— Know what they know.
/
Not Investment Advice

DOW

NYSE · USD
Dow Inc.
Basic Materials · Chemicals
CEO Karen S. Carter Employees 34,600 R&D / revenue 1.9%
Last price
$29.93+0.91%last session
Market cap
$21.6B
P/E (TTM)
n/m
From 52w high
−30.0%
From 52w low
+43.0%
1-year return
+38.8%
RSI 14 · vs SMA200
60.2 · −7.0%
IS score
18.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

DOW   SPY   XLB (sector ETF) · weekly closes
100120140160180Jan 26Apr 26Jul 26Oct 26DOW 139XLB 118SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
15
Profitability
33
Growth
58
Value
36
Momentum
30
Risk (safety)
42
Quality
39
Balance sheet
43
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
▲ Altman distress zone▲ Share count rising
Observations
Moat model: Weak, Efficient ScalePiotroski 4 / 9Altman Z 1.8Beta 0.423 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
No open-market sales on file
Form 144 notices (12m): 1, $482,151 proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−109
142 new holders, 233 closed
1,205 filers hold 80.6% · 406 added, 455 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+315
963 funds adding shares
648 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
42.5%
20-day avg 47.5%, 50-day avg 52.4%
Latest 5.0 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$40.0B
Revenue growth YoY−7.0%
Gross margin6.0%
Operating income$260.0M
Operating margin0.7%
Net income−$2.6B
Net margin-6.6%
EPS (diluted)$-3.69
Cash flow
Operating cash flow$1.0B
Capital expenditure$2.5B
Free cash flow−$1.4B
FCF conversion (FCF / OCF)-140.2%
Stock-based compensation$0
FCF less SBC−$1.4B
Buybacks$0
Dividends$1.5B
Balance sheet & returns
Cash & short-term investments$3.8B
Total debt$17.0B
Net debt$13.2B
Shareholders' equity$17.5B
Goodwill & intangibles$9.5B
Debt / equity0.85
ROE (TTM)-6.6%
ROIC (TTM)-0.1%
Operating margin by fiscal year
14.3%FY20219.6%FY20225.4%FY20234.8%FY2024-1.8%FY2025
Revenue $55.0B (FY2021) to $40.0B (FY2025), a -7.7% CAGR.

Valuation

P/E (TTM)n/m
EV / EBITDA13.0x
Price / sales0.52x
Price / FCF49.6x
FCF yield2.02%
Buyback yield0.00%
SBC / revenue0.0%
Price / book0.87x
Forward P/E FY202612.6x
Forward P/E FY202719.2x
Forward P/E FY202817.8x
Forward multiples divide today's price by Street EPS estimates. Street mean target $32.50 across 6 analysts last quarter is theirs, not ours.

DOW vs industry median

68 companies in Chemicals
Gross margin 9.8% 24.5% Operating margin -0.1% 8.7% Net margin -2.9% 5.1% ROIC -0.1% 5.0%
DOW (TTM)Industry median Asset turnover 0.67 vs industry 0.65 · financial leverage 2.52

Earnings delivery

Next report 2026-10-22 · consensus EPS $0.61
75%
beat rate, 9 of 12 quarters
+12.1%
median EPS surprise
4
longest beat streak
+9+7+24-6+3-121+241-142+38+27+64+15
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-24 to 2026-07-23. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
DOW Dow Inc. $21.6Bn/m-6.6%-2.9%−7.0% +38.8%
DD DuPont de Nemours, Inc. $17.6B283.6x0.3%7.9%−32.7% +35.4%
CE Celanese Corporation $5.2Bn/m-24.8%4.5%−2.3% +18.9%
MEOH Methanex Corporation $5.0B58.0x3.4%14.2%+19.2% +85.7%
RS Reliance Steel & Aluminum Co $21.0B23.8x12.2%7.0%+15.4% +55.0%
AMRZ Amrize AG $20.7B24.5x9.5%13.7%+278.4% —
LYB LyondellBasell Industries N. $20.7Bn/m-3.1%6.1%−11.3% —
RGLD Royal Gold, Inc. $20.2B26.0x13.5%52.5%+94.3% —
12-month window: SPY +15.9%, sector ETF XLB +17.8%. Past returns describe history only.

