Dow Inc. (DOW) vs Olin Corporation (OLN)

Dow Inc. and Olin Corporation are both Chemicals companies. Dow Inc. is the larger, with a market value of $20.7B against $1.8B — 11.6× the size. Olin Corporation grew revenue faster over the last twelve months: 0.60% against −1.20%. Olin Corporation has the higher net margin (−2.94% vs −3.13%) and the lower return on invested capital (−1.44% vs −0.12%). Both pay a dividend; Olin Corporation yields more (5.38% vs 4.93%). Across the 21 metrics below, Dow Inc. leads on 11 and Olin Corporation on 10.

Valuation

Metric DOW OLN Chemicals median
P/E n/m n/m —
P/S 0.50 0.25 0.41
P/B 1.18 0.99 1.08
Price to free cash flow 12.27 16.84 7.14
EV/EBITDA 12.70 11.84 9.56
EV/Sales 0.83 0.69 0.82
Earnings yield (6.40%) (11.64%) (11.64%)
Free cash flow yield 8.15% 5.94% 0.00%

Profitability

Metric DOW OLN Chemicals median
Gross margin 9.89% 6.87% 16.03%
Operating margin (0.15%) (1.57%) (0.82%)
Net margin (3.13%) (2.94%) (3.05%)
Free cash flow margin 4.06% 1.50% (0.15%)
Return on equity (7.19%) (10.64%) (5.24%)
Return on assets (2.14%) (2.61%) (2.51%)
Return on invested capital (0.12%) (1.44%) (0.75%)

Growth

Metric DOW OLN Chemicals median
Revenue growth (TTM) (1.20%) 0.60% 2.53%
EPS growth (last fiscal year) (335.67%) (196.95%) (39.53%)
Revenue growth, 5-year CAGR 0.73% 3.32% 2.20%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric DOW OLN Chemicals median
Debt to equity 1.03 1.77 0.71
Current ratio 1.75 1.42 1.99
Net debt to EBITDA 12.55 5.05 3.49

Dividend

Metric DOW OLN Chemicals median
Dividend yield 4.93% 5.38% 4.62%
Payout ratio — — —

Size

Metric DOW OLN Chemicals median
Market cap 20.65b 1.78b 603.67m

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