Eastman Chemical vs Westlake
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The short version
- Westlake is the larger business, with $11.2B of revenue in fiscal 2025 against $8.8B for Eastman Chemical.
- Eastman Chemical grew revenue faster (−6.7%, against −8.0%).
- Eastman Chemical turned more of its sales into free cash flow (4.8% FCF margin, against −4.7%).
- Eastman Chemical earned a higher return on the capital invested in it (6.5%, against −10.0%).
| Latest fiscal year | EMN · FY25 | WLK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.5B | $8.3B |
| Revenue | $8.8B | $11.2B |
| Free cash flow | $424M | −$530M |
| Net income | $474M | −$1.5B |
| Growth | ||
| Revenue growth | −6.7% | −8.0% |
| 5-year growth | 0.7% | 8.3% |
| Share count change | −2.0% | −0.7% |
| Profitability | ||
| Gross margin | 21.1% | 7.3% |
| Operating margin | — | −14.1% |
| Net margin | 5.4% | −13.5% |
| FCF margin | 4.8% | −4.7% |
| Return on capital | 6.5% | −10.0% |
| Return on equity | 8.1% | −15.6% |
| Balance sheet | ||
| Net debt | $4.2B | $2.9B |
| Net debt / EBITDA | 3.3x | — |
| Dividends and buybacks | $381M | $335M |
| Valuation & quality | ||
| P/E | 16.9x | — |
| Piotroski F-score | 5 | 3 |
Revenue
FY16
EMN $9.0B
WLK $5.1B
FY17
EMN $9.5B
WLK $8.0B
FY18
EMN $10.2B
WLK $8.6B
FY19
EMN $9.3B
WLK $8.1B
FY20
EMN $8.5B
WLK $7.5B
FY21
EMN $10.5B
WLK $11.8B
FY22
EMN $10.6B
WLK $15.8B
FY23
EMN $9.2B
WLK $12.5B
FY24
EMN $9.4B
WLK $12.1B
FY25
EMN $8.8B
WLK $11.2B
EMN
WLK
Operating margin
FY16
EMN 15.4%
WLK 11.5%
FY17
EMN 16.0%
WLK 15.2%
FY18
EMN —
WLK 16.3%
FY19
EMN —
WLK 8.1%
FY20
EMN —
WLK 5.7%
FY21
EMN —
WLK 23.8%
FY22
EMN —
WLK 19.3%
FY23
EMN —
WLK 5.8%
FY24
EMN —
WLK 7.2%
FY25
EMN —
WLK −14.1%
EMN
WLK
Free cash flow
FY16
EMN $759M
WLK $238M
FY17
EMN $1.0B
WLK $951M
FY18
EMN $1.0B
WLK $707M
FY19
EMN $1.1B
WLK $514M
FY20
EMN $1.1B
WLK $772M
FY21
EMN $1.1B
WLK $1.7B
FY22
EMN $364M
WLK $2.3B
FY23
EMN $546M
WLK $1.3B
FY24
EMN $688M
WLK $306M
FY25
EMN $424M
WLK −$530M
EMN
WLK
Return on capital
FY16
EMN 10.4%
WLK 8.4%
FY17
EMN 13.4%
WLK 16.4%
FY18
EMN 10.8%
WLK 13.9%
FY19
EMN 8.2%
WLK 6.2%
FY20
EMN 5.8%
WLK 4.8%
FY21
EMN 9.3%
WLK 21.0%
FY22
EMN 9.2%
WLK 19.1%
FY23
EMN 10.9%
WLK 4.3%
FY24
EMN 10.9%
WLK 4.8%
FY25
EMN 6.5%
WLK −10.0%
EMN
WLK
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.