INTERNATIONAL PAPER CO /NEW/ (IP)

NYSE, OTC · Paper Mills

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

247 entities across 55 jurisdictions, 6 in offshore financial centres. Read directly from the company’s own 10-K EX-21 filed 2026-02-27 — see the exhibit.

Which other public companies file entities in the same places:

Delaware55 France35 Netherlands20 Spain19 Germany11 Portugal9 Italy6 Luxembourg5 Poland5 Austria4 Finland4 Tennessee3

Subsidiaries of INTERNATIONAL PAPER CO /NEW/ as disclosed in its SEC filing
Entity	Jurisdiction	Note
Bertako SL	Spain
Bretschneider Verpackungen GmbH	Germany
Carolina Graphic Services LLC	Delaware
Carton y Papel Reciclado, S.A.	Spain
Cartonajes International, S.L.	Spain
Cartonajes Union, S.L.	Spain
CedarPak, LLC	Delaware
CEMT Holdings Group, LLC	Delaware
Certified Forest Management LLC	Delaware
CircleTree Insurance Company	Tennessee
CMCP - INTERNATIONAL PAPER S.A.S.	Morocco
CMCP - International Paper Tanger SARL AU	Morocco
Commercial Realty & Properties LLC	Delaware
Corrugated Container Corporation	Virginia
Corrugated Container Corporation of Shenandoah Valley	Virginia
Corrugated Container Corporation of Tennessee	Tennessee
Corrugated Supply, L.L.C	New Jersey
Corrugated Supply, L.P.	New Jersey
David S. Smith (Netherlands) B.V.	Netherlands
Delta Packaging Services GmbH	Germany
DS Smith (Luxembourg) S.a r.l.	Luxembourg	offshore centre
DS Smith Ambalaj A.Ş.	Turkey
DS Smith Andorra, S.A.	Spain
DS Smith Austria Holdings GmbH	Austria
DS Smith B.V.	Netherlands
DS Smith Baars B.V.	Netherlands
DS Smith Business Services, S.L.	Spain
DS Smith Creative Solutions Inc.	New Jersey
DS Smith Cretan Hellas S.A.	Greece
DS Smith De Hoop B.V.	Netherlands
DS Smith De Hoop Holding B.V.	Netherlands
DS Smith Displays P&I, S.A.	Portugal
DS Smith Energia Viana, S.A.	Portugal
DS Smith France	France
DS Smith Hellas Netherlands B.V.	Netherlands
DS Smith Hellas S.A.	Greece
DS Smith Hetre Blanc	France
DS Smith Holding Italia S.p.A.	Italy
DS Smith Holdings LLC	Delaware
DS Smith Ireland Treasury Designated Activity Company	Ireland
DS Smith Italy B.V.	Netherlands
DS Smith Management Resources LLC	Delaware
DS Smith North America Recycling, LLC	Delaware
DS Smith North America Shared Services, LLC	Delaware
DS Smith Packaging Ales	France
DS Smith Packaging Almelo B.V.	Netherlands
DS Smith Packaging Anjou	France
DS Smith Packaging Arenshausen Mivepa GmbH	Germany
DS Smith Packaging Arnstadt GmbH	Germany
DS Smith Packaging Atlantique	France
DS Smith Packaging Austria Beteiligungsverwaltungs GmbH	Austria
DS Smith Packaging Austria GmbH	Austria
DS Smith Packaging Baltic Holding Oy	Finland
DS Smith Packaging Barneveld B.V.	Netherlands
DS Smith Packaging Belgium	Belgium
DS Smith Packaging Belita B.V.	Netherlands
DS Smith Packaging Beteiligungen GmbH	Germany
DS Smith Packaging Bretagne	France
DS Smith Packaging Cartogal S.A.	Spain
DS Smith Packaging CERA	France
DS Smith Packaging Consumer	France
DS Smith Packaging Contoire-Hamel	France
DS Smith Packaging Czech Republic s.r.o.	Czech Republic
DS Smith Packaging Denmark A/S	Denmark
DS Smith Packaging Deutschland Stiftung	Germany
DS Smith Packaging Deutschland Stiftung & Co KG	Germany
DS Smith Packaging Dicesa S.A.	Spain
DS Smith Packaging Display and Services	France
DS Smith Packaging DPF	France
DS Smith Packaging Durtal	France
DS Smith Packaging Fegersheim	France
DS Smith Packaging Finland Oy	Finland
DS Smith Packaging France	France
DS Smith Packaging Galicia S.A.	Spain
