The company has successfully executed a rapid deleveraging strategy, moving from $5.3 billion in total debt during 2024Q4 to a debt-free position of $0 in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 4.06B | 3.65B | 4.1B | 3.48B | 3.78B | 4.65B | 3.54B | 3.32B | 3.37B | 3.14B | 2.87B | 2.88B | 3.17B | 2.84B | 2.59B | 2.3B | 2.05B | 1.74B | 1.42B | 2.29B | 2.42B | 1.92B | 1.77B | 2.01B | 1.53B | 1.46B | 1.52B | 1.49B | 1.42B | 1.49B | 1.34B |
| Cash & Short-Term Investments | 665M | 566M | 837M | 548M | 493M | 459M | 564M | 204M | 226M | 191M | 181M | 293M | 214M | 237M | 249M | 777M | 516M | 793M | 387M | 888M | 939M | 524M | 325M | 558M | 77M | 66M | 101M | 186M | 29M | 29M | 24M |
| Cash Only | 665M | 566M | 837M | 548M | 493M | 459M | 564M | 204M | 226M | 191M | 181M | 293M | 214M | 237M | 249M | 577M | 516M | 793M | 387M | 888M | 939M | 524M | 325M | 558M | 77M | 66M | 101M | 186M | 29M | 29M | 24M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 949M | 999M | 1.17B | 1.15B | 1.28B | 1.58B | 1.51B | 1.38B | 1.48B | 1.39B | 1.21B | 1.04B | 1.2B | 1.09B | 997M | 704M | 676M | 379M | 354M | 658M | 754M | 656M | 779M | 701M | 674M | 656M | 737M | 631M | 776M | 793M | 744M |
| Days Sales Outstanding | 48.19 | 41.66 | 45.6 | 45.79 | 44.24 | 55.01 | 65.33 | 54.27 | 53.48 | 53.17 | 49.41 | 39.64 | 46.05 | 42.44 | 45.13 | 35.8 | 42.56 | 27.53 | 19.21 | 35.16 | 36.94 | 33.92 | 43.21 | 44.11 | 46.24 | 44.42 | 50.83 | 50.18 | 63.21 | 61.87 | 56.79 |
| Inventory | 2.08B | 1.98B | 1.99B | 1.68B | 1.89B | 1.5B | 1.38B | 1.66B | 1.58B | 1.51B | 1.4B | 1.48B | 1.51B | 1.26B | 1.26B | 779M | 619M | 531M | 637M | 539M | 682M | 671M | 582M | 698M | 713M | 659M | 580M | 485M | 493M | 511M | 465M |
| Days Inventory Outstanding | 107.25 | 104.62 | 102.32 | 86.08 | 81.53 | 68.92 | 77.93 | 86.67 | 75.11 | 78.34 | 78.96 | 78.8 | 75.46 | 70.03 | 72.79 | 51.34 | 51.71 | 48.6 | 41.59 | 35.2 | 40.33 | 43.31 | 37.92 | 51.06 | 57.31 | 53.49 | 50.09 | 46.98 | 50.75 | 52.07 | 47.11 |
| Other Current Assets | 364M | 100M | 104M | 96M | 114M | 1.1B | 83M | 80M | 73M | 57M | 70M | 68M | 250M | 251M | 88M | 42M | 236M | 32M | 45M | 208M | 47M | 73M | 82M | 140M | 207M | 77M | 105M | 187M | 117M | 157M | 112M |
| Total Non-Current Assets | 11.17B | 11.21B | 11.11B | 11.15B | 10.89B | 10.87B | 12.54B | 12.69B | 12.63B | 12.86B | 12.59B | 12.73B | 12.9B | 9.01B | 9.03B | 3.88B | 3.98B | 3.78B | 3.86B | 3.72B | 3.75B | 3.85B | 4.1B | 4.22B | 4.74B | 4.63B | 5.03B | 4.81B | 4.46B | 4.29B | 3.92B |
| Property, Plant & Equipment | 0 | 5.92B | 5.62B | 5.55B | 5.16B | 5B | 5.55B | 5.57B | 5.6B | 5.61B | 5.28B | 5.13B | 5.09B | 4.29B | 4.18B | 3.11B | 3.22B | 3.11B | 3.2B | 2.85B | 3.07B | 3.16B | 3.19B | 3.42B | 3.75B | 3.63B | 3.92B | 3.95B | 4.06B | 3.88B | 3.52B |
| Fixed Asset Turnover | 1.98x | 1.48x | 1.67x | 1.66x | 2.04x | 2.10x | 1.53x | 1.66x | 1.81x | 1.70x | 1.70x | 1.86x | 1.87x | 2.18x | 1.93x | 2.31x | 1.80x | 1.62x | 2.10x | 2.40x | 2.43x | 2.23x | 2.06x | 1.70x | 1.42x | 1.49x | 1.35x | 1.16x | 1.10x | 1.21x | 1.36x |
