Quad/Graphics, Inc. QUAD
Quad is a marketing experience (MX) company that simplifies the complexities of marketing, removing friction from wherever it occurs along the marketing journey. Its results-driven approach enables stronger marketing operations that lead to real, repeatable success for clients. The Company does this through its MX Solutions Suite, which is flexible, scalable and connected. Quad tailors its solutions to each client's objectives, driving cost efficiencies, improving speed to market, strengthening marketing effectiveness and delivering value on investments.
Quad's footprint spans 10 countries, with 71 global facilities inclusive of 33 manufacturing and distribution facilities. The Company supports a diverse base of approximately 2,100 clients, including industry-leading blue-chip companies that serve both businesses and consumers across multiple industry verticals, with a particular focus on commerce, including retail, consumer packaged goods and direct-to-consumer; financial services; and health. Quad prides itself on its long-standing relationships, with its largest clients averaging more than 25 years in duration. In 2025, its 10 largest clients accounted for approximately 21% of consolidated sales, with none representing more than 5% individually.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.42B | $2.67B | $2.96B | $3.22B | $2.96B | $2.93B | $3.92B | $3.99B | $3.95B | $4.33B |
| Cost of revenue | $1.90B | $2.09B | $2.38B | $2.62B | $2.39B | $2.33B | $3.19B | $3.22B | $3.09B | $3.39B |
| Gross profit | $523.3M | $580.0M | $576.5M | $598.2M | $570.5M | $594.8M | $731.2M | $764.4M | $859.9M | $934.7M |
| R&D | $2.9M | $3.2M | $3.1M | $3.3M | $3.1M | $3.0M | $3.6M | $3.6M | $9.0M | $9.3M |
| SG&A | $325.9M | $356.8M | $344.5M | $358.6M | $326.0M | $335.1M | $397.6M | $358.9M | $408.7M | $466.7M |
| Total operating expenses | $2.32B | $2.65B | $2.93B | $3.16B | $2.87B | $2.98B | $3.89B | $3.90B | $3.78B | $4.21B |
| Operating income | $97.0M | $19.2M | $25.7M | $53.5M | $92.8M | -$46.0M | $34.7M | $87.3M | $172.8M | $117.3M |
| Interest expense | $50.5M | $64.5M | $70.0M | $48.4M | $59.6M | $68.8M | $90.0M | $73.2M | $70.9M | $77.2M |
| Pre-tax income | $32.5M | -$44.5M | -$42.6M | $17.7M | $47.0M | -$106.1M | -$79.8M | $26.5M | $108.9M | $59.3M |
| Income tax | $5.5M | $6.4M | $12.8M | $8.4M | $9.5M | $300.0K | $24.4M | $2.4M | $9.2M | $13.0M |
| Net income | $27.0M | -$50.9M | -$55.4M | $9.3M | $37.8M | -$128.3M | -$156.3M | $8.5M | $107.2M | $44.9M |
| EPS, basic | 0.57 | -1.07 | -1.14 | 0.18 | 0.74 | -2.53 | -3.12 | 0.17 | 2.16 | 0.94 |
| EPS, diluted | 0.54 | -1.07 | -1.14 | 0.18 | 0.71 | -2.53 | -3.12 | 0.16 | 2.07 | 0.90 |
| Shares, diluted (wtd. avg.) | $49.9M | $47.6M | $48.4M | $52.5M | $53.0M | $50.6M | $50.0M | $51.6M | $51.8M | $49.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $63.3M | $29.2M | $52.9M | $25.2M | $179.9M | $55.2M | $78.7M | $69.5M | $64.4M | $19.2M |
| Receivables | $294.8M | $273.2M | $316.2M | $372.6M | $362.0M | $399.1M | $456.1M | $497.6M | $552.5M | $563.6M |
| Inventory | $143.5M | $162.4M | $178.8M | $260.7M | $226.2M | $170.2M | $210.5M | $279.0M | $246.5M | $265.4M |
| Total current assets | $538.4M | $534.3M | $587.7M | $704.5M | $809.1M | $679.2M | $910.9M | $946.6M | $908.5M | $902.6M |
| Property, plant and equipment | $461.6M | $499.7M | $620.6M | $672.1M | $727.0M | $884.2M | $1.04B | $1.15B | $1.27B | $1.52B |
| Goodwill | $107.6M | $100.3M | $103.0M | $86.4M | $86.4M | $103.0M | $103.0M | $44.5M | $0 | $0 |
| Other intangibles | $13.7M | $7.2M | $21.8M | $46.9M | $75.3M | $104.3M | $137.2M | $112.6M | $43.4M | $59.7M |
| Total assets | $1.25B | $1.30B | $1.51B | $1.70B | $1.89B | $1.93B | $2.42B | $2.47B | $2.45B | $2.57B |
| Accounts payable | $342.0M | $356.7M | $373.6M | $456.6M | $367.3M | $320.0M | $416.7M | $496.3M | $381.6M | $323.5M |
| Short-term debt | $47.0M | $28.0M | $151.7M | $61.1M | $245.6M | $20.7M | $40.0M | $42.9M | $42.0M | $84.7M |
| Total current liabilities | $624.2M | $698.7M | $790.8M | $795.4M | $957.1M | $682.7M | $813.4M | $851.3M | $745.9M | $774.6M |
| Long-term debt | $322.9M | $349.1M | $362.5M | $506.7M | $554.9M | $902.7M | $1.06B | $882.6M | $903.5M | $1.02B |
| Total liabilities | $1.12B | $1.25B | $1.39B | $1.53B | $1.75B | $1.84B | $2.17B | $2.01B | $1.93B | $2.13B |
| Retained earnings | -$623.2M | -$635.1M | -$573.9M | -$518.5M | -$527.8M | -$566.0M | -$423.5M | -$211.4M | -$162.9M | -$206.4M |
| Total equity | -$59.5M | -$131.2M | -$117.6M | $172.9M | $136.8M | $84.1M | $226.6M | $442.5M | $522.4M | $441.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $95.9M | $112.9M | $147.6M | $154.6M | $136.5M | $190.2M | $155.5M | $260.6M | $344.0M | $353.6M |
| Depreciation and amortisation | $73.4M | $85.0M | $100.9M | $110.4M | $125.8M | $142.5M | $164.7M | $180.5M | $200.2M | $226.4M |
| Stock-based compensation | $6.6M | $7.3M | $5.6M | $6.0M | $6.2M | $10.6M | $13.6M | $15.6M | $16.4M | $15.2M |
| Capital expenditure | $45.2M | $57.2M | $70.8M | $60.3M | $50.0M | $61.0M | $111.0M | $96.3M | $85.9M | $106.1M |
| Investing cash flow | -$27.7M | $12.7M | -$46.4M | -$60.5M | $129.4M | $9.7M | -$208.1M | -$120.5M | -$47.2M | -$88.8M |
| Financing cash flow | -$36.1M | -$149.1M | -$73.6M | -$248.7M | -$140.9M | -$223.6M | $61.8M | -$133.5M | -$251.7M | -$269.3M |
| Dividends paid | $14.4M | $9.4M | $100.0K | $1.4M | $1.4M | $9.5M | $57.1M | $62.9M | $62.5M | $61.1M |
| Buybacks | $8.0M | $0 | $12.6M | $10.0M | $0 | — | $0 | $36.7M | $3.8M | $8.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001481792-26-000082.
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