{"schemaVersion":1,"research":true,"symbol":"ball","name":"BALL","topic":"moat","path":"/stock/ball/moat","status":"published","version":4,"updatedAt":"2026-10-18T00:53:20.888Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Ball has a limited moat from established customer relationships and long-term supply commitments, supported by reported high retention and shipment growth. These support contractual customer stickiness, although substantial switching costs are not demonstrated. Aluminum cost pass-through provides protection rather than clear discretionary pricing power. Substitutes, large customers and incomplete cost recovery constrain durability; scale alone does not establish a cost advantage.","advantages":[{"mechanism":"switching_costs","claim":"Established supply relationships and numerous long-term contracts provide a modest contractual barrier to customer displacement. Reported high retention and growing shipments support current customer stickiness, but do not establish technical switching costs or customer captivity.","durability":"Potentially persists through existing supply commitments and continued service performance. Contract lengths, renewal economics and termination provisions are undisclosed, limiting confidence beyond a narrow moat.","risks":"Large customers can exert bargaining pressure. Competing packaging materials and potentially cheaper competing products constrain pricing. Aluminum pass-through protects input recovery but does not demonstrate a differentiated price premium.","invalidation":"Repeated losses or nonrenewals of major supply contracts, sustained shipment underperformance against the can market, or renewal concessions that persistently reduce conversion earnings would invalidate the customer-stickiness thesis.","competitors":[],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6","e7","e8"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"MD&A / Business Overview and Industry Trends / customer relationships","excerpt":"​ We sell our aluminum packaging products mainly to large, multinational beverage, personal care and household products companies with which we have developed long-term relationships."},{"id":"e2","sourceId":"filing-2","location":"MD&A / Business Overview and Industry Trends / retention and supply contracts","excerpt":"This is evidenced by our high customer retention and our large number of long-term supply contracts."},{"id":"e3","sourceId":"filing-3","location":"Proxy introductory letter / 2025 shipments and shareholder returns","excerpt":"We outperformed the market by growing our global aluminum packaging shipments by 4.1% compared to 2024, achieving a record level of adjusted free cash flow, and returning $1.54 billion to shareholders."},{"id":"e4","sourceId":"filing-2","location":"MD&A / Business Overview and Industry Trends / majority-volume aluminum pass-through","excerpt":"We mitigate our exposure to the changes in the costs of aluminum through the inclusion of provisions in contracts covering the majority of our volume to pass-through aluminum price changes, as well as through the use of derivative instruments."},{"id":"e5","sourceId":"filing-1","location":"Risk Factors / competing product price and quality","excerpt":"Our current or potential competitors may offer products at a lower price or products that are deemed superior to ours."},{"id":"e6","sourceId":"filing-1","location":"Risk Factors / substitute packaging competition","excerpt":"​ Our aluminum packaging products are subject to significant competition from substitute products, particularly plastic carbonated soft drink bottles made from PET, single serve and returnable beer bottles and other beverage containers made of glass, cardboard or other materials."},{"id":"e7","sourceId":"filing-2","location":"MD&A / Business Overview and Industry Trends / major customer exposure","excerpt":"While we have a diversified customer base, we sell a significant portion of our packaging products to major companies and brands, as well as to numerous regional customers."},{"id":"e8","sourceId":"filing-2","location":"MD&A / Business Overview and Industry Trends / pass-through effects and limitations","excerpt":"The pass-through provisions generally result in proportional increases or decreases in sales and costs with a reduced impact, on net earnings; however, there may be timing differences of when the costs are passed through and amounts that are not fully passed through."