Goodyear Tire and Rubber
Goodyear Tire and Rubber's revenue fell 3.2% to $18.3 billion in fiscal 2025. Its net margin was −9.4%, down from 0.2% a year earlier. Free cash flow was −$30 million.
Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What Goodyear Tire and Rubber does
Goodyear develops, makes, distributes and sells tires for cars, trucks, buses, aircraft, motorcycles, farm equipment and other uses. It sells them to vehicle makers as original equipment and, mostly, as replacements. It also retreads truck and aircraft tires, runs about 750 retail outlets that sell tires and do repairs, and operates commercial truck service centers. Its brands include Goodyear, Cooper, Kelly, Mastercraft, Mickey Thompson, Fulda and Avon, plus private-label brands for some customers.
Goodyear has three segments, each a regional tire business: Americas; Europe, Middle East and Africa; and Asia Pacific. About 84% of its 2025 sales were tire units. In 2025 its net sales were $18,280 million and it had a net loss of $1,721 million. It names Bridgestone and Michelin as its two major worldwide competitors.
It finished a multi-year plan called Goodyear Forward in 2025. As part of it, Goodyear sold its off-the-road tire business, the Dunlop brand and its polymer chemicals business, for gross proceeds of about $2.2 billion, and used the money to cut debt. It makes tires at 49 factories in 19 countries and has about 63,000 full-time and temporary employees.
Its biggest risks, as it describes them
- Not carrying out its strategic plans, or not being able to keep the savings from its Goodyear Forward plan.
- Global competition that could cut its market share, and spending on equipment that may fall short.
- Higher raw material, energy and transportation costs.
- Labor union contracts that expire, and strikes or work stoppages.
- US tariffs and other trade limits on imported tires, raw materials and equipment.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
From fiscal 2016 to 2024, earnings per share fell 34.5% a year and net income 33.9% a year, as new shares raised the share count by 8% and diluted each share's earnings. Goodyear Tire and Rubber then lost money in fiscal 2025.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value Goodyear Tire and Rubber yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Goodyear Tire and Rubber's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
The example scenarios need a positive starting cash flow. Goodyear Tire and Rubber's free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.
- Last close, October 26, 2026
- $4.31
- Value on these assumptions, against the last close
- —
- Cash flows in years 1 to 10, valued today
- —
- Everything after year 10, valued today
- —
- Plus net cash
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- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
The P/E method needs positive earnings, and Goodyear Tire and Rubber's latest diluted earnings per share were negative or zero.
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 1.1 | 1.2 | 0.9 | 0.8 | 0.8 |
| Debt incl. finance leases | 7.4 | 7.9 | 7.6 | 7.8 | 6.2 |
| Net debt (negative means net cash) | 6.3 | 6.7 | 6.7 | 7.0 | 5.4 |
| Net debt to EBITDA | 3.5x | 3.7x | 8.3x | 4.1x | 4.0x |
| Debt to equity | 1.5x | 1.5x | 1.6x | 1.7x | 1.9x |
| Interest coverage | 2.3x | 1.9x | −0.4x | 1.2x | 0.7x |
| Current ratio | 1.1x | 1.2x | 1.1x | 1.0x | 1.1x |