DS Smith Packaging Ghimbav S.R.L.	Romania
DS Smith Packaging Hauts-de-France	France
DS Smith Packaging Holding B.V.	Netherlands
DS Smith Packaging Holding S.L.	Spain
DS Smith Packaging Hungary Kft	Hungary
DS Smith Packaging International B.V.	Netherlands
DS Smith Packaging Italia S.p.A.	Italy
DS Smith Packaging Kaypac	France
DS Smith Packaging Larousse	France
DS Smith Packaging Lucena, S.L.	Spain
DS Smith Packaging Madrid, SL	Spain
DS Smith Packaging Marketing	Belgium
DS Smith Packaging Mehun-CIM	France
DS Smith Packaging Netherlands B.V.	Netherlands
DS Smith Packaging Nord-Est	France
DS Smith Packaging Pakkausjaloste Oy	Finland
DS Smith Packaging Penedes S.A.U.	Spain
DS Smith Packaging Portugal, S.A.	Portugal
DS Smith Packaging Romania S.R.L.	Romania
DS Smith Packaging Savoie	France
DS Smith Packaging Seine Normandie	France
DS Smith Packaging South East GmbH	Austria
DS Smith Packaging sp. z o.o.	Poland
DS Smith Packaging Sud-Est.	France
DS Smith Packaging Sud-Ouest	France
DS Smith Packaging Sweden AB	Sweden
DS Smith Packaging Sweden AB NUF [Branch]	Norway
DS Smith Packaging Sweden Holding AB	Sweden
DS Smith Packaging Switzerland AG	Switzerland
DS Smith Packaging Systems	France
DS Smith Packaging Tilburg B.V.	Netherlands
DS Smith Packaging Velin	France
DS Smith Packaging Vervins	France
DS Smith Packaging-Holly Springs, LLC	Delaware
DS Smith Packaging-Stream, LLC	Delaware
DS Smith Paper Coullons	France
DS Smith Paper Deutschland GmbH	Germany
DS Smith Paper Italia S.r.l.	Italy
DS Smith Paper Kaysersberg	France
DS Smith Paper Limitd SP z o.o. Oddzial W Polsce [Branch]	Poland
DS Smith Paper Rouen	France
DS Smith Paper Viana, S.A.	Portugal
DS Smith Paper Zarnesti S.R.L.	Romania
DS Smith Perch Luxembourg S.à r.l.	Luxembourg	offshore centre
DS Smith Polska sp. z o.o.	Poland
DS Smith Portugal, SGPS, S.A.	Portugal
DS Smith Re S.A.	Luxembourg	offshore centre
DS Smith Recycling Benelux B.V.	Netherlands
DS Smith Recycling Deutschland GmbH	Germany
DS Smith Recycling France	France
DS Smith Recycling Holding B.V.	Netherlands
DS Smith Recycling Ireland Limited	Ireland
DS Smith Recycling Italia Srl	Italy
DS Smith Recycling Portugal, S.A.	Portugal
DS Smith Recycling Spain S.A.	Spain
DS Smith Salm B.V.	Netherlands
DS Smith Shanghai Trading Ltd	China
DS Smith Spain, S.A.	Spain
DS Smith Stange B.V. & Co. KG	Germany
DS Smith Toppositie B.V.	Netherlands
DS Smith Transport Services GmbH	Germany
Eastpac Oy	Finland
English Oak LLC	Delaware
Evergreen Community Power LLC	Delaware
GCF (Asia) Limited	Hong Kong
GCF (Asia) Limited Singapore Branch	Singapore
GCF Bonds LLC	Delaware
GCF Japan Limited	Japan
GCF US Holdings LLC	Delaware
I.P. CONTAINER HOLDINGS (SPAIN) S.L.	Spain
Iberian Forest Fund - Fundo de Investimento Imobiliario Fechado	Portugal
International Paper (Asia) Limited	Hong Kong
International Paper (Europe) S.à r.l.	Luxembourg	offshore centre
International Paper (India) LLP	India
International Paper (New Zealand) Limited	New Zealand
International Paper Asia Limited (Branch Office)	Korea
International Paper Cartones Ltda.	Chile
International Paper Cellulose Fibers (Poland) sp. z o.o.	Poland
International Paper Cellulose Fibers Sales Sàrl	Switzerland
International Paper Chalon SAS	France
International Paper Company [Delaware]	Delaware
International Paper Company Employee Relief Fund	New York
International Paper Company Foundation	New York
INTERNATIONAL PAPER DUTCH SERVICES B.V. IN LIQUIDATIE	Netherlands
International Paper Espaly SAS	France
