Quad/Graphics (QUAD)
Market Price (11/7/2026): $7.58 | Market Cap: $386.0 MilSector: Industrials | Industry: Diversified Support Services
Quad/Graphics (QUAD)
Market Price (11/7/2026): $7.58Market Cap: $386.0 MilSector: IndustrialsIndustry: Diversified Support Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 5.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.9%, FCF Yield is 10% Low stock price volatilityVol 12M is 45% Megatrend and thematic driversMegatrends include Digital Advertising, E-commerce & Digital Retail, and Circular Economy & Recycling. Themes include Ad-Tech Platforms, Show more. | Weak multi-year price returns2Y Excs Rtn is -2.5% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 134% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.0%, Rev Chg QQuarterly Revenue Change % is -0.2% Key risksQUAD key risks include [1] its heavy dependence on declining traditional print services despite a strategic transformation and [2] a notable debt load that creates significant interest rate exposure. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 5.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.9%, FCF Yield is 10% |
| Low stock price volatilityVol 12M is 45% |
| Megatrend and thematic driversMegatrends include Digital Advertising, E-commerce & Digital Retail, and Circular Economy & Recycling. Themes include Ad-Tech Platforms, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -2.5% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 134% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.0%, Rev Chg QQuarterly Revenue Change % is -0.2% |
| Key risksQUAD key risks include [1] its heavy dependence on declining traditional print services despite a strategic transformation and [2] a notable debt load that creates significant interest rate exposure. |
Qualitative Assessment
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Quad/Graphics (QUAD) stock has lost about 25% since 7/31/2026 because of the following key factors:
1. Fiscal Q3 2026 Earnings Miss and Profitability Decline. Quad/Graphics reported Adjusted Diluted Earnings Per Share of $0.35 for fiscal Q3 2026 (ended September 30, 2026), missing consensus analyst estimates of $0.36 to $0.37 per share. Additionally, reported Net Earnings decreased substantially to $6 million ($0.11 Diluted EPS) in fiscal Q3 2026, compared to $10 million ($0.21 Diluted EPS) in the same period of 2025. This, along with an Adjusted EBITDA decline to $51 million from $53 million year-over-year and a margin contraction to 8.7% from 8.9%, contributed to investor concerns and an 18.55% stock plunge following the earnings release.
2. Deterioration in Net Debt and Persistent Negative Free Cash Flow. Quad/Graphics experienced an increase in Net Debt, reaching $394.1 million by the end of fiscal Q2 2026 (June 30, 2026), up from $307.9 million at December 31, 2025, pushing the Net Debt Leverage Ratio to 2.03x from 1.57x. Furthermore, year-to-date Free Cash Flow remained negative, worsening to -$100 million by the end of fiscal Q3 2026, compared to -$87 million in the prior year, partly due to a $12 million Mexico tax payment.
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Quad/Graphics (QUAD) stock has lost about 25% since 7/31/2026 because of the following key factors:
1. Fiscal Q3 2026 Earnings Miss and Profitability Decline. Quad/Graphics reported Adjusted Diluted Earnings Per Share of $0.35 for fiscal Q3 2026 (ended September 30, 2026), missing consensus analyst estimates of $0.36 to $0.37 per share. Additionally, reported Net Earnings decreased substantially to $6 million ($0.11 Diluted EPS) in fiscal Q3 2026, compared to $10 million ($0.21 Diluted EPS) in the same period of 2025. This, along with an Adjusted EBITDA decline to $51 million from $53 million year-over-year and a margin contraction to 8.7% from 8.9%, contributed to investor concerns and an 18.55% stock plunge following the earnings release.
2. Deterioration in Net Debt and Persistent Negative Free Cash Flow. Quad/Graphics experienced an increase in Net Debt, reaching $394.1 million by the end of fiscal Q2 2026 (June 30, 2026), up from $307.9 million at December 31, 2025, pushing the Net Debt Leverage Ratio to 2.03x from 1.57x. Furthermore, year-to-date Free Cash Flow remained negative, worsening to -$100 million by the end of fiscal Q3 2026, compared to -$87 million in the prior year, partly due to a $12 million Mexico tax payment.
