NYSE: IP · Paper & Plastic Packaging Products & Materials
International Paper
International Paper, based in Memphis, Tennessee, makes renewable fiber-based packaging — containerboard and corrugated boxes — with operations in North America, Latin America, Europe and North Africa. It bought UK packaging group DS Smith on January 31, 2025, issuing 0.1285 IP shares per DS Smith share (178 million new shares), which lifted 2025 net sales to $23,634 million: Packaging Solutions North America $14,987 million and Packaging Solutions EMEA $8,450 million (external sales). 2025 brought a net loss of $3,516 million (diluted EPS −$6.95), including a $2.47 billion goodwill impairment in EMEA, $958 million of accelerated depreciation from mill and plant closures and $626 million of restructuring charges. IP sold its Global Cellulose Fibers business for $1.5 billion in January 2026 and plans to spin off its EMEA business as a separate public company within 12–15 months of the January 29, 2026 announcement.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 09:58 (SEC EDGAR) · Source 10-K filed: February 27, 2026
Built on10-K FY2025 · filed 2026-02-2710-Q (quarter ended 2026-09-30) · filed 2026-11-04Proxy statement (2026)
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.
- 21.4%
- 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.
- —
- 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.
- —
- 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.
- 0.87
Higher than 88% 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
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$35.80close on 2026-11-04
Market cap$22.45B
- 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
- —
- 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
- 1.5x
- 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
- -0.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 5.2%
At FY2025 year-end: —
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.7x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: -0.6%
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$6.22B → $6.2B (vs. a year earlier)→ −0.4%$6.22B → $6.2B (vs. a year earlier)
- Net income−$1.1B → −$1.13B (vs. a year earlier)↓ −$1.13B−$1.1B → −$1.13B (vs. a year earlier)
- Diluted EPS$-2.09 → $-2.13 (vs. a year earlier)↓ $-2.13$-2.09 → $-2.13 (vs. a year earlier)
- Cash$726M → $815M (vs. previous quarter-end)↑ +12.3%$726M → $815M (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 Oct 28, 2026.
Key changes
Loss from continuing operations of $1.10B, including a $1.38B goodwill impairment. Source sentence
Loss from continuing operations of $1.10 billion includes a $1.38 billion non-cash goodwill impairment charge for our Packaging Solutions EMEA business segment
North America segment operating profit $427M. Source sentence
Packaging Solutions North America Business segment operating profit of $427 million
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
- INTERNATIONAL PAPER CO /NEW/
- Headquarters
- MEMPHIS, TN
- Incorporated in
- New York
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: IP
- Industry
- Paper & Plastic Packaging Products & Materials
- CIK
- 51434
Workforce (as of FY2025 year-end)
Employees
62,602
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 29–32 days after quarter end (Jan 29, 2026; Jan 30, 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 24–32 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 | Oct 28, 2026 (+28 days) | Nov 4, 2026 10-Q (+35 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 30, 2026 (+30 days) | Aug 5, 2026 10-Q (+36 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 30, 2026 (+30 days) | May 5, 2026 10-Q (+35 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 29, 2026 (+29 days) | Feb 27, 2026 10-K (+58 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 30, 2025 (+30 days) | Nov 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Aug 7, 2025 10-Q (+38 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | May 7, 2025 10-Q (+37 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 30, 2025 (+30 days) | Feb 21, 2025 10-K (+52 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 31, 2024 (+31 days) | Nov 1, 2024 10-Q (+32 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 24, 2024 (+24 days) | Jul 26, 2024 10-Q (+26 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 25, 2024 (+25 days) | Apr 26, 2024 10-Q (+26 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 1, 2024 (+32 days) | Feb 16, 2024 10-K (+47 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
Packaging Solutions North America
Containerboard and corrugated packaging
Linerboard, medium and corrugated boxes and displays; NORPAC (Longview, Washington) acquired June 2026 for $368M.
Packaging Solutions EMEA
European packaging
Corrugated and fiber-based packaging in Europe, the Middle East and Africa, mostly from DS Smith; to be spun off.
From the Form 10-K, FY2025.
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.
