Dow Inc. (DOW) 10-Year Financial Performance & Capital Metrics

DOW • • Industrial / General

Basic MaterialsChemicalsSpecialty Polymers & ResinsPolyolefin & Thermoplastic Producers

AboutDow Inc. provides various materials science solutions for packaging, infrastructure, mobility, and consumer applications in the United States, Canada, Europe, the Middle East, Africa, India, the Asia Pacific, and Latin America. It operates through Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings segments. The Packaging & Specialty Plastics segment provides ethylene, and propylene and aromatics products; and polyethylene, polyolefin elastomers, ethylene vinyl acetate, and ethylene propylene diene monomer rubbers. The Industrial Intermediates & Infrastructure segment offers ethylene oxides, propylene oxides, propylene glycol and polyether polyols, aromatic isocyanates and polyurethane systems, coatings, adhesives, sealants, elastomers, and composites. This segment also provides caustic soda, and ethylene dichloride and vinyl chloride monomers; and cellulose ethers, redispersible latex powders, and acrylic emulsions. The Performance Materials and Coatings segment provides architectural paints and coatings, and industrial coatings that are used in maintenance and protective industries, wood, metal packaging, traffic markings, thermal paper, and leather; performance silicones and specialty materials; and silicone feedstocks and intermediates. It also engages in property and casualty insurance, as well as reinsurance business. Dow Inc. was incorporated in 2018 and is headquartered in Midland, Michigan.Show more

Revenue $42.96B -3.7%
EBITDA $4.96B -3.3%
Net Income $1.12B +89.5%
EPS (Diluted) 1.57 +91.5%
Gross Margin 10.37% -6.9%
EBITDA Margin 11.54% +0.4%
Operating Margin 4.8% -14.8%
Net Margin 2.6% +96.8%
ROE 6.04% +106.9%
ROIC 4.7% -17.0%
Debt/Equity 0.99 +14.8%
Interest Coverage 2.72 -20.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.1x book value

✗Weaknesses

✗Negative free cash flow
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y0.01%

3Y-7.88%

TTM-5.25%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-43.87%

TTM-216.64%

EPS CAGR

10Y-

5Y-

3Y-42.78%

TTM-207.97%

ROCE

10Y Avg8.3%

5Y Avg8.23%

3Y Avg6.76%

Latest4.34%

Peer Comparison

Polyolefin & Thermoplastic Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DOWDow Inc.	19.86B	27.94	17.80	-3.72%	-3.03%	-6.51%		0.99
BAKBraskem S.A.	571.07M	3.31	-0.12	9.7%	-7.1%

Profit & Loss

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	43.73B	60.28B	42.95B	38.54B	54.97B	56.9B	44.62B	42.96B
Revenue Growth %	-	0.38%	-0.29%	-0.1%	0.43%	0.04%	-0.22%	-0.04%
Cost of Goods Sold+	44.24B	41.44B	36.99B	33.73B	44.58B	49.05B	39.65B	38.51B
COGS % of Revenue	1.01%	0.69%	0.86%	0.88%	0.81%	0.86%	0.89%	0.9%
Gross Profit+	11.27B	8.16B	5.96B	4.81B	10.39B	7.86B	4.97B	4.46B
Gross Margin %	0.26%	0.14%	0.14%	0.12%	0.19%	0.14%	0.11%	0.1%
Gross Profit Growth %	-	-0.28%	-0.27%	-0.19%	1.16%	-0.24%	-0.37%	-0.1%
Operating Expenses+	4.57B	2.58B	2.35B	2.24B	2.5B	2.53B	2.46B	2.39B
OpEx % of Revenue	0.1%	0.04%	0.05%	0.06%	0.05%	0.04%	0.06%	0.06%
Selling, General & Admin	2.92B	1.78B	1.59B	1.47B	1.65B	1.68B	1.63B	1.58B
SG&A % of Revenue	0.07%	0.03%	0.04%	0.04%	0.03%	0.03%	0.04%	0.04%
Research & Development	803M	1.54B	765M	768M	857M	851M	829M	810M
R&D % of Revenue	0.02%	0.03%	0.02%	0.02%	0.02%	0.01%	0.02%	0.02%
Other Operating Expenses	0	0	0	0	0	0	0	0
Operating Income+	6.7B	5.58B	3.6B	2.57B	7.89B	5.33B	2.52B	2.06B
Operating Margin %	0.15%	0.09%	0.08%	0.07%	0.14%	0.09%	0.06%	0.05%
Operating Income Growth %	-	-0.17%	-0.35%	-0.29%	2.06%	-0.32%	-0.53%	-0.18%
EBITDA+	7.33B	8.31B	6.27B	5.16B	10.73B	8.09B	5.13B	4.96B
EBITDA Margin %	0.17%	0.14%	0.15%	0.13%	0.2%	0.14%	0.11%	0.12%
EBITDA Growth %	-	0.13%	-0.25%	-0.18%	1.08%	-0.25%	-0.37%	-0.03%
D&A (Non-Cash Add-back)	624M	2.74B	2.67B	2.59B	2.84B	2.76B	2.61B	2.89B
EBIT	3.77B	4.81B	-300M	2.95B	8.83B	6.74B	1.39B	2.36B
Net Interest Income+	-976M	-978M	-866M	-840M	-634M	-478M	-507M	-558M
Interest Income	0	82M	81M	38M	55M	173M	229M	200M
Interest Expense	976M	1.06B	947M	878M	689M	651M	736M	758M
Other Income/Expense	-3.9B	-1.83B	-4.85B	-502M	259M	759M	-1.86B	-464M
Pretax Income+	237M	5.92B	-1.25B	2.07B	8.14B	6.09B	656M	1.6B
Pretax Margin %	0.01%	0.1%	-0.03%	0.05%	0.15%	0.11%	0.01%	0.04%
Income Tax+	1.52B	1.28B	470M	777M	1.74B	1.45B	-4M	399M
Effective Tax Rate %	1.96%	0.76%	1.09%	0.59%	0.77%	0.75%	0.9%	0.7%
Net Income+	465M	4.5B	-1.36B	1.23B	6.31B	4.58B	589M	1.12B
Net Margin %	0.01%	0.07%	-0.03%	0.03%	0.11%	0.08%	0.01%	0.03%
Net Income Growth %	-	8.68%	-1.3%	1.9%	4.15%	-0.27%	-0.87%	0.89%
Net Income (Continuing)	595M	2.94B	-1.72B	1.29B	6.41B	4.64B	660M	1.2B
Discontinued Operations	1.88B	1.83B	432M	0	0	0	0	0
Minority Interest	1.19B	1.14B	553M	570M	574M	529M	501M	496M
EPS (Diluted)+	0.62	6.00	-2.31	1.64	8.38	6.28	0.82	1.57
EPS Growth %	-	8.68%	-1.39%	1.71%	4.11%	-0.25%	-0.87%	0.91%
EPS (Basic)	0.62	6.02	-2.31	1.64	8.44	6.32	0.82	1.57
Diluted Shares Outstanding	750M	750M	742.5M	742.3M	749M	725.6M	709M	705.1M
Basic Shares Outstanding	742.66M	747.2M	742.5M	740.5M	743.6M	721M	705.7M	703.8M
Dividend Payout Ratio	6.96%	0.82%	-	1.69%	0.33%	0.44%	3.35%	1.76%

