{"slug":"ball","name":"볼","name_en":"Ball Corporation","ticker":"BALL","updated_at":"2026-10-12T20:24:07.419404+00:00","canonical":"https://valuechain.wiki/ball","citable":"밸류체인 그래프 기준 볼의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 3곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-10-12 기준).","citable_en":"Per the valuechain.wiki graph, Ball Corporation is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 3 companies within two hops; the links are backed by 6 dated sources, 3 of them primary filings (as of 2026-10-12).","kicker":"세계 최대 음료캔 · 알루미늄 포장 · 고객집중","kicker_en":"World-leading beverage cans · Aluminum packaging · Customer concentration","lead":"Ball은 음료·퍼스널케어·생활용품용 알루미늄 포장을 공급한다. 2025년 매출 131억6,100만달러 중 AB InBev·코카콜라 보틀러·Red Bull 계열이 40%를 차지했고, 2026년 상반기 알루미늄 가격 상승분은 계약의 원가 연동 조항으로 상당 부분 고객에게 이전됐다.","lead_en":"Ball supplies aluminum packaging for beverages, personal care and household products. AB InBev, Coca-Cola bottler and Red Bull affiliates represented 40% of its $13.161 billion 2025 sales, while pass-through clauses shifted much of H1 2026 aluminum inflation to customers.","segments":{"parts":[{"name":"북중미 음료 포장","note":"2026년 상반기 매출 37억8,200만달러"},{"name":"EMEA 음료 포장","note":"2026년 상반기 매출 23억5,300만달러"},{"name":"남미 음료 포장","note":"2026년 상반기 매출 11억7,600만달러"},{"name":"기타(퍼스널·홈케어 등)","note":"2026년 상반기 매출 2억8,900만달러"}],"total":"2026년 상반기 순매출 76억달러 (2분기 39억9,700만달러)","track":"C","concentration":"FY2025 AB InBev 15% · Coca-Cola Bottlers’ Sales & Services 14% · Red Bull 11%"},"segments_en":{"parts":[{"name":"Beverage Packaging, North and Central America","note":"H1 2026 net sales of $3.782 billion"},{"name":"Beverage Packaging, EMEA","note":"H1 2026 net sales of $2.353 billion"},{"name":"Beverage Packaging, South America","note":"H1 2026 net sales of $1.176 billion"},{"name":"Other (personal and home care, etc.)","note":"H1 2026 net sales of $289 million"}],"total":"H1 2026 net sales of $7.600 billion ($3.997 billion in Q2)","concentration":"FY2025 AB InBev 15% · Coca-Cola Bottlers’ Sales & Services 14% · Red Bull 11%"},"returns_yearly":{"2021":4.1,"2022":-46.2,"2023":14.1,"2024":-3,"2025":-2.4,"2026":11.5},"return_asof":"2026-10-09","value_chain":{"leading":[{"slug":"coca-cola","name":"Coca-Cola","name_en":"The Coca-Cola Company","tier":3,"returns_yearly":{"2021":11.4,"2022":10.6,"2023":-4.4,"2024":8.9,"2025":15.6,"2026":27.7}},{"slug":"coca-cola-europacific-partners","name":"코카콜라 유로퍼시픽 파트너스","name_en":"Coca-Cola Europacific Partners","tier":2,"returns_yearly":{"2021":15.6,"2022":2.3,"2023":24.5,"2024":18.4,"2025":21.2,"2026":16.2}},{"slug":"monster-beverage","name":"몬스터 베버리지","name_en":"Monster Beverage Corporation","tier":1,"returns_yearly":{"2021":3.8,"2022":5.7,"2023":13.5,"2024":-8.8,"2025":45.9,"2026":13.8}},{"slug":"constellation-brands","name":"컨스텔레이션 브랜즈","name_en":"Constellation Brands, Inc.","tier":1,"returns_yearly":{"2021":16.1,"2022":-6.4,"2023":5.8,"2024":-7.1,"2025":-36,"2026":-9.2}}],"benefiting":[],"analysis":"음료 수요가 포장재로 전파되는 속도는 고객마다 달랐다. Monster는 2025년 +45.9% 뒤 2026년에도 +13.8%였지만 Constellation Brands는 같은 기간 -36.0%, -9.2%였다. 