# Quad Graphics (QUAD.US)

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

Analysis as of: 2026-10-16T07:31:26.860Z. Financial observations: FY2008–FY2026.

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: $9.49 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 4

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.03×

- FY2020: 0.03×

- FY2021: 0.03×

- FY2022: 0.03×

- FY2023: 0.03×

- FY2024: 0.05×

- FY2025: 0.05×

- LTM to Jun 2026: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 14.2%

- ROIC, second-lowest year: 7.5%

- Typical minus recent gross margin: -3.6 pp

- Typical gross margin (annual median): 14.8%

- Recent gross margin (lower of latest and 3-year median): 18.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.1%

- ROIC including acquisitions, ten-year median: 9.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 15.2%

- FY2018: 15.1%

- FY2019: 7.5%

- FY2020: 6.9%

- FY2021: 9.0%

- FY2022: 8.4%

- FY2023: 13.3%

- FY2024: 26.1%

- FY2025: 24.6%

- LTM to Jun 2026: 18.2%

### economics: fail

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $293M

- Net income, five-year total: -$32M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -6.0 pp

- Working capital / revenue, final three-year average: 3.7%

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

- FY2021: $145M

- FY2022: $90M

- FY2023: $2.6M

- FY2024: -$5.6M

- FY2025: $60M

### 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: 15.1% vs 24.6%

- Per-share earnings: 0.90 to -1.07 (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: 0.4%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: -$1.0B

- Cumulative retained earnings: -$417M

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$1.97

- Per-share value, starting three-year median: $0.90

- Per-share value, ending three-year median: -$1.07

- Buybacks concentrated in cheaper years (correlation): -0.25

- Average buyback yield: 2.3%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $215M

- Cumulative net income, 10 years: -$55M

- ROIC, first three-year median: 15.1%

- ROIC, last three-year median: 24.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.90

- FY2017: $2.07

- FY2018: $0.16

- FY2019: -$1.11

- FY2020: -$2.54

- FY2021: $0.71

- FY2022: $0.18

- FY2023: -$1.14

- FY2024: -$1.07

- FY2025: $0.54

### accounting: pass

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 6.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.55×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.94×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -12.0%

- FY2017: -9.7%

- FY2018: -10.2%

- FY2019: -8.7%

- FY2020: -16.5%

- FY2021: -5.2%

- FY2022: -8.5%

- FY2023: -13.4%

- FY2024: -12.6%

- FY2025: -5.5%

## Holders

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

## Price story

Up 94% since Oct 2023 · sales +17.8%

Story as of 2026-10-16T09:59:28.238Z; price observation 2026-10-15.

- 2025-07-30: Earnings call transcript: Quad Graphics Q2 2025 shows EPS miss, stock falls ([investing.com](https://www.investing.com/news/transcripts/earnings-call-transcript-quad-graphics-q2-2025-shows-eps-miss-stock-falls-93CH-4160392))

### Sales · FY2025–2026

sales +17.8%; source https://www.sec.gov/Archives/edgar/data/1481792/000148179226000042/quad-20251231.htm; observed 2026-02-18.

- FY2017: $4.1B 

- FY2018: $4.2B 

- FY2019: $3.9B 

- FY2020: $2.9B 

- FY2021: $3.0B 

- FY2022: $3.2B 

- FY2023: $3.0B 

- FY2024: $2.7B 

- FY2025: $2.4B 

- FY2026: $2.9B 

### Gross margin · FY2026

gross margin 32.1%; source https://www.sec.gov/Archives/edgar/data/1481792/000148179226000042/quad-20251231.htm; observed 2026-02-18.

