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O-I Glass
(NYSE:OI)
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Rating:43Neutral
Price Target:
$9.50
▼(-12.76% Downside)
Action:Reiterated
Date:06/10/26
The score is held down primarily by weak financial performance (sharp TTM revenue decline, ongoing losses, and high leverage) and bearish technicals (price below key moving averages with negative MACD). Offsetting factors include improved TTM free cash flow and earnings-call positives around cost-savings execution, new business wins, and liquidity, but these are balanced by lowered guidance, Europe weakness, and energy-cost risk.
Positive Factors
Cash generation
O-I's TTM operating cash flow (~$771M) and positive free cash flow (~$474M) provide recurring internal financing for capex, working capital and debt servicing. Over the next 2–6 months this cash conversion supports deleveraging, funds Fit to Win investments and cushions near-term operating volatility.
Negative Factors
High leverage
Reported debt-to-equity around 3.9x and reliance on high-yield refinancing constrain strategic flexibility and elevate interest expense. Over the medium term high leverage increases refinancing risk, limits capacity for M&A or capex, and makes cash flow swings more consequential to solvency and ratings.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
O-I's TTM operating cash flow (~$771M) and positive free cash flow (~$474M) provide recurring internal financing for capex, working capital and debt servicing. Over the next 2–6 months this cash conversion supports deleveraging, funds Fit to Win investments and cushions near-term operating volatility.
Read all positive factors
O-I Glass Key Performance Indicators (KPIs)
Any
Revenue by Geography
Revenue split across regions reveals where O‑I earns most of its sales and where it's vulnerable to local demand swings, currency moves, and regional beverage or food market trends. Heavy concentration in a single geography increases sensitivity to that area's economic cycles, energy prices, and regulatory changes.
Revenue split across regions reveals where O‑I earns most of its sales and where it's vulnerable to local demand swings, currency moves, and regional beverage or food market trends. Heavy concentration in a single geography increases sensitivity to that area's economic cycles, energy prices, and regulatory changes.
Data provided by:
The Fly
The FlyO-I Glass (OI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.50B
Dividend YieldN/A
Average Volume (3M)2.89M
Price to Earnings (P/E)―
Beta (1Y)1.04
Revenue Growth-1.61%
EPS Growth3.42%
CountryUS
Employees21,000
SectorConsumer Cyclical
Sector Strength84
IndustryPackaging & Containers
Share Statistics
EPS (TTM)-1.22
Shares Outstanding153,299,560
10 Day Avg. Volume3,207,876
30 Day Avg. Volume2,891,649
Financial Highlights & Ratios
PEG Ratio-0.81
Price to Book (P/B)1.75
Price to Sales (P/S)0.35
P/FCF Ratio13.49
Enterprise Value/Market Cap4.02
Enterprise Value/Revenue0.94
Enterprise Value/Gross Profit5.87
Enterprise Value/Ebitda8.48
Forecast
1Y Price Target
$13.83Price Target Upside27.03% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)1.24
Revenue Forecast (FY)$6.49B
O-I Glass Business Overview & Revenue Model
Company Description
O-I Glass, Inc., through its various subsidiaries, is dedicated to the manufacturing and global distribution of glass packaging. The company primarily furnishes glass containers to businesses in the food and beverage industries across the Americas...
How the Company Makes Money
O-I makes money primarily by manufacturing and selling glass containers (bottles and jars) to customers, with revenue recognized from the sale and delivery of finished glass packaging products. Its key revenue stream is container sales into major ...
O-I Glass Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: the company showed clear progress on its Fit to Win program, meaningful new business wins, solid liquidity and improving sequential volumes — particularly in the Americas — which support medium-term confidence. However, Q1 results featured a steep decline in adjusted EPS, meaningful operating profit compression driven by Europe, ongoing volume headwinds in key categories (wine and some spirits), and material near-term energy cost risk that prompted a downward revision to full-year guidance. Management emphasized that many headwinds are temporary and reiterated 2027 targets, but near-term challenges balance against the operational and commercial positives.Positive Updates
Stable Net Sales
Net sales of $1.54 billion in Q1, essentially flat year-over-year; favorable FX largely offset slightly lower average selling prices and volume declines.
Negative Updates
Sharp Earnings Decline in Q1
Adjusted earnings per share were $0.05 in Q1 versus $0.40 in the prior year (a drop of $0.35 or approximately -87.5%), coming in below original expectations.
Read all updates
Q1-2026 Updates
Positive
Negative
Stable Net Sales
Net sales of $1.54 billion in Q1, essentially flat year-over-year; favorable FX largely offset slightly lower average selling prices and volume declines.
