# Crown Holdings (CCK.US)

Canonical: https://gigainvestors.com/s/CCK

Analysis as of: 2026-10-16T07:27:18.084Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $113.68 per share; close as of 2026-10-15.

Estimated value: low $59.44 per share, central $73.42 per share, high $85.18 per share. Buy at or below the central value $73.42 per share. Valuation as of 2026-10-16T07:27:18.084Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.10×

- FY2019: 0.11×

- FY2020: 0.11×

- FY2021: 0.12×

- FY2022: 0.10×

- FY2023: 0.11×

- FY2024: 0.12×

- FY2025: 0.13×

- LTM to Jun 2026: 0.14×

### moat: pass

- ROIC, median of available years: 19.8%

- ROIC, second-lowest year: 13.2%

- Typical minus recent gross margin: 2.5 pp

- Typical gross margin (annual median): 20.0%

- Recent gross margin (lower of latest and 3-year median): 17.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.1%

- ROIC including acquisitions, ten-year median: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 26.9%

- FY2018: 17.2%

- FY2019: 13.2%

- FY2020: 12.3%

- FY2021: 22.5%

- FY2022: 19.0%

- FY2023: 16.5%

- FY2024: 20.5%

- FY2025: 24.1%

- LTM to Jun 2026: 25.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.87×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.6B

- Net income, five-year total: $1.8B

- Return on incremental invested capital: 28.6%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 3.7 pp

- Working capital / revenue, final three-year average: 6.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.35×

- FY2024: 1.08×

- FY2025: 1.05×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 26.9% vs 20.5%

- Per-share earnings: 2.82 to 3.76 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.8%

- Ordinary dilution, 5-year annual growth: -3.0%

- Market cap gain: $4.3B

- Cumulative retained earnings: $1.2B

- Diluted shares, 10-year annual growth: -1.8%

- Diluted shares, 5-year annual growth: -3.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.6%

- Per-share value change: $0.94

- Per-share value, starting three-year median: $2.82

- Per-share value, ending three-year median: $3.76

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 2.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $3.6B

- Cumulative net income, 10 years: $4.1B

- ROIC, first three-year median: 26.9%

- ROIC, last three-year median: 20.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.56

- FY2017: $2.38

- FY2018: $3.28

- FY2019: $3.78

- FY2020: $4.30

- FY2021: -$4.30

- FY2022: $5.99

- FY2023: $3.76

- FY2024: $3.55

- FY2025: $6.34

### accounting: pass

- Sloan accruals: -5.4%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.06×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.37×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.5%

- FY2017: 5.4%

- FY2018: -0.9%

- FY2019: -4.2%

- FY2020: -4.4%

- FY2021: -10.6%

- FY2022: -0.5%

- FY2023: -6.7%

- FY2024: -5.5%

- FY2025: -5.4%

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 8.8% a year for ten years · sales +7.2%

Story as of 2026-10-16T09:58:28.620Z; price observation 2026-10-15.

Price needs cash profits to grow 8.8% a year for ten years

- 2025-04-30: CCK Beats Q1 Earnings on Higher Volumes, Raises 2025 Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/cck-beats-q1-earnings-higher-162500121.html))

- 2025-10-21: Crown Holdings raises 2025 EPS guidance to $7.70-$7.80 while expanding European beverage capacity ([seekingalpha.com](https://seekingalpha.com/news/4506208-crown-holdings-raises-2025-eps-guidance-to-7_70-7_80-while-expanding-european-beverage?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-09: Crown's EPS Growth Slows on Inflation, Startup Costs, UBS Says ([finance.yahoo.com](https://finance.yahoo.com/news/crown-apos-eps-growth-slows-174128220.html))

- 2026-07-21: CCK Q2 Earnings Beat on Strong Beverage Can Volumes, '26 View Raised ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/cck-q2-earnings-beat-strong-143200762.html))

### Sales · FY2025–2026

sales +7.2%; source https://www.sec.gov/Archives/edgar/data/1219601/000162828026012904/cck-20251231.htm; observed 2026-02-27.

- FY2017: $8.7B 

- FY2018: $11B 

- FY2019: $9.6B 

- FY2020: $9.4B 

- FY2021: $11B 

- FY2022: $13B 

- FY2023: $12B 

- FY2024: $12B 

- FY2025: $12B 

- FY2026: $13B 

### Gross margin · FY2026

gross margin 17.5%; source https://www.sec.gov/Archives/edgar/data/1219601/000162828026012904/cck-20251231.htm; observed 2026-02-27.

