O-I Glass

Packaging & Containers · Consumer Cyclical

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

O-I Glass makes glass bottles and jars used to package food, beer, wine, spirits, and non-alcoholic drinks. Its customers are large consumer brands like beverage and food companies that need containers for their products. O-I Glass is one of the largest glass container manufacturers in the world.

The company earns revenue by selling glass containers directly to these brand customers, typically under multi-year supply contracts. O-I Glass operates across North America, Europe, Latin America, and the Asia-Pacific region, giving it a broad global footprint. Glass has a natural advantage over plastic in certain markets because many premium beverage brands prefer it for taste, image, and sustainability reasons — but the company faces real pressure from high energy costs, since making glass requires intense heat, and from competition with cheaper plastic and aluminum packaging alternatives.

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Growth Profile

For growth stock investors

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

Revenue Growth

-2.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

Insider Activity

2.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$339M cash & investments at current burn rate

Revenue declining

O-I Glass's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

12.8%

Thin — 12.8% gross margin

Profit after running costs

Operating Margin

7.8%

Modest — 7.8% operating margin

Return on the money invested

ROCE

9.4%

Below par — 9.4% 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

-1.9%

Shrinking sales (-1.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-0.2%

Burning cash (-0.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

13.02

Heavy debt load (13.02)

Covers its interest

Interest Cover

1.48x

Dangerous — barely covers interest (1.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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