MeritValue

BALL Corp

BALLdata completeness 100%18 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$13.8B1$13.4B2$12.1B3$11.8B3$13.2B3
Net income$878M4$732M5$711M6$4.01B6$915M6
Operating cash flow$1.76B7$301M8$1.86B9$115M9$1.26B9
Capital expenditure$1.73B10$1.65B11$1.05B12$484M12$474M12
Free cash flow (derived)$34M7−$1.35B8$818M9−$369M9$788M9
Total debt$15M13$1.41B14$1.92B15$552M16$23M16
Cash & equivalents$563M17$548M18$695M19$885M19$1.21B19
Diluted shares331.6M320.0M317.0M308.2M276.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000036%
of the whole company
Your share of last year’s profit
$33.16
Your share of its debt
$0.83
Your share of free cash flow
$28.55
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$179.78
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$788M
DCF · Growth Exit 5Y
$99.85
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$788M
Earnings Power Value
$33.52
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$878M
  • growthAssumed0.0%
Graham Number
$38.19
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $99.85

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-001349 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001190 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-017410 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-001349 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001190 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-017410 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-001349 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-001190 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-017410 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-001349 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-001190 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-017410 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000009389-23-000011 (DebtCurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-001349 (DebtCurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-001190 (LongTermDebtCurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-017410 (LongTermDebtCurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-24-001349 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-25-001190 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001104659-26-017410 (CashAndCashEquivalentsAtCarryingValue)