Quad/Graphics, Inc. Class A (QUAD)
NYSE:QUAD
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Quad/Graphics
(NYSE:QUAD)
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Rating:59Neutral
Price Target:
$7.00
▼(-3.98% Downside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Quad/Graphics (QUAD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$381.00M
Dividend Yield4.69%
Average Volume (3M)239.82K
Price to Earnings (P/E)11.1
Beta (1Y)1.32
Revenue Growth-9.23%
EPS GrowthN/A
CountryUS
Employees11,000
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)0.36
Shares Outstanding39,001,790
10 Day Avg. Volume159,077
30 Day Avg. Volume239,825
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)2.32
Price to Sales (P/S)0.12
P/FCF Ratio5.89
Enterprise Value/Market Cap2.00
Enterprise Value/Revenue0.31
Enterprise Value/Gross Profit1.71
Enterprise Value/Ebitda4.40
Forecast
1Y Price Target
$9.93Price Target Upside36.21% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)1.18
Revenue Forecast (FY)$2.32B
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 int...
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. Addi...
Quad/Graphics Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Neutral
The call presented a mixed but cautiously constructive picture: Quad reported continued revenue declines and lower adjusted EBITDA versus the prior year, and flagged near-term headwinds from postal uncertainty, tariffs and plant consolidation. Offsetting these negatives, the company delivered strong cash generation and liquidity, meaningful debt reduction (70% since 2020), EPS improvement, shareholder returns (dividend increase and buybacks), operational gains in postal optimization and momentum in targeted print, direct mail and agency wins. Management provided guidance that shows sequential improvement and a path to an inflection in revenue by 2028 while targeting margin and cash-conversion improvements.Positive Updates
Achieved Full-Year Guidance and Strong Cash Generation
Quad achieved its full-year 2025 financial guidance with net sales of $2.4 billion and generated strong cash flow that funded targeted investments, debt reduction and shareholder returns. The company reported $88 million of proceeds from asset sales during 2025 and highlighted over $870 million of free cash flow and proceeds from asset sales from 2020-2025.
Negative Updates
Year-over-Year Net Sales Decline
Net sales for Q4 2025 were $631 million, down 5.7% versus Q4 2024 (excluding the divestiture of European operations). Full-year 2025 net sales were $2.4 billion, a 4.8% decline versus 2024 (excluding the European divestiture). Declines were driven by lower paper sales, lower print volumes, and reduced logistics and agency sales, including the loss of a large grocery client in 2024 (annualized March 2025).
Read all updates
Q4-2025 Updates
Positive
Negative
Achieved Full-Year Guidance and Strong Cash Generation
Quad achieved its full-year 2025 financial guidance with net sales of $2.4 billion and generated strong cash flow that funded targeted investments, debt reduction and shareholder returns. The company reported $88 million of proceeds from asset sales during 2025 and highlighted over $870 million of free cash flow and proceeds from asset sales from 2020-2025.
Read all positive updates
Company Guidance
Quad's 2026 guidance calls for net sales to decline 1%–5% versus 2025 (excluding $23M of 2025 European divestiture) — a midpoint decline of ~3% — with full‑year adjusted EBITDA of $175M–$215M (midpoint $195M, roughly flat with 2025's $196M) and adjusted EBITDA margin improving 30 basis points to 8.4% (from 8.1% in 2025). Free cash flow is guided to $40M–$60M (midpoint $50M, roughly in line with 2025's $51M), capital expenditures $55M–$65M (about $15M higher than 2025 at the midpoint), and net debt leverage is expected to decline from ~1.7x at year‑end 2025 to ~1.5x by year‑end 2026 (within the long‑term 1.5x–2.0x target). Management reaffirmed balanced capital allocation (a quarterly dividend raised to $0.10/$0.40 annual — ~$5M incremental cash in 2026 — plus opportunistic buybacks) and its 2028 outlook: an inflection to net‑sales growth by 2028, a ~3% CAGR through 2028 ex large‑scale print, an adjusted EBITDA margin target of 9.4% by 2028, and free‑cash‑flow conversion improving from ~26% (2026 guidance) to 35% by 2028 (40% long term).Quad/Graphics Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
28
Negative
Cash Flow
55
Neutral
| 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
Positive
7.29
Price Trends
6.59
Positive
6.27
Positive
6.04
Positive
Market Momentum
0.12
Negative
69.33
Neutral
75.99
Neutral
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 7.29 is above the 20-day moving average (MA) of 6.67, above the 50-day MA of 6.59, and above the 200-day MA of 6.04, indicating a bullish trend. The MACD of 0.12 indicates Negative momentum. The RSI at 69.33 is Neutral, neither overbought nor oversold. The STOCH value of 75.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for QUAD.
Quad/Graphics Risk Analysis
Quad/Graphics disclosed 30 risk factors in its most recent earnings report. Quad/Graphics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Rapid changes in technology affecting the marketing and advertising industry, including developments in artificial intelligence, may adversely affect the Company, and if the Company is unable to adapt its market offerings to effectively compete in this technology-driven environment, the Company's ability to grow will be adversely affected. Q4, 2025
Quad/Graphics Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $592.62M | 16.40 | 14.61% | 2.98% | -4.96% | 39.42% | |
68 Neutral | $1.44B | -21.47 | -2.36% | ― | -26.65% | -110.98% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $1.15B | 41.90 | -24.71% | ― | -68.48% | 2198.47% | |
60 Neutral | $2.29B | 17.89 | 8.80% | 2.20% | 4.62% | 102.72% | |
59 Neutral | $381.00M | 11.05 | 27.02% | 4.69% | -9.23% | ― | |
56 Neutral | $301.68M | -14.41 | -12.34% | 4.25% | -10.51% | -247.97% |
* Industrials Sector Average
QUAD
Quad/Graphics
7.29
2.59
55.27%
ABM
ABM Industries
39.05
-4.21
-9.74%
CASS
Cass Information Systems
45.91
7.82
20.54%
PRSU
Pursuit Attractions and Hospitality
41.11
9.65
30.67%
CVEO
Civeo
27.55
8.15
42.01%
TH
Target Hospitality
14.34
7.62
113.39%
Quad/Graphics Corporate Events
Business Operations and StrategyExecutive/Board Changes
Quad/Graphics Names Dave Honan President and COO
Positive
Feb 17, 2026
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 C...
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.