A Business at a Glance
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INTERNATIONAL PAPER CO /NEW/
IP
$21.3B
Mkt Cap
$42.16
+11.21%
INTERNATIONAL PAPER CO /NEW/ (IP) has a 5-year average return on invested capital (ROIC) of 3.4%. This is below average and may indicate limited pricing power.
INTERNATIONAL PAPER CO /NEW/ (IP) has a market capitalization of $26.4B. It is classified as a large-cap stock.
Yes, INTERNATIONAL PAPER CO /NEW/ (IP) pays a dividend with a trailing twelve-month yield of 3.70%. The company also returns capital through share buybacks, with a buyback yield of 0.12%.
INTERNATIONAL PAPER CO /NEW/ (IP) operates in the Paper Mills industry, within the Materials sector.
INTERNATIONAL PAPER CO /NEW/ (IP) reported annual revenue of $23.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
INTERNATIONAL PAPER CO /NEW/ (IP) has a net profit margin of -14.9%. The company is currently unprofitable.
INTERNATIONAL PAPER CO /NEW/ (IP) generated $-159 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
International Paper is a global leader in sustainable, renewable fiber-based packaging solutions with manufacturing operations across North America, Latin America, Europe, and North Africa. The company operates two reportable segments—Packaging Solutions North America and Packaging Solutions EMEA—serving customers through an integrated mill and converting system that includes containerboard mills, converting and packaging plants, and recycling facilities. The business model is capital-intensive, requiring ongoing investment in mill reliability, capacity expansion, and product innovation to maintain cost competitiveness and service quality; the company generated net sales of $23.63 billion in 2025 and operates under a disciplined 80/20 performance system focused on simplification, segmentation, resourcing, and growth. International Paper's competitive positioning rests on its scale, geographic footprint, integrated supply chain, and focus on advantaged cost positions within targeted customer segments and geographies; the company serves diverse end-markets including e-commerce, fast-moving consumer goods, and fresh produce, with unit economics dependent on containerboard pricing, fiber costs, energy costs, and operational efficiency. The company is executing a strategic transformation that includes the planned separation into two independent, publicly traded companies—one focused on North America and one on EMEA—to enhance regional agility, tailored capital allocation, and long-term profitable growth.
【Strategic separation and regional focus】 Management is executing a planned separation into two independent, publicly traded companies in North America and EMEA, expected to complete near the end of 2026 or early 2027, which will enable each business to accelerate progress toward maximizing long-term profitable growth through greater speed, agility, and differentiation tailored to their respective regional markets. In North America, the business will continue strengthening its position by focusing on customers and leading on innovation with an advantaged cost position, with expectations for above-market volume growth of approximately 2% and industry demand tracking roughly flat for 2026. In EMEA, the company is preparing the business to stand alone as an independent entity with the goal of becoming the leading provider of innovative, sustainable packaging solutions in the region, supported by approximately $400 million of planned investment throughout 2026 to fund ongoing transformation and 80/20 implementation. Both companies are expected to maintain investment-grade credit ratings and pursue disciplined, value-creative investments in organic and inorganic growth opportunities, with management confident in its trajectory to deliver on 2026 targets despite near-term macroeconomic headwinds including softer demand, elevated input costs, and margin compression expected to ease in the second half of the year.
| Metric | Target | Period |
|---|---|---|
| Capital expenditures | $2.0 billion to $2.1 billion | FY2026 |
| Adjusted EBITDA - Packaging Solutions North America | $2.35 billion to $2.5 billion | FY2026 |
| Adjusted EBITDA - Packaging Solutions EMEA | $900 million to $1 billion | FY2026 |
| Enterprise Adjusted EBITDA (including corporate) | $3.2 billion to $3.5 billion | FY2026 |
| Net sales | $24.1 billion to $24.9 billion | FY2026 |
| Adjusted EBITDA | $3.5 billion to $3.7 billion | FY2026 |
| Free cash flow | $300 million to $500 million | FY2026 |
Capital expenditures (FY2026): “Capital expenditures in 2025 were approximately $1.9 billion and are expected to be approximately $2.0 billion to $2.1 billion in 2026.”
