Ball Corporation

Read together, the filings describe a company whose reported sales growth is driven largely by pass-through of higher aluminum costs, while its balance sheet carries heavier obligations. The Altman Z"-Score of 3.15 falls in the safe zone under its label, meaning this bankruptcy-distress screen does not flag the company, although it is a statistical summary and not a forecast. The Piotroski F-Score is 5 of 6 computable signals, which means five of the six fundamental tests could be evaluated from the available data and five of those passed. The Fog Index of 20.13 sits in the very hard to read band, which matters because the MD&A is where the aluminum pass-through mechanics and hedging assumptions are explained. Operating cash flow divided by net income of 1.38 means 2025 operating cash flow of $1.26 billion exceeded net income of $915 million, a stronger cash position than the earnings figure alone suggests. Still, 2024 operating cash flow of $115 million against net income of $4.01 billion shows how uneven the record is. The 10-K also flags concentration risk, since a majority of packaging sales go to a limited number of major beverage, personal care and household customers, and about 53 percent of 2025 net sales came from outside the U.S. The ORG equity-linked notes produced a $27 million loss in the first half of 2026, a reminder that some financial instruments add volatility to reported results. Readers may want to look at the debt maturity schedule, the tariff disclosure in the notes, and the reconciliation between net income and operating cash flow in the 10-K.

Catalyst.Ball's 10-Q shows net sales of $7,600 million for the six months ended June 30, 2026, up $1.17 billion from $6,435 million. Management attributes $898 million of that increase to price/mix, mainly higher aluminum prices, with $131 million from currency translation and $97 million from higher volume. Net earnings attributable to Ball rose to $426 million from $391 million. The MD&A links the sales gains to aluminum pass-through provisions in customer contracts and hedging, and it notes that management is pursuing operational excellence initiatives intended to reduce fixed and variable costs to improve results in 2027 and beyond. Recent acquisitions include a Winter Haven, Florida can plant and an 80 percent capital share of Benepack's European can business from ORG Technology.

Hidden risk.The 10-K states Ball had $7.01 billion of debt at December 31, 2025. Total liabilities rose to $14.1 billion from $11.7 billion in 2024, while equity fell to $5.42 billion from $5.86 billion. Ball also disclosed a September 2025 notice from U.S. Customs and Border Protection challenging the tariff classification of certain aluminum imports. The company believes additional duties, interest and penalties could be owed, is unable to estimate the loss, and has not recorded a reserve. Operating cash flow also swings widely, from $115 million in 2024 to $1.26 billion in 2025.