Packaging Corporation of America (PKG) Stock

Packaging Corporation of America (PKG) is a Materials stock trading at $252.86 (as of 2026-08-21), with a market capitalization of $22.53B and a trailing P/E of 32.6. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Packaging Corporation of America makes and sells containerboard, corrugated packaging, and paper products in the United States. Its Packaging and Paper segments produce corrugated packaging and papers, which are distributed through direct sales, brokers, and distribution partners for packaging and via its sales and marketing organization for papers.

Understand Packaging Corporation of America: how it makes money

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States, and it makes money by selling these packaging materials and products to customers that need protective and transport packaging.

The company’s profit engine is the Packaging segment’s operating earnings (EBITDA excluding special items) that is supported by its containerboard production and corrugated shipment activity.

Revenue by segment (latest quarter)
Packaging	$2.2B
Paper	$0.1B

Business quality (Mixed): The provided operating metrics focus on the Packaging segment (EBITDA excluding special items) and volume/activity measures, but the segment mix is only partially reflected by the revenue breakdown available here.

Valuation: At 29× earnings, PKG trades 70% above the Shipping Containers average (17×). Note: one-time items can distort reported P/E.

Bull case

Packaging segment profitability metric is clearly tracked: Packaging segment EBITDA excluding special items is reported at 0.48 USD_B, and segment operating income excluding special items is 0.35 USD_B.
Operational scale and system-wide output are measured: Container board produced (system-wide, including acquired operations) is 1398000.0 (count), which ties operating results to production activity.
Corrugated shipment momentum versus some prior periods appears positive: Corrugated shipments per day (legacy, versus prior-year fourth quarter) is 1.7 percent.

Bear case

Operating results can be sensitive to volume changes: Corrugated shipments per day (legacy, year over year) is -2.7 percent, indicating at least one negative volume comparison.
Segment revenue concentration implies earnings risk if conditions weaken in Packaging: Packaging segment net sales are 2.2 USD_B versus Paper net sales of 0.15 USD_B.
The business is managing capacity changes: Planned containerboard capacity (post reconfiguration) is 285000.0, which can be a source of execution and timing risk.

Valuation — source: SEC EDGAR (first-party)
Price	$252.86
Market Cap	$22.53B
P/E Ratio	32.6
EV / EBITDA	16.4
Price / Book	4.83
Price / Sales	2.36
FCF Yield	4.9%
DCF Value (model)	$0.07
DCF Upside vs Price	-100.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$8.99B
Net Margin	8.6%
Revenue Growth (YoY)	14.7%
EPS Growth (YoY)	-19.4%
FCF Growth (YoY)	157.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	2210.85 (safe)
Piotroski F-Score	3/9 (weak)

Valuation vs Sector & Industry
Stock P/E	32.6
Sector P/E (Materials)	25.9
Industry P/E (Shipping Containers)	38.4
vs Sector	25.7%
vs Industry	-15.2%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($2.33B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Materials
Industry	Shipping Containers
CEO	Mark W. Kowlzan
Employees	15,400
Country	US
IPO Date	2000-01-28

Related Companies (Business model: Industrials / Capital Goods (Heavy Machinery + Diversified Industrials); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.