International Paper Export Sales, Inc.	Delaware
International Paper Financial Services, Inc.	Delaware
International Paper France SAS	France
International Paper Holdings (Luxembourg) S.à r.l.	Luxembourg	offshore centre
International Paper Italia Srl	Italy
International Paper Japan Limited	Japan
International Paper Madrid Mill, S.L.	Spain
International Paper Manufacturing & Distribution Limited	Hong Kong
International Paper Mexico Company, S. de R.L. de C.V.	Mexico
International Paper Molded Fiber LLC	Nevada
International Paper Peru S.R.L.	Peru
International Paper Polska Sp. z o.o.	Poland
International Paper Professional Services Corporation	Delaware
International Paper Switzerland GmbH	Switzerland
Interstate Container Columbia LLC	Delaware
Interstate Container New Castle LLC	Delaware
Interstate Container Reading LLC	Delaware
Interstate Corrpack LLC	Delaware
Interstate Holding LLC	Delaware
Interstate Mechanical Packaging LLC	Delaware
Interstate Paper LLC	Delaware
Interstate Realty Hialeah LLC	Delaware
Interstate Resources LLC	Delaware
Interstate Southern Packaging LLC	Delaware
IP Acquisition I, LLC	Delaware
IP Belgian Services Company SRL	Belgium
IP Canada Holdings Limited	Canada
IP CBPR Properties 2 LLC	Delaware
IP CBPR Properties LLC	Delaware
IP Commercial Properties LLC	Delaware
IP Eagle LLC	Delaware
IP International Holdings, Inc.	Delaware
IP Limestone Company	Delaware
IP Mexico Holdings LLC	Delaware
IP Petroleum LLC	Delaware
IP Realty Holdings LLC	Delaware
IP Singapore Holding Pte. Ltd.	Singapore
IP-35, Inc.	Delaware
Lacebark LLC	Delaware
Longleaf Insurance Company	Tennessee
Lost Creek, Inc.	Delaware
Mangrove Insurance Europe PCC Limited	Malta	offshore centre
Merpas Hungary Kft.	Hungary
Newport Timber LLC	Delaware
Nova DS Smith Embalagem, S.A.	Portugal
Peninsular Cogeneración, S.A.	Spain
Phoenix Technology Holdings USA, Inc.	Delaware
PT Total Marketing Support Indonesia	Indonesia
RB Lumber Company LLC	Delaware
Red Bird Receivables, LLC	Delaware
RFC Container, LLC	Delaware
Rowlandson France	France
SouthCorr, L.L.C.	North Carolina
SP Forests L.L.C.	Delaware
St. George Timberland Holdings, Inc.	Delaware
Stort Doonweg B.V.	Netherlands
Supplier Finance Company, LLC	Delaware
Sustainable Forests L.L.C.	Delaware
Tecnicarton France	France
Tecnicartón Portugal Unipessoal LDA	Portugal
Tecnicartón Tánger S.A.R.L. AU	Morocco
Tecnicartón, S.L.	Spain
Temple Associates LLC	Texas
TIN Land Financing, LLC	Delaware
TIN Timber Financing, LLC	Delaware
TMS 360 SA (PTY) Ltd	South Africa
TMS America LLC	Illinois
TMS Canada 360 Inc.	Canada
TMS Egypt LLC	Egypt
TMS Pakistan (Private) Limited	Pakistan
TMS Shanghai Trading Ltd	China
Toscana Ondulati S.P.A.	Italy
Total Marketing Support (360) Malaysia Sdn. Bhd.	Malaysia
Total Marketing Support 360 Mexico S.A de C.V	Mexico
Total Marketing Support 360 Nigeria Limited	Nigeria
Total Marketing Support Argentina SA	Argentina
Total Marketing Support Brazil Ltda	Brazil
Total Marketing Support Chile SpA	Chile
Total Marketing Support Colombia S A S	Colombia
Total Marketing Support India Private Limited	India
Total Marketing Support Japan Ltd.	Japan
Total Marketing Support Middle East FZCO	United Arab Emirates
Total Marketing Support Pacific Pty Ltd	Australia
Total Marketing Support Peru S.A.C.	Peru
Total Marketing Support Philippines, Inc.	Philippines
Total Marketing Support Turkey Baskı Yönetimi Hizmetleri A.Ş.	Turkey
U. C. Realty LLC	Delaware
United Corrstack LLC	Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

