Ardagh Metal Packaging S.A.

Scaled #2/#3 global beverage-can maker with solid free cash flow but thin margins, heavy debt, and a recent debt-for-equity recapitalization.

Strengths

• Positive FCF of $276M (78th pct) and FCF margin 5% (55th pct); leading market positions with 80%+ multi-year contracts and cost pass-through
• Revenue growth 12% (63rd pct) and ROIC 5.1% (54th pct)

Risks

• Net income growth -4.76 (3.5th pct), low gross margin (12%, 13th pct), and barely-positive net margin (0.2%)
• November 2025 recapitalization (debt-for-equity swap) and substantial debt; negative-equity ROE artifact

Notable findings

• Negative equityNegative book equity (debt/equity -6.55)
• Customer concentration~75% of revenue from one customer/distributor — Our variable costs have typically constituted approximately 75% and fixed costs approximately 25% of the total cost of sales for our business