Detailed financial statements for Quad/Graphics, Inc. (QUAD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Quad/Graphics, Inc. is a global provider that offers a diverse array of marketing solutions. The company operates through two main divisions: its United States Print and Related Services segment, and an International segment.
Analysis Summary
Quad/Graphics, Inc. reported revenue of $2.42B in the most recent fiscal year, growing at a 5-year CAGR of -3.8%.
Trailing-twelve-month margins: gross margin 32.1%, operating margin 3.9%, net margin 1.1%. Free cash flow grew at -17.1% CAGR over 5 years.
At the current price of $9.63, QUAD trades at a P/E of 14.88 and an ROE of 26.19%. Market capitalisation stands at $497M.
Balance sheet quality for QUAD: current ratio of 0.9, net debt of $380.7M. 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 $50.7M represents 188% 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 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.33B | $4.13B | $4.19B | $3.92B | $2.93B | $2.96B | $3.22B | $2.96B | $2.67B | $2.42B |
| Cost of Revenue | $3.66B | $3.48B | $3.43B | $3.40B | $2.51B | $2.54B | $2.76B | $2.51B | $2.19B | $1.98B |
| Gross Profit | $666.9M | $648.5M | $553.1M | $525.3M | $416.2M | $416.3M | $460.2M | $450.8M | $480.7M | $444.7M |
| Research & Development | $9.3M | $9.0M | $3.6M | $3.6M | $3.0M | $3.1M | $3.3M | $3.1M | $3.2M | 0 |
| Selling, General & Admin | $448.6M | $423.8M | $357.3M | $398.8M | $330.9M | $323.1M | $356.5M | $348.9M | $350.4M | $325.9M |
| Operating Expenses | $457.9M | $432.8M | $360.9M | $402.4M | $333.9M | $326.2M | $359.8M | $352.0M | $353.6M | $325.9M |
| Operating Income | $209.0M | $215.7M | $192.2M | $122.9M | $82.3M | $90.1M | $100.4M | $98.8M | $127.1M | $118.8M |
| EBITDA | $413.6M | $394.8M | $314.8M | $218.9M | $150.4M | $266.1M | $213.0M | $150.6M | $121.0M | $161.6M |
| Interest Expense | $77.2M | $71.1M | $73.3M | $90.0M | $68.8M | $59.6M | $48.4M | $70.0M | $64.5M | $50.5M |
| Pre-tax Income | $57.9M | $91.2M | $27.5M | -$80.1M | -$106.3M | $47.3M | $17.7M | -$42.6M | -$44.5M | $32.5M |
| Income Tax | $13.0M | -$16.0M | -$9.8M | -$24.4M | $300000 | $9.5M | $8.4M | $12.8M | $6.4M | $5.5M |
| Net Income | $44.9M | $107.2M | $8.5M | -$55.4M | -$128.3M | $37.8M | $9.3M | -$55.4M | -$50.9M | $27.0M |
| EPS | $0.94 | $2.16 | $0.17 | $-1.11 | $-2.53 | $0.74 | $0.18 | $-1.14 | $-1.07 | $0.57 |
| EPS (Diluted) | $0.90 | $2.07 | $0.16 | $-1.11 | $-2.53 | $0.71 | $0.18 | $-1.14 | $-1.07 | $0.54 |
| Shares Outstanding (Diluted) | $49.8M | $51.8M | $51.6M | $50.0M | $50.6M | $53.0M | $52.5M | $48.4M | $47.6M | $49.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $588.0M | $630.6M | $581.0M | $1.05B |
| Gross Profit | $114.6M | $117.3M | $104.5M | $577.5M |
| Operating Income | $33.7M | $36.0M | $26.1M | $14.9M |
| EBITDA | $45.3M | $43.3M | $36.3M | $32.1M |
| Net Income | $10.2M | $11.1M | $6.2M | $3.7M |
| EPS | $0.21 | $0.23 | $0.13 | $0.08 |
| EPS (Diluted) | $0.21 | $0.22 | $0.13 | $0.07 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.0M | $64.3M | $69.5M | $78.7M | $55.2M | $179.9M | $25.2M | $52.9M | $29.2M | $63.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $563.6M | $552.5M | $497.6M | $456.1M | $399.1M | $362.0M | $372.6M | $316.2M | $273.2M | $294.8M |
