Amcor

At June 30, 2025 net debt was 13.3 billion dollars, with combined leverage near 3.5x on management’s EBITDA estimate. The company targets 3.1 to 3.2x by June 2026 through synergy capture and cash generation. Cash interest is material, but coverage is supported by diversified cash flows and a strong investment grade profile historically.

Liquidity includes access to the bond and CP markets, and the company has been exchanging notes to optimize the stack. Balance sheet is serviceable but not fortress, so execution on deleveraging is important.