Fiber-based packaging
Sustainable packaging
U.S. share
—
Not disclosedWorldwide share
A global leader
Company-disclosed“International Paper … is a global leader in sustainable packaging solutions.”
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Net sales $23,634M; loss from continuing operations $2.84B incl. $2.47B goodwill impairment; adjusted EBITDA $2.98B (non-GAAP).
Source: Form 10-K (FY2025)
Q2 2026
Net sales $6,004M versus $6,142M; diluted EPS from continuing operations −$0.02 versus $0.14.
Source: Form 10-Q (quarter ended 2026-06-30)
EMEA spin-off
Announced January 29, 2026 a plan to spin off PS EMEA, expected in 12–15 months.
Source: Form 10-Q (quarter ended 2026-06-30)
GCF sale
Sold Global Cellulose Fibers to American Industrial Partners funds for $1.5B (incl. $190M preferred stock) on January 23, 2026.
Source: Form 8-K (2026-01-23) — Item 2.01 sale of Global Cellulose Fibers completed
Capex ÷ D&A (FY2025)
0.68x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,857M ÷ $2,747M = 0.68x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $1.14B in FY2023 to $1.86B in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
08
Key figures at a glanceFrom SEC data
FY2023–FY2025, 3 years.
Revenue (FY2025)
$23.63B
As reported in the 10-K
Revenue CAGR (2 years)
+21.4%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($23,634M ÷ $16,033M) ^ (1÷2) − 1 = 21.4%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
-30.6%▼caution
3-year average: -6.8%
As reported in the 10-K
P/B (FY2025 end)
1.67x
formulafiscal year-end closing price ÷ book value per share
e.g.$39.39 ÷ $23.65 = 1.67x
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 +21.4% a year over 2 years (strong growth)
From $16.03B in FY2023 to $23.63B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 39.1% (a middling level)
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 2 of 3 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 -6.8% over 3 years (latest: -30.6%)
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
- DS Smith
- American Industrial Partners
- NORPAC (One Rock Capital)
07 · what it does
Key activities
- Packaging Solutions North America
- Packaging Solutions EMEA (legacy DS Smith and IP)
- IP 80/20 performance system and plant rationalization
06 · what it draws on
Key resources
- About 62,602 employees (30,421 in the U.S.; about 11,498 U.S. employees unionized)
- Wood fiber, recycled fiber, energy and chemicals
- Containerboard mills and box plants
02 · why customers buy
Value propositions
- Corrugated packaging made from its own containerboard, run under the 80/20 performance system.
04 · how it keeps them
Customer relationships
- Ongoing supply agreements with packaging customers.
03 · how it reaches them
Channels
- Direct sales to manufacturers and consumer goods and e-commerce companies.
01 · who it serves
Customer segments
- Manufacturers, food and consumer goods companies, retailers and e-commerce; sold directly and via distributors
09 · where money goes
Cost structure
FY2025, share of revenue ($23.63B)
- Cost of revenue70.4%
- Selling, general & administrative8.7%
Depreciation & amortization (inside the costs above): $2.75B. Capital spending: $1.86B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- PS North America $14,987M
- PS EMEA $8,450M (2025, external)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Converts wood fiber and recycled fiber into containerboard in its mills, then into corrugated boxes and other packaging sold to manufacturers, food and e-commerce customers.
01 what it draws on
Inputs & resources
- About 62,602 employees (30,421 in the U.S.; about 11,498 U.S. employees unionized)
- Wood fiber, recycled fiber, energy and chemicals
- Containerboard mills and box plants
02 what it does
Activities
- Packaging Solutions North America
- Packaging Solutions EMEA (legacy DS Smith and IP)
- IP 80/20 performance system and plant rationalization
03 who it serves
Customers
- Manufacturers, food and consumer goods companies, retailers and e-commerce; sold directly and via distributors
04 how money comes in
How it earns
- PS North America $14,987M
- PS EMEA $8,450M (2025, external)
How the business makes money
- 2025 business segment operating profit: North America $572M, EMEA −$236M.
- Dividend held at $1.85 per share; dividends paid $977M in 2025 after shares rose to 627M.