| Goodwill | 3.66B | 3.67B | 3.63B | 3.65B | 3.66B | 3.64B | 4.46B | 4.43B | 4.47B | 4.53B | 4.46B | 4.52B | 4.49B | 2.64B | 2.64B | 406M | 375M | 315M | 325M | 316M | 314M | 312M | 314M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 946M | 970M | 1.03B | 1.14B | 1.21B | 1.36B | 1.79B | 2.01B | 2.19B | 2.37B | 2.47B | 2.65B | 2.9B | 1.76B | 1.85B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25M | 350M | 573M | 614M | 612M | 446M | 0 | 0 | 0 |
| Long-Term Investments | 111M | 111M | 186M | 124M | 183M | 145M | 0 | 0 | -884M | -893M | -1.21B | -928M | -946M | -496M | -91M | -616M | -659M | -258M | -106M | -300M | -269M | -317M | -210M | -316M | -484M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 6.56B | 546M | 647M | 696M | 672M | 729M | 736M | 674M | 378M | 349M | 385M | 435M | 421M | 317M | 351M | 775M | 757M | 355M | 335M | 554M | 368M | 375M | 573M | 451M | 418M | 387M | 490M | 418M | 401M | 407M | 401M |
| Total Assets | 15.22B | 14.86B | 15.21B | 14.63B | 14.67B | 15.52B | 16.08B | 16.01B | 15.99B | 16B | 15.46B | 15.61B | 16.07B | 11.85B | 11.62B | 6.18B | 6.02B | 5.51B | 5.28B | 6.01B | 6.17B | 5.77B | 5.87B | 6.23B | 6.27B | 6.09B | 6.55B | 6.3B | 5.88B | 5.78B | 5.27B |
| Asset Turnover | 0.57x | 0.59x | 0.62x | 0.63x | 0.72x | 0.68x | 0.53x | 0.58x | 0.63x | 0.59x | 0.58x | 0.61x | 0.59x | 0.79x | 0.69x | 1.16x | 0.96x | 0.91x | 1.27x | 1.14x | 1.21x | 1.22x | 1.12x | 0.93x | 0.85x | 0.89x | 0.81x | 0.73x | 0.76x | 0.81x | 0.91x |
| Asset Growth % | 0.65% | -2.33% | 3.96% | -0.23% | -5.49% | -3.51% | 0.47% | 0.08% | -0.03% | 3.51% | -0.99% | -2.87% | 35.69% | 1.95% | 87.89% | 2.67% | 9.21% | 4.43% | -12.12% | -2.66% | 6.93% | -1.69% | -5.75% | -0.69% | 3.07% | -7.08% | 3.92% | 7.27% | 1.7% | 9.72% | 8.49% |
| Total Current Liabilities | 2.77B | 2.65B | 2.71B | 2.58B | 3.25B | 2.97B | 2.04B | 1.79B | 1.85B | 1.98B | 1.79B | 2.06B | 2.02B | 1.47B | 1.36B | 1.11B | 1.07B | 800M | 832M | 1.12B | 1.06B | 1.05B | 1.1B | 1.48B | 1.22B | 958M | 1.26B | 1.61B | 985M | 954M | 787M |
| Accounts Payable | 0 | 1.21B | 1.31B | 1.17B | 1.32B | 1.23B | 799M | 890M | 914M | 842M | 704M | 699M | 827M | 762M | 723M | 529M | 0 | 0 | 434M | 578M | 581M | 534M | 535M | 973M | 1.24B | 906M | 526M | 323M | 265M | 281M | 312M |
| Days Payables Outstanding | 66.53 | 63.99 | 67.37 | 59.84 | 56.78 | 56.27 | 45.15 | 46.41 | 43.37 | 43.71 | 39.59 | 37.24 | 41.36 | 42.22 | 41.77 | 34.87 | - | - | 28.33 | 37.75 | 34.35 | 34.47 | 34.86 | 71.17 | 99.99 | 73.54 | 45.43 | 31.29 | 27.28 | 28.63 | 31.61 |
| Short-Term Debt | 0 | 642M | 499M | 593M | 1.13B | 797M | 349M | 171M | 243M | 393M | 283M | 431M | 301M | 0 | 4M | 153M | 6M | 0 | 13M | 78M | 14M | 4M | 1M | 504M | 3M | 54M | 106M | 599M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 94M | 399M | 412M | 211M | 191M | 0 | 403M | 40M | 0 | 0 | -832M | 174M | 185M | -1.05B | -1.1B | -1.48B | -1.22B | 230M | 303M | 255M | 0 | 0 | 0 |
| Other Current Liabilities | 2.77B | 396M | 379M | 218M | 391M | 326M | 390M | 373M | 417M | 548M | 502M | 579M | 703M | 362M | 325M | 175M | 210M | 335M | 385M | 222M | 203M | 170M | 563M | 0 | 0 | -230M | 330M | 431M | 306M | 247M | 475M |
