CCK (CROWN HOLDINGS, INC.) Financials & Analysis

■ Key Metrics

Revenue

$12.37B

Net Income

$883.0M

Gross Profit

$2.72B

Operating Cash Flow

$1.53B

Total Assets

$14.27B

Shareholders' Equity

$3.48B

Long-Term Debt

$5.40B

Cash & Equiv

$764.0M

⚖ Investment Thesis

Bull Case

Investors may favor Crown Holdings due to its dominant market position as a top-tier supplier with deep moats built on high capital requirements that deter new competition. The recent surge in profitability, evidenced by the return to $883 million in net profit, suggests an effective recovery from prior cost pressures and potential margin expansion. Strong cash flow generation allows for consistent shareholder returns via buybacks and dividends while funding necessary capital expenditures for capacity maintenance and sustainability initiatives.

Bear Case

Concerns regarding high leverage with over $6 billion in long-term debt may limit financial flexibility during periods of elevated interest rates or economic stress. The company has experienced a multi-year revenue contraction trend, dropping from nearly $13 billion in 2022 to $11.8 billion in 2024 before a recent partial recovery, indicating structural headwinds in the consumer goods sector. Dependence on a few large customers and vulnerability to input cost inflation could erode future earnings if pricing power is insufficient to cover rising raw material expenses.

◉ About CROWN HOLDINGS, INC.

Crown Holdings Inc. is a leading global manufacturer of metalized film packaging solutions, serving major consumer packaged goods companies across North America, Europe, and Asia. The company primarily supplies flexible packaging materials such as pouches, bags, and sleeves for food, beverage, and personal care brands, leveraging its extensive network of manufacturing facilities to meet growing demand for sustainable and high-barrier packaging options.

⚙ Analysis

Management Discussion

Despite a slight revenue decline over the last two years, Crown Holdings demonstrated strong operational resilience with net income rebounding significantly in 2025 to $883 million compared to previous lows. The company generated robust operating cash flow of $1.53 billion and returned substantial value to shareholders through common share repurchases of $505 million and dividends of $120 million, offsetting a large cash outflow from financing activities related to debt restructuring. While the balance sheet remains leveraged with long-term debt exceeding $5.4 billion, the strong operating profit margins and consistent free cash flow generation provide a solid foundation for future growth and debt management.

Industry Overview

The flexible packaging industry is experiencing a transformation driven by the shift toward sustainable materials and the need for high-barrier protection against moisture and oxygen in food products. Companies in this sector are under pressure to innovate with bio-based or recyclable alternatives while maintaining cost efficiency to support price-sensitive consumer goods brands. Consolidation is common as larger players acquire smaller manufacturers to achieve economies of scale and secure supply chain control.

☰ Financial Statements

Income Statement

Balance Sheet

Cash Flow

Metric	2022	2023	2024	2025
Revenue	$12.94B	$12.01B	$11.80B	$12.37B
Cost of Revenue	$10.64B	$9.55B	$9.26B	$9.64B
Gross Profit	$2.30B	$2.46B	$2.54B	$2.72B
Operating Expenses	$964.0M	$1.20B	$1.12B	$1.17B
Operating Income	$1.34B	$1.27B	$1.42B	$1.55B
R&D	$34.0M	$33.0M	$32.0M	$33.0M
G&A	$556.0M	$582.0M	$597.0M	$632.0M
Stock-Based Comp	$29.0M	$31.0M	$42.0M	$48.0M
Depreciation	—	—	$297.0M	$308.0M
Amortization	$159.0M	$163.0M	$151.0M	$148.0M
Other OpEx	$374.0M	$580.0M	$491.0M	$506.0M
Non-Operating Income	$-280.0M	$-474.0M	$-676.0M	$-393.0M
Interest Expense	$284.0M	$436.0M	$452.0M	—
Interest Income	$15.0M	$53.0M	$82.0M	$55.0M
Pre-Tax Income	$1.06B	$795.0M	$743.0M	$1.16B
Income Tax	$243.0M	$222.0M	$183.0M	$281.0M
Continuing Ops	$855.0M	$587.0M	$560.0M	$879.0M
Discontinued Ops	$0	$0	$0	$4.0M
Net Income	$855.0M	$587.0M	$560.0M	$883.0M
Minority Interest	$128.0M	$137.0M	$136.0M	$145.0M
Net to Common	$727.0M	$450.0M	$424.0M	$738.0M

