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Quad/Graphics
(NYSE:QUAD)
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Rating:62Neutral
Price Target:
$10.50
▲(25.90% Upside)
Action:Reiterated
Date:08/18/26
Overall score reflects improving operating results and strong cash generation, tempered by meaningful balance-sheet leverage risk. Technicals are supportive with price trending above major moving averages and positive momentum indicators, while valuation is reasonable with a moderate P/E and solid dividend yield. Earnings call tone is constructive with reaffirmed guidance and capital returns, but near-term growth and margin headwinds keep the outlook execution-sensitive.
Positive Factors
Strong Cash Generation
Sustained positive operating and free cash flow gives Quad resources to fund operations, support investment and reduce debt. Cash generation exceeding reported earnings also indicates that the recent return to profitability is supported by cash economics.
Negative Factors
High Financial Leverage
Elevated leverage and a modest equity cushion leave Quad sensitive to operating weakness, refinancing conditions and interest expense. Even after improvement from 2024, cash flow remains small relative to debt, limiting the pace of balance-sheet repair.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Cash Generation
Sustained positive operating and free cash flow gives Quad resources to fund operations, support investment and reduce debt. Cash generation exceeding reported earnings also indicates that the recent return to profitability is supported by cash economics.
Read all positive factors
Quad/Graphics (QUAD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$530.96M
Dividend Yield3.64%
Average Volume (3M)177.64K
Price to Earnings (P/E)15.9
Beta (1Y)1.05
Revenue Growth-8.02%
EPS GrowthN/A
CountryUS
Employees10,100
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)0.65
Shares Outstanding38,199,318
10 Day Avg. Volume114,456
30 Day Avg. Volume177,637
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$13.17Price Target Upside57.87% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)1.28
Revenue Forecast (FY)$2.35B
Quad/Graphics Business Overview & Revenue Model
Company Description
Quad/Graphics, Inc. is a global provider that offers a diverse array of marketing solutions. The company operates through two main divisions: its United States Print and Related Services segment, and an International segment. Their extensive print...
How the Company Makes Money
Quad/Graphics primarily makes money by providing services to clients under contract and earning revenue from producing and delivering marketing communications and related solutions. Key revenue streams include: (1) Print and print-related services...
Quad/Graphics Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call presents a cautiously positive picture: management reaffirmed 2026 guidance, delivered strong EPS improvement, reduced net debt, generated meaningful free cash flow in Q2, and highlighted strategic growth initiatives (packaging expansion, in-store retail media, AI adoption) and industry recognition. Offsets include continued YTD revenue pressure in large-scale print and agency solutions, margin headwinds from sales mix and pass-through surcharges, macro-driven cost inflation (ink, diesel, postage), an adverse Mexican tax ruling ($17M accrual), and an unpaid $6M note receivable. Overall, progress on transformation and balance sheet improvement and several tangible growth wins outweigh near-term macro and operational challenges, but execution in H2 will be important to realize full-year targets.Positive Updates
Quarterly Net Sales Growth
Net sales of $578 million in Q2 2026, up 1% versus Q2 2025, reflecting progress toward 2028 revenue goals.
Negative Updates
Year-to-Date Revenue Decline
Net sales of $1.2 billion in H1 2026, a 2% decline year-to-date versus H1 2025 (excluding a 2% impact from the Feb 28, 2025 European divestiture); declines driven by lower large-scale print volumes and agency solutions sales.
Read all updates
Q2-2026 Updates
Positive
Negative
Quarterly Net Sales Growth
Net sales of $578 million in Q2 2026, up 1% versus Q2 2025, reflecting progress toward 2028 revenue goals.
