What is Quad/Graphics, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Quad/Graphics, Inc.'s reported free cash flow gives $2.43 per share. The share price was $9.43 on September 25, 2026, 288% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -9.0% | 10.0% | -$1.60 | -117% |
| Base | -4.0% | 9.0% | $2.43 | -74% |
| Bull | 1.0% | 8.0% | $9.95 | +6% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $5.14 | $5.94 | $6.91 | $8.13 | $9.70 |
| 8.0% | $3.14 | $3.66 | $4.27 | $5.01 | $5.90 |
| 9.0% | $1.67 | $2.02 | $2.43 | $2.91 | $3.47 |
| 10.0% | $0.54 | $0.79 | $1.08 | $1.40 | $1.78 |
| 11.0% | -$0.35 | -$0.17 | $0.04 | $0.27 | $0.53 |
Where the presets come from
Base: years 1 to 5 grow at Quad/Graphics, Inc.'s revenue growth rate over the last 5 fiscal years (-3.8% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions