Quad/Graphics (QUAD) AI Stock Analysis

• Market Cap: $337.60M
• Dividend Yield: 4.69%
• Average Volume (3M): 148.76K
• Price to Earnings (P/E): 12.3
• Beta (1Y): 1.31
• Revenue Growth: -9.23%
• EPS Growth: N/A
• Country: US
• Employees: 11,000
• Sector: Industrials
• Sector Strength: 72
• Industry: Specialty Business Services
• EPS (TTM): 0.36
• Shares Outstanding: 37,619,392
• 10 Day Avg. Volume: 212,807
• 30 Day Avg. Volume: 148,760
• PEG Ratio: -0.07
• Price to Book (P/B): 2.32
• Price to Sales (P/S): 0.12
• P/FCF Ratio: 5.89
• Enterprise Value/Market Cap: 2.19
• Enterprise Value/Revenue: 0.31
• Enterprise Value/Gross Profit: 1.66
• Enterprise Value/Ebitda: 4.26
• 1Y Price Target: $10.00
• Price Target Upside: 42.25% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: $7.00 ▼(-0.43% Downside)
• Action: Reiterated Date: 02/19/26
• Date: Action: Reiterated 02/19/26

The score is driven primarily by mixed fundamentals: profitability and cash generation are improving, but persistent revenue contraction and leverage risk cap the upside. Supportive technical momentum and reasonable valuation (low P/E plus a solid dividend) partially offset the financial and top-line pressure, while earnings guidance points to stable EBITDA/FCF but continued near-term sales decline.

Positive Factors

Consistent cash generation

Quad produces durable operating cash flow and positive free cash flow, which funds capex, debt paydown and shareholder returns. Reliable cash generation supports reinvestment in higher‑margin services and provides a buffer against cyclical print demand declines over the next 2–6 months.

Shift to higher‑margin services

Quad is moving revenue mix toward targeted print and integrated marketing agency services, which are higher margin and more resilient than large‑scale commodity print. This strategic shift should support margin sustainability and more stable client engagements as print volumes remain pressured.

Material deleveraging and liquidity

Significant debt paydown and a healthy liquidity cushion materially improve financial flexibility versus prior years. Lower leverage reduces refinancing risk and allows continued investment in targeted growth and dividends while navigating industry headwinds over the medium term.

Negative Factors

Multi‑year revenue contraction

Quad faces a persistent decline in sales driven by lower paper and print volumes and client losses. Continued top‑line erosion limits operating leverage and constrains margin expansion, making recovery dependent on successful service mix transition and reversing secular demand trends.

Thin profitability buffers

Margins are narrow and adjusted EBITDA has contracted, leaving limited room to absorb cost shocks or slower demand. Even with operational improvements, thin net margins heighten sensitivity to input inflation, postal rate moves or client downturns in the coming months.

Structural industry and postal risks

Industry headwinds like higher postal rates, tariffs and secular declines in certain print categories directly threaten core volumes and unit economics. These structural risks could persist and dampen recovery timing, pressuring volumes and margins despite operational gains.

Quad/Graphics Business Overview & Revenue Model

Company Description

Quad/Graphics, Inc. provides marketing solutions worldwide. The company operates through United States Print and Related Services, and International segments. It offers printing services, such as retail inserts, 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; and paper procurement services. The company also provides marketing and other services, including consumer insights, audience targeting, personalization, media planning and placement, process optimization, campaign planning and creation, pre-media production, videography, photography, digital and print execution, and logistics, as well as manufactures ink. It serves blue chip companies that operate in various industries, and serve businesses and consumers comprising retailers, publishers, and direct marketers. The company was founded in 1971 and is headquartered in Sussex, Wisconsin.

How the Company Makes Money

Quad generates revenue through a multifaceted business model that includes several key revenue streams. The company earns money primarily through its printing services, which encompass commercial printing, packaging, and direct mail services. Additionally, Quad generates income from its marketing solutions, which include digital marketing, data analytics, and creative services that help clients enhance their brand presence and reach target audiences more effectively. Significant partnerships with major companies across various sectors strengthen Quad's market position and contribute to its earnings. The company also benefits from economies of scale in its production processes and investments in technology that improve efficiency and reduce costs, ultimately driving profitability.

Quad/Graphics Financial Statement Overview

Summary

Improving profitability (net income turned positive in 2025) and consistently positive free cash flow support the score, but multi-year revenue decline and a highly leveraged balance sheet remain key constraints on financial flexibility.

Income Statement

Revenue has been shrinking for several years (down from ~$3.22B in 2022 to ~$2.42B in 2025), highlighting ongoing top-line pressure. Profitability is improving off prior losses: net income turned positive in 2025 ($27M) after losses in 2023–2024, and operating profitability strengthened with higher gross and operating margins versus the last two years. However, net margins remain thin (~1.1% in 2025), leaving limited buffer against further demand weakness or cost inflation.

Balance Sheet

Leverage is the key constraint. Total debt remains high (~$444M in 2025) relative to a modest equity base (~$129M), translating into elevated leverage (debt-to-equity ~3.5x in 2025 and substantially higher in 2024). While equity has improved versus 2024 and returns rebounded to positive in 2025, the capital structure still looks stretched, which can reduce financial flexibility if earnings soften or refinancing conditions tighten.

Cash Flow

Cash generation is a relative strength: operating cash flow stayed positive across the period and free cash flow remained positive in 2025 (~$51M). That said, free cash flow declined in 2025 (down ~17% year over year), and cash conversion is not especially strong versus accounting earnings (free cash flow is roughly half of net income in 2025). Overall, the business produces cash, but the recent downshift in free cash flow bears monitoring given the leveraged balance sheet.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.42B	2.67B	2.96B	3.22B	2.96B
Gross Profit	444.70M	480.70M	450.80M	460.20M	416.30M
EBITDA	197.40M	121.00M	150.60M	213.00M	266.10M
Net Income	27.00M	-50.90M	-55.40M	9.30M	37.80M
Balance Sheet
Total Assets	1.25B	1.30B	1.51B	1.70B	1.89B
Cash, Cash Equivalents and Short-Term Investments	63.30M	29.20M	52.90M	25.20M	179.90M
Total Debt	444.00M	464.60M	625.30M	713.70M	931.60M
Total Liabilities	1.12B	1.25B	1.39B	1.53B	1.75B
Stockholders Equity	128.60M	49.90M	119.50M	172.90M	136.80M
Cash Flow
Free Cash Flow	50.70M	55.70M	76.80M	94.30M	86.50M
Operating Cash Flow	95.90M	112.90M	147.60M	154.60M	136.50M
Investing Cash Flow	-27.70M	12.70M	-46.40M	-60.50M	129.40M
Financing Cash Flow	-36.10M	-149.10M	-73.60M	-248.70M	-140.90M

Quad/Graphics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 7.03
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For QUAD, the sentiment is Positive. The current price of 7.03 is above the 20-day moving average (MA) of 6.32, above the 50-day MA of 6.29, and above the 200-day MA of 5.95, indicating a bullish trend. The MACD of 0.16 indicates Negative momentum. The RSI at 69.23 is Neutral, neither overbought nor oversold. The STOCH value of 90.05 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for QUAD.

Quad/Graphics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CASS	76 Outperform	$587.48M	17.20	11.44%	2.98%	-4.96%	39.42%
ABM	73 Outperform	$2.64B	17.40	9.10%	2.20%	4.62%	102.72%
TH	67 Neutral	$698.46M	-70.89	-2.36%	―	-26.65%	-110.98%
PRSU	64 Neutral	$1.05B	2.94	-24.71%	―	-68.48%	2198.47%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
QUAD	59 Neutral	$337.60M	12.25	30.25%	4.69%	-9.23%	―
CVEO	54 Neutral	$332.33M	-13.48	-12.34%	4.25%	-10.51%	-247.97%

Quad/Graphics Corporate Events

Quad/Graphics Names Dave Honan President and COO

On February 12, 2026, Quad/Graphics appointed longtime executive Dave Honan as President while he continues as Chief Operating Officer, formalizing his role overseeing day-to-day operations across the company’s business units. Chairman and CEO Joel Quadracci, who has led Quad as President and CEO since 2006, will remain focused on long-term strategy, innovation and key stakeholder relationships, with Honan reporting directly to him.

Honan, who joined Quad in 2009 and previously served as Chief Accounting Officer and Chief Financial Officer, received a $250,000 restricted stock grant that will vest on the third anniversary of its March 1 grant date, underscoring the board’s confidence in his leadership and aligning his incentives with shareholders. Quad credits him with building its public-company finance and capital structure and driving operational strategies that improved manufacturing efficiency, margins and innovation, reinforcing the company’s ongoing transformation from a traditional printer into a broader marketing experience player.

The most recent analyst rating on (QUAD) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Quad/Graphics stock, see the QUAD Stock Forecast page.