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Eastman Chemical Company (EMN)

Sous-évalué
Basic MaterialsSpecialty ChemicalsUnited States

Fondamental

62

Prix

$63.67

Capitalisation boursière

$7.57B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

Eastman Chemical makes chemicals, plastics and fibers that other manufacturers use as inputs, from specialty films and coatings additives to basic petrochemical building blocks and acetate tow for cigarette filters. Rather than mining or drilling for its own feedstocks, it buys raw materials and energy and converts them, at large integrated plants such as its Kingsport, Tennessee site, into products used in automotive interlayers, food and personal-care ingredients, agricultural additives, and textile and packaging materials.

Comment l'entreprise gagne de l'argent

Eastman sells to other manufacturers as an input supplier rather than to consumers, so its revenue depends on the volumes and prices its industrial customers are willing to pay, both of which move with raw-material and energy costs it does not control. Advanced Materials and Additives & Functional Products, its specialty businesses, carry steadier prices and margins; Chemical Intermediates and Fibers behave more like commodity chemicals, with revenue falling double digits in 2025 as prices and volumes both softened.

Chiffre d'affaires par segment

Advanced Materials33%

Specialty plastics, films and interlayers used in automotive glass, eyewear, packaging and other differentiated applications; the largest segment.

Additives & Functional Products33%

Additives for coatings, agriculture, personal care, aviation fluids and water treatment; the only segment whose revenue grew in 2025.

Chemical Intermediates22%

Basic and intermediate chemicals sold to other manufacturers as building blocks; more commodity-like, with revenue down 10% in 2025 on lower prices and volumes.

Fibers12%

Acetate tow, used mainly in cigarette filters, and acetate yarns; revenue fell 20% in 2025 as volumes declined.

Avantage concurrentiel

Avantage de coûts · Étroit

Eastman describes a competitive advantage from its low-cost manufacturing base, built on vertically integrated sites such as Kingsport that lower logistics costs and speed up scale-up from research to production, combined with proprietary process technology such as its oxo chemistry and a portfolio of thousands of active patents. This helps in its specialty product lines, but the Chemical Intermediates and Fibers segments still compete largely on price against other bulk chemical producers.

Ce qui stimule la demande

Cyclique

Eastman states that its coatings-additives and chemical-intermediates product lines in particular are exposed to the cyclicality of their end markets, with periods of supply and demand imbalance driven by general economic conditions, raw material and energy prices, and consumer demand. Advanced Materials and Additives & Functional Products carry further exposure to consumer discretionary spending.

Principaux risques

  • Raw material and energy cost volatility — The company relies on strategic raw material and energy commodities whose cost and availability can be hurt by economic conditions, severe weather, supply chain disruption, regulation and currency swings, adversely affecting financial results.
  • Customer concentration — Despite an extensive customer base, the company states that the loss of, or material financial weakness at, certain of its largest customers could adversely affect its financial condition until that business is replaced.
  • Cyclicality of key end markets — Eastman discloses that several of its product lines are cyclical, moving through periods of supply and demand imbalance tied to general economic conditions and consumer demand rather than to steady, predictable order patterns.

Les arguments en faveur

Buyers argue that vertically integrated, low-cost sites and proprietary process technology give Eastman's specialty Advanced Materials and Additives & Functional Products segments a durable cost and product edge, that cost-cutting has kept cash flow close to $1 billion even as revenue fell, and that a cyclical downturn in Chemical Intermediates and Fibers should eventually turn.

Les arguments contre

Sellers worry that Chemical Intermediates and Fibers behave like commodity businesses with revenue down 10% and 20% respectively in 2025, that raw material and energy costs the company cannot control squeeze margins in weak periods, and that a cyclical downturn could persist longer than the 2025 cost-cutting response can offset.

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users

P/E: —Score: 47Market cap: $20.10B

Dow is named by Eastman as a competitor in both additives and chemical intermediates, selling overlapping olefin- and oxo-derived chemistries to the same coatings, adhesives and industrial buyers.

BASF SEBFFAF
P/E: 7.5Score: 59Market cap: $46.25B

BASF is listed by Eastman among its competitors in additives and functional products, offering rival coatings additives, plasticizers and tire chemicals to the same formulators.

Celanese CorporationCE

Eastman names Celanese as a competitor in three of its four segments, and the two fight for the same acetyl-chain intermediates, coatings additives and acetate tow customers worldwide.

Covestro AG1COV

Covestro competes head-on with Eastman's Advanced Materials segment in engineering plastics such as polycarbonate and copolyester for consumer durables, medical devices and automotive parts.

Trinseo PLCTSE

Trinseo competes with Eastman in specialty plastics and engineered polymers, targeting the same automotive, appliance and packaging converters, including on recycled-content grades.