- FY2017: 15.7% 

- FY2018: 13.2% 

- FY2019: 13.4% 

- FY2020: 14.2% 

- FY2021: 14.1% 

- FY2022: 14.3% 

- FY2023: 15.2% 

- FY2024: 18.0% 

- FY2025: 18.4% 

- FY2026: 32.1% 

## Owner memo

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

### How it makes money

Operates in specialty business services; annual sales are USD 2.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1481792/000148179226000042/quad-20251231.htm (filed 2026-02-18); FY2025: revenue 2419900000; grossProfit 444700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); QUAD.US: Quad/Graphics, Inc. provides marketing solutions in North America, Mexico, Central America, the Caribbean, Europe, the Middle East, Africa, South America, and Asia. The company operates through United States Print and Related Services, and International segments. It offers printing services, such as retail inserts, long-run publications, catalogs, special interest publications, journals, direct mail, directories, in-store marketing and promotion, packaging, newspapers, custom print products, and other commercial and specialty printed products; paper procurement services; and manufactures ink. The company also provides marketing and other services, including data intelligence and analytics, technology solutions, media planning, placement and optimization, creative strategy, and content creation, as well as execution in non-print digital and broadcast channels; and provides medical services. It serves blue-chip companies that operate in various industries and serve businesses and consumers across various industry verticals, including retail, consumer packaged goods and direct-to-consumer, financial services, and health. Quad/Graphics, Inc. was founded in 1971 and is headquartered in Sussex, Wisconsin.

### Why customers stay

Margins ranged from 15.2% to 18.4% during 2023–25; it earns 14.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: grossProfit / revenue = 15.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: grossProfit / revenue = 18%.

- Source: https://www.sec.gov/Archives/edgar/data/1481792/000148179226000042/quad-20251231.htm (filed 2026-02-18); FY2025: grossProfit / revenue = 18.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on capital observations [[2017,0.15159181952350834],[2018,0.1514101150149677],[2019,0.0749390243902439],[2020,0.06938847385272146],[2021,0.08976911294954339],[2022,0.08420645161290323],[2023,0.13253863134657837],[2024,0.2608025974025974],[2025,0.2456942609295111],[2026,0.18212190816074716]]; median 0.14197437318077305. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 14% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1481792/000148179226000042/quad-20251231.htm (filed 2026-02-18); Gross margin observations: [[2021,0.14062288879881096],[2022,0.14305253341622629],[2023,0.15241572843763734]]; range within 2 percentage points.

### Where the cash goes

Reinvests 27% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2016: growth capex 0; upkeep 106100000; cash acquisitions 0; owner earnings 215900000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2017: growth capex 0; upkeep 85900000; cash acquisitions 0; owner earnings 253800000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2018: growth capex 0; upkeep 96300000; cash acquisitions 71400000; owner earnings 127100000. Growth capex plus acquisitions / owner earnings = 0.5617623918174666.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2019: growth capex 0; upkeep 111000000; cash acquisitions 121000000; owner earnings 43100000. Growth capex plus acquisitions / owner earnings = 2.8074245939675175.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2021: growth capex 0; upkeep 50000000; cash acquisitions 0; owner earnings 145100000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2022: growth capex 0; upkeep 60300000; cash acquisitions 2600000; owner earnings 90300000. Growth capex plus acquisitions / owner earnings = 0.028792912513842746.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: growth capex 0; upkeep 70800000; cash acquisitions 1500000; owner earnings 2600000. Growth capex plus acquisitions / owner earnings = 0.5769230769230769.

- Source: https://www.sec.gov/Archives/edgar/data/1481792/000148179226000042/quad-20251231.htm (filed 2026-02-18); FY2025: growth capex 0; upkeep 45200000; cash acquisitions 16300000; owner earnings 60400000. Growth capex plus acquisitions / owner earnings = 0.26986754966887416.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,61100000],[2017,62500000],[2018,62900000],[2019,57100000],[2020,9500000],[2021,1400000],[2022,1400000],[2023,100000],[2024,9400000],[2025,14400000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1481792/000148179226000042/quad-20251231.htm (filed 2026-02-18); FY2025: cash repurchases 8000000 USD.

### Are managers owners

Insiders own 21.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); QUAD.US SharesStats.PercentInsiders = 21.548000000000002 percentage points; cache date 2026-10-05.

