# CCL Industries (CCL-B.TO)

Canonical: https://gigainvestors.com/s/CCL-B.TO

Analysis as of: 2026-10-16T07:35:40.829Z. Financial observations: FY1996–FY2026.

Listing currency: CAD. Reporting currency: CAD.

## 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: CAD 96.75 per share; close as of 2026-10-15.

Estimated value: low CAD 64.44 per share, central CAD 85.09 per share, high CAD 98.85 per share. Buy at or below the central value CAD 85.09 per share. Valuation as of 2026-10-16T07:35:40.829Z; scenarios are not confidence intervals.

Expected annual return: 9.1% at the stated quote. About 9.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.04×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.14×

- FY2019: 0.14×

- FY2020: 0.15×

- FY2021: 0.14×

- FY2022: 0.13×

- FY2023: 0.14×

- FY2024: 0.15×

- FY2025: 0.15×

- LTM to Jun 2026: 0.15×

### moat: pass

- ROIC, median of available years: 19.2%

- ROIC, second-lowest year: 18.4%

- Typical minus recent gross margin: -0.9 pp

- Typical gross margin (annual median): 29.0%

- Recent gross margin (lower of latest and 3-year median): 29.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.2%

- ROIC including acquisitions, ten-year median: 10.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 22.7%

- FY2018: 19.1%

- FY2019: 19.4%

- FY2020: 21.4%

- FY2021: 21.0%

- FY2022: 18.4%

- FY2023: 17.3%

- FY2024: 18.9%

- FY2025: 19.2%

- LTM to Jun 2026: 18.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CAD 3.2B

- Net income, five-year total: CAD 3.4B

- Return on incremental invested capital: 43.4%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -3.2 pp

- Working capital / revenue, final three-year average: 10.1%

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

- FY2021: 0.95×

- FY2022: 0.94×

- FY2023: 0.92×

- FY2024: 0.95×

- FY2025: 0.98×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 22.7% vs 18.9%

- Per-share earnings: 1.95 to 4.63 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: CAD 5.6B

- Cumulative retained earnings: CAD 3.3B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.4%

- Per-share value change: CAD 2.68

- Per-share value, starting three-year median: CAD 1.95

- Per-share value, ending three-year median: CAD 4.63

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 1.2%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: CAD 2.6B

- Cumulative net income, 10 years: CAD 5.7B

- ROIC, first three-year median: 22.7%

- ROIC, last three-year median: 18.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CAD 1.95

- FY2017: CAD 2.64

- FY2018: CAD 2.61

- FY2019: CAD 2.64

- FY2020: CAD 2.90

- FY2021: CAD 3.28

- FY2022: CAD 3.50

- FY2023: CAD 2.88

- FY2024: CAD 4.74

- FY2025: CAD 4.63

### accounting: pass

- Sloan accruals: -5.0%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.63×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.64×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.6%

- FY2017: -3.9%

- FY2018: -4.4%

- FY2019: -4.3%

- FY2020: -4.8%

- FY2021: -3.1%

- FY2022: -4.3%

- FY2023: -5.3%

- FY2024: -2.2%

- FY2025: -5.0%

## Holders

## Price story

Price needs cash profits to grow 6.7% a year for ten years · sales +3%

Story as of 2026-10-16T10:00:05.809Z; price observation 2026-10-15.

Price needs cash profits to grow 6.7% a year for ten years

### Sales · FY2025–2026

sales +3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: CAD 4.8B 

- FY2018: CAD 5.2B 

- FY2019: CAD 5.3B 

- FY2020: CAD 5.2B 

- FY2021: CAD 5.7B 

- FY2022: CAD 6.4B 

- FY2023: CAD 6.6B 

- FY2024: CAD 7.2B 

- FY2025: CAD 7.7B 

- FY2026: CAD 7.9B 

### Gross margin · FY2026

gross margin 29.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 30.5% 

- FY2018: 29.1% 

- FY2019: 28.4% 

- FY2020: 28.7% 

- FY2021: 27.8% 

- FY2022: 26.9% 

- FY2023: 28.8% 

- FY2024: 29.5% 

- FY2025: 30.0% 

- FY2026: 29.8% 

## Owner memo

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

### How it makes money

Operates in packaging & containers; annual sales are CAD 7.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); FY2025: revenue 7663800000; grossProfit 2296200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CCL-B.TO: CCL Industries Inc. manufactures and sells labels, consumer printable media products, technology-driven label solutions, polymer banknote substrates, and specialty films. It operates through four segments, CCL, Avery, Checkpoint, and Innovia. The CCL segment converts pressure sensitive and extruded film materials for a range of decorative, instructional, security, and functional applications for government institutions and global customers in consumer packaging, healthcare, chemicals, consumer durables, electronic devices, and automotive markets; and extruded and labeled plastic tubes, aluminum aerosols and specialty bottles, folded instructional leaflets, specialty folded cartons, precision engineered and die cut components, electronic displays, polymer banknote substrate, and other complementary products and services. The Avery segment supplies labels, specialty converted media, and software solutions to enable short-run digital printing in businesses and homes alongside complementary products sold through distributors, mass-market stores, and e-commerce retailers; print media products; pressure sensitive tapes; and horticultural labels and tags. The Checkpoint segment engages in developing radio frequency and radio frequency identification-based solutions; electronic-article-surveillance systems, including hardware, software, labels and tags for loss prevention and inventory control systems; apparel labels and tags; and hand-held pricing tools and labels and promotional in-store displays. The Innovia segment supplies specialty, multi-layer, surface-engineered films to customers in the pressure sensitive materials, flexible packaging, and consumer packaged goods industries. The company operates in Canada, the United States, Puerto Rico, Mexico, Brazil, Chile, Argentina, Europe, Asia, Australia, the Middle East, Africa, and New Zealand. CCL Industries Inc. was founded in 1951 and is headquartered in Toronto, Canada.

