Overview
Smurfit Westrock plc
Latest 10-K: FY2025, filed Feb 27, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $31.18B
- 47.7%YoYup from FY2024
- TotalRevenue
- Gross profit
- $6.04B
- 44.1%YoYup from FY2024
- GrossProfit
- Operating income
- $1.72B
- 70.7%YoYup from FY2024
- OperatingIncome
- Net income
- $0.70B
- 119.1%YoYup from FY2024
- NetIncome
- Diluted EPS
- $1.33
- 62.2%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 526.0M
- 35.2%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- Smurfit Westrock plc reported revenue of $31.18B for fiscal 2025, up 47.7% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 2 of the last 3 fiscal years.
Profitability
- Operating margin was 5.5% and net margin was 2.2%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $1.33, up 62.2% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 30, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
4 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | 3Y CAGR |
|---|---|---|---|---|---|
| Revenue | $31.18B47.7%up Benchmark median 6.4% | $21.11B74.6%up Benchmark median 4.5% | $12.09B10.5%down Benchmark median 4.8% | $13.51B Benchmark median 10.3% | 32.2% |
| Gross Profit Median of 315 / 498 | $6.04B44.1%up Benchmark median 6.8% | $4.20B37.4%up Benchmark median 5.5% | $3.05B6.7%down Benchmark median 5.2% | $3.27B Benchmark median 8.3% | 22.7% |
| Operating Income Median of 373 / 498 | $1.72B70.7%up Benchmark median 7.3% | $1.01B26.6%down Benchmark median 7.4% | $1.37B11.9%down Benchmark median 4.9% | $1.56B Benchmark median 7.5% | 3.3% |
| Net Income | $0.70B119.1%up Benchmark median 4.8% | $0.32B61.3%down Benchmark median 5.7% | $0.82B20.2%down Benchmark median 1.9% | $1.03B Benchmark median 1.3% | -12.2% |
| EPS (Diluted) | $1.3362.2%up Benchmark median 6.2% | $0.8274.1%down Benchmark median 7.9% | $3.1719.9%down Benchmark median 1.9% | $3.96 Benchmark median 1.5% | -30.5% |
Balance Sheet
4 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | 3Y CAGR |
|---|---|---|---|---|---|
| Total Assets | $45.16B3.2%up Benchmark median 5.6% | $43.76B211.4%up Benchmark median 3.4% | $14.05B Benchmark median 4.1% | — | — |
| Total Liabilities Median of 357 / 498 | $26.80B1.6%up Benchmark median 6.4% | $26.37B234.8%up Benchmark median 1.9% | $7.88B Benchmark median 2.9% | — | — |
| Stockholders' Equity | $18.35B5.6%up Benchmark median 6.8% | $17.39B181.6%up Benchmark median 5.4% | $6.17B15.6%up Benchmark median 7.3% | $5.34B Benchmark median 2.5% | 50.9% |
| Cash & Equivalents | $0.89B4.3%up Benchmark median 5.2% | $0.85B14.5%down Benchmark median 1.9% | $1.00B Benchmark median 6.7% | — | — |
| Total Debt | $13.77B1.3%up Benchmark median 2.1% | $13.60B262.8%up Benchmark median 0.2% | $3.75B Benchmark median 0.3% | — | — |
Cash Flow Statement
4 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | 3Y CAGR |
|---|---|---|---|---|---|
| Operating Cash Flow | $3.39B128.7%up Benchmark median 6.3% | $1.48B4.9%down Benchmark median 4.8% | $1.56B8.8%up Benchmark median 9.9% | $1.43B Benchmark median -0.7% | 33.3% |
| Capital Expenditures | $2.19B49.5%up Benchmark median 5.4% | $1.47B57.8%up Benchmark median 2.8% | $0.93B0.1%down Benchmark median 11.3% | $0.93B Benchmark median 14.0% | 33.1% |
| Free Cash Flow Median of 378 / 498 | $1.20B6958.8%up Benchmark median 7.3% | $0.02B97.3%down Benchmark median 6.1% | $0.63B25.2%up Benchmark median 8.8% | $0.50B Benchmark median -11.3% | 33.6% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
3.4%
Wall Street
on net earnings
FY2024 1.5%
5.9%
Value investor
on free cash flow
FY2024 0.1%
Gap +2.5 pts: Value-investor figure 2.5 points higher
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 29.1×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
12.9%
Wall Street
on EBITDA
FY2024 7.3%
5.2%
Value investor
on EBIT
FY2024 3.0%
Gap −7.7 pts: Value-investor figure 7.7 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 7.8×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
90.2%
Wall Street
on book equity
FY2024 83.0%
49.5%
Value investor
on tangible book
FY2024 45.1%
Gap −40.7 pts: Value-investor figure 40.7 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 1.1×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
3.9%
Wall Street
ROE: net income ÷ equity
FY2024 2.7%
3.4%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 1.8%
Gap −0.5 pts: Value-investor figure 0.5 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
13.7%
Wall Street
EBITDA margin
FY2024 11.7%
3.8%
Value investor
Free-cash-flow margin
FY2024 0.1%
Gap −9.9 pts: Value-investor figure 9.9 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.48×
Wall Street
Current ratio
FY2024 1.37×
0.95×
Value investor
Quick ratio, inventory excluded
FY2024 0.89×
Gap −0.53×: Value-investor figure 0.53 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.31×
Wall Street
EBITDA ÷ total debt
FY2024 0.18×
0.09×
Value investor
FCF ÷ total debt
FY2024 0.00×
Gap −0.22×: Value-investor figure 0.22 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 3.02×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
5.1×
Wall Street
EBITDA ÷ interest
FY2024 4.7×
2.0×
Value investor
EBIT ÷ interest
FY2024 1.9×
Gap −3.1×: Value-investor figure 3.1 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 4 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on SW yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on SW and publish the result to your public profile.
Cite this page
Data as of Oct 30, 2026. Canonical address: https://valuein.biz/data/SW
Valuein. (2026, October 30). Smurfit Westrock plc (SW) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/SW
@misc{valuein_sw_2026,
author = {{Valuein}},
title = {Smurfit Westrock plc (SW) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/SW}},
note = {Data as of 2026-10-30; source: SEC EDGAR filings}
}10-K filed Feb 27, 2026 · accession 0001628280-26-012555
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