},{"id":"e9","sourceId":"filing-2","location":"Financial Instruments and Risk Management / aluminum-based sales pricing","excerpt":"First, the company enters into container sales contracts that include aluminum-based pricing terms which generally reflect the same price fluctuations under commercial purchase contracts for aluminum sheet."},{"id":"e10","sourceId":"filing-2","location":"Financial Instruments and Risk Management / fixed, floating and pass-through terms","excerpt":"The terms include fixed, floating or pass-through aluminum component pricing."},{"id":"e11","sourceId":"filing-3","location":"Executive Compensation / 2025 financial results / volume and operating earnings","excerpt":"​ Financial Results ■ Achieved Volume Growth of +4.1% versus prior year and Operating Earnings of $1,554m, (+5.7% from prior year)."},{"id":"e12","sourceId":"filing-3","location":"Executive Compensation / 2025 financial results / free cash flow and EPS","excerpt":"​ ■ Achieved $956m of Free Cash Flow and EPS of $3.57 (+12% over prior year)."},{"id":"e13","sourceId":"filing-2","location":"Unaudited condensed consolidated cash flows / six months ended June 30, 2026 and 2025","excerpt":"​ 3 Table of Contents BALL CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ($ in millions) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ Cash Flows from Operating Activities ​ ​ ​ ​ ​ ​ Net earnings ​ $ 428 ​ $ 394 Adjustments to reconcile net earnings to cash provided by (used in) operating activities: ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ 324 ​ ​ 305 Business consolidation and other activities ​ ​ 33 ​ ​ 25 Deferred tax provision (benefit) ​ ​ 24 ​ ​ (43) Loss on Aerospace disposal ​ ​ — ​ ​ 3 Pension contributions ​ ​ (15) ​ ​ (15) Other, net ​ ​ 49 ​ ​ (164) Changes in working capital components, net of acquisitions and dispositions ​ ​ (1,012) ​ ​ (838) Cash provided by (used in) operating activities ​ ​ (169) ​ ​ (333) ​ ​ ​ ​ ​ ​ ​ Cash Flows from Investing Activities ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ (302) ​ ​ (177) Business acquisitions, net of cash acquired ​ ​ (76) ​ ​ (158) Business dispositions, net of cash sold ​ ​ — ​ ​ 4 Derivative settlements ​ ​ (11) ​ ​ (66) Other, net ​ ​ (48) ​ ​ 6 Cash provided by (used in) investing activities ​ ​ (437) ​ ​ (391) ​ ​ ​ ​ ​ ​ ​ Cash Flows from Financing Activities ​ ​ ​ ​ ​ ​ Long-term borrowings ​ ​ 1,505 ​ ​ 2,930 Repayments of long-term borrowings ​ ​ (1,281) ​ ​ (1,624) Net change in short-term borrowings ​ ​ (145) ​ ​ (76) Acquisitions of treasury stock ​ ​ (115) ​ ​ (1,022) Common stock dividends ​ ​ (107) ​ ​ (112) Other, net ​ ​ 17 ​ ​ (8) Cash provided by (used in) financing activities ​ ​ (126) ​ ​ 88 ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate changes on cash ​ ​ 12 ​ ​ 23 ​ ​ ​ ​ ​ ​ ​ Change in cash, cash equivalents and restricted cash ​ ​ (720) ​ ​ (613) Cash, cash equivalents and restricted cash - beginning of period ​ ​ 1,221 ​ ​ 931 Cash, cash equivalents and restricted cash - end of period ​ $ 501 ​ $ 318 ​ See accompanying notes to the unaudited condensed consolidated financial statements."},{"id":"e14","sourceId":"filing-2","location":"Note 15 / debt covenant compliance and payment obligations","excerpt":"The company was in compliance with the leverage ratio requirement at June 30, 2026, and for all prior periods presented, and has met all debt payment obligations."},{"id":"e15","sourceId":"filing-3","location":"Executive Compensation / 2025 short-term incentive metrics and actual achievement","excerpt":"​ Performance measure ​ ​ Threshold (25% Payout) ​ ​ Target (100% payout) ​ ​ Maximum (200% payout) ​ ​ Actual ​ ​ Payout % ​ ​ Adjusted Operating Cash Flow (75%) ​ ​ ​ $ 1,563m ​ ​ ​ ​ $ 1,699m ​ ​ ​ ≥$1,835m ​ ​ ​ ​ 1,765m ​ ​ ​ ​ ​ 148% ​ ​ ​ Unit Volume Growth (25%) ​ ​ ​ ​ 107.5m ​ ​ ​ ​ ​ 109.6m ​ ​ ​ ≥111.8m ​ ​ ​ ​ 110.8m ​ ​ ​ ​ ​ 154% ​ ​ ​ Overall Business Performance Factor ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 150% ​ ​ ​ (1) The definition of Adjusted Operating Cash Flow (OCF) for STI purposes, as approved by the HR Committee, is Comparable EBITDA (as reported) plus changes in working capital (Trade Accounts Receivable, Trade Accounts Payable and Inventory)."