Dow Inc.
Dow Inc.’s revenue for fiscal 2025 (year ended December 2025) was $40.0 billion, down 6.97% from fiscal 2024. In the quarter to June 2026, revenue grew 19.7%, EPS grew 183.9%, free cash flow grew 169.7% and total debt rose 7.57%, each against the same quarter a year earlier. Member of the S&P 500.
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Dow Inc. (DOW) Altman Z-score
Dow Inc.'s Altman Z-score for fiscal 2025 is 1.41, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.41 | (0.51) |
| FY2024 | 1.93 | (0.22) |
| FY2023 | 2.14 | (0.37) |
| FY2022 | 2.51 | 0.05 |
| FY2021 | 2.46 | 0.71 |
| FY2020 | 1.75 | 0.04 |
| FY2019 | 1.71 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.15 | — | 0.18 | |
| Retained earnings / total assets | 0.29 | — | 0.40 | |
| EBIT / total assets | (0.03) | — | −0.10 | |
| Market value of equity / total liabilities | 0.41 | — | 0.24 | |
| Sales / total assets | 0.68 | — | 0.68 | |
| Altman Z-score | Distress zone | 1.41 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.18 | ||
Z and Z″ put Dow Inc. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| REX REX American Resources Corporation compare | 9.7× |
| LXU Lsb Industries Inc. compare | 1.7× |
| OLN Olin Corporation compare | 1.7× |
| GPRE Green Plains, Inc. compare | 1.4× |
| HUN Huntsman Corporation compare | 1.4× |
| DOW Dow Inc. | 1.4× |
| CE Celanese Corporation compare | 1.2× |
| TROX Tronox Holdings PLC compare | 0.7× |
| WLKP Westlake Chemical Partners LP compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
More on DOW
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Beneish M-score
- The full statement