AMCR

Amcor is a global consumer-packaging leader now in the middle of digesting its $10.4B all-stock merger with Berry Global, completed April 30, 2025. FY2025 revenue rose to $15.0B (+10.0%) on roughly 1% organic volume growth plus the partial Berry contribution, but reported profitability fell sharply: net income dropped 30.0% to $511M, operating income fell 16.9% to $1.01B (6.7% margin vs 8.9% prior), and diluted EPS collapsed 36.6% to $0.32. The MD&A shows the drop is largely deal-driven — $307M of restructuring/transaction/integration expense (up from $97M) and $246M of acquired-intangible amortization weighed on operating income.

The headline 128x P/E is therefore misleading: shares outstanding jumped 59.5% to 2.31B from the ~846M shares issued to Berry holders, while a full year of combined earnings is not yet in the run-rate. The more telling figures are the balance-sheet expansion — total assets up 124.3% to $37.1B, total liabilities up 101.5% to $25.3B, and equity up 202.2% to $11.7B — leaving liabilities/equity at 2.16x. Operating cash flow of $1.39B (+5.2%) still comfortably covers the $845M dividend (+17.0%) and $580M capex, so the income stream supporting the dividend looks intact even as buybacks went to zero.