.60	2.00	2.20
Non-Cash Adjustments To Reconcile Net Income	56	20	29
Changes in Operating Assets and Liabilities, net	4.10	52	-27
Net Cash From Investing Activities	13	-46	-61
Net Cash From Continuing Investing Activities	13	-46	-61
Purchase of Property, Plant & Equipment	-57	-71	-60
Acquisitions	0.00	-1.50	-2.60
Purchase of Investments	0.00	-0.60	0.00
Sale of Property, Plant & Equipment	49	32	4.60
Sale and/or Maturity of Investments	22	0.00	-
Other Investing Activities, net	-1.40	-5.20	-2.20
Net Cash From Financing Activities	-149	-74	-249
Net Cash From Continuing Financing Activities	-149	-74	-249
Repayment of Debt	-1,646	-1,495	-1,232
Repurchase of Common Equity	0.00	-13	-10
Payment of Dividends	-9.40	-0.10	-1.40
Issuance of Debt	1,511	1,439	999
Other Financing Activities, net	-4.80	-4.30	-4.60
Effect of Exchange Rate Changes	-0.20	0.10	-0.10

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

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	17	-0.30	2.60	-43	42	-0.30	2.60	-17	11	2.20
Net Cash From Operating Activities	159	2.40	3.90	-52	107	41	51	-51	185	-6.80
Net Cash From Continuing Operating Activities	159	2.40	3.90	-52	107	41	51	-51	185	-6.80
Net Income / (Loss) Continuing Operations	4.70	-25	-2.80	-28	-22	-2.70	-6.10	-25	-8.70	14
Consolidated Net Income / (Loss)	4.70	-25	-2.80	-28	-22	-2.70	-6.10	-25	-8.70	14
Depreciation Expense	23	24	26	29	31	32	32	34	35	35
Amortization Expense	0.40	0.40	0.50	0.30	0.50	0.50	0.50	0.50	0.50	0.50
Non-Cash Adjustments To Reconcile Net Income	10	33	-0.90	14	-	6.30	3.20	10	25	1.10
Changes in Operating Assets and Liabilities, net	121	-31	-19	-67	97	4.70	21	-71	133	-57
Net Cash From Investing Activities	-9.20	28	9.70	-16	11	-15	-16	-26	-14	-15
Net Cash From Continuing Investing Activities	-9.20	28	9.70	-16	11	-15	-16	-26	-14	-15
Purchase of Property, Plant & Equipment	-12	-12	-16	-18	-11	-14	-17	-29	-11	-16
Sale of Property, Plant & Equipment	2.60	42	3.10	1.70	24	0.40	0.40	7.10	0.60	0.80
Other Investing Activities, net	-0.30	-1.40	-	0.30	-	-0.20	-0.20	-4.80	-1.10	-0.20
Net Cash From Financing Activities	-133	-31	-11	26	-76	-26	-32	60	-160	25
Net Cash From Continuing Financing Activities	-133	-31	-11	26	-76	-26	-32	60	-160	25
Repayment of Debt	-475	-365	-316	-490	-374	-385	-385	-351	-487	-293
Payment of Dividends	-2.40	-2.30	-2.30	-2.40	-	-	-	-0.10	-	-
Issuance of Debt	345	337	308	521	302	365	358	414	327	327
Other Financing Activities, net	-0.60	-0.50	-0.80	-2.90	-0.80	-0.80	-0.70	-2.00	-0.30	-0.30
Effect of Exchange Rate Changes	-0.10	-	-	-0.10	0.10	-0.20	-	0.20	0.30	-0.20

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

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Total Assets	1,299	1,510	1,702
Total Current Assets	534	588	705
Cash & Equivalents	29	53	25
Accounts Receivable	273	316	373
Inventories, net	162	179	261
Prepaid Expenses	70	40	46
Plant, Property, & Equipment, net	500	621	672
Total Noncurrent Assets	265	301	325
Goodwill	100	103	86
Intangible Assets	7.20	22	47
Other Noncurrent Operating Assets	158	177	192
Total Liabilities & Shareholders' Equity	1,299	1,510	1,702
Total Liabilities	1,249	1,390	1,529
Total Current Liabilities	699	791	795
Short-Term Debt	28	152	61
Accounts Payable	357	374	457
Accrued Expenses	289	238	249
Other Current Liabilities	25	28	29
Total Noncurrent Liabilities	550	599	734
Long-Term Debt	349	363	507
Capital Lease Obligations	1.30	6.00	1.60
Noncurrent Deferred & Payable Income Tax Liabilities	3.20	5.10	9.30
Other Noncurrent Operating Liabilities	197	226	216
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	50	120	173
Total Preferred & Common Equity	50	120	173
Preferred Stock	0.00	0.00	0.00
Total Common Equity	50	120	173
Common Stock	844	844	843
Retained Earnings	-635	-574	-519
Treasury Stock	-28	-33	-24
Accumulated Other Comprehensive Income / (Loss)	-131	-118	-128

