# O-I Glass (OI.US)

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

Analysis as of: 2026-10-16T07:30:51.755Z. 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: $5.92 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 4

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.08×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.10×

- FY2021: 0.08×

- FY2022: 0.09×

- FY2023: 0.12×

- FY2024: 0.08×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 14.0%

- ROIC, second-lowest year: 11.8%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 17.4%

- Recent gross margin (lower of latest and 3-year median): 17.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.7%

- ROIC including acquisitions, ten-year median: 3.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.3%

- FY2017: 13.1%

- FY2018: 14.9%

- FY2019: 14.8%

- FY2020: 15.8%

- FY2021: 11.8%

- FY2022: 12.8%

- FY2023: 20.7%

- FY2024: 8.0%

- FY2025: 12.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.72×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $283M

- Net income, five-year total: $395M

- Return on incremental invested capital: 41.3%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: 0.4 pp

- Working capital / revenue, final three-year average: 5.5%

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

- FY2021: 1.34×

- FY2022: 1.00×

- FY2023: 1.86×

- FY2024: 2.24×

- FY2025: 0.56×

### management: fail

- 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: 14.9% vs 12.4%

- Per-share earnings: 1.09 to -0.69 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

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

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: -$568M

- Cumulative retained earnings: $644M

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

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$1.78

- Per-share value, starting three-year median: $1.09

- Per-share value, ending three-year median: -$0.69

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 2.0%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $408M

- Cumulative net income, 10 years: $890M

- ROIC, first three-year median: 14.9%

- ROIC, last three-year median: 12.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.28

- FY2017: $1.09

- FY2018: $1.59

- FY2019: -$2.58

- FY2020: $1.57

- FY2021: $0.93

- FY2022: $3.67

- FY2023: -$0.67

- FY2024: -$0.69

- FY2025: -$0.84

### accounting: pass

- Sloan accruals: -7.9%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.2%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.32×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.9%

- FY2017: -5.5%

- FY2018: -5.5%

- FY2019: -8.4%

- FY2020: -2.3%

- FY2021: -6.1%

- FY2022: 4.7%

- FY2023: -9.5%

- FY2024: -6.9%

- FY2025: -7.9%

## Holders

## Price story

Down 74% since Jul 2023 · "O-I Glass (OI): Losses Accelerate 39% Per Year, Forecasted Profit Growth Tests Value Thesis" (finance.yahoo.com, Nov 2025) · sales -1.6%

Story as of 2026-10-16T09:59:19.021Z; price observation 2026-10-15.

- 2025-11-26: Surging Earnings Estimates Signal Upside for O-I Glass (OI) Stock ([finance.yahoo.com](https://finance.yahoo.com/news/surging-earnings-estimates-signal-upside-172001548.html))

### Sales · FY2024–2025

sales -1.6%; source https://www.sec.gov/Archives/edgar/data/812074/000110465926014319/oi-20251231x10k.htm; observed 2026-02-12.

- FY2016: $6.7B 

- FY2017: $6.9B 

- FY2018: $6.9B 

- FY2019: $6.7B 

- FY2020: $6.1B 

- FY2021: $6.4B 

- FY2022: $6.9B 

- FY2023: $7.1B 

- FY2024: $6.5B 

- FY2025: $6.4B 

### Gross margin · FY2025

gross margin 17.3%; source https://www.sec.gov/Archives/edgar/data/812074/000110465926014319/oi-20251231x10k.htm; observed 2026-02-12.

- FY2016: 18.1% 

- FY2017: 16.5% 

- FY2018: 18.7% 

- FY2019: 17.5% 

- FY2020: 16.0% 

- FY2021: 17.2% 

- FY2022: 17.7% 

- FY2023: 21.1% 

- FY2024: 16.0% 

- FY2025: 17.3% 

## Owner memo

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

### How it makes money

Operates in packaging & containers; annual sales are USD 6.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/812074/000110465926014319/oi-20251231x10k.htm (filed 2026-02-12); FY2025: revenue 6426000000; grossProfit 1109000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); OI.US: O-I Glass, Inc., through its subsidiaries, manufactures and sells glass containers to food and beverage manufacturers in the Americas, Europe, and internationally. The company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine. It is also involved in the production of glass packaging for various food items, soft drinks, teas, juices, and pharmaceuticals. In addition, the company offers glass containers in a range of sizes, shapes, and colors. It sells its products directly to customers under annual or multi-year supply agreements, as well as through distributors. The company was formerly known as Owens-Illinois, Inc. and changed its name to O-I Glass, Inc. in December 2019. O-I Glass, Inc. was founded in 1903 and is based in Perrysburg, Ohio.

