Amcor plc (AMCR)

Price—Loading quote

AI: Fair-priced

Price checkThe shares look fairly priced, with income appeal balanced by debt and integration risk.

At $46.07, Amcor is worth about $21.3 billion. Fiscal 2026 earnings of $2.38 a share put the price at 19.4 times reported earnings; management-adjusted earnings of $4.02 put it at 11.5 times. Free cash flow—cash left after running and investing in the business—was $1.303 billion, or about $2.82 a share, a 6.1% cash yield. The $2.60 annualized dividend yields 5.6%. These signals are appealing, but $12.9 billion of net debt and substantial merger adjustments prevent a clear bargain verdict.

Big picturePackaging cash flow is durable, but most reported growth came from the Berry deal.

Fiscal 2026 revenue rose 57% to $23.5 billion, yet acquired operations supplied $7.9 billion and underlying volume, selling prices, and products sold reduced growth by about 2%. June-quarter comparable volume improved only 0.5%, while raw-material cost pass-through added $280 million of sales. Operating cash flow rose to $2.151 billion from $1.390 billion, although $1.595 billion arrived in the final quarter. Before Berry, annual operating cash remained between $1.261 billion and $1.526 billion during 2021-2025, supporting durability but showing limited organic growth.

Business strengthScale and liquidity improved, while debt, dilution, and dividend commitments limit flexibility.

Amcor ended June with $1.115 billion of cash, and current assets exceeded current liabilities by $1.891 billion. However, net debt was $12.897 billion, about 3.5 times adjusted annual operating cash earnings before interest, taxes, depreciation, and amortization. Fiscal dividends consumed $1.195 billion of $1.303 billion reported free cash flow, while buybacks were just $1 million. The all-stock Berry purchase also lifted weighted diluted shares from 318.6 million to 463.8 million, a 46% increase. The larger business is stronger operationally, but each share now carries substantial debt and dilution.

What could change the storyFaster merger savings and debt reduction could create upside; weaker volumes would erase it.

Amcor recorded about $240 million of Berry savings in fiscal 2026 and continues targeting $650 million of annual benefits by fiscal 2028. Delivering those savings while lifting free cash flow above $1.6 billion and moving debt below three times adjusted operating cash earnings would strengthen the undervaluation case. Conversely, December-half adjusted earnings guidance of $1.80-$1.90 per share and expected debt leverage of 3.5-3.6 times show little immediate balance-sheet improvement. The current price therefore assumes merger benefits continue despite weak underlying demand and higher input costs.

$46.07 price considered

AI: News

Strong fiscal-year finishStrong year-end profit and merger savings improved confidence, but cash still barely covered dividends.

On August 12, 2026, Amcor reported June-quarter sales of $6.398 billion, net income of $389 million versus a $39 million loss, and adjusted earnings of $1.23 per share. Full-year adjusted earnings rose 13% to $4.02 per share, while Berry savings contributed about $240 million to adjusted operating profit. Reported free cash flow reached $1.303 billion after $290 million of merger-related cash costs, leaving only a narrow margin over $1.195 billion of dividends.

Cash guidance cutSupply disruption forced Amcor to hold more inventory, weakening expected cash generation despite merger savings.

On May 6, 2026, Amcor reduced fiscal-year free-cash-flow guidance from $1.8-$1.9 billion to $1.5-$1.6 billion. Management said Middle East disruption required higher-cost inventory and prevented an expected $200 million inventory reduction. Third-quarter Berry savings still reached $77 million, and adjusted earnings guidance remained $3.98-$4.03 per share. Shares rose 6.83% from the preceding close to the following close, although timing alone cannot establish that the guidance update caused the move.

Revenue

2019

2020

2021

2022

2023

2024

2025

2026

Net income

2019

2020

2021

2022

2023

2024

2025

2026

Free cash flow

2019

2020

2021

2022

2023

2024

2025

2026

Total cash / debt

CashTotal debt

2019

2020

2021

2022

2023

2024

2025

2026

Financial statements

	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	$23.51B	$15.01B	$13.64B	$14.69B	$14.54B	$12.86B	$12.47B	$9.46B	$9.32B	$9.10B
Gross profit	$4.69B	$2.83B	$2.71B	$2.73B	$2.82B	$2.73B	$2.54B	$1.80B	$1.86B	$1.91B
Research & development	$170.0M	$120.0M	$106.0M	$101.0M	$96.0M	$100.0M	$97.0M	$64.0M	$72.7M	$69.1M
Operating income	$1.90B	$1.01B	$1.21B	$1.51B	$1.24B	$1.32B	$994.0M	$792.0M	$993.9M	$916.1M
EBITDAderived	$3.38B	$1.73B	$1.81B	$2.09B	$1.86B	$1.90B	$1.65B	$1.25B	$1.35B	$1.29B
Net income	$1.11B	$511.0M	$730.0M	$1.05B	$805.0M	$939.0M	$612.0M	$430.0M	$575.2M	$564.0M
Basic EPSper diluted share	$2.39	$1.60	$2.53	$0.71	$0.53	$0.60	$0.38	$0.36	$0.50	$0.49
Diluted EPSper diluted share	$2.38	$1.60	$2.52	$0.71	$0.53	$0.60	$0.38	$0.36	$0.49	$0.48

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys17$5.49M disclosed value

Sells (SEC code S)6$374.1K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Dec 11, 2025Form 4	Scherger Stephen R.Executive VP, Finance & CFO	BuyOrdinary Shares	121.1K	$8.32	$1.01M	121.1K
Dec 3, 2025Form 4	Rahman Jill ADirector	SellOrdinary Shares	4.1K	$8.44	$35.0K	82.5K
Dec 3, 2025Form 4	CARTER SUSAN KDirector	SellOrdinary Shares	6.1K	$8.44	$51.1K	71.3K
Nov 24, 2025Form 4	Rahman Jill ADirector	SellOrdinary Shares	6.6K	$8.48	$55.9K	77.4K
Nov 12, 2025Form 4	Long Nicholas T.Director	BuyOrdinary Shares	10.0K	$8.54	$85.4K	62.9K

Review ownership filings at SEC.gov ↗

Amcor plc (AMCR)

Financial charts

Financial statements

Insider buys & sells