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

Metric	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	1,389	1,368	1,424	1,569	1,537	1,627	1,794
Total Current Assets	592	519	550	635	575	642	779
Cash & Equivalents	13	13	10	11	11	8.70	14
Accounts Receivable	306	294	303	348	318	349	399
Inventories, net	202	175	181	234	201	239	323
Prepaid Expenses	72	37	56	42	45	46	42
Plant, Property, & Equipment, net	513	587	602	648	663	669	682
Total Noncurrent Assets	284	263	272	286	300	316	333
Goodwill	100	100	100	86	86	86	86
Intangible Assets	11	14	18	28	34	40	54
Other Noncurrent Operating Assets	173	148	154	172	179	189	193
Total Liabilities & Shareholders' Equity	1,389	1,368	1,424	1,569	1,537	1,627	1,794
Total Liabilities	1,338	1,289	1,335	1,426	1,384	1,472	1,656
Total Current Liabilities	698	612	631	785	715	760	767
Short-Term Debt	77	82	72	154	154	152	53
Accounts Payable	337	333	360	412	359	406	447
Accrued Expenses	260	170	174	192	173	174	238
Other Current Liabilities	24	26	26	27	29	28	30
Total Noncurrent Liabilities	640	677	703	641	669	712	889
Long-Term Debt	423	456	474	432	452	479	675
Capital Lease Obligations	1.40	5.40	6.00	6.30	6.80	6.90	1.10
Noncurrent Deferred & Payable Income Tax Liabilities	4.00	5.10	5.90	6.20	7.80	22	16
Other Noncurrent Operating Liabilities	211	211	217	197	202	204	198
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	51	79	89	143	154	155	138
Total Preferred & Common Equity	51	79	89	143	154	155	138
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	51	79	89	143	154	155	138
Common Stock	843	841	839	843	841	840	842
Retained Earnings	-637	-610	-605	-552	-549	-543	-510
Treasury Stock	-28	-28	-29	-30	-25	-21	-23
Accumulated Other Comprehensive Income / (Loss)	-127	-124	-117	-117	-114	-121	-171

