Share count
1.6Bpeak FY2020
← All companies ← AMC Manual AMCX → ← AMBP Containers & Packaging ATR →
AMCR, Amcor
Containers & Packaging capital-intensive
Amcor is the global leader in consumer packaging and dispensing solutions for nutrition, health, beauty and wellness categories.
Our global product innovation and sustainability expertise enables us to solve packaging challenges around the world every day, producing a range of flexible packaging, rigid packaging, cartons and closures that are more sustainable, functional and appealing for our customers and their consumers.
We are guided by our purpose of elevating customers, shaping lives and protecting the future.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$15.0B
+10.0% YoY · 4% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $22.2B 5-yr avg $14.1B
Revenue $5.9B +77.4% vs yr-ago qtr
Operating margin 7.8% yr-ago 9.4%
Net income $278M yr-ago $197M
Net margin 4.7% yr-ago 5.9%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Flexibles (72%) and Rigid Packaging (28%).
- What moves the needle
- Gross margin has run about 20% and operating margin about 8.9% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. That margin has held in a narrow 6.7%–11% band over the years, so steadiness itself is the evidence — the lever is unit growth and cost discipline, not a moving line. Inventory runs near 15% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has sat near the cost of capital (median 10%). By owner earnings: roughly 6% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Flexibles is 72% of revenue, with Rigid Packaging the other meaningful segment at 28%.
Revenue by reportable segment, FY2025
- Flexibles72%$10.9B
- Rigid Packaging28%$4.1B
By geographyNorth America48%Europe29%Latin America12%Asia Pacific11%
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2017–2025
realized figures from each filing · older years to the left| 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| $9.1B | $9.3B | $9.5B | $12.5B | $12.9B | $14.5B | $14.7B | $13.6B | $15.0B | $22.2B | RevenueRevenue |
| 21% | 20% | 19% | 20% | 21% | 19% | 19% | 20% | 19% | 19% | Gross marginGross mgn |
| 9% | 9% | 11% | 11% | 10% | 9% | 7% | 8% | 8% | 8% | SG&A / revenueSG&A/rev |
| 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | R&D / revenueR&D/rev |
| $916M | $994M | $792M | $994M | $1.3B | $1.2B | $1.5B | $1.2B | $1.0B | $1.3B | Operating incomeOp. inc. |
| 10.1% | 10.7% | 8.4% | 8.0% | 10.3% | 8.5% | 10.3% | 8.9% | 6.7% | 6.0% | Operating marginOp. mgn |
| $564M | $575M | $430M | $612M | $939M | $805M | $1.0B | $730M | $511M | $678M | Net incomeNet inc. |
| 21% | 17% | 29% | 23% | 22% | 27% | 16% | 18% | 21% | 10% | Effective tax rateTax rate |
| Cash flow & returns | ||||||||||
| $909M | $871M | $776M | $1.4B | $1.5B | $1.5B | $1.3B | $1.3B | $1.4B | $1.7B | Operating cash flowOp. cash |
| $374M | $357M | $453M | $652M | $574M | $625M | $586M | $595M | $722M | $1.4B | DepreciationDeprec. |
| ($56M) | ($82M) | ($126M) | $86M | ($110M) | $33M | ($427M) | ($36M) | $83M | ($542M) | Working capital & otherWC & other |
| $379M | $365M | $332M | $400M | $468M | $527M | $526M | $492M | $580M | $907M | CapexCapex |
| 4.2% | 3.9% | 3.5% | 3.2% | 3.6% | 3.6% | 3.6% | 3.6% | 3.9% | 4.1% | Capex / revenueCapex/rev |
| $530M | $506M | $444M | $984M | $993M | $999M | $735M | $829M | $810M | $763M | Owner earningsOwner earn. |
| 5.8% | 5.4% | 4.7% | 7.9% | 7.7% | 6.9% | 5.0% | 6.1% | 5.4% | 3.4% | Owner earnings marginOE mgn |
| $530M | $506M | $444M | $984M | $993M | $999M | $735M | $829M | $810M | $763M | Free cash flowFCF |
