Pricing Log in Create free account
Friday 6 November 2026 Export EMN’s income statement to Excel — free account

Eastman Chemical Company

EMN Basic Materials Specialty Chemicals

Eastman Chemical Company’s revenue for fiscal 2025 (year ended December 2025) was $8.8 billion, down 6.71% from fiscal 2024.

Revenue
+8.31%
EPS
+266.4%
Free cash flow
−26.4%
Total debt
−6.92%

Quarter to September 2026, against a year earlier

65.62 1.99 −2.94%
Market cap
$7.5B
P/E
12.0×
Fwd P/E
11.5×
Dividend yield
5.12%
F-score
5/9
Altman Z
2.29
Beneish M
−2.66
Dividend safety
41/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Additives And Functional Products
  • Advanced Materials
  • Chemical Intermediates
  • Fibers
  • Other Segments

Every year since 2010 →

Insider Decisions last twelve months

Sold, $m 0.37
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 1 — — 1 — — —
Insider Ownership 0.87%

Capital & Financial Ratios $m

Size
Market Cap 7,520.00
Revenue ttm 9,048.00
Net income ttm 627.00
Free cash flow ttm 469.00
Net debt Q 3,686.00
Valuation
P/E 11.99
Forward P/E 11.50
Price / sales 0.83
Forward P/S Powerpack
Price / FCF 15.99
Price / book 1.18
Financial health
Current ratio Q 1.57 (at or above 1.5: strong)
Debt / equity Q 0.70
Interest coverage Q 5.45
Growth
Revenue growth Q +8.31% (above 0%: growing)
Operating income growth Q +62.23% (above 0%: growing)
EPS, this year +13.03%
EPS, next year A +6.49%
Revenue, next year A +5.60%
EPS, past 5 yrs +3.22%
EPS, next 5 yrs A +10.40%

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 1.2×, against a ten-year median of 1.7×; over the ten years it ranged from 1.1× in 2022 to 2.5× in 2021.
P/E against its own 10 years 40.04%
10-year low 10-year high
P/S against its own 10 years 5.65%
10-year low 10-year high
P/B against its own 10 years 2.35%
10-year low 10-year high
EV/Sales against its own 10 years 3.56%
10-year low 10-year high
EV/FCF against its own 10 years 63.22%
10-year low 10-year high

Dividends raised every year since 2017

Yield
5.12%
Annual rate
3.36
Payout ratio
61.7%
Growth, 2017–25
+6.00%/yr
  1. 2.09 ’17
  2. 2.30 ’18 +10
  3. 2.52 ’19 +10
  4. 2.67 ’20 +6
  5. 2.83 ’21 +6
  6. 3.07 ’22 +8
  7. 3.18 ’23 +4
  8. 3.26 ’24 +3
  9. 3.33 ’25 +2
  10. 3.38 ’26e +2
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 548 837 566 768
Receivables 1,154 1,172 999 1,324
Inventory 1,683 1,988 1,980 2,186
Other 96 104 100 87
3,481 4,101 3,645 4,365
2023 2024 2025 Q'26
Payables 2,035 2,258 2,066 2,008
ST’ Debt — — — —
Other — — — —
2,576 2,708 2,652 2,772

Compound Annual Growth %

10y 5y 3y
Sales (0.97%) 0.65% (6.13%)
Cash Flow (5.02%) (7.79%) (0.17%)
Earnings (5.65%) (0.17%) (15.76%)
Book Value 4.15% (0.23%) 4.86%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.92 Actual 1.84

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.76 0.75 Miss by 0.01
Q1 FY26 1.07 1.09 Beat by 0.02
Q2 FY26 1.80 1.97 Beat by 0.17
Q3 FY26 1.92 1.84 Miss by 0.08
Q4 FY26 1.32 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.93 1.59 2.19 — —
’25 1.57 1.20 0.60 0.74 4.10
’24 1.39 1.94 1.53 2.82 7.67
’23 1.12 2.27 1.49 2.61 7.49
’22 1.80 2.03 2.46 0.01 6.35
’21 1.99 (1.07) 2.57 2.81 6.25
’20 1.89 0.20 1.18 0.23 3.50
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,177 2,513 2,385 — —
’25 2,290 2,287 2,202 1,973 8,752
’24 2,310 2,363 2,464 2,245 9,382
’23 2,412 2,324 2,267 2,207 9,210
’22 2,714 2,784 2,709 2,373 10,580
’21 2,409 2,653 2,720 2,694 10,476
’20 2,241 1,924 2,122 2,186 8,473
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (137) 224 290 — —
’25 (167) 233 402 502 970
’24 (16) 367 396 540 1,287
’23 (2) 410 514 452 1,374
’22 17 245 256 457 975
’21 216 426 547 430 1,619
’20 171 436 442 406 1,455
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (240) 124 195 — —
’25 (314) 83 265 390 424
’24 (201) 252 276 361 688
’23 (178) 169 278 277 546
’22 (98) 106 92 264 364
’21 119 313 424 185 1,041
’20 70 337 364 288 1,059
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 8.1% a year for ten years. It grew −5.1% a year over the last ten.