Balance Sheet

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	27.24B	25.26B	16.82B	19.08B	20.85B	20.48B	17.61B	16.59B
Cash & Short-Term Investments	6.19B	2.82B	2.37B	5.1B	2.99B	3.89B	2.99B	2.57B
Cash Only	6.19B	2.72B	2.37B	5.1B	2.99B	3.89B	2.99B	2.19B
Short-Term Investments	4M	100M	0	0	0	0	0	383M
Accounts Receivable	12.05B	9.04B	7.55B	7.39B	9.55B	7.75B	6.61B	6.86B
Days Sales Outstanding	100.57	54.71	64.2	69.98	63.44	49.74	54.1	58.31
Inventory	8.38B	9.26B	6.21B	5.7B	7.37B	6.99B	6.08B	6.54B
Days Inventory Outstanding	69.11	81.55	61.31	61.69	60.36	52.01	55.93	62.03
Other Current Assets	627M	20.61B	679M	889M	934M	1.85B	1.94B	610M
Total Non-Current Assets+	52.7B	52.12B	43.71B	42.39B	42.14B	40.13B	40.35B	40.72B
Property, Plant & Equipment	23.81B	23.66B	23.07B	22.09B	21.97B	21.67B	22.39B	23.27B
Fixed Asset Turnover	1.84x	2.55x	1.86x	1.74x	2.50x	2.63x	1.99x	1.85x
Goodwill	13.94B	13.85B	8.8B	8.91B	8.76B	8.64B	8.64B	8.56B
Intangible Assets	5.55B	4.91B	3.76B	3.35B	2.88B	2.44B	2.07B	1.72B
Long-Term Investments	6.25B	5.97B	3.99B	4.1B	5.24B	4.38B	4.01B	4.68B
Other Non-Current Assets	1.42B	1.09B	1.88B	1.71B	1.93B	2.03B	1.76B	1.23B
Total Assets+	79.94B	77.38B	60.52B	61.47B	62.99B	60.6B	57.97B	57.31B
Asset Turnover	0.55x	0.78x	0.71x	0.63x	0.87x	0.94x	0.77x	0.75x
Asset Growth %	-	-0.03%	-0.22%	0.02%	0.02%	-0.04%	-0.04%	-0.01%
Total Current Liabilities+	14.38B	13.76B	10.68B	11.11B	13.23B	11.33B	9.96B	10.29B
Accounts Payable	5.36B	6.93B	3.89B	3.76B	5.58B	4.94B	4.53B	4.85B
Days Payables Outstanding	44.23	61.08	38.37	40.72	45.66	36.76	41.69	45.94
Short-Term Debt	1.24B	636M	1.02B	616M	392M	724M	179M	632M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0
Other Current Liabilities	0	4.49B	0	0	0	0	0	0
Current Ratio	1.89x	1.84x	1.57x	1.72x	1.58x	1.81x	1.77x	1.61x
Quick Ratio	1.31x	1.16x	0.99x	1.20x	1.02x	1.19x	1.16x	0.98x
Cash Conversion Cycle	125.45	75.19	87.14	90.96	78.14	64.99	68.34	74.4
Total Non-Current Liabilities+	38.55B	35.65B	35.75B	37.36B	31.02B	28.02B	28.9B	29.17B
Long-Term Debt	19.77B	19.25B	15.97B	15.97B	13.41B	13.91B	14.03B	14.77B
Capital Lease Obligations	0	0	1.74B	2.04B	2.02B	1.79B	1.91B	1.92B
Deferred Tax Liabilities	764M	664M	347M	405M	506M	1.11B	399M	392M
Other Non-Current Liabilities	18.02B	14.78B	17.69B	18.94B	15.09B	11.22B	12.56B	12.09B
Total Liabilities	52.93B	49.41B	46.43B	48.47B	44.25B	39.36B	38.86B	39.46B
Total Debt+	21B	19.9B	19.16B	19.04B	16.14B	16.71B	16.45B	17.64B
Net Debt	14.81B	17.16B	16.79B	13.94B	13.15B	12.82B	13.46B	15.46B
Debt / Equity	0.78x	0.71x	1.36x	1.46x	0.86x	0.79x	0.86x	0.99x
Debt / EBITDA	2.87x	2.39x	3.05x	3.69x	1.50x	2.07x	3.21x	3.56x
Net Debt / EBITDA	2.02x	2.06x	2.68x	2.70x	1.23x	1.58x	2.63x	3.12x
Interest Coverage	6.87x	5.26x	3.80x	2.93x	11.45x	8.19x	3.42x	2.72x
Total Equity+	27.01B	27.97B	14.09B	13.01B	18.74B	21.25B	19.11B	17.85B
Equity Growth %	-	0.04%	-0.5%	-0.08%	0.44%	0.13%	-0.1%	-0.07%
Book Value per Share	36.01	37.29	18.98	17.52	25.02	29.28	26.95	25.32
Total Shareholders' Equity	25.82B	26.83B	13.54B	12.44B	18.16B	20.72B	18.61B	17.36B
Common Stock	0	0	8M	8M	8M	8M	8M	8M
Retained Earnings	28.05B	29.81B	17.05B	16.36B	20.62B	23.18B	21.77B	20.91B
Treasury Stock	0	0	-500M	-625M	-1.63B	-3.87B	-4.37B	-4.66B
Accumulated OCI	-8.59B	-9.88B	-10.25B	-10.86B	-8.98B	-7.14B	-7.68B	-8.11B
Minority Interest	1.19B	1.14B	553M	570M	574M	529M	501M	496M