This table displays calculated financial ratios and metrics derived from Quad/Graphics' official financial filings.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Growth Metrics	-	-	-
Revenue Growth	-9.65%	-8.06%	8.67%
EBITDA Growth	-21.56%	-24.52%	-21.67%
EBIT Growth	-27.01%	-58.55%	-38.40%
NOPAT Growth	-25.29%	-36.00%	-62.04%
Net Income Growth	8.12%	-695.70%	-75.40%
EPS Growth	6.14%	-733.33%	-74.65%
Operating Cash Flow Growth	-23.51%	-4.53%	13.26%
Free Cash Flow Firm Growth	35.64%	112.42%	-73.92%
Invested Capital Growth	-31.99%	-18.17%	-5.50%
Revenue Q/Q Growth	-2.89%	-3.18%	0.96%
EBITDA Q/Q Growth	6.80%	-4.30%	11.73%
EBIT Q/Q Growth	400.00%	-11.33%	62.81%
NOPAT Q/Q Growth	540.00%	-16.83%	227.98%
Net Income Q/Q Growth	34.41%	-31.59%	400.00%
EPS Q/Q Growth	34.76%	-34.12%	400.00%
Operating Cash Flow Q/Q Growth	86.30%	-34.69%	83.83%
Free Cash Flow Firm Q/Q Growth	8.14%	-0.76%	8.01%
Invested Capital Q/Q Growth	-26.15%	-18.98%	-15.84%
Profitability Metrics	-	-	-
Gross Margin	21.71%	19.49%	18.60%
EBITDA Margin	4.64%	5.35%	6.52%
Operating Margin	0.72%	0.87%	1.66%
EBIT Margin	0.75%	0.93%	2.05%
Profit (Net Income) Margin	-1.90%	-1.87%	0.29%
Tax Burden Percent	114.38%	130.05%	52.54%
Interest Burden Percent	-222.50%	-155.47%	26.78%
Effective Tax Rate	0.00%	0.00%	47.46%
Return on Invested Capital (ROIC)	2.73%	2.76%	3.81%
ROIC Less NNEP Spread (ROIC-NNEP)	-13.03%	-11.75%	0.58%
Return on Net Nonoperating Assets (RNNOA)	-62.82%	-40.65%	2.20%
Return on Equity (ROE)	-60.09%	-37.89%	6.01%
Cash Return on Invested Capital (CROIC)	40.80%	22.75%	9.46%
Operating Return on Assets (OROA)	1.42%	1.71%	3.68%
Return on Assets (ROA)	-3.62%	-3.45%	0.52%
Return on Common Equity (ROCE)	-60.09%	-37.89%	6.01%
Return on Equity Simple (ROE_SIMPLE)	-102.00%	-46.36%	5.38%
Net Operating Profit after Tax (NOPAT)	13	18	28
NOPAT Margin	0.50%	0.61%	0.87%
Net Nonoperating Expense Percent (NNEP)	15.76%	14.51%	3.23%
Return On Investment Capital (ROIC_SIMPLE)	3.14%	2.81%	-
Cost of Revenue to Revenue	78.30%	80.51%	81.41%
SG&A Expenses to Revenue	13.35%	11.65%	11.15%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.99%	18.62%	16.93%
Earnings before Interest and Taxes (EBIT)	20	27	66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	124	158	210
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	7.28	2.22	1.19
Price to Tangible Book Value (P/TBV)	0.00	0.00	5.21
Price to Revenue (P/Rev)	0.14	0.09	0.06
Price to Earnings (P/E)	0.00	0.00	22.20
Dividend Yield	3.59%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	4.50%
Enterprise Value to Invested Capital (EV/IC)	1.79	1.25	1.05
Enterprise Value to Revenue (EV/Rev)	0.27	0.25	0.23
Enterprise Value to EBITDA (EV/EBITDA)	5.74	4.63	3.58
Enterprise Value to EBIT (EV/EBIT)	35.62	26.74	11.36
Enterprise Value to NOPAT (EV/NOPAT)	53.01	40.72	26.71
Enterprise Value to Operating Cash Flow (EV/OCF)	6.31	4.96	4.86
Enterprise Value to Free Cash Flow (EV/FCFF)	3.54	4.94	10.75
Leverage & Solvency	-	-	-
Debt to Equity	7.58	4.35	3.29
Long-Term Debt to Equity	7.02	3.08	2.94
Financial Leverage	4.82	3.46	3.77
Leverage Ratio	16.58	10.98	11.60
Compound Leverage Factor	-36.89	-17.08	3.11
Debt to Total Capital	88.35%	81.32%	76.71%
Short-Term Debt to Total Capital	6.54%	23.71%	8.23%
Long-Term Debt to Total Capital	81.81%	57.61%	68.48%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	11.65%	18.68%	23.29%
Debt to EBITDA	3.05	3.29	2.72
Net Debt to EBITDA	2.81	2.95	2.60
Long-Term Debt to EBITDA	2.82	2.33	2.43
Debt to NOPAT	28.15	28.92	20.26
Net Debt to NOPAT	25.98	25.98	19.36
Long-Term Debt to NOPAT	26.07	20.48	18.08
Altman Z-Score	1.45	1.44	1.61
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-
Current Ratio	0.76	0.74	0.89
Quick Ratio	0.43	0.47	0.50
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	201	148	70
Operating Cash Flow to CapEx	1,393.83%	377.49%	277.56%
Free Cash Flow to Firm to Interest Expense	3.12	2.12	1.44
Operating Cash Flow to Interest Expense	1.75	2.11	3.19
Operating Cash Flow Less CapEx to Interest Expense	1.62	1.55	2.04
Efficiency Ratios	-	-	-
Asset Turnover	1.90	1.84	1.79
Accounts Receivable Turnover	9.07	8.59	8.76
Inventory Turnover	12.26	10.84	10.76
Fixed Asset Turnover	4.77	4.58	4.60
Accounts Payable Turnover	5.73	5.74	6.36
Days Sales Outstanding (DSO)	40.25	42.50	41.67
Days Inventory Outstanding (DIO)	29.76	33.68	33.93
Days Payable Outstanding (DPO)	63.70	63.63	57.42
Cash Conversion Cycle (CCC)	6.31	12.56	18.19
Capital & Investment Metrics	-	-	-
Invested Capital	399	587	717
Invested Capital Turnover	5.42	4.54	4.36
Increase / (Decrease) in Invested Capital	-188	-130	-42
Enterprise Value (EV)	712	733	751
Market Capitalization	363	265	206
Book Value per Share	$0.96	$2.33	$3.28
Tangible Book Value per Share	($1.11)	($0.10)	$0.75
Total Capital	428	640	742
Total Debt	378	520	569
Total Long-Term Debt	350	369	508
Net Debt	349	467	544
Capital Expenditures (CapEx)	8.10	39	56
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-166	-104	-55
Debt-free Net Working Capital (DFNWC)	-136	-51	-30
Net Working Capital (NWC)	-164	-203	-91
Net Nonoperating Expense (NNE)	64	73	19
Net Nonoperating Obligations (NNO)	349	467	544
Total Depreciation and Amortization (D&A)	104	131	144
Debt-free, Cash-free Net Working Capital to Revenue	-6.20%	-3.53%	-1.71%
Debt-free Net Working Capital to Revenue	-5.10%	-1.74%	-0.93%
Net Working Capital to Revenue	-6.15%	-6.87%	-2.83%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($1.07)	($1.14)	$0.18
Adjusted Weighted Average Basic Shares Outstanding	47.60M	48.40M	50.70M
Adjusted Diluted Earnings per Share	($1.07)	($1.14)	$0.18
Adjusted Weighted Average Diluted Shares Outstanding	47.60M	48.40M	52.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	52.35M	52.28M	53.42M
Normalized Net Operating Profit after Tax (NOPAT)	84	72	52
Normalized NOPAT Margin	3.16%	2.44%	1.61%
Pre Tax Income Margin	-1.67%	-1.44%	0.55%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	0.31	0.39	1.37
NOPAT to Interest Expense	0.21	0.26	0.58
EBIT Less CapEx to Interest Expense	0.18	-0.17	0.21
NOPAT Less CapEx to Interest Expense	0.08	-0.30	-0.57
Payout Ratios	-	-	-
Dividend Payout Ratio	-18.47%	-0.18%	15.05%
Augmented Payout Ratio	-18.47%	-22.92%	122.58%

