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Side-by-side financial comparison of GRAPHIC PACKAGING HOLDING CO (GPK) and Solventum (SOLV). Click either name above to swap in a different company.
GRAPHIC PACKAGING HOLDING CO is the larger business by last-quarter revenue ($2.1B vs $2.0B, roughly 1.0× Solventum). GRAPHIC PACKAGING HOLDING CO runs the higher net margin — 3.4% vs 0.6%, a 2.7% gap on every dollar of revenue. On growth, GRAPHIC PACKAGING HOLDING CO posted the faster year-over-year revenue change (0.2% vs -3.0%). Over the past eight quarters, Solventum's revenue compounded faster (-1.8% CAGR vs -3.5%).
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
Solventum Corporation is an American health care company that was spun off from 3M on April 1, 2024.
GPK vs SOLV — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.0B |
| Net Profit | $71.0M | $13.0M |
| Gross Margin | 14.1% | 54.7% |
| Operating Margin | 7.4% | 4.0% |
| Net Margin | 3.4% | 0.6% |
| Revenue YoY | 0.2% | -3.0% |
| Net Profit YoY | -48.6% | — |
| EPS (diluted) | $0.24 | $0.07 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $2.0B | ||
| Q4 25 | $2.1B | $2.0B | ||
| Q3 25 | $2.2B | $2.1B | ||
| Q2 25 | $2.2B | $2.2B | ||
| Q1 25 | $2.1B | $2.1B | ||
| Q4 24 | $2.1B | $2.1B | ||
| Q3 24 | $2.2B | $2.1B | ||
| Q2 24 | $2.2B | $2.1B |
| Q1 26 | — | $13.0M | ||
| Q4 25 | $71.0M | $63.0M | ||
| Q3 25 | $142.0M | $1.3B | ||
| Q2 25 | $104.0M | $90.0M | ||
| Q1 25 | $127.0M | $137.0M | ||
| Q4 24 | $138.0M | $31.0M | ||
| Q3 24 | $165.0M | $122.0M | ||
| Q2 24 | $190.0M | $89.0M |
| Q1 26 | — | 54.7% | ||
| Q4 25 | 14.1% | 51.4% | ||
| Q3 25 | 19.6% | 54.2% | ||
| Q2 25 | 18.7% | 54.4% | ||
| Q1 25 | 20.6% | 53.8% | ||
| Q4 24 | 21.4% | 53.9% | ||
| Q3 24 | 22.3% | 56.0% | ||
| Q2 24 | 21.2% | 54.6% |
| Q1 26 | — | 4.0% | ||
| Q4 25 | 7.4% | 6.3% | ||
| Q3 25 | 10.7% | 80.6% | ||
| Q2 25 | 8.8% | 9.9% | ||
| Q1 25 | 10.5% | 7.3% | ||
| Q4 24 | 11.4% | 6.6% | ||
| Q3 24 | 12.6% | 13.2% | ||
| Q2 24 | 14.5% | 11.7% |
| Q1 26 | — | 0.6% | ||
| Q4 25 | 3.4% | 3.2% | ||
| Q3 25 | 6.5% | 60.4% | ||
| Q2 25 | 4.7% | 4.2% | ||
| Q1 25 | 6.0% | 6.6% | ||
| Q4 24 | 6.6% | 1.5% | ||
| Q3 24 | 7.5% | 5.9% | ||
| Q2 24 | 8.5% | 4.3% |
| Q1 26 | — | $0.07 | ||
| Q4 25 | $0.24 | $0.37 | ||
| Q3 25 | $0.48 | $7.22 | ||
| Q2 25 | $0.34 | $0.51 | ||
| Q1 25 | $0.42 | $0.78 | ||
| Q4 24 | $0.46 | $0.18 | ||
| Q3 24 | $0.55 | $0.70 | ||
| Q2 24 | $0.62 | $0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $261.0M | $561.0M |
| Total DebtLower is stronger | $5.0B | $4.6B |
| Stockholders' EquityBook value | $3.3B | $5.0B |
| Total Assets | $11.8B | $14.1B |
| Debt / EquityLower = less leverage | 1.51× | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $561.0M | ||
