SWSmurfit Westrock
Is the business good?
A genuinely good business: 7 of 9 health tests passed and earnings fully cash-backed (3.3×).
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 3% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is SW?
Smurfit Westrock earns 3.7% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 5.3 points below what the capital costs: growth destroys value
- Operating margin
- 4.7%
Operating margin · Packaging & Containers median 4.7% · 12 months to Q2 2026
- Cash conversion
- 3.27×
Cash conversion · 2.70× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.77%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2022 | 12% |
| FY2023 | 11% |
| FY2024 | 4.8% |
| FY2025 | 5.5% |
Details›
- Gross margin12 months to Q2 2026
- 18%
- Operating margin12 months to Q2 2026
- 4.7%
- Net margin12 months to Q2 2026
- 1.6%
- Free cash flow margin
- 3.2%
- Revenue, trailing twelve months
- $31.3B
- Free cash flow, trailing twelve months
- $1.01B
- Net income, trailing twelve months
- $497M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 3.7%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Packaging & Containers
The closest names by size in the same industry