# Magnera Corp placeholder (MAGN.US)

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

Analysis as of: 2026-10-16T07:30:02.416Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $11.25 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 6

- Operating margin variation: 15.16×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.03×

- FY2017: 0.04×

- FY2018: 0.03×

- FY2019: 0.06×

- FY2020: 0.05×

- FY2021: 0.03×

- FY2022: -0.11×

- FY2023: 0.00×

- FY2024: -0.06×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 5.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 2.1%

- ROIC, second-lowest year: -3.3%

- Typical minus recent gross margin: 5.2 pp

- Typical gross margin (annual median): 14.2%

- Recent gross margin (lower of latest and 3-year median): 9.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: -0.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -1.9%

- FY2017: 2.2%

- FY2018: 2.2%

- FY2019: 6.8%

- FY2020: 5.1%

- FY2021: 1.9%

- FY2022: -13.6%

- FY2023: 0.2%

- FY2024: -3.3%

- FY2025: 3.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$247M

- Net income, five-year total: -$579M

- Return on incremental invested capital: -7.0%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -3.6 pp

- Working capital / revenue, final three-year average: 19.1%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $38M

- FY2022: -$165M

- FY2023: -$50M

- FY2024: -$51M

- FY2025: -$20M

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.2% vs 0.2%

- Per-share earnings: 0.64 to -4.35 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.5%

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: -$9.9B

- Cumulative retained earnings: -$1.1B

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$4.99

- Per-share value, starting three-year median: $0.64

- Per-share value, ending three-year median: -$4.35

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: $1.3B

- Cumulative net income, 10 years: -$728M

- ROIC, first three-year median: 2.2%

- ROIC, last three-year median: 0.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.64

- FY2017: $0.24

- FY2018: -$5.27

- FY2019: -$0.63

- FY2020: $0.62

- FY2021: $0.20

- FY2022: -$5.62

- FY2023: -$2.28

- FY2024: -$4.35

- FY2025: -$4.48

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -6.6%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 18.4%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.84×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.6%

- FY2017: -2.6%

- FY2018: -12.8%

- FY2019: -9.7%

- FY2020: -6.8%

- FY2021: -3.4%

- FY2022: -9.3%

- FY2023: -3.4%

- FY2024: -12.3%

- FY2025: -6.6%

## Holders

## Price story

Down 95% since Jan 2022 · sales +46.5%

Story as of 2026-10-16T09:59:07.354Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +46.5%; source https://www.sec.gov/Archives/edgar/data/41719/000004171925000110/form10k.htm; observed 2025-11-25.

- FY2016: $761M 

- FY2017: $800M 

- FY2018: $866M 

- FY2019: $928M 

- FY2020: $916M 

- FY2021: $1.1B 

- FY2022: $1.5B 

- FY2023: $1.4B 

- FY2024: $2.2B 

- FY2025: $3.2B 

### Gross margin · FY2025

gross margin 9%; source https://www.sec.gov/Archives/edgar/data/41719/000004171925000110/form10k.htm; observed 2025-11-25.

- FY2016: 17.3% 

- FY2017: 17.9% 

- FY2018: 15.1% 

- FY2019: 15.9% 

- FY2020: 16.1% 

- FY2021: 13.3% 

- FY2022: 10.0% 

- FY2023: 9.4% 

- FY2024: 10.8% 

- FY2025: 9.0% 

## Owner memo

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

### How it makes money

Operates in household & personal products; annual sales are USD 3.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2025: revenue 3204000000; grossProfit 287000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); MAGN.US: Magnera Corporation manufactures and sells non-woven and related products worldwide. It sells its products primarily into consumer-oriented end markets, such as healthcare, and personal care. The company offers personal care and consumer solution products and components of products including medical garments, wipes, dryer sheets, filtration, baby diapers and adult incontinence. The company also offers tea bags, coffee filters, wipes, cable wrap, filtration, baby diapers and adult incontinence. The company is headquartered in Charlotte, North Carolina.

### Why customers stay

Margins ranged from 9% to 10.8% during 2023–25; it earns 2.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2023: grossProfit / revenue = 9.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2024: grossProfit / revenue = 10.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2025: grossProfit / revenue = 9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); 10-year return on capital observations [[2016,-0.018934041358910164],[2017,0.021802148763164983],[2018,0.021791238156935785],[2019,0.06756666003966806],[2020,0.05091832230284158],[2021,0.019464980178249238],[2022,-0.13608808442588674],[2023,0.0022218465817465693],[2024,-0.033260674828306955],[2025,0.03517764092846992]]; median 0.02062810916759251. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2019: growth capex 0; upkeep 27765000; cash acquisitions 1383000; owner earnings 1514000. Growth capex plus acquisitions / owner earnings = 0.9134742404227213.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2020: growth capex 0; upkeep 28136000; cash acquisitions 0; owner earnings 49762000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2021: growth capex 0; upkeep 30037000; cash acquisitions 464856000; owner earnings 38321000. Growth capex plus acquisitions / owner earnings = 12.130581143498343.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); Dividend observations: [[2016,21589000],[2017,22480000],[2018,22760000],[2019,22936000],[2020,23492000],[2021,24458000],[2022,18766000],[2023,0],[2024,0],[2025,1111000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); MAGN.US SharesStats.PercentInsiders = 1.1520000000000001 percentage points; cache date 2026-10-05.

