Methanex Corporation (MEOH) 10-Year Financial Performance & Capital Metrics

MEOH • • Industrial / General

Basic MaterialsChemicalsBasic Industrial ChemicalsMethanol & Basic Chemical Producers

AboutMethanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities. The company owns and manages a fleet of approximately 30 ocean-going vessels. It serves chemical and petrochemical producers. Methanex Corporation was incorporated in 1968 and is headquartered in Vancouver, Canada.Show more

Revenue $3.72B
EBITDA $748M +14.1%
Net Income $164M -5.8%
EPS (Diluted) 2.39 -7.0%
Gross Margin 19.1% +8.5%
EBITDA Margin 20.1% +14.2%
Operating Margin 9.73% +37.5%
Net Margin 4.41% -5.7%
ROE 7.2% -4.8%
ROIC 5.75% +35.5%
Debt/Equity 1.36 -2.2%
Interest Coverage 2.73 +21.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 15.1% free cash flow margin
✓Momentum leader: RS Rating 81 (top 19%)
✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.3x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.44%

5Y2.06%

3Y-5.55%

TTM-3.63%

Profit (Net Income) CAGR

10Y-9.69%

5Y12.8%

3Y-30.21%

TTM40.27%

EPS CAGR

10Y-6.24%

5Y18.33%

3Y-26.95%

TTM42.57%

ROCE

10Y Avg8.06%

5Y Avg7.16%

3Y Avg7.58%

Latest6.59%

Peer Comparison

Methanol & Basic Chemical Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MEOHMethanex Corporation	3.58B	46.34	19.39	-0.1%	6.01%	7.45%	15.71%	1.36

