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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. 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.

28.42 0.17 −0.59%
Market cap
$20.7B
P/E
0.0×
Fwd P/E
13.4×
Dividend yield
4.93%
F-score
3/9
Altman Z
1.41
Beneish M
−2.43
Dividend safety
0/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Dow Inc. (DOW) Beneish M-score

Alert me on Beneish M-score

Dow Inc.'s Beneish M-score for fiscal 2025 is −2.43; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.

Beneish M-score, annual

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Annual newest first

Period Beneish M-score Change (points)
FY2025 −2.43 0.17
FY2024 −2.60 0.18
FY2023 −2.78 (0.06)
FY2022 −2.72 (0.35)
FY2021 −2.37 0.48
FY2020 −2.85 0.16
FY2019 −3.01 (0.16)
FY2018 −2.85 —

How fiscal 2025’s score is made up

Component This year Year before Result Points
Days’ sales in receivables index 1.04 — 0.96
Gross margin index 1.69 — 0.89
Asset quality index 0.95 — 0.39
Sales growth index 0.93 — 0.83
Depreciation index 1.03 — 0.12
SG&A index 0.95 — −0.16
Total accruals to total assets (0.06) — −0.28
Leverage index 1.02 — −0.33
Beneish M-score Low — no pattern the model associates with manipulation −2.43

How the Beneish M-score works

M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.

below −2.22Low — no pattern the model associates with manipulation
−2.22 to −1.78Elevated
above −1.78Flagged by the model

−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.

When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.

Beneish M-score against peers

Company Beneish M-score
GPRE Green Plains, Inc. compare −3.5×
CE Celanese Corporation compare −3.0×
HUN Huntsman Corporation compare −2.9×
REX REX American Resources Corporation compare −2.8×
OLN Olin Corporation compare −2.7×
WLKP Westlake Chemical Partners LP compare −2.5×
DOW Dow Inc. −2.4×
TROX Tronox Holdings PLC compare −2.4×
LXU Lsb Industries Inc. compare −2.3×

What Beneish M-score is

The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.

−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI

The full definition of Beneish M-score →

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