### What the price says

The price is 0.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Closing price 9.49 USD; reporting-to-trading FX 1; FY2025 annual sales per share 48.49498997995992; price multiple 0.19569031778172652. FY2025 cash earnings/share 1.2104208416833668. Closing-price date 2026-10-15.

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

- 2016-10: $23.76 per share

- 2016-11: $28.13 per share

- 2016-12: $26.88 per share

- 2017-01: $26.19 per share

- 2017-02: $27.15 per share

- 2017-03: $25.24 per share

- 2017-04: $26.26 per share

- 2017-05: $22.27 per share

- 2017-06: $22.92 per share

- 2017-07: $22.46 per share

- 2017-08: $19.06 per share

- 2017-09: $22.61 per share

- 2017-10: $22.79 per share

- 2017-11: $22.51 per share

- 2017-12: $22.60 per share

- 2018-01: $22.12 per share

- 2018-02: $26.39 per share

- 2018-03: $25.35 per share

- 2018-04: $24.71 per share

- 2018-05: $19.77 per share

- 2018-06: $20.83 per share

- 2018-07: $20.56 per share

- 2018-08: $22.77 per share

- 2018-09: $20.84 per share

- 2018-10: $15.43 per share

- 2018-11: $16.38 per share

- 2018-12: $12.32 per share

- 2019-01: $13.51 per share

- 2019-02: $14.59 per share

- 2019-03: $11.90 per share

- 2019-04: $12.21 per share

- 2019-05: $8.37 per share

- 2019-06: $7.91 per share

- 2019-07: $11.31 per share

- 2019-08: $8.99 per share

- 2019-09: $10.51 per share

- 2019-10: $4.53 per share

- 2019-11: $4.49 per share

- 2019-12: $4.67 per share

- 2020-01: $4.25 per share

- 2020-02: $4.80 per share

- 2020-03: $2.52 per share

- 2020-04: $3.72 per share

- 2020-05: $2.85 per share

- 2020-06: $3.25 per share

- 2020-07: $3.11 per share

- 2020-08: $3.49 per share

- 2020-09: $3.03 per share

- 2020-10: $2.27 per share

- 2020-11: $3.10 per share

- 2020-12: $3.82 per share

- 2021-01: $4.68 per share

- 2021-02: $4.38 per share

- 2021-03: $3.53 per share

- 2021-04: $3.60 per share

- 2021-05: $3.31 per share

- 2021-06: $4.15 per share

- 2021-07: $3.50 per share

- 2021-08: $4.14 per share

- 2021-09: $4.25 per share

- 2021-10: $3.94 per share

- 2021-11: $4.02 per share

- 2021-12: $4.00 per share

- 2022-01: $4.44 per share

- 2022-02: $5.48 per share

- 2022-03: $6.94 per share

- 2022-04: $6.78 per share

- 2022-05: $4.02 per share

- 2022-06: $2.75 per share

- 2022-07: $3.18 per share

- 2022-08: $3.16 per share

- 2022-09: $2.56 per share

- 2022-10: $2.78 per share

- 2022-11: $3.70 per share

- 2022-12: $4.08 per share

- 2023-01: $4.41 per share

- 2023-02: $4.89 per share

- 2023-03: $4.29 per share

- 2023-04: $3.49 per share

- 2023-05: $3.27 per share

- 2023-06: $3.76 per share

- 2023-07: $5.92 per share

- 2023-08: $5.11 per share

- 2023-09: $5.03 per share

- 2023-10: $4.89 per share

- 2023-11: $4.61 per share

- 2023-12: $5.42 per share

- 2024-01: $5.46 per share

- 2024-02: $5.99 per share

- 2024-03: $5.31 per share

- 2024-04: $4.49 per share

