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What this page is: Delvantic's full research page for Ball Corporation (BALL) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
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Ball Corporation
BALL NYSEBall Corporation is a global aluminum packaging company that supplies containers and related solutions for the beverage, personal care, and household products industries. Its product portfolio includes aluminum beverage cans, can ends, recloseable aluminum bottles, extruded aluminum aerosol containers, aluminum cups, and aluminum slugs. The company serves large multinational customers across soft drinks, beer, energy drinks, personal care, and home care markets, supporting high-volume, repeat-use packaging needs. Ball Corporation operates through regional beverage packaging businesses in North and Central America, EMEA, and South America, with manufacturing facilities positioned close to customer filling operations. The company focuses on sustainable aluminum packaging, emphasizing recyclable formats and production capabilities that are integral to modern consumer goods supply chains. Ball Corporation is headquartered in Westminster, Colorado.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics TTM · through Jun 30, 2026
EPS (Diluted): 3.53
Total Equity: $5.77B
Shares: 269,147,000
Total Debt: $7.22B
Cash: $491.00M
EBITDA: N/A
Total Debt: $7.22B
Cash: $491.00M
Revenue: $14.33B
Revenue: $14.33B
Revenue: $14.33B
Total Equity: $5.77B
Tax Rate: 21.7%
Equity: $5.77B
Total Debt: $7.22B
Cash: $491.00M
Current Liabilities: $6.22B
Long-Term Debt: $6.53B
Total Debt: $7.22B
Total Equity: $5.77B
Shares: 269,147,000
Shares: 269,147,000
CapEx: -$599.00M
Shares: 269,147,000
Stock Price: $62.67
Net Income: $949.00M
Industry Benchmarks
Income Statement (Annual)
Last updated: Sep 7, 2026 10:54am (30d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $13.8B | $15.3B | $14.0B | $11.8B | $13.2B |
| Cost of Revenue | $11.1B | $12.8B | $11.4B | $9.4B | $10.6B |
| Gross Profit | $2.7B | $2.6B | $2.7B | $2.4B | $2.6B |
| Operating Expenses | $1.4B | $1.4B | $1.4B | $647.0M | $566.0M |
| Operating Income | $1.3B | $1.2B | $1.3B | $1.8B | $2.0B |
| Net Income | $878.0M | $732.0M | $711.0M | $4.0B | $915.0M |
| EBITDA | — | $1.8B | $1.9B | $2.4B | $2.6B |
| EPS | $2.69 | $2.27 | $2.25 | $13.12 | $3.33 |
| EPS (Diluted) | $2.65 | $2.25 | $2.23 | $13.00 | $3.30 |
Balance Sheet (Annual)
Last updated: Sep 7, 2026 10:54am (30d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $563.0M | $548.0M | $695.0M | $885.0M | $1.2B |
| Total Current Assets | $5.2B | $5.5B | $4.9B | $4.8B | $6.1B |
| Total Assets | $19.7B | $19.9B | $19.3B | $17.6B | $19.5B |
| Current Liabilities | $6.0B | $7.0B | $6.2B | $4.8B | $5.5B |
| Long-Term Debt | $7.7B | $7.5B | $7.5B | $5.3B | $7.0B |
| Total Liabilities | $16.0B | $16.4B | $15.5B | $11.7B | $14.1B |
| Total Equity | $3.7B | $3.5B | $3.8B | $5.9B | $5.4B |
| Retained Earnings | $6.8B | $7.3B | $7.8B | $11.5B | $12.2B |
Cash Flow (Annual)
Last updated: Sep 7, 2026 10:54am (30d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $1.8B | $301.0M | $1.9B | $115.0M | $1.3B |
| Capital Expenditure | -$1.7B | -$1.7B | -$1.0B | -$484.0M | -$474.0M |
| Free Cash Flow | $34.0M | -$1.4B | $818.0M | -$369.0M | $788.0M |
| Acquisitions (net) | — | — | — | -$74.0M | -$159.0M |
| Net Debt Issued / (Repaid) | $100.0M | $967.0M | -$230.0M | -$2.8B | $1.4B |
| Dividends Paid | -$229.0M | -$254.0M | -$252.0M | -$244.0M | -$220.0M |
| Stock Buybacks | -$766.0M | -$618.0M | -$3.0M | -$1.7B | -$1.3B |
| Net Change in Cash | -$802.0M | -$21.0M | $152.0M | $221.0M | $290.0M |
Growth Trends (YoY %)
