Materials · Paper & Plastic Packaging Products & Materials · US stock · price as of 16 Oct 2026
Key indicators
Price
$34.05
52-week range
$28.51 – $48.47
Market cap
$18.0B
P/E (trailing)
–
EV / EBITDA
564.3×
Free-cash-flow yield
2.7%
Dividend yield
5.4%
Revenue (last 12 months)
$24.2B
Revenue growth (3y a year)
3.8%
Operating margin
−11.3%
Return on invested capital
−9.4%
Net debt / EBITDA
180.7×
Fair value
Blended fair value$23.85 book-value models
Versus priceOvervalued−30% to fair value
Peer multiples
$23.85
Model uncertainty
Medium
X-Ray Score
36/ 100 · High confidence · ahead of 17% of sector peers
Valuation23
Growth72
Profitability36
Financial health7
Dividends57
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
International Paper is a packaging company that makes containerboard and corrugated boxes from wood fibre, mainly for consumer goods, food, e-commerce and industrial customers. It operates mills and box plants in North America and Europe, and supplies customers who need shipping and protective packaging. The company is based in Memphis, Tennessee.
International Paper earns revenue from supplying packaging products and the paper used to make them. Revenue is $24.2 billion over the last twelve months, growing at 3.8% a year across three years. However, the operating margin is -11.3%, meaning the business records an operating loss, and it earns -9% on the capital invested in it. It has net debt of 180.7 times EBITDA, a very high reading that points to thin earnings. The dividend yield is 5.4%.
StocksXray gives International Paper Co an X-Ray Score of 36 out of 100 (high confidence), ahead of 17% of the S&P 500 stocks in its sector. Its strongest lens is growth (72) and its weakest is financial health (7).
Our fair value blend is $23.85. At $34.05 the stock trades 43% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
International Paper Co (IP)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$37.85
$29.14
$32.11
$49.88
$38.00
$34.05
Market cap
$14.9B
$10.7B
$11.2B
$17.7B
$19.2B
$18.0B
P/E
8.5×
7.1×
39.2×
31.8×
–
–
EV / revenue
1.0×
0.7×
1.0×
1.4×
1.2×
1.1×
EV / EBITDA
7.6×
5.2×
8.0×
13.4×
–
564.3×
Price / free cash flow
9.6×
8.6×
16.2×
23.3×
–
36.6×
Free-cash-flow yield
10.4%
11.6%
6.2%
4.3%
−0.8%
2.7%
Price / book
1.6×
1.3×
1.3×
2.2×
1.3×
1.2×
Dividend yield
5.28%
6.35%
5.76%
3.71%
4.87%
5.44%
Fundamentals checklist ● 3 Good · ● 2 Average · ● 9 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−16.7%Good
Free-cash-flow yield2.7%Average
Risk models
Altman Z score0.7×Bad
Piotroski F-Score3 of 9Bad
Growth
Revenue growth (3y)3.8%Good
Growth consistency60%Average
Balance sheet
Current ratio1.1×Bad
Net debt / EBITDA180.7×Bad
Interest cover-5.1×Bad
Valuation
Fair value vs price0.7×Bad
EBIT / EV yield−10.3%Bad
Profitability
Return on invested capital−9.4%Bad
Operating margin−11.3%Bad
Gross profitability19.7%Good
Red flags
Heavy dilution — Share count up more than 5% year on year
Dividend may be at risk — Dividends exceed free cash flow
XStocksXray
International Paper Co (IP)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
19,363
21,161
16,033
15,835
23,634
24,203
Gross profit
5,531
6,018
4,521
4,438
6,997
7,205
Operating income
1,429
1,914
820
801
-2,817
-2,726
Net income
1,752
1,504
288
557
-3,516
-3,438
Diluted EPS ($)
4.47
4.10
0.82
1.57
-6.95
-6.56
Free cash flow
1,550
1,243
692
757
-159
492
Gross margin
28.6%
28.4%
28.2%
28.0%
29.6%
29.8%
Operating margin
7.4%
9.0%
5.1%
5.1%
−11.9%
−11.3%
Net margin
9.0%
7.1%
1.8%
3.5%
−14.9%
−14.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
25,243
23,940
23,261
22,800
37,964
36,521
Cash
1,295
804
1,113
1,062
1,145
726
Total debt
5,579
5,579
5,593
5,555
9,831
9,217
Equity
9,082
8,497
8,355
8,173
14,827
14,455
Dividend per share ($)
2.00
1.85
1.85
1.85
1.85
1.85
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Revenue ($M)
5,264
6,142
6,222
6,006
5,971
6,004
Growth vs a year earlier
+34.5%
+52.8%
+56.4%
+53.1%
+13.4%
−2.2%
Net income ($M)
-105
75
-1,102
-2,384
60
-12
Diluted EPS ($)
-0.24
0.14
-2.09
-4.52
0.11
-0.02
XStocksXray
International Paper Co (IP)
Peers in Paper & Plastic Packaging Products & Materials
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.