3. Industry-Wide Cost Pressures and Unfavorable Revenue Mix. The broader commercial printing industry faced significant headwinds, including persistent inflation in paper, energy, labor, and logistics costs, compounded by tariff volatility and general economic uncertainty. Quad/Graphics' fiscal Q3 2026 Adjusted EBITDA margin contraction was primarily attributed to an unfavorable mix shift toward lower-margin pass-through paper and fuel surcharge revenues, reflecting these broader industry cost pressures impacting profitability.
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Stock Movement Drivers
Fundamental Drivers
The -26.0% change in QUAD stock from 7/31/2026 to 11/6/2026 was primarily driven by a -15.0% change in the company's Net Income Margin (%).| (LTM values as of) | 7312026 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.29 | 7.61 | -26.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,377 | 2,376 | -0.1% |
| Net Income Margin (%) | 1.3% | 1.1% | -15.0% |
| P/E Multiple | 15.8 | 13.8 | -13.1% |
| Shares Outstanding (Mil) | 48 | 48 | 0.2% |
| Cumulative Contribution | -26.0% |
Market Drivers
7/31/2026 to 11/6/2026| Return | Correlation | |
|---|---|---|
| QUAD | -26.0% | |
| Market (SPY) | -1.6% | 19.6% |
| Sector (XLI) | -9.5% | 5.1% |
Fundamental Drivers
The 4.7% change in QUAD stock from 4/30/2026 to 11/6/2026 was primarily driven by a 8.7% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.27 | 7.61 | 4.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,372 | 2,376 | 0.2% |
| Net Income Margin (%) | 1.2% | 1.1% | -3.5% |
| P/E Multiple | 12.7 | 13.8 | 8.7% |
| Shares Outstanding (Mil) | 48 | 48 | -0.4% |
| Cumulative Contribution | 4.7% |
Market Drivers
4/30/2026 to 11/6/2026| Return | Correlation | |
|---|---|---|
| QUAD | 4.7% | |
| Market (SPY) | 2.6% | 7.6% |
| Sector (XLI) | -6.6% | -8.0% |
Fundamental Drivers
The 45.3% change in QUAD stock from 10/31/2025 to 11/6/2026 was primarily driven by a 35.2% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.24 | 7.61 | 45.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,498 | 2,376 | -4.9% |
| Net Income Margin (%) | 0.8% | 1.1% | 35.2% |
| P/E Multiple | 12.1 | 13.8 | 13.9% |
| Shares Outstanding (Mil) | 48 | 48 | -0.8% |
| Cumulative Contribution | 45.3% |
Market Drivers
10/31/2025 to 11/6/2026| Return | Correlation | |
|---|---|---|
| QUAD | 45.3% | |
| Market (SPY) | 8.7% | 15.6% |
| Sector (XLI) | 5.8% | 8.1% |
Fundamental Drivers
The 76.6% change in QUAD stock from 10/31/2023 to 11/6/2026 was primarily driven by a 130.1% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.31 | 7.61 | 76.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,185 | 2,376 | -25.4% |
| P/S Multiple | 0.1 | 0.2 | 130.1% |
| Shares Outstanding (Mil) | 49 | 48 | 2.9% |
| Cumulative Contribution | 76.6% |
Market Drivers
10/31/2023 to 11/6/2026| Return | Correlation | |
|---|---|---|
| QUAD | 76.6% | |
| Market (SPY) | 81.9% | 23.0% |
| Sector (XLI) | 72.0% | 23.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| QUAD Return | 5% | 2% | 33% | 34% | -5% | 26% | 126% |
| Peers Return | 3% | -29% | 76% | 4% | -4% | 10% | 43% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| QUAD Win Rate | 50% | 58% | 42% | 58% | 33% | 55% | |
| Peers Win Rate | 56% | 33% | 58% | 47% | 47% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| QUAD Max Drawdown | -53% | -69% | -47% | -34% | -39% | -33% | |
| Peers Max Drawdown | -32% | -46% | -23% | -22% | -36% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DLX, CMPR, EBF.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | QUAD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.2% | -18.8% |
| % Gain to Breakeven | 61.7% | 23.1% |
| Time to Breakeven | 324 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -26.2% | -7.8% |
| % Gain to Breakeven | 35.6% | 8.5% |
| Time to Breakeven | 75 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.7% | -9.5% |
| % Gain to Breakeven | 27.7% | 10.5% |
| Time to Breakeven | 42 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -35.7% | -6.7% |
| % Gain to Breakeven | 55.5% | 7.1% |
| Time to Breakeven | 64 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -45.4% | -24.5% |
| % Gain to Breakeven | 83.3% | 32.4% |
| Time to Breakeven | 76 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -64.0% | -33.7% |
| % Gain to Breakeven | 177.4% | 50.9% |
| Time to Breakeven | 312 days | 140 days |
In The Past
Quad/Graphics's stock fell -38.2% during the 2025 US Tariff Shock. Such a loss loss requires a 61.7% gain to breakeven.