| 5.8% | 5.4% | 4.7% | 7.9% | 7.7% | 6.9% | 5.0% | 6.1% | 5.4% | 3.4% | Free cash flow marginFCF mgn |
| $336M | $0 | $0 | — | $0 | $0 | $121M | $20M | $1.7B | $1.7B | AcquisitionsAcquis. |
| $489M | $527M | $680M | $761M | $742M | $732M | $723M | $722M | $845M | $845M | Dividends paidDiv. paid |
| — | $0 | $0 | $537M | $351M | $601M | $432M | $30M | $0 | — | BuybacksBuybacks |
| — | 18% | 5% | 8% | 10% | 9% | 13% | 10% | 3% | 5% | ROICROIC |
| 96% | 92% | 8% | 13% | 20% | 20% | 26% | 19% | 4% | 6% | Return on equityROE |
| 13% | 8% | −4% | −3% | 4% | 2% | 8% | 0% | −3% | −1% | Retained to equityRetained/eq |
| Balance sheet | ||||||||||
| $562M | $621M | $602M | $743M | $850M | $775M | $689M | $588M | $827M | $1.6B | Cash & investmentsCash+inv |
| — | $1.4B | $1.9B | $1.6B | $1.9B | $1.9B | $1.9B | $1.8B | $3.4B | $3.5B | ReceivablesReceiv. |
| — | $1.4B | $2.0B | $1.8B | $2.0B | $2.4B | — | — | — | $2.4B | InventoryInvent. |
| — | $1.9B | $2.3B | $2.2B | $2.6B | $3.1B | $2.7B | $2.6B | $3.5B | $3.0B | Accounts payablePayables |
| — | $877M | $1.5B | $1.3B | $1.3B | $1.3B | ($815M) | ($734M) | ($64M) | $3.0B | Operating working capitalOper. WC |
| — | $3.6B | $5.2B | $4.5B | $5.3B | $5.9B | $5.3B | $5.0B | $8.4B | $9.8B | Current assetsCur. assets |
| — | $5.1B | $4.5B | $4.0B | $4.3B | $5.1B | $4.5B | $4.3B | $7.0B | $6.8B | Current liabilitiesCur. liab. |
| — | 0.7× | 1.1× | 1.1× | 1.2× | 1.1× | 1.2× | 1.2× | 1.2× | 1.4× | Current ratioCurr. ratio |
| $2.1B | $2.1B | $5.2B | $5.3B | $5.4B | $5.3B | $5.4B | $5.3B | $11.3B | $12.0B | GoodwillGoodwill |
| — | $9.1B | $17.2B | $16.4B | $17.2B | $17.4B | $17.0B | $16.5B | $37.1B | $37.6B | Total assetsAssets |
| — | $4.7B | $5.3B | $6.0B | $6.2B | $6.4B | $6.7B | $6.6B | $14.0B | $15.2B | Total debtDebt |
| — | $4.0B | $4.7B | $5.3B | $5.3B | $5.6B | $6.0B | $6.0B | $13.2B | $13.6B | Net debt / (cash)Net debt |
| 4.8× | 4.7× | 3.8× | 4.8× | 8.6× | 7.8× | 5.2× | 3.5× | 2.5× | 2.1× | Interest coverageInt. cov. |
| $588M | $627M | $5.6B | $4.6B | $4.8B | $4.1B | $4.0B | $3.9B | $11.7B | $11.7B | Shareholders’ equityEquity |
| 0.3% | 0.2% | 0.2% | 0.3% | 0.5% | 0.4% | 0.4% | 0.2% | 0.5% | 0.4% | Stock comp / revenueSBC/rev |
| Per share | ||||||||||
| 1.16B | 1.16B | 1.18B | 1.60B | 1.56B | 1.52B | 1.48B | 1.44B | 1.59B | 464M | Shares out (diluted)Shares |
| $7.82 | $8.02 | $7.99 | $7.78 | $8.27 | $9.59 | $9.96 | $9.47 | $9.42 | $47.87 | Revenue / shareRev/sh |
| $0.48 | $0.50 | $0.36 | $0.38 | $0.60 | $0.53 | $0.71 | $0.51 | $0.32 | $1.46 | EPS (diluted)EPS |
| $0.45 | $0.44 | $0.37 | $0.61 | $0.64 | $0.66 | $0.50 | $0.58 | $0.51 | $1.65 | Owner earnings / shareOE/sh |
| $0.45 | $0.44 | $0.37 | $0.61 | $0.64 | $0.66 | $0.50 | $0.58 | $0.51 | $1.65 | Free cash flow / shareFCF/sh |
| $0.42 | $0.45 | $0.57 | $0.48 | $0.48 | $0.48 | $0.49 | $0.50 | $0.53 | $1.82 | Dividends / shareDiv/sh |
| $0.33 | $0.31 | $0.28 | $0.25 | $0.30 | $0.35 | $0.36 | $0.34 | $0.36 | $1.96 | Cap. spending / shareCapex/sh |
| $0.50 | $0.54 | $4.74 | $2.89 | $3.06 | $2.69 | $2.73 | $2.69 | $7.36 | $25.14 | Book value / shareBVPS |
The diluted share count moved ×1/3.44 into TTM — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 8-yr | 5-yr | |
|---|---|---|
| Revenue / share | +2.4%/yr | +3.9%/yr |
| Owner earnings / share | +1.4%/yr | −3.7%/yr |
| EPS | −5.0%/yr | −3.4%/yr |
| Dividends / share | +3.0%/yr | +2.2%/yr |
| Capital spending / share | +1.4%/yr | +7.8%/yr |
| Book value / share | +39.8%/yr | +20.6%/yr |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Net income-30.0%
“Net income attributable to Amcor plc decreased by $219 million, or 30%, in fiscal year 2025, compared to fiscal year 2024.”
