- Price
- $124.51
- Fair value
- $164.00
- Discount
- 24.1%
- Uncertainty
- Medium
- LSEG rating
- 1.82
- Moat
- Narrow
- Next earnings
- 2026-10-29
- Next earnings is estimate
- No
- Company name
- AptarGroup
- Sector
- Drug delivery & dispensing systems
- About
- Aptar makes devices that dispense, dose and protect products. Its Pharma segment makes nasal sprays, inhalers, eye droppers and injectable components such as stoppers for drug makers. Its Beauty segment makes pumps and closures for fragrance, skin care and cosmetics. Its Closures segment makes dispensing closures for food, beverages and personal care products. Pharma earns most of the profit, because its products must pass drug approvals, which makes it hard for customers to change suppliers. Aptar has about 14,000 employees in 20 countries. Gael Touya, who led Aptar Pharma, became CEO on September 1, 2026.
- Thesis
- The market prices Aptar for lower margins and for the fall in emergency medicine sales in Pharma. In Q2 2026, the adjusted EBITDA margin fell to 20.7% from 22.6% a year earlier, and core sales grew only 1%. Pharma's margin fell 180 basis points because of product mix and destocking in emergency medicine, and Beauty and Closures margins fell about 200 basis points each. Adjusted EPS fell to $1.42 from $1.68. For the gap to close, three things must be true. The emergency medicine destocking must end by Q4 2026, as Aptar expects, so that Pharma returns to growth with its high margins. Closures must finish the start-up of its new production lines, and Beauty must recover volume. The new CEO must keep the strategy and costs on track. The Q3 2026 report on October 29, 2026, with guidance of $1.45 to $1.53 adjusted EPS, gives the first test. The Q4 2026 report in early 2027 shows whether Pharma growth returns. If these checks pass, the gap can close over the next three to five quarters. The main reason it may not close is a longer slowdown in Pharma, because Pharma is most of the profit.
- Risks
- Pharma earns most of the profit. A longer destocking in emergency medicine, or lower demand for nasal sprays and injectables, can keep margins low.
Aptar is in lawsuits with ARS Pharmaceuticals over trade secrets, contracts and US antitrust law, and in patent cases from Nemera in Germany and France about some eye care products. These cases add costs and can limit sales.
Beauty and Closures depend on consumer demand and resin costs. Lower volumes or late pass through of resin costs reduced Beauty's margin by 190 basis points in Q2 2026.
Aptar has a new CEO and an interim Chief Accounting Officer in 2026. Changes in leadership can slow decisions. Russia also put its local subsidiary under external administration in September 2026.
- Balance sheet
- Cash: $190M
Debt: $1.4B
Net debt: $1.2B
Debt due within 12 months: $249M
Aptar has moderate debt. At June 30, 2026, short-term obligations were $249.2 million and long-term obligations were $1.12 billion, so total debt was $1.37 billion. Cash and equivalents were $190.4 million, down from $402.4 million at December 31, 2025, after Aptar repaid $155.9 million of long-term debt in the first half of 2026. Adjusted EBITDA was $401.5 million in the first half of 2026. Aptar paid dividends of $0.48 per share each quarter and bought back $50 million of shares in Q2 2026.
As of 2026-06-30.
- Checkpoints
- Oct 29, 2026: Q3 2026 earnings: margins and Pharma. Pending. Watch: Adjusted EPS within or above $1.45 to $1.53 and growth in all three segments pass; adjusted EPS below the range or a lower Pharma margin fail.
Feb 5, 2027 (estimate): Q4 2026 earnings: end of destocking. Pending. Watch: Pharma core sales growth as the emergency medicine destocking ends and a higher adjusted EBITDA margin pass; more destocking or a lower margin fail.
- Recent events
- 2026-09-21: A decree of the President of the Russian Federation put Aptar's Russian subsidiary, Aptar Vladimir, under temporary external administration. Aptar said that the subsidiary was less than 0.6% of net sales and operating income in 2025, and that it is assessing its options.
2026-09-10: Aditya J. Gandhi resigned as Chief Accounting Officer on September 11, 2026, to take another job. Daniel Ackerman, who held the role until June 2026, became interim Chief Accounting Officer.
2026-09-01: Gael Touya became President and CEO and joined the board. He succeeded Stephan B. Tanda, who retired.
2026-07-30: Aptar reported Q2 2026 results. Sales rose 6% to $1.03 billion, and core sales rose 1%. Adjusted EPS was $1.42, down from $1.68. The adjusted EBITDA margin was 20.7%. Aptar guided to Q3 2026 adjusted EPS of $1.45 to $1.53. It returned $81 million to shareholders in the quarter.