NYSE: BALL · Metal, Glass & Plastic Containers
Ball Corporation
Ball makes aluminum beverage cans and ends, plus aluminum aerosol containers and bottles, in plants across the Americas, Europe, the Middle East and Asia. It says it is the largest beverage can producer in North and Central America, EMEA and South America. Net sales rose 12% to $13.2 billion in 2025, and net earnings were $915 million. Ball has narrowed itself to packaging: it sold its aerospace business to BAE Systems for $5.6 billion in February 2024 and deconsolidated its aluminum cups business in March 2025. Most sales contracts pass aluminum price changes through to customers. Three customers — Anheuser-Busch InBev, Coca-Cola bottlers and Red Bull — made up 40% of 2025 sales. Ron Lewis became CEO in November 2025.
Last updated
Analysis last edited: October 11, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-1910-Q (quarter ended 2026-09-30) · filed 2026-11-03
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 2.2%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.38x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 32.1x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.54
Higher than 9% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 40% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$64.65close on 2026-11-04
Market cap$17.16B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 32.1x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 3.2x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 4.6%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.2%
At FY2025 year-end: 16.1x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 2.6x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 5.6%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$3.38B → $4.19B (vs. a year earlier)↑ +23.9%$3.38B → $4.19B (vs. a year earlier)
- Net income$321M → −$94M (vs. a year earlier)↓ −$94M$321M → −$94M (vs. a year earlier)
- Diluted EPS$1.18 → $-0.36 (vs. a year earlier)↓ $-0.36$1.18 → $-0.36 (vs. a year earlier)
- Cash$491M → $410M (vs. previous quarter-end)↓ −16.5%$491M → $410M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 3, 2026.
Management outlook • Issued
Expects 2026 comparable EPS growth of 10-plus percent. Source sentence
● In 2026, expect comparable diluted earnings per share growth of 10-plus percent and free cash flow in the range of $900 million
Key changes
Q3 comparable EPS $1.10 versus $1.03, up 6.8%. Source sentence
● Third quarter comparable diluted earnings per share of $1.10 vs. $1.03 in 2025, an increase of 6.8%
Aluminum packaging shipments up 4.7%. Source sentence
● Global aluminum packaging shipments increased 4.7% in the third quarter
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- BALL Corp
- Headquarters
- WESTMINSTER, CO
- Incorporated in
- Indiana
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: BALL
- Industry
- Metal, Glass & Plastic Containers
- CIK
- 9389
- Website
- https://www.ball.com/ ↗
Workforce (as of FY2025 year-end)
Employees
16,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 32–35 days after quarter end (Feb 3, 2026; Feb 4, 2025; Feb 1, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 26–36 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 3, 2026 (+34 days) | Nov 3, 2026 10-Q (+34 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 4, 2026 (+35 days) | Aug 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Mar 31, 2026 | May 5, 2026 (+35 days) | May 5, 2026 10-Q (+35 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 3, 2026 (+34 days) | Feb 19, 2026 10-K (+50 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 4, 2025 (+35 days) | Nov 4, 2025 10-Q (+35 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 5, 2025 (+36 days) | Aug 5, 2025 10-Q (+36 days) |
| Q1 FY2025 | Mar 31, 2025 | May 6, 2025 (+36 days) | May 6, 2025 10-Q (+36 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 4, 2025 (+35 days) | Feb 20, 2025 10-K (+51 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 31, 2024 (+31 days) | Oct 31, 2024 10-Q (+31 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 1, 2024 (+32 days) | Aug 1, 2024 10-Q (+32 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 26, 2024 (+26 days) | May 7, 2024 10-Q (+37 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 1, 2024 (+32 days) | Feb 20, 2024 10-K (+51 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Beverage packaging
Aluminum beverage cans and ends
Examples: Cans for beer, soft drinks, energy drinks
About 50 billion cans in North and Central America and 20 billion in South America in 2025.
Other (PHC)
Aerosol containers and bottles
Examples: Extruded aluminum aerosol cans, recloseable aluminum bottles, aluminum slugs
1.5 billion containers shipped in 2025.