Last updated: Sep 7, 2026 10:54am (30d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +11.1% | -8.6% | -15.9% | +11.6% |
| Gross Profit Growth | -5.2% | +3.4% | -8.6% | +5.6% |
| Operating Income Growth | -6.0% | +4.9% | +40.9% | +12.2% |
| Net Income Growth | -16.6% | -2.9% | +464.6% | -77.2% |
| EBITDA Growth | — | +3.9% | +28.1% | +9.5% |
Dividend History (Last 20)
Last updated: Sep 7, 2026 10:54am (30d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-09-01 | $0.20 | — | — | — |
| 2026-06-01 | $0.20 | — | — | — |
| 2026-03-02 | $0.20 | — | — | — |
| 2025-12-01 | $0.20 | — | — | — |
| 2025-09-02 | $0.20 | — | — | — |
| 2025-06-02 | $0.20 | — | — | — |
| 2025-03-03 | $0.20 | — | — | — |
| 2024-12-02 | $0.20 | — | — | — |
| 2024-09-03 | $0.20 | — | — | — |
| 2024-06-03 | $0.20 | — | — | — |
| 2024-02-29 | $0.20 | — | — | — |
| 2023-11-30 | $0.20 | — | — | — |
| 2023-08-31 | $0.20 | — | — | — |
| 2023-05-31 | $0.20 | — | — | — |
| 2023-02-28 | $0.20 | — | — | — |
| 2022-11-30 | $0.20 | — | — | — |
| 2022-08-31 | $0.20 | — | — | — |
| 2022-05-31 | $0.20 | — | — | — |
| 2022-02-28 | $0.20 | — | — | — |
| 2021-11-30 | $0.20 | — | — | — |
Deep Analysis
Risk : Reward — upside vs downside from this company's own quarters
Not computed yetNarrative Economics
market-narrative step).
Claude Reading
The single most important number in this file is the 2024 annual net income of $4.01B on $11.80B of revenue — a 34% net margin for an aluminum can maker. That figure is a one-time divestiture gain (Ball sold its food-can business to Ardagh in late 2024), and it is poisoning every five-year CAGR in the momentum block: the "earnings CAGR of -52.5%" is an artifact of that spike, not a real earnings collapse. Strip it out and the normalized earnings run-rate is the TTM $949M (321+200+205+223 across the four quarters ending June 2026), which gives a 6.6% net margin on $14.33B of TTM revenue — unremarkable but consistent with the 5-7% range the pre-flight model correctly identifies. The quarterly revenue trajectory is the real story: $3.34B in Q2 2025 to $4.00B in Q2 2026 is +19.8% YoY, and the sequential build from $3.35B (Q4 2025) to $3.60B (Q1 2026) to $4.00B (Q2 2026) shows accelerating momentum, not the "steady" trend the revenue-confidence tag suggests. That growth is partly the post-divestiture base effect (the 2024 revenue drop from $15.35B to $11.80B was the food-can exit, not demand destruction), partly pricing, and partly genuine volume in energy drinks and canned coffee. But it is real, and it is not the 1.8% five-year revenue CAGR the momentum block reports, because that CAGR is computed across a divestiture boundary and is meaningless.
Now the valuation synthesis. A composite fair value of $18.09, signal-adjusted to $14.56, for a company generating $949M in TTM net income, $788M in FCF, 17.2% ROE, and 14.1% ROIC is not a conservative estimate — it is a broken model. Even at a punitive 5x earnings multiple (below any packaging peer in the last decade), the arithmetic gives $17.75 per share; at 8x, $28.60. The "poor cash flow quality" flag misreads a 63% FCF-to-OCF conversion ($788M/$1.26B) as a red flag when it is simply the normal capex burden of a capital-intensive manufacturer spending $474M to maintain and expand can lines. The "dangerously low interest coverage" flag is unsupported: $1.26B operating CF against roughly $400-500M in annual interest on $7.01B of debt gives 2.5-3x coverage, which is tight but not dangerous, and the 1.25x debt-to-equity is moderate for the sector. The narrative layer correctly identifies the 330% DCF gap as a methodology artifact, but the synthesis layer never reconciles with that observation and simply outputs a number that is off by a factor of four. I dissent from the synthesis verdict outright.
