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. In the quarter to June 2026, revenue grew 10.8%, EPS grew 282.0%, free cash flow grew 184.1% and total debt rose 8.87%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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Westlake Corporation (WLK) Beneish M-score
Westlake Corporation's Beneish M-score for fiscal 2025 is −2.44; 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 | −2.44 | 0.15 |
| FY2024 | −2.58 | 0.24 |
| FY2023 | −2.82 | (0.21) |
| FY2022 | −2.61 | (0.35) |
| FY2021 | −2.26 | 0.33 |
| FY2020 | −2.60 | (0.22) |
| FY2019 | −2.38 | 0.18 |
| FY2018 | −2.55 | (0.13) |
| FY2017 | −2.43 | (1.06) |
| FY2016 | −1.36 | 1.57 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.10 | — | 1.01 | |
| Gross margin index | 2.21 | — | 1.17 | |
| Asset quality index | 0.91 | — | 0.37 | |
| Sales growth index | 0.92 | — | 0.82 | |
| Depreciation index | 0.63 | — | 0.07 | |
| SG&A index | 1.12 | — | −0.19 | |
| Total accruals to total assets | (0.10) | — | −0.45 | |
| Leverage index | 1.21 | — | −0.39 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.44 | ||
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 −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged 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 |
|---|---|
| ALB Albemarle Corporation compare | −3.7× |
| SOLS Solstice Advanced Materials Inc. compare | −3.2× |
| EMN Eastman Chemical Company compare | −2.7× |
| AXTA Axalta Coating Systems Ltd. compare | −2.6× |
| NEU NewMarket Corporation compare | −2.5× |
| SSL Sasol Ltd. compare | −2.5× |
| WLK Westlake Corporation | −2.4× |
| ESI Element Solutions Inc. compare | −2.4× |
| SQM Sociedad Quimica y Minera S.A. compare | −2.1× |
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