From the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Aluminum beverage containers
Shipments in the countries Ball serves, 2025
U.S. share
—
Not disclosedWorldwide share
—
Not disclosedNorth & Central America
~36% (largest)
Company-disclosedAbout 50 billion of an industry of about 139 billion units; five companies make substantially all U.S., Canada and Mexico cans.
EMEA
~39% (largest)
Company-disclosedMarket of about 97 billion containers in the countries where Ball operates.
South America
~46% (largest)
Company-disclosedMarket of about 43 billion containers.
Aluminum personal and household care (PHC) containers
The PHC market in which Ball operates, 2025
U.S. share
—
Not disclosedWorldwide share
—
Not disclosedPHC market served
~21%
Company-disclosed1.5 billion of about 6.8 billion units; geography not specified.
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from the Q2 earnings release and 8-Ks.
Q2 2026 results
Sales $4.00B (vs. $3.34B), diluted EPS $0.83 (vs. $0.76); comparable EPS $1.03 (+14.4%).
Source: Q2 2026 earnings release (8-K filed 2026-08-04)
CEO change
Ron Lewis, previously Chief Supply Chain and Operations Officer, replaced Daniel Fisher as CEO on November 10, 2025; Stuart Taylor II became Chairman.
Source: 8-K filed 2025-11-10
Credit agreement
Maturities of the term loan A and revolving facilities were extended to November 2030, with a new $1.5B term loan A.
Source: 8-K filed 2025-11-26
Board additions
Darlene Nicosia and Sherry Buck joined the board in September 2026.
Source: 8-K filed 2026-09-09
Capex ÷ D&A (FY2025)
0.76x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$474M ÷ $622M = 0.76x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$302M
Latest year: $159M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.11B in FY2020 to $474M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$13.16B
As reported in the 10-K
Revenue CAGR (5 years)
+2.2%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($13,161M ÷ $11,781M) ^ (1÷5) − 1 = 2.2%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
16.2%▲favorable
6-year average: 30.5%
As reported in the 10-K
P/B (FY2025 end)
2.59x
formulafiscal year-end closing price ÷ book value per share
e.g.$52.97 ÷ $20.43 = 2.59x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +2.2% a year over 5 years (modest growth)
From $11.78B in FY2020 to $13.16B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Equity ratio is 27.8% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 4 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 30.5% over 6 years (latest: 16.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Aluminum beverage packaging
Making cans and ends- Can design and decoration
Personal & home care
Making aerosol containers and bottles
06 · what it draws on
Key resources
Aluminum beverage packaging
Aluminum can and end sheet from global suppliers- About 16,000 employees
Personal & home care
Aluminum from several suppliers
02 · why customers buy
Value propositions
- Aluminum beverage cans and ends; Ball cites its scale in sustainability, its partnerships and its people as competitive advantages.
04 · how it keeps them
Customer relationships
- High customer retention and a large number of long-term supply contracts.
03 · how it reaches them
Channels
- Direct sales to global beverage companies and bottlers from regional can plants.
01 · who it serves
Customer segments
Aluminum beverage packaging
Brewers, soft drink bottlers and energy drink makersPersonal & home care
Personal care, household products and beverage companies
09 · where money goes
Cost structure
FY2025, share of revenue ($13.16B)
- Cost of revenue80.4%
- Selling, general & administrative4.3%
Depreciation & amortization (inside the costs above): $622M. Capital spending: $474M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Aluminum beverage packaging
Can and end sales under multi-year contracts- Aluminum cost largely passed through to customers
Personal & home care
Container sales
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Aluminum beverage packaging
Ball makes aluminum beverage cans and ends for beer, soft drinks, energy drinks and other beverages in three regional segments: North and Central America, EMEA, and South America. Smaller operations sell cans in India and Myanmar.
01 what it draws on
Inputs & resources
- Aluminum can and end sheet from global suppliers
- About 16,000 employees
- Plants running near-continuously
02 what it does
Activities
- Making cans and ends
- Can design and decoration
03 who it serves
Customers
- Brewers, soft drink bottlers and energy drink makers
04 how money comes in
How it earns
- Can and end sales under multi-year contracts
- Aluminum cost largely passed through to customers
Aluminum beverage packaging: how it makes money
- North and Central America: about 50 billion cans shipped in 2025, about 36% of the region's shipments.