},{"id":"e16","sourceId":"filing-3","location":"Executive Compensation / downward adjustment to incentive cash-flow achievement","excerpt":"Within the HR Committee’s approved framework and the terms of the equity plan rules, the Committee has negatively adjusted the 2025 STI OCF achievement by a total of $394m/ This reflected the impact of removing acquisitions and adding back dispositions, accounting adjustments for CAPEX related payables, neutralizing the impact of currency fluctuations, factoring activity outside an agreed level and other Committee approved adjustments."},{"id":"e17","sourceId":"filing-3","location":"Executive Compensation / long-term incentive structure and vesting conditions","excerpt":"The vesting outcome can be increased or decreased based on the performance of two Modifier Measures (Sustainability and Relative TSR) ​ ​ Ties to our management- as-owners philosophy and rewards performance contributing to absolute EVA dollar growth and earnings per-share growth, while reinforcing disciplined execution through sustainability and safety performance 50% weighting in LTI program for NEOs ​ ​ 38 ​ ​ Stock Options (options) ​ ​ Designed to promote stock ownership and long-term performance ​ ​ Stock price appreciation ​ ​ Ties to our management- as-owners philosophy and rewards performance contributing to shareholder value through absolute stock price growth 25% weighting in LTI program for NEOs ​ ​ 39 ​ ​ Restricted Stock Units (RSUs) ​ ​ Designed to promote stock ownership and retention, with awards vesting after 3 years subject to continued employment ​ ​ Value based on stock price ​ ​ Ties to our management- as-owners philosophy 25% weighting in LTI program for NEOs ​ ​ 39 ​ ​ OTHER ONE-TIME INCENTIVES ​ ​ One-time Restricted Stock Units (“RSUs”) ​ ​ Designed to promote stock ownership, provide a recruitment, retention or performance-based incentive where appropriate and incentivize the creation of shareholder value ​ ​ Value based on stock price or bespoke performance conditions ​ ​ Granted from time-to- time and tied to our management-as-owners philosophy, generally in connection with the promotion or recruitment of individuals to facilitate ownership and retention or to incentivize a specific performance outcome ​ ​ 40 ​ ​ Deposit Share Program (“DSP”) ​ ​ Designed to promote financial investment in Ball, promote stock ownership and incentivize the creation of shareholder value ​ ​ Value based on stock price ​ ​ Granted from time-to-time (last offered in 2021) and tied to our management-as-owners philosophy, offering RSUs in exchange for the recipient voluntarily and newly investing in and holding shares of Ball stock ​ ​ 40 ​ 30 | WWW.BALL.COM/INVESTORS TABLE OF CONTENTS​​ EXECUTIVE COMPENSATION​ ​ ROLE OF THE HUMAN RESOURCES COMMITTEE AND EXECUTIVE COMPENSATION CONSULTANT The HR Committee oversees the design of the executive compensation program and determines the compensation of our executive officers."},{"id":"e18","sourceId":"filing-3","location":"Board and Corporate Governance / independent chairman","excerpt":"TAYLOR II ​ ​ ​ ​ ​ ​ ​ ​ ​ ■ Independent Director since 1999 ​ ■Chairman of the Board since 2025 ■ Age 65 ​ COMMITTEES ■ Human Resources ​ ■Nominating/Corporate Governance CAREER HIGHLIGHT Mr."},{"id":"e19","sourceId":"filing-3","location":"Executive Compensation / independent Human Resources Committee","excerpt":"The HR Committee is composed solely of nonmanagement directors, all of whom are independent."},{"id":"e20","sourceId":"filing-3","location":"Executive Compensation / CEO compensation determination","excerpt":"The HR Committee sets the CEO’s target total compensation package during an executive session without the CEO present."},{"id":"e21","sourceId":"filing-3","location":"Proposed 2026 Plan Amendment / potential dilution","excerpt":"The potential dilution under the 2026 Plan Amendment would be 12%, which the Company believes is reasonable for our industry."},{"id":"e22","sourceId":"filing-2","location":"Item 4 / management evaluation of disclosure controls","excerpt":"32 Table of Contents Item 4. CONTROLS AND PROCEDURES ​ Our chief executive officer and chief financial officer participated in management’s evaluation of our disclosure controls and procedures, as defined by the Securities and Exchange Commission (SEC), as of the end of the period covered by this report and concluded that our controls and procedures were effective."