# O-I Glass, Inc. (OI)

> Source: Nexqual · https://nexqual.com/OI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, O-I Glass, Inc. (OI), nexqual.com/OI" · informational, not investment advice.

**Price:** USD 6.41 (+6.13% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 6.04 · day 6.05–6.64 · 52w 5.3–16.91 · market cap $985M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.36B, net income -$1.15B (-18.1% margin), free cash flow -$14.0M (SEC filings).
- Insider open-market purchases, last ~7 months: 5 Form 4 filings, $279K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.88 on a 1–5 scale) (8 analysts), mean target USD 8.04 (range 6–13).
- Total return with dividends: 1Y -48.8% vs S&P 500 +14.9%; 5Y -55.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.16, revenue estimate $1.64B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.36B | $6.86B | $7.11B | $6.53B | $6.43B | $6.36B |
| Gross profit | $1.09B | $1.21B | $1.50B | $1.04B | $1.11B | — |
| Operating income | $332M | $805M | $67.0M | $38.0M | — | — |
| Net income | $149M | $584M | -$103M | -$106M | -$129M | -$1.15B |
| EPS (diluted) | $0.93 | $3.67 | -$0.67 | -$0.69 | -$0.84 | — |
| Free cash flow | $289M | -$385M | $130M | -$128M | $168M | -$14.0M |
| Gross margin | 17.2% | 17.7% | 21.1% | 16.0% | 17.3% | — |
| Operating margin | 5.2% | 11.7% | 0.9% | 0.6% | — | — |
| Net margin | 2.3% | 8.5% | -1.4% | -1.6% | -2.0% | -18.1% |
| Revenue growth | +4.4% | +7.8% | +3.6% | -8.1% | -1.6% | — |
| Cash + short-term investments | $725M | $773M | $913M | $734M | $759M | — |
| Total debt | $4.79B | $4.67B | $4.84B | $4.86B | $4.90B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.1x · EV/Sales 0.9x · P/B 1.8x · FCF yield -1.42% · Earnings yield -117.06% · Buyback yield (TTM) 3.05% · Net debt $4.52B · EV $5.50B

## Insider purchases (SEC Form 4, open-market, last ~7 months)
5 purchases, $279K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-15 | Chapin Samuel R. | Director | 12,000 | $102K | 8.51 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Restrepo Eduardo | SVP, Business Ops Americas | 3,309 | $30K | 8.98 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Haudrich John | SVP & Chief Financial Officer | 2,207 | $20K | 9.07 | Too little history (no open-market trades in 2023) |
| 2026-05-11 | Abrahams Darrow A | SVP, GC & Corporate Secretary | 2,774 | $25K | 9.04 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-08 | Burns Randolph L | SVP, Chief Admin & Sus Officer | 11,000 | $102K | 9.32 | Too little history (no open-market trades in 2023 or 2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.88 on a 1–5 scale), 8 analysts; mean target USD 8.04 (low 6, high 13).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Wells Fargo | Target lowered | Overweight | $12 → $10 |
| 2026-10-13 | RBC Capital | Target lowered | Sector Perform | $8 → $7 |
| 2026-10-12 | Truist Securities | Target lowered | Buy | $10 → $8 |
| 2026-10-05 | UBS | Downgrade | Buy → Neutral | $11 → $6 |
| 2026-08-21 | Citigroup | Upgrade | Neutral → Buy | $8 → $9 |
| 2026-08-13 | RBC Capital | Downgrade | Outperform → Sector Perform | $10 → $8 |
| 2026-07-31 | Citigroup | Target lowered | Neutral | $10 → $8 |
| 2026-07-30 | UBS | Target lowered | Buy | $15 → $11 |
| 2026-07-30 | Truist Securities | Target lowered | Buy | $13 → $10 |
| 2026-07-15 | Truist Securities | Target lowered | Buy | $14 → $13 |
| 2026-07-15 | Wells Fargo | Target lowered | Overweight | $13 → $12 |
| 2026-07-09 | RBC Capital | Target lowered | Outperform | $14 → $11 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -48.8% | -55.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -48.9% | -14.8% |
| Volatility (annualized) | 54.8% | 42.5% |
| Max drawdown | -66.5% (Feb 2026→Oct 2026) | -76.1% (Feb 2023→Sep 2026) |

## Peers (Packaging & Containers)
KRT (Karat Packaging Inc.) USD 53.84 -1.07% · MYE (Myers Industries, Inc.) USD 32.83 -0.18% · TRS (TriMas Corporation) USD 39.9 +0.18% · GPK (Graphic Packaging Holding Compa) USD 9.04 +7.75% · AMBP (Ardagh Metal Packaging S.A.) USD 4.73 +3.05% · ORBS (Eightco Holdings Inc.) USD 0.79 -2.02%

## More
Full page: https://nexqual.com/OI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Reportable | $1.65B | 99.1% | -1.8% |
| — Americas (part of Reportable) | $949.0M | 56.9% | +0.6% |
| — Europe (part of Reportable) | $704.0M | 42.2% | -5.0% |
| All Other Segments | $15.0M | 0.9% | -31.8% |
| Total revenue | $1.67B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Alcoholic Beverages | $510.0M | 30.6% | -4.7% |
| Food & Other | $246.0M | 14.7% | +12.3% |
| Nonalcoholic Beverage | $193.0M | 11.6% | +2.1% |
| Total revenue | $1.67B | 100% | — |
The lines above cover 56.9% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Non Us | $1.24B | 74.4% | -1.5% |
| United States | $427.0M | 25.6% | -4.3% |
| Total revenue | $1.67B | 100% | — |

## Company outlook (8-K filed 2026-07-28)

- "Current Prior 2025 Actual Adjusted EBITDA ($M) $1,000-$1,100 $1,125-$1,225 $1,218 Free Cash Flow ($M) ($50-$150) $50-$150 $168 Leverage Ratio ≥ 4 Mid 3s 3.5 O-I has revised its 2026 guidance and now anticipates adjusted EBITDA of $1.0–$1.1 billion, free cash flow to be a $50–$150 million use of cash, and net debt leverage ratio at or slightly above 4 times."
- "The revised outlook primarily reflects higher than anticipated operating costs expected through the second half of 2026 due to operating disruption, as well as ongoing commercial pressure amid elevated energy costs in Europe."
- "Adjusted earnings are expected to gradually improve over the balance of 2026 as execution stabilizes, restructuring-related benefits are more fully realized, and the company continues to advance Fit to Win."
- "The company also has realigned its 2027 targets and now anticipates 2027 adjusted EBITDA of $1.2–$1.3 billion, compared with its original target of $1.45 billion established during the company's 2025 Investor Day."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.16 | $0.47 | -65.8% | $1.64B | 7 |
| Next quarter (ends 2026-12-31) | $0.15 | $0.38 | -60.2% | $1.52B | 7 |
| Current fiscal year (ends 2026-12-31) | $0.47 | $1.15 | -59.2% | $6.36B | 8 |
| Next fiscal year (ends 2027-12-31) | $1.39 | $1.87 | -25.6% | $6.50B | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±17.2%; last 8 reports averaged ±10.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 76.0% | ±17.2% |
| 2026-12-18 | 56 | 65.1% | ±20.3% |
| 2027-02-19 | 119 | 64.1% | ±28.5% |
| 2027-05-21 | 210 | 62.0% | ±35.9% |