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Westlake Corporation

WLK Basic Materials Specialty Chemicals

Westlake Corporation’s revenue for fiscal 2025 (year ended December 2025) was $11.2 billion, down 8.01% from fiscal 2024.

Revenue
+5.04%
EPS
+102.3%
Free cash flow
+486.0%
Total debt
+8.76%

Quarter to September 2026, against a year earlier

63.38 2.90 −4.38%
Market cap
$8.5B
P/E
0.0×
Fwd P/E
36.7×
Dividend yield
3.35%
F-score
3/9
Altman Z
1.65
Beneish M
−2.44
Dividend safety
8/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2024

  • Performance and Essential Materials Segment
  • Housing and Infrastructure Products Segment

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 10.19
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 1 2 — — — — 1 — — —
Insider Ownership 74.11%

Capital & Financial Ratios $m

Size
Market Cap 8,470.00
Revenue ttm 11,437.00
Net income ttm (401.00)
Free cash flow ttm 12.00
Net debt Q 3,093.00
Valuation
P/E 0.00
Forward P/E 36.70 (above 35: high)
Price / sales 0.71
Forward P/S Powerpack
Price / FCF 675.16
Price / book 0.88
Financial health
Current ratio Q 2.38 (at or above 1.5: strong)
Debt / equity Q 0.55
Interest coverage Q 0.83
Growth
Revenue growth Q +5.04% (above 0%: growing)
Operating income growth Q +105.61% (above 0%: growing)
EPS, this year +281.42% (at or above 15%: strong)
EPS, next year A +16.45% (at or above 15%: strong)
Revenue, next year A +4.25%
EPS, past 5 yrs —
EPS, next 5 yrs A −24.06% (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 1.0×, against a ten-year median of 1.4×; over the ten years it ranged from 0.9× in 2022 to 2.5× in 2016.
P/S against its own 10 years 2.90%
10-year low 10-year high
P/B against its own 10 years 3.96%
10-year low 10-year high
EV/Sales against its own 10 years 5.90%
10-year low 10-year high
EV/FCF against its own 10 years 99.38%
10-year low 10-year high

Dividends raised 2 years running

Yield
3.35%
Annual rate
2.12
Payout ratio
—
Growth, 2017–25
+12.9%/yr
  1. 0.80 ’17
  2. 0.92 ’18 +15
  3. 1.03 ’19 +11
  4. 1.07 ’20 +4
  5. 1.14 ’21 +7
  6. 1.78 ’22 +57
  7. 1.71 ’23 −4
  8. 2.05 ’24 +20
  9. 2.11 ’25 +3
  10. 2.19 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,304 2,919 2,928 1,971
Receivables 1,601 1,483 1,504 1,697
Inventory 1,622 1,697 1,653 1,809
Other — — — —
6,609 6,214 6,216 5,638
2023 2024 2025 Q'26
Payables 877 851 783 857
ST’ Debt 299 6 497 —
Other — — — —
2,790 2,219 2,770 2,370

Compound Annual Growth %

10y 5y 3y
Sales 9.61% 8.28% (10.90%)
Cash Flow (8.07%) (18.55%) (48.45%)
Earnings 0.00% 0.00% 0.00%
Book Value 10.07% 7.16% (3.87%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.60 Actual 0.45

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −1.44 −0.25 Beat by 1.19
Q1 FY26 −0.22 −0.77 Miss by 0.55
Q2 FY26 1.93 2.01 Beat by 0.08
Q3 FY26 0.60 0.45 Miss by 0.15
Q4 FY26 0.09 — Reports 23 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (1.31) 2.01 0.14 — —
’25 (0.31) (1.11) (6.06) (4.22) (11.70)
’24 1.34 2.40 0.83 0.06 4.64
’23 3.05 2.31 2.20 (3.86) 3.70
’22 5.83 6.60 3.10 1.79 17.34
’21 1.87 4.04 4.69 4.98 15.58
’20 1.13 0.11 0.45 0.87 2.56
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,652 3,271 2,981 — —
’25 2,846 2,953 2,838 2,533 11,170
’24 2,975 3,207 3,117 2,843 12,142
’23 3,356 3,251 3,115 2,826 12,548
’22 4,056 4,483 3,956 3,299 15,794
’21 2,357 2,859 3,055 3,507 11,778
’20 1,932 1,709 1,898 1,965 7,504
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (94) 318 395 — —
’25 (77) 135 182 225 465
’24 169 237 474 434 1,314
’23 512 555 696 573 2,336
’22 700 913 947 835 3,395
’21 265 617 755 757 2,394
’20 61 448 357 431 1,297
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (303) 111 220 — —
’25 (325) (132) (57) (16) (530)
’24 (103) 6 254 149 306
’23 245 315 451 291 1,302
’22 437 683 629 538 2,287
’21 124 488 611 513 1,736
’20 (103) 321 245 309 772
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 0.2% a year for ten years.