- 2024-05: $4.72 per share

- 2024-06: $5.45 per share

- 2024-07: $4.57 per share

- 2024-08: $4.69 per share

- 2024-09: $4.54 per share

- 2024-10: $6.35 per share

- 2024-11: $7.22 per share

- 2024-12: $6.97 per share

- 2025-01: $6.72 per share

- 2025-02: $6.28 per share

- 2025-03: $5.45 per share

- 2025-04: $4.77 per share

- 2025-05: $5.83 per share

- 2025-06: $5.65 per share

- 2025-07: $5.33 per share

- 2025-08: $6.66 per share

- 2025-09: $6.26 per share

- 2025-10: $5.51 per share

- 2025-11: $5.74 per share

- 2025-12: $6.27 per share

- 2026-01: $6.12 per share

- 2026-02: $6.91 per share

- 2026-03: $6.61 per share

- 2026-04: $7.44 per share

- 2026-05: $7.45 per share

- 2026-06: $8.43 per share

- 2026-07: $10.39 per share

- 2026-08: $10.06 per share

- 2026-09: $9.23 per share

- 2026-10: $9.49 per share

## Annual estimated value (USD 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/1481792/000148179226000042/quad-20251231.htm); period 2025-12-31, filed 2026-02-18.

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

- [Bill Miller](https://gigainvestors.com/LMM): 2,538,299 QUAD shares; USD 21,398,000 reported position value; 5.06% of portfolio; reduce; quarter 2026 Q2.

# QUAD — Quad/Graphics Inc.

Held by 1 investor · USD 21,398,000 total · 2026 Q2 · reported price USD 8.43 (split-adjusted).
Page: https://gigainvestors.com/s/QUAD

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Bill Miller (https://gigainvestors.com/LMM) | USD 21,398,000 | 5.1% | reduce -4.25% |

## Total held by quarter

- 2019 Q1: USD 3,094,000 · 1 holder · USD 5.29
- 2019 Q2: USD 4,627,350 · 1 holder · USD 3.51
- 2019 Q3: USD 6,621,300 · 1 holder · USD 4.67
- 2019 Q4: USD 6,343,611 · 1 holder · USD 4.67
- 2020 Q1: USD 4,401,843 · 1 holder · USD 2.52
- 2020 Q2: USD 3,689,725 · 1 holder · USD 3.25
- 2020 Q3: USD 3,439,959 · 1 holder · USD 3.03
- 2020 Q4: USD 1,825,196 · 1 holder · USD 3.82
- 2021 Q1: USD 1,686,634 · 1 holder · USD 3.53
- 2021 Q2: USD 1,982,870 · 1 holder · USD 4.15
- 2021 Q3: USD 2,579,963 · 1 holder · USD 4.25
- 2021 Q4: USD 4,055,500 · 1 holder · USD 4.00
- 2022 Q1: USD 6,696,580 · 1 holder · USD 6.94
- 2022 Q2: USD 2,993,788 · 1 holder · USD 2.75
- 2022 Q3: USD 3,426,432 · 1 holder · USD 2.56
- 2022 Q4: USD 5,916,000 · 1 holder · USD 4.08
- 2023 Q1: USD 6,490,127 · 1 holder · USD 4.29
- 2023 Q2: USD 6,030,946 · 1 holder · USD 3.76
- 2023 Q3: USD 8,067,994 · 1 holder · USD 5.03
- 2023 Q4: USD 8,676,065 · 1 holder · USD 5.42
- 2024 Q1: USD 7,594,893 · 1 holder · USD 5.31
- 2024 Q2: USD 7,886,232 · 1 holder · USD 5.45
- 2024 Q3: USD 8,552,520 · 1 holder · USD 4.54
- 2024 Q4: USD 17,551,366 · 1 holder · USD 6.97
- 2025 Q1: USD 14,029,526 · 1 holder · USD 5.45
- 2025 Q2: USD 15,313,647 · 1 holder · USD 5.65
- 2025 Q3: USD 16,422,954 · 1 holder · USD 6.26
- 2025 Q4: USD 17,166,570 · 1 holder · USD 6.27
- 2026 Q1: USD 17,523,368 · 1 holder · USD 6.61
- 2026 Q2: USD 21,398,000 · 1 holder · USD 8.43