두 고객 사이에 놓인 Ball은 2025년 -2.4%에서 2026년 +11.5%로 돌아섰다. 2026년 상반기 매출은 18.1% 늘었고 이 가운데 가격·믹스 증가 8억9,800만달러는 주로 알루미늄 가격 상승이었다. 즉 강한 에너지음료 물량과 금속 원가 연동이 함께 Ball의 회복을 만들었고, 약한 맥주 고객은 이를 제한했다. 후행 구간은 Novelis 같은 캔시트 공급단이지만 비상장이라 주가 전파는 직접 검증할 수 없다. 가설이 깨지는 예외는 알루미늄 가격이다. 원재료가 오르면 Ball 매출은 계약상 함께 늘어도 이익률 개선을 뜻하지 않는다.","analysis_en":"Beverage demand reached packaging at different speeds by customer. Monster gained 45.9% in 2025 and another 13.8% in 2026, while Constellation Brands fell 36.0% and 9.2% over the same periods. Ball, positioned between those customers, turned from -2.4% in 2025 to +11.5% in 2026. H1 2026 sales rose 18.1%, with $898 million of price/mix growth driven mainly by higher aluminum prices. Strong energy-drink volume and metal pass-throughs therefore supported Ball's recovery, while weak beer customers capped it. The lagging layer is can-sheet supply such as Novelis, but its private status prevents direct stock-return testing. Aluminum is the exception that can break the chain thesis: higher input prices lift Ball's reported sales through contractual pass-throughs without necessarily improving margins.","analysis_asof":"2026-10-09"},"edges":[{"direction":"cost","counterparty":"알루미늄·기타 원재료 공급망","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD_million","as_of":"2026-06-30","basis":"Ball 매출원가(감가상각 제외)","value":6257,"period":"H1 2026","basis_en":"Ball cost of sales excluding depreciation and amortization","qualifier":"reported"},"note":"2026년 상반기 매출원가는 62억5,700만달러로 매출의 82%였다. 전년 대비 증가분 중 8억7,100만달러는 알루미늄 가격과 물량 상승에 따른 원재료비 증가였다.","note_en":"Cost of sales was $6.257 billion, or 82% of sales, in H1 2026. Of the year-over-year increase, $871 million came from higher raw-material costs driven by aluminum prices and volume.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2026-08-04","url":"https://www.sec.gov/Archives/edgar/data/9389/000110465926090226/ball-20260630x10q.htm","title":"Ball Corporation 2026년 2분기 보고서(Form 10-Q)","title_en":"Ball Corporation Q2 2026 Quarterly Report (Form 10-Q)","excerpt":"Ball의 2026년 상반기 매출원가는 62억5,700만달러였고, 전년 대비 원재료비 증가액은 8억7,100만달러였다.","excerpt_en":"Ball reported H1 2026 cost of sales of $6.257 billion and a $871 million year-over-year increase in raw-material costs."}]},{"direction":"investment","counterparty":"Benepack 유럽 음료캔 사업","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"percent","as_of":"2026-01-01","basis":"Ball의 Benepack 유럽 음료캔 사업 지분","value":80,"period":"as of January 2026","basis_en":"Ball ownership of Benepack's European beverage-can business","qualifier":"reported"},"note":"Ball은 2026년 1월 Benepack의 벨기에·헝가리 음료캔 공장 사업 지분 80%를 인수했다. ORG Technology가 20%를 유지하며 사업은 EMEA 부문에 편입됐다.","note_en":"Ball acquired an 80% interest in Benepack's Belgian and Hungarian beverage-can plants in January 2026. ORG Technology retained 20%, and the business was added to the EMEA segment.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2026-08-04","url":"https://www.sec.gov/Archives/edgar/data/9389/000110465926090226/ball-20260630x10q.htm","title":"Ball Corporation 2026년 2분기 보고서(Form 10-Q)","title_en":"Ball Corporation Q2 2026 Quarterly Report (Form 10-Q)","excerpt":"Ball은 2026년 1월 Benepack 유럽 음료캔 사업의 지분 80%를 인수했고 ORG가 20%를 유지했다고 공시했다.","excerpt_en":"Ball disclosed that it acquired an 80% capital share of Benepack's European beverage-can business in January 2026, with ORG retaining 20%."