| Current Ratio | 1.47x | 1.37x | 1.51x | 1.35x | 1.16x | 1.56x | 1.74x | 1.86x | 1.82x | 1.59x | 1.60x | 1.40x | 1.57x | 1.93x | 1.90x | 2.07x | 1.91x | 2.17x | 1.71x | 2.04x | 2.29x | 1.83x | 1.61x | 1.36x | 1.25x | 1.52x | 1.21x | 0.93x | 1.44x | 1.56x | 1.71x |
| Quick Ratio | 0.71x | 0.63x | 0.78x | 0.70x | 0.58x | 1.06x | 1.06x | 0.93x | 0.96x | 0.82x | 0.81x | 0.68x | 0.82x | 1.07x | 0.98x | 1.37x | 1.33x | 1.51x | 0.94x | 1.56x | 1.64x | 1.19x | 1.08x | 0.89x | 0.67x | 0.83x | 0.75x | 0.62x | 0.94x | 1.03x | 1.12x |
| Cash Conversion Cycle | 88.91 | 82.29 | 80.54 | 72.03 | 69 | 67.66 | 98.11 | 94.53 | 85.22 | 87.8 | 88.78 | 81.19 | 80.15 | 70.25 | 76.15 | 52.28 | - | - | 32.46 | 32.62 | 42.91 | 42.76 | 46.27 | 24 | 3.56 | 24.38 | 55.5 | 65.87 | 86.68 | 85.31 | 72.29 |
| Total Non-Current Liabilities | 6.37B | 6.17B | 6.65B | 6.53B | 6.18B | 6.76B | 7.94B | 8.19B | 8.27B | 8.54B | 9.05B | 9.53B | 10.46B | 6.5B | 7.23B | 3.2B | 3.33B | 3.2B | 2.9B | 2.81B | 3.08B | 3.11B | 3.59B | 3.71B | 3.78B | 3.75B | 3.48B | 2.94B | 2.96B | 3.07B | 2.84B |
| Long-Term Debt | 0 | 4.32B | 4.66B | 4.42B | 4.03B | 4.57B | 5.27B | 5.61B | 5.92B | 6.15B | 6.31B | 6.61B | 7.25B | 4.25B | 4.78B | 1.45B | 1.6B | 1.6B | 1.44B | 1.53B | 1.59B | 1.62B | 2.06B | 2.09B | 2.05B | 2.14B | 1.91B | 1.51B | 1.65B | 1.71B | 1.52B |
| Capital Lease Obligations | 117M | 117M | 96M | 120M | 0 | 157M | 0 | 0 | 0 | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.22B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 2.3B | 669M | 533M | 601M | 671M | 810M | 848M | 915M | 884M | 893M | 1.21B | 928M | 946M | 496M | 91M | 210M | 284M | 258M | 106M | 300M | 269M | 317M | 210M | 316M | 484M | 452M | 607M | 485M | 415M | 397M | 348M |
| Other Non-Current Liabilities | 5.69B | 1.07B | 1.36B | 1.38B | 1.48B | 1.22B | 1.82B | 1.66B | 1.46B | 1.49B | 1.54B | 1.97B | 2.27B | 1.75B | 2.45B | 1.54B | 1.41B | 119M | 1.35B | 970M | 1.23B | 1.17B | 1.32B | 1.62B | 1.72B | 1.16B | 959M | 945M | 893M | 960M | 969M |
| Total Liabilities | 9.14B | 8.82B | 9.36B | 9.1B | 9.43B | 9.73B | 9.97B | 9.98B | 10.12B | 10.52B | 10.85B | 11.59B | 12.48B | 7.97B | 8.59B | 4.31B | 4.4B | 4B | 3.73B | 3.93B | 4.14B | 4.16B | 4.69B | 5.19B | 5B | 4.71B | 4.74B | 4.54B | 3.94B | 4.03B | 3.63B |
| Total Debt | 0 | 5.08B | 5.26B | 5.14B | 5.15B | 5.52B | 5.62B | 5.78B | 6.17B | 6.54B | 6.59B | 7.04B | 7.55B | 4.25B | 4.78B | 1.6B | 1.6B | 1.6B | 1.46B | 1.61B | 1.6B | 1.63B | 2.06B | 2.59B | 2.06B | 2.2B | 2.02B | 2.1B | 1.65B | 1.71B | 1.52B |
| Net Debt | -665M | 4.51B | 4.42B | 4.59B | 4.66B | 5.06B | 5.05B | 5.58B | 5.94B | 6.35B | 6.41B | 6.75B | 7.33B | 4.02B | 4.53B | 1.02B | 1.09B | 811M | 1.07B | 725M | 664M | 1.1B | 1.74B | 2.04B | 1.98B | 2.13B | 1.92B | 1.92B | 1.62B | 1.69B | 1.5B |
| Debt / Equity | 0.00x | 0.84x | 0.90x | 0.93x | 0.98x | 0.95x | 0.92x | 0.96x | 1.05x | 1.17x | 1.43x | 1.75x | 2.10x | 1.10x | 1.58x | 0.85x | 0.99x | 1.06x | 0.94x | 0.77x | 0.79x | 1.01x | 1.74x | 2.49x | 1.62x | 1.59x | 1.11x | 1.20x | 0.85x | 0.98x | 0.93x |
| Debt / EBITDA | 0.00x | 3.52x | 2.79x | 3.22x | 3.30x | 2.75x | 3.31x | 2.99x | 2.97x | 3.10x | 3.11x | 3.07x | 4.37x | 1.77x | 3.66x | 1.24x | 1.42x | 2.07x | 1.76x | 1.63x | 1.63x | 1.49x | 2.96x | 25.93x | 3.40x | 7.11x | 2.06x | 3.60x | 2.10x | 2.06x | 1.56x |
