Ardagh Metal Packaging S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Ardagh Metal Packaging S.A. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,344	3,451	4,055	4,689	4,812	4,908	5,497
Cost of revenue	2,832	2,903	3,439	4,163	4,338	4,278	4,816
Gross profit	512	548	616	526	474	630	681
Selling, general and administrative	165	189	418	212	255	288	299
Operating income	198	210	47	176	76	202	244
Pre-tax income	-15	140	-188	256	-71	10	4
Income tax	25	29	22	19	-21	13	-7
Net income	-40	111	-210	237	-50	-3	11
EPS, basic	-0.08	0.22	-0.39	0.38	-0.12	-0.05	-0.02
EPS, diluted	-0.08	0.22	-0.39	0.38	-0.12	-0.05	-0.02

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	284	257	463
Receivables		368	512	509	278	332	467
Inventory		250	407	567	469	382	509
Total current assets		1,037	1,661	1,908	1,505	1,630	1,840
Property, plant and equipment		1,232	1,842	2,390	2,628	2,480
Lease right-of-use assets		127	179	327	412	385	392
Goodwill		1,055	1,010	976	999	966	1,035
Total assets		4,254	5,325	5,865	5,669	5,462	5,679
Accounts payable		843	1,270	1,298	1,317	1,250	1,539
Total current liabilities		969	1,400	1,464	1,522	1,448	1,729
Total liabilities		4,206	5,039	5,410	5,563	5,598	6,354
Total debt		2,835	2,887	3,592	3,734	3,902	4,419
Paid-in capital			5,992	5,989	5,989	5,989	5,989
Retained earnings			-120	-144	-469	-738	-972
Shareholders' equity		48	286	455	100	-142	-683
Minority interests					6	6	8
Total equity	12	48	286	455	106	-136	-675
Total liabilities and equity		4,254	5,325	5,865	5,669	5,462	5,679

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-40	111	-210	237	-50	-3	11
Cash from operations	377	334	458	205	616	450	449
Capital expenditures	-201	-263	-679	-585	-368	-167	-173
Debt issued	16		2,773	709	79	517	1,309
Debt repaid		-8	-5	-110	-83	-229	-957
Stock issued			925
Share buybacks				-35
Dividends paid				-251	-263	-264	-262
Cash from financing	-36	-98	454	499	-348	-81	-374
Exchange rate effect		5	-15
Net change in cash		-27	206	92	-112
Free cash flow	176	71	-221	-380	248	283	276
Interest paid	178	155	105	123	174	189	202
Income taxes paid	43	41	48	35	14	28	26

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $4.40 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	12.4%	Gross profit / revenue.
Operating margin	4.4%	Operating income / revenue.
Pre-tax margin	0.1%	Pre-tax income / revenue.
Net margin	0.2%	Net income / revenue.
FCF margin	5.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.2%	Cash from operations / revenue.
Effective tax rate	-175.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	0.2%	Net income / average total assets.
Return on invested capital (ROIC)	5.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	5.4%	Selling, general and administrative expense / revenue.
Capex / revenue	3.1%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	20.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	3.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-64.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-37.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-0.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	29.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-2.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	31.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.06x	Current assets / current liabilities.
Debt / assets	77.8%	Total debt / total assets.
Liabilities / assets	111.9%	Total liabilities / total assets.
Working capital	$111.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.72B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.99x	Revenue / average total assets.
Inventory turnover	10.8x	Cost of revenue / average inventory.
Days inventory	34 days	365 x average inventory / cost of revenue.
Receivables turnover	13.8x	Revenue / average receivables.
Days sales outstanding	27 days	365 x average receivables / revenue.
Days payables	106 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-45 days	Days inventory + days sales outstanding - days payables.
FCF conversion	2,509.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	38.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.02	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.02	Net income per basic share, as reported (split-adjusted).
Payout ratio	2,382.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	94.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.63B	Share price x shares outstanding.
Enterprise value	$7.05B	Market cap + total debt - cash - short-term investments.
P/E	239x	Market cap / net income. Only when net income is positive.
P/S	0.48x	Market cap / revenue.
P/FCF	9.53x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.86x	Market cap / cash from operations, when positive.
EV/Sales	1.28x	Enterprise value / revenue.
EV/EBIT	28.9x	Enterprise value / operating income, when both are positive.
EV/FCF	25.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.5%	Free cash flow / market cap.
Earnings yield	0.4%	Net income / market cap (the inverse of P/E).
Dividend yield	10.0%	Dividends paid over the period / market cap.
Shareholder yield	10.0%	(Dividends paid + share buybacks) / market cap.

What was Ardagh Metal Packaging S.A.'s revenue in fiscal 2025?

Ardagh Metal Packaging S.A. reported revenue of $5.50B for fiscal 2025, 12% higher than the year before.

Was Ardagh Metal Packaging S.A. profitable in fiscal 2025?

Yes. Net income was $11.0M, a net margin of 0.2%.

How much free cash flow did Ardagh Metal Packaging S.A. generate in fiscal 2025?

Cash from operations of $449.0M minus capital expenditures of $173.0M left free cash flow of $276.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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