Recent 8-K filings

2026-07-23Earnings Release; Exhibits
2026-07-10Other Events; Exhibits
2026-07-06Officer/Director Change
2026-04-23Earnings Release; Exhibits
2026-04-14Officer/Director Change; Shareholder Vote; Regulation FD; Other Events; Exhibits
2026-01-29Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding722,340,711
Free float99.7%
Institutional ownership80.6%
Beta0.42
Dividend yield4.68%
Last dividend$0.35 on 2026-08-31
50 / 200-day average$29.60 / $32.25
Large-cap Basic Materials median P/E30.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where DOW sits among 12 scored companies in Chemicals (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureDOWIndustry medianIndustry percentileSector median
P/E (TTM) —
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 0.5x 0.5x
36th		 1.9x
Price / book 0.9x 1.2x
27th		 2.3x
Price / tangible book 1.3x 1.5x
30th		 3.3x
Price / free cash flow 49.6x 8.0x
100th		 16.3x
Price / operating cash flow 4.7x 5.6x
27th		 9.6x
Enterprise value $38.5B $3.7B
100th		 $5.4B
EV / sales 0.9x 1.1x
45th		 2.0x
EV / EBITDA 16.8x 9.1x
82nd		 10.8x
EV / EBIT 200.6x 14.9x
100th		 14.7x
EV / free cash flow 88.3x 13.9x
100th		 21.6x
Earnings yield -5.6% -2.6%
45th		 3.9%
FCF yield 2.0% 9.0%
18th		 4.3%
Operating cash flow yield 21.3% 17.7%
73rd		 9.8%
Graham number (per share) —

Profitability (TTM)

MeasureDOWIndustry medianIndustry percentileSector median
Gross margin 9.8% 16.0%
18th		 32.1%
EBITDA margin 5.6% 10.1%
36th		 19.0%
Operating margin -0.1% 3.6%
45th		 13.8%
EBIT margin 0.5% 4.6%
36th		 12.3%
Net margin -2.9% -0.5%
18th		 6.8%
NOPAT margin -0.1% 4.8%
45th		 10.1%
FCF margin 1.1% 6.9%
18th		 6.4%
Operating cash flow margin 11.2% 10.6%
55th		 15.6%
R&D / revenue 1.8% 0.0%
82nd		 0.0%
SG&A / revenue 3.9% 8.0%
27th		 9.4%
Stock comp / revenue 0.0% 0.3%
0th		 0.4%
Effective tax rate 21.0% 21.0%
36th		 22.5%

Returns on capital

MeasureDOWIndustry medianIndustry percentileSector median
ROE (on average equity) -5.8% -1.6%
36th		 12.1%
ROA -2.0% -0.6%
27th		 5.0%
ROIC -0.1% 3.0%
45th		 9.8%
ROCE 0.3% 2.8%
36th		 9.7%
Return on tangible assets 0.3% 1.9%
36th		 8.5%
Cash ROIC (OCF / invested capital) 11.2% 9.8%
55th		 14.9%
Gross profitability (GP / assets) 6.6% 11.1%
18th		 17.5%
ROIC, 3-yr average 0.1% 1.5%
27th		 6.5%
ROIC, 5-yr average 5.2% 5.8%
45th		 8.1%
ROE, 5-yr average 7.9% 7.0%
55th		 9.1%
Incremental ROIC 7.5% -0.3%
55th		 28.3%

