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GPK, Graphic Packaging Holding

Containers & Packaging capital-intensive

Graphic Packaging Holding is a leading producer of consumer goods packaging made from renewable or recycled materials.

Graphic Packaging Holding designs and manufactures sustainable packaging solutions including cartons, multipack cartons, trays, carriers, paperboard canisters, as well as cups and bowls made primarily from recycled paperboard, unbleached paperboard and bleached paperboard.

Graphic Packaging Holding serves a wide variety of consumer markets, from food and beverage, to foodservice, household products, beauty and health care.

Latest annual: FY2025 10-K

GPK · Graphic Packaging Holding

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$8.6B

−2.2% YoY · 6% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $8.6B 5-yr avg $8.7B

Gross margin 17% 5-yr avg 19%

Operating margin 7.0% 5-yr avg 10.0%

ROIC 5% 5-yr avg 8%

Owner-earnings margin 10% 5-yr avg 10%

Free cash flow margin 10% 5-yr avg 10%

Next report Est. 8/3–8/6 · the 10-Q for the quarter ended late June · due within 40 days of period end · has filed ~31 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Gross margin has run about 18% and operating margin about 9.0% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. Inventory runs near 17% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on cyclicality & demand, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 9%). By owner earnings: roughly 9% of revenue reaches owners as cash, though it swings. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$4.3B	$4.4B	$6.0B	$6.1B	$6.5B	$7.1B	$9.4B	$9.4B	$8.8B	$8.6B	$8.6B	RevenueRevenue
$792M	$720M	$952M	$1.1B	$1.1B	$1.0B	$1.8B	$2.1B	$1.9B	$1.6B	$1.4B	Gross profitGross prof.
18%	16%	16%	17%	16%	15%	19%	22%	22%	18%	17%	Gross marginGross mgn
8%	8%	8%	8%	8%	7%	8%	9%	9%	8%	8%	SG&A / revenueSG&A/rev
0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	R&D / revenueR&D/rev
$407M	$328M	$458M	$534M	$524M	$407M	$906M	$1.2B	$1.1B	$804M	$602M	Operating incomeOp. inc.
9.5%	7.5%	7.6%	8.7%	8.0%	5.7%	9.6%	12.5%	12.8%	9.4%	7.0%	Operating marginOp. mgn
$319M	$253M	$348M	$354M	$244M	$289M	$716M	$932M	$886M	$582M	—	Pretax incomePretax
$228M	$300M	$221M	$207M	$167M	$204M	$522M	$723M	$658M	$444M	$274M	Net incomeNet inc.
29%	—	16%	21%	17%	26%	27%	23%	26%	24%	26%	Effective tax rateTax rate
											Cash flow & returns
$74M	($193M)	($374M)	$666M	$825M	$609M	$1.1B	$1.1B	$840M	$841M	$902M	Operating cash flowOp. cash
$299M	$330M	$431M	$447M	$476M	$489M	$553M	$619M	$557M	$536M	$544M	DepreciationDeprec.
($453M)	($823M)	($1.0B)	$12M	$182M	($84M)	($19M)	($242M)	($437M)	($141M)	$66M	Working capital & otherWC & other
$279M	$241M	$379M	$22M	$30M	$27M	$27M	$23M	$34M	—	$31M	CapexCapex
6.5%	5.5%	6.3%	0.4%	0.5%	0.4%	0.3%	0.2%	0.4%	—	0.4%	Capex / revenueCapex/rev
($205M)	($433M)	($753M)	$644M	$795M	$582M	$1.1B	$1.1B	$806M	—	$871M	Owner earningsOwner earn.
−4.8%	−9.9%	−12.5%	10.5%	12.2%	8.2%	11.3%	11.9%	9.2%	—	10.1%	Owner earnings marginOE mgn
($205M)	($433M)	($753M)	$644M	$795M	$582M	$1.1B	$1.1B	$806M	—	$871M	Free cash flowFCF
−4.8%	−9.9%	−12.5%	10.5%	12.2%	8.2%	11.3%	11.9%	9.2%	—	10.1%	Free cash flow marginFCF mgn
$333M	$189M	$89M	$55M	$121M	$1.7B	$0	$361M	$0	$29M	$17M	AcquisitionsAcquis.
$64M	$93M	$111M	$113M	$103M	$92M	$92M	$123M	$122M	$128M	$130M	Dividends paidDiv. paid
