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Packaging & containers · Consumer Cyclical · Fiscal year ends Dec 31
Ardagh Metal Packaging reported revenue of $5.5B in the fiscal year ended Dec 2025, up 12.0% from the year before. Operating income was $244M, an operating margin of 4.4%, and net income was $11M. Operating cash flow of $449M less capital expenditure of $173M left free cash flow of $276M.
Ranks among the 12 packaging & containers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,055 | 4,689 | 4,812 | 4,908 | 5,497 |
| Cost of revenue | 3,439 | 4,163 | 4,338 | 4,278 | 4,816 |
| Gross profit | 616 | 526 | 474 | 630 | 681 |
| Selling, general & admin | 418 | 212 | 255 | 288 | 299 |
| Operating income | 47.0 | 176 | 76.0 | 202 | 244 |
| Pre-tax income | −188 | 256 | −71.0 | 10.0 | 4.0 |
| Income tax | 22.0 | 19.0 | −21.0 | 13.0 | −7.0 |
| Net income | −210 | 237 | −50.0 | −3.0 | 11.0 |
| Diluted EPS | −0.39 | 0.38 | −0.12 | −0.05 | −0.02 |
| Diluted shares | 539 | 601 | 598 | 598 | 598 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 463 | – | – | – | – |
| Receivables | 512 | 509 | 278 | 332 | 467 |
| Inventory | 407 | 567 | 469 | 382 | 509 |
| Current assets | 1,661 | 1,908 | 1,505 | 1,630 | 1,840 |
| Net PP&E | 1,842 | 2,390 | 2,628 | 2,480 | – |
| Goodwill | 1,010 | 976 | 999 | 966 | 1,035 |
| Total assets | 5,325 | 5,865 | 5,669 | 5,462 | 5,679 |
| Payables | 1,270 | 1,298 | 1,317 | 1,250 | 1,539 |
| Current liabilities | 1,400 | 1,464 | 1,522 | 1,448 | 1,729 |
| Short-term debt | 56.0 | 68.0 | 94.0 | 105 | 118 |
| Long-term debt | 2,831 | 3,524 | 3,640 | 3,797 | 4,301 |
| Total liabilities | 5,039 | 5,410 | 5,563 | 5,598 | 6,354 |
| Shareholders' equity | 286 | 455 | 100 | −142 | −683 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 458 | 205 | 616 | 450 | 449 |
| Capital expenditure | 679 | 585 | 368 | 167 | 173 |
| Free cash flow | −221 | −380 | 248 | 283 | 276 |
| Depreciation & amortisation | 343 | 359 | 418 | 449 | 463 |
| Acquisitions | 5.0 | – | – | – | – |
| Share buybacks | – | 35.0 | – | – | – |
| Dividends paid | – | 251 | 263 | 264 | 262 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.6% | 2.6% | 2.0% | 12.0% |
| Operating income growth (YoY) | – | 274.5% | −56.8% | 165.8% | 20.8% |
| EPS growth (YoY) | – | – | −131.6% | – | – |
| Gross margin | 15.2% | 11.2% | 9.9% | 12.8% | 12.4% |
| Operating margin | 1.2% | 3.8% | 1.6% | 4.1% | 4.4% |
| Net margin | −5.2% | 5.1% | −1.0% | −0.1% | 0.2% |
| Return on equityBlank when equity is negative | −73.4% | 52.1% | −50.0% | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | 1.2% | 4.0% | 1.8% | 5.0% | 6.2% |
| Free cash flow margin | −5.5% | −8.1% | 5.2% | 5.8% | 5.0% |
| Cash conversion (CFO ÷ net income) | −2.18x | 0.86x | −12.3x | −150x | 40.8x |
| Receivable days | 46 | 40 | 21 | 25 | 31 |
| Inventory days | 43 | 50 | 39 | 33 | 39 |
| Payable days | 135 | 114 | 111 | 107 | 117 |
| Debt ÷ equity | 10.1x | 7.89x | 37.3x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,424 | – | – | – | – |
| Current ratio | 1.19x | 1.30x | 0.99x | 1.13x | 1.06x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.