Detailed financial statements for Ardagh Metal Packaging S.A. (AMBP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Ardagh Metal Packaging S.A., together with its subsidiaries, operates as a metal beverage can company in Europe, North America, and Brazil. It offers a range of beverage cans for use in sparkling water, soft drinks, beer, wine, flavored malt beverages, energy drinks, and teas, as well as flavored alcoholic beverages to beverage producers. The company was founded in 1932 and is based in Luxembourg, Luxembourg. Ardagh Metal Packaging S.A. is a subsidiary of Ardagh Group S.A.
Analysis Summary
Ardagh Metal Packaging S.A. reported revenue of $5.50B in the most recent fiscal year, growing at a 5-year CAGR of 9.8%. Net income reached $11.0M, with a -37.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 12.2%, operating margin 5.1%, net margin 0.9%. Free cash flow grew at 32.1% CAGR over 5 years.
At $4.58 (closing price, November 3, 2026), AMBP trades at a P/E of 52.95 and an ROE of -7.98%. Market capitalisation stands at $2.7B.
Balance sheet quality for AMBP: debt-to-equity ratio of -5.62, current ratio of 1.07 over the last 12 months, net debt of $3.90B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $265.0M represents 2409% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.34B | $3.34B | $3.45B | $4.05B | $4.69B | $4.81B | $4.91B | $5.50B |
| Cost of Revenue | $2.81B | $2.83B | $2.90B | $3.44B | $4.16B | $4.34B | $4.28B | $4.82B |
| Gross Profit | $530.0M | $512.0M | $548.0M | $616.0M | $526.0M | $474.0M | $630.0M | $681.0M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $149.0M | $165.0M | $189.0M | $418.0M | $212.0M | $255.0M | $288.0M | $299.0M |
| Operating Expenses | $384.0M | $314.0M | $338.0M | $569.0M | $350.0M | $398.0M | $428.0M | $437.0M |
| Operating Income | $228.0M | $198.0M | $210.0M | $47.0M | $176.0M | $76.0M | $202.0M | $244.0M |
| EBITDA | $512.0M | $449.0M | $604.0M | $281.0M | $728.0M | $508.0M | $629.0M | $707.0M |
| Interest Expense | 0 | $174.0M | $155.0M | $126.0M | $113.0M | $161.0M | $170.0M | $240.0M |
| Pre-tax Income | -$25.0M | -$15.0M | $140.0M | -$188.0M | $256.0M | -$71.0M | $10.0M | $4.0M |
| Income Tax | $50.0M | $25.0M | $29.0M | $22.0M | $19.0M | -$21.0M | $13.0M | -$7.0M |
| Net Income | -$75.0M | -$40.0M | $111.0M | -$210.0M | $237.0M | -$50.0M | -$3.0M | $11.0M |
| EPS | -$0.12 | -$0.07 | $0.18 | -$0.39 | $0.38 | -$0.12 | -$0.05 | -$0.02 |
| EPS (Diluted) | -$0.12 | -$0.07 | $0.18 | -$0.39 | $0.38 | -$0.12 | -$0.05 | -$0.02 |
| Shares Outstanding (Diluted) | 603.3 M | 603.3 M | 603.3 M | 538.8 M | 601.0 M | 597.6 M | 597.7 M | 597.7 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.35B | $1.50B | $1.71B | $1.69B |
| Gross Profit | $152.0M | $178.0M | $238.0M | $196.0M |
| Operating Income | $34.0M | $56.0M | $115.0M | $114.0M |
| EBITDA | $122.0M | $159.0M | $221.0M | $206.0M |
| Net Income | -$16.0M | -$5.0M | $35.0M | $44.0M |
| EPS | -$0.03 | -$0.01 | $0.06 | $0.07 |
| EPS (Diluted) | -$0.03 | -$0.01 | $0.06 | $0.07 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $148.0M | $284.0M | $257.0M | $435.0M | $555.0M | $434.0M | $602.0M | $522.0M |
| Short-term Investments | 0 | 0 | $23.0M | $125.0M | 0 | 0 | 0 | 0 |
| Receivables | $410.0M | $318.0M | $507.0M | $694.0M | $748.0M | $581.0M | $618.0M | $768.0M |
| Inventory | $238.0M | $268.0M | $250.0M | $407.0M | $567.0M | $469.0M | $382.0M | $509.0M |
| Total Current Assets | $875.0M | $971.0M | $1.04B | $1.66B | $1.91B | $1.50B | $1.63B | $1.84B |
| Property, Plant & Equipment | $953.0M | $1.08B | $1.23B | $1.84B | $2.39B | $2.63B | $2.48B | $2.52B |
| Goodwill | $1.01B | $1.00B | $1.05B | $1.01B | $976.0M | $999.0M | $966.0M | $1.03B |
| Intangible Assets | $1.08B | $934.0M | $829.0M | $652.0M | $497.0M | $383.0M | $257.0M | $146.0M |
| Total Assets | $4.02B | $4.07B | $4.25B | $5.33B | $5.87B | $5.67B | $5.46B | $5.68B |
| Accounts Payable | $556.0M | $619.0M | $843.0M | $1.26B | $1.06B | $1.09B | $1.04B | $1.27B |
| Short-term Debt | $697.0M | $42.0M | $54.0M | $66.0M | $68.0M | $94.0M | $105.0M | $118.0M |
| Total Current Liabilities | $1.48B | $931.0M | $969.0M | $1.40B | $1.46B | $1.52B | $1.45B | $1.73B |