| Q4 25 | $261.0M | $878.0M | ||
| Q3 25 | $120.0M | $1.6B | ||
| Q2 25 | $120.0M | $492.0M | ||
| Q1 25 | $129.0M | $534.0M | ||
| Q4 24 | $157.0M | $762.0M | ||
| Q3 24 | $126.0M | $772.0M | ||
| Q2 24 | $125.0M | $897.0M |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $5.0B | $5.0B | ||
| Q3 25 | $5.5B | $5.1B | ||
| Q2 25 | $5.4B | $7.8B | ||
| Q1 25 | $5.7B | $7.9B | ||
| Q4 24 | $5.1B | $8.0B | ||
| Q3 24 | $5.4B | $8.1B | ||
| Q2 24 | $4.9B | $8.3B |
| Q1 26 | — | $5.0B | ||
| Q4 25 | $3.3B | $5.0B | ||
| Q3 25 | $3.3B | $5.0B | ||
| Q2 25 | $3.2B | $3.6B | ||
| Q1 25 | $3.2B | $3.3B | ||
| Q4 24 | $3.0B | $3.0B | ||
| Q3 24 | $3.0B | $3.2B | ||
| Q2 24 | $2.8B | $2.9B |
| Q1 26 | — | $14.1B | ||
| Q4 25 | $11.8B | $14.3B | ||
| Q3 25 | $11.9B | $14.0B | ||
| Q2 25 | $11.8B | $15.1B | ||
| Q1 25 | $11.5B | $14.5B | ||
| Q4 24 | $11.1B | $14.5B | ||
| Q3 24 | $11.2B | $14.7B | ||
| Q2 24 | $10.8B | $14.6B |
| Q1 26 | — | 0.92× | ||
| Q4 25 | 1.51× | 1.00× | ||
| Q3 25 | 1.67× | 1.03× | ||
| Q2 25 | 1.68× | 2.14× | ||
| Q1 25 | 1.80× | 2.43× | ||
| Q4 24 | 1.71× | 2.71× | ||
| Q3 24 | 1.79× | 2.54× | ||
| Q2 24 | 1.75× | 2.90× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $521.0M | — |
| Free Cash FlowOCF − Capex | — | $-273.0M |
| FCF MarginFCF / Revenue | — | -13.6% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 7.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-203.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $521.0M | $95.0M | ||
| Q3 25 | $227.0M | $76.0M | ||
| Q2 25 | $267.0M | $169.0M | ||
| Q1 25 | $-174.0M | $29.0M | ||
| Q4 24 | $489.0M | $219.0M | ||
| Q3 24 | $187.0M | $169.0M | ||
| Q2 24 | $161.0M | $355.0M |
| Q1 26 | — | $-273.0M | ||
| Q4 25 | — | $32.0M | ||
| Q3 25 | — | $-21.0M | ||
| Q2 25 | — | $59.0M | ||
| Q1 25 | — | $-80.0M | ||
| Q4 24 | — | $92.0M | ||
| Q3 24 | — | $76.0M | ||
| Q2 24 | — | $297.0M |
| Q1 26 | — | -13.6% | ||
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | -1.0% | ||
| Q2 25 | — | 2.7% | ||
| Q1 25 | — | -3.9% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 14.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.2% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 5.1% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | — | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | 7.34× | 1.51× | ||
| Q3 25 | 1.60× | 0.06× | ||
| Q2 25 | 2.57× | 1.88× | ||
| Q1 25 | -1.37× | 0.21× | ||
| Q4 24 | 3.54× | 7.06× | ||
| Q3 24 | 1.13× | 1.39× | ||
| Q2 24 | 0.85× | 3.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
SOLV
| Infection Prevention and Surgical Solutions | $737.0M | 37% |
| Advanced Wound Care | $497.0M | 25% |
| Dental Solutions | $354.0M | 18% |
| Health Information Systems | $342.0M | 17% |
| All Other 4 | $76.0M | 4% |
