Loading…
Large chemicals company making plastics and packaging materials, industrial intermediates and performance coatings for global manufacturers.
Large chemicals company making plastics and packaging materials, industrial intermediates and performance coatings for global manufacturers.
Sells large volumes of plastics and chemicals whose prices swing with supply and demand, so it keeps the gap between those prices and the cost of the ethane and naphtha it starts from; its US Gulf Coast plants run on cheap ethane, while European plants use costlier naphtha. It became independent in 2019 when separated from DowDuPont.
Moat: narrow (scale, cost advantage). Large-scale, feedstock-advantaged US Gulf Coast ethane petrochemical production supports cost competitiveness.
Headquarters: Midland, Michigan, US · Founded: 2019 · Employees: 34,600
Size Dow (DOW) is a United States Materials company (Chemicals: Specialty) with a market value of $22.7B, the 456th largest of 3,117 United States companies the cockpit tracks. Shares closed at $31.40 on 6 Nov 2026.
Performance Over six months the shares fell 14.0%, against -13.6% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 4.2% over the last twelve months (peer median +0.9%); the operating margin is 5.0% (peer median 11.6%).
Valuation It trades at 14.8× forward earnings against a peer median of 17.5× (8th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.2 points below its cost of capital (6.2% WACC).
Backlog Backlog (remaining performance obligations) was $618M at 30 Sep 2026, down 16% on a year earlier. Backlog detail →
Credit Dow has 20 bonds outstanding ($13.2B), rated BBB- by the agencies and trading like BBB at a weighted spread of 120 bp.
Short interest Short interest is 4.2% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $42.6B | $40.0B | $43.0B | $44.6B | $56.9B |
| Revenue growth | — | -7% | -4% | -22% | — |
| Gross profit | $4.56B | $2.46B | $4.46B | $4.97B | $7.86B |
| EBITDA | $4.87B | $3.15B | $4.96B | $5.13B | $8.09B |
| Net income | -$911M | -$2.63B | $1.10B | $578M | $4.56B |
| Free cash flow | $2.17B | -$1.45B | -$26.0M | $2.84B | $5.65B |
| Capital expenditure | $2.41B | $2.48B | $2.94B | $2.36B | $1.83B |
| Total debt | $18.9B | $19.6B | $17.6B | $16.4B | $16.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dow DOW | $22.7B | -14% | +4% | 5% | 14.8× | 4.3% |
| LyondellBasell LYB | $19.6B | -15% | -2% | 10% | 9.5× | -10.3% |
| ExxonMobil XOM | $677B | +16% | +21% | 14% | 11.8× | -5.9% |
| Westlake WLK | $8.11B | -32% | 0% | 1% | 38.6× | 37.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DOW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.8% | -0.6% | 2nd highest of 21 |
| 6-month return | -14.0% | -13.6% | 11th highest of 21 |
| Distance from 52-week high | -25.8% | -28.8% | 9th highest of 21 |
| Revenue growth (TTM) | +4.2% | +0.9% | 9th highest of 21 |
| Operating margin | 5.0% | 11.6% | 6th lowest of 21 |
| Forward P/E | 14.8× | 17.5× | 8th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 4.3% | 8.1% | 6th least demanding of 16 |
| Growth delivered (Del g) | +0.7% | +10.4% | 2nd lowest of 16 |
| Hurdle (Req g minus delivered) | +3.6 pp | -2.8 pp | 6th most demanding of 16 |
| ROIC minus cost of capital | -1.2 pp | -0.8 pp | 9th lowest of 21 |
| EV / EBITDA | 7.9× | 10.6× | 4th cheapest of 13 |
| Net debt / EBITDA | 2.9× | 2.0× | 5th most indebted of 15 |
| Bond spread | 120 bp | 95 bp | 2nd widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dow DOW | United States | $22.7B | -14% | +4% | 5% | 14.8× | 4.3% | +0.7% |
| Ningxia Baofeng Energy 600989.SS | China | $23.4B | -31% | +35% | 35% | 8.4× | -7.8% | +24.8% |
| Ems-chemie EMSN.SW | Switzerland | $24.3B | +28% | -3% | 30% | 39.4× | 8.6% | +1.6% |
| LyondellBasell LYB | United States | $19.6B | -15% | -2% | 10% | 9.5× | -10.3% | +1.7% |
| China Northern Rare Earth (Group) High-Tech 600111.SS | China | $19.6B | -31% | +29% | 11% | 28.5× | 24.6% | +14.2% |
| Hengli Petrochemical 600346.SS | China | $17.5B | -25% | -8% | 8% | 9.2× | -8.0% | +5.1% |
| Novonesis A/S NSIS-B.CO | Denmark | $32.1B | +22% | +5% | 21% | 30.0× | 13.2% | +17.2% |
| Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B SQM | United States | $16.0B | -37% | +59% | 39% | 7.3× | -4.8% | +20.1% |
| Nippon Sanso 4091.T | Japan | $15.3B | +1% | +10% | 15% | 16.9× | 7.8% | +10.7% |
| Symrise SY1.DE | Germany | $15.1B | +30% | -1% | 12% | 24.8× | 8.1% | +7.0% |
| Covestro 1COV.DE | Germany | $14.0B | 0% | -9% | -3% | 200.3× | n/a | n/a |
| Zhejiang Juhua 600160.SS | China | $13.1B | -12% | -5% | 20% | 18.2× | n/a | n/a |
| Lgchem 051910.KS | South Korea | $12.6B | -42% | 0% | 0% | n/a | n/a | n/a |
| Resonac 4004.T | Japan | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% | +6.7% |
| Satellite Chemical 002648.SZ | China | $12.4B | -17% | +20% | 23% | 7.2× | -13.2% | +33.8% |
| Formosa Plastics 1301.TW | Taiwan | $12.1B | +22% | -11% | -2% | 21.4× | n/a | n/a |
| Albemarle ALB | United States | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% | +10.4% |
| Formosa Chemicals & Fibre 1326.TW | Taiwan | $11.1B | +21% | -5% | 1% | 21.0× | 26.2% | +2.5% |
| Swancor Advanced Materials 688585.SS | China | $10.9B | +50% | +3% | -25% | n/a | n/a | n/a |
| Basf BAS.DE | Germany | $52.6B | +2% | -4% | 7% | 16.8× | 5.7% | +0.2% |
| Ganfeng Lithium 1772.HK | Hong Kong | $9.76B | -72% | +123% | 18% | 6.4× | 9.0% | +32.0% |
Dow has 20 bonds outstanding with $13.2B face value. The agencies rate it BBB-; its bonds trade like BBB. Weighted yield 6.17%, a spread of 120 bp over government bonds.
Dow reported $618M of remaining performance obligations at 30 Sep 2026, down 16% from a year earlier.