- Long-term debt rose to $8.8B with DS Smith.
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.
International Paper disputes IRS findings on investment tax credits and is a PRP at cleanup sites.
Government funding & tax credits
Investment tax credit dispute
Received an IRS Unagreed Revenue Agent Report in September 2024 on investment tax credits.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Environmental rules
Environmental remediation
Named a potentially responsible party in remediation actions.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Packaging Solutions North America
14,987 (63%)Packaging Solutions EMEA
8,450 (36%)Other
197 (1%)
Source: Form 10-K (FY2025) Net sales from external customers; total net sales $23,634M. Global Cellulose Fibers is a discontinued operation.
10
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.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
DS Smith
Acquired January 31, 2025 for 0.1285 IP shares per DS Smith share (178,126,631 new shares); about 33% of 2025 net sales.
Source: Form 10-K (FY2025)
Pending or recent acquisition
American Industrial Partners
Bought the Global Cellulose Fibers business for $1.5B (January 2026).
Source: Form 8-K (2026-01-23) — Item 2.01 sale of Global Cellulose Fibers completed
Pending or recent acquisition
NORPAC (One Rock Capital)
Acquired June 4, 2026 for $368M.
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
Manufacturers, food, consumer goods and e-commerce companies.
Named by the company
No customer is named as material.
Suppliers
Wood fiber, recycled fiber, chemicals and energy suppliers.
Named by the company
No single supplier is named as material.
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.
IP says the packaging sector is large and fragmented and very competitive; it competes with other forest products and packaging companies and with substitutes such as plastics and metal. It names no competitors.
Competitors named in the 10-K
The 10-K names no specific competitors.
Peer group the company chose
2025 TSR peer group (40 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Packaging, chemicals and materials companies used for relative TSR (Berry Global was acquired by Amcor in April 2025).
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Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
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 2026-02-27
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
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 2026-02-27
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 2026-02-27
| Line item | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|
| Income statement ($M) | |||
| Revenue | 16,033 | 15,835 | 23,634 |
| Pretax income | 402 | 369 | -3,368 |
| Net income (attributable) | 288 | 557 | -3,516 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | -1.2% | 49.3% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 1.8% | 3.5% | -14.9% |
| Balance sheet ($M) | |||
| Total assets | 23,261 | 22,800 | 37,964 |
| Total equity | 8,355 | 8,173 | 14,827 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 5,593 | 5,555 | 9,831 |
| Equity ratio | 35.9% | 35.8% | 39.1% |
| ROE | 3.4% | 6.7% | -30.6% |
| Cash flow ($M) | |||
| Operating CF | 1,833 | 1,678 | 1,698 |
| Investing CF | -668 | -808 | -1,024 |
| Financing CF | -866 | -775 | -708 |
| Free cash flowcalccash flow from operations − capital expenditures | 692 | 757 | -159 |
| Cash and equivalents | 1,113 | 1,062 | 1,145 |
| Per share & other | |||
| EPS ($) | 0.82 | 1.57 | -6.95 |
| BVPS ($) | 18.61 | 18.21 | 23.65 |
| Dividend per share ($) | 1.85 | 1.85 | 1.85 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 225.6% | 117.8% | — |
| P/E (x) | 44.1 | 34.3 | — |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.94 | 2.96 | 1.67 |
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 | $6.2B-0.4% | −$1.13B | $-2.13 |
| 2026-06-30 | $6B-2.2% | −$12M-116.0% | $-0.02 |
| 2026-03-31 | $5.97B+13.4% | $60M | $0.11 |
| 2025-12-31 | $6.01B+53.1% | −$2.38B | $-4.52 |
| 2025-09-30 | $6.22B | −$1.1B | $-2.09 |
| 2025-06-30 | $6.14B | $75M | $0.14 |
| 2025-03-31 | $5.26B | −$105M | $-0.24 |
| 2024-12-31 | $3.92B | −$147M | $-0.42 |
Data left out of this analysis
- FY2020: Includes the printing papers business spun off as Sylvamo in 2021 and the Global Cellulose Fibers business later sold; not restated, so not comparable.
