Packaging Corporation of America (PKG) Stock Analysis
Consumer Cyclical · Packaging & Containers · NYSE
Packaging Corporation of America (PKG) posted $8.99B in revenue for fiscal 2025 (up 7.2% year over year), at a 8.6% net margin, and has compounded revenue about 6.2%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Packaging Corporation of America
Packaging Corporation of America has grown revenue from $5.78B to $8.99B over the last 10 fiscal years, compounding about 6.2% a year. The most recent year was up 7.2%, roughly in line with its longer-run pace.
Net margin sits at 8.6%, down 0.9 points year over year on a 21% gross margin. It carries about $3.99B of total debt.
At today's valuation the market is pricing in roughly 13.2% annual free-cash-flow growth — versus the 3.6% it actually delivered over the last five years, so the price already assumes a step-up from the recent record. The one thing worth a second look in the filings is net margin shrinking.
Synthesised from Packaging Corporation of America's SEC filings — descriptive, not advice. Ask the analyst your own question →
Packaging Corporation of America revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.78B | $6.44B | $7.01B | $6.96B | $6.66B | $7.73B | $8.48B | $7.80B | $8.38B | $8.99B |
| Gross profit | $1.28B | $1.47B | $1.65B | $1.64B | $1.37B | $1.87B | $2.09B | $1.70B | $1.78B | $1.89B |
| Net income | $449.60M | $668.60M | $738.00M | $696.40M | $461.00M | $841.10M | $1.03B | $759.00M | $799.50M | $768.90M |
| Net margin | 7.8% | 10.4% | 10.5% | 10.0% | 6.9% | 10.9% | 12.1% | 9.7% | 9.5% | 8.6% |
Source: Packaging Corporation of America SEC filings (10-K). 18 years of history available in the interactive view.
Packaging Corporation of America: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Net margin shrinkingNet margin fell from 12.1% to 8.6% over ~3 years — profitability is compressing.
What growth is priced into PKG stock?
At today's market cap of $21.90B, Packaging Corporation of America is priced for free-cash-flow growth of about 13.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $728.60M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 3.6%/yr over the last five fiscal years and revenue 6.2%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 18 years of Packaging Corporation of America financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Packaging Corporation of America financial history by metric
Compare Packaging Corporation of America with peers
About Packaging Corporation of America
Packaging Corporation of America manufactures and sells containerboard and uncoated freesheet (UFS) paper products in North America. The company operates through Packaging and Paper segments. The Packaging segment offers various linerboard and corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products, as well as packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products. This segment sells its corrugated products through a direct sales and marketing organization. The Paper segment manufactures and sells commodity and specialty papers, as well as communication papers, including cut-size office papers, and printing and converting papers; and white papers. This segment sells papers through its sales and marketing organization. Packaging Corporation of America was founded in 1867 and is headquartered in Lake Forest, Illinois.
Packaging Corporation of America — frequently asked questions
What is Packaging Corporation of America's revenue?
Packaging Corporation of America (PKG) reported revenue of $8.99B for fiscal year 2025, up 7.2% from the prior year, according to its SEC filings.
Is Packaging Corporation of America profitable?
Yes. PKG earned net income of $768.90M in fiscal 2025, a net margin of 8.6%.
What is PKG's P/E ratio?
Packaging Corporation of America trades at a price-to-earnings ratio of about 32.0 based on the latest data in our nightly-refreshed cache.
How fast is Packaging Corporation of America growing?
PKG's revenue grew at roughly 6.2% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Packaging Corporation of America have?
As of fiscal year 2025, PKG carried roughly $3.99B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Packaging Corporation of America's gross margin?
PKG's gross margin was 21.0% in fiscal 2025 — gross profit of $1.89B on revenue of $8.99B.
What is Packaging Corporation of America's market cap?
Packaging Corporation of America (PKG) has a market capitalization of about $21.90B, based on the latest data in our nightly-refreshed cache.
When does Packaging Corporation of America's fiscal year end?
PKG's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into PKG stock?
At today's market cap of $21.90B, Packaging Corporation of America is priced for free-cash-flow growth of about 13.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $728.60M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 3.6%/yr over the last five fiscal years and revenue 6.2%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Packaging Corporation of America's official SEC filings (10-K and 10-Q), covering 18 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.