3 / 8

FAILReturn on assets positiveROA -9.3%
PASSOperating cash flow positiveOCF 1.7B
FAILReturn on assets improving2.4% → -9.3%
PASSCash flow exceeds earningsOCF 1.7B vs NI -3.5B
PASSLong-term debt ratio falling23.5% → 23.3% of assets
FAILCurrent ratio improving1.51 → 1.28
FAILNo share dilution354M → 506M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improving0.82× → 0.62×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$20.6B	$482.0M	$2.3B	—	395,700,000
FY2021	$19.4B	$1.8B	$1.6B	—	392,400,000
FY2022	$21.2B	$1.5B	$1.2B	—	367,000,000
FY2023	$18.9B	$288.0M	$692.0M	—	349,100,000
FY2024	$18.6B	$557.0M	$757.0M	—	354,200,000
FY2025	$23.6B	−$3.5B	−$159.0M	—	505,700,000

Capital returned

What the company actually paid out and bought back, as reported — the record behind any yield figure.

Dividend per share

2026Q2: $0.46
2026Q1: $0.46
2025Q3: $0.46
2025Q2: $0.46
2025Q1: $0.46
2024Q3: $0.46

Shares repurchased

2026Q1: $30.0M
2025Q1: $62.0M
2024Q1: $22.0M
2023Q1: $177.0M
2022Q1: $428.0M
2021Q1: $155.0M

Identity

CIK: 0000051434
SIC: 2621 · Paper Mills
Incorporated: NY
Headquarters: MEMPHIS, TN

Ownership

Institutional: 102.5%
Institutions: 1,198
Insiders: 0.2%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other paper mills companies

INTERNATIONAL PAPER CO /NEW/ files under SIC 2621 — all 4 paper mills companies compared on assets and F-score.

Magnera CorpMAGN Sylvamo CorpSLVM Mativ Holdings, Inc.MATV

Questions about INTERNATIONAL PAPER CO /NEW/

How many subsidiaries does INTERNATIONAL PAPER CO /NEW/ file with the SEC?: 247, listed in its most recent exhibit 21. They are incorporated across 55 jurisdictions, led by Spain, Germany, Delaware. 6 of them sit in offshore financial centres. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is INTERNATIONAL PAPER CO /NEW/ financially healthy?: INTERNATIONAL PAPER CO /NEW/ scores 3 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

247 entities across 55 jurisdictions, 6 in offshore financial centres. Read directly from the company’s own 10-K EX-21 filed 2026-02-27 — see the exhibit.

Entity

Jurisdiction

Note

Bertako SL

Spain

Bretschneider Verpackungen GmbH

Germany

Carolina Graphic Services LLC

Delaware

Carton y Papel Reciclado, S.A.

Spain

Cartonajes International, S.L.

Spain

Cartonajes Union, S.L.

Spain

CedarPak, LLC

Delaware

CEMT Holdings Group, LLC

Delaware

Certified Forest Management LLC

Delaware

CircleTree Insurance Company

Tennessee

CMCP - INTERNATIONAL PAPER S.A.S.

Morocco

CMCP - International Paper Tanger SARL AU

Morocco

Commercial Realty & Properties LLC

Delaware

Corrugated Container Corporation

Virginia

Corrugated Container Corporation of Shenandoah Valley

Virginia

Corrugated Container Corporation of Tennessee

Tennessee

Corrugated Supply, L.L.C

New Jersey

Corrugated Supply, L.P.

New Jersey

David S. Smith (Netherlands) B.V.

Netherlands

Delta Packaging Services GmbH

Germany

DS Smith (Luxembourg) S.a r.l.

Luxembourg

offshore centre

DS Smith Ambalaj A.Ş.

Turkey

DS Smith Andorra, S.A.

Spain

DS Smith Austria Holdings GmbH

Austria

DS Smith B.V.

Netherlands

DS Smith Baars B.V.