### Why customers stay

Margins ranged from 16% to 21.1% during 2023–25; it earns 14% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 21.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 16%.

- Source: https://www.sec.gov/Archives/edgar/data/812074/000110465926014319/oi-20251231x10k.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 17.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2016,0.15325983787389053],[2017,0.13130306051542343],[2018,0.14856544165054802],[2019,0.14791584298220842],[2020,0.15801263891915449],[2021,0.11756711409395973],[2022,0.1284595327693598],[2023,0.20724394339170066],[2024,0.08041874851296693],[2025,0.12356560415122313]]; median 0.13960945174881592. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years; bought back USD 40 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2016: growth capex 27000000; upkeep 427000000; cash acquisitions 56000000; owner earnings 209000000. Growth capex plus acquisitions / owner earnings = 0.39712918660287083.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2017: growth capex 1000000; upkeep 440000000; cash acquisitions 39000000; owner earnings 180000000. Growth capex plus acquisitions / owner earnings = 0.2222222222222222.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2018: growth capex 3480857.950850129; upkeep 532519142.0491499; cash acquisitions 123000000; owner earnings 164480857.95085013. Growth capex plus acquisitions / owner earnings = 0.7689700766799558.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2020: growth capex 0; upkeep 311000000; owner earnings 397079545.4545455. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 0; upkeep 398000000; owner earnings 200000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2022: growth capex 85000000; upkeep 454000000; cash acquisitions 0; owner earnings 584000000. Growth capex plus acquisitions / owner earnings = 0.14554794520547945.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,16000000],[2017,17000000],[2018,2493000000],[2019,31000000],[2020,8000000],[2021,16000000],[2022,27000000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/812074/000110465926014319/oi-20251231x10k.htm (filed 2026-02-12); FY2025: cash repurchases 40000000 USD.

### Are managers owners

Insiders own 1.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); OI.US SharesStats.PercentInsiders = 1.307 percentage points; cache date 2026-10-15.

### 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 2026-02-12); Closing price 5.92 USD; reporting-to-trading FX 1; FY2025 annual sales per share 41.84901531728665; price multiple 0.14146091503267974. FY2025 cash earnings/share -0.4688965301656768. Closing-price date 2026-10-15.