This table displays calculated financial ratios and metrics derived from Quad/Graphics' official financial filings.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.09%	-3.63%	-9.80%	-14.57%	-10.99%	-15.63%	-7.21%	3.00%	3.58%	17.53%
EBITDA Growth	22.25%	-56.96%	2.18%	-46.97%	-19.13%	-26.69%	-22.22%	-18.54%	15.53%	-10.28%
EBIT Growth	410.26%	-133.10%	73.86%	-2,200.00%	-55.17%	-50.00%	-49.13%	-90.74%	1,342.86%	-9.55%
NOPAT Growth	687.33%	-135.77%	79.76%	-10,800.00%	-59.77%	-54.72%	-50.00%	-98.15%	307.14%	-12.02%
Net Income Growth	121.36%	-814.81%	54.10%	-14.23%	-152.87%	-119.71%	-215.09%	-2,360.00%	58.77%	-4.20%
EPS Growth	123.91%	-766.67%	50.00%	-20.00%	-170.59%	-122.22%	-220.00%	-2,400.00%	58.54%	0.00%
Operating Cash Flow Growth	49.11%	-94.12%	-92.34%	-3.16%	-42.40%	700.00%	871.21%	-199.41%	61.63%	89.82%
Free Cash Flow Firm Growth	55.92%	31.36%	114.46%	820.67%	177.78%	27.47%	3.89%	-84.72%	-74.93%	-36.10%
Invested Capital Growth	-31.99%	-25.39%	-19.26%	-19.59%	-18.17%	-15.00%	-8.13%	-1.98%	-5.50%	-9.23%
Revenue Q/Q Growth	4.98%	6.40%	-3.15%	-16.89%	12.53%	-0.41%	-8.27%	-13.41%	6.66%	9.53%
EBITDA Q/Q Growth	115.92%	-52.37%	129.35%	-47.58%	-23.98%	13.08%	19.02%	-20.96%	-31.08%	19.96%
EBIT Q/Q Growth	523.40%	-130.72%	245.71%	-400.00%	-72.54%	61.36%	1,660.00%	-94.25%	-69.37%	64.16%
NOPAT Q/Q Growth	662.38%	-132.45%	241.12%	-405.71%	-74.45%	63.10%	8,300.00%	-98.85%	-71.25%	80.11%
Net Income Q/Q Growth	119.03%	-782.14%	90.04%	-27.73%	-714.81%	55.74%	75.20%	-182.76%	-163.50%	158.49%
EPS Q/Q Growth	121.15%	-766.67%	90.00%	-30.43%	-666.67%	50.00%	76.00%	-194.12%	-162.96%	170.00%
Operating Cash Flow Q/Q Growth	6,516.67%	-38.46%	107.47%	-149.01%	161.03%	-19.84%	200.59%	-127.37%	2,819.12%	-3.03%
Free Cash Flow Firm Q/Q Growth	14.69%	15.78%	6.68%	10.06%	-3.38%	89.03%	357.97%	-66.79%	-55.66%	54.06%
Invested Capital Q/Q Growth	-26.15%	-11.31%	-3.35%	7.43%	-18.98%	-4.02%	-3.75%	9.33%	-15.84%	3.74%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.44%	21.81%	22.12%	20.39%	19.65%	19.91%	18.96%	19.44%	20.06%	18.85%
EBITDA Margin	6.13%	2.98%	6.65%	2.81%	4.51%	6.67%	5.87%	4.53%	4.96%	7.68%
Operating Margin	2.78%	-0.73%	2.38%	-1.63%	0.44%	1.96%	1.19%	0.01%	0.98%	3.04%
EBIT Margin	2.81%	-0.70%	2.41%	-1.60%	0.50%	2.03%	1.25%	0.07%	0.98%	3.42%
Profit (Net Income) Margin	0.66%	-3.66%	-0.44%	-4.29%	-2.79%	-0.39%	-0.87%	-3.21%	-0.98%	1.65%
Tax Burden Percent	97.92%	113.82%	147.37%	109.34%	145.70%	77.14%	74.39%	155.70%	202.33%	84.05%
Interest Burden Percent	24.12%	461.70%	-12.42%	244.76%	-387.18%	-24.65%	-93.18%	-3,160.00%	-49.43%	57.39%
Effective Tax Rate	2.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	15.95%
Return on Invested Capital (ROIC)	14.76%	-2.21%	6.79%	-4.60%	1.41%	5.31%	3.38%	0.04%	3.00%	9.08%
ROIC Less NNEP Spread (ROIC-NNEP)	11.19%	-6.19%	4.42%	-8.12%	-3.42%	3.41%	1.51%	-3.78%	0.46%	8.09%
