A Business at a Glance
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Quad/Graphics, Inc.
QUAD
$417M
Mkt Cap
$8.34
+0.48%
Quad/Graphics, Inc. (QUAD) has a current P/E ratio of 15.4, compared to its historical median P/E of 15.7. The stock is currently considered Fair based on its historical valuation range.
Quad/Graphics, Inc. (QUAD) has a 5-year average return on invested capital (ROIC) of 10.5%. This indicates solid capital allocation.
Quad/Graphics, Inc. (QUAD) has a market capitalization of $414M. It is classified as a small-cap stock.
Yes, Quad/Graphics, Inc. (QUAD) pays a dividend with a trailing twelve-month yield of 3.96%. The company also returns capital through share buybacks, with a buyback yield of 1.40%.
Based on historical P/E analysis, Quad/Graphics, Inc. (QUAD) appears fair. The current P/E of 15.4 is 2% below its historical median of 15.7. The estimated fair value CAGR (P/E method) is -2.0%.
Quad/Graphics, Inc. (QUAD) operates in the Commercial Printing industry, within the Communication Services sector.
Quad/Graphics, Inc. (QUAD) reported annual revenue of $2.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Quad is a marketing experience (MX) company that simplifies the complexities of marketing, removing friction from wherever it occurs along the marketing journey. Its results-driven approach enables stronger marketing operations that lead to real, repeatable success for clients. The Company does this through its MX Solutions Suite, which is flexible, scalable and connected. Quad tailors its solutions to each client’s objectives, driving cost efficiencies, improving speed to market, strengthening marketing effectiveness and delivering value on investments. Quad’s footprint spans 10 countries, with 71 global facilities inclusive of 33 manufacturing and distribution facilities.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Product | $2.25B | $2.53B | $2.33B | $2.10B | $1.89B | 29% |
Operating Segments | $2.25B | $2.53B | $2.33B | $1.77B | $1.69B | 26% |
Catalog, publications, retail inserts, books and directories | $1.60B | $1.76B | $1.65B | $1.48B | $1.26B | 19% |
Direct mail and other printed products | $638M | $759M | $673M | $610M | $625M | 10% |
Service | $713M | $689M | $624M | $573M | $529M | 8% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.4B | 2.4B | 2.7B | 3.0B | 3.2B | 3.0B |
| Net Income | 27M | 27M | -51M | -55M | 9.3M | 38M |
| EPS | $0.55 | $0.54 | $-1.07 | $-1.14 | $0.18 | $0.71 |
| Free Cash Flow | 44M | 51M | 56M | 77M | 94M | 87M |
| ROIC | 14.0% | 30.0% | 5.9% | 4.4% | 4.0% | 8.3% |
| Gross Margin | - | 21.6% | 21.7% | 19.5% | 18.6% | 19.3% |
| Debt/Equity | 3.42 | -7.44 | -3.53 | -5.24 | 3.95 | 6.79 |
| Dividends/Share | $0.33 | $0.30 | $0.20 | $0.00 | $0.03 | $0.03 |
| Operating Income | 95M | 97M | 19M | 26M | 54M | 93M |
| Operating Margin | 4.0% | 4.0% | 0.7% | 0.9% | 1.7% | 3.1% |
| ROE | 21.6% | -28.3% | 40.9% | -200.4% | 6.0% | 34.2% |
| Shares Outstanding | 50M | 50M | 48M | 49M | 52M | 53M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 4.8B | 4.6B | 4.3B | 4.1B | 4.2B | 3.9B | 2.9B | 3.0B | 3.2B | 3.0B | 2.7B | 2.4B | 2.4B |
| Gross Margin | 20.3% | 19.9% | 21.6% | 25.2% | 23.2% | 18.6% | 20.3% | 19.3% | 18.6% | 19.5% | 21.7% | 21.6% | N/A |
| R&D | 11M | 10M | 9.3M | 9.0M | 3.6M | 3.6M | 3.0M | 3.1M | 3.3M | 3.1M | 3.2M | 2.9M | 2.9M |