| Quick ratio | 0.6x | 0.6x | 0.6x | 0.6x | 0.5x |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $755,000 of Goodyear Tire and Rubber shares on the open market, and none sold any.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Nov 14, 2025 | Jason J WinklerDirector | Bought | 100,000 | $7.55 | $755,000 | Form 4 |
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Fail | Pass | Fail |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Fail | Pass | Fail |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Pass | Fail | Pass |
| Current ratio rose | Fail | Fail | Pass |
| Share count didn't rise | Pass | Fail | Pass |
| Gross margin rose | Fail | Pass | Fail |
| Revenue rose relative to assets | Fail | Fail | Fail |
| F-score | 4 of 9 | 5 of 9 | 5 of 9 |
| Accruals ratio | −8.0% | −3.1% | −12.9% |
Compare
Put Goodyear Tire and Rubber side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
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|---|---|---|---|---|---|---|---|---|
| Goodyear Tire and Rubber | FY25 | −3.2% | — | −0.2% | 2.4% | 4.0x | 5 | |
| Aramark | FY25 | 6.3% | 4.3% | 2.3% | 7.7% | 3.8x | 6 | Compare |
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| O'Reilly Automotive | FY25 | 6.4% | 19.5% | 9.0% | 59.7% | 1.5x | 7 | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 15.2 | 15.4 | 15.5 | 14.7 | 12.3 | 17.5 | 20.8 | 20.1 | 18.9 | 18.3 |
| Revenue growth | −7.8% | 1.4% | 0.6% | −4.7% | −16.4% | 41.9% | 19.0% | −3.5% | −5.9% | −3.2% |
| Gross profit | 4.2 | 3.7 | 3.5 | 3.1 | 2.0 | 3.8 | 3.9 | 3.5 | 3.7 | 3.4 |
| Research and development | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.4 | 0.4 |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Net income | 1.3 | 0.3 | 0.7 | −0.3 | −1.3 | 0.8 | 0.2 | −0.7 | 0.0 | −1.7 |
| Diluted EPS (US$) | 4.74 | 1.37 | 2.89 | −1.33 | −5.35 | 2.89 | 0.71 | −2.56 | 0.16 | −5.99 |
| Diluted shares (millions) | 266 | 253 | 239 | 233 | 234 | 264 | 286 | 285 | 288 | 288 |
| Cash flow | ||||||||||
| Cash from operations | 1.6 | 1.2 | 0.9 | 1.2 | 1.1 | 1.1 | 0.5 | 1.0 | 0.7 | 0.8 |
| Capital expenditure | 1.0 | 0.9 | 0.8 | 0.8 | 0.6 | 1.0 | 1.1 | 1.1 | 1.2 | 0.8 |
| Free cash flow | 0.6 | 0.3 | 0.1 | 0.4 | 0.5 | 0.1 | −0.5 | −0.0 | −0.5 | −0.0 |
| Dividends paid | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Share buybacks | 0.5 | 0.4 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Acquisitions | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.9 | 0.0 | 0.0 | 0.0 | 0.0 |
| Stock-based compensation | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 1.1 | 1.0 | 0.8 | 0.9 | 1.5 | 1.1 | 1.2 | 0.9 | 0.8 | 0.8 |
| Debt incl. finance leases | 5.4 | 5.7 | 5.8 | 5.7 | 6.0 | 7.4 | 7.9 | 7.6 | 7.8 | 6.2 |
| Total assets | 16.5 | 17.1 | 16.9 | 17.2 | 16.5 | 21.4 | 22.4 | 21.6 | 20.9 | 18.2 |
| Total liabilities | 11.8 | 12.2 | 11.8 | 12.6 | 13.2 | 16.2 | 17.0 | 16.7 | 16.1 | 14.8 |
| Shareholders' equity | 4.5 | 4.6 | 4.9 | 4.4 | 3.1 | 5.0 | 5.3 | 4.7 | 4.7 | 3.2 |
| Margins and ratios | ||||||||||
| Gross margin | 27.9% | 24.0% | 22.7% | 21.3% | 16.1% | 21.7% | 18.5% | 17.4% | 19.5% | 18.4% |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Net margin | 8.3% | 2.2% | 4.5% | −2.1% | −10.2% | 4.4% | 1.0% | −3.6% | 0.2% | −9.4% |
| Free cash flow margin | 3.7% | 1.8% | 0.7% | 3.0% | 3.8% | 0.5% | −2.6% | −0.1% | −2.6% | −0.2% |
| Return on capital | 18.2% | 6.5% | 9.6% | 2.7% | −7.6% | 9.4% | 3.8% | −1.3% | 2.8% | 2.4% |
| Return on equity | 30.0% | 7.6% | 14.6% | −6.8% | −33.8% | 18.9% | 3.9% | −14.6% | 1.0% | −43.5% |
| Return on assets | 7.7% | 2.1% | 4.1% | −1.8% | −7.4% | 4.0% | 0.9% | −3.3% | 0.2% | −8.8% |
| Net debt to EBITDA | 1.9x | 2.3x | 2.4x | 3.6x | 103.5x | 3.5x | 3.7x | 8.3x | 4.1x | 4.0x |