Implied
0.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.4
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 5,076 8,041 8,635 8,118 7,504 11,778 15,794 12,548 12,142 11,170 11,437 +9.2% 11,645 11,854 12,444 +3.7%
Gross margin, % 19.37 21.90 23.01 15.52 13.63 29.67 25.79 17.68 16.12 7.28 10.78 (12.1) pt
EBT 558 1,081 1,334 570 331 2,677 2,946 700 938 (1,597) (507) n/m
EBT margin, % 10.99 13.44 15.45 7.02 4.41 22.73 18.65 5.58 7.73 (14.30) (4.43) (25.3) pt
Net income 420 1,339 1,034 462 373 2,070 2,297 522 647 (1,471) (401) n/m
Per share, $
Per share, $ Revenue 39.24 62.29 66.73 63.23 58.69 92.01 123.42 98.18 94.46 87.09 89.47 +9.3%
Earnings 3.07 10.05 7.66 3.26 2.57 15.66 17.46 3.73 4.66 (11.70) (3.37) n/m
Cash flow 6.70 11.84 10.89 10.13 10.14 18.70 26.53 18.28 10.22 3.63 6.60 (6.6%)
Capex (4.86) (4.47) (5.42) (6.13) (4.11) (5.14) (8.66) (8.09) (7.84) (7.76) (6.51) +5.3%
Free cash flow 1.84 7.37 5.46 4.00 6.04 13.56 17.87 10.19 2.38 (4.13) 0.09 n/m
Book value 30.08 41.59 46.95 49.87 51.45 66.62 81.78 84.22 85.91 72.47 71.70 +10.3%
Shares, m 129 129 129 128 128 128 128 128 129 128 128 (0.1%)
Valuation, ×
Valuation, × P/E 18.72 10.85 8.65 21.52 31.88 6.20 5.68 37.53 24.55 0.00 0.00 16.6
P/S 1.46 1.75 0.99 1.11 1.39 1.06 0.80 1.43 1.21 0.85 0.71 1.2
P/B 1.90 2.62 1.41 1.41 1.59 1.46 1.21 1.67 1.33 1.02 0.88 1.6
EV/Sales 2.09 2.04 1.27 1.46 1.70 1.33 0.98 1.56 1.35 1.09 1.02 1.5
EV/FCF 44.62 17.23 15.47 23.04 16.56 9.05 6.75 15.05 53.53 (22.90) 974.24 17.8
Cash, $m
Cash, $m Operating cash flow 867 1,528 1,409 1,301 1,297 2,394 3,395 2,336 1,314 465 844 (6.7%)
Capex (629) (577) (702) (787) (525) (658) (1,108) (1,034) (1,008) (995) (832) +5.2%
Free cash flow 238 951 707 514 772 1,736 2,287 1,302 306 (530) 12 n/m
Balance, $m
Balance, $m Working capital 1,225 1,496 1,659 1,501 2,120 2,919 3,675 3,819 3,995 3,446 3,268 +12.2%
Net debt 3,208 2,306 1,915 2,836 2,349 3,272 2,770 1,602 1,643 2,656 3,093 (2.1%)
Shareholders’ equity 3,892 5,369 6,076 6,403 6,578 8,528 10,465 10,764 11,043 9,295 9,165 +10.2%
Returns, %
Returns, % ROA 4.82 11.29 8.37 3.37 2.43 12.42 11.46 2.29 2.87 (7.37) (2.27) (12.2) pt
ROIC 5.13 9.98 11.01 4.44 3.00 14.83 14.40 3.68 4.31 (8.25) (2.22) (13.4) pt
ROE 10.65 28.01 17.32 6.72 5.07 26.55 23.53 4.48 5.49 (14.76) (4.64) (25.4) pt
People
People Employees 8,870 8,800 8,870 9,430 9,220 14,550 15,920 15,520 15,540 14,600 — +5.7%
Revenue/emp, $m 0.57 0.91 0.97 0.86 0.81 0.81 0.99 0.81 0.78 0.77 — +3.3%
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

Westlake Corporation is a global manufacturer of chemicals, building products and infrastructure materials. Founded in 1986, it is headquartered in Houston and led by President and Chief Executive Officer Jean-Marc Gilson.

