TacticScaleWhat O-i Glass Does & How It Makes Money (OI)
Updated October 2026 · reflects O-i Glass's latest reported financials
Major glass bottle and jar maker for food and beverage brands. O-I makes money selling glass containers to food and beverage manufacturers, mostly directly under annual or multi-year supply agreements and partly through distributors.
How O-i Glass makes money
O-I makes money selling glass containers to food and beverage manufacturers, mostly directly under annual or multi-year supply agreements and partly through distributors.
What O-i Glass does
O-I Glass, Inc. makes glass containers for food and beverage manufacturers across the Americas, Europe and other international markets. Most of its volume goes to alcoholic drinks such as beer, flavored malt beverages, spirits and wine. It also makes glass packaging for food, soft drinks, teas, juices and pharmaceuticals, in a range of sizes, shapes and colors. It sells mainly direct to customers under annual or multi-year supply agreements, and also through distributors. Founded in 1903 as Owens-Illinois, the company took the name O-I Glass in December 2019. It is based in Perrysburg, Ohio.
Products & services
- Beer bottles
- Wine bottles
- Spirits bottles
- Flavored malt beverage bottles
- Food jars
- Glass containers for soft drinks, teas and juices
What is O-i Glass worth?
On an owner-earnings DCF, O-i Glass's most-likely value is about $18 versus a recent price near $6 (201% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$14) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $6 is below even the no-growth floor ($14); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -18.6%/yr. A bargain only if that pessimism is overdone.
⚠ High leverage — net debt is 9.8× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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