Implied
8.1%
10 years, reported
−5.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.2
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 9,008 9,549 10,151 9,273 8,473 10,476 10,580 9,210 9,382 8,752 9,048 (0.3%) 9,242 9,412 9,623 +3.2%
Gross margin, % 26.17 24.75 24.42 24.09 23.31 23.86 20.20 22.38 24.41 21.07 20.57 (5.1) pt
EBT 1,049 1,289 1,310 902 530 1,082 977 1,087 1,078 568 653 (6.6%)
EBT margin, % 11.65 13.50 12.91 9.73 6.26 10.33 9.23 11.80 11.49 6.49 7.22 (5.2) pt
Net income 859 1,388 1,084 762 489 867 796 896 908 475 627 (6.4%)
Per share, $
Per share, $ Revenue 61.15 65.95 71.89 67.49 62.53 77.66 85.67 77.66 80.39 76.30 79.16 +2.5%
Earnings 5.88 10.18 7.65 5.52 3.53 6.35 6.42 7.54 7.75 4.14 5.47 (3.8%)
Cash flow 9.40 11.44 10.93 10.95 10.74 12.00 7.89 11.59 11.03 8.46 7.69 (1.2%)
Capex (3.97) (4.39) (3.70) (3.14) (2.92) (4.28) (4.95) (6.98) (5.13) (4.76) (3.59) +2.0%
Free cash flow 5.43 7.06 7.22 7.81 7.82 7.72 2.95 4.60 5.90 3.70 4.10 (4.2%)
Book value 31.28 37.85 41.63 43.90 45.08 42.91 42.40 46.63 50.15 52.63 55.42 +6.0%
Shares, m 147 145 141 137 136 135 124 119 117 115 114 (2.7%)
Valuation, ×
Valuation, × P/E 12.91 9.24 9.58 14.38 28.49 18.92 12.91 11.85 11.77 15.44 11.99 14.6
P/S 1.24 1.43 1.02 1.17 1.60 1.56 0.96 1.15 1.14 0.84 0.83 1.2
P/B 2.43 2.49 1.76 1.81 2.22 2.82 1.94 1.92 1.82 1.21 1.18 2.0
EV/Sales 1.92 2.05 1.58 1.76 2.16 1.93 1.29 1.56 1.53 1.25 1.24 1.7
EV/FCF 21.64 19.18 15.71 15.19 17.27 19.47 37.57 26.30 20.91 25.84 23.85 21.9
Cash, $m
Cash, $m Operating cash flow 1,385 1,657 1,543 1,504 1,455 1,619 975 1,374 1,287 970 879 (3.9%)
Capex (585) (635) (523) (431) (396) (578) (611) (828) (599) (546) (410) (0.8%)
Free cash flow 800 1,022 1,020 1,073 1,059 1,041 364 546 688 424 469 (6.8%)
Balance, $m
Balance, $m Working capital 1,071 1,161 1,514 1,532 1,503 1,675 527 905 1,393 993 1,593 (0.8%)
Net debt 6,130 5,956 5,699 5,407 4,705 3,953 3,532 3,757 3,730 3,635 3,686 (5.6%)
Shareholders’ equity 4,608 5,480 5,878 6,032 6,108 5,788 5,236 5,530 5,852 6,037 6,335 +3.0%
Returns, %
Returns, % ROA 5.50 8.80 6.75 4.74 2.98 5.42 5.25 6.10 6.06 3.15 4.11 (2.3) pt
ROIC 8.08 8.36 8.38 6.12 4.28 11.65 8.57 6.59 8.34 5.01 5.41 (3.1) pt
ROE 19.79 27.44 19.02 12.75 7.87 14.41 14.39 16.61 15.90 7.97 10.26 (11.8) pt
People
People Employees 14,000 14,000 14,500 14,500 14,500 14,000 14,500 14,000 14,000 13,000 — (0.8%)
Revenue/emp, $m 0.64 0.68 0.70 0.64 0.58 0.75 0.73 0.66 0.67 0.67 — +0.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Eastman Chemical is a specialty materials company that makes chemicals, plastics, films and fibers for other businesses. Its products go into items ranging from car windows and food packaging to paints, textiles and cigarette filters. The company was founded in 1920, is headquartered in Kingsport, Tennessee, and is led by Chair and Chief Executive Officer Mark J. Costa.