Metric	2022	2023	2024	2025
Current Assets	$4.66B	$4.83B	$4.21B	$4.39B
Cash & Equivalents	$550.0M	$1.31B	$918.0M	$764.0M
Accounts Receivable	—	$1.09B	$1.03B	$1.02B
Inventory	$2.01B	$1.61B	$1.44B	$1.58B
Prepaid Expenses	$252.0M	$191.0M	$197.0M	$279.0M
Other Current Assets	$1.84B	$626.0M	$626.0M	$745.0M
Long-Term Assets	$9.64B	$10.20B	$9.64B	$9.88B
PP&E (Net)	$4.54B	$5.06B	$4.93B	$5.19B
Intangibles	$1.36B	$1.26B	$1.04B	$959.0M
Goodwill	$2.95B	$3.12B	$2.95B	$3.15B
Operating Leases	$221.0M	$211.0M	$201.0M	$193.0M
Other LT Assets	$572.0M	$553.0M	$511.0M	$390.0M
Total Assets	$14.30B	$15.03B	$13.85B	$14.27B
Current Liabilities	$3.93B	$4.20B	$3.46B	$4.27B
Accounts Payable	$2.77B	$2.46B	$2.42B	$2.64B
Current Debt	$109.0M	$759.0M	$80.0M	$480.0M
Current Leases	$44.0M	$45.0M	$47.0M	$48.0M
Taxes Payable	$87.0M	$119.0M	$116.0M	$89.0M
Other Current Liab	$-11.0M	$-103.0M	$-50.0M	$-6.0M
Long-Term Liabilities	$8.08B	$7.97B	$7.16B	$6.53B
Long-Term Debt	$6.79B	$6.70B	$6.06B	$5.40B
LT Operating Leases	$184.0M	$175.0M	$167.0M	$158.0M
Other LT Liab	$1.08B	$1.07B	$912.0M	$939.0M
Total Liabilities	$12.01B	$12.17B	$10.62B	$10.79B
Shareholders' Equity	$2.29B	$2.86B	$3.23B	$3.48B
Paid-In Capital	$0	$17.0M	$0	$0
Retained Earnings	$3.14B	$3.48B	$3.62B	$3.81B
AOCI	$-1.89B	$-1.69B	$-1.46B	$-1.38B
Total L&E	$14.30B	$15.03B	$13.85B	$14.27B

Metric	2022	2023	2024	2025
Net Income (CFO)	$855.0M	$587.0M	$560.0M	$883.0M
Non-Cash Adjustments	$-288.0M	$1.88B	$723.0M	$385.0M
Working Capital Changes	$236.0M	$-1.01B	$-91.0M	$262.0M
Cash from Operations	$803.0M	$1.45B	$1.19B	$1.53B
Capital Expenditures	$839.0M	$793.0M	$403.0M	$413.0M
Cash from Investing	$-642.0M	$-804.0M	$-12.0M	$-320.0M
Debt Issuances	$2.95B	$1.10B	$675.0M	$1.29B
Debt Repayments	$2.28B	$312.0M	$1.79B	$1.89B
Share Buybacks	$722.0M	$12.0M	$217.0M	$505.0M
Dividends Paid	$106.0M	$115.0M	$119.0M	$120.0M
Cash from Financing	$-25.0M	$116.0M	$-1.53B	$-1.36B
FX Effect	$-90.0M	$-4.0M	$-38.0M	$14.0M
Net Change in Cash	$46.0M	$761.0M	$-384.0M	$-137.0M
Beginning Cash	$593.0M	$639.0M	$1.40B	$1.02B
Ending Cash	$639.0M	$1.40B	$1.02B	$879.0M

Frequently Asked Questions

How does CROWN HOLDINGS, INC. make money?

The company operates through three primary business segments: North America, Europe, and Asia-Pacific. Revenue streams are driven by sales to top-tier consumer packaged goods clients for flexible packaging applications including stand-up pouches, pillow bags, and sleeve packaging used in the food service, retail food, and personal care sectors.

What are the main risks for CCK?

Significant exposure to volatile raw material prices, particularly aluminum foil and polymer resins, which can compress gross margins if not effectively hedged or passed to customers. Economic downturns or reduced consumer spending in discretionary categories like snacks and beverages could lead to lower volume orders from key clients. Intense competition from both established rivals and new entrants offering alternative packaging materials such as plastic-free options poses a threat to market share. Regulatory changes regarding single-use plastics or environmental standards could impact operations or require costly facility upgrades.

What is CCK's competitive advantage?

Crown Holdings benefits from a high barrier-to-entry due to its massive capital-intensive manufacturing footprint and deep client relationships with Fortune 500 companies. The company possesses significant scale advantages that allow for optimized production costs and a robust global logistics network capable of serving customers worldwide. Its focus on innovation in sustainable packaging technologies positions it favorably against competitors as consumer demand for eco-friendly materials increases.

CROWN HOLDINGS, INC.