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| Event | QUAD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.2% | -18.8% |
| % Gain to Breakeven | 61.7% | 23.1% |
| Time to Breakeven | 324 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -26.2% | -7.8% |
| % Gain to Breakeven | 35.6% | 8.5% |
| Time to Breakeven | 75 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.7% | -9.5% |
| % Gain to Breakeven | 27.7% | 10.5% |
| Time to Breakeven | 42 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -35.7% | -6.7% |
| % Gain to Breakeven | 55.5% | 7.1% |
| Time to Breakeven | 64 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -45.4% | -24.5% |
| % Gain to Breakeven | 83.3% | 32.4% |
| Time to Breakeven | 76 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -64.0% | -33.7% |
| % Gain to Breakeven | 177.4% | 50.9% |
| Time to Breakeven | 312 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -46.6% | -12.2% |
| % Gain to Breakeven | 87.2% | 13.9% |
| Time to Breakeven | 111 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -61.0% | -6.8% |
| % Gain to Breakeven | 156.2% | 7.3% |
| Time to Breakeven | 140 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -55.9% | -17.9% |
| % Gain to Breakeven | 126.7% | 21.8% |
| Time to Breakeven | 669 days | 123 days |
In The Past
Quad/Graphics's stock fell -38.2% during the 2025 US Tariff Shock. Such a loss loss requires a 61.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Quad/Graphics (QUAD)
Quad/Graphics, Inc. (QUAD) is a global marketing solutions company that integrates extensive printing capabilities with a broad suite of marketing services. The company's core offerings include a wide array of printing services for products such as retail inserts, publications, catalogs, direct mail, directories, packaging, newspapers, and various other commercial and specialty printed materials. They also manage paper procurement for clients.
Beyond traditional printing, Quad/Graphics provides comprehensive marketing solutions designed to help businesses connect with their audiences. These services encompass consumer insights, audience targeting, personalization, media planning and placement, campaign planning and creation, pre-media production, videography, photography, and both digital and print execution. The company further supports its clients with logistics services and even manufactures ink, offering an integrated approach to marketing needs.
Quad/Graphics serves a diverse clientele, primarily consisting of blue-chip companies operating across numerous industries. Its key customers are retailers, publishers, and direct marketers who leverage Quad/Graphics' capabilities to effectively reach businesses and consumers with their marketing and communication efforts.
AI Analysis | Feedback
It's like **WPP** or **Publicis Groupe** for companies that need integrated marketing solutions, especially those involving large-scale physical print and direct mail campaigns.
Think of it as a comprehensive marketing partner similar to **Accenture Song**, but uniquely owning vast commercial printing facilities, paper procurement, and logistics for end-to-end campaign execution.
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- Printing Services: Provides a comprehensive suite of commercial printing services, including retail inserts, publications, catalogs, direct mail, packaging, and newspapers.
- Marketing Solutions: Offers end-to-end marketing services, encompassing consumer insights, audience targeting, media planning, campaign creation, pre-media production, digital/print execution, and logistics.
- Paper Procurement Services: Facilitates the sourcing and supply of paper for customers' various printing requirements.
- Ink Manufacturing: Produces and supplies ink, primarily for its internal printing operations.
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Joel Quadracci, Chairman & Chief Executive Officer
Joel Quadracci is the son of Harry V. Quadracci, who founded Quad/Graphics in 1971. He officially joined Quad/Graphics in 1991 and held various sales and strategy roles. He became President & CEO in 2006, and Chairman, President & CEO in January 2010. In 2010, Joel Quadracci led the acquisition of Worldcolor, significantly expanding the company, and simultaneously took Quad/Graphics public. He has also directed other acquisitions and strategic partnerships, including the 2011 purchase of three plants in Mexico from Transcontinental and the 2013 purchase of Vertis.
