ATR US Russell 1000 Earnings call
AptarGroup (ATR) · Q2 2026 results and valuation
Share price: $143.08 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 31 Jul 2026 and 1 May 2026
Net income up 20.5% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+20.5%
Net income vs Q1 2026
Outlook given
Net income 87.6M vs 72.7M
Revenue +4.4%
Against the same quarter last year (Q2 2025) it is −21.6%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Typical
More upbeat than 50% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Key theme
Demand for products in the pharma portfolio, including biologics and GLP-1, was above the guidance range due to attractive end markets.
Valuation
Is AptarGroup undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 4.4% growth a year (3-year revenue growth), the model's fair value is $55.37 a share — the stock trades 158% above it. Today's price assumes 15.0% growth a year.
Current price
$143.08
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+15.0% for 10 yrs
Fair value / share
$55.37
Buy below
$41.53
Price vs fair value
Overvalued 158%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Guidance
AptarGroup anticipates third quarter adjusted earnings per share to be in the range of $1.45 to $1.53 This assumes an effective tax rate range of 22.5% to 24.5%.
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Guidance
The company expects to resolve a delayed pass-through impacting margins by 80 to 90 basis points in Q3.
Source quote
“it is probably about you know, 80, 90 basis points of margin on beauty impact of that delayed pass through in the quarter, and we expect that to be resolved in Q3.”
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Figure
AptarGroup reported sales increased 6% to $1 billion, setting a new quarterly record.
Source quote
“Our reported sales increased 6% to $1 billion a new quarterly record.”
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Fading
The company's pharma pipeline is growing in the prescription segment excluding emergency medicine for Q2 2026, while pulmonary biologics and systemic nasal drug delivery remain the top end markets.
Source quote
“We didn't talk about it much, but we continue to be very excited about the growing pipeline in pharma on the back... ...prescription excluding emergency medicine to return to solid growth in quarter 2 adding to the growth of injectables in consumer health care. As a reminder, pulmonary biologics and systemic nasal drug delivery remain the top end markets in our pharma pipeline on a risk-adjusted basis.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“He leaves Aptar a stronger company with a robust pipeline of opportunities leading market position, and an exceptional team that is well positioned for the future.”
“Consumer Healthcare core sales increased 15%, due to strong demand for nasal solutions, which grew 9%, with strong demand primarily for elastomeric components used for GLP-1, biologics and vaccines.”
“Beauty benefited from continued strength in prestige fragrance, while closures delivered strong beverage growth and continued momentum in food.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.03B | 982.9M | +4.4% | 966.0M | +6.3% |
| Operating income | 126.7M | 107.5M | +17.9% | 144.4M | −12.2% |
| Net income | 87.6M | 72.7M | +20.5% | 111.7M | −21.6% |
| EPS | 1.36 | 1.12 | +21.4% | 1.67 | −18.6% |
| P/E today 21.8 | 22.6 | 21.6 | +1.0 | 27.0 | −4.4 |
Topics
Most discussed now
- New Strengthening AptarGroup's position in pharma expanding its global footprint advancing its innovation capabilities, and reinforcing its…
- New Whether it is expanding access to therapies improving adherence, enhancing safety and reliability, or creating simply better end user…
- These measures are reconciled to the most directly comparable GAAP financial measure, and the reconciliations are set forth in the...
- Adjusted EBITDA margin of 20.7% compared to 22.6% in the prior year primarily due to less favorable product mix and...
- Pharma core sales increased 1%, impacted by the anticipated decline in emergency medicine.
Faded since Q1 2026
- Dropped Its pipeline continues to build in pharma and in beauty and closures, AptarGroup sees a healthy order book activity.
- Dropped Glucose monitoring and continuous glucose monitoring
- Fading The margin decline was anticipated and driven by product mix and volume, due primarily to a decline in high-margin emergency...
- Fading AptarGroup's reported sales increased 11% and core sales, which adjust for currency effects and acquisitions, were flat compared to the...
Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
- Director or officer change · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K