Dow
DOW NYSE· Commodity Chemicals
Last close · Oct 23, 2026
$32.61
KIRA · Stoqly’s AI analyst, in plain words
- Dow had $40.0B of revenue in fiscal 2025, down 7.0% on the year before. Over five years, revenue changed +0.7% a year on average.
- Dow lost $2.6B in fiscal 2025.
- Free cash flow was −$1.4B in fiscal 2025, −3.6% of revenue.
- Dow returned $1.5B to shareholders in fiscal 2025. The diluted share count rose 0.9%.
- Dow owes $14.3B more than it holds in cash, about 12.0 years of operating profit.
Market cap
$23.5B
P/E
—
Revenue
$40.0B
Net income
−$2.6B
Free cash flow
−$1.4B
Operating margin
—
Dow in 30 seconds · fiscal 2025
Are sales growing?
−7.0%
No. Sales fell 7.0% last year.
Does it make a profit?
−6.6%
No. It lost money last year.
Does profit turn into cash?
−3.6%
No. It spent more cash than it brought in.
Is debt under control?
12.0x
Heavy. Repaying its debt would take 12.0 years of operating profit.
How healthy are the accounts?
3 / 9
Weak. It passes 3 of 9 health tests.
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.
Biggest risks, in its own words
- Swings in the balance of supply and demand for its products, which change its earnings.
- The cost and availability of raw materials and energy.
- Climate change rules and the cost of meeting its climate commitments.
- Tighter rules on the safe use of chemicals and plastics and their effect on the environment.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 3, 2026
- Legal name
- Dow Inc.
- CIK
- 0001751788
Dow · DOW
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $55.0B | $56.9B | $44.6B | $43.0B | $40.0B |
| Revenue growth | 42.6% | 3.5% | −21.6% | −3.7% | −7.0% |
| Gross margin | 19.6% | 15.1% | 10.9% | 10.7% | 6.3% |
| Net income | $6.3B | $4.6B | $589M | $1.1B | −$2.6B |
| Net margin | 11.5% | 8.1% | 1.3% | 2.6% | −6.6% |
| Diluted EPS | $8.38 | $6.28 | $0.82 | $1.57 | −$3.70 |
| Cash | |||||
| Cash from operations | $7.0B | $7.5B | $5.2B | $2.9B | $1.0B |
| Capital expenditure | $1.5B | $1.8B | $2.4B | $2.9B | $2.5B |
| Free cash flow | $5.5B | $5.7B | $2.8B | −$26.0M | −$1.4B |
| FCF margin | 10.0% | 9.9% | 6.4% | −0.1% | −3.6% |
| Dividends paid | $2.1B | $2.0B | $2.0B | $2.0B | $1.5B |
| Share buybacks | $1.0B | $2.3B | $625M | $494M | $0.0M |
| Share count change | 0.9% | −3.1% | −2.3% | −0.6% | 0.9% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $18.2B | $20.7B | $18.6B | $17.4B | $16.0B |
| Net debt / EBITDA | 1.1x | 1.3x | 3.0x | 2.6x | 12.0x |
| Current ratio | 1.6x | 1.8x | 1.8x | 1.6x | 2.0x |
| Interest coverage | 12.1x | 10.2x | 1.9x | 3.0x | −1.9x |
| Returns and quality | |||||
| Return on capital | 24.6% | 15.9% | 4.3% | 5.7% | −4.1% |
| Return on equity | 41.3% | 23.6% | 3.0% | 6.2% | −15.7% |
| Piotroski F-score | 7 | 6 | 4 | 6 | 3 |
| Altman Z'' | 3.3 | 3.6 | 2.8 | 2.7 | 2.2 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Dow · DOW
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
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 |
| Hawkins HWKN | $2.8B | 11.2% | 11.2% | 7.9% | 13.1% | 34.3x | 4 |
| CRH CRH | $56.8B | 5.3% | 14.5% | 7.8% | 11.8% | 15.0x | 7 |
| Linde LIN | $236.4B | 3.0% | 26.3% | 15.0% | 11.7% | 32.8x | 6 |
KIRA
At $32.61 a share, the company is worth $23.5B.
Dow grew sales faster than 1 of its 4 similar companies.
Source: SEC EDGAR XBRL filings (CIK 0001751788). Data updated October 23, 2026. For information only — not investment advice. Check the original filings before relying on any figure.