- EMEA: estimated 39% share; South America: estimated 46% share.
- Florida Can Manufacturing was acquired in February 2025 for $160 million.
Personal & home care (PHC)
Extruded aluminum aerosol containers, recloseable aluminum bottles and aluminum slugs, reported in Other.
01 what it draws on
Inputs & resources
- Aluminum from several suppliers
02 what it does
Activities
- Making aerosol containers and bottles
03 who it serves
Customers
- Personal care, household products and beverage companies
04 how money comes in
How it earns
- Container sales
Personal & home care (PHC): how it makes money
- 1.5 billion containers shipped in 2025, about 21% of a 6.8 billion unit market.
- Expanded in Europe by acquiring Alucan Entec in October 2024.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Ball faces tariff-driven aluminum costs and is removing PFAS coatings.
Trade & export rules
Tariffs on raw materials
Tariffs, sanctions or trade actions could raise raw material costs.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Environmental rules
PFAS coatings
Working with suppliers to remove PFAS-containing coatings.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Beverage packaging, North and Central America
6,286 (51%)profit 772 · margin 12.3%
Beverage packaging, EMEA
3,983 (32%)profit 495 · margin 12.4%
Beverage packaging, South America
2,162 (17%)profit 327 · margin 15.1%
Source: Form 10-K (FY2025) — MD&A, segment results Profit is comparable operating earnings. Other (PHC, beverage packaging in India and Myanmar, corporate expenses and eliminations) had about $730M of sales and is not shown.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 47% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
6,163 (47%)Brazil
1,494 (11%)Other countries
5,504 (42%)
Source: Form 10-K (FY2025) — Note 3, net sales by geographic area Attributed by origin of sale.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Most of Ball's aluminum beverage can contracts pass aluminum price changes through to customers, and Ball also uses derivatives, so profit depends mainly on volumes and conversion margins rather than metal prices.
Aluminum beverage can sales
Most of $13.2B of 2025 sales
Typical term: Aluminum price changes passed through to customers in most contracts
Ball also hedges with derivative instruments.
Source: Form 10-K (FY2025) — Item 1
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Global beverage companies and bottlers, plus personal and household care brands.
Named by the company
- Anheuser-Busch InBev — 15% of 2025 net sales.Form 10-K (FY2025) — Note 3
- Coca-Cola Bottlers' Sales & Services — 14% of 2025 net sales.Form 10-K (FY2025) — Note 3
- Red Bull — 11% of 2025 net sales (9% in 2024).Form 10-K (FY2025) — Note 3
What the filings disclose
- 47% of 2025 sales originated in the United States. (Form 10-K (FY2025), Note 3)
Suppliers
Aluminum can and end sheet from global aluminum suppliers.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- In North and Central America, more than seven global suppliers provide almost all can and end sheet; in South America, two global suppliers provide virtually all of it. (Form 10-K (FY2025), Item 1)
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Ball's 10-K says five companies make substantially all aluminum beverage cans in the U.S., Canada and Mexico, and four in South America, and that cans compete with glass and PET bottles. It does not name competitors, though it describes patent litigation with Crown.
Competitors named in the 10-K
Ball's 10-K describes market structure but doesn't name competitors.
Peer group the company chose
2025 executive compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
15 companies in containers and packaging, food and beverage, household goods and manufacturing, with revenue of about 0.4x–3.0x Ball's.
- Avery Dennisonsite ↗
- The Campbell's Companysite ↗
- Conagra Brandssite ↗
- Crown Holdingssite ↗
- Eastman Chemicalsite ↗
- General Millssite ↗
- Graphic Packagingsite ↗
- IFF (International Flavors & Fragrances)site ↗
- Keurig Dr Peppersite ↗
- Kimberly-Clarksite ↗
- Molson Coorssite ↗
- Packaging Corporation of Americasite ↗
- PPGsite ↗
- Sherwin-Williamssite ↗
- Silgan Holdingssite ↗
The same group is used for 2026.
Source: Proxy statement (DEF 14A, filed 2026-03-17) — Market Reference Points and Peer GroupsCompany names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Since 2024 Ball has sold non-packaging businesses and made small packaging acquisitions.