### Why customers stay

Margins ranged from 28.8% to 30% during 2023–25; it earns 19.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); FY2023: grossProfit / revenue = 28.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); FY2024: grossProfit / revenue = 29.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); FY2025: grossProfit / revenue = 30%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); 10-year return on capital observations [[2017,0.22680592683947726],[2018,0.19080310905017772],[2019,0.19362696381975383],[2020,0.21353648411196668],[2021,0.20961012592167858],[2022,0.18405218374710539],[2023,0.1733091114782413],[2024,0.18854370208668372],[2025,0.19240932155556892],[2026,0.18620124343604028]]; median 0.1916062153028733. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 27% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); Gross margin observations: [[2021,0.27771769466927154],[2022,0.2687474538560371],[2023,0.2878970163618864]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CAD 300 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); FY2016: growth capex 30963000; upkeep 203700000; owner earnings 346753000. Growth capex / owner earnings = 0.08929410848644424.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); FY2017: growth capex 26500000; upkeep 259200000; owner earnings 474100000. Growth capex / owner earnings = 0.0558953807213668.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); FY2018: growth capex 74900000; upkeep 278000000; owner earnings 466800000. Growth capex / owner earnings = 0.1604541559554413.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); FY2019: growth capex 54310251.076960385; upkeep 291289748.9230396; owner earnings 447070251.0769604. Growth capex / owner earnings = 0.12148035112184463.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); FY2020: growth capex 0; upkeep 282800000; owner earnings 521220000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); FY2021: growth capex 21000000; upkeep 302800000; owner earnings 570180000. Growth capex / owner earnings = 0.036830474586972535.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); FY2022: growth capex 81900000; upkeep 365300000; owner earnings 586780000. Growth capex / owner earnings = 0.13957530931524592.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); FY2023: growth capex 58300000; upkeep 403300000; owner earnings 488660000. Growth capex / owner earnings = 0.1193058568329718.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); FY2024: growth capex 29600000; upkeep 432400000; owner earnings 800920000. Growth capex / owner earnings = 0.036957498876292266.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); FY2025: growth capex 0; upkeep 441200000; owner earnings 785920000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); Dividend observations: [[2016,70174000],[2017,81200000],[2018,92200000],[2019,121100000],[2020,128699999],[2021,151000000],[2022,170300000],[2023,188200000],[2024,206400000],[2025,223700000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); FY2025: cash repurchases 300000000 CAD.

### Are managers owners

Insiders own 9.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CCL-B.TO SharesStats.PercentInsiders = 9.217 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.7% yearly over ten years; actual growth was 10.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.829Z); Ten-year compound average after fade. Initial solved rate 0.08349144466039793. Price 96.75; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.667051776240227 → FY2025 4.536465698865769. Closing-price date 2026-10-15.