| Net Debt / EBITDA | -0.56x | 3.12x | 2.35x | 2.88x | 2.98x | 2.52x | 2.97x | 2.89x | 2.86x | 3.01x | 3.02x | 2.94x | 4.25x | 1.67x | 3.47x | 0.79x | 0.97x | 1.05x | 1.29x | 0.73x | 0.68x | 1.01x | 2.50x | 20.35x | 3.27x | 6.90x | 1.96x | 3.28x | 2.06x | 2.02x | 1.53x |
| Interest Coverage | 2.22x | 3.73x | 5.99x | 5.82x | 6.16x | 6.64x | 3.59x | 5.05x | 6.48x | 6.26x | 5.17x | 5.32x | 5.85x | 9.98x | 5.51x | 12.63x | 7.07x | 3.99x | 7.47x | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 6.09B | 6.04B | 5.85B | 5.53B | 5.24B | 5.79B | 6.11B | 6.03B | 5.88B | 5.57B | 4.62B | 4.02B | 3.59B | 3.88B | 3.03B | 1.87B | 1.63B | 1.51B | 1.55B | 2.08B | 2.03B | 1.61B | 1.18B | 1.04B | 1.27B | 1.38B | 1.81B | 1.76B | 1.93B | 1.75B | 1.64B |
| Equity Growth % | 11.19% | 3.16% | 5.82% | 5.62% | -9.54% | -5.24% | 1.26% | 2.62% | 5.51% | 20.56% | 14.92% | 12.01% | -7.35% | 27.93% | 61.98% | 14.94% | 7.53% | -2.58% | -25.41% | 2.61% | 25.87% | 36.15% | 13.52% | -17.94% | -7.76% | -23.95% | 3.01% | -9.05% | 10.33% | 6.96% | 7.26% |
| Book Value per Share | - | 52.22 | 49.64 | 46.31 | 41.92 | 42.22 | 44.75 | 43.55 | 41.13 | 38.13 | 31.14 | 26.84 | 23.76 | 24.76 | 20.32 | 13.07 | 11.01 | 10.29 | 10.22 | 12.42 | 12.18 | 9.85 | 7.56 | 6.76 | 8.23 | 8.98 | 11.78 | 11.18 | 12.16 | 11.12 | 10.33 |
| Total Shareholders' Equity | 6.01B | 5.96B | 5.78B | 5.46B | 5.15B | 5.7B | 6.02B | 5.96B | 5.8B | 5.49B | 4.54B | 3.94B | 3.51B | 3.8B | 2.94B | 1.87B | 1.63B | 1.51B | 1.55B | 2.08B | 2.03B | 1.61B | 1.18B | 1.04B | 1.27B | 1.38B | 1.81B | 1.76B | 1.93B | 1.75B | 1.64B |
| Common Stock | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 0 |
| Retained Earnings | 10.11B | 10.11B | 10.01B | 9.49B | 8.97B | 8.56B | 8.08B | 7.96B | 7.57B | 6.8B | 5.72B | 5.15B | 4.54B | 4.01B | 3.04B | 3.44B | 2.88B | 2.57B | 2.56B | 2.35B | 2.19B | 1.92B | 1.51B | 1.48B | 1.88B | 1.95B | 2.27B | 2.1B | 2.19B | 2.08B | 1.93B |
| Treasury Stock | 0 | -6.49B | -6.38B | -6.08B | -5.93B | -4.86B | -3.96B | -3.9B | -3.58B | -3.17B | -2.83B | -2.68B | -2.58B | -2.17B | -1.93B | -1.93B | -1.61B | -1.33B | -1.31B | -813M | -432M | -432M | -433M | -435M | -436M | -442M | -438M | -381M | -331M | -366M | -359M |
| Accumulated OCI | -141M | -160M | -314M | -319M | -205M | -182M | -273M | -214M | -245M | -209M | -281M | -390M | -277M | 171M | 123M | -538M | -432M | -385M | -335M | -28M | -174M | -200M | -103M | -121M | -295M | -251M | -117M | -54M | -18M | -37M | -4.01B |
| Minority Interest | 77M | 76M | 73M | 72M | 83M | 84M | 85M | 74M | 75M | 77M | 76M | 80M | 80M | 79M | 85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital intensity and leverage
According to recent financial statements, Eastman Chemical's total assets have remained relatively stable at $15.2 billion as of 2026Q1, despite a persistent revenue decline, suggesting that the company is maintaining its industrial footprint while navigating a challenging period of reduced volume leverage and market demand.
The stability in total assets indicates that the company has not yet engaged in significant asset impairment or divestiture, despite the ongoing revenue contraction. Investors should monitor whether this asset base can generate sufficient returns as the company transitions its focus toward circular economy initiatives.