Anthony Staniak, Chief Financial Officer & Treasurer
Anthony Staniak became Chief Financial Officer of Quad/Graphics in January 2022, having joined the company in 2009. He has progressed through various finance and accounting leadership roles, including Chief Accounting Officer and Vice President of Finance. Prior to joining Quad, he served as CFO at Sagence, Inc., a consulting firm specializing in data management and analytics. Staniak also played a role in preparing Quad for its launch as a public company in 2010.
Dave Honan, President & Chief Operating Officer
Dave Honan was promoted to President in February 2026, expanding his role beyond Chief Operating Officer, while Joel Quadracci remained Chairman and CEO. He joined Quad in 2009 and has held several executive leadership positions, including Chief Financial Officer (from March 2014 to December 2021) and Chief Accounting Officer. Honan is credited with establishing a sophisticated public company finance and accounting function at Quad. Before joining Quad, he served as Vice President, General Manager at Journal Community Publishing Group and held executive-level roles at Newell Rubbermaid.
Rob Quadracci, Chief Human Resources Officer
Rob Quadracci joined Quad in 1999 and is the Chief Human Resources Officer. He has held senior leadership roles across various divisions and locations, including plant leadership positions. He has been instrumental in the success of Quad's major acquisitions and has been a strategic HR business partner to leaders throughout the company.
Julie Currie, Executive Vice President & Chief Revenue Officer
Julie Currie serves as the Executive Vice President and Chief Revenue Officer for Quad/Graphics.
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The key risks to Quad/Graphics' business include the secular decline in demand for traditional printing services, supply chain disruptions and volatile raw material costs, and high debt levels.
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Secular Decline in Demand for Traditional Printing Services: Quad/Graphics faces significant risks from the ongoing digital transformation and the rapid evolution of digital media, which continue to reduce demand for traditional printing services. This shift to online marketing is considered the singular biggest threat to the company, leading to a secular decline in its core print business.
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Supply Chain Disruptions and Fluctuations in Raw Material Costs and Postal Rates: The company is exposed to risks from supply chain disruptions, including the availability and cost of raw materials such as paper and ink. Additionally, changes in postal rates and regulations could adversely impact client demand for print services and increase operational costs.
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High Debt Levels and Interest Rate Fluctuations: Quad/Graphics carries a meaningful debt burden and is considered overleveraged compared to some peers. Fluctuations in interest rates could impact the company's borrowing costs and overall financial results, further straining its financial position.
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The accelerating shift of advertising and marketing spending from print-based media to digital platforms.
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The addressable markets for Quad/Graphics' main products and services are sizable across both the United States and globally.
Printing Services (General Commercial Printing, Publications, Catalogs, Newspapers, Custom Print Products)
- Globally, the commercial printing market was estimated at USD 501.36 billion in 2024 and is projected to reach USD 598.06 billion by 2030.
- In the U.S., the commercial printing market size was estimated at USD 126.99 billion in 2024.
Direct Mail Marketing
- The global direct mail advertising market was approximately USD 79 billion in 2024 and is projected to reach USD 84.7 billion by 2027.
- In the U.S., direct mail advertising accounted for USD 37.3 billion in 2024.
Packaging Printing
- The global packaging printing market was estimated at USD 417.8 billion in 2024 and is projected to reach USD 615.7 billion by 2030.
- The packaging printing market in the U.S. is projected to reach USD 161.88 billion by 2032.
Marketing and Related Services (Consumer Insights, Audience Targeting, Media Planning, Digital and Print Execution, Logistics)
- The global advertising service market is projected to grow from USD 907.04 billion in 2025 to USD 3865.5 billion by 2035.
- The United States marketing agencies market was valued at USD 182.49 billion in 2025 and is estimated to grow to USD 192.45 billion in 2026.
Ink Manufacturing
- The global ink market was valued at USD 23.80 billion in 2025 and is projected to reach USD 30.78 billion by 2034.
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Quad/Graphics (QUAD) is strategically transforming from a traditional printing company into a global marketing solutions provider, with several key initiatives expected to drive future revenue growth over the next 2-3 years.
