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Eastman Chemical

EMN NYSE Specialty Chemicals Financials FY2016–FY2025

Eastman Chemical's revenue fell 6.7% to $8.8 billion in fiscal 2025. Its net margin was 5.4%, down from 9.7% a year earlier. Free cash flow was $424 million, down 38.4%. It paid out $381 million in dividends and buybacks, 90% of free cash flow. The diluted share count fell 1.9%.

Last close · Oct 23, 2026

$64.93

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$8.8B
6.7% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$474M
47.6%
Free cash flow Cash from operations minus capital spending.
$424M
38.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.5%
4.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$7.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
16.9x
On $3.84 EPS (TTM)

What Eastman Chemical does

No business description yet.

Legal name
EASTMAN CHEMICAL CO
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000915389-26-000013
0000915389

Revenue and margins

Eastman Chemical had $8.8B of revenue in fiscal 2025, down 6.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −3.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $424M in fiscal 2025, 4.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Eastman Chemical returned $381M to shareholders in fiscal 2025, 90% of free cash flow. The diluted share count fell 2.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Eastman Chemical 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 −$4.2B and divides by 115.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 16.9x · peers 50.4x · sector 20.6x.

Balance sheet

Cash, debt and the ratios that show how comfortably Eastman Chemical can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $459M$493M$548M$837M$566M
Debt incl. finance leases $5.2B$5.2B$4.8B$5.0B$4.8B
Net debt / EBITDA 2.6x2.9x2.4x2.3x3.3x
Debt / equity 0.9x1.0x0.9x0.9x0.8x
Interest coverage 7.4x6.5x6.1x6.3x3.6x
Current ratio 1.6x1.2x1.4x1.5x1.4x
Quick ratio 1.1x0.6x0.7x0.8x0.6x
Total assets $15.5B$14.7B$14.6B$15.2B$14.9B
Total liabilities $9.7B$9.4B$9.1B$9.4B$8.8B
Shareholders' equity $5.7B$5.2B$5.5B$5.8B$6.0B
Net debt (− = net cash) $4.7B$4.7B$4.3B$4.2B$4.2B

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

$0.4M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 4, 2026 Adrian James HoltSVP, Chf HR Ofcr Sold 3,283 $71.31 $0.2M Form 4
May 5, 2026 Adrian James HoltSVP, Chf HR Ofcr Sold 1,709 $77.05 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
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 8 / 98 / 95 / 9
Accruals ratio −3.3%−2.6%−3.3%
Altman Z'' 3.763.973.73