As reported in quarterly filings, Eastman Chemical successfully reduced its total debt to zero in 2026Q1 from a peak of $5.3 billion in 2024Q4, a significant shift that warrants further investigation into the specific financing or cash-flow events that enabled this rapid deleveraging of the balance sheet.
The sudden elimination of debt appears to be a major structural change that significantly improves the company's risk profile. However, analysts should verify if this reflects a permanent improvement in capital structure or a temporary liquidity event that may be reversed as capital-intensive projects continue.
Based on EMN's reported figures, the current ratio improved to 1.47 in 2026Q1, while cash reserves increased to $665 million, providing a modest buffer against the operational volatility and the ongoing capital requirements associated with the company's large-scale molecular recycling facility investments.
The improvement in the current ratio suggests a more comfortable liquidity position compared to the 2023Q4 level of 1.35. This liquidity is essential for managing the timing of planned maintenance turnarounds and the inherent volatility of raw material input costs.
As indicated by quarterly data, Eastman Chemical has maintained a steady equity base of $6.0 billion through 2026Q1, supported by consistent retained earnings of $10.1 billion, which suggests a long-term commitment to shareholder value despite the recent cyclical pressures on the company's core profitability.
The stability of retained earnings implies that the company has avoided significant erosion of its equity base during the recent downturn. This resilience may provide a foundation for future capital allocation, provided that the company can successfully scale its high-margin circular materials business.
Analysis of recent financial statements reveals that goodwill remains a substantial $3.7 billion on the balance sheet, which warrants further investigation into whether these intangible assets are fully supported by the current earnings trajectory of the company's specialty chemical segments in a softening macro environment.
The persistence of high goodwill levels relative to total assets suggests a potential risk of future impairment if the expected synergies from past acquisitions fail to materialize. Investors should remain cautious about the valuation of these intangibles given the ongoing revenue headwinds and margin compression.
Quick answers to the most common questions about buying EMN stock.
As of 2025, Eastman Chemical Company (EMN) had total assets of $14.86B including $3.65B in current assets.
Eastman Chemical Company (EMN) carries total debt of $5.08B, offset by $566.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Eastman Chemical Company (EMN) has total shareholders' equity (book value) of $5.96B ($52.22 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Eastman Chemical Company (EMN) reported a current ratio of 1.37x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.