Cash Flow

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-4.93B	3.89B	5.93B	6.23B	7.01B	7.47B	5.2B	2.91B
Operating CF Margin %	-0.11%	0.06%	0.14%	0.16%	0.13%	0.13%	0.12%	0.07%
Operating CF Growth %	-	1.79%	0.52%	0.05%	0.13%	0.07%	-0.3%	-0.44%
Net Income	595M	4.63B	-1.27B	1.29B	6.41B	4.64B	660M	1.2B
Depreciation & Amortization	2.55B	3.33B	2.94B	2.87B	2.84B	2.76B	2.61B	2.89B
Stock-Based Compensation	0	0	0	0	0	0	0	0
Deferred Taxes	1.41B	-530M	-228M	258M	278M	79M	-1.22B	135M
Other Non-Cash Items	2.02B	-1.34B	4.11B	608M	-1.07B	784M	2.08B	305M
Working Capital Changes	-11.5B	-3.25B	387M	1.19B	-1.45B	-786M	1.07B	-1.62B
Change in Receivables	-11.43B	-1.53B	1.25B	171M	-2.13B	1.19B	1.16B	-224M
Change in Inventory	-891M	-983M	668M	515M	-1.77B	347M	844M	-529M
Change in Payables	1.08B	359M	-948M	-84M	2.46B	-1.25B	-734M	278M
Cash from Investing+	7.52B	-2.19B	-2.19B	-841M	-2.91B	-2.97B	-2.93B	-2.37B
Capital Expenditures	-187M	-46M	-9M	-135M	-823M	-235M	-121M	-125M
CapEx % of Revenue	0%	0%	0%	0%	0.01%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-
Other Investing	8.05B	-1.7B	-1.82B	-287M	-1.39B	-1.79B	-2.32B	-2.74B
Cash from Financing+	-3.33B	-5.4B	-4.09B	-2.76B	-6.07B	-3.36B	-3.12B	-1.17B
Debt Issued (Net)	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-
Dividends Paid	-3.23B	-3.71B	-2.08B	-2.07B	-2.07B	-2.01B	-1.97B	-1.97B
Share Repurchases	-	-	-	-	-	-	-	-
Other Financing	-230M	-572M	1.36B	-264M	-622M	-142M	-115M	-139M
Net Change in Cash	-	-	-	-	-	-	-	-
Free Cash Flow+	-7.92B	2.12B	3.96B	4.84B	4.68B	5.42B	2.72B	-151M
FCF Margin %	-0.18%	0.04%	0.09%	0.13%	0.09%	0.1%	0.06%	-0%
FCF Growth %	-	1.27%	0.87%	0.22%	-0.03%	0.16%	-0.5%	-1.06%
FCF per Share	-10.56	2.82	5.33	6.52	6.26	7.47	3.83	-0.21
FCF Conversion (FCF/Net Income)	-10.60x	0.87x	-4.34x	5.08x	1.11x	1.63x	8.82x	2.61x
Interest Paid	1.11B	1.14B	993M	842M	801M	675M	800M	887M
Taxes Paid	1.26B	1.19B	881M	518M	731M	793M	735M	827M

