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Fundamentals snapshot

Quad/Graphics, Inc.

QUAD · NYQ · Industrials · Specialty Business Services

Current price

$7.20

52-week range

$5.12 - $11.15

Market cap

$366.62M

One-glance verdict

Undervalued

$22.36 our estimate vs market $7.20

Wall Street consensus: $13.17 (-41.1% lower than our fair-value estimate)

Balance sheet

Distressed

2.35x Stretched

Net debt $489.80M. Interest coverage shows how many times profit covers the interest bill.

What this company does

Quad/Graphics, Inc.

Quad/Graphics prints a lot of stuff for big companies, like flyers for stores and magazines, and also helps them with their advertising and data analysis. Their money mainly comes from these printing and marketing services, which matters because it shows how much demand there is for their core business. They aim to grow by offering more of these marketing solutions beyond just printing.

Price history

How the share price has moved

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Earnings history

Last 8 quarters — what happened

Click any quarter to read the call summary and what the numbers say.

Free cash flow by quarter (oldest to newest)
FY2024 Q4 $147.30M FY2025 Q1 $-100.30M FY2025 Q2 $34.40M FY2025 Q3 $-20.60M FY2025 Q4 $137.20M FY2026 Q1 $-107.00M FY2026 Q2 $40.80M FY2026 Q3 $-33.80M
Revenue $586.70M
Net income $5.50M
Diluted EPS 0.11
Operating cash flow $-21.50M
Free cash flow $-33.80M
Revenue $577.50M
Net income $3.70M
Diluted EPS 0.07
Operating cash flow $52.80M
Free cash flow $40.80M
Revenue $581.00M
Net income $6.20M
Diluted EPS 0.13
Operating cash flow $-93.70M
Free cash flow $-107.00M
Revenue $630.60M
Net income —
Diluted EPS 0.22
Operating cash flow $145.90M
Free cash flow $137.20M
Revenue $588.00M
Net income $10.20M
Diluted EPS 0.21
Operating cash flow $-8.40M
Free cash flow $-20.60M
Revenue $571.90M
Net income $-100.00K
Diluted EPS 0.00
Operating cash flow $47.40M
Free cash flow $34.40M
Revenue $629.40M
Net income $5.80M
Diluted EPS 0.11
Operating cash flow $-89.00M
Free cash flow $-100.30M
Revenue $708.40M
Net income —
Diluted EPS 0.11
Operating cash flow $158.80M
Free cash flow $147.30M

Is it cheap or expensive?

Fair value $22.36 vs current price $7.20

Wall Street consensus is the average analyst price target: $13.17 (-41.1% lower than our fair-value estimate).

Our most-likely fair value is $22.36 a share — about 210.5% above today's price of $7.20, so the stock currently looks cheap (undervalued).

undervalued

We estimate the cash this business should generate over the next 10 years and beyond, then convert it to today's money for a fair value per share, in its trading currency. Cautious, middle and optimistic growth cases give a range. Not for banks/insurers.

Base

Growth 3.0% · Discount 8.6% · Terminal 2.5%

$22.36

Bear

Growth 2.5% · Discount 8.6% · Terminal 2.5%

$21.36

Bull

Growth 8.0% · Discount 8.6% · Terminal 2.5%

$34.00

Is it drowning in debt?

Distressed

Net debt $489.8M. Interest coverage 2.4x.

Net debt $489.80M
Interest coverage 2.35x

Quad/Graphics, Inc.'s profit covers its interest bill about 2.4 times over. which is stronger than most peers shown here.

Distressed
Worse cushion Baseline Better cushion
QUAD BASELINE Quad/Graphics, Inc.

Total debt $512.60M Interest coverage 2.35x This is the baseline the peer rows are being compared against.

2.35x
CMPR Cimpress plc

Total debt $1.77B Interest coverage 2.43x +3% vs QUAD Has roughly the same debt cushion as QUAD.

2.43x +3% vs QUAD
DLX Deluxe Corporation

Total debt $1.49B Interest coverage 2.11x -10% vs QUAD Has roughly the same debt cushion as QUAD.

2.11x -10% vs QUAD
PBI Pitney Bowes Inc.

Total debt $2.00B Interest coverage 3.81x +62% vs QUAD Carries about 1.6x more debt cushion than QUAD.

3.81x +62% vs QUAD

What you should know

The case for and against QUAD

3 Rewards 0 Risks

Rewards

  • Returns 24.4% on equity, ahead of 66% of its peers.
  • Free cash flow was positive in 10/10 years.
  • Dividend yield is 5.6% with 16-year payout history.

Risks

The numbers

All the key metrics, grouped by purpose

Tap any ? icon to learn what it means.

Valuation

How expensive the stock looks

P/E (TTM)
12.86x
Forward P/E
4.83x
P/B
2.86x
P/S
0.15x
EV/EBITDA
4.64x
PEG ratio
0.84x

Profitability

How much profit each dollar creates

Gross margin
21.4%
Operating margin
5.7%
Net margin
1.1%
ROE
24.4%
ROA
5.3%

Health

Liquidity and balance-sheet strength

Debt / equity
4.25x
Current ratio
0.97x
Quick ratio
0.60x
Total debt
$512.60M
Total cash
$22.80M

Growth

How the business has been compounding

Revenue TTM
$2.38B
Revenue 5Y CAGR
-4.9%
EPS TTM
0.56
EPS 5Y CAGR
44.2%

Cash flow

How much cash the business throws off

Operating CF TTM
$83.50M
Free CF TTM
$50.70M
FCF margin
2.1%

Dividend

Shareholder payout

Yield
5.6%
Payout ratio
67.0%
Last ex-div date
2026-11-17