International Paper Co (IP)
Materials · Paper & Plastic Packaging Products & Materials · US stock · S&P 500 component
$33.68
▲ +0.05 (0.15%)
Fair valueFair
$31 −8.4% to fair value
$15fair band $26–$37$46
Day's range
$33.19 – $34.15
52-week range
$29.26 – $50.25
Red flags⚠ Heavy dilution⚠ Dividend may be at risk⚠ Heavy dilution⚠ Dividend may be at risk⚠ Heavy dilution⚠ Dividend may be at risk⚠ Heavy dilution⚠ Dividend may be at risk⚠ Heavy dilution⚠ Dividend may be at risk
About International Paper Co
International Paper is a packaging company that makes containerboard and corrugated boxes from wood fibre, mainly for consumer goods, food, e-commerce and industrial customers. It operates mills and box plants in North America and Europe, and supplies customers who need shipping and protective packaging. The company is based in Memphis, Tennessee.
International Paper earns revenue from supplying packaging products and the paper used to make them. Revenue is $24.2 billion over the last twelve months, growing at 3.8% a year across three years. However, the operating margin is -11.3%, meaning the business records an operating loss, and it earns -9% on the capital invested in it. It has net debt of 180.7 times EBITDA, a very high reading that points to thin earnings. The dividend yield is 5.5%. On the site's X-Ray Score it receives 38 out of 100.
Price chart
52-wk range $29.26 – $50.25Volume 6,402,586Daily, split-adjusted
Vitals
Market cap$17.8B
52-week range$29.26 – $50.25
Volume (last day)6,402,586
P/E (TTM)–
EBIT / EV yield-10.4%
Free-cash-flow yield2.8%
Dividend yield5.5%
Revenue (TTM)$24.2B
Net income (TTM)−$3.4B
Operating margin-11.3%
Return on capital-9.4%
Debt incl. leases$9.2B
Cash & securities$726M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$31middle half of models $20 – $40
Fair
−8.4% to fair value
Average of the 5 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $34
Undervalued < $26Fair $26 – $37Overvalued > $37
P/B multiple
$41
P/S multiple
$40
EV/EBITDA multiple
$14
EV/revenue multiple
$39
10-year DCF, EBITDA exit · not used
$237
5-year DCF, EBITDA exit · not used
$147
5-year DCF, revenue exit
$20
Dividend discount, stable · not used
$106
Dividend discount, multi-stage · not used
$139
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Materials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
31/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield-10.4%
Free-cash-flow yield2.8%
Fair value vs price0.9×
Growth
Strong
72/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)3.8%
Growth consistency60%
Profitability
Weak
36/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital-9.4%
Operating margin-11.3%
Gross profitability19.7%
Financial health
Weak
7/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score3 / 9
Net debt / EBITDA180.7×
Interest cover-5.1×
Dividends
Fair
57/100
Dividend is typical for its sector.
See the numbers →
Dividend yield5.5%
Dividends vs free cash flow199%
Dividend growth13.2%
Quarterly results: last 6 quarters
+34.5%
Mar '25
+52.8%
Jun '25
+56.4%
Sep '25
+53.1%
Dec '25
+13.4%
Mar '26
-2.2%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $6.0B, diluted EPS $-0.02.
Compare with peers
AVY Avery Dennison Corp61 AMCR Amcor plc57 SW Smurfit Westrock plc56 PKG Packaging Corp Of Amer...54Other Paper & Plastic Packaging Products & Materials companies by X-Ray Score.
SWOT analysis: International Paper Co
Strengthsinside the company
- No standout strength in the figures we track.
Weaknessesinside the company
- Return on invested capital is only -9.4% (median 8.0% for industry peers), so the business earns little above its cost of capital.
- Operating margin of -11.3% is thin against 9.5% for industry peers.
- Net debt is 180.7x EBITDA, above the 3x level that lenders usually watch.
- Passes only 3 of the 9 Piotroski tests, which shows weak or worsening financial trends.
Opportunitiesvaluation and setting
- Revenue growth picked up to 49.3% last year from 3.8% a year over three years.
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Our checks raised: Heavy dilution; Dividend may be at risk.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare IP with peers and sector
Medians of 4 Paper & Plastic Packaging Products & Materials peers and of 22 Materials stocks in our universe.
Largest peers (X-Ray Score): SW 56, PKG 54, AMCR 57, AVY 61.
