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Quad/Graphics, Inc. (QUAD) is a global marketing experience company. It has successfully transitioned from a legacy commercial printer into a diversified marketing solutions provider.
Investment Thesis
QUAD is a deep-value turnaround story. The market continues to price the company as a dying print business, ignoring its successful pivot into data-driven marketing, content creation, and digital advertising services. By utilizing its massive, legacy cash flows to deleverage the balance sheet and invest in high-margin marketing tech, Quad is fundamentally altering its earnings profile. The company's 'omnichannel' approach allows it to provide clients with a unified marketing strategy that smaller agencies cannot replicate. At its current distressed multiple, the equity stub possesses massive upside potential as the transformation becomes more apparent.
Key Growth Drivers
Marketing Services Expansion
Rapid growth in high-margin non-print services is offsetting the secular decline in traditional commercial printing, structurally improving EBITDA margins.
Aggressive Deleveraging
Management is ruthlessly directing cash flow toward debt reduction, rapidly shifting enterprise value toward the heavily discounted equity holders.
Cost Rationalization Moat
Successful consolidation of their manufacturing footprint has created a hyper-efficient cost structure that protects profitability even during cyclical downturns.
Valuation & Financial Modeling
QUAD trades at a low single-digit EBITDA multiple. This is a valuation typically reserved for firms facing immediate insolvency, yet Quad remains highly cash-flow positive. We see significant multi-bagger potential as the market re-rates the firm as a marketing services player.
Risk Factors & Bear Case
The secular decline in print advertising could accelerate faster than their new services can grow. Additionally, the company carries significant debt, making it sensitive to economic cycles and credit market conditions.
Conclusion
Quad/Graphics is a high-risk, maximum-leverage turnaround. It is strictly for deep-value investors comfortable with secular headwinds in exchange for asymmetric upside. Rated 'Speculative Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative valuation derived from Industrials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
-6.8%
Sector: 8.9%
Dividend Analysis audit
INCOME
4.39%
Trailing Yield
$4.39
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
56%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Quad/Graphics, Inc. (QUAD) receives a "Hold" rating with a composite score of 50.9/100, ranked #562 out of 4446 stocks. Key factor scores: Quality 50/100, Value 75/100, Momentum 55/100. This is quantitative analysis only — not investment advice.
Quad/Graphics, Inc. (QUAD) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Quad/Graphics, Inc. Do?
Quad/Graphics, Inc. provides marketing solutions worldwide. The company operates through United States Print and Related Services, and International segments. It offers printing services, such as retail inserts, publications, catalogs, special interest publications, journals, direct mail, directories, in-store marketing and promotion, packaging, newspapers, custom print products, and other commercial and specialty printed products; and paper procurement services. The company also provides marketing and other services, including consumer insights, audience targeting, personalization, media planning and placement, process optimization, campaign planning and creation, pre-media production, videography, photography, digital and print execution, and logistics, as well as manufactures ink. It serves blue chip companies that operate in various industries, and serve businesses and consumers comprising retailers, publishers, and direct marketers. The company was founded in 1971 and is headquartered in Sussex, Wisconsin. Quad/Graphics, Inc. (QUAD) is classified as a small-cap stock in the Industrials sector, specifically within the Business Services industry. The company is led by CEO J. Joel Quadracci and employs approximately 15,300 people, headquartered in Sussex, Wisconsin. With a market capitalization of $350M, QUAD is one of the notable companies in the Industrials sector.
Quad/Graphics, Inc. (QUAD) Stock Rating — Hold (April 2026)
As of April 2026, Quad/Graphics, Inc. receives a Hold rating with a composite score of 50.9/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.QUAD ranks #562 out of 4,446 stocks in our coverage universe. Within the Industrials sector, Quad/Graphics, Inc. ranks #94 of 752 stocks, placing it in the top quartile of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
QUAD Stock Price and 52-Week Range
Quad/Graphics, Inc. (QUAD) currently trades at $7.26. The stock gained $0.02 (0.3%) in the most recent trading session. The 52-week high for QUAD is $7.54, which means the stock is currently trading -3.7% from its annual peak. The 52-week low is $4.50, putting the stock 61.3% above its annual trough. Recent trading volume was 280K shares, suggesting relatively thin trading activity.
Is QUAD Overvalued or Undervalued? — Valuation Analysis
Quad/Graphics, Inc. (QUAD) carries a value factor score of 75/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 12.70x, compared to the Industrials sector average of 28.33x — a discount of 55%. The price-to-book ratio stands at 2.87x, versus the sector average of 2.23x. The price-to-sales ratio is 0.15x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, QUAD trades at 9.96x EV/EBITDA, versus 5.70x for the sector.
