Skip to content
stoqly

Westlake

WLK NYSE Specialty Chemicals Financials FY2016–FY2025

Westlake's revenue fell 8.0% to $11.2 billion in fiscal 2025. Its operating margin was −14.1%, down from 7.2% a year earlier. Free cash flow was −$530 million, against $306 million a year earlier. It paid out $335 million in dividends and buybacks. The diluted share count fell 0.7%.

Last close · Oct 23, 2026

$64.56

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$11.2B
8.0% vs prior year
Operating margin Operating income as a share of revenue.
−14.1%
21.3 pts
Net income Profit after all expenses, interest and tax.
−$1.5B
350.5%
Free cash flow Cash from operations minus capital spending.
−$530M
273.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−10.0%
14.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$8.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

About these figures. Westlake's 2025 loss included large write-downs that made its EBITDA negative, so net debt to EBITDA is blank for that year.

What Westlake does

No business description yet.

Legal name
Westlake Corporation
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001262823-26-000016
0001262823

Revenue and margins

Westlake had $11.2B of revenue in fiscal 2025, down 8.0% 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

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 −$530M in fiscal 2025, −4.7% 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

Westlake returned $335M to shareholders in fiscal 2025. The diluted share count fell 0.7%.

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

Value Westlake 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 −$2.9B and divides by 128.3M 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 Westlake can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.9B$2.2B$3.3B$2.9B$2.7B
Debt incl. finance leases $5.2B$4.9B$4.9B$4.6B$5.6B
Net debt / EBITDA 0.9x0.7x0.9x0.8x—
Debt / equity 0.7x0.5x0.5x0.4x0.6x
Interest coverage 15.9x17.2x4.4x5.5x−9.2x
Current ratio 2.3x2.6x2.4x2.8x2.2x
Quick ratio 1.7x1.8x1.8x2.0x1.7x
Total assets $18.5B$20.6B$21.0B$20.8B$20.0B
Total liabilities $9.9B$10.1B$10.3B$9.7B$10.7B
Shareholders' equity $8.0B$9.9B$10.2B$10.5B$8.8B
Net debt (− = net cash) $3.3B$2.7B$1.6B$1.6B$2.9B

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

$10.2M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 11, 2026 Albert ChaoExecutive Chairman, Director Sold 38,873 $80.28 $3.1M Form 4
Mar 27, 2026 Mark Steven BenderEVP & CFO Sold 16,413 $112.54 $1.8M Form 4
Mar 27, 2026 Robert F. BuesingerEVP, PEM Segment Head Sold 4,000 $115.25 $0.5M Form 4
Feb 27, 2026 Mark Steven BenderEVP & CFO Sold 17,409 $100.92 $1.8M Form 4
Dec 22, 2025 Albert ChaoExecutive Chairman, Director Sold 40,836 $73.58 $3.0M 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 5 / 96 / 93 / 9
Accruals ratio −8.9%−3.4%−9.7%
Altman Z'' 4.104.392.94