},{"id":"e23","sourceId":"filing-3","location":"Executive Compensation / operational excellence / quality performance","excerpt":"​ ■ Improved quality performance, with non-conformance below both target and prior year."},{"id":"e24","sourceId":"filing-1","location":"Risk Factors / experienced demand reductions in some instances","excerpt":"The global economic environment has resulted in reductions in demand for our products in some instances, which, in turn, could increase these competitive pressures."}],"changes":["No comparable previous version."],"limitations":["All supplied evidence is issuer disclosure. High retention, market outperformance and operational improvements are issuer-reported; retention rates and independent competitor comparisons are absent.","No competing company is explicitly identified as a competitor. Acquisition counterparties and compensation references do not establish competitor coverage, so the competitor array is empty.","Contract duration, exclusivity, termination rights, renewal concessions and customer switching expenses are missing. The narrow verdict rests on modest contractual stickiness.","The passages do not establish relative unit costs, local capacity barriers, proprietary technology advantages or network effects.","Base-price realization and a pricing-versus-volume bridge are absent. Pricing grades reflect disclosed aluminum pricing mechanics and their effects, not demonstrated premium pricing.","Actual executive beneficial ownership is not supplied. The March 17, 2026 proxy describes the plan amendment and its potential dilution as a proposal; subsequent approval, issuance and vesting are not established.","February 19, March 17 and August 4, 2026 are filing dates, not retrieval dates. The latest supplied operating period ends June 30, 2026."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Long-term supply contracts and reported high retention support a modest incumbent advantage. Neither technical switching barriers nor a relative cost advantage is demonstrated.","evidenceIds":["e1","e2"]},{"criterion":"durability","grade":2,"rationale":"Established relationships and supply commitments support persistence, but undisclosed contract terms and significant substitute competition limit demonstrated durability.","evidenceIds":["e1","e2","e6"]},{"criterion":"customer_dependency","grade":2,"rationale":"Reported retention and shipment growth indicate repeat demand, assessed partly from indirect operating evidence. Large customers and absent switching-cost disclosures prevent a stronger dependency conclusion.","evidenceIds":["e2","e3","e7"]},{"criterion":"erosion_resilience","grade":2,"rationale":"2025 volume and operating earnings growth support resilience despite some experienced demand reductions. Substitutes and incomplete cost recovery remain vulnerabilities; possible competitive risks are not treated as realized losses.","evidenceIds":["e11","e24","e6","e8"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Disclosed pass-through generally produces proportional sales and cost changes, supporting input-price recovery in both directions. This is mixed pricing evidence: incomplete recovery is possible and discretionary base-price realization is undisclosed.","evidenceIds":["e4","e8","e9","e10"]},{"criterion":"retention","grade":2,"rationale":"High retention is explicitly reported and shipment growth provides indirect support for repeat demand. No quantified renewals or evidence of retention following discretionary price increases is supplied.","evidenceIds":["e2","e3"]},{"criterion":"margin_resilience","grade":2,"rationale":"Majority-volume pass-through and growing operating earnings support earnings protection. Timing gaps and unrecovered amounts limit protection; the evidence does not isolate pricing's contribution or establish sustained margin preservation.","evidenceIds":["e4","e8","e11"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Fixed, floating and pass-through aluminum terms link prices to contractual input formulas. These provide recovery mechanisms but limited demonstrated unilateral pricing discretion; freedom over conversion charges is undisclosed.","evidenceIds":["e9","e10"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Reported 