Return on Net Nonoperating Assets (RNNOA)	53.92%	-34.08%	21.50%	-39.03%	-11.84%	15.72%	6.66%	-16.74%	1.74%	43.21%
Return on Equity (ROE)	68.68%	-36.29%	28.29%	-43.63%	-10.43%	21.03%	10.04%	-16.71%	4.74%	52.30%
Cash Return on Invested Capital (CROIC)	40.80%	29.41%	23.52%	23.19%	22.75%	18.96%	12.24%	-31.48%	9.46%	7.22%
Operating Return on Assets (OROA)	5.35%	-1.30%	4.61%	-2.99%	0.91%	3.68%	2.44%	0.12%	1.76%	6.00%
Return on Assets (ROA)	1.26%	-6.81%	-0.84%	-8.01%	-5.14%	-0.70%	-1.69%	-6.00%	-1.76%	2.89%
Return on Common Equity (ROCE)	68.68%	-36.29%	28.29%	-43.63%	-10.43%	21.03%	10.04%	-16.71%	4.74%	52.30%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-152.46%	-70.29%	-66.03%	0.00%	-29.36%	-16.73%	-9.26%	0.00%	-2.25%
Net Operating Profit after Tax (NOPAT)	19	-3.43	11	-7.49	2.45	9.59	5.88	0.07	6.09	21
NOPAT Margin	2.72%	-0.51%	1.67%	-1.14%	0.31%	1.37%	0.84%	0.01%	0.69%	2.55%
Net Nonoperating Expense Percent (NNEP)	3.57%	3.97%	2.36%	3.52%	4.83%	1.90%	1.87%	3.82%	2.54%	0.99%
Return On Investment Capital (ROIC_SIMPLE)	4.50%	-	-	-	0.38%	-	-	-	-	-
Cost of Revenue to Revenue	77.56%	78.19%	77.88%	79.61%	80.35%	80.09%	81.04%	80.56%	79.94%	81.15%
SG&A Expenses to Revenue	13.64%	13.10%	13.99%	12.69%	11.36%	11.78%	11.85%	11.64%	11.50%	10.94%
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	19.66%	22.54%	19.74%	22.02%	19.20%	17.95%	17.76%	19.43%	19.08%	15.81%
Earnings before Interest and Taxes (EBIT)	20	-4.70	15	-11	3.90	14	8.80	0.50	8.70	28
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	43	20	42	18	36	47	41	35	44	64
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.28	4.65	3.54	2.99	2.22	1.74	1.24	1.43	1.19	0.97
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	8.55	5.75	7.89	5.21	0.00
Price to Revenue (P/Rev)	0.14	0.09	0.10	0.09	0.09	0.08	0.06	0.07	0.06	0.04
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22.20	0.00
Dividend Yield	3.59%	4.41%	2.78%	1.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.50%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.79	1.34	1.33	1.28	1.25	1.15	1.05	1.08	1.05	0.99
Enterprise Value to Revenue (EV/Rev)	0.27	0.26	0.29	0.28	0.25	0.27	0.25	0.26	0.23	0.27
Enterprise Value to EBITDA (EV/EBITDA)	5.74	6.25	5.67	5.69	4.63	5.02	4.41	4.50	3.58	4.52
Enterprise Value to EBIT (EV/EBIT)	35.62	181.58	35.38	49.26	26.74	26.85	18.66	17.63	11.36	20.88
Enterprise Value to NOPAT (EV/NOPAT)	53.01	345.86	53.58	77.46	40.72	38.36	26.66	0.00	26.71	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	6.31	11.99	8.18	5.53	4.96	3.67	4.44	7.03	4.86	10.08
Enterprise Value to Free Cash Flow (EV/FCFF)	3.54	3.90	5.05	4.93	4.94	5.55	8.20	0.00	10.75	13.11
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	7.58	9.86	6.86	6.18	4.35	4.13	3.99	4.13	3.29	5.29
Long-Term Debt to Equity	7.02	8.35	5.83	5.38	3.08	3.05	2.98	3.14	2.94	4.91