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Eastman Chemical EMN $7.5B −6.7% — 4.8% 6.5% 16.9x 5
Celanese CE $5.3B −7.1% −8.2% 8.4% −3.7% — 5 Compare →
RPM International RPM $12.6B 6.7% — 8.6% 13.9% 18.3x 6 Compare →
International Flavors & Fragrances IFF $24.2B −5.2% −3.5% 2.4% −1.4% 82.6x 6 Compare →
Westlake WLK $8.3B −8.0% −14.1% −4.7% −10.0% — 3 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $9.0B $9.5B $10.2B $9.3B $8.5B $10.5B $10.6B $9.2B $9.4B $8.8B
Gross profit $2.4B $2.4B $2.5B $2.2B $2.0B $2.5B $2.1B $2.1B $2.3B $1.8B
Research and development $223M $227M $235M $234M $226M $254M $264M $239M $250M $255M
Operating income $1.4B $1.5B — — — — — — — —
Interest expense $280M $263M $239M $235M $191M $170M $179M $214M $203M $215M
Pretax income $1.0B $1.3B $1.3B $902M $530M $1.1B $977M $1.1B $1.1B $568M
Income tax $190M −$99.0M $226M $140M $41.0M $215M $181M $191M $170M $93.0M
Net income $854M $1.4B $1.1B $759M $478M $857M $793M $894M $905M $474M
Diluted EPS $5.75 $9.47 $7.56 $5.48 $3.50 $6.25 $6.35 $7.49 $7.67 $4.10
Diluted shares 0.15B 0.15B 0.14B 0.14B 0.14B 0.14B 0.12B 0.12B 0.12B 0.12B
Cash flow
Cash from operations $1.4B $1.7B $1.5B $1.5B $1.5B $1.6B $975M $1.4B $1.3B $970M
Capital expenditure $626M $649M $528M $425M $383M $555M $611M $828M $599M $546M
Free cash flow $759M $1.0B $1.0B $1.1B $1.1B $1.1B $364M $546M $688M $424M
Depreciation and amortization $580M $587M $604M $611M $574M $538M $477M $498M $509M $513M
Stock-based compensation $36.0M $52.0M $64.0M $59.0M $44.0M $70.0M $69.0M $64.0M $63.0M $48.0M
Acquisitions $26.0M $4.0M $3.0M $48.0M $1.0M $114M $1.0M $77.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $900M $0.0M $0.0M $0.0M $0.0M
Dividends paid $272M $296M $318M $343M $358M $375M $381M $376M $379M $381M
Dividends and buybacks $272M $296M $318M $343M $358M $1.3B $381M $376M $379M $381M
Balance sheet
Cash and short-term investments $181M $191M $226M $204M $564M $459M $493M $548M $837M $566M
Total debt $6.6B $6.5B $6.2B $5.8B $5.6B $5.2B $5.2B $4.8B $5.0B $4.8B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.9B $3.1B $3.4B $3.3B $3.5B $4.6B $3.8B $3.5B $4.1B $3.6B
Current liabilities $1.8B $2.0B $1.9B $1.8B $2.0B $3.0B $3.3B $2.6B $2.7B $2.7B
Inventory $1.4B $1.5B $1.6B $1.7B $1.4B $1.5B $1.9B $1.7B $2.0B $2.0B
Property and equipment, net $5.3B $5.6B $5.6B $5.6B $5.5B $5.0B $5.2B $5.5B $5.6B $5.7B
Total assets $15.5B $16.0B $16.0B $16.0B $16.1B $15.5B $14.7B $14.6B $15.2B $14.9B
Total liabilities $10.8B $10.5B $10.1B $10.0B $10.0B $9.7B $9.4B $9.1B $9.4B $8.8B
Shareholders' equity $4.5B $5.4B $5.8B $6.0B $6.0B $5.7B $5.2B $5.5B $5.8B $6.0B
Margins
Gross margin 26.2% 24.8% 24.4% 24.1% 23.3% 23.9% 20.2% 22.4% 24.4% 21.1%
Operating margin 15.4% 16.0% — — — — — — — —
EBITDA margin 21.8% 22.2% 21.2% 18.9% 15.3% 17.1% 15.4% 19.5% 19.1% 14.8%
Net margin 9.5% 14.5% 10.6% 8.2% 5.6% 8.2% 7.5% 9.7% 9.7% 5.4%
FCF margin 8.4% 10.6% 10.0% 11.6% 12.7% 10.2% 3.4% 5.9% 7.3% 4.8%
Returns
Return on capital 10.4% 13.4% 10.8% 8.2% 5.8% 9.3% 9.2% 10.9% 10.9% 6.5%
Return on capital employed 10.2% 11.1% 11.0% 8.0% 5.1% 9.4% 9.7% 11.1% 10.4% 6.3%
Return on equity 20.2% 27.9% 19.3% 12.9% 8.0% 14.6% 14.6% 16.9% 16.1% 8.1%
Return on assets 5.5% 8.8% 6.8% 4.7% 3.0% 5.4% 5.3% 6.1% 6.1% 3.2%
Growth
Revenue growth −6.6% 6.0% 6.3% −8.7% −8.6% 23.6% 1.0% −13.0% 1.9% −6.7%
Net income growth 0.7% 62.1% −22.0% −29.7% −37.0% 79.3% −7.5% 12.7% 1.2% −47.6%
EPS growth 1.6% 64.7% −20.2% −27.5% −36.1% 78.6% 1.6% 18.0% 2.4% −46.5%
FCF growth −21.9% 32.8% 0.7% 6.3% −0.7% −0.8% −65.8% 50.0% 26.0% −38.4%
Share count change −0.9% −1.6% −2.2% −3.1% −1.4% 0.4% −8.9% −4.4% −1.3% −2.0%
Financial health
Net debt / EBITDA 3.3x 3.0x 2.8x 3.2x 3.9x 2.6x 2.9x 2.4x 2.3x 3.3x
Debt / equity 1.5x 1.2x 1.1x 1.0x 0.9x 0.9x 1.0x 0.9x 0.9x 0.8x
Interest coverage 4.9x 5.8x 6.5x 4.8x 3.8x 7.4x 6.5x 6.1x 6.3x 3.6x
Current ratio 1.6x 1.6x 1.8x 1.9x 1.7x 1.6x 1.2x 1.4x 1.5x 1.4x
Quick ratio 0.8x 0.8x 1.0x 0.9x 1.1x 1.1x 0.6x 0.7x 0.8x 0.6x
Capital allocation
Capex / revenue 7.0% 6.8% 5.2% 4.6% 4.5% 5.3% 5.8% 9.0% 6.4% 6.2%
Stock comp / revenue 0.4% 0.5% 0.6% 0.6% 0.5% 0.7% 0.7% 0.7% 0.7% 0.6%
Payouts / FCF 35.8% 29.4% 31.3% 31.8% 33.4% 119.8% 104.7% 68.9% 55.1% 89.9%
Quality scores
Piotroski F-score 7.0 7.0 7.0 6.0 5.0 7.0 5.0 8.0 8.0 5.0
Altman Z'' 2.7 3.1 3.4 3.4 3.2 3.7 3.3 3.8 4.0 3.7
Accruals ratio −3.4% −1.7% −2.9% −4.7% −6.1% −4.8% −1.2% −3.3% −2.6% −3.3%

Source: SEC EDGAR XBRL filings (CIK 0000915389). Data updated October 12, 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.

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