Adjusted EBITDA - Packaging Solutions North America (FY2026): “In North America, we expect to deliver $2.35 billion-$2.5 billion of Adjusted EBITDA.”
Adjusted EBITDA - Packaging Solutions EMEA (FY2026): “In EMEA, we are targeting $900 million-$1 billion of Adjusted EBITDA.”
“At the enterprise level, including corporate, that translates to $3.2 billion-$3.5 billion of Adjusted EBITDA.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 23.7B | 23.6B | 15.8B | 16.0B | 21.2B | 19.4B |
| Net Income | -3.4B | -3.5B | 557M | 288M | 1.5B | 1.8B |
| EPS | $-5.34 | $-6.95 | $1.57 | $0.82 | $4.10 | $4.47 |
| Free Cash Flow | 553M | -159M | 757M | 692M | 1.2B | 1.6B |
| ROIC | 0.0% | -18.9% | 4.9% | 3.8% | 13.2% | 13.8% |
| Gross Margin | - | 29.6% | 28.0% | 28.2% | 28.4% | 28.6% |
| Debt/Equity | 0.68 | 0.81 | 0.73 | 0.95 | 0.76 | 0.65 |
| Dividends/Share | $1.56 | $1.85 | $1.85 | $1.85 | $1.85 | $2.00 |
| Operating Income | 0 | -3.5B | 628M | 774M | 1.7B | 2.4B |
| Operating Margin | 0.0% | -14.8% | 4.0% | 4.8% | 7.9% | 12.2% |
| ROE | -22.6% | -30.6% | 6.7% | 3.4% | 17.1% | 20.7% |
| Shares Outstanding | 627M | 506M | 355M | 351M | 367M | 392M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 23.6B | 20.7B | 19.5B | 21.7B | 23.3B | 18.3B | 17.6B | 19.4B | 21.2B | 16.0B | 15.8B | 23.6B | 23.7B |
| Gross Margin | 31.2% | 33.4% | 27.9% | 31.9% | 33.3% | 30.8% | 29.8% | 28.6% | 28.4% | 28.2% | 28.0% | 29.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.8B | 1.5B | 1.5B | 1.6B | 1.7B | 1.4B | 1.4B | 1.4B | 1.3B | 1.3B | 1.7B | 2.0B | 2.0B |
| EBIT | 2.1B | 2.4B | 1.8B | 1.8B | 3.2B | 2.4B | 1.3B | 2.4B | 1.7B | 774M | 628M | -3.5B | 0 |
| Op. Margin | 8.7% | 11.4% | 9.2% | 8.4% | 13.7% | 13.1% | 7.1% | 12.2% | 7.9% | 4.8% | 4.0% | -14.8% | 0.0% |
| Net Income | 555M | 938M | 904M | 2.1B | 2.0B | 1.2B | 482M | 1.8B | 1.5B | 288M | 557M | -3.5B | -3.4B |
| Net Margin | 2.4% | 4.5% | 4.6% | 9.9% | 8.6% | 6.7% | 2.7% | 9.0% | 7.1% | 1.8% | 3.5% | -14.9% | -14.1% |
| Non-Recurring | 141M | 389M | 54M | 67M | 639M | 111M | 660M | 602M | 165M | 65M | 161M | 3.1B | 566M |
| Returns on Capital | |||||||||||||
| ROIC | 13.0% | 13.0% | 8.7% | 12.4% | 13.6% | 8.5% | 5.8% | 13.8% | 13.2% | 3.8% | 4.9% | -18.9% | 0.0% |
| ROE | 8.4% | 20.8% | 22.0% | 39.5% | 29.0% | 16.3% | 6.2% | 20.7% | 17.1% | 3.4% | 6.7% | -30.6% | -22.6% |
| ROA | 1.8% | 3.2% | 2.8% | 6.4% | 6.0% | 3.7% | 1.5% | 6.2% | 6.1% | 1.2% | 2.4% | -11.6% | -9.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 3.1B | 2.6B | 2.5B | 1.8B | 3.2B | 3.6B | 3.1B | 2.0B | 2.2B | 1.8B | 1.7B | 1.7B | 2.6B |