Financial Leverage	4.82	5.51	4.86	4.80	3.46	4.61	4.40	4.43	3.77	5.34
Leverage Ratio	16.58	15.22	12.48	12.52	10.98	11.96	11.17	11.87	11.60	12.87
Compound Leverage Factor	4.00	70.29	-1.55	30.64	-42.52	-2.95	-10.41	-375.25	-5.73	7.39
Debt to Total Capital	88.35%	90.79%	87.29%	86.08%	81.32%	80.50%	79.95%	80.51%	76.71%	84.10%
Short-Term Debt to Total Capital	6.54%	13.96%	13.20%	11.16%	23.71%	20.94%	20.09%	19.23%	8.23%	6.08%
Long-Term Debt to Total Capital	81.81%	76.83%	74.09%	74.91%	57.61%	59.55%	59.85%	61.28%	68.48%	78.02%
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	11.65%	9.21%	12.72%	13.92%	18.68%	19.50%	20.05%	19.49%	23.29%	15.90%
Debt to EBITDA	3.05	4.32	3.80	3.89	3.29	3.58	3.41	3.38	2.72	3.88
Net Debt to EBITDA	2.81	4.21	3.71	3.81	2.95	3.51	3.35	3.34	2.60	3.81
Long-Term Debt to EBITDA	2.82	3.66	3.23	3.38	2.33	2.65	2.55	2.57	2.43	3.60
Debt to NOPAT	28.15	239.05	35.91	52.87	28.92	27.36	20.63	-2.41	20.26	-33.16
Net Debt to NOPAT	25.98	233.10	35.07	51.89	25.98	26.86	20.25	-2.37	19.36	-32.53
Long-Term Debt to NOPAT	26.07	202.29	30.48	46.01	20.48	20.25	15.44	-1.83	18.08	-30.76
Altman Z-Score	1.45	1.34	1.49	1.43	1.39	1.47	1.56	1.53	1.50	1.49
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	0.76	0.85	0.85	0.87	0.74	0.81	0.80	0.84	0.89	1.02
Quick Ratio	0.43	0.46	0.50	0.50	0.47	0.46	0.46	0.47	0.50	0.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	207	180	156	146	133	137	73	16	48	108
Operating Cash Flow to CapEx	1,784.27%	0.00%	31.20%	-322.22%	0.00%	293.53%	316.15%	-234.26%	1,812.75%	-44.74%
Free Cash Flow to Firm to Interest Expense	13.71	10.62	9.06	9.61	6.99	7.76	4.28	0.97	2.97	8.91
Operating Cash Flow to Interest Expense	10.52	0.14	0.23	-3.43	5.61	2.31	2.99	-3.10	11.48	-0.56
Operating Cash Flow Less CapEx to Interest Expense	9.93	1.88	-0.50	-4.50	6.26	1.52	2.05	-4.43	10.85	-1.82
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.90	1.86	1.91	1.87	1.84	1.82	1.95	1.87	1.79	1.75
Accounts Receivable Turnover	9.07	8.42	9.07	8.74	8.59	8.18	9.61	9.39	8.76	8.05
Inventory Turnover	12.26	9.98	11.78	10.88	10.84	8.81	10.72	10.72	10.76	9.26
Fixed Asset Turnover	4.77	4.74	4.45	4.48	4.58	4.59	4.69	4.68	4.60	4.46
Accounts Payable Turnover	5.73	5.81	6.38	5.97	5.74	5.72	6.95	6.52	6.36	6.63
Days Sales Outstanding (DSO)	40.25	43.36	40.26	41.76	42.50	44.65	37.99	38.89	41.67	45.34
Days Inventory Outstanding (DIO)	29.76	36.58	30.99	33.54	33.68	41.44	34.04	34.06	33.93	39.40
Days Payable Outstanding (DPO)	63.70	62.78	57.21	61.15	63.63	63.79	52.52	55.94	57.42	55.02
Cash Conversion Cycle (CCC)	6.31	17.16	14.04	14.15	12.56	22.29	19.51	17.01	18.19	29.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	399	540	609	630	587	724	755	784	717	852
Invested Capital Turnover	5.42	4.35	4.07	4.02	4.54	3.88	4.04	4.09	4.36	3.56
Increase / (Decrease) in Invested Capital	-188	-184	-145	-154	-130	-128	-67	-16	-42	-87
