Eastman Chemical Company (EMN)
Sous-évaluéFondamental
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
Specialty plastics, films and interlayers used in automotive glass, eyewear, packaging and other differentiated applications; the largest segment.
Additives for coatings, agriculture, personal care, aviation fluids and water treatment; the only segment whose revenue grew in 2025.
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.
Acetate tow, used mainly in cigarette filters, and acetate yarns; revenue fell 20% in 2025 as volumes declined.
Avantage concurrentiel
Avantage de coûts · ÉtroitEastman 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
CycliqueEastman 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
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
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 is listed by Eastman among its competitors in additives and functional products, offering rival coatings additives, plasticizers and tire chemicals to the same formulators.
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 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 competes with Eastman in specialty plastics and engineered polymers, targeting the same automotive, appliance and packaging converters, including on recycled-content grades.
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
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
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
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Mark J. Costa | Chairman & CEO | 59 |
| Mr. William Thomas McLain Jr. | CFO & Executive VP | 52 |
| Mr. Brad A. Lich | Executive VP & Chief Commercial Officer | 57 |
| Mr. B. Travis Smith | Executive VP of Additives & Functional Products, Manufacturing, WWE&C and HSE | 51 |
| Ms. Michelle R. Stewart | VP, Chief Accounting Officer & Controller | 53 |
| Mr. Stephen Glenn Crawford | EVP, CTO & Chief Sustainability Officer | 60 |
| Mr. Gregory A. Riddle | Vice President of Investor Relations & Communications | 56 |
| Ms. Ike Adeyemi | Senior VP, Chief Legal Officer & Corporate Secretary | 47 |
| Mr. Adrian J. Holt | Senior VP & Chief Human Resources Officer | 56 |
| Mr. J. P. Kuijpers | MD 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
- Voir le document
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
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for EMN, sourced from Markets Gazette.