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.23B	2B	3.06B	3.93B	3.36B	2.65B	4.41B	4.31B	3.72B	3.72B
Revenue Growth %	-0.31%	-0.1%	0.53%	0.28%	-0.15%	-0.21%	0.67%	-0.02%	-0.14%	-0%
Cost of Goods Sold+	1.86B	1.77B	2.35B	2.86B	2.63B	2.03B	3.34B	3.45B	3.07B	3.01B
COGS % of Revenue	0.83%	0.89%	0.77%	0.73%	0.78%	0.77%	0.76%	0.8%	0.82%	0.81%
Gross Profit+	367.7M	224M	708.69M	1.07B	728.41M	615.94M	1.08B	865.09M	655.4M	710.42M
Gross Margin %	0.17%	0.11%	0.23%	0.27%	0.22%	0.23%	0.24%	0.2%	0.18%	0.19%
Gross Profit Growth %	-0.54%	-0.39%	2.16%	0.52%	-0.32%	-0.15%	0.75%	-0.2%	-0.24%	0.08%
Operating Expenses+	194.85M	228.05M	232.22M	245.3M	586.55M	668.39M	363.08M	254.47M	391.83M	348.46M
OpEx % of Revenue	0.09%	0.11%	0.08%	0.06%	0.17%	0.25%	0.08%	0.06%	0.11%	0.09%
Selling, General & Admin	113.63M	204.76M	243.71M	182.52M	586.55M	246.78M	210.85M	557.22M	0	0
SG&A % of Revenue	0.05%	0.1%	0.08%	0.05%	0.17%	0.09%	0.05%	0.13%	-	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	292.69M	305.56M	328.67M	328.9M	0	421.61M	152.24M	-302.75M	391.83M	348.46M
Operating Income+	237.85M	28.45M	476.47M	829.62M	141.86M	-52.45M	711.97M	610.61M	263.57M	361.96M
Operating Margin %	0.11%	0.01%	0.16%	0.21%	0.04%	-0.02%	0.16%	0.14%	0.07%	0.1%
Operating Income Growth %	-0.66%	-0.88%	15.75%	0.74%	-0.83%	-1.37%	14.57%	-0.14%	-0.57%	0.37%
EBITDA+	432.7M	254.32M	717.71M	1.06B	494.82M	304.68M	1.08B	864.35M	655.4M	747.67M
EBITDA Margin %	0.19%	0.13%	0.23%	0.27%	0.15%	0.11%	0.24%	0.2%	0.18%	0.2%
EBITDA Growth %	-0.48%	-0.41%	1.82%	0.48%	-0.53%	-0.38%	2.53%	-0.2%	-0.24%	0.14%
D&A (Non-Cash Add-back)	194.85M	225.87M	241.24M	233.46M	352.96M	357.13M	363.08M	253.73M	391.83M	385.7M
EBIT	289.7M	52.56M	506.8M	829.62M	196.7M	-22.59M	810.74M	610.61M	402.98M	412.72M
Net Interest Income+	-76.35M	-85.88M	-81.58M	-90.15M	-120.83M	-164.56M	-143.37M	-105.4M	-77.43M	-120.21M
Interest Income	0	4.18M	13.38M	4.27M	3.6M	278K	1.04M	25.35M	39.94M	12.42M
Interest Expense	76.35M	90.06M	94.95M	94.42M	124.43M	164.84M	144.41M	131M	117.37M	132.63M
Other Income/Expense	-24.5M	-65.95M	-5.58M	-18.15M	-18.21M	-134.98M	-45.63M	-28.47M	22.04M	-81.88M
Pretax Income+	213.35M	-37.5M	470.88M	811.48M	123.65M	-187.43M	666.34M	582.15M	285.61M	280.09M
Pretax Margin %	0.1%	-0.02%	0.15%	0.21%	0.04%	-0.07%	0.15%	0.14%	0.08%	0.08%
Income Tax+	11M	-9.28M	95.79M	153.49M	4.58M	-62.1M	110.43M	119.86M	1.49M	29.84M
Effective Tax Rate %	0.94%	0.33%	0.67%	0.7%	0.73%	0.84%	0.72%	0.61%	0.61%	0.59%
Net Income+	200.62M	-12.54M	316.13M	568.98M	89.81M	-156.68M	482.36M	353.83M	174.14M	163.99M
Net Margin %	0.09%	-0.01%	0.1%	0.14%	0.03%	-0.06%	0.11%	0.08%	0.05%	0.04%
Net Income Growth %	-0.56%	-1.06%	26.2%	0.8%	-0.84%	-2.74%	4.08%	-0.27%	-0.51%	-0.06%
Net Income (Continuing)	202.35M	-28.23M	375.1M	657.98M	119.07M	-125.33M	555.91M	462.29M	284.12M	250.25M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	248.84M	208.51M	244.35M	296.63M	298.68M	292.36M	271.15M	317.44M	240.85M	287.71M
EPS (Diluted)+	2.01	-0.14	3.64	7.03	1.03	-2.06	6.13	4.86	2.57	2.39
EPS Growth %	-0.56%	-1.07%	27%	0.93%	-0.85%	-3%	3.98%	-0.21%	-0.47%	-0.07%
EPS (Basic)	2.21	-0.14	3.64	7.07	1.17	-2.06	6.34	4.95	2.57	2.43
Diluted Shares Outstanding	91.35M	89.78M	86.82M	80.89M	76.69M	76.2M	76.24M	71.68M	67.81M	67.56M
Basic Shares Outstanding	90.65M	89.61M	86.77M	80.49M	76.59M	76.2M	76.04M	71.42M	67.81M	67.39M
Dividend Payout Ratio	0.48%	-	0.32%	0.19%	1.23%	-	0.05%	0.12%	0.28%	0.3%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.03B	1.03B	1.24B	1.25B	1.23B	1.59B	1.99B	1.88B	1.48B	1.91B