Key Ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	1.72%	16.37%	-6.49%	9.04%	39.76%	22.92%	2.92%	6.04%
Return on Invested Capital (ROIC)	12.02%	9.62%	7.1%	6.67%	20.11%	12.12%	5.66%	4.7%
Gross Margin	25.78%	13.54%	13.87%	12.49%	18.9%	13.81%	11.14%	10.37%
Net Margin	1.06%	7.46%	-3.18%	3.18%	11.48%	8.05%	1.32%	2.6%
Debt / Equity	0.78x	0.71x	1.36x	1.46x	0.86x	0.79x	0.86x	0.99x
Interest Coverage	6.87x	5.26x	3.80x	2.93x	11.45x	8.19x	3.42x	2.72x
FCF Conversion	-10.60x	0.87x	-4.34x	5.08x	1.11x	1.63x	8.82x	2.61x
Revenue Growth	-	37.84%	-28.75%	-10.27%	42.62%	3.52%	-21.58%	-3.72%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Packaging & Specialty Plastics	-	-	20.25B	18.3B	28.13B	29.26B	23.15B	21.78B
Packaging & Specialty Plastics Growth	-	-	-	-9.60%	53.70%	4.02%	-20.89%	-5.93%
Industrial Intermediates & Infrastructure	-	-	13.45B	12.02B	16.85B	16.61B	12.54B	11.87B
Industrial Intermediates & Infrastructure Growth	-	-	-	-10.62%	40.18%	-1.45%	-24.50%	-5.34%
Performance Materials & Coatings	-	-	8.96B	7.95B	9.67B	10.76B	8.5B	8.57B
Performance Materials & Coatings Growth	-	-	-	-11.27%	21.65%	11.29%	-21.06%	0.91%
Packaging and Specialty Plastics	14.11B	15.24B	-	-	-	-	-	-
Packaging and Specialty Plastics Growth	-	8.00%	-	-	-	-	-	-
Polyurethanes & CAV	7.8B	10.37B	-	-	-	-	-	-
Polyurethanes & CAV Growth	-	32.85%	-	-	-	-	-	-
Hydrocarbons & Energy	6.83B	7.4B	-	-	-	-	-	-
Hydrocarbons & Energy Growth	-	8.34%	-	-	-	-	-	-
Consumer Solutions	5.04B	5.66B	-	-	-	-	-	-
Consumer Solutions Growth	-	12.32%	-	-	-	-	-	-
Industrial Solutions	3.73B	4.74B	-	-	-	-	-	-
Industrial Solutions Growth	-	26.80%	-	-	-	-	-	-
Crop Protection	4.55B	4.67B	-	-	-	-	-	-
Crop Protection Growth	-	2.48%	-	-	-	-	-	-
Coatings and Performance Monomers	3.76B	3.99B	-	-	-	-	-	-
Coatings and Performance Monomers Growth	-	6.01%	-	-	-	-	-	-
Electronics & Imaging	2.62B	2.63B	-	-	-	-	-	-
Electronics & Imaging Growth	-	0.57%	-	-	-	-	-	-
Safety & Construction	1.93B	1.98B	-	-	-	-	-	-
Safety & Construction Growth	-	2.64%	-	-	-	-	-	-
Transportation & Advanced Polymers	1.17B	1.2B	-	-	-	-	-	-
Transportation & Advanced Polymers Growth	-	3.00%	-	-	-	-	-	-
Seed	1.39B	1B	-	-	-	-	-	-
Seed Growth	-	-28.00%	-	-	-	-	-	-
Nutrition & Health	591M	598M	-	-	-	-	-	-
Nutrition & Health Growth	-	1.18%	-	-	-	-	-	-
Industrial Biosciences	484M	500M	-	-	-	-	-	-
Industrial Biosciences Growth	-	3.31%	-	-	-	-	-	-
Other	19M	20M	-	-	-	-	-	-
Other Growth	-	5.26%	-	-	-	-	-	-
Construction Chemicals	736M	-	-	-	-	-	-	-
Construction Chemicals Growth	-	-	-	-	-	-	-	-
Corporate, Non-Segment	383M	-	-	-	-	-	-	-
Corporate, Non-Segment Growth	-	-	-	-	-	-	-	-
Energy Solutions	355M	-	-	-	-	-	-	-
Energy Solutions Growth	-	-	-	-	-	-	-	-
Epoxy	-	-	-	-	-	-	-	-
Epoxy Growth	-	-	-	-	-	-	-	-
Chlorinated Organics	-	-	-	-	-	-	-	-
Chlorinated Organics Growth	-	-	-	-	-	-	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
U.S.& Canada	-	-	15.55B	13.58B	19.61B	20.95B	16.64B	16.42B
U.S.& Canada Growth	-	-	-	-12.65%	44.40%	6.79%	-20.55%	-1.30%
Europe, Middle East, Africa and India [Domain]	-	-	14.61B	12.97B	19.75B	19.63B	14.54B	13.96B
Europe, Middle East, Africa and India [Domain] Growth	-	-	-	-11.24%	52.26%	-0.58%	-25.95%	-3.98%
Asia Pacific	-	-	8.68B	8.16B	10.04B	10.34B	8.27B	7.71B
Asia Pacific Growth	-	-	-	-5.89%	23.00%	3.00%	-20.09%	-6.76%
Latin America	-	-	4.11B	3.83B	5.57B	5.98B	5.18B	4.88B
Latin America Growth	-	-	-	-7.00%	45.48%	7.47%	-13.42%	-5.85%
World	19.95B	22.12B	-	-	-	-	-	-
World Growth	-	10.89%	-	-	-	-	-	-
UNITED STATES	19.17B	20.01B	-	-	-	-	-	-
UNITED STATES Growth	-	4.39%	-	-	-	-	-	-
Europe, Middle East and Africa	16.39B	18.15B	-	-	-	-	-	-
Europe, Middle East and Africa Growth	-	10.71%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Dow Inc. (DOW) has a price-to-earnings (P/E) ratio of 17.8x. This is roughly in line with market averages.

Growth & Financials

Dow Inc. (DOW) reported $40.91B in revenue for fiscal year 2024. This represents a 6% decrease from $43.73B in 2017.