$165M	$62M	$119M	$129M	$316M	$0	$28M	$54M	$200M	$150M	—	BuybacksBuybacks
($65M)	$268M	$689M	($225M)	($648M)	($2.4B)	($435M)	($1.0B)	($342M)	($732M)	—	Investing cash flowInv. cash
($3M)	($70M)	($311M)	($361M)	($152M)	$1.8B	($666M)	($106M)	($489M)	($18M)	—	Financing cash flowFin. cash
($2M)	$3M	($2M)	$2M	$1M	($2M)	($6M)	($1M)	($15M)	$13M	—	Exchange-rate effectFX
$4M	$8M	$3M	$82M	$26M	($7M)	($22M)	$12M	($5M)	$104M	—	Change in cashΔ cash
9%	9%	8%	9%	—	4%	9%	11%	10%	7%	5%	ROICROIC
22%	23%	14%	13%	12%	11%	24%	26%	22%	13%	8%	Return on equityROE
15%	16%	7%	6%	4%	6%	20%	22%	18%	9%	4%	Retained to equityRetained/eq
											Balance sheet
$59M	$67M	$71M	$153M	$179M	$172M	$150M	$162M	$157M	$261M	$189M	Cash & investmentsCash+inv
$363M	$272M	$466M	$451M	$597M	$785M	$804M	$716M	$621M	$590M	$861M	ReceivablesReceiv.
$583M	$634M	$1.0B	$1.1B	$1.1B	$1.4B	$1.6B	$1.8B	$1.8B	$1.8B	$1.7B	InventoryInvent.
$467M	$517M	$712M	$716M	$825M	$1.1B	$1.1B	$1.1B	$1.1B	$1.0B	$895M	Accounts payablePayables
$480M	$390M	$768M	$831M	$900M	$1.0B	$1.3B	$1.4B	$1.3B	$1.3B	$1.7B	Operating working capitalOper. WC
$1.1B	$1.2B	$1.8B	$1.8B	$2.0B	$2.5B	$2.7B	$2.8B	$2.8B	$2.9B	$3.0B	Current assetsCur. assets
$780M	$851M	$1.2B	$1.2B	$1.9B	$2.0B	$1.9B	$2.6B	$1.9B	$2.2B	$2.1B	Current liabilitiesCur. liab.
1.4×	1.4×	1.5×	1.5×	1.1×	1.2×	1.4×	1.1×	1.5×	1.3×	1.4×	Current ratioCurr. ratio
$1.8B	$1.9B	$3.2B	$3.3B	$3.6B	$4.7B	$4.6B	$5.0B	$5.3B	$5.7B	—	Net PP&ENet PP&E
$1.3B	$1.3B	$1.5B	$1.5B	$1.5B	$2.0B	$2.0B	$2.1B	$2.0B	$2.1B	$2.1B	GoodwillGoodwill
$4.6B	$4.9B	$7.1B	$7.3B	$7.8B	$10.5B	$10.3B	$11.2B	$11.1B	$11.8B	$11.7B	Total assetsAssets
$2.1B	$2.3B	$2.9B	$2.8B	$3.6B	$5.8B	$5.2B	$5.3B	$5.2B	$5.5B	$5.7B	Total debtDebt
$2.1B	$2.2B	$2.9B	$2.7B	$3.5B	$5.6B	$5.1B	$5.2B	$5.0B	$5.3B	$5.5B	Net debt / (cash)Net debt
5.3×	3.7×	3.7×	3.8×	4.1×	3.3×	4.6×	4.9×	4.9×	3.7×	2.6×	Interest coverageInt. cov.
—	$0	$276M	$304M	$0	—	—	—	—	—	—	Redeemable interestsRedeemable
—	$0	$439M	$488M	$416M	$2M	$1M	$1M	$1M	$1M	—	Noncontrolling interestsNCI
$1.1B	$1.3B	$1.6B	$1.6B	$1.4B	$1.9B	$2.1B	$2.8B	$3.0B	$3.3B	$3.2B	Shareholders’ equityEquity
—	—	—	—	—	—	0.4%	0.5%	0.7%	0.0%	0.2%	Stock comp / revenueSBC/rev
											Per share
322M	312M	310M	295M	280M	298M	310M	309M	305M	300M	297M	Shares out (diluted)Shares
$13.31	$14.06	$19.44	$20.83	$23.38	$23.94	$30.40	$30.36	$28.76	$28.62	$29.06	Revenue / shareRev/sh
$0.71	$0.96	$0.71	$0.70	$0.60	$0.68	$1.69	$2.34	$2.16	$1.48	$0.92	EPS (diluted)EPS
$-0.64	$-1.39	$-2.43	$2.18	$2.84	$1.95	$3.43	$3.63	$2.64	—	$2.94	Owner earnings / shareOE/sh
$-0.64	$-1.39	$-2.43	$2.18	$2.84	$1.95	$3.43	$3.63	$2.64	—	$2.94	Free cash flow / shareFCF/sh
$0.20	$0.30	$0.36	$0.38	$0.37	$0.31	$0.30	$0.40	$0.40	$0.43	$0.44	Dividends / shareDiv/sh
$0.87	$0.77	$1.22	$0.07	$0.11	$0.09	$0.09	$0.07	$0.11	—	$0.10	Cap. spending / shareCapex/sh
$3.29	$4.14	$5.09	$5.33	$5.09	$6.35	$6.94	$9.00	$9.87	$11.13	$10.94	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+8.9%/yr	+4.1%/yr
Owner earnings / share	—	+3.9%/yr
EPS	+8.5%/yr	+19.9%/yr
Dividends / share	+8.8%/yr	+3.0%/yr
Capital spending / share	−22.6%/yr (8-yr)	+8.3%/yr
Book value / share	+14.5%/yr	+16.9%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2020–FY2024cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2024 the business turned $658M of profit into $806M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$658M

