balance equationreview2023-12-31
Difference 237100000 exceeds tolerance 1509700.000. Presentation or filing-vintage differences need review.
Revenue
$586.70M
Fiscal year ended 2026-09-30Operating income
$13.90M
Fiscal year ended 2026-09-30Free cash flow
-$33.80M
Fiscal year ended 2026-09-30Valuation, from the filing
| Public float | $172.28M | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float / revenue | 0.1× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 1.3× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
3.9× earnings today, against a median of 10.7× across 4 years on record. Below its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2021-06-30 | $146.45M | 3.9× | |
| 2018-06-30 | $631.42M | 74.3× | |
| 2017-06-30 | $702.67M | 6.6× | |
| 2016-06-30 | $668.01M | 14.9× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
Quad/Graphics, Inc. (QUAD) reported revenue of $586.70M and net income of $5.50M for the fiscal year ended 2026-09-30. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from Quad/Graphics, Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Commercial Printing.
Income
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $586.70M | $577.50M | $581.00M | $630.60M | $588.00M | $571.90M | $629.40M | $708.40M | $674.80M | $634.20M |
| Cost of revenue | $458.90M | $456.10M | $458.10M | $494.40M | $454.10M | $448.10M | $500.00M | $549.40M | $527.60M | $493.90M |
| Gross profit | $127.80M | $121.40M | $122.90M | $136.20M | $133.90M | $123.80M | $129.40M | $159.00M | $147.20M | $140.30M |
| Operating income | $13.90M | $14.90M | $17.70M | $37.30M | $26.40M | $13.70M | $19.60M | $19.70M | -$4.90M | $15.10M |
| Net income | $5.50M | $3.70M | $6.20M | Unavailable | $10.20M | -$100.00K | $5.80M | Unavailable | -$24.70M | -$2.80M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 50.40M | shares 50.00M | shares 49.60M | Unavailable | shares 49.70M | shares 47.60M | shares 50.70M | Unavailable | shares 47.80M | shares 47.70M |
| Pretax income | $4.40M | $6.20M | $7.90M | $12.30M | $13.20M | $200.00K | $6.80M | $4.80M | -$21.70M | -$1.90M |
| Income tax expense | -$1.10M | $2.50M | $1.70M | $1.20M | $3.00M | $300.00K | $1.00M | $100.00K | $3.00M | $900.00K |
| Diluted EPS | $0.11 | $0.07 | $0.13 | Unavailable | $0.21 | $0.00 | $0.11 | Unavailable | $-0.52 | $-0.06 |
| Selling, general & administrative | $76.90M | $79.60M | $78.40M | $81.30M | $80.90M | $80.20M | $83.50M | $96.60M | $88.40M | $88.70M |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $22.80M | $7.40M | $7.00M | $63.30M | $6.20M | $6.70M | $8.10M | $29.20M | $12.50M | $12.80M |
| Total assets | $1.25B | $1.20B | $1.23B | $1.25B | $1.27B | $1.24B | $1.25B | $1.30B | $1.39B | $1.37B |
| Current assets | $574.00M | $501.50M | $522.60M | $538.40M | $529.40M | $492.80M | $511.10M | $534.30M | $591.90M | $518.70M |
| Total liabilities | $1.13B | $1.07B | $1.10B | $1.12B | $1.17B | $1.15B | $1.16B | $1.25B | $1.34B | $1.29B |
| Current liabilities | $590.40M | $573.70M | $554.30M | $624.20M | $539.50M | $534.30M | $533.10M | $698.70M | $698.10M | $611.80M |
| Total equity incl. NCI | $120.50M | $124.70M | $126.60M | $128.60M | $96.70M | $87.00M | $87.40M | $49.90M | $50.90M | $79.10M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $188.70M | $156.10M | $164.70M | $143.50M | $177.20M | $153.40M | $161.40M | $162.40M | $201.70M | $174.50M |