Cash spent on acquisitions, FY2020–FY2025: $302M (years not reported separately are excluded)
Feb 2024
Aerospace business (divestiture to BAE Systems)
$5.6B
Ball's aerospace business, now reported as discontinued operations.
- Stated purpose (company)
- Not stated in the 10-K.
Source: Form 10-K (FY2025) — Note 4
Oct 2024
Alucan Entec
Not shown here
Aluminum aerosol and bottle plants in Belgium and Spain.
- Stated purpose (company)
- Broadens the geographic reach and product portfolio of the PHC business.
Source: Form 10-K (FY2025) — Note 4
Feb 2025
Florida Can Manufacturing
$160M cash
An aluminum beverage can plant in Winter Haven, Florida.
- Stated purpose (company)
- Strengthens the segment's supply network and ability to meet growing demand.
Source: Form 10-K (FY2025) — Note 4
Mar 2025
Aluminum cups business (strategic partnership)
Not disclosed
Ball deconsolidated the business after recording a $233M impairment in 2024.
- Stated purpose (company)
- Not stated in the 10-K.
Source: Form 10-K (FY2025) — Note 4
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 11,781 | 13,811 | 13,372 | 12,062 | 11,795 | 13,161 |
| Operating income | 1,003 | 1,291 | 1,214 | 1,273 | — | — |
| Pretax income | 687 | 1,008 | 713 | 614 | 535 | 1,128 |
| Net income (attributable) | 582 | 878 | 732 | 711 | 4,014 | 915 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 17.2% | -3.2% | -9.8% | -2.2% | 11.6% |
| Operating margincalcoperating income ÷ revenue × 100 | 8.5% | 9.3% | 9.1% | 10.6% | — | — |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 4.9% | 6.4% | 5.5% | 5.9% | 34.0% | 7.0% |
| Balance sheet ($M) | ||||||
| Total assets | 18,252 | 19,714 | 19,909 | 19,303 | 17,628 | 19,524 |
| Total equity | 3,337 | 3,685 | 3,527 | 3,837 | 5,930 | 5,421 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 7,800 | 7,737 | 8,948 | 8,569 | 5,673 | 7,012 |
| Equity ratio | 17.9% | 18.4% | 17.4% | 19.5% | 33.3% | 27.8% |
| ROE | 17.8% | 25.4% | 20.7% | 19.7% | 83.4% | 16.2% |
| Cash flow ($M) | ||||||
| Operating CF | 1,432 | 1,760 | 301 | 1,863 | 115 | 1,262 |
| Investing CF | -1,181 | -1,639 | -786 | -1,053 | 5,003 | -656 |
| Financing CF | -602 | -894 | 485 | -662 | -4,790 | -344 |
| Free cash flowcalccash flow from operations − capital expenditures | 319 | 34 | -1,350 | 818 | -369 | 788 |
| Cash and equivalents | 1,366 | 563 | 548 | 695 | 885 | 1,212 |
| Per share & other | ||||||
| EPS ($) | 1.76 | 2.65 | 2.25 | 2.23 | 13.00 | 3.30 |
| BVPS ($) | 10.00 | 11.30 | 11.02 | 11.94 | 20.26 | 20.43 |
| Dividend per share ($) | 0.60 | 0.70 | 0.80 | 0.80 | 0.80 | 0.80 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 34.1% | 26.4% | 35.6% | 35.9% | 6.2% | 24.2% |
| P/E (x) | 52.9 | 36.3 | 22.7 | 25.8 | 4.2 | 16.1 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 22.1 | 19.1 | 13.5 | 13.9 | — | — |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 9.32 | 8.52 | 4.64 | 4.82 | 2.72 | 2.59 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $4.19B+23.9% | −$94M-129.3% | $-0.36 |
| 2026-06-30 | $4B+19.7% | $223M+3.7% | $0.83 |
| 2026-03-31 | $3.6B+16.3% | $205M+14.5% | $0.77 |
| 2025-12-31 † | $3.35B+16.2% | $200M | — |
| 2025-09-30 | $3.38B | $321M | $1.18 |
| 2025-06-30 | $3.34B | $215M | $0.76 |
| 2025-03-31 | $3.1B | $179M | $0.63 |
| 2024-12-31 | $2.88B | −$30M | $-0.11 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
3.0%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.4% − 3.4%
Past FCF growth (FY2020–FY2025)
+19.8%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+2.2%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $788M (operating CF − capex); enterprise value $22.96B = market cap $17.16B (latest close, 2026-11-04) + debt $7.01B − cash and short-term investments $1.21B; r = WACC of 6.4% using this page’s default assumptions (β 0.54, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$23.18B
FCF $788M ÷ (6.4% − 3.0%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.4% | 5.4% | 6.4% | 7.4% | 8.4% |
|---|---|---|---|---|---|
| 0% | 0.78x | 0.64x | 0.54x | 0.46x | 0.41x |
| 2% | 1.43x | 1.01x | 0.78x | 0.64x | 0.54x |
| 4% | 8.58x | 2.45x | 1.43x | 1.01x | 0.78x |
| 6% | — | — | 8.58x | 2.45x | 1.43x |
| 8% | — | — | — | — | 8.58x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.48x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -1.9%
A small share of profit rests on accounting estimates.