Cash & Short-Term Investments	254.93M	223.89M	375.48M	256.08M	416.76M	833.84M	932.07M	857.75M	458.01M	891.91M
Cash Only	254.93M	223.89M	375.48M	256.08M	416.76M	833.84M	932.07M	857.75M	458.01M	891.91M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	504.35M	499.6M	536.64M	514.57M	488.72M	412M	550.62M	500.7M	530.88M	473.34M
Days Sales Outstanding	82.71	91.25	64	47.77	53.09	56.75	45.53	42.39	52.04	46.45
Inventory	253.23M	281.33M	304.46M	387.96M	281.05M	308.7M	459.56M	439.77M	426.77M	453.46M
Days Inventory Outstanding	49.75	57.87	47.25	49.57	38.98	55.39	50.23	46.58	50.77	55
Other Current Assets	0	0	0	60.93M	8.18M	6.63M	10.59M	39.57M	6.62M	30.82M
Total Non-Current Assets+	3.46B	3.53B	3.37B	3.36B	3.96B	4.1B	4.1B	4.76B	4.95B	4.69B
Property, Plant & Equipment	3.16B	3.12B	3B	3.03B	3.58B	3.68B	3.69B	4.16B	4.41B	4.2B
Fixed Asset Turnover	0.70x	0.64x	1.02x	1.30x	0.94x	0.72x	1.20x	1.04x	0.84x	0.89x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	224.16M	197.4M	188.92M	197.82M	193.47M	194.03M	217.32M	197.08M	341.5M	107.06M
Other Non-Current Assets	79.02M	78.78M	78.03M	74.47M	82.81M	92.53M	99.19M	356.39M	191.57M	180.27M
Total Assets+	4.49B	4.56B	4.61B	4.61B	5.2B	5.7B	6.09B	6.63B	6.43B	6.6B
Asset Turnover	0.50x	0.44x	0.66x	0.85x	0.65x	0.47x	0.72x	0.65x	0.58x	0.56x
Asset Growth %	-0.06%	0.01%	0.01%	-0%	0.13%	0.1%	0.07%	0.09%	-0.03%	0.03%
Total Current Liabilities+	581.94M	606.93M	747.95M	1.05B	648.25M	765.39M	963.22M	942.62M	1.3B	729.62M
Accounts Payable	508.64M	523.22M	626.82M	617.41M	493.75M	600.95M	835.95M	789.2M	771.87M	546.3M
Days Payables Outstanding	99.93	107.63	97.28	78.88	68.49	107.84	91.37	83.59	91.83	66.26
Short-Term Debt	47.86M	54M	55.91M	383.79M	38.42M	39.77M	11.78M	15.13M	314.72M	13.73M
Deferred Revenue (Current)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	0	0
Other Current Liabilities	25.44M	29.72M	65.23M	36.91M	520.01M	628.11M	852.01M	818.39M	94.99M	46.84M
Current Ratio	1.77x	1.69x	1.66x	1.20x	1.90x	2.08x	2.06x	1.99x	1.14x	2.62x
Quick Ratio	1.34x	1.23x	1.25x	0.83x	1.47x	1.68x	1.59x	1.52x	0.81x	2.00x
Cash Conversion Cycle	32.54	41.49	13.97	18.45	23.59	4.3	4.39	5.38	10.99	35.18
Total Non-Current Liabilities+	1.94B	2.14B	2.12B	1.75B	2.92B	3.49B	3.17B	3.26B	2.95B	3.49B
Long-Term Debt	1.49B	1.5B	1.45B	1.07B	1.73B	2.32B	2.15B	2.14B	1.83B	2.4B
Capital Lease Obligations	0	195.23M	196.34M	190.53M	628.68M	624.72M	618.8M	761.43M	751.39M	695.46M
Deferred Tax Liabilities	223.76M	290.98M	266.43M	281.21M	272.82M	213.39M	212.71M	227M	217.84M	239.11M
Other Non-Current Liabilities	455.5M	155.96M	208.54M	207.57M	286.07M	327.49M	193.75M	134.6M	154.92M	150.46M
Total Liabilities	2.53B	2.75B	2.87B	2.8B	3.57B	4.25B	4.13B	4.2B	4.25B	4.22B
Total Debt+	1.54B	1.56B	1.5B	1.46B	2.49B	3.09B	2.88B	3.02B	3.01B	3.23B
Net Debt	1.28B	1.33B	1.13B	1.2B	2.07B	2.25B	1.94B	2.16B	2.56B	2.34B
Debt / Equity	0.78x	0.86x	0.86x	0.81x	1.53x	2.14x	1.47x	1.24x	1.39x	1.36x
Debt / EBITDA	3.55x	6.12x	2.09x	1.37x	5.03x	10.13x	2.67x	3.50x	4.60x	4.32x
Net Debt / EBITDA	2.96x	5.24x	1.57x	1.13x	4.18x	7.39x	1.81x	2.50x	3.90x	3.13x
Interest Coverage	3.12x	0.32x	5.02x	8.79x	1.14x	-0.32x	4.93x	4.66x	2.25x	2.73x
Total Equity+	1.97B	1.81B	1.75B	1.81B	1.63B	1.44B	1.95B	2.43B	2.17B	2.38B
Equity Growth %	-0.04%	-0.08%	-0.03%	0.04%	-0.1%	-0.12%	0.36%	0.24%	-0.11%	0.1%
Book Value per Share	21.55	20.11	20.10	22.35	21.26	18.92	25.64	33.89	32.03	35.25
