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Westlake Corporation (WLK) 10-Year Financial Performance & Capital Metrics

WLK • • Industrial / General
Basic MaterialsSpecialty ChemicalsSpecialty Polymers & PlasticsEngineered Polymers & Composites
AboutWestlake Corporation manufactures and supplies petrochemicals, polymers, and building products worldwide. It operates through two segments, Performance and Essential Materials; and Housing and Infrastructure Products. The Performance and Essential Materials segment manufactures and markets polyethylene, styrene monomer, ethylene co-products, PVC, VCM, ethylene dichloride chlor-alkali, and chlorinated derivative products. The Housing and Infrastructure Products segment manufactures and sells residential PVC siding; PVC trim and moldings; roofing applications; decorative stone; windows; PVC decking; PVC films for various inflatables, wallcovering, tape, and roofing applications; polymer composite roof tiles; PVC pipe and fittings; PVC compounds; and various consumer and commercial products such as landscape edging; industrial, home and office matting; marine dock edging; and masonry joint controls. The company offers its products to a range of customers, including chemical processors, plastics fabricators, small construction contractors, municipalities, and supply warehouses for use in various consumer and industrial markets, including residential construction, flexible and rigid packaging, automotive products, healthcare products, water treatment, and coatings, as well as other durable and non-durable goods. The company was formerly known as Westlake Chemical Corporation and changed its name to Westlake Corporation in February 2022. The company was founded in 1986 and is headquartered in Houston, Texas. Westlake Corporation is a subsidiary of TTWF LP.Show more
  • Revenue $12.14B -3.2%
  • EBITDA $1.99B +8.9%
  • Net Income $602M +25.7%
  • EPS (Diluted) 4.64 +25.4%
  • Gross Margin 16.12% -8.9%
  • EBITDA Margin 16.38% +12.6%
  • Operating Margin 7.21% +24.0%
  • Net Margin 4.96% +29.9%
  • ROE 5.52% +22.3%
  • ROIC 4.98% +21.0%
  • Debt/Equity 0.48 -6.8%
  • Interest Coverage 5.50 +24.6%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓11 consecutive years of dividend growth
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Healthy dividend yield of 2.3%
  • ✓Trading at only 1.0x book value

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.65%
5Y8.38%
3Y1.02%
TTM-5.32%

Profit (Net Income) CAGR

10Y-1.19%
5Y7.41%
3Y-33.15%
TTM-1076.53%

EPS CAGR

10Y-0.88%
5Y7.38%
3Y-33.22%
TTM-1180.55%

ROCE

10Y Avg10.92%
5Y Avg9.92%
3Y Avg8.83%
Latest4.76%

Peer Comparison

Engineered Polymers & Composites
Select Columns
Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
Safety & Leverage
TTM Growth
Famous Investor Metrics
Dividends
Latest Quarter
Momentum & Returns
Total Return (DRIP)
Technical
Volume & Trading
Shares & Dilution
Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
WLKWestlake Corporation11.33B88.3019.03-3.24%-8.34%-9.63%2.7%0.48
CMTCore Molding Technologies, Inc.161.9M18.9112.52-15.47%3.09%5.19%14.59%0.16
LYBLyondellBasell Industries N.V.16.38B50.8812.26-1.96%-3.69%-11.2%12.09%1.03
EMNEastman Chemical Company8.01B70.239.162%8.96%14.09%8.59%0.86
TSETrinseo PLC19.8M0.55-0.06-4.41%-13.15%