Growth

MeasureDOWIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) -1.2% 2.0%
27th		 9.7%
Revenue growth (QoQ) 23.5% 12.0%
91st		 9.5%
Revenue CAGR, 3 yr -5.7% -4.9%
27th		 2.3%
Revenue CAGR, 5 yr -2.2% 0.0%
27th		 7.3%
Gross profit CAGR, 3 yr -8.8% -6.6%
45th		 5.4%
Operating income CAGR, 3 yr —
Net income growth (TTM YoY) —
Net income CAGR, 3 yr —
EPS growth (TTM YoY) —
EPS CAGR, 3 yr —
EPS CAGR, 5 yr —
FCF growth (TTM YoY) —
FCF CAGR, 3 yr -50.3% -1.5%
14th		 3.8%
Operating cash flow CAGR, 3 yr -7.9% -7.3%
40th		 7.7%
Book value CAGR, 3 yr 6.9% -2.9%
82nd		 6.5%
Dividend CAGR, 3 yr 4.4% -0.2%
89th		 2.6%
Sustainable growth rate —

Margin history & stability

MeasureDOWIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 9.4% 15.1%
9th		 29.8%
Operating margin, 3-yr average 2.4% 3.0%
36th		 12.0%
Net margin, 3-yr average -0.9% 0.3%
27th		 6.3%
FCF margin, 3-yr average 0.3% 5.7%
18th		 7.1%
Revenue stability (0-1) 0.55 0.41
73rd		 0.60
Earnings stability (0-1) 0.78 0.45
91st		 0.41
Margin stability (0-1) 0.71 0.73
45th		 0.83

Liquidity (latest quarter)

MeasureDOWIndustry medianIndustry percentileSector median
Cash & short-term investments $4.0B $282.0M
100th		 $245.7M
Net cash (− = net debt) −$16.9B −$1.8B
0th		 −$465.1M
Working capital $19.0B $750.3M
100th		 $531.5M
Current ratio 11.07 2.42
100th		 2.08
Quick ratio 7.24 1.70
100th		 1.42
Cash ratio (cash + ST investments / current liabilities) 2.11 0.59
91st		 0.45
Defensive interval (days) 1,115 days 800 days
64th		 773 days

Leverage & solvency (latest quarter)

MeasureDOWIndustry medianIndustry percentileSector median
Total debt $20.9B $2.8B
100th		 $807.4M
Debt / equity 0.85 0.91
36th		 0.50
Net debt / equity 0.69 0.75
45th		 0.30
Debt / assets 33.9% 34.3%
45th		 24.4%
Debt / capital 46.1% 47.7%
36th		 33.5%
Debt / EBITDA 9.08 4.52
82nd		 1.80
Net debt / EBITDA 7.35 3.27
73rd		 1.17
Interest coverage (EBIT / interest) 0.2x 0.5x
40th		 6.7x
Cash interest coverage 5.3x 2.0x
80th		 7.7x
Debt payback (years of OCF) 4.5 yrs 4.2 yrs
55th		 2.6 yrs
Liabilities / assets 57.7% 56.9%
55th		 47.8%
IS credit model rating B+ — —
Implied credit spread (bps) 650 450
64th		 162

Efficiency

MeasureDOWIndustry medianIndustry percentileSector median
Asset turnover 0.69 0.75
45th		 0.66
Fixed asset turnover 1.75 1.87
36th		 1.53
Inventory turnover 5.4 5.6
36th		 4.9
Receivables turnover 7.0 7.7
27th		 8.7
Days sales outstanding 52 days 47 days
73rd		 42 days
Days inventory outstanding 68 days 66 days
64th		 74 days
Days payables outstanding 24 days 54 days
27th		 49 days
Cash conversion cycle (days) 96 days 57 days
82nd		 61 days
Capex / revenue 10.1% 2.8%
91st		 7.8%
Capex / depreciation 1.98 0.43
91st		 1.09
Operating expense ratio 10.6% 9.4%
64th		 11.3%

