NYSE:BALL
BALL Corp
A global leader in precision metal forming machinery serving aerospace and automotive sectors with a focus on speed and reliability.
Key Metrics
Investment Thesis
Bull Case
Investors may favor BALL Corp due to its dominant market position in high-speed press technology where few competitors exist, offering strong pricing power and margin stability. The company's robust balance sheet with $1.21B in cash and a low current portion of long-term debt provides ample flexibility for strategic M&A or dividend growth.
Bear Case
Concerns exist regarding the sustainability of recent earnings volatility, particularly the massive profit surge in 2024 followed by a return to lower 2025 levels which may indicate cyclical downturns. The company faces significant leverage with total liabilities of $14.1B against assets of $19.52B, and substantial depreciation charges suggest heavy reliance on aging or capital-intensive asset bases.
About BALL Corp
BALL Corp designs, manufactures, and sells precision-engineered metal forming equipment primarily for the aerospace, automotive, and industrial markets. The company serves global customers with high-speed press lines, tooling, and automation solutions that enable mass production of complex components.
Analysis
Management Discussion
Financial performance shows a rebound in 2025 with net profit reaching $915M, though this follows an anomalous spike in 2024 where net income jumped to $4.01B before returning to more sustainable levels in 2023 and 2024. The company generated strong operating cash flow of $1.26B in the latest period, utilizing significant capital for share repurchases of $1.32B while maintaining a healthy cash balance of $1.21B.
Industry Overview
The global industrial machinery industry is highly competitive but segmented by technology level, with leaders commanding premium prices for specialized automation. Demand is directly correlated with automotive and aerospace capital spending cycles, making revenue growth sensitive to macroeconomic conditions in these sectors.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $15.35B | $14.03B | $11.79B | $13.16B |
| Cost of Revenue | $12.77B | $11.36B | $9.35B | $10.58B |
| Gross Profit | $2.58B | $2.67B | $2.44B | $2.58B |
| Operating Expenses | $1.37B | $1.40B | $1.91B | $1.45B |
| Operating Income | $1.21B | $1.27B | $535.0M | $1.13B |
| R&D | $55.0M | $55.0M | — | — |
| G&A | $626.0M | $558.0M | $647.0M | $566.0M |
| Stock-Based Comp | $39.0M | $33.0M | $63.0M | $28.0M |
| D&A | — | — | $611.0M | $622.0M |
| Depreciation | $507.0M | $528.0M | $460.0M | $474.0M |
| Amortization | $165.0M | $158.0M | $151.0M | $148.0M |
| Other OpEx | $688.0M | $784.0M | $1.26B | $884.0M |
| Non-Operating Income | $-330.0M | $-459.0M | $0 | $0 |
| Pre-Tax Income | $884.0M | $814.0M | $535.0M | $1.13B |
| Income Tax | $159.0M | $123.0M | $133.0M | $240.0M |
| Continuing Ops | $725.0M | $691.0M | $430.0M | $915.0M |
| Discontinued Ops | $7.0M | $20.0M | $3.58B | $0 |
| Net Income | $732.0M | $711.0M | $4.01B | $915.0M |
| Minority Interest | $13.0M | $4.0M | $6.0M | $3.0M |
| Net to Common | $719.0M | $707.0M | $4.01B | $912.0M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $5.49B | $4.88B | $4.84B | $6.11B |
| Cash & Equivalents | $548.0M | $695.0M | $885.0M | $1.21B |
| Accounts Receivable | $2.11B | $1.95B | $1.74B | $2.06B |
| Inventory | $2.18B | $1.56B | $1.48B | $2.01B |
| Other Current Assets | $655.0M | $683.0M | $743.0M | $831.0M |
| Long-Term Assets | $14.42B | $14.42B | $12.79B | $13.41B |
| Intangibles | $1.42B | $1.31B | $1.08B | $982.0M |
| Goodwill | $4.24B | $4.29B | $4.17B | $4.38B |
| Operating Leases | $434.0M | $440.0M | $334.0M | $355.0M |
| Other LT Assets | $8.14B | $8.38B | $7.20B | $7.70B |
| Total Assets | $19.91B | $19.30B | $17.63B | $19.52B |
| Current Liabilities | $7.01B | $6.18B | $4.85B | $5.49B |
| Accounts Payable | $4.38B | $3.75B | $3.42B | $4.45B |
| Current Debt | — | — | $191.0M | $2.0M |
| Current Leases | $91.0M | $93.0M | $79.0M | $78.0M |
| Deferred Revenue | $316.0M | $337.0M | $50.0M | $74.0M |
| Other Current Liab | $2.22B | $2.00B | $1.11B | $881.0M |
| Long-Term Liabilities | $9.37B | $9.28B | $6.85B | $8.62B |
| LT Operating Leases | $349.0M | $356.0M | $265.0M | $283.0M |
| Other LT Liab | $9.01B | $8.91B | $6.58B | $8.33B |
| Total Liabilities | $16.38B | $15.47B | $11.70B | $14.10B |
| Shareholders' Equity | $3.53B | $3.84B | $5.93B | $5.42B |
| Retained Earnings | $7.31B | $7.76B | $11.53B | $12.22B |
| AOCI | $-679.0M | $-916.0M | $-1.00B | $-869.0M |
| Total L&E | $19.91B | $19.30B | $17.63B | $19.52B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $732.0M | $711.0M | $4.01B | $915.0M |
| Non-Cash Adjustments | $-1.16B | $2.49B | $-3.96B | $-1.14B |
| Working Capital Changes | $724.0M | $-1.34B | $61.0M | $1.49B |
| Cash from Operations | $301.0M | $1.86B | $115.0M | $1.26B |
| Capital Expenditures | $1.65B | $1.04B | $484.0M | $474.0M |
| Cash from Investing | $-786.0M | $-1.05B | $5.00B | $-656.0M |
| Debt Issuances | $4.85B | $2.05B | $650.0M | $6.68B |
| Debt Repayments | $3.88B | $2.28B | $3.48B | $5.30B |
| Share Buybacks | $618.0M | $3.0M | $1.71B | $1.32B |
| Dividends Paid | $254.0M | $252.0M | $244.0M | $220.0M |
| Cash from Financing | $485.0M | $-662.0M | $-4.79B | $-344.0M |
| FX Effect | $-21.0M | $4.0M | $-107.0M | $28.0M |
| Net Change in Cash | $-21.0M | $152.0M | $221.0M | $290.0M |
| Beginning Cash | $579.0M | $558.0M | $710.0M | $931.0M |
| Ending Cash | $558.0M | $710.0M | $931.0M | $1.22B |
Frequently Asked Questions
How does BALL Corp make money?
The company operates primarily through its core manufacturing business which includes high-speed press lines, specialized tooling, and automation systems for sheet metal fabrication. Revenue is driven by sales of new equipment to original equipment manufacturers (OEMs) and replacement parts or retrofits for existing machinery owners across North America and Europe.
What are the main risks for BALL?
Fluctuations in global aerospace and automotive production cycles can lead to significant volatility in equipment orders and inventory levels. High exposure to foreign exchange rates impacts margins given the company's international sales volume and manufacturing footprint. The capital-intensive nature of the business requires substantial cash outflows for acquisitions and R&D, which can strain liquidity if revenue growth stalls.
What is BALL's competitive advantage?
BALL Corp possesses deep proprietary engineering knowledge allowing it to design high-speed presses that significantly outperform standard market solutions in throughput speed. The company benefits from a loyal installed base of customers who rely on its specific tooling designs, creating high switching costs and recurring service revenue streams.
Related Companies
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.