- FY2021: Includes part of the printing papers business (Sylvamo spin-off on October 1, 2021) and Global Cellulose Fibers; not restated.
- FY2022: Includes the Global Cellulose Fibers business, which later 10-Ks report as discontinued operations; not restated, so not comparable.
15
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.
16
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.
Not enough data for this calculation (FY2025): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
17
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 4.69x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -17.2%
A small share of profit rests on accounting estimates.
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 2026-02-27
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- 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
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
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($1,486M + $2,012M) ÷ 2 ÷ $16,637M × 365 = 38 days
termsInventory · Cost of revenue (COGS)
18
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
- 100%+
- Directors & officers (shares)
- 0.2%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- 0.2%
- Institutional-ownership rank
- 55 of 416
- Beta (adjusted)
- 0.87
Reported total 101.0%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 13% of covered companies have more
above 1 = swings more than the market
- 535.0M shares reported by 853 13F filers ÷ 529.6M shares outstanding on 2026-07-31. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- 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 2026-03-27 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
19
Strengths & weaknessesSite analysis
Strengths
1. Global scale in packaging
IP describes itself as a global leader in sustainable packaging solutions.
Evidence: Form 10-K (FY2025)
2. Portfolio simplification
Sold GCF for $1.5B (January 2026) and plans to separate EMEA into its own company.
Evidence: Form 8-K (2026-01-23) — Item 2.01 sale of Global Cellulose Fibers completed
Weaknesses
1. 2025 losses
Net loss $3.5B in 2025 from goodwill impairment, accelerated depreciation and restructuring.
Evidence: Form 10-K (FY2025)
2. EMEA weakness
PS EMEA had a segment operating loss of $236M in 2025.
Evidence: Form 10-K (FY2025)
3. Negative free cash flow
Free cash flow (non-GAAP) was −$159M in 2025 while dividends paid were $977M.
Evidence: Form 10-K (FY2025)
20
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)
—
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
4.70%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-0.6%
(Operating CF − capex) ÷ market cap
1. Restructuring upside
80/20 program and closures aim to raise North America margins.
- What has to hold
- Box demand holds.
- The other side
- Execution risk.
Evidence: Form 10-K (FY2025)
2. Dividend
Dividend of $1.85 per share maintained since 2022.
- What has to hold
- Cash flow recovers.
- The other side
- 2025 free cash flow was negative.
Evidence: Form 10-K (FY2025)
FY2020–FY2022 are left out because they include the printing papers business (spun off as Sylvamo in 2021) and Global Cellulose Fibers (now discontinued) and were not restated. FY2025 includes DS Smith from January 31, 2025.
21
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
1.2x
$1.15B vs. $992M
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
-0.2x
−$159M vs. $977M (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 | -1.2% in FY2024 ($16.03B → $15.84B) | Yes, by FY2025 |
Covers only the 3 fiscal years on record (FY2023–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)
Cash flow through losses
Operating cash flow stayed positive ($1.7B) in 2025 despite the net loss.
Source: Form 10-K (FY2025)
22
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.
IP faces containerboard antitrust class actions, legacy environmental and asbestos matters, an Italian competition fine and tax disputes; it does not expect a material adverse effect on financial position.
4 open matters (1 flagged as major)
Containerboard price-fixing class actions
PendingAntitrustMajorPurchasers v. 12 containerboard producers
Artuso Pastry Foods v. Packaging Corp. of America (N.D. Ill., July 2025) names 12 containerboard producers, including IP, alleging a conspiracy to fix prices from November 2020; a second class action makes similar claims. Damages are unspecified.
Source: Form 10-K (FY2025) — Note on Commitments and Contingent Liabilities
Italian packaging competition fine
On appealAntitrustItalian Competition Authority v. IP Italy
The Italian Competition Authority’s investigation (from 2017) of corrugated sheet and box producers resulted in a fine for IP Italy; appeals cut it by €6M and IP Italy is seeking a further reduction.
