Watch on earnings:Containerboard price realizations ($/ton) and order backlogs indicating pricing momentumBox shipment volumes per day (adjusted for shipping days) versus prior year and sequential trendsSynergy realization progress versus $400M target with specific procurement and facility closure updatesEBITDA per ton and conversion margins at box plants showing operating leverageFree cash flow generation and debt paydown progress (targeting sub-3.0x net leverage from current 3.5x post-merger)
Key metrics:Fiber Composite Index (FCI) for linerboard and medium pricing - leading indicator of containerboard price direction · Weekly box shipment data from Fibre Box Association - real-time demand signal correlating to industrial activity · OCC recycled fiber spot prices (key input cost for 40% of containerboard production) · North American containerboard operating rates published monthly - above 92% signals tight supply and pricing power
⚠ Elevated post-merger leverage at 3.5x net debt/EBITDA versus 2.5-3.0x target - requires $1.5B debt paydown over 24 months, limiting M&A flexibility and share repurchases until deleveraging complete
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Cash & Equivalents
854
785↓8.1%
1,000↑27.3%
855↓14.5%
892↑4.3%
Total Current Assets
4,067
4,503↑10.7%
4,570↑1.5%
10,055↑120.0%
10,439↑3.8%
Total Assets
11,698
12,460↑6.5%
14,051↑12.8%
43,759↑211.4%
45,157↑3.2%
Total Current Liabilities
2,825
3,038↑7.5%
3,006↓1.1%
7,333↑143.9%
7,064↓3.7%
Total Liabilities
7,309
7,470↑2.2%
7,877↑5.4%
26,372↑234.8%
26,803↑1.6%
Total Equity
4,376
4,976↑13.7%
6,158↑23.8%
17,360↑181.9%
18,327↑5.6%
Total Debt
3,751
3,743↓0.2%
4,129↑10.3%
13,595↑229.3%
12,654↓6.9%
Net Debt
2,897
2,958↑2.1%
3,129↑5.8%
12,740↑307.2%
11,762↓7.7%
Cash Flow Statement
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Operating Cash Flow
1,170
1,433↑22.5%
1,559↑8.8%
1,483↓4.9%
2,887↑94.7%
Capital Expenditure
-702
-930↓32.5%
-929↑0.1%
-1,466↓57.8%
-1,866↓27.3%
Free Cash Flow
468
503↑7.5%
630↑25.2%
17↓97.3%
1,021↑5907.8%
Stock-Based Comp
0
68
66↓2.9%
206↑212.1%
0
Net Change in Cash
35
-144↓506.5%
159↑210.4%
-145↓191.2%
31↑121.7%
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down