- !
Days sales outstanding: 42 → 53 days
Receivables are growing faster than revenue — worth checking for looser collection terms or channel stuffing.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,262M ÷ $915M = 1.38x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,736M + $2,057M) ÷ 2 ÷ $13,161M × 365 = 53 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($1,477M + $2,013M) ÷ 2 ÷ $10,583M × 365 = 60 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 88.4%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 11.6%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 219 of 416
- Beta (adjusted)
- 0.54
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 52% of covered companies have more
above 1 = swings more than the market
- 234.0M shares reported by 802 13F filers ÷ 264.7M shares outstanding on 2026-07-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-17 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
20
Strengths & weaknessesSite analysis
Strengths
1. Regional leadership
The largest can producer in North and Central America (about 36% share), EMEA (39%) and South America (46%), by the 10-K's estimates.
Evidence: Form 10-K (FY2025), Item 1
2. Aluminum costs passed through
Most beverage can contracts pass aluminum price changes through to customers.
Evidence: Form 10-K (FY2025), Item 1
3. Sales growth in 2025
Sales rose 12% in 2025 and comparable operating earnings grew in all three segments; Q2 2026 sales rose to $4.00B from $3.34B.
Evidence: Form 10-K (FY2025); Q2 2026 earnings release
Weaknesses
1. Customer concentration
Anheuser-Busch InBev (15%), Coca-Cola bottlers (14%) and Red Bull (11%) made up 40% of 2025 sales.
Evidence: Form 10-K (FY2025), Note 3
2. Thin segment margins
Comparable operating earnings were 12–15% of segment sales in 2025.
Evidence: Form 10-K (FY2025), MD&A
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
16.1x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.51%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
24%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
5.6%
(Operating CF − capex) ÷ market cap
1. Pure-play aluminum packaging
After selling aerospace and the cups business, Ball is almost entirely beverage cans and aluminum containers, with leading regional shares.
- What has to hold
- Demand for beverage cans keeps growing.
- The other side
- Cans compete with glass and PET, and three customers are 40% of sales.
Evidence: Form 10-K (FY2025)
2. Capital returns
Share repurchases of $1.32B in 2025 and $1.71B in 2024; shares outstanding fell from 321M (2021) to 265M (2025).
- What has to hold
- Free cash flow stays strong.
- The other side
- The 2026 buyback plan (about $600M) is smaller than in prior years.
Evidence: Form 10-K (FY2025); SEC EDGAR XBRL
These summarize facts in Ball's filings, not a recommendation.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
57.7x
$1.21B vs. $21M
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
3.6x
$788M vs. $220M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -9.8% in FY2023 ($13.37B → $12.06B) | Not yet, as of FY2025 |
| Operating income | -6.0% in FY2022 ($1.29B → $1.21B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cost pass-through
Aluminum price changes are passed through in most beverage can contracts.
Source: Form 10-K (FY2025), Item 1
Liquidity
$1.2B of cash at year-end 2025, and credit facilities extended to November 2030.