| Metric | IP | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 38 | 57 | 53 |
| Valuation | 31 | 71 | 46 |
| Growth | 72 | 61 | 55 |
| Profitability | 36 | 53 | 55 |
| Financial health | 7 | 40 | 50 |
| Dividends | 57 | 58 | 54 |
Sector leaders: highest X-Ray Score in Materials
IP ranks #19 of 23 in Materials and #5 of 5 in Paper & Plastic Packaging Products & Materials by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for IP
Each factor is rated by where IP stands among the 23 Materials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 2 Average · 10 Bad of 18
Growth: 2 · 0 · 0
Profitability: 0 · 1 · 4
Financial strength: 0 · 0 · 4
Valuation: 2 · 1 · 1
Cash flow: 1 · 0 · 1
Efficiency: 1 · 0 · 0
| Factor | IP | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +3.8% | Good beats 76% | +0.6% | – | – |
| Revenue growth, last year | +49.3% | Good beats 93% | +5.3% | +9.3% | ▲ Better |
| Profitability | |||||
| Gross margin | 29.8% | Average beats 63% | 27.9% | 28.4% | ≈ In line |
| Operating margin | -11.3% | Bad beats 2% | 11.8% | 5.1% | ▼ Worse |
| Net margin | -14.2% | Bad beats 2% | 7.8% | 3.5% | ▼ Worse |
| Return on invested capital | -9.4% | Bad beats 2% | 10.0% | – | – |
| Return on equity | -23.8% | Bad beats 2% | 14.8% | 6.8% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | 180.7x | Bad beats 2% | 2.4x | 2.0x | ▼ Worse |
| Interest cover | -5.1x | Bad beats 2% | 7.8x | 2.0x | ▼ Worse |
| Current ratio | 1.10 | Bad beats 20% | 1.61 | 1.51 | ▼ Worse |
| Piotroski F-score | 3 / 9 | Bad beats 11% | 6 / 9 | – | – |
| Valuation | |||||
| Price / book | 1.2x | Good beats 89% | 3.1x | 1.5x | ≈ In line |
| Price / sales | 0.7x | Good beats 85% | 2.1x | 0.8x | ≈ In line |
| EV / EBITDA | 560.1x | Bad beats 2% | 14.2x | 8.8x | ▼ Worse |
| Free cash flow yield | 2.8% | Average beats 40% | 3.4% | 5.5% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 2.0% | Bad beats 11% | 7.7% | 4.8% | ▼ Worse |
| Accruals (lower is better) | −16.7% | Good beats 98% | −4.2% | – | – |
| Efficiency | |||||
| Inventory turnover | 8.7x | Good beats 86% | 5.3x | 7.7x | ▲ Better |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 3 Good · ● 3 Average · ● 8 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldAverage
Risk models
Altman Z''Bad
Piotroski F-ScoreBad
Growth
Revenue growth (3y)Good
Growth consistencyAverage
Balance sheet
Current ratioBad
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceAverage
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginBad
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 36/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $19.4B | $21.2B | $16.0B | $15.8B | $23.6B |
| Operating income | $1.4B | $1.9B | $820M | $801M | −$2.8B |
| Net income | $1.8B | $1.5B | $288M | $557M | −$3.5B |
| Operating cash flow | $2.0B | $2.2B | $1.8B | $1.7B | $1.7B |
| Operating margin | 7.4% | 9.0% | 5.1% | 5.1% | -11.9% |
| Free cash flow | $1.6B | $1.2B | $692M | $757M | −$159M |
| Diluted EPS | $4.47 | $4.10 | $0.82 | $1.57 | $-6.95 |
Fiscal years, from SEC filings.
Technical summary
Daily
Neutral
5 bullish · 4 neutral · 7 bearish
Weekly
Strongly bearish
0 bullish · 1 neutral · 11 bearish
Monthly
Strongly bearish
0 bullish · 1 neutral · 7 bearish
Moving averages (daily)
| SMA 10 | 33.05 | Bullish |
| EMA 10 | 33.31 | Bullish |
| SMA 20 | 32.92 | Bullish |
| EMA 20 | 33.46 | Bullish |
| SMA 50 | 35.67 | Bearish |
| EMA 50 | 34.85 | Bearish |
| SMA 100 | 36.66 | Bearish |
| EMA 100 | 35.81 | Bearish |
| SMA 200 | 36.89 | Bearish |
| EMA 200 | 37.06 | Bearish |
Oscillators (daily)
| RSI (14) | 48.75 | Neutral |
| MACD (12, 26) | -0.47 | Bearish |
| Momentum (12) | 4.79 | Bullish |
| Stochastic %K (14) | 68.72 | Neutral |
| Williams %R (14) | -31.28 | Neutral |
| CCI (20) | 50.71 | Neutral |
Pivot points (classic, last session)
S3 32.24 | S2 32.71 | S1 33.20 | Pivot 33.67 | R1 34.16 | R2 34.63 | R3 35.12 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.85 USD
Yield on today's price
5.50%
Frequency
Quarterly
Next ex-dividend date
16 Nov 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 0.4625 |
| 0.4630 | |
| 0.4630 | |
| 0.4630 | |
| 0.4630 | |
| 0.4630 | |
| 0.4630 | |
| 0.4630 | |
| 0.4630 | |
| 0.4630 | |
| 0.4630 | |
| 0.4630 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold IP
| ETF | Share of the fund |
|---|---|
| XLB Materials Select Sector SPDR | 2.70% |
| CGDV Capital Group Dividend Value | 1.74% |
| DVY iShares Select Dividend | 1.25% |
| GNR SPDR S&P Global Natural Resources | 1.15% |
| SPYD SPDR Portfolio S&P 500 High Dividend | 1.06% |
| RPV Invesco S&P 500 Pure Value | 0.90% |
| BKDV BNY Mellon Dynamic Value | 0.60% |
| CGUS Capital Group Core Equity | 0.55% |
The eight funds with the largest weight in IP among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
IP stock splits
IP has split its stock once since 1995. The latest was a 2-for-1 split on 18 Sep 1995.
Full IP stock split history →IP SEC filings
8-KSEC EDGAR
Current report
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
DEF 14ASEC EDGAR
Proxy statement
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.