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what it is
O-I makes glass containers for beer, spirits, food, and medicines, then sells them to big consumer brands worldwide.
how it gets paid
Last year O-I Glass made $6.4B in revenue. glass beverage containers was the main engine at $3.3B, or 52% of sales.
why growth slowed
Revenue fell 1.6% last year. Quarterly sales reached $1.5B as stable pricing partly offset lower shipments.
what just happened
O-I posted -$0.89 in quarterly EPS, far below the $0.14 estimate.
At a glance
B+ balance sheet — decent shape, but not bulletproof
5/100 earnings predictability — expect surprises
16.8x trailing p/e — the market's not buying it — or you found a deal
7.5% return on capital — nothing to write home about
xvary composite: 60/100 — average
What they do
O-I makes glass containers for beer, spirits, food, and medicines, then sells them to big consumer brands worldwide.
Glass packaging is boring until you need billions of units, on time, across 68 plants. That scale matters. O-I is the world's largest glass container producer, and that size lets you serve brewers and food companies that cannot afford an empty shelf.
How they make money
$6.4B
annual revenue · their business grew -1.6% last year
glass beverage containers
$3.3B
3.0%
glass food containers
$1.6B
+1.0%
pharmaceutical packaging
$0.6B
+4.0%
spirits and specialty glass
$0.7B
2.0%
other packaging and services
$0.2B
flat
The products that matter
manufactures glass bottles and jars
Glass Containers
$6.4B revenue · entire business
this is the whole $6.4B company, and the latest pressure point is volume — shipments in the americas fell 10% in the recent quarter.
10% americas volume drop
Key numbers
$17
18-month target
The published 18-month target is $17 versus $13.43 today, or about 27% upside. Plain English: the rebound case exists. So what: execution has to improve fast.
$4.8B
long-term debt
Debt is more than double the company's roughly $2B market cap. Plain English: the balance sheet is the story. So what: small operating misses can hit equity hard.
0.6%
operating margin
Operating margin means profit after running the business. Plain English: O-I keeps 0.6 cents on each dollar of sales. So what: that is razor-thin.
$6.4B
annual revenue
Revenue fell 1.6% vs. prior year to $6.4B. Plain English: this is a huge business that still shrank. So what: scale alone is not fixing demand.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 35 / 100
- long-term debt $4.8B (71% of capital)
- net profit margin 3.9% — keeps 4 cents of every dollar in revenue
- return on equity 12% — $0.12 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in OI 3 years ago → it's now worth $5,780.
The index would have given you $14,540.
source: institutional data · total return
What just happened
missed estimates
O-I posted -$0.89 in quarterly EPS, far below the $0.14 estimate.
Quarterly sales reached $1.5B as stable pricing partly offset lower shipments. Americas volume fell 10% because beer and spirits demand stayed weak and trade disruptions added pressure.
$1.5B
revenue
$0.89
eps
17.8%
gross margin
the number that mattered
The key number was the 10% volume drop in the Americas, because this business needs full furnaces and steady throughput to make money.
-
o-i glass posted fourth-quarter results reflecting steady operational progress.
-
sales reached $1.5 billion in the quarter, as lower shipments were partly offset by stable pricing.
-
the americas segment volume fell 10% due to weak beer and spirits demand and disruptions related to u.s. international trade policies.however, margins improved as the company benefited from its fit-to-win savings initiatives, while higher production levels in europe were a plus. still, the company posted losses related to these initiatives, including asset writedowns and severance and benefits costs, which were a concern.
-
overall, these factors led to a loss of $0.89 per share during the quarter.
-
we expect bottom-line improvement throughout 2026.
source: company earnings report, 2026
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What could go wrong
the #1 risk is energy inflation hitting a business that only keeps 1.7% of revenue as profit.
med
energy and raw material costs
glass production is energy-intensive. when natural gas, electricity, or raw materials rise, margins feel it quickly.
With a 1.7% net margin on $6.4B revenue, each 1 percentage point of margin pressure equals roughly $64M of profit disappearing.
med
high debt load
Long-term debt sits at $4.8B, or 71% of capital. That limits flexibility when demand softens or restructuring takes longer than planned.
This is not just a valuation detail. It means weak quarters hit a levered balance sheet, not a cash-rich one.
med
another shipment decline
The recent 10% volume drop in the Americas showed how exposed O-I is to softer beer and spirits demand.
If plants run below efficient levels again, pricing discipline and cost cuts may not be enough to keep earnings positive.
a business with 1.7% net margin and $4.8B of debt does not get many free mistakes. cost inflation, weak beverage demand, or another volume slide can push thin profitability back into losses fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
trend
americas shipment volume
the 10% decline is the operating problem right now. if that number stops falling, the turnaround story gets more believable.
risk
energy and input costs
with only a 1.7% net margin, you do not need a dramatic cost spike for profits to get squeezed.
metric
fit-to-win savings versus restructuring drag
cost savings are helping, but writedowns and severance are still showing up. the net result matters more than the slogan.
calendar
2026 earnings progression
management says the bottom line should improve through 2026. the next few quarters need to show losses narrowing, not just promises repeating.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — analysts expect above-average price performance in the year ahead. in human-speak, they think the rebound story still has some believers.
risk profile
average
stability score 3 — this sits near the market middle on risk, even if the operating story feels messier than that label suggests.
chart momentum
top 20%
technical score 2 — the chart has been better than the fundamentals, which is normal when investors are pricing a recovery before it fully shows up in earnings.
earnings predictability
5 / 100
earnings can swing around more than most stocks. translation: do not expect a calm, linear reporting pattern.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 109 buyers vs. 102 sellers in 4q2025. total institutional holdings: 0.2B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$10
$24
$13
current price
$17
target midpoint · +27% from current · 3-5yr high: $25 (+85% · 18% ann'l return)
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