Total Shareholders' Equity	1.72B	1.6B	1.5B	1.51B	1.33B	1.15B	1.68B	2.11B	1.93B	2.09B
Common Stock	509.46M	511.46M	480.33M	446.54M	442.25M	440.72M	432.73M	401.3M	391.92M	392.2M
Retained Earnings	1.24B	1.12B	1.09B	1.15B	1.04B	843.61M	1.25B	1.47B	1.51B	1.63B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-27.78M	-41.3M	-69.84M	-82.4M	-150.39M	-137.1M	-2.72M	241.94M	22.9M	70.02M
Minority Interest	248.84M	208.51M	244.35M	296.63M	298.68M	292.36M	271.15M	317.44M	240.85M	287.71M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	296.95M	249.93M	787.74M	980.21M	409.45M	461.08M	994.37M	987.35M	660.27M	737.18M
Operating CF Margin %	0.13%	0.13%	0.26%	0.25%	0.12%	0.17%	0.23%	0.23%	0.18%	0.2%
Operating CF Growth %	-0.63%	-0.16%	2.15%	0.24%	-0.58%	0.13%	1.16%	-0.01%	-0.33%	0.12%
Net Income	202.35M	-28.23M	375.1M	657.98M	89.81M	-125.33M	555.91M	462.29M	284.12M	250.25M
Depreciation & Amortization	194.85M	228.05M	232.22M	245.3M	352.96M	357.13M	363.08M	372.42M	391.83M	385.7M
Stock-Based Compensation	-21.99M	33.49M	78.82M	-6.29M	0	55.25M	-1.16M	15.4M	34.5M	23.97M
Deferred Taxes	11M	-9.28M	95.79M	153.49M	-35.13M	-62.1M	110.43M	119.86M	1.49M	29.84M
Other Non-Cash Items	27.87M	90.27M	55.18M	-76.28M	-7.83M	171.21M	49.22M	-36.74M	7.38M	171.07M
Working Capital Changes	-117.13M	-64.38M	-49.37M	6M	9.65M	64.92M	-83.11M	54.12M	-59.06M	-123.66M
Change in Receivables	0	0	0	20.88M	26.6M	0	0	0	0	0
Change in Inventory	0	0	0	-74.02M	123.23M	0	0	0	0	0
Change in Payables	0	0	0	61.68M	-134.05M	0	0	0	0	0
Cash from Investing+	-426.25M	-88.21M	-105.52M	-306.35M	-256.52M	-278.06M	-253.05M	-553.14M	-508.58M	-99.74M
Capital Expenditures	-424.22M	-99.95M	-103.17M	-244.48M	-331.39M	-341.82M	-245.44M	-577.38M	-448.45M	-174.07M
CapEx % of Revenue	0.19%	0.05%	0.03%	0.06%	0.1%	0.13%	0.06%	0.13%	0.12%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.04M	11.74M	-2.35M	-61.88M	11.78M	63.75M	-8.26M	24.24M	-60.13M	61.69M
Cash from Financing+	-567.36M	-192.76M	-530.64M	-793.26M	11.49M	234.06M	-643.09M	-508.53M	-551.42M	-203.55M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-97.22M	-98.8M	-101.5M	-105.68M	-110.38M	-37.91M	-24.63M	-43.95M	-49.38M	-49.87M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-99.2M	-82.84M	-8.14M	-187.25M	-138.64M	-203.75M	-244.29M	-96.58M	-285.21M	-275.66M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-127.27M	149.98M	684.57M	735.73M	78.06M	119.27M	748.93M	409.97M	211.82M	563.11M
FCF Margin %	-0.06%	0.08%	0.22%	0.19%	0.02%	0.05%	0.17%	0.1%	0.06%	0.15%
FCF Growth %	-1.9%	2.18%	3.56%	0.07%	-0.89%	0.53%	5.28%	-0.45%	-0.48%	1.66%
FCF per Share	-1.39	1.67	7.88	9.10	1.02	1.57	9.82	5.72	3.12	8.33
FCF Conversion (FCF/Net Income)	1.48x	-19.92x	2.49x	1.72x	4.56x	-2.94x	2.06x	2.79x	3.79x	4.50x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.98%	-0.66%	17.81%	32.03%	5.22%	-10.2%	28.41%	16.14%	7.57%	7.2%
Return on Invested Capital (ROIC)	5.87%	0.67%	11.89%	21.16%	3.17%	-1.06%	14.07%	10.79%	4.24%	5.75%
Gross Margin	16.52%	11.21%	23.16%	27.34%	21.68%	23.24%	24.35%	20.07%	17.6%	19.1%
Net Margin	9.01%	-0.63%	10.33%	14.47%	2.67%	-5.91%	10.93%	8.21%	4.68%	4.41%
Debt / Equity	0.78x	0.86x	0.86x	0.81x	1.53x	2.14x	1.47x	1.24x	1.39x	1.36x
Interest Coverage	3.12x	0.32x	5.02x	8.79x	1.14x	-0.32x	4.93x	4.66x	2.25x	2.73x
FCF Conversion	1.48x	-19.92x	2.49x	1.72x	4.56x	-2.94x	2.06x	2.79x	3.79x	4.50x
Revenue Growth	-30.95%	-10.21%	53.15%	28.46%	-14.55%	-21.13%	66.59%	-2.34%	-13.63%	-0.1%