The company operates through two segments. Housing and Infrastructure Products makes items used in homes, commercial buildings and public works, including siding, roofing, windows, pipe and fittings. It also makes compounds: blends of plastics and additives that customers turn into products for construction, healthcare, automobiles and other uses.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by segment, and margins
Performance and Essential Materials Segment 7,825 64.45%
Housing and Infrastructure Products Segment 4,317 35.55%
Gross margin 16.12%
Operating margin 7.21%
Pre-tax margin 7.73%

Revenue by segment since 2009

Westlake Corporation 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
ALB Albemarle Corporation $11.6B 20.3× 9.9× +18.75% (above 0%: growing) n/m +708.43% (above 0%: growing) 19.36% 9.54% Compare
SSL Sasol Ltd. $9.6B 3.2× 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 27.6× 20.5× +7.95% (above 0%: growing) n/m +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%
SQM Sociedad Quimica y Minera S.A. $8.1B 10.7× 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 11.3× 11.5× +8.31% (above 0%: growing) +439.88% (above 0%: growing) −26.42% (below 0%: shrinking) 22.31% 12.79% Compare
ESI Element Solutions Inc. $7.5B 36.8× 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) +26.98% (above 0%: growing) −73.94% (below 0%: shrinking) 31.03% 19.95% Compare
Median of peers $7.9B 17.1× 11.5× +8.13% +47.87% +28.09% 32.17% 12.69%

All 61 Specialty Chemicals stocks →

From the latest earnings call

Updated

  • CEO Jean-Marc Gilson said earlier pipe orders and slower residential construction reduced third-quarter housing and infrastructure volumes, while materials prices eased from their earlier highs.
  • Gilson said the profitability plan delivered $500 million in EBITDA uplift through the first three quarters and remained on track for its full-year target.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 31.10%
Held by the ten largest 17.10%
Holder Shares Stake Change
Vanguard 3.49m 2.73% −10.77k
BlackRock 3.29m 2.58% +215.08k
Capital Group 2.86m 2.24% −1.48m
T. Rowe Price 2.21m 1.73% −200.78k
Orbis Allan Gray Ltd 2.08m 1.63% −3.21m
Dimensional Fund Advisors 2.05m 1.61% +585.53k
BRANDES INVESTMENT PARTNERS, LP 1.57m 1.23% −269.71k
AQR Capital Management 1.57m 1.23% +1.31m
State Street 1.45m 1.14% +72.91k
Goldman Sachs 1.28m 1.00% −112.45k
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 2 April 2026

Ownership

Directors and executive officers, together 1.40%
TTWF LP and TTWFGP LLC 72.50%
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

Westlake Corporation (WLK) Latest News

4 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript
Impact 3 · · GlobeNewswire

29 Oct

Impact 4 · · GlobeNewswire

21 Oct

Impact 3 · · GlobeNewswire

5 Oct

Impact 3 · · GlobeNewswire

2 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

1 Oct

Impact 4 · · GlobeNewswire

30 Sep

Impact 4 · · Zacks

29 Sep

Impact 4 · · InvestorsHub
Impact 4 · · GlobeNewswire

28 Sep

Impact 4 ·
Impact 3 · · GlobeNewswire

24 Sep

Impact 4 · · GlobeNewswire
Impact 4 · · Business Wire

16 Sep

Impact 3 ·

11 Aug

Impact 4 · · The Motley Fool transcript

9 Aug

Impact 3 · · MarketBeat

4 Aug

Impact 4 · transcript
Impact 3 · · Moby
Impact 3 ·

29 Jul

Impact 3 ·

7 Jul

Impact 4 ·

25 Jun

Impact 3 · · Insider Monkey

16 Jun

Impact 3 ·

15 Jun

Impact 4 ·

4 Jun

Impact 3 · · Insider Monkey

8 May

Impact 4 · · Simply Wall St.

6 May

Impact 4 · · Simply Wall St.

WLK metrics, ten years each

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