Dow
DOW NYSE Commodity Chemicals Financials FY2017–FY2025
Dow's revenue fell 7.0% to $40.0 billion in fiscal 2025. Its net margin was −6.6%, down from 2.6% a year earlier. Free cash flow was −$1.4 billion. It paid out $1.5 billion in dividends and buybacks. The diluted share count rose 0.9%.
About these figures. Net income is the part that belongs to Dow's shareholders; its 10-Ks tag a total only with the share of minority owners included.
What Dow does
Dow is a chemicals and materials company. It makes plastics, chemicals and coatings that go into packaging, buildings and infrastructure, cars and consumer products. It runs manufacturing sites in 29 countries, employs about 34,600 people, and had sales of approximately $40 billion in 2025. Dow Inc. is a holding company that runs all its businesses through a subsidiary, The Dow Chemical Company.
Dow has three operating segments. Packaging & Specialty Plastics makes ethylene, a basic chemical building block, and polyethylene and related plastics used in food packaging, pipe, health and hygiene products and wire and cable. Industrial Intermediates & Infrastructure makes chemicals from ethylene oxide and propylene oxide, used in appliances, coatings, furniture, construction and cleaning products. Performance Materials & Coatings uses acrylic, cellulose and silicone technology for paints and coatings, home and personal care, and electronics.
Dow shares ownership of several plants with partners, including joint ventures in Kuwait, Thailand and Saudi Arabia. Its key raw materials include natural gas, ethane, naphtha and other hydrocarbons. It lists competitors including ExxonMobil, INEOS, LyondellBasell, SABIC, Shell and Sinopec. Its subsidiary Union Carbide faces asbestos-related lawsuits, and the company put its asbestos-related liability at $708 million at the end of 2025.
- Legal name
- Dow Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 3, 2026
- Accession · CIK
- 0001751788-26-000018
0001751788
Revenue and margins
Dow had $40.0B of revenue in fiscal 2025, down 7.0% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was −$1.4B in fiscal 2025, −3.6% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Dow returned $1.5B to shareholders in fiscal 2025. The diluted share count rose 0.9%.
Value Dow yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$14.3B and divides by 711.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Dow can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.0B | $3.9B | $3.0B | $2.2B | $3.8B |
| Debt incl. finance leases | $15.5B | $16.2B | $15.1B | $16.2B | $18.1B |
| Net debt / EBITDA | 1.1x | 1.3x | 3.0x | 2.6x | 12.0x |
| Debt / equity | 0.9x | 0.8x | 0.8x | 0.9x | 1.1x |
| Interest coverage | 12.1x | 10.2x | 1.9x | 3.0x | −1.9x |
| Current ratio | 1.6x | 1.8x | 1.8x | 1.6x | 2.0x |
| Quick ratio | 1.0x | 1.2x | 1.2x | 1.0x | 1.3x |
| Total assets | $63.0B | $60.6B | $58.0B | $57.3B | $58.5B |
