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Forensic Analysis · Construction Materials · as of Nov 10, 2026

O-I Glass, Inc. /De/ (OI)

A forensic read on O-I Glass, Inc. /De/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution
Forensic grade
Distress
Financial health
0.7
Distress distance
Clean
Earnings quality
2
Forensic signals
-10.9%
ROE
-1.6%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

O-I Glass, Inc. /De/ earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.7, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

3.7%
FY2025
Return on invested capital. Return on invested capital is 3.7% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.4-point range. After-tax operating profit was $266M in FY2023 and $231M in FY2025. The capital base behind it went from $6.6B in FY2023 to $6.3B in FY2025 (-4%), while the revenue it carried went from $7.1B to $6.4B. FY2023's operating profit carried a $445M goodwill write-off that alone took about 4.4 points off that year's return, so the FY2025 return is being compared with a base year that charge had already pulled down. A non-cash write-down lowers the reported return in the year it lands.
$445M
FY2023
Goodwill impairments. Took $445M of goodwill writedowns across 1 year (FY2023 ($445M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$6.43B
Revenue Growth YoY-1.6%
Revenue CAGR (2yr)-4.9%
Net Margin-2.0%
Free Cash Flow$168.0M
Return on Equity-10.9%
Debt / Equity3.79x

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

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