Dow Inc. (DOW) saw revenue decline by 3.7% over the past year.

Dow Inc. (DOW) reported a net loss of $1.24B for fiscal year 2024.

Dividend & Returns

Yes, Dow Inc. (DOW) pays a dividend with a yield of 9.98%. This makes it attractive for income-focused investors.

Dow Inc. (DOW) has a return on equity (ROE) of 6.0%. This is below average, suggesting room for improvement.

Dow Inc. (DOW) had negative free cash flow of $1.12B in fiscal year 2024, likely due to heavy capital investments.

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Dow Inc. (DOW) 10-Year Financial Performance & Capital Metrics

DOW • • Industrial / General

Basic MaterialsChemicalsSpecialty Polymers & ResinsPolyolefin & Thermoplastic Producers

Revenue $42.96B -3.7%
EBITDA $4.96B -3.3%
Net Income $1.12B +89.5%
EPS (Diluted) 1.57 +91.5%
Gross Margin 10.37% -6.9%
EBITDA Margin 11.54% +0.4%
Operating Margin 4.8% -14.8%
Net Margin 2.6% +96.8%
ROE 6.04% +106.9%
ROIC 4.7% -17.0%
Debt/Equity 0.99 +14.8%
Interest Coverage 2.72 -20.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.1x book value

✗Weaknesses

✗Negative free cash flow
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y0.01%

3Y-7.88%

TTM-5.25%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-43.87%

TTM-216.64%

EPS CAGR

10Y-

5Y-

3Y-42.78%

TTM-207.97%

ROCE

10Y Avg8.3%

5Y Avg8.23%

3Y Avg6.76%

Latest4.34%

Peer Comparison

Polyolefin & Thermoplastic Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DOWDow Inc.	19.86B	27.94	17.80	-3.72%	-3.03%	-6.51%		0.99
BAKBraskem S.A.	571.07M	3.31	-0.12	9.7%	-7.1%

Profit & Loss

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	43.73B	60.28B	42.95B	38.54B	54.97B	56.9B	44.62B	42.96B
Revenue Growth %	-	0.38%	-0.29%	-0.1%	0.43%	0.04%	-0.22%	-0.04%
Cost of Goods Sold+	44.24B	41.44B	36.99B	33.73B	44.58B	49.05B	39.65B	38.51B
COGS % of Revenue	1.01%	0.69%	0.86%	0.88%	0.81%	0.86%	0.89%	0.9%
Gross Profit+	11.27B	8.16B	5.96B	4.81B	10.39B	7.86B	4.97B	4.46B
Gross Margin %	0.26%	0.14%	0.14%	0.12%	0.19%	0.14%	0.11%	0.1%
Gross Profit Growth %	-	-0.28%	-0.27%	-0.19%	1.16%	-0.24%	-0.37%	-0.1%
Operating Expenses+	4.57B	2.58B	2.35B	2.24B	2.5B	2.53B	2.46B	2.39B
OpEx % of Revenue	0.1%	0.04%	0.05%	0.06%	0.05%	0.04%	0.06%	0.06%
Selling, General & Admin	2.92B	1.78B	1.59B	1.47B	1.65B	1.68B	1.63B	1.58B
SG&A % of Revenue	0.07%	0.03%	0.04%	0.04%	0.03%	0.03%	0.04%	0.04%
Research & Development	803M	1.54B	765M	768M	857M	851M	829M	810M
R&D % of Revenue	0.02%	0.03%	0.02%	0.02%	0.02%	0.01%	0.02%	0.02%
Other Operating Expenses	0	0	0	0	0	0	0	0
Operating Income+	6.7B	5.58B	3.6B	2.57B	7.89B	5.33B	2.52B	2.06B
Operating Margin %	0.15%	0.09%	0.08%	0.07%	0.14%	0.09%	0.06%	0.05%
Operating Income Growth %	-	-0.17%	-0.35%	-0.29%	2.06%	-0.32%	-0.53%	-0.18%
EBITDA+	7.33B	8.31B	6.27B	5.16B	10.73B	8.09B	5.13B	4.96B
EBITDA Margin %	0.17%	0.14%	0.15%	0.13%	0.2%	0.14%	0.11%	0.12%
EBITDA Growth %	-	0.13%	-0.25%	-0.18%	1.08%	-0.25%	-0.37%	-0.03%
D&A (Non-Cash Add-back)	624M	2.74B	2.67B	2.59B	2.84B	2.76B	2.61B	2.89B
EBIT	3.77B	4.81B	-300M	2.95B	8.83B	6.74B	1.39B	2.36B
Net Interest Income+	-976M	-978M	-866M	-840M	-634M	-478M	-507M	-558M
Interest Income	0	82M	81M	38M	55M	173M	229M	200M
Interest Expense	976M	1.06B	947M	878M	689M	651M	736M	758M
Other Income/Expense	-3.9B	-1.83B	-4.85B	-502M	259M	759M	-1.86B	-464M
Pretax Income+	237M	5.92B	-1.25B	2.07B	8.14B	6.09B	656M	1.6B
Pretax Margin %	0.01%	0.1%	-0.03%	0.05%	0.15%	0.11%	0.01%	0.04%
Income Tax+	1.52B	1.28B	470M	777M	1.74B	1.45B	-4M	399M
Effective Tax Rate %	1.96%	0.76%	1.09%	0.59%	0.77%	0.75%	0.9%	0.7%
Net Income+	465M	4.5B	-1.36B	1.23B	6.31B	4.58B	589M	1.12B
Net Margin %	0.01%	0.07%	-0.03%	0.03%	0.11%	0.08%	0.01%	0.03%
Net Income Growth %	-	8.68%	-1.3%	1.9%	4.15%	-0.27%	-0.87%	0.89%
Net Income (Continuing)	595M	2.94B	-1.72B	1.29B	6.41B	4.64B	660M	1.2B
Discontinued Operations	1.88B	1.83B	432M	0	0	0	0	0
Minority Interest	1.19B	1.14B	553M	570M	574M	529M	501M	496M
EPS (Diluted)+	0.62	6.00	-2.31	1.64	8.38	6.28	0.82	1.57
EPS Growth %	-	8.68%	-1.39%	1.71%	4.11%	-0.25%	-0.87%	0.91%
EPS (Basic)	0.62	6.02	-2.31	1.64	8.44	6.32	0.82	1.57
Diluted Shares Outstanding	750M	750M	742.5M	742.3M	749M	725.6M	709M	705.1M
Basic Shares Outstanding	742.66M	747.2M	742.5M	740.5M	743.6M	721M	705.7M	703.8M
Dividend Payout Ratio	6.96%	0.82%	-	1.69%	0.33%	0.44%	3.35%	1.76%