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+4.46B5.08B8.04B8.63B8.12B7.5B11.78B15.79B12.55B12.14B
Revenue Growth %0.01%0.14%0.58%0.07%-0.06%-0.08%0.57%0.34%-0.21%-0.03%
Cost of Goods Sold+3.28B4.09B6.28B6.65B6.86B6.48B8.28B11.72B10.33B10.19B
COGS % of Revenue0.73%0.81%0.78%0.77%0.84%0.86%0.7%0.74%0.82%0.84%
Gross Profit+1.19B983M1.76B1.99B1.26B1.02B3.5B4.07B2.22B1.96B
Gross Margin %0.27%0.19%0.22%0.23%0.16%0.14%0.3%0.26%0.18%0.16%
Gross Profit Growth %-0.1%-0.17%0.79%0.13%-0.37%-0.19%2.42%0.17%-0.46%-0.12%
Operating Expenses+225M400M536M579M604M594M695M1.02B1.49B1.08B
OpEx % of Revenue0.05%0.08%0.07%0.07%0.07%0.08%0.06%0.06%0.12%0.09%
Selling, General & Admin218M258M399M445M458M435M528M809M865M874M
SG&A % of Revenue0.05%0.05%0.05%0.05%0.06%0.06%0.04%0.05%0.07%0.07%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses7M142M137M134M146M159M167M214M625M208M
Operating Income+960M583M1.23B1.41B656M429M2.8B3.05B729M875M
Operating Margin %0.22%0.11%0.15%0.16%0.08%0.06%0.24%0.19%0.06%0.07%
Operating Income Growth %-0.15%-0.39%1.1%0.15%-0.53%-0.35%5.53%0.09%-0.76%0.2%
EBITDA+1.21B961M1.83B2.05B1.37B1.2B3.64B4.11B1.83B1.99B
EBITDA Margin %0.27%0.19%0.23%0.24%0.17%0.16%0.31%0.26%0.15%0.16%
EBITDA Growth %-0.09%-0.2%0.9%0.12%-0.33%-0.12%2.03%0.13%-0.56%0.09%
D&A (Non-Cash Add-back)246M378M601M641M713M773M840M1.06B1.1B1.11B
EBIT998.1M637.85M1.24B1.46B694M473M2.85B3.12B865M1.1B
Net Interest Income+-28.62M-71.05M-159M-126M-104M-128M-169M-153M-61M-6M
Interest Income6.03M8.42M0020M14M7M24M104M153M
Interest Expense34.66M79.47M159M126M124M142M176M177M165M159M
Other Income/Expense3M-25M-144M-74M-86M-98M-123M-104M-29M63M
Pretax Income+963M558M1.08B1.33B570M331M2.68B2.95B700M938M
Pretax Margin %0.22%0.11%0.13%0.15%0.07%0.04%0.23%0.19%0.06%0.08%
Income Tax+298M138M-258M300M108M-42M607M649M178M291M
Effective Tax Rate %0.67%0.72%1.21%0.75%0.74%1%0.75%0.76%0.68%0.64%
Net Income+646M399M1.3B996M421M330M2.02B2.25B479M602M
Net Margin %0.14%0.08%0.16%0.12%0.05%0.04%0.17%0.14%0.04%0.05%
Net Income Growth %-0.05%-0.38%2.27%-0.24%-0.58%-0.22%5.11%0.12%-0.79%0.26%
Net Income (Continuing)665M420M1.34B1.03B462M373M2.07B2.3B522M647M
Discontinued Operations0000000000
Minority Interest296.05M368.42M495M486M543M535M573M534M523M516M
EPS (Diluted)+4.863.0610.007.663.252.5715.5817.353.704.64
EPS Growth %-0.04%-0.37%2.27%-0.23%-0.58%-0.21%5.06%0.11%-0.79%0.25%
EPS (Basic)4.883.0710.057.703.262.5715.6617.473.724.66
Diluted Shares Outstanding132.3M129.97M129.54M129.99M128.76M128.09M128.7M128.85M128.6M129.21M
Basic Shares Outstanding131.82M129.37M129.09M129.4M128.4M127.85M128M127.97M127.81M128.53M
