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Dow Inc.

DOW Basic Materials Chemicals

Dow Inc.’s revenue for fiscal 2025 (year ended December 2025) was $40.0 billion, down 6.97% from fiscal 2024.

Revenue
+13.0%
EPS
+687.5%
Free cash flow
+169.7%
Total debt
−3.31%

Quarter to September 2026, against a year earlier

34.12 0.58 −1.67%
Market cap
$25.1B
P/E
0.0×
Fwd P/E
17.7×
Dividend yield
4.10%
F-score
3/9
Altman Z
1.41
Beneish M
−2.43
Dividend safety
0/100
Overview Business Profile
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2024

  • Packaging & Specialty Plastics
  • Industrial Intermediates & Infrastructure
  • Performance Materials & Coatings
  • Corporate Segment

Every year since 2017 →

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.49%

Capital & Financial Ratios $m

Size
Market Cap 25,120.00
Revenue ttm 42,613.00
Net income ttm (619.00)
Free cash flow ttm 2,149.00
Net debt Q 13,381.00
Valuation
P/E 0.00
Forward P/E 17.70
Price / sales 0.58
Forward P/S Powerpack
Price / FCF 11.52
Price / book 1.40
Financial health
Current ratio Q 1.76 (at or above 1.5: strong)
Debt / equity Q 0.99
Interest coverage Q 3.51
Growth
Revenue growth Q +12.98% (above 0%: growing)
Operating income growth Q +465.65% (above 0%: growing)
EPS, this year +375.29% (at or above 15%: strong)
EPS, next year A −29.17% (below 0%: weak)
Revenue, next year A +9.80%
EPS, past 5 yrs —
EPS, next 5 yrs A −26.34% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.9×, against a ten-year median of 1.0×; over the ten years it ranged from 0.7× in 2022 to 1.6× in 2021.
P/S against its own 10 years 21.34%
10-year low 10-year high
P/B against its own 10 years 21.39%
10-year low 10-year high
EV/Sales against its own 10 years 26.71%
10-year low 10-year high
EV/FCF against its own 10 years 65.66%
10-year low 10-year high

Dividends

Yield
4.10%
Annual rate
1.40
Payout ratio
—
Growth, 2016–25
+1.48%/yr
  1. 1.84 ’16
  2. 1.38 ’17 −25%
  3. 2.10 ’19 +52%
  4. 2.80 ’20 +33%
  5. 2.80 ’21 +0%
  6. 2.80 ’22 +0%
  7. 2.80 ’23 +0%
  8. 2.80 ’24 +0%
  9. 2.10 ’25 −25%
  10. 1.39 ’26e −34%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,987 2,189 3,816 4,142
Receivables 6,614 6,864 6,638 7,607
Inventory 6,076 6,544 6,595 7,024
Other 1,937 993 1,013 1,404
17,614 16,590 18,062 20,177
2023 2024 2025 Q'26
Payables 6,326 6,541 5,545 6,663
ST’ Debt 117 497 222 745
Other — — — —
9,957 10,288 9,183 11,493

Compound Annual Growth %

10y 5y 3y
Sales — 0.73% (11.11%)
Cash Flow — (30.19%) (48.32%)
Earnings — 0.00% 0.00%
Book Value — 6.14% (6.22%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.64 Actual 0.71