Daicel Corporation (ダイセル)4202

Daicel is one of the few producers worldwide of cellulose acetate flake and tow, competing directly with Eastman's Fibers segment for filtration-media and cigarette-filter customers.

Bilan & Liquidités

Chiffre d'affaires

$8.87B

12 derniers mois (au 30/06/2026)

Résultat net

$442M

12 derniers mois (au 30/06/2026)

Flux de trésorerie libre

$424M

Capitaux propres totaux

$5.96B

Passif total

$8.82B

Ratio de liquidité général

1.50

Couverture des intérêts

-

Dette/EBITDA

3.75

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

CycliqueSous-évalué

Juste valeur

$120.12

Prix actuel

$63.67

Marge de sécurité

+47.0%

Fourchette de juste valeur

$78.08 - $162.16

Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.

Méthodes d'estimation

Objectif de cours des analystes:$81.47
Flux de trésorerie actualisés (DCF):Non applicable à ce type d'entreprise
Multiple de résultat (P/E):$38.06
Formule de croissance de Graham:Non applicable à ce type d'entreprise
Valeur de la capacité bénéficiaire (EPV):$48.70
P/B justifié:Non applicable à ce type d'entreprise
Actualisation des dividendes (Gordon):Non applicable à ce type d'entreprise
P/FFO, les fonds provenant de l'exploitation:Non applicable à ce type d'entreprise
Bénéfices de milieu de cycle:$195.43
Multiple sur le chiffre d'affaires:Non applicable à ce type d'entreprise
Consensus des analystes:Acheter (13B / 9H / 0S)
Dernière surprise sur les résultats:+7.37%

Indicateurs de valorisation

Ratio P/E

16.84

ROE

8.0%

Ratio P/B

1.22

P/FCF

13.76

Marge brute

19.9%

ROIC

-

Radar de rentabilité

Création de valeur (avantage concurrentiel)

ROIC

-

WACC

7.5%

ROIC − WACC

-

Critères d'analyse fondamentale

Réussi (14)

  • EPS shows upward trend
  • P/FCF 13.76
  • P/B Ratio 1.22
  • Debt/Equity ratio
  • Positive Free Cash Flow
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • Price below Graham Number
  • DCF valuation (Undervalued)
  • Analyst Consensus 59% Buy
  • Earnings Quality (OCF/NI) 2.24
  • Share Dilution -2.0%
  • Piotroski F-Score 5/9

Échoué (10)

  • EPS CAGR 0.36%
  • Price CAGR -1.18%
  • Gross Margin 19.9%
  • CapEx intensity
  • Low reliance on intangibles
  • ROE 7.4%
  • Revenue Growth 5Y 0.7%
  • Earnings Surprise avg -6.0%
  • PEG Ratio 5.19
  • Net Margin Trend 5.0% vs 9.0%

Indisponible (4)

  • ROIC NaN%
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • Interest Coverage

Score F de Piotroski

5/9

Signaux mixtes : certains domaines nécessitent attention

score
criteria

Qualité des bénéfices

2.24

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

-2.0%

Rachat d'actions. Favorable aux actionnaires

Participations institutionnelles

Gouvernance

Équipe dirigeante

NomTitreÂge
Mr. Mark J. CostaChairman & CEO59
Mr. William Thomas McLain Jr.CFO & Executive VP52
Mr. Brad A. LichExecutive VP & Chief Commercial Officer57
Mr. B. Travis SmithExecutive VP of Additives & Functional Products, Manufacturing, WWE&C and HSE51
Ms. Michelle R. StewartVP, Chief Accounting Officer & Controller53
Mr. Stephen Glenn CrawfordEVP, CTO & Chief Sustainability Officer60
Mr. Gregory A. RiddleVice President of Investor Relations & Communications56
Ms. Ike AdeyemiSenior VP, Chief Legal Officer & Corporate Secretary47
Mr. Adrian J. HoltSenior VP & Chief Human Resources Officer56
Mr. J. P. KuijpersMD of EMEA Region & Global Procurement Director-

Risque d'audit

3

Risque du conseil

3

Risque de rémunération

4

Risque droits des actionnaires

2

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Documents

  • Rapport annuel (10-K)

    Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.

    Déposé le 2026-02-13

    Voir le document
  • Rapport trimestriel (10-Q)

    Une mise à jour de la performance financière des trois derniers mois.

    Déposé le 2026-07-31

    Voir le document
  • Rapport d'événement important (8-K)

    Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.

    Déposé le 2026-07-30

    Voir le document

via SEC EDGAR

Historique des résultats

via SEC EDGAR

Latest News

Recent headlines for EMN, sourced from Markets Gazette.

No recent news for EMN.