| Total liabilities | $44.3B | $39.4B | $38.9B | $39.5B | $41.0B |
| Shareholders' equity | $18.2B | $20.7B | $18.6B | $17.4B | $16.0B |
| Net debt (− = net cash) | $12.6B | $12.3B | $12.1B | $14.0B | $14.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✕ |
| Gross margin rose | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | 4 / 9 | 6 / 9 | 3 / 9 |
| Accruals ratio | −7.8% | −3.1% | −6.3% |
| Altman Z'' | 2.77 | 2.67 | 2.19 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Dow DOW | $23.5B | −7.0% | — | −3.6% | −4.1% | — | 3 | |
| Koppers KOP | $767M | −10.2% | 8.9% | 3.6% | 8.1% | — | 8 | Compare → |
| Hawkins HWKN | $2.8B | 11.2% | 11.2% | 7.9% | 13.1% | 34.3x | 4 | Compare → |
| CRH CRH | $56.8B | 5.3% | 14.5% | 7.8% | 11.8% | 15.0x | 7 | Compare → |
| Linde LIN | $236.4B | 3.0% | 26.3% | 15.0% | 11.7% | 32.9x | 6 | Compare → |
9 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $43.7B | $49.6B | $43.0B | $38.5B | $55.0B | $56.9B | $44.6B | $43.0B | $40.0B |
| Gross profit | $7.4B | $8.5B | $6.3B | $5.2B | $10.8B | $8.6B | $4.9B | $4.6B | $2.5B |
| Research and development | $803M | $800M | $765M | $768M | $857M | $851M | $829M | $810M | $752M |
| Interest expense | $914M | $1.1B | $933M | $827M | $731M | $662M | $746M | $811M | $865M |
| Pretax income | $237M | $3.7B | −$1.2B | $2.1B | $8.1B | $6.1B | $656M | $1.6B | −$2.5B |
| Income tax | $1.5B | $809M | $470M | $777M | $1.7B | $1.5B | −$4.0M | $399M | −$67.0M |
| Net income | $465M | $4.6B | −$1.4B | $1.2B | $6.3B | $4.6B | $589M | $1.1B | −$2.6B |
| Diluted EPS | $0.60 | $6.21 | −$1.84 | $1.64 | $8.38 | $6.28 | $0.82 | $1.57 | −$3.70 |
| Diluted shares | 0.74B | 0.75B | 0.74B | 0.74B | 0.75B | 0.73B | 0.71B | 0.71B | 0.71B |
| Cash flow | |||||||||
| Cash from operations | −$4.9B | $4.3B | $5.9B | $6.2B | $7.0B | $7.5B | $5.2B | $2.9B | $1.0B |
| Capital expenditure | $2.8B | $2.1B | $2.0B | $1.3B | $1.5B | $1.8B | $2.4B | $2.9B | $2.5B |
| Free cash flow | −$7.7B | $2.2B | $4.0B | $5.0B | $5.5B | $5.7B | $2.8B | −$26.0M | −$1.4B |
| Depreciation and amortization | $2.5B | $2.9B | $2.9B | $2.9B | $2.8B | $2.8B | $2.6B | $2.9B | $2.8B |
| Stock-based compensation | $310M | $188M | $158M | $171M | $276M | $211M | $212M | $159M | $154M |
| Acquisitions | $47.0M | $20.0M | $0.0M | $130M | $129M | $228M | $114M | $125M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $500M | $125M | $1.0B | $2.3B | $625M | $494M | $0.0M |
| Dividends paid | $1.1B | $0.0M | $1.6B | $2.1B | $2.1B | $2.0B | $2.0B | $2.0B | $1.5B |
| Dividends and buybacks | $1.1B | $0.0M | $2.1B | $2.2B | $3.1B | $4.3B | $2.6B | $2.5B | $1.5B |
| Balance sheet | |||||||||
| Cash and short-term investments | $6.2B | $2.8B | $2.4B | $5.1B | $3.0B | $3.9B | $3.0B | $2.2B | $3.8B |
| Total debt | — | $19.9B | $17.0B | $17.1B | $14.7B | $15.4B | $15.1B | $16.2B | $18.1B |
| Finance lease liabilities | $0.0M | $0.0M | $395M | $518M | $869M | $790M | $873M | $939M | $1.1B |
