LyondellBasell vs Westlake
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The short version
- 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%).
| Latest fiscal year | LYB · FY25 | WLK · FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $8.3B |
| 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 |
Revenue
FY16
LYB $29.2B
WLK $5.1B
FY17
LYB $34.5B
WLK $8.0B
FY18
LYB $39.0B
WLK $8.6B
FY19
LYB $34.7B
WLK $8.1B
FY20
LYB $27.8B
WLK $7.5B
FY21
LYB $46.2B
WLK $11.8B
FY22
LYB $50.5B
WLK $15.8B
FY23
LYB $33.3B
WLK $12.5B
FY24
LYB $33.4B
WLK $12.1B
FY25
LYB $30.2B
WLK $11.2B
LYB
WLK
Operating margin
FY16
LYB 17.3%
WLK 11.5%
FY17
LYB 15.8%
WLK 15.2%
FY18
LYB 13.4%
WLK 16.3%
FY19
LYB 11.9%
WLK 8.1%
FY20
LYB 5.6%
WLK 5.7%
FY21
LYB 14.7%
WLK 23.8%
FY22
LYB 10.1%
WLK 19.3%
FY23
LYB 8.2%
WLK 5.8%
FY24
LYB 5.7%
WLK 7.2%
FY25
LYB −1.4%
WLK −14.1%
LYB
WLK
Free cash flow
FY16
LYB $3.4B
WLK $238M
FY17
LYB $3.7B
WLK $951M
FY18
LYB $3.4B
WLK $707M
FY19
LYB $2.3B
WLK $514M
FY20
LYB $1.5B
WLK $772M
FY21
LYB $5.7B
WLK $1.7B
FY22
LYB $4.2B
WLK $2.3B
FY23
LYB $3.4B
WLK $1.3B
FY24
LYB $2.0B
WLK $306M
FY25
LYB $384M
WLK −$530M
LYB
WLK
Return on capital
FY16
LYB 29.0%
WLK 8.4%
FY17
LYB 35.0%
WLK 16.4%
FY18
LYB 27.9%
WLK 13.9%
FY19
LYB 18.4%
WLK 6.2%
FY20
LYB 7.7%
WLK 4.8%
FY21
LYB 25.8%
WLK 21.0%
FY22
LYB 19.0%
WLK 19.1%
FY23
LYB 11.0%
WLK 4.3%
FY24
LYB 9.0%
WLK 4.8%
FY25
LYB −1.9%
WLK −10.0%
LYB
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.