Source: Form 10-K (FY2025) — Note on Commitments and Contingent Liabilities
Kalamazoo River and other environmental matters
PendingEnvironmentalU.S. EPA, Georgia-Pacific and others
IP is a potentially responsible party for the Allied Paper/Portage Creek/Kalamazoo River Superfund site and reserves its 50% share of the low end of estimated remediation costs; a related cost-recovery lawsuit by Georgia-Pacific was found time-barred by the Sixth Circuit.
Source: Form 10-K (FY2025) — Note on Commitments and Contingent Liabilities
Asbestos claims
PendingProduct liabilityClaimants v. International Paper
IP has asbestos-related liabilities; losses above the accrual are reasonably possible but not estimable and not considered probable to be material.
Source: Form 10-K (FY2025) — Note on Commitments and Contingent Liabilities
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2025) — Note on Commitments and Contingent Liabilities, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
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.
- 1M&A & integration
DS Smith integration and EMEA spin-off
- Company disclosure (summarized from the 10-K)
- Integration of DS Smith and the planned EMEA separation may not deliver expected benefits; further impairments possible.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Demand & macro
Box demand
- Company disclosure (summarized from the 10-K)
- Packaging volumes depend on industrial and consumer activity.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Raw materials & energy
Fiber and energy costs
- Company disclosure (summarized from the 10-K)
- Wood fiber, recycled fiber and energy costs affect margins.
- Company’s stated mitigation
- We have employed and expect to continue to employ, strategies, including hedging a portion of our energy costs, and risk mitigation tools to reduce the volatility of energy costs and ensure a degree of certainty over future energy costs.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
Containerboard antitrust class actions
- Company disclosure (summarized from the 10-K)
- Named with 11 other producers in Sherman Act class actions alleging price fixing since November 2020.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Fragmented, competitive market; substitutes such as plastics and metal.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
24
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 (8)
well as heightened geopolitical tensions in regions such as the Middle East, China, and recent events in Venezuela,
including impairments related to divested or acquired businesses whose carrying values may not be recoverable,
adversely affect our liquidity, access to capital markets and ability to pay a dividend.
been characterized not only by persistent inflationary pressures, elevated interest rates, challenging labor market
conditions, tariff policies and heightened trade policy uncertainty but also by slowing global economic growth,
weakening global trade and investment flows, supply chain realignments, currency volatility, shifting fiscal and
dividends will continue to be declared or paid at historical levels, and any reduction or suspension of dividends
tariffs, tax benefits and other measures may give local producers a competitive advantage and adversely impact our
No longer in the text (4)
We may fail to successfully integrate DS Smith and realize the anticipated benefits and operating synergies expected from the business combination, which could adversely affect our business, financial condition and operating results.
On January 31, 2025, we completed the previously announced business combination with DS Smith. Read more
The success of the business combination will depend, in significant part, on our ability to successfully integrate DS Smith, grow the revenue of the combined company and realize the anticipated strategic benefits and synergies from the business combination.
There are many factors beyond our control that could affect the timing or total amount of integration-related risks. Read more
The failure to effectively address any of these risks, or any other risks related to the integration of DS Smith, could materially adversely impact our business, financial condition and results of operations. In addition, the impact and extent of these integration challenges may exacerbate the other risks described in this “Risk Factors” section, which could materially adversely affect us.
The anticipated benefits of the business combination may not be realized fully or at all, or may take longer to realize than we expect. Read more
Actual operating, technological, strategic and revenue benefits, if achieved at all, may be less significant than we expect or may take longer to achieve than anticipated. Further, our results of operations may differ from the projections made with respect to the business combination prior to closing, which were based on assumptions and estimates known to management at the time. If we are not able to realize the anticipated benefits and synergies expected from the business combination within a reasonable time, our business, financial condition and operating results may be adversely affected.
145 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 27, 2026 ↗ with the 10-K filed Feb 21, 2025 ↗.
25
What to watch going forwardSite analysis
- Progress on the EMEA spin-off (expected 12–15 months from January 2026).
- North America margins from the 80/20 program and mill closures.
- EMEA profitability.
- Dividend coverage by free cash flow.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 09:58 (SEC EDGAR) · Source 10-K filed: February 27, 2026
Built on10-K FY2025 · filed 2026-02-27Proxy statement (2026)
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 International Paper’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.