Eastman Chemical Company Overview
Identity and listing
| Field | Detail |
|---|---|
| Entity profiled | Eastman Chemical Company (exact legal-name match; active; publicly listed) |
| Listing status vs. input list | Confirmed public company — matches the type supplied |
| Former names / predecessors | Tennessee Eastman Company / Corporation (Kodak's chemical subsidiary, founded 1920); Eastman Chemical Products (marketing arm); operated as Eastman Kodak's chemicals division until spin-off |
| Founding year | 1920 (Kingsport, Tennessee, by George Eastman) |
| Incorporation | Delaware, 1993 (2026 Proxy, "Eastman at a Glance") |
| Spin-off from Eastman Kodak | Effective 31 Dec 1993; NYSE trading from early January 1994 |
| Headquarters | 200 South Wilcox Drive, Kingsport, Tennessee 37660, USA |
| Exchange / ticker | New York Stock Exchange: EMN |
| ISIN / CUSIP | US2774321002 / 277432100 (standard identifiers; not re-checked against filing cover page) |
| Fiscal year end | 31 December |
| Auditor | PricewaterhouseCoopers LLP (ratified for FY2026 at 7 May 2026 AGM; lead partner rotated in 2026) |
| Website | www.eastman.com |
| Market capitalization | USD 7.39 billion (5 Oct 2026, share price USD 64.62; 114.33 million shares) |
| Enterprise value | USD 12.16 billion (S&P Global via StockAnalysis, 5 Oct 2026) |
| Credit ratings | Moody's Baa2 (outlook negative, changed ~Aug 2026); S&P BBB (outlook negative since Aug 2025, affirmed Nov 2025); Fitch: BBB historically (current outlook n/v) |
| CEO & Board Chair | Mark J. Costa (CEO since January 2014) |
| Customers served | More than 100 countries |
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Employees (approx., headcount) | 14,000 | 14,000 | 13,000 |
Sources: FY2024 headcount from company boilerplate in August 2025 releases ("approximately 14,000"); FY2025/2026 from FY2025 results release and 2026 Proxy ("approximately 13,000"). The roughly 7% reduction between 2024 and 2025 aligns with corporate severance charges of USD 34 million booked in FY2025 (FY2025 financial tables, Table 3A note 7).
Eastman is a ~USD 8.8 billion, Kingsport-headquartered specialty materials producer whose competitive identity rests on deeply integrated, largely U.S.-based asset complexes in Tennessee and Texas that convert coal-derived syngas, cellulose, propane and—increasingly—waste plastic into higher-value polymers, films, additives and fibers. Roughly two-thirds of revenue comes from two specialty segments (Advanced Materials and Additives & Functional Products) anchored by franchise brands such as Saflex interlayers, LLumar window films, Tritan copolyester, Therminol heat-transfer fluids and Naia textiles. The remaining third—Chemical Intermediates and Fibers—supplies scale, integration economics and cash but carries commodity cyclicality and structural decline risk (acetate tow). Management's differentiator is an "innovation-driven growth model" layered with a circular-economy platform (Kingsport methanolysis molecular recycling). The investment debate centres on whether innovation and circularity can outrun cyclical demand, an elevated 3x+ leverage profile, and a decade of flat-to-declining revenue.
Company's own description (paraphrased from FY2025 releases and 2026 Proxy)
Eastman describes itself as a global specialty materials company that produces a broad range of products found in everyday items, with a stated purpose of enhancing the quality of life in a material way. It attributes its growth to an innovation-driven model built on world-class technology platforms, deep customer engagement and differentiated application development, which it uses to grow leading positions in attractive end markets—explicitly naming transportation, building and construction, and consumables. The 2026 Proxy adds that its strategy is founded on innovating sustainable solutions and maintaining its social license to operate, framed around a "triple challenge" of carbon neutrality, circularity and caring for society.
Independent characterization
Eastman is best understood as a hybrid specialty/intermediates producer whose specialty franchises sit on top of integrated commodity-like streams. Four integrated technology streams underpin the portfolio:
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Acetyl/cellulosics stream (Kingsport): coal gasification produces syngas → methanol → acetic acid/acetic anhydride; combined with wood pulp to make cellulose esters (cellulose acetate flake, CAB, CAP). Outputs feed acetate tow and textile yarn (Fibers), cellulose-ester coatings additives (AFP), and cellulose-based plastics (AM).
