QUADNYSECommercial PrintingFiscal year ends December 31
Quad/Graphics, Inc.
Financials through Q1 FY2026, quarter ended Mar 31, 2026Last filing: 10-Q on Jul 29, 2026
$9.27−0.18 (-1.90%)
Close on Oct 19, 2026
- Market cap
- $459.79M
- P/E (TTM)
- 17.2
- Dividend yield
- 3.24%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
21.6%+1.3 pts over 5 years
Operating margin
4.0%+5.6 pts over 5 years
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -9.4% | -9.1% | -3.8% | -6.2% | |
| Gross profit | -9.8% | -4.4% | -2.5% | -5.5% | |
| Operating income | +405.2% | +21.9% | – | – | |
| EPS, diluted | – | +44.2% | – | – | |
| Free cash flow | -9.0% | -18.7% | -17.1% | -13.5% | |
| Dividend per share | +50.0% | – | +14.9% | -12.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 10.4% | -82.6% | – | |
| Return on assets | 1.7% | -5.9% | – | |
| Current ratio | 1.17 | 0.99 | 0.86 | |
| Debt to equity | 2.50 | 10.98 | 2.88 | |
| Interest coverage | 1.5× | -0.7× | 1.9× | |
| Inventory turnover | 12.4× | 12.3× | 12.4× | |
| Capex to revenue | 2.5% | 2.1% | 1.9% | |
| Diluted shares | 50M | 51M | 50M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Quad/Graphics generated $647.50M from operations and spent $340.80M on capital expenditure, dividends and share buybacks. 83% of that went back into the business.
Generated
$647.50M
Used
$340.80M
Capital expenditure$283.50M83%Dividends$26.70M8%Share buybacks$30.60M9%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin1.3%
×Asset turnover1.55×
×Equity multiplier17.28×
=Return on equity, FY202134.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2021 | 1.3% | 1.55× | 17.28× | 34.2% |
| FY2020 | -4.4% | 1.35× | 13.98× | -82.6% |
| FY2019 | -4.0% | 1.61× | 7.30× | -46.7% |
| FY2018 | 0.2% | 1.62× | 5.10× | 1.8% |
| FY2017 | 2.7% | 1.57× | 5.21× | 22.2% |
| FY2016 | 1.0% | 1.60× | 6.26× | 10.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero$95.90M
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income$95.90M vs –
- Less leverageLong-term debt to assets fell26.9% → 25.8%
- Better liquidityCurrent ratio rose0.76 → 0.86
- No dilutionShare count did not rise48M → 50M
- Gross margin improvedGross margin up on the prior year21.70% → 21.62%
- More efficientAsset turnover rose1.77 → 1.86