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
Europe	-	-	634.65M	488.95M	883.29M	830.51M	722.58M	841.55M
Europe Growth	-	-	-	-22.96%	80.65%	-5.98%	-13.00%	16.46%
CHINA	801.84M	1.12B	998.3M	828.28M	1.26B	1.11B	1.04B	828.53M
CHINA Growth	-	40.00%	-11.07%	-17.03%	52.58%	-12.51%	-5.69%	-20.54%
UNITED STATES	570.48M	761.6M	581.63M	419.46M	670.62M	657.5M	574.95M	502.13M
UNITED STATES Growth	-	33.50%	-23.63%	-27.88%	59.88%	-1.96%	-12.55%	-12.66%
KOREA, REPUBLIC OF	347.9M	443.84M	320.39M	284.46M	525.85M	542.65M	391.82M	482.64M
KOREA, REPUBLIC OF Growth	-	27.58%	-27.81%	-11.22%	84.86%	3.19%	-27.79%	23.18%
South America	-	-	307.71M	269.85M	438.46M	458.99M	428.62M	478.75M
South America Growth	-	-	-	-12.30%	62.48%	4.68%	-6.62%	11.70%
OTHER ASIA	285.05M	371.75M	295.45M	241.48M	455.79M	518.9M	387.37M	401.83M
OTHER ASIA Growth	-	30.42%	-20.53%	-18.27%	88.75%	13.85%	-25.35%	3.73%
CANADA	167.44M	171.53M	145.39M	117.48M	176.8M	197.04M	175.41M	184.39M
CANADA Growth	-	2.45%	-15.24%	-19.19%	50.49%	11.45%	-10.98%	5.12%
EUROPE	608.67M	707.76M	-	-	-	-	-	-
EUROPE Growth	-	16.28%	-	-	-	-	-	-
SOUTH AMERICA	279.27M	352.81M	-	-	-	-	-	-
SOUTH AMERICA Growth	-	26.33%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Methanex Corporation (MEOH) has a price-to-earnings (P/E) ratio of 19.4x. This is roughly in line with market averages.

Growth & Financials

Methanex Corporation (MEOH) reported $3.56B in revenue for fiscal year 2024. This represents a 36% increase from $2.61B in 2011.

Methanex Corporation (MEOH) saw revenue decline by 0.1% over the past year.

Yes, Methanex Corporation (MEOH) is profitable, generating $213.8M in net income for fiscal year 2024 (4.4% net margin).

Dividend & Returns

Yes, Methanex Corporation (MEOH) pays a dividend with a yield of 1.59%. This makes it attractive for income-focused investors.

Methanex Corporation (MEOH) has a return on equity (ROE) of 7.2%. This is below average, suggesting room for improvement.

Methanex Corporation (MEOH) generated $758.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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