Netherlands

DS Smith Business Services, S.L.

Spain

DS Smith Creative Solutions Inc.

New Jersey

DS Smith Cretan Hellas S.A.

Greece

DS Smith De Hoop B.V.

Netherlands

DS Smith De Hoop Holding B.V.

Netherlands

DS Smith Displays P&I, S.A.

Portugal

DS Smith Energia Viana, S.A.

Portugal

DS Smith France

France

DS Smith Hellas Netherlands B.V.

Netherlands

DS Smith Hellas S.A.

Greece

DS Smith Hetre Blanc

France

DS Smith Holding Italia S.p.A.

Italy

DS Smith Holdings LLC

Delaware

DS Smith Ireland Treasury Designated Activity Company

Ireland

DS Smith Italy B.V.

Netherlands

DS Smith Management Resources LLC

Delaware

DS Smith North America Recycling, LLC

Delaware

DS Smith North America Shared Services, LLC

Delaware

DS Smith Packaging Ales

France

DS Smith Packaging Almelo B.V.

Netherlands

DS Smith Packaging Anjou

France

DS Smith Packaging Arenshausen Mivepa GmbH

Germany

DS Smith Packaging Arnstadt GmbH

Germany

DS Smith Packaging Atlantique

France

DS Smith Packaging Austria Beteiligungsverwaltungs GmbH

Austria

DS Smith Packaging Austria GmbH

Austria

DS Smith Packaging Baltic Holding Oy

Finland

DS Smith Packaging Barneveld B.V.

Netherlands

DS Smith Packaging Belgium

Belgium

DS Smith Packaging Belita B.V.

Netherlands

DS Smith Packaging Beteiligungen GmbH

Germany

DS Smith Packaging Bretagne

France

DS Smith Packaging Cartogal S.A.

Spain

DS Smith Packaging CERA

France

DS Smith Packaging Consumer

France

DS Smith Packaging Contoire-Hamel

France

DS Smith Packaging Czech Republic s.r.o.

Czech Republic

DS Smith Packaging Denmark A/S

Denmark

DS Smith Packaging Deutschland Stiftung

Germany

DS Smith Packaging Deutschland Stiftung & Co KG

Germany

DS Smith Packaging Dicesa S.A.

Spain

DS Smith Packaging Display and Services

France

DS Smith Packaging DPF

France

DS Smith Packaging Durtal

France

DS Smith Packaging Fegersheim

France

DS Smith Packaging Finland Oy

Finland

DS Smith Packaging France

France

DS Smith Packaging Galicia S.A.

Spain

DS Smith Packaging Ghimbav S.R.L.

Romania

DS Smith Packaging Hauts-de-France

France

DS Smith Packaging Holding B.V.

Netherlands

DS Smith Packaging Holding S.L.

Spain

DS Smith Packaging Hungary Kft

Hungary

DS Smith Packaging International B.V.

Netherlands

DS Smith Packaging Italia S.p.A.

Italy

DS Smith Packaging Kaypac

France

DS Smith Packaging Larousse

France

DS Smith Packaging Lucena, S.L.

Spain

DS Smith Packaging Madrid, SL

Spain

DS Smith Packaging Marketing

Belgium

DS Smith Packaging Mehun-CIM

France

DS Smith Packaging Netherlands B.V.

Netherlands

DS Smith Packaging Nord-Est

France

DS Smith Packaging Pakkausjaloste Oy

Finland

DS Smith Packaging Penedes S.A.U.

Spain

DS Smith Packaging Portugal, S.A.

Portugal

DS Smith Packaging Romania S.R.L.

Romania

DS Smith Packaging Savoie

France

DS Smith Packaging Seine Normandie

France

DS Smith Packaging South East GmbH

Austria

DS Smith Packaging sp. z o.o.

Poland

DS Smith Packaging Sud-Est.

France

DS Smith Packaging Sud-Ouest

France

DS Smith Packaging Sweden AB

Sweden

DS Smith Packaging Sweden AB NUF [Branch]

Norway

DS Smith Packaging Sweden Holding AB

Sweden

DS Smith Packaging Switzerland AG

Switzerland

DS Smith Packaging Systems

France

DS Smith Packaging Tilburg B.V.

