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Specialty chemicals · Basic Materials · Fiscal year ends Dec 31
Aptargroup reported revenue of $3.8B in the fiscal year ended Dec 2025, up 5.4% from the year before. Operating income was $501M, an operating margin of 13.3%, and net income was $393M. Operating cash flow of $570M less capital expenditure of $270M left free cash flow of $300M. Net debt was $921M.
Ranks among the 20 specialty chemicals 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 | 3,227 | 3,322 | 3,487 | 3,583 | 3,777 |
| Cost of revenue | – | – | 2,224 | 2,227 | 2,372 |
| Gross profit | – | – | 1,263 | 1,356 | 1,405 |
| Research & development | 99.8 | 93.5 | 92.8 | 96.1 | 105 |
| Operating income | 347 | 379 | 404 | 496 | 501 |
| Interest expense | 30.3 | 40.8 | 40.4 | 43.9 | 52.7 |
| Pre-tax income | 322 | 335 | 375 | 470 | 491 |
| Income tax | 78.0 | 95.1 | 90.6 | 95.6 | 98.9 |
| Net income | 244 | 239 | 284 | 375 | 393 |
| Diluted EPS | 3.61 | 3.59 | 4.25 | 5.53 | 5.89 |
| Diluted shares | 67.7 | 66.7 | 66.9 | 67.7 | 66.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 123 | 142 | 224 | 224 | 402 |
| Receivables | 671 | 677 | 678 | 658 | 804 |
| Inventory | 441 | 487 | 513 | 462 | 538 |
| Current assets | 1,358 | 1,430 | 1,549 | 1,478 | 1,894 |
| Net PP&E | 1,276 | 1,344 | 1,478 | 1,447 | 1,676 |
| Goodwill | 974 | 946 | 963 | 936 | 1,078 |
| Total assets | 4,141 | 4,203 | 4,452 | 4,432 | 5,253 |
| Payables | 285 | 320 | 329 | 296 | 341 |
| Deferred revenue | 86.3 | 80.2 | 60.5 | 64.4 | 74.8 |
| Current liabilities | 982 | 917 | 1,251 | 1,068 | 1,166 |
| Short-term debt | 147 | 3.8 | 81.8 | 176 | 184 |
| Long-term debt | 907 | 1,053 | 681 | 688 | 1,139 |
| Total liabilities | 2,157 | 2,135 | 2,131 | 1,946 | 2,567 |
| Shareholders' equity | 1,969 | 2,054 | 2,307 | 2,472 | 2,668 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 363 | 479 | 575 | 643 | 570 |
| Capital expenditure | 308 | 310 | 312 | 276 | 270 |
| Free cash flow | 55.5 | 168 | 263 | 367 | 300 |
| Depreciation & amortisation | 235 | 234 | 249 | 264 | 287 |
| Stock-based compensation | 38.9 | 40.9 | 41.3 | 47.7 | 43.9 |
| Acquisitions | 148 | 4.1 | 16.6 | 0.0 | 60.2 |
| Share buybacks | 78.1 | 92.1 | 47.6 | 68.6 | 365 |
| Dividends paid | 98.5 | 99.5 | 104 | 114 | 121 |
| Dividend per share | 1.50 | 1.52 | 1.58 | 1.72 | 1.83 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.9% | 5.0% | 2.7% | 5.4% |
| Operating income growth (YoY) | – | 9.2% | 6.5% | 22.9% | 0.9% |
| EPS growth (YoY) | – | −0.6% | 18.4% | 30.1% | 6.5% |
| Gross margin | – | – | 36.2% | 37.8% | 37.2% |
| Operating margin | 10.8% | 11.4% | 11.6% | 13.9% | 13.3% |
| Net margin | 7.6% | 7.2% | 8.2% | 10.5% | 10.4% |
| Return on equityBlank when equity is negative | 12.4% | 11.7% | 12.3% | 15.2% | 14.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.0% | 11.5% | 12.6% | 14.8% | 12.3% |
| Free cash flow margin | 1.7% | 5.1% | 7.5% | 10.2% | 7.9% |
| Cash conversion (CFO ÷ net income) | 1.49x | 2.00x | 2.02x | 1.72x | 1.45x |
| Receivable days | 76 | 74 | 71 | 67 | 78 |
| Inventory days | – | – | 84 | 76 | 83 |
| Payable days | – | – | 54 | 48 | 52 |
| Interest cover | 11.5x | 9.29x | 10.00x | 11.3x | 9.50x |
| Debt ÷ equity | 0.54x | 0.51x | 0.33x | 0.35x | 0.50x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 931 | 915 | 539 | 640 | 921 |
| Current ratio | 1.38x | 1.56x | 1.24x | 1.38x | 1.62x |
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.