EASTMAN CHEMICAL CO EMN
Eastman Chemical Company ("Eastman" or the "Company") is a global specialty materials company that produces a broad range of products found in items people use every day. Eastman began business in 1920 for the purpose of producing chemicals for Eastman Kodak Company's photographic business and became a public company, incorporated in Delaware, on December 31, 1993. Eastman has 36 manufacturing facilities and has equity interests in four manufacturing joint ventures in 12 countries that supply products to customers throughout the world. See "Properties" in Part I, Item 2 of this Annual Report on Form 10-K (this "Annual Report"). The Company's headquarters and largest manufacturing facility are located in Kingsport, Tennessee. With a robust portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions with a commitment to safety and sustainability. Eastman's businesses are managed and reported in four operating segments: Advanced Materials ("AM"), Additives & Functional Products ("AFP"), Chemical Intermediates ("CI"), and Fibers. See "Business Segments".
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.75B | $9.38B | $9.21B | $10.58B | $10.48B | $8.47B | $9.27B | $10.15B | $9.55B | $9.01B |
| Cost of revenue | $6.91B | $7.09B | $7.15B | $8.44B | $7.98B | $6.50B | $7.04B | $7.67B | $7.19B | $6.65B |
| Gross profit | $1.84B | $2.29B | $2.06B | $2.14B | $2.50B | $1.98B | $2.23B | $2.48B | $2.36B | $2.36B |
| R&D | $255.0M | $250.0M | $239.0M | $264.0M | $254.0M | $226.0M | $234.0M | $235.0M | $227.0M | $223.0M |
| SG&A | $658.0M | $736.0M | $727.0M | $726.0M | $795.0M | $654.0M | $691.0M | $721.0M | $729.0M | $707.0M |
| Operating income | — | — | — | — | — | — | — | — | $1.53B | $1.38B |
| Interest expense | $208.0M | $200.0M | $215.0M | $182.0M | $198.0M | $210.0M | $218.0M | $235.0M | $241.0M | $255.0M |
| Pre-tax income | $568.0M | $1.08B | $1.09B | $977.0M | $1.08B | $530.0M | $902.0M | $1.31B | $1.29B | $1.05B |
| Income tax | $93.0M | $170.0M | $191.0M | $181.0M | $215.0M | $41.0M | $140.0M | $226.0M | $99.0M | $190.0M |
| Net income | $474.0M | $905.0M | $894.0M | $793.0M | $857.0M | $478.0M | $759.0M | $1.08B | $1.38B | $854.0M |
| EPS, basic | 4.14 | 7.75 | 7.54 | 6.42 | 6.35 | 3.53 | 5.52 | 7.65 | 9.56 | 5.80 |
| EPS, diluted | 4.10 | 7.67 | 7.49 | 6.35 | 6.25 | 3.50 | 5.48 | 7.56 | 9.47 | 5.75 |
| Shares, diluted (wtd. avg.) | $115.6M | $117.9M | $119.4M | $124.9M | $137.1M | $136.5M | $138.5M | $142.9M | $146.1M | $148.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $566.0M | $837.0M | $548.0M | $493.0M | $459.0M | $564.0M | $204.0M | $226.0M | $191.0M | $181.0M |
| Receivables | $737.0M | $791.0M | $826.0M | $957.0M | $1.09B | $1.03B | $980.0M | $1.15B | $1.03B | $812.0M |
| Inventory | $1.98B | $1.99B | $1.68B | $1.89B | $1.50B | $1.38B | $1.66B | $1.58B | $1.51B | $1.40B |
| Total current assets | $3.65B | $4.10B | $3.48B | $3.78B | $4.65B | $3.54B | $3.32B | $3.37B | $3.14B | $2.87B |
| Property, plant and equipment | $5.73B | $5.62B | $5.55B | $5.16B | $5.00B | $5.55B | $5.57B | $5.60B | $5.61B | $5.28B |
| Goodwill | $3.67B | $3.63B | $3.65B | $3.66B | $3.64B | $4.46B | $4.43B | $4.47B | $4.53B | $4.46B |
| Other intangibles | $970.0M | $1.03B | $1.14B | $1.21B | $1.36B | $1.79B | $2.01B | $2.19B | $2.37B | $2.48B |
| Total assets | $14.86B | $15.21B | $14.63B | $14.67B | $15.52B | $16.08B | $16.01B | $15.99B | $16.00B | $15.46B |
| Accounts payable | $2.07B | $2.26B | $2.04B | $2.12B | $2.13B | $1.69B | $1.62B | $1.61B | $1.59B | $1.51B |
| Short-term debt | $586.0M | $450.0M | $541.0M | $1.13B | $747.0M | $349.0M | $171.0M | $243.0M | $393.0M | $283.0M |
| Total current liabilities | $2.65B | $2.71B | $2.58B | $3.25B | $2.97B | $2.04B | $1.79B | $1.85B | $1.98B | $1.79B |
| Long-term debt | $4.20B | $4.57B | $4.30B | $4.03B | $4.41B | $5.27B | $5.61B | $5.92B | $6.15B | $6.31B |
| Total liabilities | $8.82B | $9.36B | $9.10B | $9.43B | $9.73B | $9.97B | $9.98B | $10.12B | $10.52B | $10.85B |
| Retained earnings | $10.11B | $10.01B | $9.49B | $8.97B | $8.56B | $8.08B | $7.96B | $7.57B | $6.80B | $5.72B |
| Total equity | $5.96B | $5.78B | $5.53B | $5.24B | $5.79B | $6.11B | $6.03B | $5.88B | $5.48B | $4.61B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $970.0M | $1.29B | $1.37B | $975.0M | $1.62B | $1.46B | $1.50B | $1.54B | $1.66B | $1.39B |
| Depreciation and amortisation | $513.0M | $509.0M | $498.0M | $477.0M | $538.0M | $574.0M | $611.0M | $604.0M | $587.0M | $580.0M |
| Capital expenditure | $546.0M | $599.0M | $828.0M | $611.0M | $555.0M | $383.0M | $425.0M | $528.0M | $649.0M | $626.0M |
| Investing cash flow | -$462.0M | -$534.0M | -$432.0M | $392.0M | -$29.0M | -$394.0M | -$480.0M | -$463.0M | -$643.0M | -$655.0M |
| Financing cash flow | -$797.0M | -$454.0M | -$888.0M | -$1.32B | -$1.69B | -$704.0M | -$1.04B | -$1.04B | -$1.01B | -$838.0M |
| Dividends paid | $381.0M | $379.0M | $376.0M | $381.0M | $375.0M | $358.0M | $343.0M | $318.0M | $296.0M | $272.0M |
| Buybacks | $100.0M | $300.0M | $150.0M | $1.00B | $1.00B | $60.0M | $325.0M | $400.0M | $350.0M | $145.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000915389-26-000013.
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