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Quad Graphics (QUAD) Financials

Quad Graphics logo
$7.49 -0.10 (-1.32%)
Closing price 03:59 PM Eastern
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$7.48 0.00 (-0.07%)
As of 04:10 PM Eastern
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Annual Income Statements for Quad Graphics

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

Quarterly Income Statements for Quad Graphics

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

Annual Cash Flow Statements for Quad Graphics

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

Quarterly Cash Flow Statements for Quad Graphics

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

Annual Balance Sheets for Quad Graphics

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

Quarterly Balance Sheets for Quad Graphics

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

Annual Metrics And Ratios for Quad Graphics

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

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

Quarterly Metrics And Ratios for Quad Graphics

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

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

Financials Breakdown Chart

Key Financial Trends

Quad Graphics (NYSE: QUAD) showed a clear turnaround in late 2024, but the full-year trend still looks uneven. Revenue stabilized and profitability improved sharply from the weak first half of 2024, yet the company remains highly leveraged and has relied on debt issuance and asset sales to support liquidity.

What stands out most: Q4 2024 was a much better quarter than Q3 and materially better than the same period in 2023 on the bottom line. Revenue rose to $708.4 million from $674.8 million in Q3 2024 and $787.9 million in Q4 2023, while operating income recovered to $19.7 million from a loss of $4.9 million in Q3 2024. Net income reached $4.7 million versus a loss of $24.7 million in Q3 2024.

  • Q4 2024 revenue increased sequentially to $708.4 million, showing demand improvement versus the prior quarter.
  • Operating income turned positive in Q4 2024 at $19.7 million, a strong rebound from Q3’s operating loss.
  • Net income improved to $4.7 million in Q4 2024 from a loss of $24.7 million in Q3 2024.
  • Operating cash flow was strong in Q4 2024 at $158.8 million, helped by a large working-capital inflow.
  • The company generated positive free cash flow in Q4 2024 after modest capital spending and asset sales.
  • Debt balances were reduced versus earlier 2024 levels, with long-term debt down to $423.4 million in Q3 2024 from $473.9 million in Q1 2024.
  • Revenue for full-year 2024 appears relatively stable quarter to quarter, with sales staying in the mid-$600 million to low-$700 million range.
  • Depreciation and amortization remain significant, so earnings quality still depends heavily on non-cash add-backs.
  • Gross margin remains under pressure, with Q4 2024 gross profit of $159.0 million on $708.4 million of revenue.
  • Q4 2024 operating expenses remained high at $139.3 million, including $19.6 million of restructuring charges.

Looking at the trend over the last several quarters, Q1 and Q2 2024 were weak. Q1 2024 posted a net loss of $28.1 million and Q2 2024 lost $2.8 million, with Q1 especially affected by heavy restructuring charges, depreciation, and negative operating cash flow of $52.2 million. Q2 improved on cash flow, but profitability remained negative.

Compared with 2023, the business is less volatile in late 2024, but still not consistently profitable. Q4 2023 generated a net loss of $22.0 million, and Q3 2023 was even worse with an operating loss of $4.9 million and net loss of $24.7 million. The latest quarter is better than both of those periods, but it has not yet translated into a durable multi-quarter earnings track record.

The balance sheet is the biggest caution flag. As of Q3 2024, Quad had $50.9 million of common equity against $1.34 billion of liabilities. Current liabilities alone were $698.1 million, while cash was only $12.5 million. That leaves the company dependent on receivables, inventory turnover, and financing access to manage obligations.

Debt and financing activity also remain a major theme. In multiple quarters, Quad issued large amounts of debt while also repaying large amounts of debt. For example, Q4 2024 included $345.1 million of debt issuance and $474.9 million of debt repayment. That pattern suggests ongoing refinancing rather than a clean deleveraging story.

Bottom line: Quad Graphics has shown meaningful operational improvement since the weak first half of 2024, and Q4 looks like a step in the right direction. However, investors should still view the stock as a highly leveraged turnaround story, where execution, cash generation, and debt reduction will likely matter more than modest revenue growth.

06/15/26 02:17 PM ETAI Generated. May Contain Errors.

Quad Graphics Financials - Frequently Asked Questions

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.

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.

Quad Graphics' 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

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%.

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.

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.

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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Financial statements for NYSE:QUAD last updated on 4/6/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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