Cash flow & earnings quality

MeasureDOWIndustry medianIndustry percentileSector median
Operating cash flow / net income —
FCF / net income —
FCF / operating cash flow 9.4% 64.0%
18th		 52.6%
Capex / operating cash flow 90.6% 36.0%
82nd		 47.0%
Accruals ratio -9.7% -7.7%
27th		 -5.6%
Sloan accruals ratio 16.0% -3.6%
100th		 -3.6%
Earnings quality score (0-1) —

Dividends & buybacks

MeasureDOWIndustry medianIndustry percentileSector median
Dividend yield 4.7% 2.0%
73rd		 0.9%
Dividend per share (TTM) $1.40 $0.33
82nd		 $0.40
Payout ratio (dividends / net income) —
Dividends / FCF 514.7% 11.1%
100th		 17.9%
Dividend growth (YoY) 13.1% -0.5%
89th		 4.2%
Buyback yield 0.0% 0.0%
18th		 0.2%
Shareholder yield (dividends + buybacks) 10.4% 4.6%
100th		 2.3%
Share count change (YoY) 0.6% 0.5%
55th		 0.0%
Buybacks, last 5 years $0 $287,000
0th		 $35.6M

Scores & forensic checks

MeasureDOWIndustry medianIndustry percentileSector median
IS score 19 35
18th		 57
IS profitability 15 15
45th		 44
IS growth 33 37
9th		 59
IS value 58 59
45th		 54
IS momentum 36 66
9th		 78
IS risk (safety) 30 30
18th		 80
IS quality 42 55
27th		 70
IS balance sheet 39 52
36th		 65
IS earnings quality 43 57
0th		 71
IS cash flow 25 47
27th		 49
Piotroski F-score (0-9) 4 6
0th		 6
Altman Z-score 1.8 1.8
45th		 3.1
Beneish M-score −3.25 −2.88
18th		 −2.55
Ohlson O-score −8.24 −7.60
36th		 −8.14
IS credit score 34 44
36th		 70

Per share

MeasureDOWIndustry medianIndustry percentileSector median
EPS, diluted (TTM) −$1.70 −$0.30
18th		 $1.57
Book value per share $34.42 $17.96
73rd		 $16.95
Tangible book per share $23.56 $17.02
73rd		 $8.43
Revenue per share $58.24 $44.85
64th		 $31.21
FCF per share $0.61 $2.14
18th		 $1.99
Operating cash flow per share $6.50 $4.12
64th		 $4.23
Cash per share $5.60 $3.96
64th		 $2.16

Size (TTM)

MeasureDOWIndustry medianIndustry percentileSector median
Market cap $21.6B $1.4B
100th		 $4.7B
Revenue $41.3B $3.7B
100th		 $2.5B
EBITDA $2.3B $333.0M
100th		 $488.0M
Net income −$1.2B −$578,500
0th		 $137.1M
Free cash flow $436.0M $141.1M
73rd		 $142.7M
Total assets $61.6B $6.6B
100th		 $3.8B
Shareholders' equity $24.4B $1.4B
100th		 $1.6B
Employees 32,800 4,263
100th		 4,067

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-12De Mattos Cunha Neto Nestor
President, Ind Interm & Infras
 — 716$72.77$52,1030
2026-08-12De Mattos Cunha Neto Nestor
President, Ind Interm & Infras
 — 3,649$57.67$210,4380
2026-08-12De Mattos Cunha Neto Nestor
President, Ind Interm & Infras
 — 4,700$60.95$286,4650
2026-08-12De Mattos Cunha Neto Nestor
President, Ind Interm & Infras
 — 5,114$59.08$302,1350
2026-08-12De Mattos Cunha Neto Nestor
President, Ind Interm & Infras
 — 9,982$55.17$550,7070
2026-08-12De Mattos Cunha Neto Nestor
President, Ind Interm & Infras
 — 15,060$38.34$577,4000
2026-08-12De Mattos Cunha Neto Nestor
President, Ind Interm & Infras
 — 16,810$32.65$548,8460
2026-07-01Carter Karen S
Director, Chief Executive Officer
 Award / grant 24,150——174,481
2026-07-01Carter Karen S
Director, Chief Executive Officer
 Award / grant 126,640$27.02$3.4M126,640