Dividend Payout Ratio0.14%0.24%0.08%0.12%0.31%0.42%0.07%0.08%0.46%0.44%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+2.18B2.41B3.46B2.84B2.74B3.48B5.26B5.97B6.61B6.21B
Cash & Short-Term Investments1.18B459.45M1.53B753M728M1.31B1.91B2.23B3.3B2.92B
Cash Only662.52M459.45M1.53B753M728M1.31B1.91B2.23B3.3B2.92B
Short-Term Investments520.14M000000000
Accounts Receivable508.53M938.74M1B1.04B1.04B1.21B1.87B1.8B1.6B1.48B
Days Sales Outstanding41.5967.545.4443.8346.5859.0557.8941.6246.5744.58
Inventory434.06M801.1M900M1.01B936M918M1.41B1.87B1.62B1.7B
Days Inventory Outstanding48.3371.4452.3155.6749.8251.76258.1157.3260.82
Other Current Assets35.44M161M0000078M82M115M
Total Non-Current Assets+3.4B8.48B8.61B8.76B10.52B10.36B13.2B14.58B14.43B14.54B
Property, Plant & Equipment3B6.42B6.41B6.59B7.36B7.38B8.17B9.09B9.22B9.43B
Fixed Asset Turnover1.49x0.79x1.25x1.31x1.10x1.02x1.44x1.74x1.36x1.29x
Goodwill62.02M946.55M1.01B1B1.07B1.08B2.02B2.16B2.04B2.03B
Intangible Assets151.39M787.45M777M659M710M612M1.58B1.56B1.4B1.28B
Long-Term Investments108.62M130.46M0253M1.11B1.06B1.01B1.14B1.11B1.08B
Other Non-Current Assets116.08M185.01M412M251M268M223M417M617M651M708M
Total Assets+5.58B10.89B12.08B11.6B13.26B13.84B18.46B20.55B21.04B20.75B
Asset Turnover0.80x0.47x0.67x0.74x0.61x0.54x0.64x0.77x0.60x0.59x
Asset Growth %0.07%0.95%0.11%-0.04%0.14%0.04%0.33%0.11%0.02%-0.01%
Total Current Liabilities+522.64M1.18B1.97B1.18B1.24B1.36B2.34B2.3B2.79B2.22B
Accounts Payable229.22M496M600M504M435M529M849M870M849M806M
Days Payables Outstanding25.5244.2334.8727.6723.1529.7937.4127.093028.88
Short-Term Debt6.11M149M710M026M7M269M0299M6M
Deferred Revenue (Current)0000000000
Other Current Liabilities-6.11M000-26M-7M0000
Current Ratio4.16x2.04x1.76x2.40x2.21x2.56x2.25x2.60x2.37x2.80x
Quick Ratio3.33x1.36x1.30x1.55x1.46x1.89x1.65x1.79x1.79x2.04x
Cash Conversion Cycle64.494.7162.8771.8373.2480.9682.4872.6473.8976.51
Total Non-Current Liabilities+1.49B5.82B4.74B4.34B5.62B5.9B7.59B7.79B7.48B7.49B
Long-Term Debt758.15M3.68B3.13B2.67B3.44B3.57B4.91B4.88B4.61B4.56B
Capital Lease Obligations0000355M376M461M504M611M713M
Deferred Tax Liabilities575.6M1.65B1.11B1.16B1.25B1.37B1.68B1.74B1.56B1.55B
Other Non-Current Liabilities150.96M485.9M502M516M562M590M534M669M703M666M
Total Liabilities2.01B7B6.71B5.53B6.86B7.26B9.93B10.09B10.27B9.71B
Total Debt+764.26M3.83B3.84B2.67B3.83B3.95B5.64B5.38B5.52B5.28B
Net Debt101.73M3.37B2.31B1.92B3.1B2.64B3.73B3.15B2.21B2.36B
Debt / Equity0.21x0.98x0.71x0.44x0.60x0.60x0.66x0.51x0.51x0.48x
Debt / EBITDA0.63x3.98x2.10x1.30x2.79x3.29x1.55x1.31x3.02x2.65x