Netherlands

DS Smith Packaging Velin

France

DS Smith Packaging Vervins

France

DS Smith Packaging-Holly Springs, LLC

Delaware

DS Smith Packaging-Stream, LLC

Delaware

DS Smith Paper Coullons

France

DS Smith Paper Deutschland GmbH

Germany

DS Smith Paper Italia S.r.l.

Italy

DS Smith Paper Kaysersberg

France

DS Smith Paper Limitd SP z o.o. Oddzial W Polsce [Branch]

Poland

DS Smith Paper Rouen

France

DS Smith Paper Viana, S.A.

Portugal

DS Smith Paper Zarnesti S.R.L.

Romania

DS Smith Perch Luxembourg S.à r.l.

Luxembourg

offshore centre

DS Smith Polska sp. z o.o.

Poland

DS Smith Portugal, SGPS, S.A.

Portugal

DS Smith Re S.A.

Luxembourg

offshore centre

DS Smith Recycling Benelux B.V.

Netherlands

DS Smith Recycling Deutschland GmbH

Germany

DS Smith Recycling France

France

DS Smith Recycling Holding B.V.

Netherlands

DS Smith Recycling Ireland Limited

Ireland

DS Smith Recycling Italia Srl

Italy

DS Smith Recycling Portugal, S.A.

Portugal

DS Smith Recycling Spain S.A.

Spain

DS Smith Salm B.V.

Netherlands

DS Smith Shanghai Trading Ltd

China

DS Smith Spain, S.A.

Spain

DS Smith Stange B.V. & Co. KG

Germany

DS Smith Toppositie B.V.

Netherlands

DS Smith Transport Services GmbH

Germany

Eastpac Oy

Finland

English Oak LLC

Delaware

Evergreen Community Power LLC

Delaware

GCF (Asia) Limited

Hong Kong

GCF (Asia) Limited Singapore Branch

Singapore

GCF Bonds LLC

Delaware

GCF Japan Limited

Japan

GCF US Holdings LLC

Delaware

I.P. CONTAINER HOLDINGS (SPAIN) S.L.

Spain

Iberian Forest Fund - Fundo de Investimento Imobiliario Fechado

Portugal

International Paper (Asia) Limited

Hong Kong

International Paper (Europe) S.à r.l.

Luxembourg

offshore centre

International Paper (India) LLP

India

International Paper (New Zealand) Limited

New Zealand

International Paper Asia Limited (Branch Office)

Korea

International Paper Cartones Ltda.

Chile

International Paper Cellulose Fibers (Poland) sp. z o.o.

Poland

International Paper Cellulose Fibers Sales Sàrl

Switzerland

International Paper Chalon SAS

France

International Paper Company [Delaware]

Delaware

International Paper Company Employee Relief Fund

New York

International Paper Company Foundation

New York

INTERNATIONAL PAPER DUTCH SERVICES B.V. IN LIQUIDATIE

Netherlands

International Paper Espaly SAS

France

International Paper Export Sales, Inc.

Delaware

International Paper Financial Services, Inc.

Delaware

International Paper France SAS

France

International Paper Holdings (Luxembourg) S.à r.l.

Luxembourg

offshore centre

International Paper Italia Srl

Italy

International Paper Japan Limited

Japan

International Paper Madrid Mill, S.L.

Spain

International Paper Manufacturing & Distribution Limited

Hong Kong

International Paper Mexico Company, S. de R.L. de C.V.

Mexico

International Paper Molded Fiber LLC

Nevada

International Paper Peru S.R.L.

Peru

International Paper Polska Sp. z o.o.

Poland

International Paper Professional Services Corporation

Delaware

International Paper Switzerland GmbH

Switzerland

Interstate Container Columbia LLC

Delaware

Interstate Container New Castle LLC

Delaware

Interstate Container Reading LLC

Delaware

Interstate Corrpack LLC

Delaware

Interstate Holding LLC

Delaware

Interstate Mechanical Packaging LLC

Delaware

Interstate Paper LLC

Delaware

Interstate Realty Hialeah LLC

Delaware

Interstate Resources LLC

Delaware

Interstate Southern Packaging LLC

Delaware

IP Acquisition I, LLC

Delaware

IP Belgian Services Company SRL

Belgium

IP Canada Holdings Limited

Canada

IP CBPR Properties 2 LLC

Delaware

IP CBPR Properties LLC

Delaware

IP Commercial Properties LLC

Delaware

IP Eagle LLC

Delaware

IP International Holdings, Inc.

