LyondellBasell vs Westlake
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KIRA’s take AI analyst
I put LyondellBasell and Westlake side by side, using each one’s latest annual report. Here is what stands out:
- LyondellBasell is the larger business, with $30.2B of revenue in fiscal 2025 against $11.2B for Westlake, about 2.7 times as much.
- Westlake grew revenue faster (−8.0%, against −9.7%).
- LyondellBasell kept more of each dollar of sales as operating profit (−1.4% operating margin, against −14.1%).
- LyondellBasell turned more of its sales into free cash flow (1.3% FCF margin, against −4.7%).
- LyondellBasell earned a higher return on the capital invested in it (−1.9%, against −10.0%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
LyondellBasell
LYB
6/8
Gross marginOperating marginNet marginFCF marginReturn on capitalReturn on equity
Westlake
WLK
2/8
Revenue growth5-year growth
Side by side
Best in the row
| Latest fiscal year | LYB FY25 | WLK FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $8.4B |
| Revenue | $30.2B | $11.2B |
| Free cash flow | $384M | −$530M |
| Net income | −$738M | −$1.5B |
| Growth | ||
| Revenue growth | −9.7% | −8.0% |
| 5-year growth | 1.7% | 8.3% |
| Share count change | — | −0.7% |
| Profitability | ||
| Gross margin | 8.6% | 7.3% |
| Operating margin | −1.4% | −14.1% |
| Net margin | −2.5% | −13.5% |
| FCF margin | 1.3% | −4.7% |
| Return on capital | −1.9% | −10.0% |
| Return on equity | −6.6% | −15.6% |
| Balance sheet | ||
| Net debt | $7.5B | $2.9B |
| Net debt / EBITDA | 7.7x | — |
| Dividends and buybacks | $2.0B | $335M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | — | 3 |
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.