| Free Cash Flow | 1.7B | 1.3B | 1.2B | 477M | 1.7B | 2.5B | 2.4B | 1.6B | 1.2B | 692M | 757M | -159M | 553M |
| Owner Earnings | 1.6B | 1.3B | 1.3B | 328M | 1.8B | 2.4B | 1.9B | 790M | 1.0B | 605M | 731M | -1.2B | -181M |
| CapEx | 1.4B | 1.3B | 1.2B | 1.3B | 1.6B | 1.1B | 663M | 480M | 931M | 1.1B | 921M | 1.9B | 2.0B |
| Maint. CapEx | 1.4B | 1.2B | 1.1B | 1.3B | 1.3B | 1.1B | 1.1B | 1.1B | 1.0B | 1.1B | 851M | 2.7B | 2.7B |
| Growth CapEx | 0 | 143M | 117M | 0 | 244M | 65M | 0 | 0 | 0 | 0 | 70M | 0 | 0 |
| D&A | 1.4B | 1.2B | 1.1B | 1.3B | 1.3B | 1.1B | 1.1B | 1.1B | 1.0B | 1.1B | 851M | 2.7B | 2.7B |
| CapEx/OCF | 44.4% | 57.6% | 54.4% | 79.2% | 48.7% | 35.3% | 24.5% | 27.0% | 42.8% | 62.2% | 54.9% | 109.4% | 78.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 620M | 685M | 733M | 769M | 789M | 796M | 806M | 780M | 673M | 642M | 643M | 977M | 978M |
| Dividend Yield | 5.1% | 5.6% | 6.5% | 5.2% | 5.4% | 6.5% | 7.0% | 4.6% | 5.2% | 5.9% | 4.4% | 4.2% | 3.7% |
| Share Buybacks | 1.1B | 605M | 132M | 47M | 732M | 535M | 42M | 839M | 1.3B | 218M | 23M | 65M | 33M |
| Buyback Yield | 7.3% | 5.9% | 0.9% | 0.3% | 6.1% | 3.9% | 0.3% | 5.5% | 11.8% | 1.9% | 0.1% | 0.3% | 0.1% |
| Stock-Based Comp | 117M | 126M | 94M | 86M | 142M | 147M | 88M | 143M | 132M | 82M | 96M | 124M | 113M |
| Debt Repayment | 2.1B | 6.9B | 1.9B | 1.4B | 1.0B | 1.5B | 2.3B | 2.5B | 1.0B | 780M | 141M | 255M | 255M |
| Balance Sheet | |||||||||||||
| Net Debt | 5.6B | 7.2B | 9.2B | 9.1B | 9.5B | 9.2B | 7.3B | 3.4B | 4.8B | 5.7B | 3.7B | 10.8B | 8.9B |
| Cash & Equiv. | 1.9B | 1.1B | 1.0B | 1.0B | 589M | 511M | 595M | 1.3B | 804M | 1.1B | 1.1B | 1.1B | 1.2B |
| Long-Term Debt | 8.6B | 8.8B | 11.1B | 10.8B | 10.0B | 9.6B | 8.0B | 5.4B | 4.8B | 5.5B | 5.4B | 8.8B | 8.2B |
| Debt/Equity | 1.83 | 2.39 | 2.61 | 1.71 | 1.45 | 1.32 | 1.06 | 0.65 | 0.76 | 0.95 | 0.73 | 0.81 | 0.68 |
| Interest Coverage | 3.0 | 3.7 | 2.6 | 2.4 | 4.3 | 3.4 | 2.1 | 5.5 | 4.1 | 1.9 | 1.5 | -6.3 | -6.3 |
| Equity | 5.1B | 3.9B | 4.3B | 6.5B | 7.4B | 7.7B | 7.9B | 9.1B | 8.5B | 8.4B | 8.2B | 14.8B | 14.8B |
| Total Assets | 28.7B | 30.5B | 33.1B | 33.9B | 33.6B | 33.5B | 31.7B | 25.2B | 23.9B | 23.3B | 22.8B | 38.0B | 36.4B |
| Total Liabilities | 23.4B | 26.6B | 28.7B | 27.4B | 26.2B | 25.8B | 23.9B | 16.2B | 15.4B | 14.9B | 14.6B | 23.1B | -272M |