- Expansion of Integrated Marketing (MX) Solutions Suite: Quad/Graphics is shifting its focus to integrated marketing, aiming to enhance client marketing ROI through a comprehensive suite of media and digital services. This strategy involves integrating creative, production, and media solutions across both online and offline channels. The company projects that integrated solutions and targeted print will account for 78% of total net sales by 2028, a significant increase from 65% in 2024.
- Growth in Targeted Print Categories: While the broader print industry faces challenges, Quad/Graphics is experiencing growth in specific targeted print areas such as packaging and in-store marketing. Direct mail has also shown performance "well above" expectations. The company highlights its ability to leverage intelligence and innovative tools to secure new business and improve return on investment for clients within these categories.
- Expansion of Retail Media Networks (In-Store Connect): Quad/Graphics is growing its In-Store Connect retail media network, which has recently expanded to include new regional grocery partners. A partnership with Vistar Media, established in May 2025, further enhances this network by enabling programmatic buying, allowing consumer packaged goods (CPG) brands to automate advertising purchases and optimize campaigns in real-time within retail environments.
- Investments in Artificial Intelligence (AI) and Technology: The company is making strategic investments in AI-powered automation to improve productivity and enhance client marketing efficiency. Quad/Graphics is leveraging AI in three key areas: process automation, cognitive insights, and cognitive engagement, positioning this as a cornerstone of its overall growth and innovation strategy.
- Strategic Acquisitions and Partnerships: Quad/Graphics is pursuing strategic acquisitions, such as the co-mailing assets from Enru in April 2025, to enhance postal optimization solutions and increase co-mail volumes, which helps clients achieve postal savings. The company also continues to secure new integrated creative and media work with prominent brands, indicating a focus on expanding its client base and service offerings through strategic collaborations.
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Share Repurchases
- Quad repurchased 7.4 million shares at an average price of $4.11 since 2022, representing approximately 13% of total outstanding common stock at that time.
- During 2025, the company repurchased 1.5 million shares for $8 million.
- As of December 31, 2025, $69.5 million remained authorized for future repurchases under the $100 million program approved in 2018.
Outbound Investments
- Quad completed the sale of its European operations in March 2025 for €41 million (approximately $42 million) to Capmont.
- In February 2024, Quad acquired DART Innovation, a provider of AI-based digital solutions for retail businesses.
- In April 2025, Quad acquired the co-mailing assets of LSC Communications-MCL LLC (operating as "Enru") for a total consideration of $34.3 million, including $16.3 million cash paid at closing and a potential earn-out of $16 million over five years.
Capital Expenditures
- Capital expenditures totaled $45 million in 2025.
- For 2026, capital expenditures are projected to be in the range of $55 million to $65 million.
- The focus for 2026 capital expenditures is on growth and automation initiatives, including In-Store Connect by Quad.
Peer Outperformance in Diversified Support Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Marine Transportation | 5 | 31.6% | 32.1% | 105.5% | MATX 153% · KEX 106% |
| Construction & Engineering | 28 | -22.1% | 92.9% | 93.8% | FIX 949% · STRL 830% · AGX 565% |
