Dow vs Koppers
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The short version
- Dow is the larger business, with $40.0B of revenue in fiscal 2025 against $1.9B for Koppers, about 21 times as much.
- Dow grew revenue faster (−7.0%, against −10.2%).
- Koppers turned more of its sales into free cash flow (3.6% FCF margin, against −3.6%).
- Koppers earned a higher return on the capital invested in it (8.1%, against −4.1%).
| Latest fiscal year | DOW · FY25 | KOP · FY25 |
|---|---|---|
| Size | ||
| Market cap | $23.5B | $767M |
| Revenue | $40.0B | $1.9B |
| Free cash flow | −$1.4B | $67.5M |
| Net income | −$2.6B | $56.0M |
| Growth | ||
| Revenue growth | −7.0% | −10.2% |
| 5-year growth | 0.7% | 2.4% |
| Share count change | 0.9% | −4.2% |
| Profitability | ||
| Gross margin | 6.3% | 23.8% |
| Operating margin | — | 8.9% |
| Net margin | −6.6% | 3.0% |
| FCF margin | −3.6% | 3.6% |
| Return on capital | −4.1% | 8.1% |
| Return on equity | −15.7% | 10.5% |
| Balance sheet | ||
| Net debt | $14.3B | $890M |
| Net debt / EBITDA | 12.0x | 3.7x |
| Dividends and buybacks | $1.5B | $44.6M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 3 | 8 |
Revenue
FY16
DOW —
KOP $1.4B
FY17
DOW $43.7B
KOP $1.5B
FY18
DOW $49.6B
KOP $1.6B
FY19
DOW $43.0B
KOP $1.6B
FY20
DOW $38.5B
KOP $1.7B
FY21
DOW $55.0B
KOP $1.7B
FY22
DOW $56.9B
KOP $2.0B
FY23
DOW $44.6B
KOP $2.2B
FY24
DOW $43.0B
KOP $2.1B
FY25
DOW $40.0B
KOP $1.9B
DOW
KOP
Operating margin
FY16
DOW —
KOP 6.6%
FY17
DOW —
KOP 8.4%
FY18
DOW —
KOP 5.4%
FY19
DOW —
KOP 7.6%
FY20
DOW —
KOP 9.4%
FY21
DOW —
KOP 9.3%
FY22
DOW —
KOP 7.0%
FY23
DOW —
KOP 9.1%
FY24
DOW —
KOP 7.1%
FY25
DOW —
KOP 8.9%
DOW
KOP
Free cash flow
FY16
DOW —
KOP $69.6M
FY17
DOW −$7.7B
KOP $34.3M
FY18
DOW $2.2B
KOP −$31.4M
FY19
DOW $4.0B
KOP $78.1M
FY20
DOW $5.0B
KOP $57.3M
FY21
DOW $5.5B
KOP −$22.0M
FY22
DOW $5.7B
KOP −$3.0M
FY23
DOW $2.8B
KOP $25.6M
FY24
DOW −$26.0M
KOP $42.0M
FY25
DOW −$1.4B
KOP $67.5M
DOW
KOP
Return on capital
FY16
DOW —
KOP 9.5%
FY17
DOW —
KOP 9.0%
FY18
DOW —
KOP 4.8%
FY19
DOW −0.6%
KOP 12.1%
FY20
DOW 6.6%
KOP 11.9%
FY21
DOW 24.6%
KOP 9.9%
FY22
DOW 15.9%
KOP 7.8%
FY23
DOW 4.3%
KOP 11.3%
FY24
DOW 5.7%
KOP 7.8%
FY25
DOW −4.1%
KOP 8.1%
DOW
KOP
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.