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

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $5.1B $8.0B $8.6B $8.1B $7.5B $11.8B $15.8B $12.5B $12.1B $11.2B
Gross profit $983M $1.8B $2.0B $1.3B $1.0B $3.5B $4.1B $2.2B $2.0B $813M
Operating income $583M $1.2B $1.4B $656M $429M $2.8B $3.1B $729M $875M −$1.6B
Interest expense $79.0M $159M $126M $124M $142M $176M $177M $165M $159M $171M
Pretax income $558M $1.1B $1.3B $570M $331M $2.7B $2.9B $700M $938M −$1.6B
Income tax $138M −$258M $300M $108M −$42.0M $607M $649M $178M $291M −$126M
Net income $399M $1.3B $996M $421M $330M $2.0B $2.2B $479M $602M −$1.5B
Diluted EPS $3.06 $10.00 $7.62 $3.25 $2.56 $15.58 $17.34 $3.70 $4.64 −$11.70
Diluted shares 0.13B 0.13B 0.13B 0.13B 0.13B 0.13B 0.13B 0.13B 0.13B 0.13B
Cash flow
Cash from operations $867M $1.5B $1.4B $1.3B $1.3B $2.4B $3.4B $2.3B $1.3B $465M
Capital expenditure $629M $577M $702M $787M $525M $658M $1.1B $1.0B $1.0B $995M
Free cash flow $238M $951M $707M $514M $772M $1.7B $2.3B $1.3B $306M −$530M
Depreciation and amortization $378M $601M $641M $713M $773M $840M $1.1B $1.1B $1.1B $1.2B
Stock-based compensation $14.0M $23.0M $22.0M $25.0M $29.0M $31.0M $36.0M $43.0M $41.0M $41.0M
Acquisitions $2.4B $13.0M $0.0M $314M $0.0M $2.6B $1.2B $0.0M $0.0M $0.0M
Share buybacks $67.0M $0.0M $106M $30.0M $54.0M $30.0M $101M $23.0M $60.0M $63.0M
Dividends paid $97.0M $103M $120M $132M $137M $145M $169M $221M $264M $272M
Dividends and buybacks $164M $103M $226M $162M $191M $175M $270M $244M $324M $335M
Balance sheet
Cash and short-term investments $459M $1.5B $753M $728M $1.3B $1.9B $2.2B $3.3B $2.9B $2.7B
Total debt $3.8B $3.8B $2.7B $3.5B $3.6B $5.2B $4.9B $4.9B $4.6B $5.6B
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 $2.4B $3.5B $2.8B $2.7B $3.5B $5.3B $6.0B $6.6B $6.2B $6.2B
Current liabilities $1.2B $2.0B $1.2B $1.2B $1.4B $2.3B $2.3B $2.8B $2.2B $2.8B
Inventory $801M $900M $1.0B $936M $918M $1.4B $1.9B $1.6B $1.7B $1.7B
Property and equipment, net $6.4B $6.4B $6.6B $6.9B $6.9B $7.6B $8.5B $8.5B $8.6B $8.6B
Total assets $10.9B $12.1B $11.6B $13.3B $13.8B $18.5B $20.6B $21.0B $20.8B $20.0B
Total liabilities $7.0B $6.7B $5.5B $6.9B $7.3B $9.9B $10.1B $10.3B $9.7B $10.7B
Shareholders' equity $3.5B $4.9B $5.6B $5.9B $6.0B $8.0B $9.9B $10.2B $10.5B $8.8B
Margins
Gross margin 19.4% 21.9% 23.0% 15.5% 13.6% 29.7% 25.8% 17.7% 16.1% 7.3%
Operating margin 11.5% 15.2% 16.3% 8.1% 5.7% 23.8% 19.3% 5.8% 7.2% −14.1%
EBITDA margin 18.9% 22.7% 23.7% 16.9% 16.0% 30.9% 26.0% 14.6% 16.4% −3.6%
Net margin 7.9% 16.2% 11.5% 5.2% 4.4% 17.1% 14.2% 3.8% 5.0% −13.5%
FCF margin 4.7% 11.8% 8.2% 6.3% 10.3% 14.7% 14.5% 10.4% 2.5% −4.7%
Returns
Return on capital 8.4% 16.4% 13.9% 6.2% 4.8% 21.0% 19.1% 4.3% 4.8% −10.0%
Return on capital employed 7.9% 12.4% 13.7% 5.9% 3.5% 19.6% 17.8% 4.0% 4.8% −8.8%
Return on equity 11.8% 31.1% 19.0% 7.4% 5.5% 28.8% 25.1% 4.8% 5.8% −15.6%
Return on assets 4.9% 11.4% 8.4% 3.4% 2.4% 12.5% 11.5% 2.3% 2.9% −7.4%
Growth
Revenue growth 4,584.6% 58.4% 7.4% −6.0% −7.6% 57.0% 34.1% −20.6% −3.2% −8.0%
Net income growth −38.2% 226.8% −23.6% −57.7% −21.6% 510.6% 11.5% −78.7% 25.7% −350.5%
EPS growth −37.0% 226.8% −23.8% −57.4% −21.2% 508.6% 11.3% −78.7% 25.4% −352.2%
FCF growth −59.5% 299.6% −25.7% −27.3% 50.2% 124.9% 31.7% −43.1% −76.5% −273.2%
Share count change −1.8% −0.3% 0.3% −1.0% −0.5% 0.5% 0.1% −0.2% 0.5% −0.7%
Financial health
Net debt / EBITDA 3.5x 1.3x 0.9x 2.0x 1.9x 0.9x 0.7x 0.9x 0.8x —
Debt / equity 1.1x 0.8x 0.5x 0.6x 0.6x 0.7x 0.5x 0.5x 0.4x 0.6x
Interest coverage 7.4x 7.7x 11.2x 5.3x 3.0x 15.9x 17.2x 4.4x 5.5x −9.2x
Current ratio 2.0x 1.8x 2.4x 2.2x 2.6x 2.3x 2.6x 2.4x 2.8x 2.2x
Quick ratio 1.4x 1.3x 1.6x 1.5x 1.9x 1.7x 1.8x 1.8x 2.0x 1.7x
Capital allocation
Capex / revenue 12.4% 7.2% 8.1% 9.7% 7.0% 5.6% 7.0% 8.2% 8.3% 8.9%
Stock comp / revenue 0.3% 0.3% 0.3% 0.3% 0.4% 0.3% 0.2% 0.3% 0.3% 0.4%
Payouts / FCF 68.9% 10.8% 32.0% 31.5% 24.7% 10.1% 11.8% 18.7% 105.9% —
Quality scores
Piotroski F-score 5.0 7.0 6.0 4.0 6.0 6.0 6.0 5.0 6.0 3.0
Altman Z'' 2.7 3.6 4.5 3.5 3.6 4.3 4.8 4.1 4.4 2.9
Accruals ratio −5.7% −2.0% −3.5% −7.1% −7.1% −2.4% −5.9% −8.9% −3.4% −9.7%

Source: SEC EDGAR XBRL filings (CIK 0001262823). Data updated October 14, 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.

↑ ↓ to move · ↵ to open