}]},{"direction":"revenue","counterparty":"Anheuser-Busch InBev 및 계열사","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"percent","as_of":"2025-12-31","basis":"Ball 연결 순매출 중 AB InBev와 계열사 비중","value":15,"period":"FY2025","basis_en":"AB InBev와 계열사 share of Ball consolidated net sales","qualifier":"reported"},"note":"AB InBev와 계열사는 FY2025 Ball 연결 순매출의 15%를 차지한 최대 공개 고객군이다. 연결 매출에 단순 적용하면 약 19.7억달러 규모지만, 회사가 공시한 관측치는 비중이다.","note_en":"AB InBev and affiliates were Ball's largest disclosed customer group at 15% of FY2025 consolidated net sales. Applying the share to reported sales implies about $1.97 billion, but the disclosed observation is the percentage.","sources":[{"stance":"mentions","publisher":"인베스팅닷컴 코리아","publisher_en":"Investing.com Korea","kind":"research","lang":"ko","published_at":"2026-06-12","url":"https://kr.investing.com/news/stock-market-news/article-93CH-1982335","title":"울프 리서치: 볼 코퍼레이션, 월드컵 및 에너지 드링크로 판매량 증가 기대","title_en":"Wolfe Research expects Ball volume growth from the World Cup and energy drinks","excerpt":"울프 리서치의 채널 점검은 AB InBev 실적을 Ball 음료캔 수요에 영향을 주는 고객 지표로 다뤘다.","excerpt_en":"Wolfe Research's channel check treated AB InBev performance as a customer indicator affecting Ball's beverage-can demand."},{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/9389/000110465926017410/ball-20251231x10k.htm","title":"Ball Corporation 2025년 연차보고서(Form 10-K)","title_en":"Ball Corporation 2025 Annual Report (Form 10-K)","excerpt":"Ball은 2025년 연결 순매출 131억6,100만달러와 AB InBev 및 계열사 매출 비중 15%를 공시했다.","excerpt_en":"Ball reported $13.161 billion of 2025 consolidated net sales and identified Anheuser-Busch InBev and affiliates at 15% of net sales."}]},{"direction":"revenue","counterparty":"Coca-Cola Bottlers’ Sales & Services 및 계열사","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"percent","as_of":"2025-12-31","basis":"Ball 연결 순매출 중 코카콜라 보틀러 공동조달 조직과 계열사 비중","value":14,"period":"FY2025","basis_en":"코카콜라 보틀러 공동조달 조직과 계열사 share of Ball consolidated net sales","qualifier":"reported"},"note":"코카콜라 보틀러 공동조달 조직과 계열사는 FY2025 Ball 연결 순매출의 14%를 차지했다. The Coca-Cola Company 본사와 동일 법인이 아니므로 코카콜라 노드에는 직접 연결하지 않았다.","note_en":"Coca-Cola Bottlers’ Sales & Services Company and affiliates represented 14% of Ball's FY2025 consolidated net sales. It is not the same legal entity as The Coca-Cola Company, so this edge is not directly linked to the Coca-Cola node.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/9389/000110465926017410/ball-20251231x10k.htm","title":"Ball Corporation 2025년 연차보고서(Form 10-K)","title_en":"Ball Corporation 2025 Annual Report (Form 10-K)","excerpt":"Ball은 Coca-Cola Bottlers’ Sales & Services Company LLC와 계열사가 2025년 연결 순매출의 14%를 차지했다고 공시했다.","excerpt_en":"Coca-Cola Bottlers’ Sales & Services Company LLC and affiliates represented 14% of Ball's consolidated net sales in 2025."