| Accounts receivable | $330.50M | $298.20M | $311.60M | $294.80M | $313.20M | $290.00M | $303.90M | $273.20M | $305.60M | $294.20M |
| Goodwill | $107.60M | $107.60M | $107.60M | $107.60M | $107.60M | $107.60M | $100.30M | $100.30M | $100.30M | $100.30M |
| Long-term debt | $390.20M | $349.80M | $384.50M | $322.90M | $433.40M | $420.50M | $438.80M | $349.10M | $423.40M | $455.50M |
| Accounts payable | $328.10M | $315.30M | $317.50M | $342.00M | $292.50M | $288.40M | $329.60M | $356.70M | $336.60M | $333.20M |
Cash flow
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$21.50M | $52.80M | -$93.70M | $145.90M | -$8.40M | $47.40M | -$89.00M | $158.80M | $2.40M | $3.90M |
| Capital expenditures | $12.30M | $12.00M | $13.30M | $8.70M | $12.20M | $13.00M | $11.30M | $11.50M | $12.20M | $15.60M |
| Investing cash flow | $5.60M | -$11.80M | -$15.00M | $15.60M | -$5.10M | -$24.10M | -$14.10M | -$9.20M | $28.10M | $9.70M |
| Financing cash flow | $31.60M | -$40.70M | $52.40M | -$104.30M | $12.80M | -$25.00M | $80.40M | -$132.80M | -$30.80M | -$11.00M |
| Net change in cash | $15.40M | $400.00K | -$56.30M | $57.10M | -$500.00K | -$1.40M | -$22.80M | $16.70M | -$300.00K | $2.60M |
| Stock-based compensation | $1.70M | $2.90M | $1.30M | $1.50M | $1.30M | $2.20M | $1.60M | $1.40M | $1.50M | $2.60M |
| Common dividends paid | $4.70M | $4.70M | $5.50M | $3.50M | $3.50M | $3.90M | $3.50M | $2.40M | $2.30M | $2.30M |
| Common share repurchases | $5.20M | $2.10M | $1.10M | $200.00K | $200.00K | $4.30M | $3.30M | $0 | $0 | $0 |
| Depreciation & amortization | $17.80M | $17.20M | $18.40M | Unavailable | $19.30M | $20.70M | $19.70M | Unavailable | $24.40M | $26.40M |
Derived
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | -$33.80M | $40.80M | -$107.00M | $137.20M | -$20.60M | $34.40M | -$100.30M | $147.30M | -$9.80M | -$11.70M |
| Gross margin | 21.8% | 21.0% | 21.2% | 21.6% | 22.8% | 21.6% | 20.6% | 22.4% | 21.8% | 22.1% |
| Operating margin | 2.4% | 2.6% | 3.0% | 5.9% | 4.5% | 2.4% | 3.1% | 2.8% | -0.7% | 2.4% |
| FCF margin | -5.8% | 7.1% | -18.4% | 21.8% | -3.5% | 6.0% | -15.9% | 20.8% | -1.5% | -1.8% |
| SBC / revenue | 0.3% | 0.5% | 0.2% | 0.2% | 0.2% | 0.4% | 0.3% | 0.2% | 0.2% | 0.4% |
| Current ratio | 0.97x | 0.87x | 0.94x | 0.86x | 0.98x | 0.92x | 0.96x | 0.76x | 0.85x | 0.85x |
| Revenue YoY growth | -0.2% | 1.0% | -7.7% | -11.0% | -12.9% | -9.8% | -3.9% | -10.1% | -3.6% | -9.8% |
| Net margin | 0.9% | Unavailable | Unavailable | Unavailable | 1.7% | Unavailable | Unavailable | Unavailable | -3.7% | Unavailable |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 2.1% | 2.1% | 2.3% | 1.4% | 2.1% | 2.3% | 1.8% | 1.6% | 1.8% | 2.5% |
| Long-term debt / equity | 3.24x | Unavailable | Unavailable | 2.51x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | -25.0% | 40.3% | 21.5% | 9.8% | 22.7% | 150.0% | 14.7% | 2.1% | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open QUAD in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-10-29View SEC filing
10-Q · Filed 2026-07-29View SEC filing
10-Q · Filed 2026-04-29View SEC filing
10-K · Filed 2026-02-18View SEC filing
10-Q · Filed 2025-10-29View SEC filing
10-Q · Filed 2025-07-30View SEC filing
Reconciliation checks needing review
1 period on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.