Owner earnings$806M · 9% of revenue

	FY2024	FY2023	FY2022	FY2021	FY2020
Reported net income	$658M	$723M	$522M	$204M	$167M
Depreciation & amortizationnon-cash charge added back	+$557M	+$619M	+$553M	+$489M	+$476M
Stock-based compensationreal costnon-cash, but a real cost	+$62M	+$44M	+$34M	—	—
Working capital & othertiming of cash in and out, other non-cash items	−$437M	−$242M	−$19M	−$84M	+$182M
Cash from operations	$840M	$1.1B	$1.1B	$609M	$825M
Capital expenditurecash put back in to keep running and to grow	−$34M	−$23M	−$27M	−$27M	−$30M
Owner earnings	$806M	$1.1B	$1.1B	$582M	$795M
Owner-earnings marginowner earnings ÷ revenue	9%	12%	11%	8%	12%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $62M), owner earnings is nearer $744M.

Much of fiscal 2024's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 3.7×

Adequate

Operating income $804M ÷ interest expense $220M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $5.3B · 6.6× operating profit

Heavy net debt

Cash $261M − debt $5.5B

What this means
Netting $261M of cash and short-term investments against $5.5B of debt leaves $5.3B owed, about 6.6× a year's operating profit (6.9× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 64d

Long (60+ days)

DSO 25 + DIO 92 − DPO 53 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 9%

Solid through the cycle

9-yr median, range 4%–11%; 7% latest = NOPAT $612M ÷ invested capital $8.6B

Industry peers: median 9%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran 7% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin —

Not enough data

Industry peers: median 5%

What this means
The filing data didn't include the inputs for this check.
Are earnings backed by cash? 1.89×

Cash-backed

Cash from ops $841M ÷ net income $444M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

The promise and the pay packet

Is the buyback buying ownership, or mopping up? 0.0%

The count is edging down

Stock compensation $2M (fiscal 2025), 0.0% of revenue · repurchases $150M · diluted shares -3.1% since 2022

What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.

Graham’s defensive tests · 4 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $8.6B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.30×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $5.5B vs $679M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +144%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $2.06/share (latest year $1.50), the averaged base the calculator's gate runs on, and book value is $11.27/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 8% → 12% (3-yr avg ends)

In the filing’s words The record and the words agree: the margin widened and the filing attributes the gain to its own pricing, not volume alone.

What this means
Through the cycle the operating margin widened — about 8% early to 12% lately, median 9% — pricing power intact or improving.
Reinvestment, incremental ROIC 10%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Worst year 2021 · 5.7% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −0.8%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.
How management talks about it Promotional

What this means
The record is compounding, but the filing leans on a promoter’s vocabulary rather than the per-share, return-on-capital terms an owner uses. The results back the talk here; the register is still worth noting.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$3.0B

Cash & short-term investments$189M
Receivables$861M
Inventory$1.7B
Other current assets$187M

Current liabilities$2.1B

Debt due within a year$529M
Accounts payable$895M
Other current liabilities$674M

Current ratio1.41×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.59×stricter: inventory excluded

Cash ratio0.09×strictest: cash alone against what's due

Working capital$857Mthe cushion left after near-term bills

Debt due this year vs. cash$529M due · $189M cash cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+1.9%the freshest read on whether the business is still growing

