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Back of Napkin

O-I Glass, Inc. OI

Three-pass checkedFiled since 2026-07-29

Written 2026-05-19. The company has filed a quarterly or annual report since, on 2026-07-29, so figures here predate its latest disclosure.

O-I Glass is one of the two largest container-glass manufacturers in the world (with Verallia), supplying glass bottles to beer, wine, spirits, and food customers across Americas and Europe, currently restructuring under a multi-year "Fit to Win" program while carrying 6x net-debt leverage.

The setup is a deep cyclical with a guidance cut, where Q1 European net pricing collapsed by $76M on expired energy hedges and Southern European wine competition; the equity is now priced for either a real recovery or a continued multi-year compression, with consensus pricing the former and Q1 confirming the latter.

Key data

Sector / industryConsumer Cyclical / Packaging and Containers
FYE / countryDecember / US (operations split Americas and Europe)
Price / 52w range$8.39 / $8.00 to $16.91
Position vs MA5% above 52w low; 50d SMA $10.15, 200d SMA $12.80, both falling
Market cap / EV≈$1.29B / ≈$6.25B (debt dominates EV)
Revenue (TTM)≈$6.40B
EPS (TTM, GAAP)≈$1.22 loss
Net income (TTM, GAAP)≈$0.18B loss
Beta0.65

OI · price with moving averages

Daily · 6MWeekly · 3Y
$6$10$14$18$22 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

O-I Glass is one of the two largest container-glass manufacturers in the world, alongside Verallia, supplying glass bottles to beer, wine, spirits, and food customers across two operating regions, Americas and Europe. The company is restructuring under a multi-year "Fit to Win" program while carrying roughly 6x net-debt leverage.

Q1 2026, reported April 28, framed the whole story in a revenue beat against an EPS miss: net sales of $1.54B beat the $1.48B consensus, while adjusted EPS of $0.05 missed the $0.19 consensus sharply. The miss was driven by Europe, which took a $76M reduction in net price from the expiration of favorable energy hedges plus aggressive price competition in Southern European wine markets, while Americas was stable despite roughly $10M of disruption from extreme weather, Mexico civil unrest, and Peru infrastructure failures. The Fit to Win restructuring delivered $35M of net cost savings in the quarter against a $200M-plus annual target, and CEO Gordon Hardie noted sluggish demand early in Q1 with March improvement. Full-year guidance was cut to $1.00 to $1.50 adjusted EPS (from $1.50 to $2.00), citing up to $100M of potential energy inflation impact, a midpoint cut of roughly 30%.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04The linchpins
  5. 05Closing
  6. 06Methodology

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