Net Debt / EBITDA0.08x3.51x1.26x0.93x2.26x2.19x1.03x0.77x1.21x1.18x
Interest Coverage27.70x7.34x7.70x11.17x5.29x3.02x15.91x17.23x4.42x5.50x
Total Equity+3.56B3.89B5.37B6.08B6.4B6.58B8.53B10.46B10.76B11.04B
Equity Growth %0.11%0.09%0.38%0.13%0.05%0.03%0.3%0.23%0.03%0.03%
Book Value per Share26.9229.9441.4546.7449.7351.3566.2681.2283.7085.47
Total Shareholders' Equity3.27B3.52B4.87B5.59B5.86B6.04B7.96B9.93B10.24B10.53B
Common Stock1.35M1.35M1M1M1M1M1M1M1M1M
Retained Earnings3.11B3.41B4.61B5.48B5.76B5.94B7.81B9.88B10.14B10.48B
Treasury Stock-258.31M-319.34M-302M-382M-377M-401M-399M-467M-435M-467M
Accumulated OCI-129.29M-121.31M7M-62M-74M-64M-36M-89M-98M-144M
Minority Interest296.05M368.42M495M486M543M535M573M534M523M516M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+1.08B833.85M1.54B1.41B1.3B1.3B2.39B3.4B2.34B1.31B
Operating CF Margin %0.24%0.16%0.19%0.16%0.16%0.17%0.2%0.21%0.19%0.11%
Operating CF Growth %0.05%-0.23%0.84%-0.08%-0.08%-0%0.85%0.42%-0.31%-0.44%
Net Income665.04M419.86M1.34B1.03B462M373M2.07B2.3B522M647M
Depreciation & Amortization245.76M377.67M601M641M713M773M840M1.06B1.1B1.11B
Stock-Based Compensation10.2M14.19M23M22M25M29M31M36M43M41M
Deferred Taxes39.78M100.68M-534M62M54M146M23M-21M-175M-35M
Other Non-Cash Items-7.98M-40.04M19M24M50M54M44M51M517M16M
Working Capital Changes126.04M-38.5M90M-374M-3M-78M-614M-24M332M-469M
Change in Receivables62.72M50.29M-40M-58M59M-161M-528M325M225M87M
Change in Inventory99.43M-61.98M-32M-123M112M29M-309M-140M250M-97M
Change in Payables-21.6M11.95M86M-100M-89M67M242M-153M-26M-20M
Cash from Investing+-1.01B-2.56B-652M-754M-1.95B-509M-3.21B-2.48B-1.04B-1B
Capital Expenditures-491.43M-628.48M-577M-702M-787M-525M-658M-1.11B-1.03B-1.01B
CapEx % of Revenue0.11%0.12%0.07%0.08%0.1%0.07%0.06%0.07%0.08%0.08%
Acquisitions----------
Investments----------
Other Investing-2.2M-4M4M16M9M-10M23M12M22M33M
Cash from Financing+-286.81M1.53B160M-1.43B630M-216M1.44B-587M-245M-650M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-91.55M-96.56M-103M-120M-132M-137M-145M-169M-221M-264M
Share Repurchases----------
Other Financing-11.61M-166.24M94M-36M-57M-53M-59M-67M-1M-26M
Net Change in Cash----------
Free Cash Flow+587.41M205.37M961M707M514M772M1.74B2.29B1.3B306M
FCF Margin %0.13%0.04%0.12%0.08%0.06%0.1%0.15%0.14%0.1%0.03%
FCF Growth %-0.02%-0.65%3.68%-0.26%-0.27%0.5%1.25%0.32%-0.43%-0.76%
FCF per Share4.441.587.425.443.996.0313.4917.7510.122.37
FCF Conversion (FCF/Net Income)1.67x2.09x1.18x1.41x3.09x3.93x1.19x1.51x4.88x2.18x
Interest Paid0000000000
Taxes Paid0000000000

