PKG vs SW: Packaging Corp of America and Smurfit WestRock compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Smurfit WestRock is the larger company, worth $20.0B, close to Packaging Corp of America's $19.5B.
- Packaging Corp of America grew revenue faster over the last year (+14.7% vs +1.1%).
- Packaging Corp of America keeps more of each dollar of revenue as operating profit (10.9% vs 4.7%).
- On earnings, Packaging Corp of America is the cheaper stock (26.9x vs 53.0x).
- Packaging Corp of America's price assumes faster free cash flow growth: about 9% a year, against 3% for Smurfit WestRock (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | PKG | SW |
|---|---|---|
| Market cap | $19.5B | $20.0B |
| Share price | $227.25 | $41.29 |
| Revenue (last fiscal year) | $9.0B | $31.2B |
| Free cash flow (last fiscal year) | $729M | $1.2B |
| Revenue growth, last year | +14.7% | +1.1% |
| Revenue growth per year, last 5 fiscal years | +3.8% | +32.2% |
| Operating margin | 10.9% | 4.7% |
| Net margin | 7.2% | 1.6% |
| Return on equity | 14.8% | 2.8% |
| P/E (trailing) | 26.9x | 53.0x |
| Price / free cash flow | 26.8x | 16.7x |
| EV / EBITDA | 13.9x | 8.31x |
| FCF growth the price implies | 8.8% | 2.6% |
| Dividend yield | 2.3% | 4.6% |
| Debt / equity | 1.36x | 1.50x |
| Fundamental grade | D | D |
| Superinvestors holding it | 0 | 3 |
| Insider purchases, last 12 months | 8 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Packaging Corp of America
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $7.7B | $489M | 16.1% |
| 2022 | $8.5B | $671M | 16.8% |
| 2023 | $7.8B | $845M | 13.8% |
| 2024 | $8.4B | $522M | 13.1% |
| 2025 | $9.0B | $729M | 12.3% |
Smurfit WestRock
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $13.5B | $503M | 11.5% |
| 2023 | $12.1B | $630M | 11.3% |
| 2024 | $21.1B | $17M | 4.8% |
| 2025 | $31.2B | $1.2B | 5.5% |
Where the revenue comes from
Packaging Corp of America · by segments, 2025
Packaging$8.3B91%
Paper$615M7%
Corporate and Other$234M3%
Smurfit WestRock · by segments, 2025
North America$18.2B58%
Europe, MEA and APAC$10.9B35%
LATAM$2.1B7%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open PKG in InvestinglyQuestions
Which is bigger, Packaging Corp of America or Smurfit WestRock?
Smurfit WestRock (SW), at $20.0B against $19.5B.
Is PKG or SW cheaper?
By trailing P/E, Packaging Corp of America (26.9x) is cheaper than Smurfit WestRock (53.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, PKG or SW?
Packaging Corp of America: revenue grew +14.7% over the last year, against +1.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.