| Long-term Debt | $1.93B | $2.60B | $2.79B | $2.83B | $3.52B | $3.64B | $3.80B | $3.93B |
| Total Liabilities | $3.88B | $4.05B | $4.21B | $5.04B | $5.41B | $5.56B | $5.60B | $6.35B |
| Retained Earnings | 0 | 0 | 0 | -$120.0M | -$144.0M | -$469.0M | -$738.0M | -$972.0M |
| Total Equity | $140.0M | $12.0M | $48.0M | $286.0M | $455.0M | $100.0M | -$142.0M | -$683.0M |
| Total Debt | $2.73B | $2.78B | $2.85B | $2.90B | $3.59B | $3.73B | $3.90B | $4.42B |
| Net Debt | $2.59B | $2.50B | $2.57B | $2.34B | $3.04B | $3.30B | $3.30B | $3.90B |
| Working Capital | -$603.0M | $40.0M | $68.0M | $261.0M | $444.0M | -$17.0M | $182.0M | $111.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $516.0M | $142.0M | $189.0M | $213.0M |
| Total Assets | $5.68B | $5.42B | $5.57B | $5.43B |
| Total Liabilities | $6.35B | $6.11B | $6.32B | $6.19B |
| Total Equity | -$683.0M | -$698.0M | -$758.0M | -$768.0M |
| Total Debt | $4.42B | $4.48B | $4.34B | $4.32B |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$75.0M | -$40.0M | $111.0M | -$210.0M | $237.0M | -$50.0M | -$3.0M | $11.0M |
| Depreciation & Amortization | $284.0M | $290.0M | $315.0M | $343.0M | $359.0M | $418.0M | $449.0M | $463.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $18.0M | $102.0M | $7.0M | $16.0M | -$202.0M | $270.0M | $40.0M | -$2.0M |
| Operating Cash Flow | $272.0M | $377.0M | $334.0M | $458.0M | $205.0M | $616.0M | $450.0M | $449.0M |
| Capital Expenditure | -$184.0M | -$201.0M | -$268.0M | -$687.0M | -$596.0M | -$379.0M | -$187.0M | -$184.0M |
| Acquisitions | 0 | 0 | 0 | -$5.0M | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$36.0M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -$251.0M | -$263.0M | -$264.0M | -$262.0M |
| Free Cash Flow | $88.0M | $176.0M | $66.0M | -$229.0M | -$391.0M | $237.0M | $263.0M | $265.0M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $368.0M | -$346.0M | $292.0M | $179.0M |
| Capital Expenditure | -$53.0M | -$59.0M | -$36.0M | -$43.0M |
| Free Cash Flow | $315.0M | -$405.0M | $256.0M | $136.0M |
| Dividends Paid | -$64.0M | -$60.0M | -$60.0M | -$60.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +0.2% | +3.2% | +17.5% | +15.6% | +2.6% | +2.0% | +12.0% | |
| Net Income Growth (YoY) | +46.7% | +377.5% | -289.2% | +212.9% | -121.1% | +94.0% | +466.7% | |
| EPS Growth (YoY) | +44.8% | +371.5% | -316.7% | +197.4% | -131.6% | +58.3% | +60.0% | |
| Shares Change (YoY) | +0.0% | +0.0% | -10.7% | +11.5% | -0.6% | +0.0% | +0.0% | |
| FCF Growth (YoY) | +100.0% | -62.5% | -447.0% | -70.7% | +160.6% | +11.0% | +0.8% | |
| Gross Margin | 15.9% | 15.3% | 15.9% | 15.2% | 11.2% | 9.9% | 12.8% | 12.4% |
| Operating Margin | 6.8% | 5.9% | 6.1% | 1.2% | 3.8% | 1.6% | 4.1% | 4.4% |
| EBITDA Margin | 15.3% | 13.4% | 17.5% | 6.9% | 15.5% | 10.6% | 12.8% | 12.9% |
| Net Margin | -2.2% | -1.2% | 3.2% | -5.2% | 5.1% | -1.0% | -0.1% | 0.2% |
| FCF Margin | 2.6% | 5.3% | 1.9% | -5.6% | -8.3% | 4.9% | 5.4% | 4.8% |
| Effective Tax Rate | -200.0% | -166.7% | 20.7% | -11.7% | 7.4% | 29.6% | 130.0% | -175.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.15 | $0.29 | $0.11 | -$0.43 | -$0.65 | $0.40 | $0.44 | $0.44 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.42 | $0.44 | $0.44 | $0.44 |
| Shares Outstanding (Basic) | 603.3 M | 603.3 M | 603.3 M | 538.8 M | 601.0 M | 597.6 M | 597.7 M | 597.7 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -7.98% |
| Return on Invested Capital | 6.92% |
| Return on Assets | 1.07% |
| Gross Margin | 12.21% |
| Operating Margin | 5.10% |
| Net Margin | 0.93% |
Financial Health
| Debt / Equity | -5.62 |
| Current Ratio | 1.07 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.12 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -83.33 | -150.83 | 57.78 | -23.15 | 12.66 | -32.00 | -60.20 | -205.00 |
| P/B | 43.09 | 502.74 | 130.71 | 17.01 | 6.35 | 22.95 | -12.67 | -3.59 |
| P/S | 1.81 | 1.80 | 1.82 | 1.20 | 0.62 | 0.48 | 0.37 | 0.45 |
| Gross Margin | 15.9% | 15.3% | 15.9% | 15.2% | 11.2% | 9.9% | 12.8% | 12.4% |
| Operating Margin | 6.8% | 5.9% | 6.1% | 1.2% | 3.8% | 1.6% | 4.1% | 4.4% |
| Net Margin | -2.2% | -1.2% | 3.2% | -5.2% | 5.1% | -1.0% | -0.1% | 0.2% |
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