Balance Sheet

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	27.24B	25.26B	16.82B	19.08B	20.85B	20.48B	17.61B	16.59B
Cash & Short-Term Investments	6.19B	2.82B	2.37B	5.1B	2.99B	3.89B	2.99B	2.57B
Cash Only	6.19B	2.72B	2.37B	5.1B	2.99B	3.89B	2.99B	2.19B
Short-Term Investments	4M	100M	0	0	0	0	0	383M
Accounts Receivable	12.05B	9.04B	7.55B	7.39B	9.55B	7.75B	6.61B	6.86B
Days Sales Outstanding	100.57	54.71	64.2	69.98	63.44	49.74	54.1	58.31
Inventory	8.38B	9.26B	6.21B	5.7B	7.37B	6.99B	6.08B	6.54B
Days Inventory Outstanding	69.11	81.55	61.31	61.69	60.36	52.01	55.93	62.03
Other Current Assets	627M	20.61B	679M	889M	934M	1.85B	1.94B	610M
Total Non-Current Assets+	52.7B	52.12B	43.71B	42.39B	42.14B	40.13B	40.35B	40.72B
Property, Plant & Equipment	23.81B	23.66B	23.07B	22.09B	21.97B	21.67B	22.39B	23.27B
Fixed Asset Turnover	1.84x	2.55x	1.86x	1.74x	2.50x	2.63x	1.99x	1.85x
Goodwill	13.94B	13.85B	8.8B	8.91B	8.76B	8.64B	8.64B	8.56B
Intangible Assets	5.55B	4.91B	3.76B	3.35B	2.88B	2.44B	2.07B	1.72B
Long-Term Investments	6.25B	5.97B	3.99B	4.1B	5.24B	4.38B	4.01B	4.68B
Other Non-Current Assets	1.42B	1.09B	1.88B	1.71B	1.93B	2.03B	1.76B	1.23B
Total Assets+	79.94B	77.38B	60.52B	61.47B	62.99B	60.6B	57.97B	57.31B
Asset Turnover	0.55x	0.78x	0.71x	0.63x	0.87x	0.94x	0.77x	0.75x
Asset Growth %	-	-0.03%	-0.22%	0.02%	0.02%	-0.04%	-0.04%	-0.01%
Total Current Liabilities+	14.38B	13.76B	10.68B	11.11B	13.23B	11.33B	9.96B	10.29B
Accounts Payable	5.36B	6.93B	3.89B	3.76B	5.58B	4.94B	4.53B	4.85B
Days Payables Outstanding	44.23	61.08	38.37	40.72	45.66	36.76	41.69	45.94
Short-Term Debt	1.24B	636M	1.02B	616M	392M	724M	179M	632M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0
Other Current Liabilities	0	4.49B	0	0	0	0	0	0
Current Ratio	1.89x	1.84x	1.57x	1.72x	1.58x	1.81x	1.77x	1.61x
Quick Ratio	1.31x	1.16x	0.99x	1.20x	1.02x	1.19x	1.16x	0.98x
Cash Conversion Cycle	125.45	75.19	87.14	90.96	78.14	64.99	68.34	74.4
Total Non-Current Liabilities+	38.55B	35.65B	35.75B	37.36B	31.02B	28.02B	28.9B	29.17B
Long-Term Debt	19.77B	19.25B	15.97B	15.97B	13.41B	13.91B	14.03B	14.77B
Capital Lease Obligations	0	0	1.74B	2.04B	2.02B	1.79B	1.91B	1.92B
Deferred Tax Liabilities	764M	664M	347M	405M	506M	1.11B	399M	392M
Other Non-Current Liabilities	18.02B	14.78B	17.69B	18.94B	15.09B	11.22B	12.56B	12.09B
Total Liabilities	52.93B	49.41B	46.43B	48.47B	44.25B	39.36B	38.86B	39.46B
Total Debt+	21B	19.9B	19.16B	19.04B	16.14B	16.71B	16.45B	17.64B
Net Debt	14.81B	17.16B	16.79B	13.94B	13.15B	12.82B	13.46B	15.46B
Debt / Equity	0.78x	0.71x	1.36x	1.46x	0.86x	0.79x	0.86x	0.99x
Debt / EBITDA	2.87x	2.39x	3.05x	3.69x	1.50x	2.07x	3.21x	3.56x
Net Debt / EBITDA	2.02x	2.06x	2.68x	2.70x	1.23x	1.58x	2.63x	3.12x
Interest Coverage	6.87x	5.26x	3.80x	2.93x	11.45x	8.19x	3.42x	2.72x
Total Equity+	27.01B	27.97B	14.09B	13.01B	18.74B	21.25B	19.11B	17.85B
Equity Growth %	-	0.04%	-0.5%	-0.08%	0.44%	0.13%	-0.1%	-0.07%
Book Value per Share	36.01	37.29	18.98	17.52	25.02	29.28	26.95	25.32
Total Shareholders' Equity	25.82B	26.83B	13.54B	12.44B	18.16B	20.72B	18.61B	17.36B
Common Stock	0	0	8M	8M	8M	8M	8M	8M
Retained Earnings	28.05B	29.81B	17.05B	16.36B	20.62B	23.18B	21.77B	20.91B
Treasury Stock	0	0	-500M	-625M	-1.63B	-3.87B	-4.37B	-4.66B
Accumulated OCI	-8.59B	-9.88B	-10.25B	-10.86B	-8.98B	-7.14B	-7.68B	-8.11B
Minority Interest	1.19B	1.14B	553M	570M	574M	529M	501M	496M