The contrarian case, even granting the numbers are clean: Ball is a two-player duopoly with Ardagh in North American beverage cans, and duopolies in commodity-adjacent inputs do not get growth multiples. Aluminum is the key variable cost, and a $1,000/tonne spike in LME aluminum compresses the 18.6% gross margin by several hundred basis points before pricing pass-through kicks in, which lags by a quarter or two. Customer concentration in Coca-Cola, PepsiCo, and AB InBev means Ball is a toll manufacturer with a veneer of brand relationships; the "sustainability tailwind" for recyclable cans is real but slow — 3-5% structural volume growth, not the 15-20% the recent print implies. The insider-activity signal of "net insider buying" is noise: every transaction in the last ten is an option exercise or a new award of 102 to 3,369 shares, not a single open-market purchase. No executive is writing a check at $62.67. The 1.28% dividend yield and 22.7% payout ratio confirm management is not returning capital aggressively, so the equity story rests entirely on earnings growth, which is the part most exposed to aluminum and volume cyclicality.
At $62.67, Ball trades at 17.8x TTM earnings, 1.18x sales, and 8.7x EV/EBITDA. For a business with 17% ROE, 14% ROIC, and revenue growing ~15-20% off a post-divestiture base, that is a reasonable price — not cheap, not expensive. The 8.7x EV/EBITDA sits in the middle of the packaging peer range. The 1.18x P/S is actually modest for a company with 15%+ operating margins. I would not buy here expecting a re-rating, but I would not sell either. The synthesis model's $14.56 fair value is a computational error, not a judgment call, and any portfolio decision built on it is built on sand. The stock is fairly valued with a small premium for the post-divestiture growth trajectory, and the right move is to wait for either a pullback toward $52-55 (roughly 15x earnings, where the 17% ROE starts to look like a bargain) or a confirmation that the Q3 revenue print holds above $4.0B with margins stable, which would justify the current multiple.
GPT Reading
Grok Reading
Advanced Analysis Forensic deep-dive · separate lenses
Ball's most striking feature is the divergence between its cash generation and its operating profitability. Free cash flow has improved from negative $594M in 2022 to positive $827M in the trailing twelve months, and the diluted share count has fallen from 324.8M to 269.1M (a -4.6% CAGR), meaning per-share value is being concentrated. OCF/NI of 1.18x and accruals of just 2.5% of assets confirm the cash story is not an accounting artifact. However, operating margin has collapsed to 0% in both 2025 and 2026, meaning the positive net income of $563M and $949M is being generated below the operating line (interest, tax, or one-time items) rather than from the core packaging business. The 2024 net income of $4.20B against 6.4% operating margin is almost certainly a one-time divestiture or tax gain that flatters the trend. The balance sheet carries $6.73B of net debt with only $491M of liquid cash, and short-term debt of $692M exceeds that cash cushion. The Altman Z of 2.3 sits in the grey zone. The business is self-funding and not in distress, but the core operating engine is barely turning a profit.
At $62.67, Ball's $16.6B market cap implies an enterprise value of roughly $23.3B after adding $6.7B of net debt. The e2e composite fair value is $18.09 per share (signal-adjusted $14.56), and even the most generous single method, the DCF, lands at $26.28. That means the market is paying a 138% premium to the DCF and a 246% premium to the composite. For a business operating at essentially zero operating margin, carrying capital-intensive assets, and exposed to aluminum spot prices and three dominant customers, that premium demands a transformation in profitability that is not yet visible in the numbers. The earnings-quality score is good (1), so the gap is not a low-quality-earnings artifact; it is a genuine price-to-fundamentals disconnect. The EPV floor of $1.72 underscores how thin the equity cushion is once the debt load is netted out. Even granting the DCF 30% of optimism it does not have, the stock would need to be worth roughly $34, still a 46% discount to where it trades.
Verify before trusting this (5)
- Latest 10-Q operating margin and EBITDA trajectory to confirm whether zero-margin is a one-quarter dip or structural
- Aluminum hedging policy and spot-price sensitivity in the next earnings call
- Customer concentration: exact revenue share from top three customers and any contract renegotiation risk
- Capital expenditure plan for the next 2-3 years and whether free cash flow can service the $6.7B debt without further dilution
- Any pending divestitures or asset sales that would change the net-debt picture
This lens hasn't been run for this ticker yet.
This lens hasn't been run for this ticker yet.