Latest Ratios: P/E Ratio -25.5x · EV/EBITDA 30.0x · ROE -6.5%. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $19.4B | $13.9B | $24.2B | $31.0B | $27.2B | $30.8B | $30.6B | $33.4B | $32.3B | $44.0B | $36.0B |
| Enterprise Value | $31.9B | $26.5B | $33.8B | $40.6B | $38.3B | $42.9B | $46.3B | $46.0B | $41.4B | $51.1B | $44.1B |
| P/E Ratio → | -25.53 | — | 17.90 | 14.72 | 7.04 | 5.51 | 21.62 | 9.85 | 6.90 | 9.02 | 9.40 |
| P/S Ratio | 0.64 | 0.46 | 0.60 | 0.75 | 0.54 | 0.67 | 1.10 | 0.96 | 0.83 | 1.28 | 1.23 |
| P/B Ratio | 1.89 | 1.37 | 1.92 | 2.37 | 2.14 | 2.57 | 3.78 | 4.08 | 3.11 | 4.92 | 5.93 |
| P/FCF | 50.43 | 36.31 | 12.23 | 9.09 | 6.44 | 5.37 | 21.01 | 14.71 | 9.61 | 12.03 | 10.71 |
| P/OCF | 8.56 | 6.16 | 6.34 | 6.27 | 4.45 | 4.00 | 8.99 | 6.72 | 5.91 | 8.46 | 6.43 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.88 | 0.84 | 0.99 | 0.76 | 0.93 | 1.67 | 1.33 | 1.06 | 1.48 | 1.51 |
| EV / EBITDA | 29.99 | 24.89 | 10.11 | 8.85 | 6.01 | 5.26 | 15.74 | 8.48 | 6.40 | 7.70 | 7.21 |
| EV / EBIT | — | — | 16.20 | 13.08 | 7.56 | 5.88 | 24.24 | 10.47 | 7.30 | 8.54 | 7.94 |
| EV / FCF | — | 68.89 | 17.05 | 11.90 | 9.05 | 7.48 | 31.81 | 20.31 | 12.30 | 13.97 | 13.12 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.0% | 9.0% | 11.3% | 12.8% | 13.1% | 19.0% | 12.2% | 15.6% | 16.6% | 18.6% | 20.5% |
| Operating Margin | -1.1% | -1.1% | 4.5% | 7.4% | 10.1% | 14.7% | 5.6% | 11.9% | 13.4% | 15.8% | 17.3% |
| Net Profit Margin | -2.5% | -2.5% | 3.4% | 5.1% | 7.7% | 12.2% | 5.1% | 9.8% | 12.0% | 14.1% | 13.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -6.5% | -6.5% | 10.6% | 16.4% | 31.4% | 55.8% | 17.4% | 36.5% | 48.5% | 65.0% | 60.7% |
| ROA | -2.1% | -2.1% | 3.7% | 5.8% | 10.6% | 15.6% | 4.3% | 11.5% | 17.2% | 19.7% | 16.6% |
| ROIC | -1.1% | -1.1% | 6.1% | 9.9% | 16.0% | 21.2% | 5.2% | 15.3% | 22.1% | 27.1% | 27.2% |
| ROCE | -1.1% | -1.1% | 6.2% | 10.3% | 17.3% | 22.8% | 5.7% | 17.1% | 23.7% | 27.1% | 27.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.56 | 1.56 | 1.03 | 1.00 | 1.03 | 1.13 | 2.16 | 1.66 | 0.90 | 0.96 | 1.48 |
| Debt / EBITDA | 15.02 | 15.02 | 3.87 | 2.83 | 2.07 | 1.67 | 5.94 | 2.50 | 1.45 | 1.30 | 1.47 |
| Net Debt / Equity | — | 1.23 | 0.76 | 0.74 | 0.87 | 1.01 | 1.94 | 1.55 | 0.87 | 0.79 | 1.33 |
| Net Debt / EBITDA | 11.77 | 11.77 | 2.86 | 2.10 | 1.73 | 1.49 | 5.34 | 2.34 | 1.40 | 1.07 | 1.32 |
| Debt / FCF | — | 32.59 | 4.82 | 2.82 | 2.61 | 2.11 | 10.79 | 5.60 | 2.69 | 1.94 | 2.41 |
| Interest Coverage | -0.40 | -0.40 | 4.33 | 6.51 | 17.64 | 14.08 | 3.63 | 12.68 | 15.75 | 12.19 | 17.25 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.77 | 1.77 | 1.83 | 1.84 | 1.75 | 1.69 | 2.11 | 1.83 | 1.92 | 2.46 | 2.11 |
| Quick Ratio | 1.19 | 1.19 | 1.13 | 1.17 | 1.04 | 1.01 | 1.32 | 0.95 | 1.10 | 1.57 | 1.28 |
| Cash Ratio | 0.56 | 0.56 | 0.50 | 0.47 | 0.32 | 0.20 | 0.45 | 0.20 | 0.22 | 0.59 | 0.45 |
| Asset Turnover | — | 0.89 | 1.13 | 1.11 | 1.39 | 1.26 | 0.78 | 1.14 | 1.38 | 1.32 | 1.24 |
| Inventory Turnover | 7.61 | 7.61 | 7.67 | 7.52 | 9.13 | 7.63 | 5.61 | 6.39 | 7.20 | 6.65 | 6.09 |
| Days Sales Outstanding | — | 34.06 | 32.15 | 35.42 | 29.52 | 41.20 | 59.04 | 36.31 | 41.49 | 45.75 | 42.49 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.1% | 12.7% | 7.1% | 5.2% | 11.9% | 4.8% | 4.6% | 4.4% | 4.8% | 3.2% | 3.9% |
| Payout Ratio | — | — | 126.5% | 76.2% | 83.6% | 26.5% | 98.9% | 43.1% | 33.1% | 29.0% | 36.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 5.6% | 6.8% | 14.2% | 18.2% | 4.6% | 10.2% | 14.5% | 11.1% | 10.6% |
| FCF Yield | 2.0% | 2.8% | 8.2% | 11.0% | 15.5% | 18.6% | 4.8% | 6.8% | 10.4% | 8.3% | 9.3% |
| Buyback Yield | 1.0% | 1.4% | 0.8% | 0.7% | 1.5% | 1.5% | 0.0% | 11.2% | 5.7% | 2.0% | 8.2% |
| Total Shareholder Yield | 10.2% | 14.1% | 7.9% | 5.9% | 13.5% | 6.3% | 4.6% | 15.6% | 10.5% | 5.2% | 12.0% |
| Shares Outstanding | — | $322M | $326M | $326M | $328M | $334M | $334M | $353M | $389M | $399M | $420M |
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying LYB stock.