Eastman organizes its operations into four segments. Advanced Materials makes polymers, plastics and films used in applications such as automotive glass, medical products and consumer goods. Additives & Functional Products makes ingredients that give customers’ products particular properties, including additives for coatings, personal care, agriculture and water treatment.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Additives And Functional Products 2,880 32.91%
Advanced Materials 2,880 32.91%
Chemical Intermediates 1,925 21.99%
Fibers 1,050 12.00%
Other Segments 17 0.19%
Gross margin 21.07%
Operating margin 8.87%
Pre-tax margin 6.49%

Revenue by segment since 2010

Eastman Chemical Company vs peers in Specialty 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
SSL Sasol Ltd. $9.6B 3.3× 5.5× −5.20% (below 0%: shrinking) +20.86% (above 0%: growing) +6,912.65% (above 0%: growing) 31.35% 0.00% Compare
SOLS Solstice Advanced Materials Inc. $8.8B 26.5× 20.5× +7.95% (above 0%: growing) −11.11% (below 0%: shrinking) +276.34% (above 0%: growing) 32.98% 15.68% Compare
WLK Westlake Corporation $8.5B — (loss-making) 36.7× +5.04% (above 0%: growing) n/m +485.96% (above 0%: growing) 12.81% 1.44% Compare
SQM Sociedad Quimica y Minera S.A. $8.1B 10.6× 7.4× +138.12% (above 0%: growing) +381.25% (above 0%: growing) −63.75% (below 0%: shrinking) 51.05% 48.62% Compare
AXTA Axalta Coating Systems Ltd. $7.8B 23.3× 18.8× +1.79% (above 0%: growing) −12.96% (below 0%: shrinking) +2.30% (above 0%: growing) 33.10% 12.59% Compare
EMN Eastman Chemical Company $7.5B 12.0× 11.5× +8.31% (above 0%: growing) +266.44% (above 0%: growing) −26.42% (below 0%: shrinking) 22.31% 12.79%
ESI Element Solutions Inc. $7.5B 36.4× 30.7× +51.70% (above 0%: growing) +68.75% (above 0%: growing) +53.88% (above 0%: growing) 34.40% 11.44% Compare
NEU NewMarket Corporation $6.4B 14.0× — (loss-making) +3.79% (above 0%: growing) +26.52% (above 0%: growing) −73.94% (below 0%: shrinking) 31.03% 19.95% Compare
BCPC Balchem Corporation $5.7B 33.8× 31.0× +8.63% (above 0%: growing) +17.74% (above 0%: growing) +14.42% (above 0%: growing) 36.37% 21.48% Compare
Median of peers $7.9B 23.3× 20.5× +6.50% +20.86% +34.15% 33.04% 14.14%

All 61 Specialty Chemicals stocks →

From the latest earnings call

Updated

  • CEO Mark Costa said startup delays affected third-quarter orders and costs, but both the specialty plastics and PET lines were running by the call.
  • Costa said the reinstated Department of Energy award would support expansion of Eastman’s existing recycling plant as well as development of a second plant.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 93.86%
Held by the ten largest 48.91%
Holder Shares Stake Change
BlackRock 16.94m 14.81% +445.46k
Vanguard 13.66m 11.94% −5.42k
Dimensional Fund Advisors 5.16m 4.51% +226.84k
State Street 4.17m 3.65% +29.01k
Morgan Stanley 3.33m 2.91% +252.89k
Franklin Templeton 2.96m 2.59% −2.00m
MFS Investment Management 2.66m 2.33% +52.24k
Bank of America 2.47m 2.16% +225.91k
EARNEST PARTNERS LLC 2.40m 2.10% −43.37k
Capital Group 2.19m 1.92% −2.65m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 19.50m (5.79m) 75.81
2024 15.94m 22.78m 103.62
2023 17.60m 16.98m 98.59
2022 17.07m 12.05m 86.06
2021 17.80m 33.70m 123.58

Ownership

Directors and executive officers, together 2.60%
The Vanguard Group 12.52%
BlackRock, Inc. 11.90%
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

Eastman Chemical Company (EMN) Latest News

31 Oct

Impact 3 · · The Motley Fool
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

30 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · MarketBeat transcript
Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby
Impact 3 · · Zacks

29 Oct

Impact 4 · · Business Wire earnings
Impact 4 · · Business Wire
Impact 3 · · Zacks
Impact 3 · · Associated Press

22 Oct

Impact 3 · · Zacks

16 Oct

Impact 3 · · Simply Wall St.

29 Aug

Impact 3 ·

7 Aug

Impact 3 · · The Motley Fool transcript

31 Jul

Impact 3 · · MarketBeat transcript
Impact 3 ·
Impact 3 · · Moby transcript

30 Jul

Impact 4 ·
Impact 3 ·

22 Jun

Impact 3 · · Zacks

19 May

Impact 4 · · Oilprice.com

9 May

Impact 3 · · Simply Wall St.

4 May

Impact 3 · · Zacks

2 May

Impact 4 · · Simply Wall St.
Impact 4 · · GuruFocus.com

1 May

Impact 4 · · The Motley Fool transcript
Impact 3 · · MarketBeat

EMN metrics, ten years each

stockrow.com/EMN · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com