| Construction Machinery & Heavy Transportation Equipment | 14 | 7.5% | 66.0% | 93.0% | ALSN 256% · WAB 210% · CAT 195% |
| Aerospace & Defense | 54 | -0.9% | 55.7% | 55.7% | ATI 891% · FTAI 850% · HWM 525% |
| Trading Companies & Distributors | 19 | 5.3% | 32.0% | 31.6% | DXPE 298% · AIT 187% · URI 180% |
| Industrial Machinery & Supplies & Components | 71 | 0.9% | 49.5% | 28.8% | CRS 795% · MLI 302% · SYM 266% |
| Rail Transportation | 7 | 34.9% | 68.8% | 25.2% | CSX 48% · UNP 36% · NSC 25% |
| Diversified Support Services ← | 34 | 15.4% | 37.0% | 15.8% | CXW 200% · OPLN 134% · CACI 113% |
| Building Products | 34 | -6.6% | 6.9% | 12.8% | MOD 760% · GFF 339% · TT 132% |
| Cargo Ground Transportation | 16 | 30.0% | 10.9% | 2.2% | XPO 270% · R 245% · ARCB 19% |
| Industrial Conglomerates | 17 | 13.4% | 3.3% | -0.6% | CSW 99% · CSL 70% · DD 67% |
| Office Services & Supplies | 10 | 19.2% | 22.9% | -2.5% | PBI 157% · HNI 37% · MSA 18% |
| Electrical Components & Equipment | 39 | -8.1% | 59.1% | -5.3% | POWL 1454% · VRT 565% · BE 441% |
| Data Processing & Outsourced Services | 6 | -11.7% | 1.7% | -13.8% | EXLS 57% · BR 20% · G -10% |
| Research & Consulting Services | 13 | 0.2% | -15.7% | -24.2% | HURN 210% · FCN 36% · BAH 9% |
| Agricultural & Farm Machinery | 16 | 14.3% | -4.3% | -25.5% | DE 102% · TTC 15% · AGCO 3% |
| Environmental & Facilities Services | 29 | -19.4% | 26.4% | -27.0% | GEO 191% · CLH 168% · RSG 98% |
| Security & Alarm Services | 9 | -45.7% | 29.4% | -27.5% | BCO 65% |
| Passenger Airlines | 11 | 6.4% | 67.5% | -34.4% | LTM 3140% · UAL 114% · DAL 105% |
| Air Freight & Logistics | 12 | -29.4% | -9.4% | -40.2% | FDX 75% · EXPD 56% · CHRW 50% |
| Human Resource & Employment Services | 22 | 23.6% | -9.6% | -42.8% | ADP 48% · FA 24% · PAYX 10% |
| Passenger Ground Transportation | 3 | -19.6% | 37.4% | -58.0% | UBER 45% · CAR -58% · LYFT -68% |
| Airport Services | 4 | -46.5% | -66.9% | -87.0% | JOBY -40% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Quad/Graphics Earnings Notes | 12/16/2025 | |
| Can Quad/Graphics Stock Hold Up When Markets Turn? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 23.71 |
| Mkt Cap | 0.9 |
| Rev LTM | 2,251 |
| Op Inc LTM | 179 |
| FCF LTM | 91 |
| FCF 3Y Avg | 106 |
| CFO LTM | 186 |
| CFO 3Y Avg | 170 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.3% |
| Rev Chg 3Y Avg | -2.0% |
| Rev Chg Q | 3.0% |
| QoQ Delta Rev Chg LTM | 0.7% |
| Op Inc Chg LTM | -1.7% |
| Op Inc Chg 3Y Avg | 4.2% |
| Op Mgn LTM | 8.9% |
| Op Mgn 3Y Avg | 9.1% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 11.3% |
| CFO/Rev 3Y Avg | 10.3% |
| FCF/Rev LTM | 6.7% |
| FCF/Rev 3Y Avg | 6.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Catalog, publications, retail inserts and directories | 1,258 | 1,479 | 1,652 | 1,759 | 1,600 |
| Direct mail and other printed products | 625 | 610 | 673 | 759 | 638 |
| Marketing services and medical services | 302 | 309 | 353 | 359 | 348 |
| Logistics services | 226 | 264 | 270 | 330 | 365 |
| Other | 9 | 10 | 8 | 11 | 9 |
| Total | 2,420 | 2,672 | 2,958 | 3,217 | 2,960 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Corporate | -60 | -45 | -81 | -85 | -95 |
| International | -63 | -11 | -8 | -25 | -19 |
| U.S. Print and Related Services | -706 | 198 | 231 | ||
| North America and Related Services | 216 | 272 | |||
| Total | -830 | 141 | 142 | 106 | 157 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| U.S. Print and Related Services | 2,498 | 3,559 | 3,552 | ||
| International | 327 | 447 | 516 | 586 | 589 |
| Corporate | 22 | 71 | 98 | 102 | 130 |
| North America and Related Services | 3,411 | 4,016 | |||