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
AprJulAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired2150,790$3.4M
—Disposed856,031$2.5M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 1 notices · 16,184 shares · $482,151
FiledFilerShares proposedEst. proceeds
2026-09-10Ten Bruggencate Marco16,184$482,151
2024-03-04Sampson John Maurice3,536$201,592
2024-02-22Fitterling James R93,714$5.2M
2024-02-16Wilson Amy E2,720$152,048
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 4 trades (4 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2025-11-18Gilbert CisnerosHousePurchase$1,001 - $15,0002025-12-16
2025-11-18Gilbert CisnerosHousePurchase$1,001 - $15,0002025-12-15
2025-11-17Gilbert Ray CisnerosHousePurchase$1,001 - $15,0002025-12-15
2024-05-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-06-14
2024-05-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-06-13
2024-05-03Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002024-06-13
2022-01-12Tommy TubervilleSenatePurchase$1,001 - $15,0002022-02-14
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.61,742,580$1.7B8.55%
VANGUARD CAPITAL MANAGEMENT LLC47,031,008$1.3B6.51%
STATE STREET CORP37,869,410$1.0B5.24%
VANGUARD PORTFOLIO MANAGEMENT LLC34,887,097$954.5M4.83%
GEODE CAPITAL MANAGEMENT, LLC19,281,367$525.4M2.67%
TWO SIGMA INVESTMENTS, LP17,873,366$489.0M2.47%
Capital World Investors15,744,500$430.8M2.18%
PZENA INVESTMENT MANAGEMENT LLC12,507,011$342.2M1.73%
MORGAN STANLEY10,741,334$293.9M1.49%
Invesco Ltd.9,669,204$264.5M1.34%
FMR LLC9,383,872$256.7M1.30%
NORGES BANK9,303,665$254.5M1.29%
GOLDMAN SACHS GROUP INC8,825,633$241.5M1.22%
D. E. Shaw & Co., Inc.7,313,258$200.1M1.01%
Qube Research & Technologies Ltd6,879,031$188.2M0.95%

Institutional ownership by quarter

2023-092026-0680.6%
% of shares held by 13F filers
2023-092026-061,205
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,20580.6%142406455233
2026-03-311,31472.4%310431381100
2025-12-311,12470.1%148336468106
2025-09-301,10866.3%96321507184
2025-06-301,21768.2%103472467214
2025-03-311,34666.7%124513533181
2024-12-311,42566.5%195416643232
2024-09-301,49768.3%96517643135
2024-06-301,55267.6%103592621144
2024-03-311,61666.1%155566640119
2023-12-311,60163.6%20244373483
2023-09-301,50963.7%11353861198

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-07SCHEDULE 13GSTATE STREET CORPORATION5.3%37,921,179
2026-04-29SCHEDULE 13GVanguard Capital Management7.4%53,373,360
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.03%$632.3M
VTSAX0.03%$632.3M
VSMPX0.03%$632.3M
VTI0.03%$632.3M
VOO0.03%$522.6M
VFFSX0.03%$522.6M

