Quad/Graphics, Inc. Class A (QUAD)
NYSE:QUAD
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Quad/Graphics
(NYSE:QUAD)
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Rating:56Neutral
Price Target:
$7.50
▼(-1.96% Downside)
Action:Reiterated
Date:05/02/26
The score is held back primarily by weakening top-line trends and a debt-heavy balance sheet, despite improved profitability and still-positive (but softening) free cash flow. Technicals are a notable offset with a clear uptrend, while valuation and dividend support returns but do not fully compensate for the fundamental and near-term guidance risks.
Positive Factors
Cash Generation
Sustained positive operating and free cash flow provides durable financing capacity to fund capex, fund working capital swings, pay dividends and repurchases, and service debt. This steady cash conversion underpins management's ability to execute deleveraging and reinvest in higher‑margin services over 2–3 years.
Negative Factors
High Leverage
Elevated leverage materially reduces financial flexibility and increases interest expense sensitivity to rate shifts. With a debt-heavy capital structure, the firm has less room to absorb weaker demand or fund strategic investments without issuing equity or cutting returns, raising solvency risk if cash flow weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Sustained positive operating and free cash flow provides durable financing capacity to fund capex, fund working capital swings, pay dividends and repurchases, and service debt. This steady cash conversion underpins management's ability to execute deleveraging and reinvest in higher‑margin services over 2–3 years.
Read all positive factors
Quad/Graphics (QUAD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$387.73M
Dividend Yield4.69%
Average Volume (3M)225.33K
Price to Earnings (P/E)12.7
Beta (1Y)1.28
Revenue Growth-10.40%
EPS GrowthN/A
CountryUS
Employees11,000
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)0.57
Shares Outstanding38,297,540
10 Day Avg. Volume192,300
30 Day Avg. Volume225,326
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 Cap2.28
Enterprise Value/Revenue0.37
Enterprise Value/Gross Profit2.01
Enterprise Value/Ebitda4.94
Forecast
1Y Price Target
$9.93Price Target Upside29.85% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)1.15
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/Graphics makes money primarily by selling marketing and print-related services to enterprise and mid-sized clients under contractual, project-based, and recurring service arrangements. Key revenue streams include: (1) Print and print-related ...
Quad/Graphics Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Neutral
Balanced: the company shows operational discipline, margin expansion, EPS growth (+25%), sustained liquidity and continued product/service innovation (postal optimization, At-Home Connect, data-driven audience strategies) and returned capital to shareholders. Counterbalancing these positives are persistent top-line pressure (Q1 sales down 4.3% YoY ex-Europe and guidance for a 1%–5% sales decline in 2026), continued negative free cash flow in the quarter, material macro risks from postage increases and input cost inflation, and an overdue $6 million note receivable. Management reaffirmed guidance and articulated a path to margin and leverage targets, but near-term revenue and cash-flow headwinds keep the outlook mixed.Positive Updates
Q1 Financial Performance — Margin Expansion
Adjusted EBITDA of $45 million in Q1 2026 with adjusted EBITDA margin increasing from 7.2% to 7.7% year-over-year (up 0.5 percentage points), driven by cost realignment and improved manufacturing productivity.
Negative Updates
Revenue Decline
Net sales of $581 million in Q1 2026, down 4.3% year-over-year excluding the February 2025 European divestiture; company expects 2026 net sales to decline 1%–5% (ex-Europe) at full year.
Read all updates
Q1-2026 Updates
Positive
Negative
Q1 Financial Performance — Margin Expansion
Adjusted EBITDA of $45 million in Q1 2026 with adjusted EBITDA margin increasing from 7.2% to 7.7% year-over-year (up 0.5 percentage points), driven by cost realignment and improved manufacturing productivity.