| Total | 2,847 | 4,077 | 4,166 | 4,099 | 4,735 |
Price Behavior
| Market Price | $7.61 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 07/06/2010 | |
| Distance from 52W High | -29.1% | |
| 50 Days | 200 Days | |
| DMA Price | $9.34 | $8.02 |
| DMA Trend | down | up |
| Distance from DMA | -18.6% | -5.1% |
| 3M | 1YR | |
| Volatility | 49.1% | 44.6% |
| Downside Capture | 215.03 | 68.84 |
| Upside Capture | 61.98 | 101.56 |
| Correlation (S&P 500) | 23.3% | 17.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.62 | 1.36 | 1.11 | 0.25 | 0.55 | 0.83 |
| Up Beta | -1.87 | -0.68 | -0.15 | 0.16 | 0.27 | 0.68 |
| Down Beta | 0.73 | 1.57 | 1.10 | -0.47 | -0.00 | 0.79 |
| Up Capture | 22% | 52% | 55% | 32% | 100% | 84% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 10 | 19 | 29 | 62 | 135 | 378 |
| Down Capture | 349% | 269% | 240% | 82% | 77% | 99% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 24 | 35 | 62 | 110 | 356 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with QUAD | |
|---|---|---|---|---|
| QUAD | 41.6% | 44.6% | 0.90 | - |
| Sector ETF (XLI) | 7.1% | 17.8% | 0.22 | 8.2% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 16.0% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 6.8% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -16.5% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 20.3% |
| Bitcoin (BTCUSD) | -26.9% | 43.6% | -0.60 | 11.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with QUAD | |
|---|---|---|---|---|
| QUAD | 17.0% | 58.2% | 0.50 | - |
| Sector ETF (XLI) | 10.9% | 17.7% | 0.45 | 29.7% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 28.8% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 1.4% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 4.3% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 30.6% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 13.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with QUAD | |
|---|---|---|---|---|
| QUAD | -6.9% | 64.5% | 0.18 | - |
| Sector ETF (XLI) | 13.0% | 20.1% | 0.56 | 33.9% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 30.5% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | -1.5% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 12.1% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 29.4% |
| Bitcoin (BTCUSD) | 60.1% | 66.3% | 1.00 | 8.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | -18.1% | -17.9% | |
| 7/28/2026 | 10.5% | 25.4% | 20.1% |
| 4/28/2026 | -10.1% | -5.9% | -2.8% |
| 2/17/2026 | 0.5% | 11.5% | -1.6% |
| 10/28/2025 | -12.4% | -9.1% | -5.0% |
| 7/29/2025 | -12.6% | 14.8% | 11.9% |
| 4/29/2025 | -7.9% | 3.3% | 16.2% |
| 2/18/2025 | 10.8% | -10.8% | -17.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 11 |
| # Negative | 15 | 12 | 13 |
| Median Positive | 7.9% | 16.4% | 16.2% |
| Median Negative | -12.2% | -11.9% | -12.9% |
| Max Positive | 17.8% | 37.6% | 60.6% |
| Max Negative | -23.5% | -35.4% | -34.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | -18.1% | -17.9% | |
| 7/28/2026 | 10.5% | 25.4% | 20.1% |
| 4/28/2026 | -10.1% | -5.9% | -2.8% |
| 2/17/2026 | 0.5% | 11.5% | -1.6% |
| 10/28/2025 | -12.4% | -9.1% | -5.0% |
| 7/29/2025 | -12.6% | 14.8% | 11.9% |
| 4/29/2025 | -7.9% | 3.3% | 16.2% |
| 2/18/2025 | 10.8% | -10.8% | -17.5% |
| 10/29/2024 | 11.1% | 22.7% | 24.2% |
| 7/30/2024 | -18.4% | -18.6% | -15.1% |
| 4/30/2024 | 0.9% | 0.4% | 3.5% |
| 2/20/2024 | -9.3% | -6.1% | -21.5% |
| 10/31/2023 | -12.7% | -13.5% | -5.7% |
| 8/1/2023 | -12.2% | 2.0% | -12.9% |
| 5/2/2023 | -7.0% | -13.0% | 1.5% |
| 2/21/2023 | 8.6% | 16.4% | -1.4% |
| 11/1/2022 | 17.8% | 23.4% | 39.0% |
| 8/2/2022 | 1.8% | 12.5% | -4.0% |
| 5/3/2022 | -23.5% | -35.4% | -34.2% |