| SG&A | 426M | 448M | 467M | 409M | 359M | 398M | 335M | 326M | 359M | 345M | 357M | 326M | 321M |
| EBIT | 141M | -830M | 117M | 173M | 87M | 35M | -46M | 93M | 54M | 26M | 19M | 97M | 95M |
| Op. Margin | 3.0% | -18.1% | 2.7% | 4.2% | 2.1% | 0.9% | -1.6% | 3.1% | 1.7% | 0.9% | 0.7% | 4.0% | 4.0% |
| Net Income | 18M | -642M | 45M | 107M | 8.5M | -156M | -128M | 38M | 9.3M | -55M | -51M | 27M | 27M |
| Net Margin | 0.4% | -14.0% | 1.0% | 2.6% | 0.2% | -4.0% | -4.4% | 1.3% | 0.3% | -1.9% | -1.9% | 1.1% | 1.2% |
| Non-Recurring | 67M | 973M | 74M | 52M | 103M | 98M | 121M | 40M | 22M | 78M | 102M | 21M | 24M |
| Returns on Capital | |||||||||||||
| ROIC | 3.5% | -31.2% | 5.3% | 11.8% | 6.5% | 2.6% | -11.3% | 8.3% | 4.0% | 4.4% | 5.9% | 30.0% | 14.0% |
| ROE | 1.5% | -81.4% | 10.4% | 22.2% | 1.8% | -46.7% | -82.6% | 34.2% | 6.0% | -200.4% | 40.9% | -28.3% | 21.6% |
| ROA | 0.4% | -18.7% | 1.7% | 4.3% | 0.3% | -6.4% | -5.9% | 2.0% | 0.5% | -3.5% | -3.6% | 2.1% | 2.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 293M | 348M | 354M | 344M | 261M | 156M | 190M | 137M | 155M | 148M | 113M | 96M | 91M |
| Free Cash Flow | 154M | 215M | 248M | 258M | 164M | 45M | 129M | 87M | 94M | 77M | 56M | 51M | 44M |
| Owner Earnings | -60M | 16M | 61M | 109M | 30M | -68M | -2.0M | -27M | 7.3M | 13M | 3.1M | 11M | -2.4B |
| CapEx | 139M | 133M | 106M | 86M | 96M | 111M | 61M | 50M | 60M | 71M | 57M | 45M | 47M |
| Maint. CapEx | 336M | 325M | 277M | 219M | 215M | 210M | 182M | 157M | 141M | 129M | 103M | 79M | 2.4B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 336M | 325M | 277M | 219M | 215M | 210M | 182M | 157M | 141M | 129M | 103M | 79M | 2.4B |
| CapEx/OCF | 47.5% | 38.2% | 30.1% | 25.0% | 37.0% | 71.4% | 32.1% | 36.6% | 39.0% | 48.0% | 50.7% | 47.1% | 51.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 61M | 62M | 61M | 63M | 63M | 57M | 9.5M | 1.4M | 1.4M | 100K | 9.4M | 14M | 16M |
| Dividend Yield | 9.9% | 12.1% | 9.0% | 7.3% | 7.5% | 14.2% | 6.0% | 0.7% | 0.7% | 0.1% | 3.9% | 5.0% | 4.0% |
| Share Buybacks | 0 | 0 | 8.8M | 3.8M | 37M | 0 | 0 | 0 | 10M | 13M | 0 | 8.0M | 5.8M |
| Buyback Yield | N/A | N/A | 0.9% | 0.4% | 7.3% | N/A | N/A | N/A | 5.4% | 4.8% | N/A | 2.4% | 1.4% |
| Stock-Based Comp | 17M | 7.2M | 15M | 16M | 16M | 14M | 11M | 6.2M | 6.0M | 5.6M | 7.3M | 6.6M | 6.3M |
| Debt Repayment | 868M | 1.4B | 918M | 531M | 2.6B | 3.6B | 352M | 441M | 995M | 1.4B | 184M | 29M | 29M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.4B | 1.3B | 1.1B | 881M | 856M | 1.1B | 951M | 749M | 658M | 564M | 433M | 379M | 426M |
| Cash & Equiv. | 9.6M | 24M | 19M | 64M | 70M | 79M | 55M | 180M | 25M | 53M | 29M | 63M | 7.0M |
| Long-Term Debt | 1.3B | 1.2B | 1.0B | 904M | 883M | 1.1B | 903M | 555M | 507M | 363M | 349M | 323M | 385M |
| Debt/Equity | 1.21 | 3.15 | 2.50 | 1.81 | 2.09 | 5.29 | 11.97 | 6.79 | 3.95 | -5.24 | -3.53 | -7.44 | 3.42 |
| Interest Coverage | 1.5 | -9.4 | 1.5 | 2.4 | 1.2 | 0.4 | -0.7 | 1.6 | 1.1 | 0.4 | 0.3 | 1.9 | 2.0 |
| Equity | 1.2B | 424M | 442M | 522M | 443M | 227M | 84M | 137M | 173M | -118M | -131M | -60M | 127M |
| Total Assets | 4.0B | 2.8B | 2.6B | 2.5B | 2.5B | 2.4B | 1.9B | 1.9B | 1.7B | 1.5B | 1.3B | 1.3B | 1.2B |
| Total Liabilities | 2.9B | 2.4B | 2.1B | 1.9B | 2.0B | 2.2B | 1.8B | 1.8B | 1.5B | 1.4B | 1.2B | 1.1B | 1.1B |