Share structure

Shares outstanding722,340,711
Float720,441,243
Free float99.7%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$55.0B$56.9B$44.6B$43.0B$40.0B
Cost of revenue$44.6B$49.0B$39.6B$38.5B$37.6B
Gross profit$10.4B$7.9B$5.0B$4.5B$2.4B
R&D$857.0M$851.0M$829.0M$810.0M$751.0M
SG&A$1.6B$1.7B$1.6B$1.6B$1.4B
Operating income$7.9B$5.3B$2.5B$2.1B$260.0M
EBITDA$11.7B$9.5B$4.0B$5.3B$1.2B
Pretax income$8.1B$6.1B$656.0M$1.6B−$2.5B
Income tax$1.7B$1.4B−$4.0M$399.0M−$67.0M
Net income$6.3B$4.6B$589.0M$1.1B−$2.6B
EPS, diluted$8.38$6.28$0.82$1.57$-3.69
Diluted shares749.0M725.6M709.0M705.1M711.6M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$3.0B$3.9B$3.0B$2.6B$3.8B
Receivables$9.6B$7.8B$6.6B$6.9B$6.6B
Inventory$7.4B$7.0B$6.1B$6.5B$6.6B
Total current assets$20.8B$20.5B$17.6B$16.6B$18.1B
PP&E, net$22.0B$21.7B$22.4B$23.3B$23.6B
Goodwill & intangibles$11.6B$11.1B$10.7B$10.3B$9.5B
Total assets$63.0B$60.6B$58.0B$57.3B$58.5B
Accounts payable$5.6B$4.9B$4.5B$4.8B$4.2B
Total current liabilities$13.2B$11.3B$10.0B$10.3B$9.2B
Long-term debt$13.4B$13.9B$14.0B$14.8B$16.7B
Total liabilities$44.3B$39.4B$38.9B$39.5B$41.0B
Shareholders' equity$18.7B$21.2B$19.1B$17.9B$17.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$6.4B$4.6B$660.0M$1.2B−$2.6B
Depreciation & amortization$2.8B$2.8B$2.6B$2.9B$2.8B
Stock-based compensation$0$0$0$0$0
Change in working capital−$1.4B−$786.0M$1.1B−$1.6B−$1.2B
Operating cash flow$7.0B$7.5B$5.2B$2.9B$1.0B
Capital expenditure−$2.3B−$2.1B−$2.5B−$3.1B−$2.5B
Free cash flow$4.7B$5.4B$2.7B−$151.0M−$1.4B
Investing cash flow−$2.9B−$3.0B−$2.9B−$2.4B$817.0M
Net debt issued / repaid−$2.7B$900.0M−$591.0M$1.3B$1.2B
Buybacks−$1.0B−$2.3B−$625.0M−$494.0M$0
Dividends paid−$2.1B−$2.0B−$2.0B−$2.0B−$1.5B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin18.9%14.0%10.9%10.3%6.2%
Operating margin14.3%9.6%5.4%4.8%-1.8%
Net margin11.5%8.1%1.3%2.6%-6.6%
FCF margin8.5%9.5%6.1%-0.4%-6.5%
ROE41.2%23.6%3.0%6.2%-15.7%
ROIC19.8%12.4%7.5%4.8%-1.8%
ROA10.1%7.4%1.0%1.9%-4.5%
Debt / equity0.890.810.881.021.22
Interest coverage12.8x10.4x1.9x3.1xn/m
Current ratio1.581.811.771.611.97
Revenue growth+42.6%+3.5%−21.6%−3.7%−7.0%
EPS growth+416.4%−24.3%−87.0%+89.1%−330.7%
P/E at year end5.3x6.6x57.8x23.6xn/m
EV / EBITDA at year end4.0x4.5x11.9x7.9x26.7x
FCF yield at year end13.96%18.02%7.99%-0.57%-15.54%
Dividend payout32.8%43.8%334.8%176.2%—

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Packaging & Specialty Plastics$28.1B$29.3B$23.1B$21.8B$20.0B
Industrial Intermediates & Infrastructure$16.9B$16.6B$12.5B$11.9B$11.2B
Performance Materials & Coatings$9.7B$10.8B$8.5B$8.6B$8.1B

Revenue by region · FY2025

U.S.& Canada$15.8B · 40%
Europe, Middle East, Africa and India [Domain]$12.6B · 31%
Asia Pacific$7.2B · 18%
Latin America$4.4B · 11%

