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Global packaging company making containerboard and corrugated boxes, formed by the 2024 merger of Smurfit Kappa and WestRock.
Global packaging company making containerboard and corrugated boxes, formed by the 2024 merger of Smurfit Kappa and WestRock.
Makes its own paper from both recycled and virgin fibre, then converts it into boxes in its own plants and sells the surplus, so profit depends on box volumes and on the price of containerboard. After the merger it put its primary listing in New York, with management in Ireland and operations across Europe and the Americas.
Moat: narrow (scale, distribution). Vertically integrated mill-to-box network across the Americas and Europe lowers costs.
Headquarters: Dublin, Ireland · Founded: 2024 · Employees: 97,000
Size Smurfit Westrock (SW) is a United States Materials company (Containers/Packaging) with a market value of $23.1B, the 449th largest of 3,117 United States companies the cockpit tracks. Shares closed at $44.09 on 6 Nov 2026.
Performance Over six months the shares gained 7.3%, against +12.7% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 12 in its peer set.
Growth Revenue grew 1.1% over the last twelve months (peer median +9.0%); the operating margin is 5.4% (peer median 12.1%).
Valuation It trades at 15.1× forward earnings against a peer median of 18.5× (2nd cheapest of 11).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.9 points below its cost of capital (8.2% WACC).
Credit Smurfit Westrock has 2 bonds outstanding ($1.65B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 100 bp.
Short interest Short interest is 4.4% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $31.5B | $31.2B | $21.1B | $12.1B | $13.5B |
| Revenue growth | — | +48% | +75% | -10% | — |
| Gross profit | $5.49B | $6.04B | $4.20B | $3.05B | $4.27B |
| EBITDA | $4.47B | $4.77B | $2.92B | $2.06B | $2.45B |
| Net income | $473M | $699M | $319M | $825M | $992M |
| Free cash flow | $860M | $1.20B | $17.0M | $630M | $619M |
| Capital expenditure | $2.17B | $2.19B | $1.47B | $929M | $935M |
| Total debt | $14.0B | $14.9B | $14.6B | $4.13B | $4.03B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Smurfit Westrock SW | $23.1B | +7% | +1% | 5% | 15.1× | 13.5% |
| International Paper IP | $18.3B | +6% | +3% | 3% | 15.8× | 26.4% |
| Packaging Corporation of America PKG | $22.2B | +12% | +12% | 13% | 17.8× | 4.3% |
| Mondi MNDI.L | $4.69B | +5% | +5% | 4% | 36.1× | 15.4% |
| Graphic Packaging GPK | $3.31B | +5% | 0% | 6% | 12.3× | 5.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.4% | +10.2% | 3rd lowest of 12 |
| 6-month return | +7.3% | +12.7% | 5th lowest of 12 |
| Distance from 52-week high | -15.2% | -5.2% | 5th lowest of 12 |
| Revenue growth (TTM) | +1.1% | +9.0% | 5th lowest of 12 |
| Operating margin | 5.4% | 12.1% | 4th lowest of 12 |
| Forward P/E | 15.1× | 18.5× | 2nd cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | 13.5% | 4.3% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +26.2% | +7.7% | highest of 11 |
| Hurdle (Req g minus delivered) | -12.7 pp | -5.2 pp | 3rd least demanding of 11 |
| ROIC minus cost of capital | -3.9 pp | +2.1 pp | 2nd lowest of 12 |
| EV / EBITDA | 8.1× | 10.3× | 2nd cheapest of 9 |
| Net debt / EBITDA | 3.0× | 2.7× | 5th most indebted of 10 |
| Bond spread | 100 bp | 88 bp | 4th widest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Smurfit Westrock SW | United States | $23.1B | +7% | +1% | 5% | 15.1× | 13.5% | +26.2% |
| Packaging Corporation of America PKG | United States | $22.2B | +12% | +12% | 13% | 17.8× | 4.3% | +6.2% |
| Amcor AMCR | United States | $20.7B | +14% | +57% | 9% | n/a | 5.8% | +12.8% |
| Ball BALL | United States | $17.2B | +13% | +21% | 11% | 15.3× | 6.4% | +2.3% |
| Crown CCK | United States | $13.1B | +20% | +14% | 12% | 13.9× | -4.7% | +5.7% |
| CCL Industries CCL-B.TO | Canada | $11.8B | +17% | +5% | 15% | 18.7× | 1.3% | +7.9% |
| Owens Corning OC | United States | $9.59B | 0% | -11% | 14% | 15.3× | 3.6% | +7.4% |
| AptarGroup ATR | United States | $9.03B | +18% | +9% | 12% | 23.4× | 4.3% | +5.2% |
| Stora Enso STEAV.HE | Finland | $8.58B | 0% | -1% | -4% | 18.4× | n/a | n/a |
| Yunnan Energy New Material (Group) 002812.SZ | China | $7.55B | -38% | +50% | 17% | 19.8× | 7.8% | +26.1% |
| SIG SIGN.SW | Switzerland | $7.07B | +23% | -5% | 5% | 20.5× | 18.4% | +9.4% |
| China International Marine Containers (Group) 000039.SZ | China | $6.19B | -23% | 0% | 4% | 18.7× | -9.2% | +10.7% |
Smurfit Westrock has 2 bonds outstanding with $1.65B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.81%, a spread of 100 bp over government bonds.