| 2/22/2022 | 4.3% | 19.8% | 35.2% |
| 11/3/2021 | -2.1% | -7.1% | -22.5% |
| 8/3/2021 | 7.2% | 37.6% | 14.8% |
| 5/5/2021 | -12.3% | -17.3% | 0.8% |
| 2/24/2021 | -11.5% | -1.4% | -23.7% |
| 11/4/2020 | -1.4% | 22.6% | 60.6% |
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 11 |
| # Negative | 15 | 12 | 13 |
| Median Positive | 7.9% | 16.4% | 16.2% |
| Median Negative | -12.2% | -11.9% | -12.9% |
| Max Positive | 17.8% | 37.6% | 60.6% |
| Max Negative | -23.5% | -35.4% | -34.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/29/2026 | 10-Q |
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/29/2026 | 10-Q |
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/19/2020 | 10-K |
Recent Forward Guidance
Updated 11/2/2026Latest: Q3 2026 Earnings Reported 10/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Quarterly Dividend | Reported | 0.1 | ||||||
| 2026 Adjusted Annual Net Sales Change | Reported | -0.03 | -0.02 | -0.01 | 1.0% | Raised | Guidance: -0.03 for 2026 | |
| 2026 Full-Year Adjusted EBITDA | Reported | 185.00 Mil | 190.00 Mil | 195.00 Mil | -2.6% | Lowered | Guidance: 195.00 Mil for 2026 | |
| 2026 Year-End Net Debt Leverage Ratio | Reported | 1.5 | Affirmed | Guidance: 1.5 for 2026 | ||||
| 2026 Capital Expenditures | Reported | 55.00 Mil | -8.3% | Lowered | Guidance: 60.00 Mil for 2026 | |||
| 2026 Free Cash Flow | Reported | 45.00 Mil | 50.00 Mil | 55.00 Mil | 0.0% | Affirmed | Guidance: 50.00 Mil for 2026 | |
Prior: Q2 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Annual Net Sales Change | Reported | -0.05 | -0.03 | 0.0% | Affirmed | Guidance: -0.03 for 2026 | ||
| 2026 Full-Year Adjusted EBITDA | Reported | 175.00 Mil | 195.00 Mil | 215.00 Mil | 0.0% | Affirmed | Guidance: 195.00 Mil for 2026 | |
| 2026 Year-End Net Debt Leverage Ratio | Reported | 1.5 | 0.0% | Affirmed | Guidance: 1.5 for 2026 | |||
| 2026 Capital Expenditures | Reported | 55.00 Mil | 60.00 Mil | 65.00 Mil | 0.0% | Affirmed | Guidance: 60.00 Mil for 2026 | |
| 2026 Free Cash Flow | Reported | 40.00 Mil | 50.00 Mil | 60.00 Mil | 0.0% | Affirmed | Guidance: 50.00 Mil for 2026 | |
Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Annual Net Sales Change | Reported | -0.05 | -0.03 | -0.01 | 0.0% | Affirmed | Guidance: -0.03 for 2026 | |
| 2026 Full-Year Adjusted EBITDA | Reported | 175.00 Mil | 195.00 Mil | 215.00 Mil | 0.0% | Affirmed | Guidance: 195.00 Mil for 2026 | |
| 2026 Year-End Net Debt Leverage Ratio | Reported | 1.5 | 0.0% | Affirmed | Guidance: 1.5 for 2026 | |||
| 2026 Capital Expenditures | Reported | 55.00 Mil | 60.00 Mil | 65.00 Mil | 0.0% | Affirmed | Guidance: 60.00 Mil for 2026 | |
| 2026 Free Cash Flow | Reported | 40.00 Mil | 50.00 Mil | 60.00 Mil | 0.0% | Affirmed | Guidance: 50.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Annual Net Sales Change | Reported | -0.05 | -0.03 | -0.01 | 1.0% | Higher New | Actual: -0.04 for 2025 | |
| 2026 Full-Year Adjusted EBITDA | Reported | 175.00 Mil | 195.00 Mil | 215.00 Mil | 0 | Same New | Actual: 195.00 Mil for 2025 | |
| 2026 Year-End Net Debt Leverage Ratio | Reported | 1.5 | Lower New | Actual: 1.6 for 2025 | ||||
| 2026 Capital Expenditures | Reported | 55.00 Mil | 60.00 Mil | 65.00 Mil | 14.3% | Higher New | Actual: 52.50 Mil for 2025 | |
| 2026 Free Cash Flow | Reported | 40.00 Mil | 50.00 Mil | 60.00 Mil | -9.1% | Lower New | Actual: 55.00 Mil for 2025 | |
Quad/Graphics — Investor Video Playlist
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Diversified Support Services Resources |
| Facilities Management Journal (FMJ) |
| Supply Chain Brain |
| Corporate Services News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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