Materials · Commodity Chemicals · US stock · price as of 16 Oct 2026
Key indicators
Price
$29.93
52-week range
$19.95 – $41.82
Market cap
$21.6B
P/E (trailing)
–
EV / EBITDA
30.1×
Free-cash-flow yield
−1.1%
Dividend yield
4.7%
Revenue (last 12 months)
$39.3B
Revenue growth (3y a year)
−11.1%
Operating margin
−4.2%
Return on invested capital
−4.5%
Net debt / EBITDA
11.8×
Fair value
Fair value is not shown for this company.
X-Ray Score
20/ 100 · Medium confidence · ahead of 0% of sector peers
Valuation18
Growth5
Profitability27
Financial health17
Dividends37
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Plastics, chemicals and specialty materials are made by Dow, a materials science company. Its range includes polyethylene for packaging, polyurethane and chemical intermediates, silicones, coatings and materials for infrastructure. Customers are manufacturers in packaging, consumer goods, construction, transportation and industrial markets. The business is organised into packaging and specialty plastics, industrial intermediates and infrastructure, and performance materials and coatings segments.
Dow earns its revenue by producing materials in large volumes and supplying them to manufacturers, so its income follows industrial demand and chemical prices. Revenue was $39.3 billion over the last twelve months, having changed at -11.1% a year across the last three years, a steep decline. The operating margin is -4.2%, and the business earns -4% on the capital invested in it. Net debt is 11.8 times EBITDA, and the dividend yield is 4.7%.
StocksXray gives Dow Inc. an X-Ray Score of 20 out of 100 (medium confidence), ahead of 0% of the S&P 500 stocks in its sector. Its strongest lens is dividends (37) and its weakest is growth (5).
XStocksXray
Dow Inc. (DOW)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$43.67
$40.76
$46.77
$36.11
$22.61
$29.93
Market cap
$32.7B
$29.6B
$33.2B
$25.5B
$16.1B
$21.6B
P/E
5.2×
6.5×
57.0×
23.0×
–
–
EV / revenue
0.8×
0.7×
1.0×
0.9×
0.8×
0.9×
EV / EBITDA
3.8×
4.3×
11.4×
7.5×
26.8×
31.4×
Price / free cash flow
5.9×
5.2×
11.7×
–
–
–
Free-cash-flow yield
16.8%
19.1%
8.6%
−0.1%
−9.0%
−1.1%
Price / book
1.8×
1.4×
1.8×
1.5×
1.0×
1.4×
Dividend yield
6.41%
6.87%
5.99%
7.75%
9.29%
4.68%
Fundamentals checklist ● 1 Good · ● 1 Average · ● 11 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−7.9%Good
Free-cash-flow yield−1.1%Bad
Risk models
Altman Z score2.0×Bad
Piotroski F-Score3 of 9Bad
Growth
Revenue growth (3y)−11.1%Bad
Growth consistency10%Bad
Balance sheet
Current ratio1.8×Average
Net debt / EBITDA11.8×Bad
Interest cover-1.9×Bad
Valuation
EBIT / EV yield−4.5%Bad
Profitability
Return on invested capital−4.5%Bad
Operating margin−4.2%Bad
Gross profitability4.2%Bad
XStocksXray
Dow Inc. (DOW)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
54,968
56,902
44,622
42,964
39,968
39,331
Gross profit
10,777
8,564
4,880
4,606
2,533
2,502
Operating income
8,876
6,752
1,402
2,411
-1,646
-1,659
Net income
6,405
4,640
660
1,201
-2,444
-2,670
Diluted EPS ($)
8.38
6.28
0.82
1.57
-3.70
-3.74
Free cash flow
5,508
5,652
2,840
-26
-1,447
-232
Gross margin
19.6%
15.1%
10.9%
10.7%
6.3%
6.4%
Operating margin
16.1%
11.9%
3.1%
5.6%
−4.1%
−4.2%
Net margin
11.7%
8.2%
1.5%
2.8%
−6.1%
−6.8%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
62,990
60,603
57,967
57,312
58,538
59,780
Cash
2,988
3,886
2,987
2,189
3,816
4,110
Total debt
14,672
15,422
15,086
16,208
18,071
18,047
Equity
18,165
20,718
18,607
17,355
16,008
15,249
Dividend per share ($)
2.80
2.80
2.80
2.80
2.10
1.75
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Dec 2024
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Revenue ($M)
10,405
10,431
10,104
9,973
9,460
9,794
Growth vs a year earlier
−2.0%
−3.1%
−7.4%
−8.3%
−9.1%
−6.1%
Net income ($M)
32
-307
-835
62
-1,364
-533
Diluted EPS ($)
–
-0.44
-1.18
0.08
–
-0.74
XStocksXray
Dow Inc. (DOW)
Peers in Commodity Chemicals
Company
X-Ray
DOW · Dow Inc.
20
Market Compass outlook for Materials: Neutral (50/100). It blends regime history, macro sensitivity, momentum and valuation.
Returns
1 week
+5.3%
1 month
+1.5%
3 months
−0.3%
6 months
−14.1%
1 year
+41.4%
3 years
−30.1%
5 years
−33.0%
Technical summary
DailyNeutral7 bullish · 1 neutral · 8 bearish
WeeklyNeutral5 bullish · 1 neutral · 6 bearish
MonthlyBearish2 bullish · 1 neutral · 5 bearish
50-day / 200-day average
$29.47 / $31.73
52-week low / high
$19.95 / $41.82
Classic pivot, support and resistance
S2 29.50 · S1 29.72 · P – · R1 30.15 · R2 30.36
Recent dividends
Ex-dividend date
Amount per share
30 Nov 2026
$0.3500
31 Aug 2026
$0.3500
29 May 2026
$0.3500
27 Feb 2026
$0.3500
28 Nov 2025
$0.3500
29 Aug 2025
$0.3500
XStocksXray
Dow Inc. (DOW)
Strengths
No check stands out as a clear strength against its sector.
Risks and weak spots
Free-cash-flow yield is weak against Materials peers (−1.1%).
Altman Z score is weak against Materials peers (2.0×).
Piotroski F-Score is weak against Materials peers (3 of 9).
Revenue growth (3y) is weak against Materials peers (−11.1%).
Growth consistency is weak against Materials peers (10%).
Net debt / EBITDA is weak against Materials peers (11.8×).
Interest cover is weak against Materials peers (-1.9×).
EBIT / EV yield is weak against Materials peers (−4.5%).
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.