| Intangibles | 149M | 111M | 60M | 43M | 113M | 137M | 104M | 75M | 47M | 22M | 7.2M | 14M | 13M |
| Retained Earnings | 515M | -188M | -206M | -163M | -211M | -424M | -566M | -528M | -519M | -574M | -635M | -623M | -622M |
| Working Capital | 271M | 184M | 128M | 163M | 95M | 98M | -3.5M | -148M | -91M | -203M | -164M | -86M | -32M |
| Current Assets | 1.1B | 991M | 903M | 909M | 947M | 911M | 679M | 809M | 705M | 588M | 534M | 538M | 523M |
| Current Liabilities | 863M | 807M | 775M | 746M | 851M | 813M | 683M | 957M | 795M | 791M | 699M | 624M | 554M |
| Per Share Data | |||||||||||||
| EPS | 0.38 | -13.40 | 0.90 | 2.07 | 0.16 | -3.12 | -2.53 | 0.71 | 0.18 | -1.14 | -1.07 | 0.54 | 0.55 |
| Owner EPS | -1.26 | 0.33 | 1.23 | 2.11 | 0.57 | -1.35 | -0.04 | -0.51 | 0.14 | 0.27 | 0.07 | 0.21 | -47.38 |
| Book Value | 23.93 | 8.85 | 8.85 | 10.09 | 8.33 | 4.52 | 1.66 | 2.57 | 3.35 | -2.42 | -2.76 | -1.19 | 2.55 |
| Cash Flow/Share | 6.09 | 7.27 | 7.09 | 6.64 | 4.91 | 3.10 | 3.75 | 2.56 | 2.99 | 3.04 | 2.37 | 1.92 | 49.65 |
| Dividends/Share | 1.20 | 1.20 | 1.20 | 1.20 | 1.20 | 1.05 | 0.15 | 0.03 | 0.03 | 0.00 | 0.20 | 0.30 | 0.33 |
| Shares Out. | 48.2M | 47.9M | 49.9M | 51.8M | 53.1M | 50.1M | 50.7M | 53.2M | 51.7M | 48.6M | 47.6M | 50.0M | 49.6M |
| Valuation | |||||||||||||
| P/E Ratio | 36.6 | N/A | 20.9 | 8.1 | 59.0 | N/A | N/A | 5.2 | 19.8 | N/A | N/A | 11.6 | 15.2 |
| P/FCF | 4.3 | 1.4 | 3.8 | 3.4 | 3.1 | 4.3 | 1.4 | 2.3 | 2.0 | 3.2 | 5.6 | 6.2 | 9.4 |
| EV/EBIT | 15.2 | N/A | 17.2 | 11.1 | 15.2 | 33.8 | N/A | 9.5 | 14.3 | 32.1 | 36.0 | 6.4 | 8.8 |
| Price/Book | 0.6 | 0.7 | 2.1 | 1.7 | 1.1 | 0.9 | 2.1 | 1.4 | 1.1 | 2.2 | 6.9 | 2.6 | 3.3 |
| Price/Sales | 0.9 | 0.8 | 1.1 | 1.4 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
| FCF Yield | 22.6% | 73.6% | 26.4% | 29.6% | 32.8% | 23.1% | 72.1% | 44.2% | 50.5% | 29.1% | 16.1% | 15.4% | 10.6% |
| Market Cap | 680M | 292M | 937M | 871M | 501M | 193M | 179M | 196M | 187M | 264M | 345M | 328M | 414M |
| Avg. Price | 12.89 | 10.73 | 13.58 | 16.56 | 15.78 | 8.01 | 3.10 | 3.74 | 3.72 | 4.09 | 5.06 | 5.72 | 8.34 |
| Year-End Price | 13.89 | 6.10 | 18.78 | 16.82 | 9.44 | 3.85 | 3.54 | 3.71 | 3.57 | 5.04 | 6.60 | 6.28 | 8.34 |
Quad/Graphics, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
Quad/Graphics, Inc. trades at 15.4x trailing earnings, compared to its 15-year median P/E of 15.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 6.4x vs a median of 3.3x. The company's 5-year average ROIC is 10.5% with a gross margin of 20.1%. Total shareholder yield (dividends + buybacks) is 5.4%. At current prices, the estimated annualized return to fair value is -6.6%.
Quad/Graphics, Inc. (QUAD) has a net profit margin of 1.1%. This is a modest margin.
Quad/Graphics, Inc. (QUAD) generated $51 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Quad/Graphics, Inc. (QUAD) reported earnings per share (EPS) of $0.54 in its most recent fiscal year.
Quad/Graphics, Inc. (QUAD) has a return on equity (ROE) of -28.3%. A negative ROE may indicate losses or negative equity.
Quad/Graphics, Inc. (QUAD) has a 5-year average gross margin of 20.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for Quad/Graphics, Inc. (QUAD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Quad/Graphics, Inc. (QUAD) has a book value per share of $-1.19, based on its most recent annual SEC filing.