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Eastman Chemical Company (EMN)

Subavaliada
Basic MaterialsSpecialty ChemicalsUnited States

Fundamental

62

Preço

$63.67

Capitalização de Mercado

$7.57B

Parte 1 · Quanto vale a empresa

Visão Geral

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.

Como gera receita

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.

Receita por segmento

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.

Vantagem competitiva

Vantagem de custo · Estreita

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.

O que impulsiona a procura

Cíclico

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.

Principais riscos

  • 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.

Os argumentos a favor

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.

Os argumentos contra

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 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 18 de setembro de 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.

Balanço & Liquidez

Receita

$8.87B

Últimos 12 meses (até 30/06/2026)

Resultado Líquido

$442M

Últimos 12 meses (até 30/06/2026)

Fluxo de Caixa Livre

$424M

Capital Próprio Total

$5.96B

Passivo Total

$8.82B

Rácio de Liquidez

1.50

Cobertura de Juros

-

Dívida/EBITDA

3.75

Resultados Por Ação

Receita & Resultado Líquido

Fluxo de Caixa Livre

Decomposição dos Resultados

Demonstração histórica

Margens ao longo do tempo

A dívida ao longo do tempo

Quanto pesa a dívida

Grelha do crescimento

Crescimento — Receitas

Estimativa de Valor Justo

CíclicaSubvalorizada

Valor Justo

$120.12

Preço Atual

$63.67

Margem de Segurança

+47.0%

Intervalo de Valor Justo

$78.08 - $162.16

Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.

Métodos de Estimativa

Preço-alvo dos analistas:$81.47
Fluxo de caixa descontado (DCF):Não aplicável a este tipo de empresa
Multiplicador de lucros (P/E):$38.06
Fórmula de crescimento de Graham:Não aplicável a este tipo de empresa
Valor da capacidade de gerar lucro (EPV):$48.70
P/B justificado:Não aplicável a este tipo de empresa
Desconto de dividendos (Gordon):Não aplicável a este tipo de empresa
P/FFO, fundos de operações:Não aplicável a este tipo de empresa
Lucros de meio de ciclo:$195.43
Multiplicador sobre as receitas:Não aplicável a este tipo de empresa
Consenso dos Analistas:Comprar (13B / 9H / 0S)
Última Surpresa de Resultados:+7.37%

Métricas de Avaliação

Rácio P/E

16.84

ROE

8.0%

Rácio P/B

1.22

P/FCF

13.76

Margem Bruta

19.9%

ROIC

-

Radar de Rentabilidade

Criação de Valor (Vantagem Competitiva)

ROIC

-

WACC

7.5%

ROIC − WACC

-

Critérios de Análise Fundamental

Aprovado (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

Reprovado (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%

Indisponível (4)

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

Piotroski F-Score

5/9

Sinais mistos: algumas áreas requerem atenção

score
criteria

Qualidade dos Resultados

2.24

Alta qualidade: resultados respaldados por caixa

Diluição de Ações

-2.0%

A recomprar ações. Favorável ao acionista

Participações institucionais

Governação

Equipa Executiva

NomeCargoIdade
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-

Risco de Auditoria

3

Risco do Conselho

3

Risco de Remuneração

4

Risco dos Direitos dos Acionistas

2

Parte 2 · O preço e o momento de entrar

Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.

Documentos

  • Relatório anual (10-K)

    Uma visão anual do negócio, dos resultados financeiros e dos riscos da empresa.

    Arquivado em 2026-02-13

    Ver documento
  • Relatório trimestral (10-Q)

    Uma atualização sobre o desempenho financeiro dos últimos três meses.

    Arquivado em 2026-07-31

    Ver documento
  • Relatório de fato relevante (8-K)

    Um aviso sobre um fato relevante, como uma mudança na liderança ou um grande anúncio.

    Arquivado em 2026-07-30

    Ver documento

via SEC EDGAR

Histórico de Resultados

via SEC EDGAR

Latest News

Recent headlines for EMN, sourced from Markets Gazette.

No recent news for EMN.