Based on these multiples, Quad/Graphics, Inc. appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
Quad/Graphics, Inc. Profitability — ROE, Margins, and Quality Score
Quad/Graphics, Inc. (QUAD) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is -6.8%, compared to the Industrials sector average of 8.9%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -0.7% versus the sector average of 3.3%.
On a margin basis, Quad/Graphics, Inc. reports gross margins of 21.7%, compared to 35.8% for the sector. The operating margin is 2.3% (sector: 6.2%). Net profit margin stands at -0.3%, versus 3.9% for the average Industrials stock. Revenue growth is running at -7.3% on a trailing basis, compared to 6.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
QUAD Debt, Balance Sheet, and Financial Health
Quad/Graphics, Inc. has a debt-to-equity ratio of 288.0%, compared to the Industrials sector average of 70.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 0.86x, which may signal near-term liquidity tightness. Total debt on the balance sheet is $370M. Cash and equivalents stand at $6M.
QUAD has a beta of 0.83, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for Quad/Graphics, Inc. is 64/100, reflecting average volatility within the normal range for its sector.
Quad/Graphics, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Quad/Graphics, Inc. reported revenue of $2.46B and earnings per share (EPS) of $0.57. Net income for the quarter was $-9M. Gross margin was 21.7%. Operating income came in at $55M.
In FY 2025, Quad/Graphics, Inc. reported revenue of $2.42B and earnings per share (EPS) of $0.57. Net income for the quarter was $27M. Gross margin was 21.6%. Revenue grew -9.4% year-over-year compared to FY 2024. Operating income came in at $97M.
In Q3 2025, Quad/Graphics, Inc. reported revenue of $588M and earnings per share (EPS) of $0.21. Net income for the quarter was $10M. Gross margin was 22.8%. Revenue grew -12.9% year-over-year compared to Q3 2024. Operating income came in at $26M.
In Q2 2025, Quad/Graphics, Inc. reported revenue of $572M and earnings per share (EPS) of $0.00. Net income for the quarter was $-100,000. Gross margin was 21.6%. Revenue grew -9.8% year-over-year compared to Q2 2024. Operating income came in at $14M.
Over the past 8 quarters, Quad/Graphics, Inc. has demonstrated a growth trajectory, with revenue expanding from $634M to $2.46B. Investors analyzing QUAD stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
QUAD Dividend Yield and Income Analysis
Quad/Graphics, Inc. (QUAD) currently pays a dividend yield of 4.4%. At this yield, a $10,000 investment in QUAD stock would generate approximately $$439.00 in annual dividend income.
QUAD Momentum and Technical Analysis Profile
Quad/Graphics, Inc. (QUAD) has a momentum factor score of 55/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 36/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 9/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
QUAD vs Competitors — Industrials Sector Ranking and Peer Comparison
Comparing QUAD against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full QUAD vs S&P 500 (SPY) comparison to assess how Quad/Graphics, Inc. stacks up against the broader market across all factor dimensions.
QUAD Next Earnings Date
No upcoming earnings date has been announced for Quad/Graphics, Inc. (QUAD) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy QUAD? — Investment Thesis Summary
Quad/Graphics, Inc. presents a balanced picture with arguments on both sides. The value score of 75/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 64/100) reduces downside risk.
In summary, Quad/Graphics, Inc. (QUAD) earns a Hold rating with a composite score of 50.9/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on QUAD stock.
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Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-7.3%
Sector: 6.4%
-214% VS SCTR
Gross Margin
Core pricing power
21.7%
Sector: 35.8%
-39% VS SCTR
Operating Margin
Operating efficiency
2.3%
Sector: 6.2%
-63% VS SCTR
Net Margin
Bottom-line conversion
-0.3%
Sector: 3.9%
-107% VS SCTR
Return on Equity
Equity capital efficiency
-6.8%
Sector: 8.9%
-176% VS SCTR
Return on Assets
Asset base utilization
-0.7%
Sector: 3.3%
-122% VS SCTR
Debt/Equity
Financial leverage load
288.0%
Sector: 70.0%
-311% VS SCTR
Dividend Yield
Direct cash return
4.4%
Sector: 0.0%
+Infinity% VS SCTR
+29%
Price / Sales
0.1x
-70%
Quad/Graphics, Inc. exhibits a 5% valuation discount relative to institutional benchmarks. This represents a balanced risk/reward profile based on current multiples.
Return on Assets
Efficiency of asset utilization
-0.7%
Sector: 3.3%
Gross Margin
Pricing power and cost efficiency
21.7%
Sector: 35.8%
Operating Margin
Core business profitability
2.3%
Sector: 6.2%
Net Margin
Bottom-line profitability
-0.3%
Sector: 3.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.00%
Yield Delta—
Income Projection audit
A $10,000 investment would generate approximately $439 annually in dividends at the current trailing rate.