Westlake

WLK · NYSE · Materials · Financials, fiscal 2016 to 2025

WLK · Last close · October 26, 2026

$65.31

Westlake's revenue fell 8.0% to $11.2 billion in fiscal 2025. Its operating margin was −14.1%, down from 7.2% a year earlier. Free cash flow was −$530 million, against $306 million a year earlier. It paid out $335 million in dividends and buybacks. The diluted share count fell 0.7%.

Westlake Corporation Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001262823-26-000016 Updated October 14, 2026

Revenue

$11.2B

8.0%

Operating margin

−14.1%

21.3 pts

Net income

−$1.5B

$602M a year earlier

Free cash flow

−$530M

$306M a year earlier

Return on capital

−10.0%

14.9 pts

Market cap

$8.4B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating 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.

About these figures. Westlake's 2025 loss included large write-downs that made its EBITDA negative, so net debt to EBITDA is blank for that year.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2024, earnings per share grew 5.3% a year and net income 5.3% a year, as buybacks cut the share count by 1%. Westlake then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Westlake 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 Westlake'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.

Value per share on three example scenarios, from Westlake's 3-year average free cash flow of $359M, net cash of −$2.9B at December 31, 2025 and 128 million diluted shares, from its filings. The scenarios are fitted to Westlake: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -10.9% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 13%: 11% for a cyclical or higher-risk business (Specialty Chemicals), plus 1 point as a smaller company, worth $8.4B, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Westlake's net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

The average of fiscal 2023 to 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Westlake's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 14% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $65.31
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: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

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 Westlake'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	1,908	2,228	3,304	2,919	2,724
Debt incl. finance leases	5,180	4,879	4,906	4,562	5,584
Net debt (negative means net cash)	3,272	2,651	1,602	1,643	2,860
Net debt to EBITDA	0.9x	0.7x	0.9x	0.8x	—
Debt to equity	0.7x	0.5x	0.5x	0.4x	0.6x
Interest coverage	15.9x	17.2x	4.4x	5.5x	−9.2x
Current ratio	2.2x	2.6x	2.4x	2.8x	2.2x
Quick ratio	1.6x	1.8x	1.8x	2.0x	1.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Westlake shares on the open market, and 3 insiders sold $10.2 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 11, 2026	Albert ChaoExecutive Chairman, Director	Sold	38,873	$80.28	$3.1 million	Form 4
Mar 27, 2026	Mark Steven BenderEVP & CFO	Sold	16,413	$112.54	$1.8 million	Form 4
Mar 27, 2026	Robert F. BuesingerEVP, PEM Segment Head	Sold	4,000	$115.25	$461,000	Form 4
Feb 27, 2026	Mark Steven BenderEVP & CFO	Sold	17,409	$100.92	$1.8 million	Form 4
Dec 22, 2025	Albert ChaoExecutive Chairman, Director	Sold	40,836	$73.58	$3.0 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

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	Pass	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	Pass	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Fail	Fail	Fail
F-score	5 of 9	6 of 9	3 of 9
Accruals ratio	−8.9%	−3.4%	−9.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Westlake side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Westlake	FY25	−8.0%	−14.1%	−4.7%	−10.0%	—	3
International Flavors & Fragrances	FY25	−5.2%	−3.5%	2.4%	−1.4%	9.4x	6	Compare
Celanese	FY25	−7.0%	−8.2%	8.4%	−3.7%	—	5	Compare
Eastman Chemical	FY25	−6.7%	—	4.8%	6.5%	3.3x	5	Compare
RPM International	FY26	6.7%	—	8.6%	13.9%	1.9x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	5,076	8,041	8,635	8,118	7,504	11,778	15,794	12,548	12,142	11,170
Revenue growth	4,584.6%	58.4%	7.4%	−6.0%	−7.6%	57.0%	34.1%	−20.6%	−3.2%	−8.0%
Gross profit	983	1,761	1,987	1,260	1,023	3,495	4,073	2,219	1,957	813
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	583	1,225	1,408	656	429	2,800	3,050	729	875	−1,578
Net income	399	1,304	996	421	330	2,015	2,247	479	602	−1,508
Diluted EPS (US$)	3.06	10.00	7.62	3.25	2.56	15.58	17.34	3.70	4.64	−11.70
Diluted shares (millions)	130	130	130	129	128	129	129	129	129	128
Cash flow
Cash from operations	867	1,528	1,409	1,301	1,297	2,394	3,395	2,336	1,314	465
Capital expenditure	629	577	702	787	525	658	1,108	1,034	1,008	995
Free cash flow	238	951	707	514	772	1,736	2,287	1,302	306	−530
Dividends paid	97	103	120	132	137	145	169	221	264	272
Share buybacks	67	0	106	30	54	30	101	23	60	63
Acquisitions	2,438	13	0	314	0	2,554	1,203	0	0	0
Stock-based compensation	14	23	22	25	29	31	36	43	41	41
Balance sheet at fiscal year end
Cash and short-term investments	459	1,531	753	728	1,313	1,908	2,228	3,304	2,919	2,724
Debt incl. finance leases	3,828	3,837	2,668	3,471	3,566	5,180	4,879	4,906	4,562	5,584
Total assets	10,890	12,076	11,602	13,261	13,835	18,459	20,550	21,035	20,750	19,961
Total liabilities	6,998	6,707	5,526	6,858	7,257	9,931	10,085	10,271	9,707	10,666
Shareholders' equity	3,524	4,874	5,590	5,860	6,043	7,955	9,931	10,241	10,527	8,792
Margins and ratios
Gross margin	19.4%	21.9%	23.0%	15.5%	13.6%	29.7%	25.8%	17.7%	16.1%	7.3%
Operating margin	11.5%	15.2%	16.3%	8.1%	5.7%	23.8%	19.3%	5.8%	7.2%	−14.1%
Net margin	7.9%	16.2%	11.5%	5.2%	4.4%	17.1%	14.2%	3.8%	5.0%	−13.5%
Free cash flow margin	4.7%	11.8%	8.2%	6.3%	10.3%	14.7%	14.5%	10.4%	2.5%	−4.7%
Return on capital	8.4%	16.4%	13.9%	6.2%	4.8%	21.0%	19.1%	4.3%	4.8%	−10.0%
Return on equity	11.8%	31.1%	19.0%	7.3%	5.5%	28.8%	25.1%	4.8%	5.8%	−15.6%
Return on assets	4.8%	11.4%	8.4%	3.4%	2.4%	12.5%	11.5%	2.3%	2.9%	−7.4%
Net debt to EBITDA	3.5x	1.3x	0.9x	2.0x	1.9x	0.9x	0.7x	0.9x	0.8x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Westlake's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Westlake.