Current ratio, recent quarters1.4× → 1.4×

Deeper floors

Tangible book value$551Mequity stripped of goodwill & intangibles

Net current asset value$2.9BGraham's net-net: current assets less all liabilities

Debt incl. operating leases$6.0B$295M of it operating leases

Deferred revenue$31Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$525M

'27$338M

'28$1.2B

'29$2.4B

'30$500M

later$500M

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$525Mthe first rung: what must be repaid or rolled over within the year

Within two years$863Mthe near wall, the part most exposed to today’s credit conditions

Biggest single year$2.4Bin 2029the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$5.4Bevery year plus what lies beyond, as the footnote totals it

Against what the business has and earns

Cash & short-term investments, Mar 31, 2026$189M

Together, against $525M due next year0.36×

Cash on hand as of Mar 31, 2026 comes to $189M against the $525M due in the twelve months after the Dec 31, 2025 schedule: about 36% of it, so the near maturities lean on refinancing or the rest of the year’s cash.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.

How the cash was used, 2016–2024

Over the record, the business generated $4.7B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$1.1B · 23%
Dividends$914M · 20%
Buybacks$1.1B · 23%
Retained (debt / cash)$1.6B · 35%

Returned to owners$2.0B
55% of the owner earnings the business produced over the span, $914M as dividends and $1.1B as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $3.6B and cash and short-term investments rose $130M.
Average price paid for buybacks$12.79
Across the years where the filing reports a share count, 62M shares were bought for $791M, about $12.79 each.
Net change in share count−7.7%
The diluted count fell from 322M to 297M, so the buybacks outran the stock issued to staff.
Dividend record$0.40/sh
Paid in 9 of the years on record, the per-share dividend growing about 9% a year. It was cut at least once along the way.
Return on what it retained117%
Of the earnings it kept rather than paid out ($1.2B over the span), annual owner earnings (first three years vs last three) grew $1.5B, so each retained $1 added about 1.17 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$2.7B23% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity62%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$2.9Bover 10 years buying other businesses, against $1.1B of capital spent building

$12M written down across 1 year (2022): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2020	Mr. Michael P. Doss	$8.0M	$10.1M	$795M
2021	Mr. Michael P. Doss	$7.3M	$11.9M	$582M
2022	Mr. Michael P. Doss	$11.6M	$19.7M	$1.1B
2023	Mr. Michael P. Doss	$11.9M	$19.4M	$1.1B
2024	Mr. Michael P. Doss	$9.4M	$17.9M	$806M
2025	Mr. Michael P. Doss	$9.1M	−$6.3M	—

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership1.5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$2M
The slice of the business handed to employees in shares in fiscal 2025, 0.0% of revenue, equal to 0.2% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Containers & Packaging

The same industry, side by side on owner economics. Each column names the period it is read over; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	Gross marginmedian over the record	Op. marginmedian over the record	ROICmedian over the record	Owner earn. marginmedian over the record
SWSmurfit WestRock plc	$31.2B	22%	8.4%	4%	5%
PKGPackaging Corporation of America	$9.0B	22%	14.1%	15%	10%
AVYAvery Dennison Corporation	$8.9B	27%	10.7%	15%	8%
GPKGraphic Packaging Holding	$8.6B	18%	9.0%	9%	9%
SONSonoco	$7.5B	20%	8.7%	9%	5%
NWLNewell Brands	$7.2B	33%	0.7%	1%	5%
SLGNSilgan Holdings	$6.5B	16%	9.3%	9%	7%
OIO-I Glass Inc.	$6.4B	18%	5.5%	6%	3%
Group median	—	21%	8.9%	9%	6%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Graphic Packaging Holding has delivered.

Today’s price $

Through the cycle, Graphic Packaging Holding earns about $788M on its 9.2% median owner-earnings margin. This year’s — margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($788M) Net of stock comp (−$18M TTM)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.68% 10-year Treasury (Jul 30, 2026) + 4.32 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’20→’24+9%/yr

Owner-earnings growth · since FY2019+5%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.68%, as of Jul 30, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $871M on 296M shares outstanding, per the 10-Q cover, as of 2026-05-04; net debt $5.5B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh GPK against another business →

The owners of GPK: the meeting and the votes →

Cite: Owner Scorecard, "Graphic Packaging Holding (GPK), the owner's record," https://ownerscorecard.com/c/GPK, data as of 2026-07-18.

Manual order: ← GPI its page in the Manual GPN →

Industry order: ← GEF the Containers & Packaging chapter KRT →