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CCL Industries

CCL-B.TO
58
Packaging & Containers · Consumer Cyclical
Price
C$95.09
-0.64 (-0.67%)
Market Cap
C$16.34B
Exchange
Toronto Stock Exchange
Winston Score
58
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Mixed
Cash Flow
Strong
Stability
Strong
Valuation
Good
Dividends
Good

Share count falling — buybacks

2.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 180.9M (2021) → 175.7M (2025)

Winston Score History

The full picture

CCL Industries is a Canadian company that makes labels and packaging for products people use every day. Its main business is printing and producing labels for things like shampoo bottles, food containers, medicine packaging, and credit cards. It sells to large consumer goods companies, healthcare brands, and financial institutions around the world.

CCL makes money by manufacturing and selling these labels and packaging materials directly to businesses. It operates in over 40 countries, making it one of the largest label manufacturers in the world, which gives it scale advantages that are hard for smaller competitors to match. The company's main growth driver is winning new contracts with global consumer brands expanding into emerging markets, while its biggest risk is rising raw material costs — particularly paper, film, and aluminum — which can squeeze profit margins if CCL cannot pass those costs on to customers.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+8.3% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

15.6%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$1.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

CCL Industries is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
29.9%
Modest — 29.9% gross margin
Profit after running costs
Operating Margin
15.4%
Healthy — 15.4% operating margin
Return on the money invested
ROCE
14.4%
Good — 14.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+5.4%
Slow sales growth (+5.4% YoY)
Profit growth
EPS YoY
+4.7%
Modest earnings growth (+4.7% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
155%
Turns 155% of profit into real cash
Spare cash per sale
FCF Margin
10.5%
Modest free cash flow (10.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.45
Conservative — low debt load (0.45)
Covers its interest
Interest Cover
11.79x
Comfortably covers interest (11.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
20.3x
Growth-priced — P/E 20.3

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+1.4
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
1.51%
Small dividend — 1.51% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+12.0%
Dividend growing fast (12.0% YoY)

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