Quad/Graphics, Inc. (QUAD)

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.

Ticker: QUAD
Exchange: NYSE
Sector: Industrials
Industry: Specialty Business Services
Market cap: $387.49M
52-week range: $5.12 - $11.15

Valuation

Share price: $7.61 (close of Nov 6, 2026)
P/E (TTM): 13.59x
Price to book: 3.22x
Price to free cash flow: 10.42x
Enterprise value: $877.29M
Book value per share: $2.37

Price performance

Period	Change
1 day	-1.04%
5 days	+5.69%
1 month	-18.96%
3 months	-23.82%
6 months	+2.15%
Year to date	+21.37%
1 year	+33.98%
3 years	+75.75%
5 years	+72.95%
10 years	-68.53%
All time	-84.15%

Short interest

As of: Oct 15, 2026
Short % of float: 5.84%
Shares short: 1.87M
Days to cover: 8.97
Change since prior report: +8.91%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: 21.00%
Return on invested capital: 15.98%
Return on assets: 2.16%
Return on capital employed: 15.43%
Gross margin: 21.62%
Net margin: 1.12%
EBITDA margin: 7.26%
Revenue growth: -9.44%
Free cash flow growth: -8.98%

Cash flow and balance sheet

Free cash flow yield (TTM): 9.60%
Current ratio: 0.97x
Net debt to EBITDA: 3.41x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $2.42B
Cost of revenue: $1.90B
Gross profit: $523.30M
EBITDA: $175.60M
Net income: $27.00M
Earnings per share: $0.57
Research and development: $2.90M
Interest expense: $50.50M
Shares outstanding: 47.60M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$2.42B	$523.30M	$27.00M	$0.57
2024-12-31	$2.67B	$580.00M	-$50.90M	-$1.07
2023-12-31	$2.96B	$576.50M	-$55.40M	-$1.14
2022-12-31	$3.22B	$598.20M	$9.30M	$0.18
2021-12-31	$2.96B	$570.50M	$37.80M	$0.74
2020-12-31	$2.93B	$594.80M	-$128.30M	-$2.53
2019-12-31	$3.92B	$731.20M	-$156.30M	-$3.12
2018-12-31	$3.99B	$764.40M	$8.50M	$0.17
2017-12-31	$3.95B	$859.90M	$107.20M	$2.16
2016-12-31	$4.33B	$934.70M	$44.90M	$0.94

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	21.62%	1.12%	21.00%	15.98%
2024-12-31	21.70%	-1.90%	-102.00%	2.49%
2023-12-31	19.49%	-1.87%	-46.36%	1.73%
2022-12-31	18.59%	0.29%	5.38%	5.26%
2021-12-31	19.27%	1.28%	27.63%	7.80%
2020-12-31	20.30%	-4.38%	-151.30%	-4.20%
2019-12-31	18.64%	-3.98%	-63.98%	2.38%
2018-12-31	19.18%	0.21%	1.85%	6.28%
2017-12-31	21.76%	2.71%	20.52%	11.77%
2016-12-31	21.59%	1.04%	10.17%	6.75%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$63.30M	$322.90M
2024-12-31	$29.20M	$349.10M
2023-12-31	$52.90M	$362.50M
2022-12-31	$25.20M	$506.70M
2021-12-31	$179.90M	$554.90M
2020-12-31	$55.20M	$902.70M
2019-12-31	$78.70M	$1.06B
2018-12-31	$69.50M	$882.60M
2017-12-31	$64.40M	$903.50M
2016-12-31	$19.20M	$1.02B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$50.70M	$6.60M
2024-12-31	$55.70M	$7.30M
2023-12-31	$76.80M	$5.60M
2022-12-31	$94.30M	$6.00M
2021-12-31	$86.50M	$6.20M
2020-12-31	$129.20M	$10.60M
2019-12-31	$44.50M	$13.60M
2018-12-31	$164.30M	$15.60M
2017-12-31	$258.10M	$16.40M
2016-12-31	$247.50M	$15.20M

Dividend history

Most recent payment: Aug 17, 2026
Paid in the last twelve months: $0.38

Payment date	Dividend per share
2026-08-17	$0.10
2026-05-21	$0.10
2026-02-27	$0.10
2025-11-17	$0.07
2025-08-18	$0.07
2025-05-22	$0.07
2025-02-28	$0.07
2024-11-18	$0.05

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-28	Sep 2026	$0.36
2026-07-28	Jun 2026	$0.20
2026-04-28	Mar 2026	$0.22
2026-02-17	Dec 2025	$0.36
2025-10-28	Sep 2025	$0.27
2025-07-29	Jun 2025	$0.12
2025-04-29	Mar 2025	$0.07
2025-02-18	Dec 2024	$0.36

Filings and sources

Company website: quad.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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