| Inventory | $265.4M | $246.5M | $300.6M | $210.5M | $170.2M | $226.2M | $260.7M | $178.8M | $162.4M | $143.5M |
| Total Current Assets | $902.6M | $908.5M | $946.6M | $910.9M | $679.2M | $809.1M | $704.5M | $587.7M | $534.3M | $538.4M |
| Property, Plant & Equipment | $1.52B | $1.38B | $1.26B | $1.13B | $965.2M | $852.7M | $783.2M | $717.2M | $578.6M | $529.6M |
| Goodwill | 0 | 0 | $54.6M | $103.0M | $103.0M | $86.4M | $86.4M | $103.0M | $100.3M | $107.6M |
| Intangible Assets | $59.7M | $43.4M | $112.6M | $137.2M | $104.3M | $75.3M | $46.9M | $21.8M | $7.2M | $13.7M |
| Total Assets | $2.57B | $2.45B | $2.47B | $2.42B | $1.93B | $1.89B | $1.70B | $1.51B | $1.30B | $1.25B |
| Accounts Payable | $323.5M | $381.6M | $496.3M | $416.7M | $320.0M | $367.3M | $456.6M | $373.6M | $356.7M | $342.0M |
| Short-term Debt | $84.7M | $42.0M | $42.9M | $77.9M | $20.7M | $245.6M | $89.7M | $151.7M | $28.0M | $47.0M |
| Total Current Liabilities | $774.6M | $745.9M | $851.3M | $813.4M | $682.7M | $957.1M | $795.4M | $790.8M | $698.7M | $624.2M |
| Long-term Debt | $1.02B | $903.5M | $882.6M | $1.06B | $902.7M | $554.9M | $506.7M | $362.5M | $349.1M | $322.9M |
| Total Liabilities | $2.13B | $1.93B | $2.01B | $2.17B | $1.84B | $1.75B | $1.53B | $1.39B | $1.25B | $1.12B |
| Retained Earnings | -$206.4M | -$162.9M | -$211.4M | -$423.5M | -$566.0M | -$527.8M | -$518.5M | -$573.9M | -$635.1M | -$623.2M |
| Total Equity | $441.5M | $522.4M | $442.5M | $226.6M | $84.1M | $136.8M | $172.9M | $119.5M | $49.9M | $128.6M |
| Total Debt | $1.14B | $964.8M | $940.9M | $1.25B | $1.01B | $931.6M | $713.7M | $625.3M | $464.6M | $444.0M |
| Net Debt | $1.13B | $900.5M | $871.4M | $1.17B | $955.9M | $751.7M | $688.5M | $572.4M | $435.4M | $380.7M |
| Working Capital | $128.0M | $162.6M | $95.3M | $97.5M | -$3.5M | -$148.0M | -$90.9M | -$203.1M | -$164.4M | -$85.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $6.2M | $63.3M | $7.0M | $7.4M |
| Total Assets | $1.27B | $1.25B | $1.23B | $1.20B |
| Total Liabilities | $1.17B | $1.12B | $1.10B | $1.07B |
| Total Equity | $96.7M | $128.6M | $126.6M | $124.7M |
| Total Debt | $549.3M | $444.0M | $503.4M | $469.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $44.9M | $107.2M | $7.9M | -$156.3M | -$128.3M | $37.8M | $9.3M | -$55.4M | -$50.9M | $27.0M |
| Depreciation & Amortization | $277.1M | $232.5M | $230.7M | $223.1M | $184.2M | $157.3M | $141.3M | $128.8M | $102.5M | $78.6M |
| Stock-based Compensation | $15.2M | $16.4M | $15.6M | $13.6M | $10.6M | $6.2M | $6.0M | $5.6M | $7.3M | $6.6M |
| Change in Working Capital | $25.6M | -$4.3M | $5.7M | $3.5M | $91.3M | -$23.3M | -$29.6M | $56.0M | $6.1M | -$18.6M |
| Operating Cash Flow | $352.5M | $344.0M | $260.6M | $155.5M | $190.2M | $136.5M | $154.6M | $147.6M | $112.9M | $95.9M |
| Capital Expenditure | -$106.1M | -$85.9M | -$96.3M | -$111.0M | -$61.0M | -$50.0M | -$60.3M | -$70.8M | -$57.2M | -$45.2M |
| Acquisitions | -$9.9M | $14.1M | -$71.4M | -$109.9M | -$2.2M | $38.3M | -$5.9M | -$1.5M | -$200000 | -$16.3M |