Enterprise Value (EV)	712	726	810	808	733	830	791	850	751	848
Market Capitalization	363	237	280	267	265	249	190	220	206	133
Book Value per Share	$0.96	$0.98	$1.52	$1.89	$2.33	$2.78	$2.91	$2.89	$3.28	$2.54
Tangible Book Value per Share	($1.11)	($1.15)	($0.68)	($0.61)	($0.10)	$0.56	$0.63	$0.52	$0.75	($0.05)
Total Capital	428	553	622	641	640	735	766	793	742	866
Total Debt	378	502	543	551	520	592	612	638	569	728
Total Long-Term Debt	350	425	461	480	369	438	458	486	508	676
Net Debt	349	490	530	541	467	581	601	630	544	714
Capital Expenditures (CapEx)	8.90	-30	13	16	-13	14	16	22	10	15
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-166	-42	-24	-20	-104	-6.90	2.20	25	-55	51
Debt-free Net Working Capital (DFNWC)	-136	-29	-11	-10	-51	4.10	14	34	-30	65
Net Working Capital (NWC)	-164	-106	-93	-82	-203	-150	-140	-118	-91	12
Net Nonoperating Expense (NNE)	15	21	13	21	24	12	12	25	15	7.48
Net Nonoperating Obligations (NNO)	349	490	530	541	467	581	601	630	544	714
Total Depreciation and Amortization (D&A)	24	25	27	29	32	33	33	34	35	35
Debt-free, Cash-free Net Working Capital to Revenue	-6.20%	-1.51%	-0.86%	-0.71%	-3.53%	-0.23%	0.07%	0.78%	-1.71%	1.60%
Debt-free Net Working Capital to Revenue	-5.10%	-1.05%	-0.40%	-0.35%	-1.74%	0.13%	0.42%	1.05%	-0.93%	2.04%
Net Working Capital to Revenue	-6.15%	-3.86%	-3.35%	-2.86%	-6.87%	-4.91%	-4.41%	-3.65%	-2.83%	0.38%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.11	($0.52)	($0.06)	($0.60)	($0.46)	($0.06)	($0.12)	($0.50)	($0.17)	$0.27
Adjusted Weighted Average Basic Shares Outstanding	47.60M	47.80M	47.70M	47.20M	48.40M	48M	49.30M	49.20M	50.70M	50.10M
Adjusted Diluted Earnings per Share	$0.11	($0.52)	($0.06)	($0.60)	($0.46)	($0.06)	($0.12)	($0.50)	($0.17)	$0.27
Adjusted Weighted Average Diluted Shares Outstanding	47.60M	47.80M	47.70M	47.20M	48.40M	48M	49.30M	49.20M	52.50M	51.60M
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	52.35M	52.12M	52.16M	51.94M	52.28M	51.31M	51.51M	52.71M	53.42M	52.69M
Normalized Net Operating Profit after Tax (NOPAT)	38	24	18	15	24	17	13	18	29	26
Normalized NOPAT Margin	5.43%	3.57%	2.78%	2.33%	3.04%	2.49%	1.79%	2.38%	3.25%	3.12%
Pre Tax Income Margin	0.68%	-3.22%	-0.30%	-3.92%	-1.92%	-0.50%	-1.17%	-2.06%	-0.49%	1.96%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.32	-0.28	0.89	-0.69	0.21	0.80	0.52	0.03	0.54	2.35
NOPAT to Interest Expense	1.28	-0.20	0.61	-0.49	0.13	0.54	0.35	0.00	0.38	1.75
EBIT Less CapEx to Interest Expense	0.73	1.46	0.16	-1.76	0.86	0.02	-0.43	-1.29	-0.09	1.09
NOPAT Less CapEx to Interest Expense	0.69	1.53	-0.11	-1.56	0.79	-0.24	-0.60	-1.32	-0.26	0.49
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-18.47%	-9.02%	-8.45%	-4.07%	-0.18%	-0.24%	-0.39%	-0.70%	15.05%	16.13%
Augmented Payout Ratio	-18.47%	-12.11%	-22.12%	-24.96%	-22.92%	-24.47%	-55.25%	-72.73%	122.58%	-306.45%