Cash Flow

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-4.93B	3.89B	5.93B	6.23B	7.01B	7.47B	5.2B	2.91B
Operating CF Margin %	-0.11%	0.06%	0.14%	0.16%	0.13%	0.13%	0.12%	0.07%
Operating CF Growth %	-	1.79%	0.52%	0.05%	0.13%	0.07%	-0.3%	-0.44%
Net Income	595M	4.63B	-1.27B	1.29B	6.41B	4.64B	660M	1.2B
Depreciation & Amortization	2.55B	3.33B	2.94B	2.87B	2.84B	2.76B	2.61B	2.89B
Stock-Based Compensation	0	0	0	0	0	0	0	0
Deferred Taxes	1.41B	-530M	-228M	258M	278M	79M	-1.22B	135M
Other Non-Cash Items	2.02B	-1.34B	4.11B	608M	-1.07B	784M	2.08B	305M
Working Capital Changes	-11.5B	-3.25B	387M	1.19B	-1.45B	-786M	1.07B	-1.62B
Change in Receivables	-11.43B	-1.53B	1.25B	171M	-2.13B	1.19B	1.16B	-224M
Change in Inventory	-891M	-983M	668M	515M	-1.77B	347M	844M	-529M
Change in Payables	1.08B	359M	-948M	-84M	2.46B	-1.25B	-734M	278M
Cash from Investing+	7.52B	-2.19B	-2.19B	-841M	-2.91B	-2.97B	-2.93B	-2.37B
Capital Expenditures	-187M	-46M	-9M	-135M	-823M	-235M	-121M	-125M
CapEx % of Revenue	0%	0%	0%	0%	0.01%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-
Other Investing	8.05B	-1.7B	-1.82B	-287M	-1.39B	-1.79B	-2.32B	-2.74B
Cash from Financing+	-3.33B	-5.4B	-4.09B	-2.76B	-6.07B	-3.36B	-3.12B	-1.17B
Debt Issued (Net)	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-
Dividends Paid	-3.23B	-3.71B	-2.08B	-2.07B	-2.07B	-2.01B	-1.97B	-1.97B
Share Repurchases	-	-	-	-	-	-	-	-
Other Financing	-230M	-572M	1.36B	-264M	-622M	-142M	-115M	-139M
Net Change in Cash	-	-	-	-	-	-	-	-
Free Cash Flow+	-7.92B	2.12B	3.96B	4.84B	4.68B	5.42B	2.72B	-151M
FCF Margin %	-0.18%	0.04%	0.09%	0.13%	0.09%	0.1%	0.06%	-0%
FCF Growth %	-	1.27%	0.87%	0.22%	-0.03%	0.16%	-0.5%	-1.06%
FCF per Share	-10.56	2.82	5.33	6.52	6.26	7.47	3.83	-0.21
FCF Conversion (FCF/Net Income)	-10.60x	0.87x	-4.34x	5.08x	1.11x	1.63x	8.82x	2.61x
Interest Paid	1.11B	1.14B	993M	842M	801M	675M	800M	887M
Taxes Paid	1.26B	1.19B	881M	518M	731M	793M	735M	827M