Read all positive updates
Company Guidance
O-I updated 2026 guidance to adjusted EPS of $1.00–$1.50 (Q1 adjusted EPS was $0.05 vs $0.40 a year ago), with full‑year sales volumes expected to be about flat, Q2 shipments stable and low‑to‑mid single‑digit growth in 2H; Q1 net sales were $1.54B and consolidated segment operating profit was $142M (down from $209M), driven by Americas operating profit of ~$142M (stable) and Europe breakeven (down ~$68M) with a $76M net‑price decline. Fit to Win is halfway to a $750M cumulative 2027 target, delivered ~$50M gross / $35M net in Q1, and management targets at least $275M of benefits in 2026 (with ~$150M planned in 2027); 15 new account wins should add ~1.5% of sales volume starting in H2 and underpin 1–2% sustainable growth into 2027. Key macro risks: management estimates $40–60M of direct energy exposure but flags a potential $75–100M energy impact from Middle East conflict; ~75–80% of European gas is hedged at roughly €45–55/MWh (sensitivity ~€5 = ~$0.05/sh ~ $12M EBITDA; upside above €55 implies only ~$5M risk), expected full‑year tax rate ~35–40%, liquidity ~$1.5B and secured covenant headroom intact.O-I Glass Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
34
Negative
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.40B | 6.43B | 6.53B | 7.11B | 6.86B | 6.36B |
| Gross Profit | 1.03B | 1.11B | 1.04B | 1.50B | 1.21B | 1.09B |
| EBITDA | 711.00M | 781.00M | 859.00M | 892.00M | 1.50B | 997.00M |
| Net Income | -186.00M | -129.00M | -106.00M | -103.00M | 584.00M | 149.00M |
Balance Sheet | ||||||
| Total Assets | 8.95B | 9.24B | 8.65B | 9.67B | 9.06B | 8.83B |
| Cash, Cash Equivalents and Short-Term Investments | 317.00M | 759.00M | 734.00M | 913.00M | 773.00M | 725.00M |
| Total Debt | 4.96B | 5.00B | 5.18B | 4.95B | 4.72B | 4.83B |
| Total Liabilities | 7.52B | 7.80B | 7.45B | 7.92B | 7.53B | 8.01B |
| Stockholders Equity | 1.28B | 1.29B | 1.08B | 1.61B | 1.42B | 720.00M |
Cash Flow | ||||||
| Free Cash Flow | 38.00M | 168.00M | -128.00M | 130.00M | -385.00M | 289.00M |
| Operating Cash Flow | 477.00M | 600.00M | 489.00M | 818.00M | 154.00M | 687.00M |
| Investing Cash Flow | -387.00M | -368.00M | -620.00M | -683.00M | -97.00M | -220.00M |
| Financing Cash Flow | -236.00M | -250.00M | -8.00M | -27.00M | 6.00M | -273.00M |
O-I Glass Technical Analysis
Neutral
10.89
Price Trends
9.08
Positive
10.53
Negative
12.16
Negative
Market Momentum
0.21
Negative
62.42
Neutral
82.29
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OI, the sentiment is Neutral. The current price of 10.89 is above the 20-day moving average (MA) of 9.03, above the 50-day MA of 9.08, and below the 200-day MA of 12.16, indicating a neutral trend. The MACD of 0.21 indicates Negative momentum. The RSI at 62.42 is Neutral, neither overbought nor oversold. The STOCH value of 82.29 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for OI.
O-I Glass Risk Analysis
O-I Glass disclosed 30 risk factors in its most recent earnings report. O-I Glass reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
O-I Glass Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $1.51B | 1.74 | 101.07% | 0.45% | -7.64% | 3005.55% | |
65 Neutral | $5.68B | 5.53 | 30.14% | 4.33% | 17.41% | 167.71% | |
64 Neutral | $3.84B | 4.34 | 35.34% | 3.19% | -29.32% | -9.87% | |
63 Neutral | $1.18B | 28.16 | 14.53% | 2.80% | -6.26% | 149.36% | |
63 Neutral | $4.90B | 17.44 | 12.47% | 1.97% | 9.55% | -1.62% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
43 Neutral | $1.50B | -8.02 | -14.49% | ― | -1.61% | 3.42% |
* Consumer Cyclical Sector Average
OI
O-I Glass
9.79
-5.88
-37.52%
GEF
Greif Class A
75.18
7.81
11.59%
MYE
Myers Industries
31.54
16.43
108.69%
SLGN
Silgan Holdings
46.39
-9.16
-16.49%
SON
Sonoco Products
57.42
12.94
29.08%
TRS
Trimas
42.01
12.17
40.79%
O-I Glass Corporate Events
Business Operations and StrategyFinancial Disclosures
O-I Glass Reaffirms 2026 Outlook at Investor Conference
Positive
Jun 9, 2026
O-I Glass said its CEO Gordon Hardie and CFO John Haudrich will present a capital markets update at the Wells Fargo 16th Annual Industrials and Materials Conference on June 10, 2026, outlining the company’s strategic and financial trajectory...
Business Operations and StrategyPrivate Placements and Financing
O-I Glass Subsidiary Completes $500 Million Senior Notes Offering
Positive
May 18, 2026
On May 18, 2026, Owens-Brockway Glass Container Inc., an indirect wholly owned subsidiary of O-I Glass, completed a private offering of $500 million in 9.500% Senior Notes due 2033 to eligible institutional investors under U.S. securities rules. T...
Executive/Board ChangesShareholder Meetings
O-I Glass Shareholders Back Board, Pay and Auditor
Positive
May 13, 2026
At its annual meeting held May 13, 2026, O-I Glass shareowners elected all nominated directors to one-year terms, with each candidate receiving strong majority support across the more than 153 million shares outstanding as of March 18, 2026. The b...
Business Operations and StrategyPrivate Placements and Financing
O-I Glass Announces $500 Million Senior Notes Offering
Positive
May 4, 2026
On May 4, 2026, O-I Glass announced that its indirect wholly owned subsidiary Owens-Brockway Glass Container Inc. plans a $500 million private offering of senior notes due 2033, which were later priced at a 9.500% coupon and issued at par. The not...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.