Street estimates by fiscal year

Next report 2026-10-22 · consensus EPS $0.61 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$43.7B$43.4B – $43.9B$2.38$2.18 – $2.68912.6x
2027$42.6B$41.3B – $44.9B$1.56$0.54 – $2.25919.2x
2028$43.7B$39.6B – $46.9B$1.68$1.34 – $1.90317.8x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-23$1.25$1.44+15.2%$12.0B$12.1B+0.5%
2026-04-23$-0.39$-0.14+64.1%$9.7B$9.8B+1.4%
2026-01-29$-0.46$-0.34+26.7%$9.5B$9.5B−0.0%
2025-10-23$-0.31$-0.19+38.4%$10.2B$10.0B−2.4%
2025-07-24$-0.17$-0.42−142.1%$10.2B$10.1B−1.4%
2025-04-24$-0.01$0.02+240.8%$10.2B$10.4B+1.9%
2025-01-30$0.35$-0.08−121.5%$10.5B$10.4B−1.0%
2024-10-24$0.46$0.47+2.8%$10.7B$10.9B+2.1%
2024-07-25$0.72$0.68−5.6%$11.0B$10.9B−0.9%
2024-04-25$0.45$0.56+24.4%$10.7B$10.8B+0.5%
2024-01-25$0.40$0.43+7.5%$10.4B$10.6B+2.4%
2023-10-24$0.44$0.48+9.1%$10.3B$10.7B+4.0%
2023-07-25$0.70$0.75+7.1%$11.3B$11.4B+1.3%
2023-04-25$0.37$0.58+56.8%$11.4B$11.9B+4.4%
2023-01-26$0.57$0.46−19.3%$12.0B$11.9B−1.3%
2022-10-20$1.08$1.11+2.8%$13.1B$14.1B+8.1%
2022-07-21$2.14$2.31+7.9%$15.6B$15.7B+0.7%
2022-04-21$2.06$2.34+13.6%$14.5B$15.3B+5.1%
2022-01-27$2.04$2.15+5.4%$14.1B$14.4B+1.6%
2021-10-21$2.56$2.75+7.4%$14.3B$14.8B+4.0%
2021-07-22$2.45$2.72+11.0%$14.2B$13.9B−2.4%
2021-04-22$1.17$1.36+16.2%$9.6B$11.9B+23.9%
2021-01-28$0.69$0.81+17.4%$8.5B$10.7B+26.4%
2020-10-22$0.33$0.50+51.5%$6.4B$9.7B+51.5%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.506-220.306-290.407-060.307-130.407-200.407-270.308-030.308-100.308-170.308-240.308-31
Week ofNotionalSharesTrades
2026-08-31$302.2M9,954,812128,732
2026-08-24$286.1M9,342,572126,470
2026-08-17$330.5M10,267,107133,985
2026-08-10$259.9M8,465,454130,037
2026-08-03$341.2M11,398,883143,494
2026-07-27$411.1M13,918,267158,507

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1542.5%
DateShort shareShort volumeTotal volume
2026-10-1542.5%1,075,9462,533,044
2026-10-1447.2%1,372,4472,909,691
2026-10-1343.3%864,5721,994,670
2026-10-1237.7%901,3522,391,277
2026-10-0944.4%1,440,5993,242,999
2026-10-0848.3%1,902,1883,938,414
2026-10-0739.4%1,207,6873,065,190
2026-10-0650.2%1,598,2523,185,079
2026-10-0547.5%1,014,3062,135,187
2026-10-0244.3%1,216,2412,744,358
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.7Jan+1.6Feb+0.6Mar+3.8Apr-0.5May-3.6Jun-1.4Jul+3.5Aug-2.0Sep-0.6Oct+3.9Nov+0.9Dec
MonthAvg returnUp yearsYears
Jan+1.7%43%7
Feb+1.6%57%7
Mar+0.6%62%8
Apr+3.8%43%7
May−0.5%57%7
Jun−3.6%43%7
Jul−1.4%57%7
Aug+3.5%57%7
Sep−2.0%29%7
Oct−0.6%43%7
Nov+3.9%71%7
Dec+0.9%57%7
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1460.2
MFI64.2
ADX17.5
Stochastic %K / %D92.9 / 85.4
Williams %R-5.7
CCI231
TSI / signal-1.3 / -11.6
Chaikin money flow0.02
ATR$0.81
Bollinger width8.9%
Volume vs 20-day avg0.47x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$28.36 (+5.5%)
SMA 50$29.52 (+1.4%)
SMA 200$32.18 (−7.0%)
EMA 21$28.78 (+4.0%)
EMA 50$29.34 (+2.0%)
EMA 200$30.71 (−2.5%)
Bollinger upper$29.62 (+1.0%)
Bollinger lower$27.10 (+10.4%)
Parabolic SAR$27.91 (+7.2%)
Open the live chart, 110+ indicators