}]},{"direction":"revenue","counterparty":"Red Bull 및 계열사","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"percent","as_of":"2025-12-31","basis":"Ball 연결 순매출 중 Red Bull과 계열사 비중","value":11,"period":"FY2025","basis_en":"Red Bull과 계열사 share of Ball consolidated net sales","qualifier":"reported"},"note":"Red Bull과 계열사는 FY2025 Ball 연결 순매출의 11%를 차지했다. 2023년 8%, 2024년 9%, 2025년 11%로 집중도가 상승했다.","note_en":"Red Bull and affiliates represented 11% of Ball's FY2025 consolidated net sales, up from 8% in 2023 and 9% in 2024.","sources":[{"stance":"mentions","publisher":"인베스팅닷컴 코리아","publisher_en":"Investing.com Korea","kind":"research","lang":"ko","published_at":"2026-06-12","url":"https://kr.investing.com/news/stock-market-news/article-93CH-1982335","title":"울프 리서치: 볼 코퍼레이션, 월드컵 및 에너지 드링크로 판매량 증가 기대","title_en":"Wolfe Research expects Ball volume growth from the World Cup and energy drinks","excerpt":"한국어 채널 점검은 Red Bull을 Ball의 에너지드링크 수요 포트폴리오로 함께 추적했다.","excerpt_en":"The Korean-language channel check tracked Red Bull within Ball's energy-drink demand portfolio."},{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/9389/000110465926017410/ball-20251231x10k.htm","title":"Ball Corporation 2025년 연차보고서(Form 10-K)","title_en":"Ball Corporation 2025 Annual Report (Form 10-K)","excerpt":"Ball은 Red Bull GmbH와 계열사의 매출 비중을 2023년 8%, 2024년 9%, 2025년 11%로 공시했다.","excerpt_en":"Ball reported Red Bull GmbH and affiliates at 8%, 9% and 11% of consolidated net sales in 2023, 2024 and 2025, respectively."}]},{"direction":"revenue","counterparty":"몬스터 베버리지","counterparty_slug":"monster-beverage","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-06-12","basis":"몬스터 브랜드 알루미늄 캔 매출액","value":null,"period":"as of 2026-06-12","basis_en":"Revenue from Monster-branded aluminum cans","qualifier":"confirmed_no_disclosed_value"},"note":"Ball은 Monster Khaos Energy + Juice용 16온스 알루미늄 캔 제조사로 확인된다. 2026년 한국어 채널 점검도 Monster 판매 모멘텀을 Ball 수요의 핵심 변수로 재확인했지만 조달액은 공개되지 않았다.","note_en":"Ball is confirmed as the manufacturer of the 16-ounce aluminum can for Monster Khaos Energy + Juice. A 2026 Korean-language channel check reverified Monster sales momentum as a key Ball demand driver, while procurement value remains undisclosed.","sources":[{"stance":"mentions","publisher":"인베스팅닷컴 코리아","publisher_en":"Investing.com Korea","kind":"research","lang":"ko","published_at":"2026-06-12","url":"https://kr.investing.com/news/stock-market-news/article-93CH-1982335","title":"울프 리서치: 볼 코퍼레이션, 월드컵 및 에너지 드링크로 판매량 증가 기대","title_en":"Wolfe Research expects Ball volume growth from the World Cup and energy drinks","excerpt":"유통업체들은 Red Bull보다 Celsius와 Monster에 더 높은 낙관론을 보였고, 연구사는 이를 Ball 판매량의 우호적 배경으로 평가했다.","excerpt_en":"Distributors were more optimistic about Celsius and Monster than Red Bull, which the research framed as a favorable backdrop for Ball volumes."},{"stance":"confirms","publisher":"Ball Corporation","publisher_en":"Ball Corporation","kind":"ir","lang":"en","published_at":"2015-07-02","url":"https://investors.ball.com/news-presentations/press-releases/detail/356/balls-packaging-graphics-expertise-recognized-at-imdas-2015-excellence-in-quality-awards","title":"Ball의 패키징 그래픽 기술, IMDA 2015 품질 우수상 수상","title_en":"Ball's Packaging Graphics Expertise Recognized at IMDA's 2015 Excellence in Quality Awards","excerpt":"Ball은 Khaos Juice Monster Energy + Juice용 16온스 캔을 제조했다.","excerpt_en":"Ball Corporation manufactured the two-piece, 16-ounce can for Monster Khaos Energy + Juice."