# Quad/Graphics, Inc. (QUAD)

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

**Price:** USD 9.74 (+3.62% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.4 · day 9.31–9.74 · 52w 5.12–11.15 · market cap $501M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.38B, net income $31.2M (1.3% margin), free cash flow $50.4M (SEC filings).
- Valuation: P/E 16.1x (avg 11.6x at the last 1 fiscal year-ends), EV/EBITDA 5.4x, net debt $393M.
- 1 of 80 tracked superinvestors hold QUAD (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 1.67 on a 1–5 scale) (3 analysts), mean target USD 13.17 (range 13–13.5).
- Total return with dividends: 1Y +73.4% vs S&P 500 +14.9%; 5Y +156.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.38, revenue estimate $583M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.96B | $3.22B | $2.96B | $2.67B | $2.42B | $2.38B |
| Gross profit | $571M | $598M | $577M | $580M | $523M | — |
| Operating income | $92.8M | $53.5M | $25.7M | $19.2M | $97.0M | $96.3M |
| Net income | $37.8M | $9.3M | -$55.4M | -$50.9M | $27.0M | $31.2M |
| EPS (diluted) | $0.71 | $0.18 | -$1.14 | -$1.07 | $0.54 | — |
| Free cash flow | $86.5M | $94.3M | $76.8M | $55.7M | $50.7M | $50.4M |
| Gross margin | 19.3% | 18.6% | 19.5% | 21.7% | 21.6% | — |
| Operating margin | 3.1% | 1.7% | 0.9% | 0.7% | 4.0% | 4.1% |
| Net margin | 1.3% | 0.3% | -1.9% | -1.9% | 1.1% | 1.3% |
| Revenue growth | +1.1% | +8.7% | -8.1% | -9.7% | -9.4% | — |
| Cash + short-term investments | $180M | $25.2M | $52.9M | $29.2M | $63.3M | — |
| Total debt | $801M | $568M | $514M | $377M | $370M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 16.1x · P/S 0.2x · EV/EBITDA 5.4x · EV/Sales 0.4x · P/FCF 9.9x · P/B 4.0x · FCF yield 10.06% · Earnings yield 6.22% · Dividend yield (paid, TTM) 3.43% · Buyback yield (TTM) 0.72% · Net debt $393M · EV $894M
P/E at fiscal year-ends: Dec 2025 11.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold QUAD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Miller | Miller Value Partners | 5.06% | $21.4M | Reduced -4.3% |

## Analysts
Consensus Buy (mean 1.67 on a 1–5 scale), 3 analysts; mean target USD 13.17 (low 13, high 13.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-30 | Benchmark | Target raised | Buy | $10 → $13 |
| 2026-07-30 | Rosenblatt | Target raised | Buy | $9.8 → $13 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +73.4% | +156.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +73.7% | +20.7% |
| Volatility (annualized) | 42.0% | 60.0% |
| Max drawdown | -14.5% (May 2026→May 2026) | -67.7% (Mar 2022→Oct 2022) |

## Peers (Specialty Business Services)
EBF (Ennis, Inc.) USD 22.92 +1.69% · BKSY (BlackSky Technology Inc.) USD 16.69 -3.80% · CASS (Cass Information Systems, Inc) USD 57.67 +5.05% · TRNS (Transcat, Inc.) USD 81.84 -5.18% · KODK (Eastman Kodak Company) USD 9.21 -1.29% · BUUU (BUUU Group Limited) USD 47.9 +13.64%

## More
Full page: https://nexqual.com/QUAD · 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 | Operating income | Op. margin |
|---|---|---|---|---|---|
| United States Print and Related Services | $526.0M | 91.1% | +0.3% | $26.7M | 5.1% |
| International | $51.5M | 8.9% | +8.6% | $1.9M | 3.7% |
| Corporate costs (not allocated) | — | — | — | -$13.7M | — |
| Total revenue | $577.5M | 100% | — | $14.9M | 2.6% |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Products | $451.8M | 78.2% | +0.8% |
| — Catalog, publications, retail inserts and directories (part of Products) | $256.5M | 44.4% | -3.7% |
| — Direct mail and other printed products (part of Products) | $138.6M | 24.0% | +5.0% |
| — Logistics services (part of Products) | $56.5M | 9.8% | +12.1% |
| Services | $125.7M | 21.8% | +1.5% |
| Marketing services and medical services | $69.2M | 12.0% | -5.9% |
| Other | $5.2M | 0.9% | +126.1% |
| Total revenue | $577.5M | 100% | — |
The lines above cover 112.9% of total revenue.

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

- "We announced the westward expansion of our Packaging division with a new facility in Salt Lake City, which is expected to be operational in the fourth quarter of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.38 | $0.34 | +11.8% | $583.3M | 2 |
| Next quarter (ends 2026-12-31) | $0.44 | $0.44 | -0.8% | $618.1M | 2 |
| Current fiscal year (ends 2026-12-31) | $1.31 | $1.22 | +7.4% | $2.36B | 2 |
| Next fiscal year (ends 2027-12-31) | $1.49 | $1.37 | +8.5% | $2.31B | 2 |

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

Expected move by 2026-12-18 (includes earnings 2026-10-28): ±19.3%; last 8 reports averaged ±9.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 59.4% | ±19.3% |
| 2027-01-15 | 84 | 45.9% | ±18.0% |
| 2027-04-16 | 175 | 57.2% | ±31.3% |