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)19.1%10.71%28.16%17.41%6.75%5.08%26.68%23.66%4.51%5.52%
Return on Invested Capital (ROIC)21.34%8.01%12.3%13.48%5.63%3.44%19.56%17.68%4.11%4.98%
Gross Margin26.55%19.37%21.9%23.01%15.52%13.63%29.67%25.79%17.68%16.12%
Net Margin14.47%7.86%16.22%11.53%5.19%4.4%17.11%14.23%3.82%4.96%
Debt / Equity0.21x0.98x0.71x0.44x0.60x0.60x0.66x0.51x0.51x0.48x
Interest Coverage27.70x7.34x7.70x11.17x5.29x3.02x15.91x17.23x4.42x5.50x
FCF Conversion1.67x2.09x1.18x1.41x3.09x3.93x1.19x1.51x4.88x2.18x
Revenue Growth1.08%13.74%58.41%7.39%-5.99%-7.56%56.96%34.1%-20.55%-3.24%

Revenue by Segment

2015201620172018201920202021202220232024
Performance and Essential Materials------8.67B11.01B8.34B7.83B
Performance and Essential Materials Growth-------26.97%-24.27%-6.13%
Housing and Infrastructure Products------3.11B4.79B4.21B4.32B
Housing and Infrastructure Products Growth-------53.99%-11.99%2.49%
Vinyls1.49M25.81M5.99B6.62B6.34B5.97B----
Vinyls Growth-1628.67%23108.96%10.45%-4.23%-5.74%----
Olefins106.86M165.27M2.05B2.02B1.78B1.53B----
Olefins Growth-54.66%1141.03%-1.56%-11.74%-14.03%----

Revenue by Geography

2015201620172018201920202021202220232024
UNITED STATES3.13B3.53B5.74B6.11B5.53B5.1B8.16B10.9B8.96B8.75B
UNITED STATES Growth-12.51%62.79%6.53%-9.55%-7.78%59.94%33.62%-17.84%-2.28%
Other Foreign Countries483.98M457.1M671M1.01B1.16B995M1.52B2.38B1.26B1.2B
Other Foreign Countries Growth--5.55%46.79%50.52%14.75%-14.15%52.86%56.54%-47.17%-4.85%
CANADA195.79M317.08M653M649M573M601M980M1.05B808M792M
CANADA Growth-61.95%105.94%-0.61%-11.71%4.89%63.06%7.24%-23.12%-1.98%
GERMANY394.46M401.95M432M500M478M458M628M875M602M594M
GERMANY Growth-1.90%7.48%15.74%-4.40%-4.18%37.12%39.33%-31.20%-1.33%
MEXICO--------217M206M
MEXICO Growth----------5.07%
CHINA-87.12M104M155M175M173M216M262M220M195M
CHINA Growth--19.38%49.04%12.90%-1.14%24.86%21.30%-16.03%-11.36%
ITALY90.24M84.36M96M105M119M103M181M200M135M145M
ITALY Growth--6.51%13.80%9.38%13.33%-13.45%75.73%10.50%-32.50%7.41%
BRAZIL--108M-----215M142M
BRAZIL Growth----------33.95%
FRANCE58.73M50.37M------138M120M
FRANCE Growth--14.23%--------13.04%
TAIWAN-------126M--
TAIWAN Growth----------
TAIWAN, PROVINCE OF CHINA--96M102M84M74M95M---
TAIWAN, PROVINCE OF CHINA Growth---6.25%-17.65%-11.90%28.38%---
SWITZERLAND106.75M101.32M142M-------
SWITZERLAND Growth--5.09%40.15%-------
BELGIUM-50.66M--------
BELGIUM Growth----------

Frequently Asked Questions

Valuation & Price

Westlake Corporation (WLK) has a price-to-earnings (P/E) ratio of 19.0x. This is roughly in line with market averages.

Growth & Financials

Westlake Corporation (WLK) reported $11.48B in revenue for fiscal year 2024. This represents a 217% increase from $3.62B in 2011.

Westlake Corporation (WLK) saw revenue decline by 3.2% over the past year.

Westlake Corporation (WLK) reported a net loss of $957.0M for fiscal year 2024.

Dividend & Returns

Yes, Westlake Corporation (WLK) pays a dividend with a yield of 2.31%. This makes it attractive for income-focused investors.

Westlake Corporation (WLK) has a return on equity (ROE) of 5.5%. This is below average, suggesting room for improvement.

Westlake Corporation (WLK) had negative free cash flow of $365.0M in fiscal year 2024, likely due to heavy capital investments.

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