Source: SEC EDGAR XBRL; 8-K filed 2025-11-26
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Ball reports ordinary-course product, IP, contract, workplace and environmental matters, including potentially responsible party status at several waste sites (about $25 million accrued). It also faces Brazilian tax assessments.
1 open matter
Brazil tax assessments
PendingTax disputeBrazilian tax authorities
The assessments relate to taxes on internal inventory transfers, gross revenue taxes, indirect tax incentives and goodwill deductibility. One assessment disallows deductions tied to the price paid to acquire part of a Brazilian subsidiary's operations.
- Amounts
- Ball cannot predict the outcome or estimate a reasonably possible loss.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Company statement: Ball says reasonably possible losses beyond recorded accruals cannot be estimated, and some environmental matters may involve material costs or sanctions.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Intense packaging competition
- Company disclosure (summarized from the 10-K)
- The 10-K says competition is intense, surplus capacity keeps pricing under pressure, and cans compete with glass and PET bottles.
- Company’s stated mitigation
- Competing on price, innovation, sustainability, service and quality.
- This site’s assessment
- Impact Med / Likelihood High
- 2Supply chain
Aluminum supply, price and tariffs
- Company disclosure (summarized from the 10-K)
- Aluminum prices (LME) and tariffs on imported goods can raise costs; South America relies on two global suppliers for nearly all can and end sheet.
- Company’s stated mitigation
- Pass-through clauses in most contracts and derivative hedges.
- This site’s assessment
- Impact Med / Likelihood Med
- 3FX & interest rates
Currency exposure
- Company disclosure (summarized from the 10-K)
- A significant share of assets, liabilities and earnings is in non-U.S. currencies.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Customer/supplier concentration
Large customers
- Company disclosure (summarized from the 10-K)
- Three customers made up 40% of 2025 sales; losing or repricing one would matter.
- Company’s stated mitigation
- Multi-year supply relationships.
- This site’s assessment
- Impact High / Likelihood Low
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
Our investments in acquisitions, joint ventures and new developments may include risks that could have an adverse impact on our business.
We make investments in the growth of our business through the development of new facilities, the improvement of existing facilities, the acquisition of assets or securities of other businesses and through joint venture arrangements. Read more
The realization of the expected benefits of these investments is based in part on our ability to cost effectively execute our development plans and, in certain instances, to integrate these investments with our business operations. If we fail to execute our development plans in a cost effective or timely manner or fail to integrate the investments with our existing operations, our internal controls over financial reporting or our information systems, we may experience increases in costs of operations, loss of customers or suppliers, difficulties servicing our debt obligations and our financial performance may not meet shareholder expectations. In addition,…
Our investments in joint ventures include investments in companies that we may not control. Read more
The performance of these investments may change as a result of decisions that are made by our joint venture partners who have control over these joint ventures. In addition, we may be obligated under the joint venture arrangement to assume certain costs, perform certain services or make additional capital investments. If we are unable to realize the benefits of our joint venture and other investments, our business, our operating results and the financial condition of our business could be materially adversely affected.
No longer in the text (1)
Enacted regulatory developments regarding the reporting and use of “conflict minerals” mined from the Democratic Republic of the Congo and adjoining countries could affect the sourcing, availability and price of minerals used in the manufacture of certain of our products. As a result, there may only be a limited pool of suppliers who provide conflict-free materials, and we cannot give assurance that we will be able to obtain such products in sufficient quantities or at competitive prices. Also, because our supply chains are complex, we may face reputational challenges with our customers and other stakeholders if we are unable to sufficiently verify the origins of all materials used in the products that we sell. The compliance and reporting aspects of these regulations may result in incremental costs to the company.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 19, 2026 ↗ with the 10-K filed Feb 20, 2025 ↗.
26
What to watch going forwardSite analysis
- Can shipment growth by region (global shipments +4.3% in Q2 2026).
- Delivery on the 2026 outlook: comparable diluted EPS growth of 10%+ and free cash flow over $900M.
- Share repurchases (about $600M planned for 2026) and the leadership changes under CEO Ron Lewis.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 11, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-19
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Ball Corporation’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.