Read all positive updates
Company Guidance
Quad reaffirmed 2026 guidance, forecasting net sales down 1%–5% versus 2025 (ex‑$23M of 2025 European sales), full‑year adjusted EBITDA of $175M–$215M (midpoint $195M, roughly in line with 2025’s $196M) and an adjusted EBITDA margin improvement of ~30 basis points to about 8.4% (from 8.1% in 2025). They expect free cash flow of $40M–$60M (midpoint $50M, vs. $51M in 2025) with capital expenditures of $55M–$65M; seasonality should produce negative free cash flow in the first nine months and a large positive Q4, with Q2 the lowest sales quarter and sequential sales and EBITDA improvement in Q3 and Q4. Quad aims to reduce net debt leverage to ~1.5x by year‑end (target range 1.5x–2.0x) and reiterated its 2028 outlook of an inflection to net sales growth, a 2028 adjusted EBITDA margin target of 9.4%, and improved free‑cash‑flow conversion from ~26% (2026) to ~35% (2028).Quad/Graphics Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
34
Negative
Cash Flow
54
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.37B | 2.42B | 2.67B | 2.96B | 3.22B | 2.96B |
| Gross Profit | 439.50M | 444.70M | 480.70M | 450.80M | 460.20M | 416.30M |
| EBITDA | 178.80M | 197.40M | 121.00M | 150.60M | 213.00M | 266.10M |
| Net Income | 27.40M | 27.00M | -50.90M | -55.40M | 9.30M | 37.80M |
Balance Sheet | ||||||
| Total Assets | 1.23B | 1.25B | 1.30B | 1.51B | 1.70B | 1.89B |
| Cash, Cash Equivalents and Short-Term Investments | 7.00M | 63.30M | 29.20M | 52.90M | 25.20M | 179.90M |
| Total Debt | 503.40M | 444.00M | 464.60M | 625.30M | 713.70M | 931.60M |
| Total Liabilities | 1.10B | 1.12B | 1.25B | 1.39B | 1.53B | 1.75B |
| Stockholders Equity | 126.60M | 128.60M | 49.90M | 119.50M | 172.90M | 136.80M |
Cash Flow | ||||||
| Free Cash Flow | 44.00M | 50.70M | 55.70M | 76.80M | 94.30M | 86.50M |
| Operating Cash Flow | 91.20M | 95.90M | 112.90M | 147.60M | 154.60M | 136.50M |
| Investing Cash Flow | -28.60M | -27.70M | 12.70M | -46.40M | -60.50M | 129.40M |
| Financing Cash Flow | -64.10M | -36.10M | -149.10M | -73.60M | -248.70M | -140.90M |
Quad/Graphics Technical Analysis
Positive
7.65
Price Trends
7.16
Positive
6.75
Positive
6.35
Positive
Market Momentum
0.01
Positive
49.64
Neutral
26.18
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 7.65 is above the 20-day moving average (MA) of 7.54, above the 50-day MA of 7.16, and above the 200-day MA of 6.35, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 49.64 is Neutral, neither overbought nor oversold. The STOCH value of 26.18 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 60 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 0 New Risks
Quad/Graphics Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $1.83B | -17.95 | -11.10% | ― | -7.43% | -198.60% | |
67 Neutral | $1.20B | -10.23 | 5.44% | ― | -49.16% | -91.38% | |
65 Neutral | $2.31B | 17.89 | 8.80% | 2.20% | 5.59% | 100.00% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $596.32M | 15.95 | 14.44% | 2.98% | -3.39% | 71.37% | |
57 Neutral | $368.46M | -19.32 | -7.72% | 4.25% | 1.13% | 25.94% | |
56 Neutral | $387.73M | 12.71 | 24.97% | 4.69% | -10.40% | ― |
* Industrials Sector Average
QUAD
Quad/Graphics
7.52
2.21
41.57%
ABM
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39.55
-10.58
-21.10%
CASS
Cass Information Systems
46.33
4.88
11.78%
PRSU
Pursuit Attractions and Hospitality
43.92
16.64
61.00%
CVEO
Civeo
33.67
12.93
62.34%
TH
Target Hospitality
18.26
11.04
152.91%
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.