Delaware

IP Limestone Company

Delaware

IP Mexico Holdings LLC

Delaware

IP Petroleum LLC

Delaware

IP Realty Holdings LLC

Delaware

IP Singapore Holding Pte. Ltd.

Singapore

IP-35, Inc.

Delaware

Lacebark LLC

Delaware

Longleaf Insurance Company

Tennessee

Lost Creek, Inc.

Delaware

Mangrove Insurance Europe PCC Limited

Malta

offshore centre

Merpas Hungary Kft.

Hungary

Newport Timber LLC

Delaware

Nova DS Smith Embalagem, S.A.

Portugal

Peninsular Cogeneración, S.A.

Spain

Phoenix Technology Holdings USA, Inc.

Delaware

PT Total Marketing Support Indonesia

Indonesia

RB Lumber Company LLC

Delaware

Red Bird Receivables, LLC

Delaware

RFC Container, LLC

Delaware

Rowlandson France

France

SouthCorr, L.L.C.

North Carolina

SP Forests L.L.C.

Delaware

St. George Timberland Holdings, Inc.

Delaware

Stort Doonweg B.V.

Netherlands

Supplier Finance Company, LLC

Delaware

Sustainable Forests L.L.C.

Delaware

Tecnicarton France

France

Tecnicartón Portugal Unipessoal LDA

Portugal

Tecnicartón Tánger S.A.R.L. AU

Morocco

Tecnicartón, S.L.

Spain

Temple Associates LLC

Texas

TIN Land Financing, LLC

Delaware

TIN Timber Financing, LLC

Delaware

TMS 360 SA (PTY) Ltd

South Africa

TMS America LLC

Illinois

TMS Canada 360 Inc.

Canada

TMS Egypt LLC

Egypt

TMS Pakistan (Private) Limited

Pakistan

TMS Shanghai Trading Ltd

China

Toscana Ondulati S.P.A.

Italy

Total Marketing Support (360) Malaysia Sdn. Bhd.

Malaysia

Total Marketing Support 360 Mexico S.A de C.V

Mexico

Total Marketing Support 360 Nigeria Limited

Nigeria

Total Marketing Support Argentina SA

Argentina

Total Marketing Support Brazil Ltda

Brazil

Total Marketing Support Chile SpA

Chile

Total Marketing Support Colombia S A S

Colombia

Total Marketing Support India Private Limited

India

Total Marketing Support Japan Ltd.

Japan

Total Marketing Support Middle East FZCO

United Arab Emirates

Total Marketing Support Pacific Pty Ltd

Australia

Total Marketing Support Peru S.A.C.

Peru

Total Marketing Support Philippines, Inc.

Philippines

Total Marketing Support Turkey Baskı Yönetimi Hizmetleri A.Ş.

Turkey

U. C. Realty LLC

Delaware

United Corrstack LLC

Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

3 / 8

FAILReturn on assets positiveROA -9.3%
PASSOperating cash flow positiveOCF 1.7B
FAILReturn on assets improving2.4% → -9.3%
PASSCash flow exceeds earningsOCF 1.7B vs NI -3.5B
PASSLong-term debt ratio falling23.5% → 23.3% of assets
FAILCurrent ratio improving1.51 → 1.28
FAILNo share dilution354M → 506M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improving0.82× → 0.62×

Year

Revenue

Net income

Free cash flow

Gross margin

FY2020

$20.6B

$482.0M

$2.3B

—

395,700,000

FY2021

$19.4B

$1.8B

$1.6B

—

392,400,000

FY2022

$21.2B

$1.5B

$1.2B

—

367,000,000

FY2023

$18.9B

$288.0M

$692.0M

—

349,100,000

FY2024

$18.6B

$557.0M

$757.0M

—

354,200,000

FY2025

$23.6B

−$3.5B

−$159.0M

—

505,700,000

Questions about INTERNATIONAL PAPER CO /NEW/

How many subsidiaries does INTERNATIONAL PAPER CO /NEW/ file with the SEC?

247, listed in its most recent exhibit 21. They are incorporated across 55 jurisdictions, led by Spain, Germany, Delaware. 6 of them sit in offshore financial centres. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is INTERNATIONAL PAPER CO /NEW/ financially healthy?

INTERNATIONAL PAPER CO /NEW/ scores 3 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.