GREIF, INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GREIF, INC 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

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	3,617	3,324	3,638	3,874	4,595	4,515	5,556	6,350	4,175	4,355
Cost of revenue	2,947	2,639	2,924	3,085	3,635	3,600	4,463	5,064	3,247	3,456
Gross profit	670	685	715	789	960	915	1,093	1,285	929	899
Selling, general and administrative	413	377	380	397	507	516	566	581	510	590
Operating income	193	226	300	371	399	305	585	621	427	338
Other non-operating income	-3.2	-9	-12	-18.4	-2.6	-2.7	-4.8	-8.9	-11.2	-10.1
Pre-tax income	115	141	200	300	262	186	479	526	396	282
Income tax	48.4	66.5	67.2	73.3	70.7	63.3	69.6	137	98.1	22.2
Income from continuing operations									281	236
Net income to minority interests	-4.7	0.6	16.5	20.1	23.2	15.5	22.5	17.3	19.9	26.7
Net income	71.9	74.9	119	209	171	109	391	377	359	269
EBITDA	327	353	420	497	605	547	820	838	657	599

Balance sheet

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	106	104	142	94.2	77.3	106	125	147	181	198
Receivables	404	399	447	457	664	637	890	749	659	639
Inventory	297	277	75.9	75.6	109	79.8	107	87.3	82.8	87.4
Other current assets	159	98.2	88.2	92.1	101	116	89.9	141	139	128
Total current assets	1,009	912	995	977	1,249	1,303	1,664	1,499	1,369	1,549
Property, plant and equipment	1,218	1,172	1,188	1,192	1,690	1,527	1,521	1,455	1,563	1,383
Lease right-of-use assets					0	308	289	255	290	219
Goodwill	807	786	785	776	1,518	1,518	1,515	1,465	1,395	1,656
Intangible assets	133	111	98	80.6	777	715	648	576	792	933
Other non-current assets	91	89.7	94.3	100	90.9	99.2	121	178	164	149
Total assets	3,316	3,153	3,232	3,195	5,427	5,511	5,816	5,470	5,961	6,648
Accounts payable	355	372	399	404	435	451	705	561	498	459
Accrued liabilities	83.5	93.7	112	114	142	122	160	174	138	142
Short-term debt	30.7	0	15	18.8	83.7	123	120	71.1	88.3	95.8
Total current liabilities	647	659	688	670	825	1,000	1,314	1,048	939	1,014
Long-term debt	1,116	975	938	884	2,659	2,336	2,055	1,839	2,121	2,626
Lease liabilities					0	258	240	209	240	174
Other non-current liabilities	70.2	83.9	78.1	77.5	129	160	153	110	93.8	104
Total liabilities	2,256	2,195	2,185	2,041	4,236	4,310	4,240	3,676	3,975	4,530
Total debt	1,147	975	959	908	2,756	2,470	2,185	1,919	2,218	2,729
Retained earnings	1,385	1,340	1,361	1,470	1,539	1,544	1,826	2,095	2,338	2,486
Treasury stock	-131	-136	-136	-135	-135	-134	-134	-205	-282	-279
Other comprehensive income	-377
Shareholders' equity	1,016	947	1,011	1,108	1,133	1,152	1,514	1,761	1,948	2,082
Minority interests	44.3	10.5	36.6	46.4	58	48.5	61.3	33	38.4	35.1
Total equity	1,060	958	1,048	1,154	1,191	1,201	1,576	1,794	1,986	2,118
Total liabilities and equity	3,316	3,153	3,232	3,195	5,427	5,511	5,816	5,470	5,961	6,648