| Stock Repurchased | -$8.8M | -$3.8M | -$36.7M | -$6.6M | -$1.0M | 0 | -$10.0M | -$12.6M | -$2.1M | -$8.0M |
| Dividends Paid | -$61.1M | -$62.5M | -$62.9M | -$57.1M | -$9.5M | -$1.4M | -$1.4M | -$100000 | -$9.4M | -$14.4M |
| Free Cash Flow | $246.4M | $258.1M | $164.3M | $44.5M | $129.2M | $86.5M | $94.3M | $76.8M | $55.7M | $50.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$8.4M | $145.9M | -$93.7M | $52.8M |
| Capital Expenditure | -$12.2M | -$8.7M | -$13.3M | -$12.0M |
| Free Cash Flow | -$20.6M | $137.2M | -$107.0M | $40.8M |
| Dividends Paid | -$3.5M | -$3.5M | -$5.5M | -$4.7M |
| Stock-based Compensation | $1.3M | $1.5M | $1.3M | $2.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -4.6% | +1.5% | -6.4% | -25.3% | +1.1% | +8.7% | -8.1% | -9.7% | -9.4% | |
| Net Income Growth (YoY) | +138.8% | -92.1% | -751.8% | -131.6% | +129.5% | -75.4% | -695.7% | +8.1% | +153.0% | |
| EPS Growth (YoY) | +129.8% | -92.1% | -752.9% | -128.3% | +129.2% | -75.7% | -733.3% | +6.1% | +153.3% | |
| Shares Change (YoY) | +4.0% | -0.4% | -3.1% | +1.2% | +4.7% | -0.9% | -7.8% | -1.7% | +4.8% | |
| FCF Growth (YoY) | +4.7% | -36.3% | -72.9% | +190.3% | -33.0% | +9.0% | -18.6% | -27.5% | -9.0% | |
| Gross Margin | 15.4% | 15.7% | 13.2% | 13.4% | 14.2% | 14.1% | 14.3% | 15.2% | 18.0% | 18.4% |
| Operating Margin | 4.8% | 5.2% | 4.6% | 3.1% | 2.8% | 3.0% | 3.1% | 3.3% | 4.8% | 4.9% |
| EBITDA Margin | 9.6% | 9.6% | 7.5% | 5.6% | 5.1% | 9.0% | 6.6% | 5.1% | 4.5% | 6.7% |
| Net Margin | 1.0% | 2.6% | 0.2% | -1.4% | -4.4% | 1.3% | 0.3% | -1.9% | -1.9% | 1.1% |
| FCF Margin | 5.7% | 6.2% | 3.9% | 1.1% | 4.4% | 2.9% | 2.9% | 2.6% | 2.1% | 2.1% |
| Effective Tax Rate | 22.5% | -17.5% | -35.6% | 30.5% | -0.3% | 20.1% | 47.5% | -30.0% | -14.4% | 16.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.95 | $4.98 | $3.18 | $0.89 | $2.55 | $1.63 | $1.80 | $1.59 | $1.17 | $1.02 |
| Dividends Per Share | $1.23 | $1.21 | $1.22 | $1.14 | $0.19 | $0.03 | $0.03 | $0.00 | $0.20 | $0.29 |
| Shares Outstanding (Basic) | $47.9M | $49.6M | $49.8M | $50.0M | $50.6M | $51.3M | $50.7M | $48.4M | $47.6M | $47.6M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 26.19% |
| Return on Invested Capital | 12.49% |
| Return on Assets | 2.60% |
| Gross Margin | 32.06% |
| Operating Margin | 3.88% |
| Net Margin | 1.09% |
Financial Health
| Debt / Equity | 3.76 |
| Current Ratio | 0.87 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 1.63 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 28.60 | 10.46 | 72.47 | -4.21 | -1.51 | 5.41 | 22.67 | -4.75 | -6.51 | 11.00 |
| P/B | 2.92 | 2.15 | 1.39 | 1.03 | 2.30 | 1.50 | 1.20 | 2.20 | 6.65 | 2.32 |
| P/S | 0.30 | 0.27 | 0.15 | 0.06 | 0.07 | 0.07 | 0.06 | 0.09 | 0.12 | 0.12 |
| Gross Margin | 15.4% | 15.7% | 13.2% | 13.4% | 14.2% | 14.1% | 14.3% | 15.2% | 18.0% | 18.4% |
| Operating Margin | 4.8% | 5.2% | 4.6% | 3.1% | 2.8% | 3.0% | 3.1% | 3.3% | 4.8% | 4.9% |
| Net Margin | 1.0% | 2.6% | 0.2% | -1.4% | -4.4% | 1.3% | 0.3% | -1.9% | -1.9% | 1.1% |
Explore sector: Industrials · Specialty Business Services
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