Frequently Asked Questions About Quad/Graphics' Financials

When does Quad/Graphics's fiscal year end?

According to the most recent income statement we have on file, Quad/Graphics' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Quad/Graphics' net income changed over the last 2 years?

Quad/Graphics' net income appears to be on an upward trend, with a most recent value of -$50.90 million in 2024, falling from $9.30 million in 2022. The previous period was -$55.40 million in 2023. View Quad/Graphics' forecast to see where analysts expect Quad/Graphics to go next.

What is Quad/Graphics's operating income?

Quad/Graphics's total operating income in 2024 was $19.20 million, based on the following breakdown:

Total Gross Profit: $580 million
Total Operating Expenses: $560.80 million

How has Quad/Graphics revenue changed over the last 2 years?

Over the last 2 years, Quad/Graphics' total revenue changed from $3.22 billion in 2022 to $2.67 billion in 2024, a change of -16.9%.

How much debt does Quad/Graphics have?

Quad/Graphics' total liabilities were at $1.25 billion at the end of 2024, a 10.1% decrease from 2023, and a 18.3% decrease since 2022.

How much cash does Quad/Graphics have?

In the past 2 years, Quad/Graphics' cash and equivalents has ranged from $25.20 million in 2022 to $52.90 million in 2023, and is currently $29.20 million as of their latest financial filing in 2024.

How has Quad/Graphics' book value per share changed over the last 2 years?

Over the last 2 years, Quad/Graphics' book value per share changed from 3.28 in 2022 to 0.96 in 2024, a change of -70.8%.

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This page (NYSE:QUAD) was last updated on 5/24/2025 by MarketBeat.com Staff

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Quad/Graphics (QUAD) Financials

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Quad/Graphics (QUAD) Financials

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