Dow vs Koppers
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KIRA’s take AI analyst
I put Dow and Koppers side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Dow
DOW
1/10
Revenue growth
Koppers
KOP
9/10
5-year growthGross marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | DOW FY25 | KOP FY25 |
|---|---|---|
| Size | ||
| Market cap | $24.5B | $761M |
| 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 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.