✓ figure matches the filed record
The record, charted
FY2017–2025Each measure over its full record; the current point and the worst year marked.
ROIC
3%low FY2025
Gross margin
19%low FY2023
Net debt ÷ owner earnings
16.2×peak FY2025
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$810Mowner earningsvs.$511Mnet incomelow FY2019
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cashEach year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.
FY2017FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned $511M of profit into $810M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | $511M | $730M | $1.0B | $805M | $939M |
| Depreciation & amortizationnon-cash charge added back | +$722M | +$595M | +$586M | +$625M | +$574M |
| Stock-based compensationreal costnon-cash, but a real cost | +$74M | +$32M | +$54M | +$63M | +$58M |
| Working capital & othertiming of cash in and out, other non-cash items | +$83M | −$36M | −$427M | +$33M | −$110M |
| Cash from operations | $1.4B | $1.3B | $1.3B | $1.5B | $1.5B |
| Capital expenditurecash put back in to keep running and to grow | −$580M | −$492M | −$526M | −$527M | −$468M |
| Owner earnings | $810M | $829M | $735M | $999M | $993M |
| Owner-earnings marginowner earnings ÷ revenue | 5% | 6% | 5% | 7% | 8% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $74M), owner earnings is nearer $736M.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Will it survive?
- AdequateOperating income $1.0B ÷ interest expense $396M
What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
- How heavy is the debt, net of cash? $13.2B · 13.0× operating profitHeavy net debtCash $827M − debt $14.0B
What this means
Netting $827M of cash and short-term investments against $14.0B of debt leaves $13.2B owed, about 13.0× a year's operating profit (13.9× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- TightDSO 83 + DIO 73 − DPO 105 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Solid through the cycle8-yr median, range 3%–18%; 3% latest = NOPAT $798M ÷ invested capital $24.9BIndustry peers: median 10%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 8 years (it ran 3% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Solid through the cycle9-yr median margin, range 5%–8%; latest $810M = operating cash $1.4B − maintenance capex $580MIndustry peers: median 6%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 5% of revenue this year, a 6% median across 9 years. Treating stock comp as the real expense it is (less $74M of SBC) leaves $736M.
- Cash-backedCash from ops $1.4B ÷ net income $511M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Returned more than it generatedDividends + buybacks $845M ÷ Owner Earnings $810M
What this means
The company returned more than it generated: against $810M of Owner Earnings, $845M (104%) went back to shareholders, $845M dividends, $0 buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
- Investing or harvesting? 0.80×MaintainingCapex $580M ÷ depreciation $722M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 4 of 6 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size PassRevenue ≥ $2B · $15.0B
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 1.21×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · $14.0B vs $1.4B WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability PassA profit every year (9-yr record) · no losses
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record PassUninterrupted dividends · paid every year (9)
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth PassEarnings +33% over the record · +46%
What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.65/share (latest year $1.11), the averaged base the calculator's gate runs on, and book value is $25.37/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2017–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 9 of 9
What this means
Never lost money over the record, the earnings stability Graham insisted on.
- Return on capital ≥ 15% 1 of 8 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin 10% → 9% (3-yr avg ends)
In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.
What this means
Through the cycle the operating margin held roughly steady — about 10% early, 9% lately, median 9%.
- Reinvestment, incremental ROIC 5%
What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
- Owner earnings growth +6%/yr
What this means
Owner earnings grew about 6% a year over the record.
- Worst year 2025 · 6.7% op. margin
What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
- Share count +4.0%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
- Dividend record rising
What this means
Paid and raised the dividend across the record, the continuity Graham prized.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$9.8B
- Cash & short-term investments$1.6B
- Receivables$3.5B
- Inventory$2.4B
- Other current assets$2.3B
Current liabilities$6.8B
- Debt due within a year$561M
- Accounts payable$3.0B
- Other current liabilities$3.3B
Current ratio1.44×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.08×stricter: inventory excluded
Cash ratio0.23×strictest: cash alone against what's due
Working capital$3.0Bthe cushion left after near-term bills
Debt due this year vs. cash$561M due · $1.6B cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Revenue, latest quarter vs. a year ago+77.4%the freshest read on whether the business is still growing
Current ratio, recent quarters1.2× → 1.4×
Deeper floors
Tangible book value($7.0B)equity stripped of goodwill & intangibles
Net current asset value($16.1B)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$7.0B$1.1B of it operating leases
From the company's latest filing.