| Intangibles | N/A | N/A | 547M | 482M | 393M | 368M | 301M | 268M | 220M | 183M | 72M | 4.0B | 4.1B |
| Retained Earnings | 4.4B | 4.6B | 4.8B | 6.2B | 7.5B | 8.4B | 8.1B | 9.0B | 9.9B | 9.5B | 9.4B | 4.9B | 4.7B |
| Working Capital | 3.0B | 2.6B | 2.6B | 3.2B | 2.3B | -2.0B | 3.0B | 3.0B | 1.8B | 2.6B | 2.2B | 2.2B | 1.5B |
| Current Assets | 8.0B | 6.5B | 6.7B | 8.3B | 7.0B | 6.6B | 11.2B | 7.1B | 6.8B | 6.6B | 6.4B | 10.1B | 8.6B |
| Current Liabilities | 4.9B | 3.9B | 4.1B | 5.1B | 4.7B | 8.6B | 8.3B | 4.1B | 5.0B | 4.0B | 4.3B | 7.9B | 7.1B |
| Per Share Data | |||||||||||||
| EPS | 1.29 | 2.23 | 2.18 | 5.13 | 4.85 | 3.07 | 1.22 | 4.47 | 4.10 | 0.82 | 1.57 | -6.95 | -5.34 |
| Owner EPS | 3.61 | 3.06 | 3.04 | 0.78 | 4.23 | 5.99 | 4.77 | 2.02 | 2.73 | 1.72 | 2.06 | -2.32 | -0.29 |
| Book Value | 11.89 | 9.23 | 10.47 | 15.61 | 17.75 | 19.33 | 19.88 | 23.17 | 23.16 | 23.79 | 23.04 | 29.31 | 23.62 |
| Cash Flow/Share | 7.15 | 6.13 | 5.98 | 4.20 | 7.78 | 9.05 | 7.75 | 5.18 | 5.93 | 5.22 | 4.73 | 3.36 | -1.09 |
| Dividends/Share | 1.45 | 1.64 | 1.78 | 1.86 | 1.93 | 2.01 | 2.05 | 2.00 | 1.85 | 1.85 | 1.85 | 1.85 | 1.56 |
| Shares Out. | 430.2M | 420.6M | 414.7M | 417.9M | 414.8M | 399.0M | 395.1M | 391.9M | 366.8M | 351.2M | 354.8M | 505.9M | 627.0M |
| Valuation | |||||||||||||
| P/E Ratio | 26.2 | 11.0 | 16.5 | 7.9 | 5.9 | 11.3 | 30.6 | 8.6 | 7.2 | 40.3 | 33.0 | N/A | -7.9 |
| P/FCF | 8.0 | 7.7 | 11.4 | 33.4 | 6.8 | 5.3 | 6.1 | 9.8 | 8.8 | 16.8 | 24.3 | N/A | 47.8 |
| EV/EBIT | 1.3 | 8.7 | 13.6 | 14.5 | 6.7 | 8.9 | 17.4 | 7.7 | 9.3 | 19.7 | 35.2 | N/A | N/A |
| Price/Book | 2.8 | 2.7 | 3.4 | 2.6 | 1.6 | 1.8 | 1.9 | 1.2 | 0.8 | 0.9 | 2.3 | 1.3 | 1.8 |
| Price/Sales | 0.5 | 0.6 | 0.6 | 0.7 | 0.7 | 0.6 | 0.7 | 0.9 | 0.6 | 0.6 | 0.9 | 1.0 | 1.1 |
| FCF Yield | 11.8% | 12.3% | 8.3% | 2.8% | 13.9% | 17.9% | 16.3% | 10.2% | 11.4% | 6.0% | 4.1% | -0.8% | 2.1% |
| Market Cap | 14.5B | 10.3B | 14.9B | 16.8B | 11.9B | 13.9B | 14.7B | 15.1B | 10.9B | 11.6B | 18.4B | 20.0B | 26.4B |
| Avg. Price | 28.09 | 28.84 | 27.14 | 35.38 | 35.09 | 30.74 | 28.94 | 42.81 | 35.46 | 30.73 | 41.39 | 46.47 | 42.16 |
| Year-End Price | 32.00 | 23.24 | 33.98 | 38.14 | 27.24 | 32.88 | 37.31 | 38.61 | 29.68 | 33.06 | 51.84 | 39.50 | 42.16 |
INTERNATIONAL PAPER CO /NEW/ passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 3.4% with a gross margin of 28.6%. Total shareholder yield (dividends + buybacks) is 3.8%. At current prices, the estimated annualized return to fair value is -18.1%.