| Current assets | — | $39.4B | $16.8B | $19.1B | $20.8B | $20.5B | $17.6B | $16.6B | $18.1B |
| Current liabilities | — | $15.5B | $10.7B | $11.1B | $13.2B | $11.3B | $10.0B | $10.3B | $9.2B |
| Inventory | $0.0M | $6.9B | $6.2B | $5.7B | $7.4B | $7.0B | $6.1B | $6.5B | $6.6B |
| Property and equipment, net | $21.6B | $21.4B | $21.0B | $20.2B | $20.6B | $20.4B | $21.1B | $22.0B | $22.3B |
| Total assets | — | $83.7B | $60.5B | $61.5B | $63.0B | $60.6B | $58.0B | $57.3B | $58.5B |
| Total liabilities | — | $50.1B | $46.4B | $48.5B | $44.3B | $39.4B | $38.9B | $39.5B | $41.0B |
| Shareholders' equity | $31.5B | $32.5B | $13.5B | $12.4B | $18.2B | $20.7B | $18.6B | $17.4B | $16.0B |
| Margins | |||||||||
| Gross margin | 16.9% | 17.2% | 14.7% | 13.5% | 19.6% | 15.1% | 10.9% | 10.7% | 6.3% |
| EBITDA margin | 8.5% | 15.6% | 6.1% | 15.0% | 21.3% | 16.7% | 9.0% | 12.4% | 3.0% |
| Net margin | 1.1% | 9.4% | −3.2% | 3.2% | 11.5% | 8.1% | 1.3% | 2.6% | −6.6% |
| FCF margin | −17.7% | 4.4% | 9.2% | 12.9% | 10.0% | 9.9% | 6.4% | −0.1% | −3.6% |
| Returns | |||||||||
| Return on capital | — | — | −0.6% | 6.6% | 24.6% | 15.9% | 4.3% | 5.7% | −4.1% |
| Return on capital employed | — | — | −0.5% | 5.8% | 17.7% | 13.6% | 2.9% | 5.1% | −3.4% |
| Return on equity | — | — | −5.9% | 9.4% | 41.3% | 23.6% | 3.0% | 6.2% | −15.7% |
| Return on assets | — | — | −1.9% | 2.0% | 10.1% | 7.4% | 1.0% | 1.9% | −4.5% |
| Growth | |||||||||
| Revenue growth | — | 13.4% | −13.4% | −10.3% | 42.6% | 3.5% | −21.6% | −3.7% | −7.0% |
| Net income growth | — | 898.1% | −129.3% | — | 415.2% | −27.4% | −87.2% | 89.5% | −335.0% |
| EPS growth | — | 935.0% | −129.6% | — | 411.0% | −25.1% | −86.9% | 91.5% | −335.7% |
| FCF growth | — | — | 83.5% | 25.3% | 10.7% | 2.6% | −49.8% | −100.9% | — |
| Share count change | — | 0.3% | −0.6% | −0.0% | 0.9% | −3.1% | −2.3% | −0.6% | 0.9% |
| Financial health | |||||||||
| Net debt / EBITDA | — | 2.2x | 5.7x | 2.2x | 1.1x | 1.3x | 3.0x | 2.6x | 12.0x |
| Debt / equity | — | 0.6x | 1.3x | 1.4x | 0.9x | 0.8x | 0.8x | 0.9x | 1.1x |
| Interest coverage | 1.3x | 4.5x | −0.3x | 3.5x | 12.1x | 10.2x | 1.9x | 3.0x | −1.9x |
| Current ratio | — | 2.5x | 1.6x | 1.7x | 1.6x | 1.8x | 1.8x | 1.6x | 2.0x |
| Quick ratio | — | 2.1x | 1.0x | 1.2x | 1.0x | 1.2x | 1.2x | 1.0x | 1.3x |
| Capital allocation | |||||||||
| Capex / revenue | 6.4% | 4.2% | 4.6% | 3.3% | 2.7% | 3.2% | 5.3% | 6.8% | 6.2% |
| Stock comp / revenue | 0.7% | 0.4% | 0.4% | 0.4% | 0.5% | 0.4% | 0.5% | 0.4% | 0.4% |
| Payouts / FCF | — | 0.0% | 51.7% | 44.2% | 55.8% | 76.6% | 91.4% | — | — |
| Quality scores | |||||||||
| Piotroski F-score | — | — | — | 7.0 | 7.0 | 6.0 | 4.0 | 6.0 | 3.0 |
| Altman Z'' | — | 4.3 | 1.9 | 2.3 | 3.3 | 3.6 | 2.8 | 2.7 | 2.2 |
| Accruals ratio | — | — | −10.1% | −8.2% | −1.1% | −4.7% | −7.8% | −3.1% | −6.3% |
Source: SEC EDGAR XBRL filings (CIK 0001751788). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.