2025 free cash flow of $956 million accompanied $1.54 billion of shareholder returns. First-half 2026 operating cash use improved to $169 million from $333 million, while capex rose to $302 million and repurchases fell sharply. Debt obligations were met. These show mixed financing and allocation evidence; a half-year cash deficit alone does not establish persistent indiscipline.","evidenceIds":["e3","e12","e13","e14"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual incentive metrics link payouts to operating cash flow and shipped volume; downward adjustments demonstrate application. Equity incentives provide further alignment, but adjusted metrics, service-based awards and missing beneficial ownership limit confidence. Proposed 12% dilution is a prospective concern, not realized issuance.","evidenceIds":["e15","e16","e17","e21"]},{"criterion":"execution","grade":3,"rationale":"Reported 2025 shipment growth of 4.1%, operating earnings growth of 5.7%, EPS growth of 12% and improved quality provide concrete evidence of delivery. This assesses the management team from operating outcomes, not CEO reputation; the performance attribution and quality comparison remain issuer-reported.","evidenceIds":["e11","e12","e23"]},{"criterion":"governance","grade":3,"rationale":"An independent chairman, an independent compensation committee and CEO pay decisions made without the CEO present establish substantive oversight arrangements. Management also reported effective disclosure controls. These support strong governance practices, without establishing exceptional long-term effectiveness.","evidenceIds":["e18","e19","e20","e22"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"f63fd7de9bc9e6daa3237a8e74099568a8fc60d51ff468bef8cf6f2cc3b7b3d7","updatedAt":"2026-10-18T00:53:20.888Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/9389/000110465926017410/ball-20251231x10k.htm","publishedAt":"2026-02-19","sha256":"9da22542d0f320f19d21fe84ad8f828457dd5a7c75f1762072d9183c1a3e709c","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/9389/000110465926090226/ball-20260630x10q.htm","publishedAt":"2026-08-04","sha256":"db10962563dcbb5187a0c82a1e470fe212d5f25f98d55e619186f7231bb70812","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/9389/000110465926029499/tm2525516-2_def14a.htm","publishedAt":"2026-03-17","sha256":"c06d097b8359f11358771b4b543cf2dd82047bb32f733bbc439b4b6502efdac2","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:b4dbcbdf23841cfffdb5b87ed62964fdde73c0a43b6c6d95e656d415bd73a0c9","usage":{"input_tokens":50473,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3124,"reasoning_output_tokens":181},"basisSupplement":{"previousHash":"0bb4a4fe34a86eca58c006eab1d1d558812e9d11d118e8b81333640402dd83a8","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":19.737890087611323,"operating_margin":9.347621461154153,"roic":10.578791865752603,"fcf_margin":0.24618058069654625,"sbc_revenue":null},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":16.828457879992182,"operating_margin":7.909310052772167,"roic":8.739092393400249,"fcf_margin":-8.795361261319956,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":19.032005132226104,"operating_margin":9.074060873904056,"roic":9.143265133619648,"fcf_margin":5.830779100434814,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":20.69520983467571,"operating_margin":null,"roic":null,"fcf_margin":-3.1284442560406953,"sbc_revenue":null},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"Operating income is unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":19.588177190183117,"operating_margin":null,"roic":null,"fcf_margin":5.9873869766735055,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/9389/000110465926017410/ball-20251231x10k.htm","publishedAt":"2026-02-19","sha256":"9da22542d0f320f19d21fe84ad8f828457dd5a7c75f1762072d9183c1a3e709c","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/9389/000110465926090226/ball-20260630x10q.htm","publishedAt":"2026-08-04","sha256":"db10962563dcbb5187a0c82a1e470fe212d5f25f98d55e619186f7231bb70812","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/9389/000110465926029499/tm2525516-2_def14a.htm","publishedAt":"2026-03-17","sha256":"c06d097b8359f11358771b4b543cf2dd82047bb32f733bbc439b4b6502efdac2","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}