About Dow Inc.

Dow Inc. is a global leader in materials science, delivering diverse solutions for key industries such as packaging, infrastructure development, mobility, and consumer products. The company's reach extends across numerous regions, including the United States, Canada, Europe, the Middle East, Africa, India, the Asia Pacific, and Latin America. Its operations are structured into three main divisions: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings. The Packaging & Specialty Plastics segment is responsible for producing foundational chemicals like ethylene, propylene, and aromatics, along with a range of polymers including polyethylene, polyolefin elastomers, ethylene vinyl acetate, and ethylene propylene diene monomer rubbers. The Industrial Intermediates & Infrastructure segment offers a broad spectrum of products, from ethylene and propylene oxides, propylene glycol, and polyether polyols to aromatic isocyanates and comprehensive polyurethane systems. This division also provides coatings, adhesives, sealants, elastomers, and composite materials, alongside essential chemicals such as caustic soda, ethylene dichloride, and vinyl chloride monomers. Additionally, it supplies specialized products like cellulose ethers, redispersible latex powders, and acrylic emulsions. The Performance Materials & Coatings division focuses on architectural and industrial paint and coating solutions, catering to diverse applications including maintenance, protective finishes, wood, metal packaging, traffic markings, thermal paper, and leather goods. This segment also develops high-performance silicones, specialty materials, and the necessary feedstocks and intermediates for silicone production. In addition to its core materials science endeavors, Dow Inc. also engages in the property and casualty insurance, and reinsurance businesses. The company was founded in 2018 and is headquartered in Midland, Michigan.

https://www.dow.com

Key executives

NameTitlePayBorn
James R. FitterlingExecutive Chair$2.8M1962
John Maurice SampsonSenior Vice President of Operations, Manufacturing & Engineering$1.5M1961
Karen S. CarterCEO & Director$1.5M1971
Jeffrey L. TateChief Financial Officer$1.3M1970
Amy E. WilsonGeneral Counsel$1.3M1971
Andrew RikerVice President of Investor Relations——
Brendy LangePresident of Performance Materials & Coatings and Executive Oversight of Asia Pacific—1984
Debra BaulerChief Information & Digital Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Jim Fitterling Chair and Chief Executive Officer2025$1.7M$11.9M$533,988$19.1M
Karen S. Carter Chief Operating Officer2025$975,000$4.2M$210,600$7.2M
Jeffrey L. Tate Chief Financial Officer2025$950,347$3.6M$189,090$6.1M
Amy E. Wilson General Counsel and Corporate Secretary2025$876,692$2.5M$158,402$4.9M
A. N. Sreeram Senior Vice President, Research & Development and Chief Technology Officer2025$974,227$2.5M$167,223$4.7M

Employees

36k201936k202036k202138k202236k202336k202435k2025

Dividends

Ex-dateAmountPaid
2026-08-31$0.352026-09-11
2026-05-29$0.352026-06-12
2026-02-27$0.352026-03-13
2025-11-28$0.352025-12-12
2025-08-29$0.352025-09-12
2025-05-30$0.72025-06-13
2025-02-28$0.72025-03-14
2024-11-29$0.72024-12-13

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage45
Intangibles50
Switching costs52
Network effect45
Efficient scale75
Our component scores (0-100) and overall 52.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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