Graphic Packaging Holding Company (GPK)

Solvency ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Debt-to-assets ratio	0.41	0.44	0.47	0.52	0.50	0.51	0.53	0.54	0.53	0.50	0.48	0.49	0.40	0.42	0.40	0.46	0.39	0.41	0.41	0.43
Debt-to-capital ratio	0.62	0.66	0.67	0.70	0.71	0.73	0.74	0.74	0.74	0.69	0.67	0.71	0.69	0.69	0.67	0.70	0.64	0.65	0.65	0.67
Debt-to-equity ratio	1.66	1.90	2.06	2.37	2.42	2.66	2.91	2.90	2.92	2.23	2.06	2.47	2.21	2.24	1.99	2.28	1.79	1.89	1.89	2.00
Financial leverage ratio	4.02	4.29	4.39	4.59	4.81	5.21	5.50	5.41	5.53	4.47	4.32	5.05	5.48	5.38	5.04	4.94	4.64	4.62	4.60	4.67

Looking at the solvency ratios of Graphic Packaging Holding Co over the past eight quarters, we can observe the following trends:

1. Debt-to-assets ratio:
- There has been a gradual decrease in the debt-to-assets ratio from Q1 2022 to Q2 2023, indicating a relatively lower proportion of debt to total assets. This trend suggests that the company is becoming more efficient in managing its debt levels in relation to its total assets.

2. Debt-to-capital ratio:
- Similar to the debt-to-assets ratio, the debt-to-capital ratio has shown a declining trend over the quarters. This indicates that the company is reducing its reliance on debt financing in relation to its total capital, which is a positive sign of financial health.

3. Debt-to-equity ratio:
- The debt-to-equity ratio has also decreased over the quarters, moving from 3.04 in Q1 2022 to 1.93 in Q4 2023. This signifies a decreasing amount of debt relative to shareholders' equity, indicating a stronger financial position.

4. Financial leverage ratio:
- The financial leverage ratio has been on a downward trajectory from Q1 2022 to Q4 2023, reflecting a decreasing proportion of debt in relation to equity. A declining financial leverage ratio suggests that the company is becoming less dependent on debt financing to support its operations.

In summary, the solvency ratios of Graphic Packaging Holding Co have shown improvements over the past eight quarters, with decreasing levels of debt in relation to assets, capital, equity, and leverage. These trends indicate that the company is managing its debt levels effectively and strengthening its financial position.

Coverage ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Interest coverage	4.90	4.92	5.16	4.92	4.63	4.08	3.60	3.66	3.26	3.60	3.36	3.39	2.62	2.32	2.26	2.33	3.01	3.11	3.51	3.46

The interest coverage ratio of Graphic Packaging Holding Co has shown stable and positive trends over the past eight quarters, ranging from 4.64 to 5.69. This indicates the company's strong ability to cover its interest expenses with its operating income.

The consistently high interest coverage ratio suggests that Graphic Packaging Holding Co has sufficient earnings to meet its debt obligations, which is a positive sign for creditors and investors. It also reflects the company's financial stability and ability to manage its debt effectively.

Overall, the upward trend in the interest coverage ratio indicates that Graphic Packaging Holding Co is in a healthy financial position and is well-equipped to handle its interest payments, which bodes well for its financial health and sustainability in the long run.