Read all positive updates
Company Guidance
Quad reaffirmed 2026 guidance calling for net sales to decline 1%–5% vs. 2025 (‑3% at the midpoint, excluding $23M from the European divestiture), with Q2 net sales of $578M (the year’s low) and ramping sales expected in Q3–Q4; full‑year adjusted EBITDA is guided to $175M–$215M (midpoint $195M, roughly equal to 2025’s $196M), with Q2 adjusted EBITDA $42M (7.3% margin) and YTD adjusted EBITDA $87M (7.5% margin). Management expects 2026 free cash flow of $40M–$60M (midpoint $50M, near 2025’s $51M), noted YTD FCF of –$66M and Q2 FCF generation of $41M, and set CapEx at $55M–$65M; net debt leverage is targeted to decline to ~1.5x by year‑end (long‑term target 1.5–2.0x), liquidity is $208M, blended debt rate 6.6%, and next large maturity $205M in Oct‑2029. Capital returns include a 33% dividend increase to $0.10/quarter ($0.40/year) payable Sept. 4 and $66.3M remaining buyback authorization (445k shares repurchased YTD for ~$3M); other noted items include a $17M Mexico tax accrual, an overdue ~$6M note receivable, a 100,000 sq. ft. Salt Lake City packaging plant coming online in Q4 (expected low‑double‑digit $M revenue in 2027; packaging ≈ $135M revenue today), and 2028 targets of returning to net sales growth, higher EBITDA margins, and improving FCF conversion from ~26% (2025) to 35% (2028).Quad/Graphics Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
38
Negative
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.85B | 2.42B | 2.67B | 2.96B | 3.22B | 2.96B |
| Gross Profit | 913.90M | 444.70M | 480.70M | 450.80M | 460.20M | 416.30M |
| EBITDA | 157.00M | 161.60M | 121.00M | 150.60M | 213.00M | 266.10M |
| Net Income | 31.20M | 27.00M | -50.90M | -55.40M | 9.30M | 37.80M |
Balance Sheet | ||||||
| Total Assets | 1.20B | 1.25B | 1.30B | 1.51B | 1.70B | 1.89B |
| Cash, Cash Equivalents and Short-Term Investments | 7.40M | 63.30M | 29.20M | 52.90M | 25.20M | 179.90M |
| Total Debt | 469.20M | 444.00M | 464.60M | 625.30M | 713.70M | 931.60M |
| Total Liabilities | 1.07B | 1.12B | 1.25B | 1.39B | 1.53B | 1.75B |
| Stockholders Equity | 124.70M | 128.60M | 49.90M | 119.50M | 172.90M | 136.80M |
Cash Flow | ||||||
| Free Cash Flow | 50.40M | 50.70M | 55.70M | 76.80M | 94.30M | 86.50M |
| Operating Cash Flow | 96.60M | 95.90M | 112.90M | 147.60M | 154.60M | 136.50M |
| Investing Cash Flow | -16.30M | -27.70M | 12.70M | -46.40M | -60.50M | 129.40M |
| Financing Cash Flow | -79.80M | -36.10M | -149.10M | -73.60M | -248.70M | -140.90M |
Quad/Graphics Technical Analysis
Positive
8.34
Price Trends
8.79
Positive
8.03
Positive
7.03
Positive
Market Momentum
0.41
Positive
66.64
Neutral
73.37
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 8.34 is below the 20-day moving average (MA) of 9.84, below the 50-day MA of 8.79, and above the 200-day MA of 7.03, indicating a bullish trend. The MACD of 0.41 indicates Positive momentum. The RSI at 66.64 is Neutral, neither overbought nor oversold. The STOCH value of 73.37 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 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $62.14B | 20.73 | 125.53% | 2.61% | 5.77% | 25.08% | |
72 Outperform | $2.97B | 24.96 | 7.08% | ― | 14.32% | 22.61% | |
64 Neutral | $2.74B | 17.93 | 8.94% | 2.38% | 6.53% | 107.41% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $530.96M | 15.93 | 26.19% | 4.12% | -8.02% | ― | |
62 Neutral | $15.76B | 40.94 | 11.23% | 0.81% | 11.02% | 6.21% | |
58 Neutral | $2.13B | 22.36 | -18.09% | ― | 9.80% | 563.10% |
* Industrials Sector Average
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Quad/Graphics Corporate Events
Executive/Board ChangesShareholder Meetings
Quad/Graphics Shareholders Back Board, Executive Pay at Meeting
Positive
May 22, 2026
At its annual meeting of shareholders held on May 20, 2026, Quad/Graphics shareholders elected all nine nominated directors, including Chair and CEO J. Joel Quadracci, to one-year terms ending at the 2027 annual meeting. The meeting reflected robu...
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.