### What the price says

The price is 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); Closing price 11.25 USD; reporting-to-trading FX 1; FY2025 annual sales per share 90.25352112676056; price multiple 0.12464887640449439. FY2025 cash earnings/share -0.5633802816901409. Closing-price date 2026-10-15.

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

- 2016-10: $288.86 per share

- 2016-11: $298.61 per share

- 2016-12: $310.57 per share

- 2017-01: $317.33 per share

- 2017-02: $287.30 per share

- 2017-03: $282.62 per share

- 2017-04: $279.63 per share

- 2017-05: $238.29 per share

- 2017-06: $254.02 per share

- 2017-07: $266.11 per share

- 2017-08: $225.16 per share

- 2017-09: $252.85 per share

- 2017-10: $272.48 per share

- 2017-11: $270.27 per share

- 2017-12: $278.72 per share

- 2018-01: $303.68 per share

- 2018-02: $265.33 per share

- 2018-03: $266.89 per share

- 2018-04: $271.57 per share

- 2018-05: $227.37 per share

- 2018-06: $254.67 per share

- 2018-07: $212.81 per share

- 2018-08: $249.99 per share

- 2018-09: $248.43 per share

- 2018-10: $232.70 per share

- 2018-11: $165.75 per share

- 2018-12: $126.88 per share

- 2019-01: $166.14 per share

- 2019-02: $174.85 per share

- 2019-03: $183.56 per share

- 2019-04: $205.14 per share

- 2019-05: $189.54 per share

- 2019-06: $219.44 per share

- 2019-07: $212.16 per share

- 2019-08: $186.94 per share

- 2019-09: $200.07 per share

- 2019-10: $234.00 per share

- 2019-11: $232.05 per share

- 2019-12: $237.90 per share

- 2020-01: $217.10 per share

- 2020-02: $185.38 per share

- 2020-03: $158.86 per share

- 2020-04: $189.80 per share

- 2020-05: $200.33 per share

- 2020-06: $208.65 per share

- 2020-07: $207.09 per share

- 2020-08: $194.87 per share

- 2020-09: $179.01 per share

- 2020-10: $185.51 per share

- 2020-11: $209.04 per share

- 2020-12: $212.94 per share

- 2021-01: $203.45 per share

- 2021-02: $208.65 per share

- 2021-03: $222.95 per share

- 2021-04: $191.36 per share

- 2021-05: $191.88 per share

- 2021-06: $181.61 per share

- 2021-07: $197.99 per share

- 2021-08: $205.40 per share

- 2021-09: $183.30 per share

- 2021-10: $213.59 per share

- 2021-11: $214.11 per share

- 2021-12: $223.60 per share

- 2022-01: $225.68 per share

- 2022-02: $178.62 per share

- 2022-03: $160.94 per share

- 2022-04: $143.00 per share

- 2022-05: $112.06 per share

- 2022-06: $89.44 per share

- 2022-07: $79.82 per share

- 2022-08: $63.31 per share

- 2022-09: $40.43 per share

- 2022-10: $36.79 per share

- 2022-11: $45.11 per share

- 2022-12: $36.14 per share

- 2023-01: $56.94 per share

- 2023-02: $49.92 per share

- 2023-03: $41.47 per share

- 2023-04: $58.76 per share

- 2023-05: $37.31 per share

- 2023-06: $39.26 per share

- 2023-07: $44.20 per share

- 2023-08: $26.00 per share

- 2023-09: $26.00 per share

- 2023-10: $22.49 per share

- 2023-11: $19.11 per share

- 2023-12: $25.22 per share

- 2024-01: $18.85 per share

- 2024-02: $28.99 per share

- 2024-03: $26.00 per share

- 2024-04: $18.59 per share

- 2024-05: $21.06 per share

- 2024-06: $18.07 per share

- 2024-07: $19.76 per share

- 2024-08: $20.93 per share

- 2024-09: $23.40 per share

- 2024-10: $23.53 per share

- 2024-11: $20.48 per share

- 2024-12: $18.17 per share

- 2025-01: $18.66 per share

- 2025-02: $20.61 per share

- 2025-03: $18.16 per share

- 2025-04: $14.67 per share

- 2025-05: $12.02 per share

- 2025-06: $12.08 per share

- 2025-07: $12.45 per share

- 2025-08: $12.40 per share

- 2025-09: $11.72 per share

- 2025-10: $9.09 per share

- 2025-11: $14.16 per share

- 2025-12: $15.14 per share

- 2026-01: $13.07 per share

- 2026-02: $12.95 per share

- 2026-03: $9.51 per share

- 2026-04: $9.98 per share

- 2026-05: $11.37 per share

- 2026-06: $11.75 per share

- 2026-07: $13.25 per share

- 2026-08: $12.56 per share

- 2026-09: $11.34 per share

- 2026-10: $11.25 per share

## Annual estimated value (USD per share)

- FY2016: low $10.86 per share, central $12.19 per share, high $13.96 per share

- FY2017: low $7.35 per share, central $7.95 per share, high $8.76 per share

- FY2021: low $3.97 per share, central $4.04 per share, high $4.15 per share

- FY2022: low $3.11 per share, central $3.22 per share, high $3.36 per share

- FY2023: low $1.36 per share, central $1.46 per share, high $1.59 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/41719/000004171925000110/form10k.htm); period 2025-09-27, filed 2025-11-25.

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.