SONSonoco Products Company
Is the business good?
The checks split: nothing decisive, though margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is mostly backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 23% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is SON?
Sonoco Products Company earns 10% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 1.4 points above what the capital costs: growth creates value
- Operating margin
- 14%
Operating margin · Packaging & Containers median 8.1% · 12 months to Q2 2026
- Cash conversion
- 0.78×
Cash conversion · 1.78× a year ago · most of the operating profit arrived as cash, working capital took the rest
- Share count, year on year
- +0.24%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 6.8% |
| FY2021 | 8.7% |
| FY2022 | 10% |
| FY2023 | 11% |
| FY2024 | 6.2% |
| FY2025 | 14% |
Details›
- Gross margin12 months to Q2 2026
- 21%
- Operating margin12 months to Q2 2026
- 14%
- Net margin12 months to Q2 2026
- 8.4%
- Free cash flow margin
- 4.8%
- Revenue, trailing twelve months
- $7.46B
- Free cash flow, trailing twelve months
- $355M
- Net income, trailing twelve months
- $628M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 10%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from SON and who it buys from, as the companies report it.
- Five largest customers20%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; SON’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Packaging & Containers
Ranks #5 of 12 by RyuScore