Debt maturity
the debt note, SEC EDGAR →Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.
Bars scaled to the largest single year.
Due in the next 12 months$2.1Bthe first rung: what must be repaid or rolled over within the year
Within two years$4.6Bthe near wall, the part most exposed to today’s credit conditions
Biggest single year$2.5Bin 2027the lumpiest maturity, where a refinancing, if needed, is largest
Due over the next five years$6.8Bthe near slice; the balance sheet carries $14.0B of debt in all
Against what the business has and earns
Cash & short-term investments, Mar 31, 2026$1.6B
One year of owner earnings (FY2025)$810M
Together, against $2.1B due next year1.1×
Cash on hand as of Mar 31, 2026 plus a year’s owner earnings comes to $2.4B against the $2.1B due in the twelve months after the Jun 30, 2025 schedule: 1.1 times it.
Maturity schedule extracted from the company’s Jun 30, 2025 annual report and reconciled to the balance-sheet debt.
How the cash was used, 2017–2025
Over the record, the business generated $10.9B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.
- Reinvested$4.1B · 37%
- Dividends$6.2B · 57%
- Buybacks$2.0B · 18%
- Returned to owners$8.2B
120% of the owner earnings the business produced over the span, $6.2B as dividends and $2.0B as buybacks.
- Source of funding−$1.3B
Reinvestment and shareholder returns ran $1.3B beyond the operating cash the business generated, so the gap was financed off the balance sheet.
- Average price paid for buybacks—
Buybacks ran $2.0B over the span, but the filings don't tag the share count needed to deduce the average price paid.
- Net change in share count−60.2%
The diluted count fell from 1164M to 464M, so the buybacks outran the stock issued to staff.
- Dividend record$0.53/sh
Paid in 9 of the years on record, the per-share dividend growing about 3% a year. It was cut at least once along the way.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Acquisitions & goodwill
from the balance sheet & the 9-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$18.7B50% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity96%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$2.2Bover 9 years buying other businesses, against $4.1B of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 9-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2021 | Ron Delia | $11.0M | $11.1M | $993M |
| 2022 | Ron Delia | $9.9M | $18.6M | $999M |
| 2023 | Ron Delia | $7.3M | −$1.8M | $735M |
| 2024 | Peter Konieczny | $7.5M | $7.0M | $829M |
| 2024 | Ron Delia | $9.0M | $5.1M | $829M |
| 2025 | Peter Konieczny | $8.5M | $5.1M | $810M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership<1%
The stake all directors and executive officers hold together, per the 2025 proxy: skin in the game, the first thing Munger reads.
- CEO pay ratio119:1
What the chief earns for every dollar the median employee makes, per the 2025 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
- Stock-based compensation$74M
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 7% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Inverting the record
Invert: instead of why Amcor is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2025.
1 of the 4 tests turned up something to look into; the other 3 came back clean.
- Look hereAre "one-time" charges a yearly habit?6 of 9 years
Management took an impairment or write-down in 6 of the last 9 years, $177M in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.
And these came back clean
- Is it less profitable than it was?
- Did the share count rise anyway?
- Did reported profit become cash?
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈$2.2B · 10% of revenue on the largest customer (TTM)
“We did not have sales to a single customer that exceeded 10% of consolidated net sales in the last three fiscal years.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Containers & Packaging
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| AMCRAmcor | $15.0B | 20% | 8.9% | 10% | 6% |
| HIHillenbrand | $2.7B | 36% | 46.0% | 10% | 10% |
| DAKTDaktronics Inc. | $839M | 24% | 2.7% | 5% | 3% |
| ODCOil-Dri Corporation Of America | $486M | 25% | 7.4% | 13% | 6% |
| Group median | — | 24% | 8.1% | 10% | 6% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Amcor has delivered.
$
Through the cycle, Amcor earns about $873M on its 5.8% median owner-earnings margin. This year’s 5.4% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’21→’25−5%/yr
Owner-earnings growth · ’17→’25+6%/yr
Owner-earnings growth · ’17→’25+6%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Free cash flow $763M on 462M shares outstanding, per the 10-Q cover, as of 2026-05-05; net debt $13.6B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($907M) runs well above depreciation ($1.4B), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $1.1B, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Amcor (AMCR), the owner's record," https://ownerscorecard.com/c/AMCR, data as of 2026-07-09.
Manual order: ← AMC its page in the Manual AMCX →
Industry order: ← AMBP the Containers & Packaging chapter ATR →