INTERNATIONAL PAPER CO /NEW/ (IP) has a debt-to-equity ratio of 0.81. This indicates moderate leverage.
INTERNATIONAL PAPER CO /NEW/ (IP) reported earnings per share (EPS) of $-6.95 in its most recent fiscal year.
INTERNATIONAL PAPER CO /NEW/ (IP) has a return on equity (ROE) of -30.6%. A negative ROE may indicate losses or negative equity.
INTERNATIONAL PAPER CO /NEW/ (IP) has a 5-year average gross margin of 28.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for INTERNATIONAL PAPER CO /NEW/ (IP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
INTERNATIONAL PAPER CO /NEW/ (IP) has a book value per share of $29.31, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing a planned separation into two independent, publicly traded companies in North America and EMEA, expected to complete near the end of 2026 or early 2027, which will enable each business to accelerate progress toward maximizing long-term profitable growth through greater speed, agility, and differentiation tailored to their respective regional markets. In North America, the business will continue strengthening its position by focusing on customers and leading on innovation with an advantaged cost position, with expectations for above-market volume growth of approximately 2% and industry demand tracking roughly flat for 2026. In EMEA, the company is preparing the business to stand alone as an independent entity with the goal of becoming the leading provider of innovative, sustainable packaging solutions in the region, supported by approximately $400 million of planned investment throughout 2026 to fund ongoing transformation and 80/20 implementation. Both companies are expected to maintain investment-grade credit ratings and pursue disciplined, value-creative investments in organic and inorganic growth opportunities, with management confident in its trajectory to deliver on 2026 targets despite near-term macroeconomic headwinds including softer demand, elevated input costs, and margin compression expected to ease in the second half of the year.
Based on recent SEC filings and earnings calls, INTERNATIONAL PAPER CO /NEW/ (IP) has provided the following forward guidance: Capital expenditures: $2.0 billion to $2.1 billion (FY2026); Adjusted EBITDA - Packaging Solutions North America: $2.35 billion to $2.5 billion (FY2026); Adjusted EBITDA - Packaging Solutions EMEA: $900 million to $1 billion (FY2026); Enterprise Adjusted EBITDA (including corporate): $3.2 billion to $3.5 billion (FY2026); Net sales: $24.1 billion to $24.9 billion (FY2026), plus 2 additional metrics.
Net sales (FY2026): “We're projecting enterprise net sales of $24.1 billion-$24.9 billion, with adjusted EBITDA of $3.5 billion-$3.7 billion and free cash flow of $300 million-$500 million.”
Adjusted EBITDA (FY2026): “We're projecting enterprise net sales of $24.1 billion-$24.9 billion, with adjusted EBITDA of $3.5 billion-$3.7 billion and free cash flow of $300 million-$500 million.”
Free cash flow (FY2026): “We're projecting enterprise net sales of $24.1 billion-$24.9 billion, with adjusted EBITDA of $3.5 billion-$3.7 billion and free cash flow of $300 million-$500 million.”
No recent press releases.