Key Ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	1.72%	16.37%	-6.49%	9.04%	39.76%	22.92%	2.92%	6.04%
Return on Invested Capital (ROIC)	12.02%	9.62%	7.1%	6.67%	20.11%	12.12%	5.66%	4.7%
Gross Margin	25.78%	13.54%	13.87%	12.49%	18.9%	13.81%	11.14%	10.37%
Net Margin	1.06%	7.46%	-3.18%	3.18%	11.48%	8.05%	1.32%	2.6%
Debt / Equity	0.78x	0.71x	1.36x	1.46x	0.86x	0.79x	0.86x	0.99x
Interest Coverage	6.87x	5.26x	3.80x	2.93x	11.45x	8.19x	3.42x	2.72x
FCF Conversion	-10.60x	0.87x	-4.34x	5.08x	1.11x	1.63x	8.82x	2.61x
Revenue Growth	-	37.84%	-28.75%	-10.27%	42.62%	3.52%	-21.58%	-3.72%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Packaging & Specialty Plastics	-	-	20.25B	18.3B	28.13B	29.26B	23.15B	21.78B
Packaging & Specialty Plastics Growth	-	-	-	-9.60%	53.70%	4.02%	-20.89%	-5.93%
Industrial Intermediates & Infrastructure	-	-	13.45B	12.02B	16.85B	16.61B	12.54B	11.87B
Industrial Intermediates & Infrastructure Growth	-	-	-	-10.62%	40.18%	-1.45%	-24.50%	-5.34%
Performance Materials & Coatings	-	-	8.96B	7.95B	9.67B	10.76B	8.5B	8.57B
Performance Materials & Coatings Growth	-	-	-	-11.27%	21.65%	11.29%	-21.06%	0.91%
Packaging and Specialty Plastics	14.11B	15.24B	-	-	-	-	-	-
Packaging and Specialty Plastics Growth	-	8.00%	-	-	-	-	-	-
Polyurethanes & CAV	7.8B	10.37B	-	-	-	-	-	-
Polyurethanes & CAV Growth	-	32.85%	-	-	-	-	-	-
Hydrocarbons & Energy	6.83B	7.4B	-	-	-	-	-	-
Hydrocarbons & Energy Growth	-	8.34%	-	-	-	-	-	-
Consumer Solutions	5.04B	5.66B	-	-	-	-	-	-
Consumer Solutions Growth	-	12.32%	-	-	-	-	-	-
Industrial Solutions	3.73B	4.74B	-	-	-	-	-	-
Industrial Solutions Growth	-	26.80%	-	-	-	-	-	-
Crop Protection	4.55B	4.67B	-	-	-	-	-	-
Crop Protection Growth	-	2.48%	-	-	-	-	-	-
Coatings and Performance Monomers	3.76B	3.99B	-	-	-	-	-	-
Coatings and Performance Monomers Growth	-	6.01%	-	-	-	-	-	-
Electronics & Imaging	2.62B	2.63B	-	-	-	-	-	-
Electronics & Imaging Growth	-	0.57%	-	-	-	-	-	-
Safety & Construction	1.93B	1.98B	-	-	-	-	-	-
Safety & Construction Growth	-	2.64%	-	-	-	-	-	-
Transportation & Advanced Polymers	1.17B	1.2B	-	-	-	-	-	-
Transportation & Advanced Polymers Growth	-	3.00%	-	-	-	-	-	-
Seed	1.39B	1B	-	-	-	-	-	-
Seed Growth	-	-28.00%	-	-	-	-	-	-
Nutrition & Health	591M	598M	-	-	-	-	-	-
Nutrition & Health Growth	-	1.18%	-	-	-	-	-	-
Industrial Biosciences	484M	500M	-	-	-	-	-	-
Industrial Biosciences Growth	-	3.31%	-	-	-	-	-	-
Other	19M	20M	-	-	-	-	-	-
Other Growth	-	5.26%	-	-	-	-	-	-
Construction Chemicals	736M	-	-	-	-	-	-	-
Construction Chemicals Growth	-	-	-	-	-	-	-	-
Corporate, Non-Segment	383M	-	-	-	-	-	-	-
Corporate, Non-Segment Growth	-	-	-	-	-	-	-	-
Energy Solutions	355M	-	-	-	-	-	-	-
Energy Solutions Growth	-	-	-	-	-	-	-	-
Epoxy	-	-	-	-	-	-	-	-
Epoxy Growth	-	-	-	-	-	-	-	-
Chlorinated Organics	-	-	-	-	-	-	-	-
Chlorinated Organics Growth	-	-	-	-	-	-	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
U.S.& Canada	-	-	15.55B	13.58B	19.61B	20.95B	16.64B	16.42B
U.S.& Canada Growth	-	-	-	-12.65%	44.40%	6.79%	-20.55%	-1.30%
Europe, Middle East, Africa and India [Domain]	-	-	14.61B	12.97B	19.75B	19.63B	14.54B	13.96B
Europe, Middle East, Africa and India [Domain] Growth	-	-	-	-11.24%	52.26%	-0.58%	-25.95%	-3.98%
Asia Pacific	-	-	8.68B	8.16B	10.04B	10.34B	8.27B	7.71B
Asia Pacific Growth	-	-	-	-5.89%	23.00%	3.00%	-20.09%	-6.76%
Latin America	-	-	4.11B	3.83B	5.57B	5.98B	5.18B	4.88B
Latin America Growth	-	-	-	-7.00%	45.48%	7.47%	-13.42%	-5.85%
World	19.95B	22.12B	-	-	-	-	-	-
World Growth	-	10.89%	-	-	-	-	-	-
UNITED STATES	19.17B	20.01B	-	-	-	-	-	-
UNITED STATES Growth	-	4.39%	-	-	-	-	-	-
Europe, Middle East and Africa	16.39B	18.15B	-	-	-	-	-	-
Europe, Middle East and Africa Growth	-	10.71%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Dow Inc. (DOW) has a price-to-earnings (P/E) ratio of 17.8x. This is roughly in line with market averages.

Growth & Financials

Dow Inc. (DOW) reported $40.91B in revenue for fiscal year 2024. This represents a 6% decrease from $43.73B in 2017.

Dow Inc. (DOW) saw revenue decline by 3.7% over the past year.

Dow Inc. (DOW) reported a net loss of $1.24B for fiscal year 2024.

Dividend & Returns

Yes, Dow Inc. (DOW) pays a dividend with a yield of 9.98%. This makes it attractive for income-focused investors.

Dow Inc. (DOW) has a return on equity (ROE) of 6.0%. This is below average, suggesting room for improvement.

Dow Inc. (DOW) had negative free cash flow of $1.12B in fiscal year 2024, likely due to heavy capital investments.