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.46 −0.34 Beat by 0.12
Q1 FY26 −0.39 −0.14 Beat by 0.25
Q2 FY26 1.25 1.44 Beat by 0.19
Q3 FY26 0.64 0.71 Beat by 0.07
Q4 FY26 0.51 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.74) 0.99 0.62 — —
’25 (0.44) (1.18) 0.08 (2.15) (3.70)
’24 0.73 0.62 0.30 (0.08) 1.57
’23 (0.13) 0.68 0.42 (0.15) 0.82
’22 2.11 2.26 1.02 0.85 6.28
’21 1.32 2.51 2.23 2.32 8.38
’20 0.32 (0.31) (0.04) 1.65 1.64
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 9,794 12,092 11,267 — —
’25 10,431 10,104 9,973 9,460 39,968
’24 10,765 10,915 10,879 10,405 42,964
’23 11,851 11,420 10,730 10,621 44,622
’22 15,264 15,664 14,115 11,859 56,902
’21 11,882 13,885 14,837 14,364 54,968
’20 9,770 8,354 9,712 10,706 38,542
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,124 1,331 1,851 — —
’25 91 (470) 1,125 286 1,032
’24 464 836 800 814 2,914
’23 535 1,361 1,644 1,656 5,196
’22 1,603 1,890 1,904 2,078 7,475
’21 (291) 2,004 2,721 2,575 7,009
’20 1,239 1,590 1,767 1,630 6,226
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 647 726 1,128 — —
’25 (621) (1,042) 655 (352) (1,360)
’24 (300) 75 31 199 5
’23 95 732 1,001 885 2,713
’22 1,253 1,390 1,407 1,437 5,487
’21 (582) 1,656 2,291 1,425 4,790
’20 850 1,318 1,759 1,966 5,893
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 48,158 43,730 49,604 42,951 38,542 54,968 56,902 44,622 42,964 39,968 42,613 (2.0%) 43,886 43,027 43,612 +3.0%
Gross margin, % 21.78 16.88 17.20 14.65 13.48 19.61 15.05 10.94 10.72 6.34 11.11 (15.4) pt
EBT 4,413 237 3,749 (1,247) 2,071 8,145 6,090 656 1,600 (2,511) (425) n/m
EBT margin, % 9.16 0.54 7.56 (2.90) 5.37 14.82 10.70 1.47 3.72 (6.28) (1.00) (15.4) pt
Net income 4,404 595 4,775 (1,272) 1,294 6,405 4,640 660 1,201 (2,444) (619) n/m
Per share, $
Per share, $ Revenue 0.00 58.71 66.39 57.85 52.05 73.92 78.92 63.23 61.05 56.17 58.74 n/m
Earnings — 0.60 6.39 (1.84) 1.64 8.44 6.36 0.82 1.57 (3.70) (1.27) n/m
Cash flow 0.00 (6.62) 5.69 7.99 8.41 9.43 10.37 7.36 4.14 1.45 6.33 n/m
Capex 0.00 (3.48) (2.92) (2.64) (0.45) (2.98) (2.76) (3.52) (4.13) (3.36) (3.37) n/m
Free cash flow 0.00 (10.10) 2.77 5.34 7.96 6.44 7.61 3.84 0.01 (1.91) 2.96 n/m
Book value 0.00 36.26 45.00 18.98 17.56 25.20 29.47 27.08 25.36 24.62 24.30 n/m
Shares, m — 745 747 743 741 744 721 706 704 712 720 (0.6%)
Valuation, ×
Valuation, × P/E 8.02 8.02 8.02 0.00 34.05 6.72 8.11 66.66 25.56 0.00 0.00 16.5
P/S 0.00 0.00 0.00 0.95 1.07 0.77 0.65 0.88 0.66 0.42 0.58 0.5
P/B 1.11 1.11 1.11 2.88 3.16 2.25 1.73 2.04 1.58 0.95 1.40 1.8
EV/Sales 0.00 0.00 0.00 1.27 1.37 0.98 0.84 1.14 0.98 0.77 0.89 0.7
EV/FCF (10.14) (10.14) (10.14) 13.78 8.98 11.21 8.74 18.83 8,452.50 (22.71) 17.75 846.1
Cash, $m
Cash, $m Operating cash flow (2,957) (4,929) 4,254 5,930 6,226 7,009 7,475 5,196 2,914 1,032 4,592 n/m
Capex (3,820) (2,593) (2,184) (1,962) (333) (2,219) (1,988) (2,483) (2,909) (2,392) (2,443) (5.1%)
Free cash flow (6,777) (7,522) 2,070 3,968 5,893 4,790 5,487 2,713 5 (1,360) 2,149 (16.3%)
Balance, $m
Balance, $m Working capital — 12,867 23,823 6,136 7,976 7,622 9,146 7,657 6,302 8,879 8,684 (4.5%)
Net debt — 14,325 16,767 14,043 11,847 11,523 11,174 12,037 14,019 14,255 13,381 (0.1%)
Shareholders’ equity — 27,009 33,621 14,094 13,005 18,739 21,247 19,108 17,851 17,522 17,632 (5.3%)
Returns, %
Returns, % ROA 10.80 1.16 5.67 (1.88) 1.99 10.09 7.38 0.99 1.94 (4.53) (1.47) (15.3) pt
ROIC 0.00 1.28 5.06 (1.69) 4.05 16.28 10.76 3.15 3.53 (3.34) 1.10 (3.3) pt
ROE 0.00 1.56 15.31 (5.70) 8.97 39.56 22.80 2.92 6.04 (14.83) (4.89) (14.8) pt
People
People Employees — — — 36,500 35,700 35,700 37,800 35,900 36,000 34,600 — (0.9%)
Revenue/emp, $m 0.00 0.00 0.00 1.18 1.08 1.54 1.51 1.24 1.19 1.16 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Dow is a materials science company headquartered in Midland that serves packaging, infrastructure, mobility and consumer applications. It operates manufacturing sites in 29 countries and has 34,600 employees.