Cash flow statement

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	67.2	75.5	135	230	194	124	413	394	379	296
Depreciation and amortization	135	128	121	127	206	243	234	217	231	261
Stock-based compensation	2.8	2.8	2.9	6.5	12.7	-1.2	34.1	34.4	21.1	16.6
Deferred income tax	-3.5	1.5	2.3	-44.8	2.1	16.7	-47.2	13.4	-28.3	-86.2
Change in receivables	39.5	-18.6	-47.3	-34	55.1	-9.1	-248	25.1	130	-43.4
Change in inventory	38.9	3.4	-7	-24.8	33.9	27.1	-206	6.1	101	-26.4
Change in payables	-56.6	39.4	20.5	24.3	-69.9	38.1	230	-40.5	-79.8	18.9
Cash from operations	206	301	305	253	390	455	396	658	650	356
Capital expenditures	-136	-100	-96.8	-140	-157
Acquisitions	-1.6	-0.4	0	0	-1,858	0	0
Cash from investing	-147	-25.1	-90.4	-135	-1,989	-25.2	46.8	-28.2	-670	-658
Debt issued	912	1,102	1,446	1,021	3,732	1,320	1,806	3,916	2,286	2,491
Debt repaid	-870	-1,119	-1,628	-1,065	-2,076	-1,578	-2,176	-4,105	-2,029	-1,994
Stock issued	0.2	0	0
Share buybacks	0	-5.2	0	0		0	0	-71.1	-63.9	0
Dividends paid	-98.7	-98.7	-98.6	-100	-104	-104	-106	-111	-117	-121
Cash from financing	-20.1	-273	-176	-158	1,584	-405	-423	-531	69.7	324
Exchange rate effect	-18.6	-5.6	-0.4	-7.6	-0.6	4.4		-75.8	-15.2	-5.2
Net change in cash	21.1	-2.5	38.6	-48.1	-16.9	28.6	18.7	22.5	33.8	16.8
Free cash flow	70.5	201	208	113	233
Interest paid	77.5	74.8	76.2	58.3	162	120	105	70.3	113	157
Income taxes paid	73.5	51.8	53.4	65.2	71.4	65.1	54.7	157	155	108

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. Valuation uses the share price of $82.66 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	20.6%	Gross profit / revenue.
Operating margin	7.8%	Operating income / revenue.
EBITDA margin	13.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.5%	Pre-tax income / revenue.
Net margin	6.2%	Net income / revenue.
Operating cash flow margin	8.2%	Cash from operations / revenue.
Effective tax rate	7.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.3%	Net income / average total assets.
Return on invested capital (ROIC)	7.2%	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	13.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	6.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-7.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-6.3%	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	-1.3%	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	-20.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-16.7%	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	-3.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-8.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-9.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-25.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-11.7%	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	9.5%	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	-45.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-3.5%	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	-1.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.6%	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	4.1%	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	1.53x	Current assets / current liabilities.
Quick ratio	0.82x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.31x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	41.1%	Total debt / total assets.
Liabilities / assets	68.1%	Total liabilities / total assets.
Net debt	$2.53B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.23x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$535.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	38.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$505.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.69x	Revenue / average total assets.
Fixed asset turnover	2.96x	Revenue / average property, plant and equipment.
Inventory turnover	40.6x	Cost of revenue / average inventory.
Days inventory	9 days	365 x average inventory / cost of revenue.
Receivables turnover	6.71x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
Days payables	51 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	13 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
Payout ratio	45.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.82B	Share price x shares outstanding.
Enterprise value	$6.35B	Market cap + total debt - cash - short-term investments.
P/E	14.2x	Market cap / net income. Only when net income is positive.
P/S	0.88x	Market cap / revenue.
P/B	1.83x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	10.7x	Market cap / cash from operations, when positive.
EV/Sales	1.46x	Enterprise value / revenue.
EV/EBIT	18.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.6x	Enterprise value / EBITDA, when both are positive.
Earnings yield	7.0%	Net income / market cap (the inverse of P/E).
Dividend yield	3.2%	Dividends paid over the period / market cap.
Shareholder yield	3.2%	(Dividends paid + share buybacks) / market cap.

What was GREIF, INC's revenue in fiscal 2024?

GREIF, INC reported revenue of $4.35B for fiscal 2024, 4.3% higher than the year before.

Was GREIF, INC profitable in fiscal 2024?

Yes. Net income was $268.8M, a net margin of 6.2%.

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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