LyondellBasell Industries N.V.'s current P/E ratio is -25.5x. The historical average is 10.3x.
LyondellBasell Industries N.V.'s current EV/EBITDA is 30.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.6x.
LyondellBasell Industries N.V.'s return on equity (ROE) is -6.5%. The historical average is 34.2%.
Based on historical data, LyondellBasell Industries N.V. is trading at a P/E of -25.5x. Compare with industry peers and growth rates for a complete picture.
LyondellBasell Industries N.V.'s current dividend yield is 9.13%.
LyondellBasell Industries N.V. has 9.0% gross margin and -1.1% operating margin.
LyondellBasell Industries N.V.'s Debt/EBITDA ratio is 15.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Dividend sustainability amid cyclical trough
Metrics are mathematically derived from official filings.
Margin Compression Signals Cyclical Trough
Gross margin fell to 9.0% TTM from 13.3% in 2024Q1, while operating margin turned negative at -1.1%, reflecting severe spread compression. According to quarterly disclosures, this marks the deepest trough in the period.
The 2025Q3 quarter saw operating margin at -9.5% and net margin at -11.5%, the worst in the ten-quarter window, before a partial recovery to 16.8% operating margin in 2026Q2. This volatility suggests extreme operating leverage, where fixed costs amplify earnings swings. The negative TTM operating margin indicates the company is operating below cash breakeven at the operating level, a condition that may persist until global polyolefin spreads recover.
Return on Capital Decays Through the Cycle
ROIC swung from 3.2% in 2024Q2 to -2.4% in 2025Q3, with TTM ROIC at 5.3% in 2026Q2. As reported in financial statements, the decline reflects margin compression rather than asset efficiency deterioration.
The recovery in 2026Q2 to 5.3% ROIC is still below the cost of capital, suggesting value destruction during the trough. Asset turnover remained stable around 0.21-0.27, indicating that the collapse in returns is driven entirely by margins, not by asset utilization. Investors should monitor whether the cyclical recovery can restore ROIC above the weighted average cost of capital, which appears unlikely in the near term given the negative net margin.
Working Capital Efficiency Deteriorates
Cash conversion cycle lengthened from 55 days in 2024Q2 to 60 days in 2025Q2, then improved to 49 days by 2026Q2. Based on quarterly data, DIO rose from 62 to 63 days before falling, while DPO declined from 51 to 36 days.
The extension of DPO in 2024 provided a cash buffer, but the recent decline to 36 days suggests reduced supplier leverage, possibly due to tighter credit terms. DSO remained stable around 36-45 days, indicating no significant change in customer payment behavior. The net effect is a modest drag on cash conversion, but the larger issue is the volatility in working capital, which has amplified cash flow swings during the downturn.
Leverage Rises as Equity Erodes
Debt-to-equity climbed from 0.96 in 2024Q1 to 1.33 in 2026Q2, while interest coverage fell from 10.99 to 7.57. As reported in financial statements, debt remained elevated while equity contracted due to cumulative losses.
The D/E ratio of 1.33 understates economic leverage because of LIFO inventory reserves and significant equity-method joint ventures, which may obscure the true debt burden. Interest coverage of 7.57 in 2026Q2 appears comfortable, but it fell to -0.37 in 2025Q4, indicating that operating income was insufficient to cover interest expenses at the trough. The planned exit from refining and shift to circular solutions may require additional capital, potentially increasing leverage further.
Liquidity Buffer Thins Amid Stress
Current ratio fell from 2.12 in 2024Q1 to 1.64 in 2026Q2, while quick ratio declined from 1.32 to 1.07. According to quarterly data, cash remained stable at $2.6B, but current liabilities rose.
The quick ratio near 1.0 suggests that the company can cover short-term obligations without relying on inventory sales, which is critical in a downturn where inventory values may be impaired. However, the thinning current ratio indicates reduced flexibility to absorb further shocks. If the downturn persists, the company may need to draw on credit lines or reduce capital expenditures, which could impact long-term competitiveness.
EV/EBITDA Misleads at Cycle Trough
The trailing EV/EBITDA of 32.28 is distorted by trough EBITDA, while forward EV/EBITDA of 9.13 suggests market expectations of normalization. As reported in valuation multiples, this metric is commonly misapplied to cyclical chemical companies.
Using trailing EV/EBITDA for LYB is misleading because current EBITDA is depressed, inflating the multiple. The forward multiple of 9.13 is more indicative of mid-cycle valuation, but it relies on assumptions of a recovery that is not yet visible in the data. Analysts should instead use mid-cycle EBITDA estimates, adjusting for LIFO and JV contributions, to assess fair value. The market appears to be pricing a recovery, but the risk is that the trough persists longer than expected, making the forward multiple overly optimistic.