Its products are chemical building blocks, plastics and formulated materials that manufacturers use in finished goods. Packaging & Specialty Plastics makes ethylene, polyethylene and other ethylene-derived materials used in food and consumer packaging, health and hygiene products, pipe, wire and cable, construction, mobility and renewable-energy applications. Hydrocarbons & Energy also produces propylene, aromatics, power, steam and feedstocks for Dow’s sites.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by segment, and margins
Packaging & Specialty Plastics 21,776 50.68%
Industrial Intermediates & Infrastructure 11,869 27.63%
Performance Materials & Coatings 8,574 19.96%
Corporate Segment 745 1.73%
Gross margin 10.72%
Operating margin 4.19%
Pre-tax margin 3.72%

Revenue by segment since 2017

Dow Inc. vs peers in Chemicals (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DOW Dow Inc. $25.1B — (loss-making) 17.7× +19.68% (above 0%: growing) +183.90% (above 0%: growing) +169.67% (above 0%: growing) 17.92% 7.29%
CE Celanese Corporation $5.4B — (loss-making) 11.3× +8.69% (above 0%: growing) −37.36% (below 0%: shrinking) −53.63% (below 0%: shrinking) 22.46% 10.03% Compare
OLN Olin Corporation $2.0B — (loss-making) — (loss-making) −0.93% (below 0%: shrinking) n/m −111.64% (below 0%: shrinking) 9.77% 2.67% Compare
HUN Huntsman Corporation $1.7B — (loss-making) — (loss-making) +14.06% (above 0%: growing) n/m −266.67% (below 0%: shrinking) 14.73% 2.22% Compare
REX REX American Resources Corporation $1.3B 10.8× 13.7× +6.26% (above 0%: growing) +393.02% (above 0%: growing) +392.23% (above 0%: growing) 31.63% 22.36% Compare
GPRE Green Plains, Inc. $988.3M 7.9× 6.6× −19.28% (below 0%: shrinking) n/m +57.21% (above 0%: growing) 25.33% 15.21% Compare
LXU Lsb Industries Inc. $829.5M 23.0× 16.9× +11.10% (above 0%: growing) n/m +9,653.02% (above 0%: growing) 6.82% (1.63%) Compare
WLKP Westlake Chemical Partners LP $749.3M 13.0× 14.2× −0.01% (below 0%: shrinking) −2.44% (below 0%: shrinking) +866.65% (above 0%: growing) 31.91% 29.39% Compare
TROX Tronox Holdings PLC $574.9M — (loss-making) — (loss-making) +18.74% (above 0%: growing) n/m +241.51% (above 0%: growing) 6.34% (2.42%) Compare
Median of peers $1.1B 11.9× 13.7× +7.48% −2.44% +149.36% 18.60% 6.35%

All 15 Chemicals stocks →

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Citi Sep 30, 2026 Downgrade Buy → Hold —

Pay and ownership Proxy statement filed 27 February 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 19.08m (892.31k) 55.00
2024 19.06m 15.04m 88.00
2023 20.83m 22.50m 114.00
2022 19.46m 17.05m 100.00
2021 24.86m 19.21m 107.00

Ownership

Directors and executive officers, together 0.50%
The Vanguard Group 11.40%
BlackRock, Inc. 6.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Dow Inc. (DOW) Latest News

29 Oct

Impact 4 · · Zacks

26 Oct

Impact 4 · · 24/7 Wall St.

25 Oct

Impact 4 · · The Motley Fool

24 Oct

Impact 3 · · Simply Wall St.

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Impact 3 · · Simply Wall St.

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Impact 4 · · PR Newswire
Impact 3 · · Zacks
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Impact 3 · · Associated Press

20 Oct

Impact 4 · · Zacks

19 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · Zacks
Impact 3 · · Zacks

16 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · 24/7 Wall St.

15 Oct

Impact 3 · · Zacks

13 Oct

Impact 3 · · Zacks

7 Oct

Impact 3 · · Zacks

5 Oct

Impact 4 · · Barchart
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Impact 3 · · Zacks

30 Sep

Impact 3 ·

29 Sep

Impact 3 · · Zacks

23 Sep

Impact 3 · · Zacks

21 Sep

Impact 4 · · TIKR

DOW metrics, ten years each

stockrow.com/DOW · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com