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

- 2016-10: CAD 47.71 per share

- 2016-11: CAD 46.75 per share

- 2016-12: CAD 52.76 per share

- 2017-01: CAD 53.56 per share

- 2017-02: CAD 56.46 per share

- 2017-03: CAD 58.03 per share

- 2017-04: CAD 63.20 per share

- 2017-05: CAD 63.84 per share

- 2017-06: CAD 65.61 per share

- 2017-07: CAD 59.77 per share

- 2017-08: CAD 57.93 per share

- 2017-09: CAD 60.38 per share

- 2017-10: CAD 62.18 per share

- 2017-11: CAD 59.79 per share

- 2017-12: CAD 58.08 per share

- 2018-01: CAD 58.83 per share

- 2018-02: CAD 63.87 per share

- 2018-03: CAD 65.04 per share

- 2018-04: CAD 62.28 per share

- 2018-05: CAD 64.17 per share

- 2018-06: CAD 64.45 per share

- 2018-07: CAD 66.00 per share

- 2018-08: CAD 62.87 per share

- 2018-09: CAD 58.22 per share

- 2018-10: CAD 55.38 per share

- 2018-11: CAD 55.11 per share

- 2018-12: CAD 50.06 per share

- 2019-01: CAD 55.40 per share

- 2019-02: CAD 53.76 per share

- 2019-03: CAD 54.10 per share

- 2019-04: CAD 57.15 per share

- 2019-05: CAD 61.57 per share

- 2019-06: CAD 64.22 per share

- 2019-07: CAD 66.00 per share

- 2019-08: CAD 60.33 per share

- 2019-09: CAD 53.44 per share

- 2019-10: CAD 54.21 per share

- 2019-11: CAD 56.81 per share

- 2019-12: CAD 55.32 per share

- 2020-01: CAD 55.81 per share

- 2020-02: CAD 44.31 per share

- 2020-03: CAD 42.79 per share

- 2020-04: CAD 43.51 per share

- 2020-05: CAD 46.39 per share

- 2020-06: CAD 43.88 per share

- 2020-07: CAD 44.56 per share

- 2020-08: CAD 48.21 per share

- 2020-09: CAD 51.34 per share

- 2020-10: CAD 50.80 per share

- 2020-11: CAD 57.26 per share

- 2020-12: CAD 57.79 per share

- 2021-01: CAD 58.67 per share

- 2021-02: CAD 67.03 per share

- 2021-03: CAD 69.52 per share

- 2021-04: CAD 69.77 per share

- 2021-05: CAD 67.68 per share

- 2021-06: CAD 68.27 per share

- 2021-07: CAD 71.55 per share

- 2021-08: CAD 72.02 per share

- 2021-09: CAD 65.60 per share

- 2021-10: CAD 67.65 per share

- 2021-11: CAD 62.69 per share

- 2021-12: CAD 67.83 per share

- 2022-01: CAD 66.46 per share

- 2022-02: CAD 57.14 per share

- 2022-03: CAD 56.40 per share

- 2022-04: CAD 56.01 per share

- 2022-05: CAD 60.72 per share

- 2022-06: CAD 60.84 per share

- 2022-07: CAD 64.33 per share

- 2022-08: CAD 64.42 per share

- 2022-09: CAD 66.96 per share

- 2022-10: CAD 64.00 per share

- 2022-11: CAD 63.94 per share

- 2022-12: CAD 57.84 per share

- 2023-01: CAD 62.23 per share

- 2023-02: CAD 65.63 per share

- 2023-03: CAD 67.14 per share

- 2023-04: CAD 63.71 per share

- 2023-05: CAD 63.25 per share

- 2023-06: CAD 65.12 per share

- 2023-07: CAD 63.22 per share

- 2023-08: CAD 60.39 per share

- 2023-09: CAD 57.01 per share

- 2023-10: CAD 54.22 per share

- 2023-11: CAD 55.93 per share

- 2023-12: CAD 59.59 per share

- 2024-01: CAD 57.54 per share

- 2024-02: CAD 69.18 per share

- 2024-03: CAD 69.23 per share

- 2024-04: CAD 70.30 per share

- 2024-05: CAD 70.25 per share

- 2024-06: CAD 71.94 per share

- 2024-07: CAD 75.11 per share

- 2024-08: CAD 77.05 per share

- 2024-09: CAD 82.45 per share

- 2024-10: CAD 81.22 per share

- 2024-11: CAD 77.61 per share

- 2024-12: CAD 73.95 per share

- 2025-01: CAD 72.19 per share

- 2025-02: CAD 74.23 per share

- 2025-03: CAD 70.29 per share

- 2025-04: CAD 72.04 per share

- 2025-05: CAD 80.03 per share

- 2025-06: CAD 79.41 per share

- 2025-07: CAD 77.45 per share

- 2025-08: CAD 82.27 per share

- 2025-09: CAD 78.44 per share

- 2025-10: CAD 78.24 per share

- 2025-11: CAD 85.45 per share

- 2025-12: CAD 86.70 per share

- 2026-01: CAD 82.06 per share

- 2026-02: CAD 94.88 per share

- 2026-03: CAD 87.16 per share

- 2026-04: CAD 85.78 per share

- 2026-05: CAD 89.04 per share

- 2026-06: CAD 92.47 per share

- 2026-07: CAD 92.95 per share

- 2026-08: CAD 93.00 per share

- 2026-09: CAD 93.83 per share

- 2026-10: CAD 96.01 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 27.75 per share, central CAD 37.62 per share, high CAD 43.66 per share

- FY2017: low CAD 33.53 per share, central CAD 46.21 per share, high CAD 53.80 per share

- FY2018: low CAD 37.88 per share, central CAD 52.56 per share, high CAD 61.25 per share

- FY2019: low CAD 38.94 per share, central CAD 53.44 per share, high CAD 62.16 per share

- FY2020: low CAD 38.15 per share, central CAD 52.44 per share, high CAD 60.99 per share

- FY2021: low CAD 45.13 per share, central CAD 63.33 per share, high CAD 73.92 per share

- FY2022: low CAD 48.77 per share, central CAD 67.96 per share, high CAD 79.14 per share

- FY2023: low CAD 47.93 per share, central CAD 65.85 per share, high CAD 76.68 per share

- FY2024: low CAD 56.33 per share, central CAD 75.27 per share, high CAD 87.56 per share

- FY2025: low CAD 61.36 per share, central CAD 80.94 per share, high CAD 93.98 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

Prior published observations retained from 2026-10-15T06:41:24.621Z where newer inputs omit a numeric field or fiscal period.

## Sources

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.

## Reported holder observations