- FY2017: 19.5% 

- FY2018: 19.0% 

- FY2019: 20.8% 

- FY2020: 21.6% 

- FY2021: 20.8% 

- FY2022: 17.8% 

- FY2023: 20.5% 

- FY2024: 21.5% 

- FY2025: 18.3% 

- FY2026: 17.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in packaging & containers; annual sales are USD 12.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1219601/000162828026012904/cck-20251231.htm (filed 2026-02-27); FY2025: revenue 12365000000; grossProfit 2268000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CCK.US: Crown Holdings, Inc., together with its subsidiaries, engages in the packaging business in the United States and internationally. It operates through Americas Beverage, European Beverage, Asia Pacific, and Transit Packaging segments. The company manufactures and sells recyclable aluminum beverage cans and ends, glass bottles, steel crowns, aluminum caps, non-beverage cans, food and aerosol cans, and ends and closures. It provides manual, semi-automatic, and automatic equipment and tools to apply and remove consumables, such as straps and films; protective solutions, including airbags, edge protectors, and honeycomb products; and steel and plastic consumables include steel strap, plastic strap, industrial film, and other related products. It serves food industries, including pet food, personal care, household, and industrial products. Crown Holdings, Inc. was founded in 1892 and is headquartered in Tampa, Florida.

### Why customers stay

Margins ranged from 18.3% to 21.5% during 2023–25; it earns 19.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 20.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 21.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1219601/000162828026012904/cck-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 18.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2017,0.26925566343042073],[2018,0.17151189671728848],[2019,0.1315181523223519],[2020,0.12309605332066316],[2021,0.22540715930500313],[2022,0.19015314729527671],[2023,0.1646290160068972],[2024,0.20535753049971778],[2025,0.2414973696862949],[2026,0.2540271884242221]]; median 0.19775533889749725. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 505 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 0; upkeep 473000000; owner earnings 270000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 127291636.20673549; upkeep 370708363.7932645; owner earnings 199291636.2067355. Growth capex / owner earnings = 0.6387204131069972.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 37000000; upkeep 425000000; owner earnings 439000000. Growth capex / owner earnings = 0.08428246013667426.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 0; upkeep 432000000; owner earnings 557709677.4193548. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 0; upkeep 587000000; owner earnings 438919354.8387097. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 379000000; upkeep 460000000; owner earnings 727000000. Growth capex / owner earnings = 0.5213204951856947.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 793000000; owner earnings 156000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 403000000; owner earnings 458071428.57142854. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1219601/000162828026012904/cck-20251231.htm (filed 2026-02-27); FY2025: growth capex 0; upkeep 413000000; owner earnings 769744054.3601359. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,1380000000],[2017,1149000000],[2018,4012000000],[2019,4000000],[2020,140000000],[2021,105000000],[2022,106000000],[2023,115000000],[2024,119000000],[2025,120000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1219601/000162828026012904/cck-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 505000000 USD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CCK.US SharesStats.PercentInsiders = 0.8580000000000001 percentage points; cache date 2026-10-16.

### What could break it

The Company’s top ten global customers represented in the aggregate approximately 48% of its 2025 consolidated net sales.

- Source: https://www.sec.gov/Archives/edgar/data/1219601/000162828026012904/cck-20251231.htm (filed 2026-02-27); Consolidation trends among beverage marketers have led to a concentrated customer base. The Company’s top ten global customers represented in the aggregate approximately 48% of its 2025 consolidated net sales. For the years ended December 31, 2025, 2024 and 2023, one customer accounted for approximately 12%, 12%, and 11%, respectively, of the Company’s consolidated net sales, and another customer accounted for approximately 11%, 12%, and 12%, respectively, of the Company's consolidated net sales.

### What the price says

The price assumes cash profits grow 8.8% yearly over ten years; actual growth was 12.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate 0.11397898143020968. Price 113.68; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.9836136265631739 → FY2025 6.650631193711214. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $54.25 per share