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

- 2016-10: $19.30 per share

- 2016-11: $18.37 per share

- 2016-12: $17.41 per share

- 2017-01: $18.90 per share

- 2017-02: $19.80 per share

- 2017-03: $20.38 per share

- 2017-04: $21.82 per share

- 2017-05: $22.57 per share

- 2017-06: $23.92 per share

- 2017-07: $23.90 per share

- 2017-08: $24.64 per share

- 2017-09: $25.16 per share

- 2017-10: $23.89 per share

- 2017-11: $24.22 per share

- 2017-12: $22.17 per share

- 2018-01: $23.22 per share

- 2018-02: $21.56 per share

- 2018-03: $21.66 per share

- 2018-04: $20.33 per share

- 2018-05: $18.60 per share

- 2018-06: $16.81 per share

- 2018-07: $18.68 per share

- 2018-08: $17.67 per share

- 2018-09: $18.79 per share

- 2018-10: $15.67 per share

- 2018-11: $18.39 per share

- 2018-12: $17.24 per share

- 2019-01: $20.07 per share

- 2019-02: $19.92 per share

- 2019-03: $18.98 per share

- 2019-04: $19.76 per share

- 2019-05: $16.00 per share

- 2019-06: $17.27 per share

- 2019-07: $16.97 per share

- 2019-08: $10.17 per share

- 2019-09: $10.27 per share

- 2019-10: $8.50 per share

- 2019-11: $9.88 per share

- 2019-12: $11.93 per share

- 2020-01: $12.62 per share

- 2020-02: $10.80 per share

- 2020-03: $7.11 per share

- 2020-04: $8.24 per share

- 2020-05: $7.66 per share

- 2020-06: $8.98 per share

- 2020-07: $10.44 per share

- 2020-08: $10.88 per share

- 2020-09: $10.59 per share

- 2020-10: $9.43 per share

- 2020-11: $11.32 per share

- 2020-12: $11.90 per share

- 2021-01: $12.64 per share

- 2021-02: $11.68 per share

- 2021-03: $14.74 per share

- 2021-04: $16.49 per share

- 2021-05: $18.43 per share

- 2021-06: $16.33 per share

- 2021-07: $14.79 per share

- 2021-08: $15.13 per share

- 2021-09: $14.27 per share

- 2021-10: $13.05 per share

- 2021-11: $11.07 per share

- 2021-12: $12.03 per share

- 2022-01: $13.31 per share

- 2022-02: $12.78 per share

- 2022-03: $13.18 per share

- 2022-04: $13.48 per share

- 2022-05: $16.45 per share

- 2022-06: $14.00 per share

- 2022-07: $14.71 per share

- 2022-08: $13.01 per share

- 2022-09: $12.95 per share

- 2022-10: $16.31 per share

- 2022-11: $16.41 per share

- 2022-12: $16.57 per share

- 2023-01: $19.25 per share

- 2023-02: $22.22 per share

- 2023-03: $22.71 per share

- 2023-04: $22.47 per share

- 2023-05: $20.72 per share

- 2023-06: $21.33 per share

- 2023-07: $22.96 per share

- 2023-08: $19.86 per share

- 2023-09: $16.73 per share

- 2023-10: $15.45 per share

- 2023-11: $14.76 per share

- 2023-12: $16.38 per share

- 2024-01: $14.56 per share

- 2024-02: $16.92 per share

- 2024-03: $16.59 per share

- 2024-04: $14.96 per share

- 2024-05: $12.69 per share

- 2024-06: $11.13 per share

- 2024-07: $13.36 per share

- 2024-08: $12.69 per share

- 2024-09: $13.12 per share

- 2024-10: $11.11 per share

- 2024-11: $12.60 per share

- 2024-12: $10.84 per share

- 2025-01: $11.94 per share

- 2025-02: $11.47 per share

- 2025-03: $11.47 per share

- 2025-04: $12.66 per share

- 2025-05: $13.11 per share

- 2025-06: $14.74 per share

- 2025-07: $13.01 per share

- 2025-08: $12.99 per share

- 2025-09: $12.97 per share

- 2025-10: $11.29 per share

- 2025-11: $13.48 per share

- 2025-12: $14.76 per share

- 2026-01: $15.28 per share

- 2026-02: $13.40 per share

- 2026-03: $10.51 per share

- 2026-04: $9.11 per share

- 2026-05: $8.75 per share

- 2026-06: $9.63 per share

- 2026-07: $7.15 per share

- 2026-08: $7.27 per share

- 2026-09: $5.65 per share

- 2026-10: $5.92 per share

## Annual estimated value (USD per share)

- FY2016: low $15.74 per share, central $17.70 per share, high $20.31 per share

- FY2017: low $16.10 per share, central $18.06 per share, high $20.67 per share

- FY2018: low $14.17 per share, central $15.85 per share, high $18.08 per share

- FY2019: low $13.49 per share, central $15.05 per share, high $17.11 per share

- FY2020: low $13.61 per share, central $15.12 per share, high $17.14 per share

- FY2021: low $14.60 per share, central $16.17 per share, high $18.26 per share

- FY2022: low $18.83 per share, central $20.87 per share, high $23.60 per share

- FY2023: low $20.78 per share, central $22.96 per share, high $25.86 per share

- FY2024: low $18.03 per share, central $20.03 per share, high $22.70 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/812074/000110465926014319/oi-20251231x10k.htm); period 2025-12-31, filed 2026-02-12.

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.