SLGN NYSE Russell 1000 Earnings call
Silgan Holdings (SLGN) · Q2 2026 results and valuation
Share price: $41.50 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 29 Jul 2026 and 29 Apr 2026
Net income up 20.2% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+20.2%
Net income vs Q1 2026
Outlook given
Net income 75.8M vs 63.0M
Revenue +5.3%
Against the same quarter last year (Q2 2025) it is −14.8%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: cautious, in line with the script.
Similar to last call.
3 · What stood out
Key theme
The business remained essentially flat with 1% volume and 2% mix changes, resulting in a performance that the company feels good about.
Valuation
Is Silgan Holdings 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 0.4% growth a year (3-year revenue growth), the model's fair value is $4.48 a share — the stock trades 827% above it. Today's price assumes 8.4% growth a year.
Current price
$41.50
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.
+8.4% for 10 yrs
Fair value / share
$4.48
Buy below
$3.36
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
-
Guidance
Took on debt for the roughly $1 billion Weener acquisition, though now in a much different position because of profitable growth.
Source quote
“And I look at the Weener acquisition, roughly just round numbers, $1 billion acquisition where we actually did lever up and went... ...versus maybe 10 years ago, Gabe, and it's in a much different position just simply because of the profitable growth that we've added to the business. and we executed very well and delivered that target.”
-
Figure
Net sales increased 7% to approximately $1.6 billion from the prior year period due to the pass-through of higher costs.
Source quote
“Net sales of approximately $1.6 billion increased 7% from the prior year period as a result of the pass-through of higher...”
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
“Our teams continue to compete and win in this high-value market as our customer partnership model, differentiated technology and market-leading innovation continue to set us apart from our competition.”
“Volumes in the quarter were impacted by softer market conditions in Brazil, which contributed to a 1% decline in segment unit volumes and also caused an adverse impact on the...”
“Adjusted EPS of $0.98 decreased $0.03 from the prior year period due to lower adjusted EBIT, which was partially offset by lower interest expense.”
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 | 1.64B | 1.56B | +5.3% | 1.54B | +6.8% |
| Gross profit | 294.9M | 265.8M | +10.9% | 299.1M | −1.4% |
| Operating income | 103.9M | 84.1M | +23.5% | 118.8M | −12.5% |
| Net income | 75.8M | 63.0M | +20.2% | 88.9M | −14.8% |
| EPS | 0.72 | 0.60 | +20.0% | 0.83 | −13.3% |
| P/E today 13.7 | 18.2 | 14.5 | +3.7 | 19.3 | −1.1 |
Topics
Most discussed now
- As far as that $10 million, that was a Q2 item that Silgan talked about, and that's kind of the...
- New The value Silgan provides through these critical dispensing products was once again validated in the market as it successfully...
- In Custom Containers, Silgan's team delivered another quarter of solid results despite significant raw material volatility associated with…
- New They are using and they're viewing promotional activity as a just a tool in the toolkit to move volume.
- New They're expecting some recovery starting late in Q3.
Faded since Q1 2026
- Fading With the Weener portfolio now fully integrated, and the power of the combined innovation engines of Silgan's legacy business in...
- Fading Silgan's first quarter results displayed the resilience of its business and the power of its diverse portfolio and continue to...
- Fading $1 billion acquisition on top of Silgan and being able to get back within Silgan's leverage guidance within 15 months...
Latest announcements
Official filings, newest first.
- Director or officer change · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change; Shareholder vote results · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K