- 2016-11: $54.39 per share

- 2016-12: $52.57 per share

- 2017-01: $54.17 per share

- 2017-02: $53.59 per share

- 2017-03: $52.95 per share

- 2017-04: $56.09 per share

- 2017-05: $57.74 per share

- 2017-06: $59.66 per share

- 2017-07: $59.47 per share

- 2017-08: $59.03 per share

- 2017-09: $59.72 per share

- 2017-10: $60.17 per share

- 2017-11: $59.73 per share

- 2017-12: $56.25 per share

- 2018-01: $58.05 per share

- 2018-02: $49.84 per share

- 2018-03: $50.75 per share

- 2018-04: $49.84 per share

- 2018-05: $43.34 per share

- 2018-06: $44.76 per share

- 2018-07: $45.27 per share

- 2018-08: $42.81 per share

- 2018-09: $48.00 per share

- 2018-10: $42.29 per share

- 2018-11: $51.28 per share

- 2018-12: $41.57 per share

- 2019-01: $51.00 per share

- 2019-02: $54.29 per share

- 2019-03: $54.57 per share

- 2019-04: $58.13 per share

- 2019-05: $55.43 per share

- 2019-06: $61.10 per share

- 2019-07: $64.01 per share

- 2019-08: $65.84 per share

- 2019-09: $66.06 per share

- 2019-10: $72.84 per share

- 2019-11: $75.90 per share

- 2019-12: $72.54 per share

- 2020-01: $74.03 per share

- 2020-02: $70.50 per share

- 2020-03: $58.04 per share

- 2020-04: $64.41 per share

- 2020-05: $65.43 per share

- 2020-06: $65.13 per share

- 2020-07: $71.58 per share

- 2020-08: $76.85 per share

- 2020-09: $76.86 per share

- 2020-10: $85.80 per share

- 2020-11: $94.25 per share

- 2020-12: $100.20 per share

- 2021-01: $90.15 per share

- 2021-02: $95.56 per share

- 2021-03: $97.04 per share

- 2021-04: $109.80 per share

- 2021-05: $103.24 per share

- 2021-06: $102.21 per share

- 2021-07: $99.76 per share

- 2021-08: $109.79 per share

- 2021-09: $100.78 per share

- 2021-10: $103.99 per share

- 2021-11: $105.80 per share

- 2021-12: $110.62 per share

- 2022-01: $114.40 per share

- 2022-02: $122.67 per share

- 2022-03: $125.09 per share

- 2022-04: $110.04 per share

- 2022-05: $104.44 per share

- 2022-06: $92.17 per share

- 2022-07: $101.68 per share

- 2022-08: $90.59 per share

- 2022-09: $81.03 per share

- 2022-10: $68.59 per share

- 2022-11: $82.21 per share

- 2022-12: $82.21 per share

- 2023-01: $88.16 per share

- 2023-02: $86.51 per share

- 2023-03: $82.71 per share

- 2023-04: $85.78 per share

- 2023-05: $76.23 per share

- 2023-06: $86.87 per share

- 2023-07: $92.76 per share

- 2023-08: $92.66 per share

- 2023-09: $88.48 per share

- 2023-10: $80.60 per share

- 2023-11: $86.01 per share

- 2023-12: $92.09 per share

- 2024-01: $88.50 per share

- 2024-02: $76.62 per share

- 2024-03: $79.26 per share

- 2024-04: $82.07 per share

- 2024-05: $84.19 per share

- 2024-06: $74.39 per share

- 2024-07: $88.70 per share

- 2024-08: $90.41 per share

- 2024-09: $95.88 per share

- 2024-10: $93.55 per share

- 2024-11: $92.09 per share

- 2024-12: $82.69 per share

- 2025-01: $87.86 per share

- 2025-02: $89.63 per share

- 2025-03: $89.26 per share

- 2025-04: $96.33 per share

- 2025-05: $98.50 per share

- 2025-06: $102.98 per share

- 2025-07: $99.36 per share

- 2025-08: $99.38 per share

- 2025-09: $96.59 per share

- 2025-10: $97.18 per share

- 2025-11: $96.83 per share

- 2025-12: $102.97 per share

- 2026-01: $104.68 per share

- 2026-02: $114.60 per share

- 2026-03: $100.25 per share

- 2026-04: $98.31 per share

- 2026-05: $95.08 per share

- 2026-06: $111.82 per share

- 2026-07: $117.85 per share

- 2026-08: $116.39 per share

- 2026-09: $105.41 per share

- 2026-10: $113.68 per share

## Annual estimated value (USD per share)

- FY2016: low $22.73 per share, central $25.65 per share, high $29.54 per share

- FY2017: low $23.29 per share, central $26.34 per share, high $30.39 per share

- FY2018: low $33.81 per share, central $40.44 per share, high $46.73 per share

- FY2019: low $28.83 per share, central $33.32 per share, high $38.30 per share

- FY2020: low $38.22 per share, central $44.55 per share, high $50.80 per share

- FY2021: low $42.37 per share, central $51.06 per share, high $59.13 per share

- FY2022: low $60.39 per share, central $72.50 per share, high $84.03 per share

- FY2023: low $59.42 per share, central $66.49 per share, high $75.90 per share

- FY2024: low $49.45 per share, central $58.88 per share, high $67.79 per share

- FY2025: low $49.86 per share, central $56.11 per share, high $64.43 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1219601/000162828026012904/cck-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.