}]},{"direction":"revenue","counterparty":"컨스텔레이션 브랜즈","counterparty_slug":"constellation-brands","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-06-12","basis":"컨스텔레이션 브랜즈 알루미늄 캔 매출액","value":null,"period":"as of 2026-06-12","basis_en":"Revenue from aluminum cans supplied to Constellation Brands","qualifier":"confirmed_no_disclosed_value"},"note":"Ball은 Modelo Oro와 Corona Extra용 알루미늄 캔 설계·포장을 공급한 파트너다. 2026년 채널 점검도 Constellation의 양호한 실적이 Ball에 긍정적이라고 평가했다.","note_en":"Ball supplied aluminum-can design and packaging for Modelo Oro and Corona Extra. A 2026 channel check also assessed Constellation's performance as positive for Ball.","sources":[{"stance":"mentions","publisher":"인베스팅닷컴 코리아","publisher_en":"Investing.com Korea","kind":"research","lang":"ko","published_at":"2026-06-12","url":"https://kr.investing.com/news/stock-market-news/article-93CH-1982335","title":"울프 리서치: 볼 코퍼레이션, 월드컵 및 에너지 드링크로 판매량 증가 기대","title_en":"Wolfe Research expects Ball volume growth from the World Cup and energy drinks","excerpt":"울프 리서치는 Constellation Brands의 좋은 실적이 Ball에 긍정적 영향을 줄 것으로 봤다.","excerpt_en":"Wolfe Research expected Constellation Brands' solid performance to have a positive impact on Ball."},{"stance":"confirms","publisher":"볼","publisher_en":"Ball Corporation","kind":"ir","lang":"en","published_at":"2024-03-21","url":"https://www.ball.com/getmedia/b59c067e-1ee9-49c1-9963-4ac9d94ded62/combined-report-04-02.pdf","title":"2023 통합 연차·지속가능성 보고서","title_en":"2023 Combined Annual & Sustainability Report","excerpt":"Ball 보고서는 Modelo Oro와 Corona Extra의 캔 패키징 협업을 사례로 제시한다.","excerpt_en":"Ball's report presents can-packaging collaborations for Modelo Oro and Corona Extra."}]},{"direction":"cost","counterparty":"Novelis","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2023-09-11","basis":"Novelis 알루미늄 캔시트 장기 조달액","value":null,"period":"as of 2023-09-11","basis_en":"Value of long-term aluminum can-sheet procurement from Novelis","qualifier":"confirmed_no_disclosed_value"},"note":"Novelis는 북미 Ball 캔 공장에 알루미늄 음료 캔시트를 공급하는 장기 계약을 체결했다. 계약 금액은 비공개이며 Bay Minette 신규 공장 물량과 폐쇄형 재활용이 포함된다.","note_en":"Novelis signed a long-term agreement to supply aluminum beverage-can sheet to Ball's North American can plants. The value is undisclosed; the agreement covers Bay Minette capacity and closed-loop recycling.","sources":[{"stance":"confirms","publisher":"힌달코 인더스트리즈","publisher_en":"Hindalco Industries Limited","kind":"filing","lang":"en","published_at":"2023-09-11","url":"https://www.hindalco.com/Upload/PDF/novelis-long-term-agreement-supply-aluminum-beverage-sheet-ball-corpo.pdf","title":"노벨리스, Ball에 알루미늄 음료 캔시트를 공급하는 장기 계약 체결","title_en":"Novelis Enters Long-Term Agreement to Supply Aluminum Beverage Can Sheet to Ball Corporation","excerpt":"Novelis는 2023년 초 Ball과 북미 캔 공장에 알루미늄 시트를 공급하는 장기 앵커 고객 계약을 체결했다고 규제 공시했다.","excerpt_en":"Novelis disclosed a long-term anchor-customer contract signed in early 2023 to supply aluminum sheet to Ball can-making plants in North America."}]}]}