-
Polyester/copolyester stream (Kingsport): proprietary monomers (e.g., CHDM, TMCD) enable Tritan and Eastar copolyesters; the methanolysis molecular-recycling unit depolymerizes polyester waste back into monomers that substitute for virgin feedstock.
-
Olefins/oxo stream (Longview, Texas — second-largest site): propane/ethane cracking → propylene/ethylene → oxo alcohols, plasticizers, glycol ethers and solvents (Chemical Intermediates), plus feedstock for specialty additives.
-
Alkylamines and specialty fluids (Taminco/Solutia heritage): methylamines, ethylamines and higher amines for agriculture, water treatment, personal care and pharma; Therminol heat-transfer fluids and Skydrol aviation hydraulic fluids.
Revenue model
| Revenue type | Share of revenue | Comment |
|---|---|---|
| Product sales (B2B) | ~99%+ | Essentially all revenue is from manufactured-product sales under spot, contract and cost-pass-through arrangements |
| Technology licensing | Not separately disclosed (immaterial) | Oxo process technology licensing; APAC licensing programs were discontinued in 4Q2025 (USD 13 million adjustment in CI segment) |
| Services / subscription | None material | Technical service is bundled with product sales |
Pricing mechanisms (FY2025 releases): AFP uses cost-pass-through contracts for a meaningful share of volume (price +3% in FY2025 explicitly attributed to them); Fibers acetate tow is sold under annual contracts with minimum commitments (2Q2026 call: tow volumes rise in 2H as customers meet annual minimums); CI is spread-driven against propane/ethylene and Asian competition; AM is value-priced (management "defended price" in 4Q2025 despite volume declines).
Value-chain position
Eastman sits in the mid-stream to downstream of the chemical value chain: it is backward-integrated into basic feedstocks (syngas, olefins) but sells primarily to converters and OEM tier suppliers—windshield laminators, film converters/installers, plastic molders, coatings formulators, agrochemical formulators, cigarette-filter makers and textile mills—rather than to consumers. Brand recognition at consumer level exists for a few franchises (LLumar films, Tritan in drinkware, Naia in apparel), which supports co-branding and pricing.
Customer types and end markets
The 2026 Proxy lists FY2025 revenue by end-use market across: Transportation; Building and Construction; Consumables; Durables and Electronics; Personal Care and Wellness; Filter Media; Medical and Pharma; Industrial Chemicals; Food, Feed and Agriculture; Water Treatment and Energy; and Other Markets. The proxy states 56% of revenue arises outside North America (FY2025).
Customer concentration: no single customer is disclosed as ≥10% of sales in sources reviewed (n/v).
Strategy
Stated strategic themes (2026 Proxy "Eastman Growth Strategy," paraphrased)
-
Innovation-driven growth model — introducing higher-margin products and upgrading mix in existing and new markets.
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Circular economy as a new growth vector — carbon renewal and polyester renewal technologies to address plastic waste and reshore manufacturing jobs to the U.S.
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Strengthening execution — modernizing and digitizing operations to improve reliability and cost competitiveness.
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Sustainability integrated into growth — commitment to carbon neutrality by 2050; technology platforms linked to sustainable macro trends.
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Strong balance sheet and cash flow — funding growth investments and stockholder returns.
2026 self-help agenda (FY2025 release; reaffirmed 2Q2026)
| Initiative | Target / status |
|---|---|
| Structural cost reduction | USD 125–150 million net of inflation in FY2026 ("substantial progress" at 2Q2026), building on ~USD 100 million achieved in FY2025 |
| Methanolysis/circular platform | ~USD 30 million incremental earnings targeted in 2026 (1Q2026 release); circular revenue doubled in 1H2026; developing "capital-efficient options" to serve the packaging market |
| Manufacturing utilization | Fewer shutdowns; expanded commercial activity into targeted applications to lift utilization |
| Pricing | ~USD 500 million of price increases across the portfolio (1Q2026) to offset raw-material and distribution inflation |
| Capital discipline | Capex ~USD 400 million in 2026 (vs USD 546 million in 2025) |
| Cash | Operating cash flow ~USD 900 million; 2H2026 working-capital release expected |
| Shareholder returns | Dividend maintained (USD 0.84/quarter); buybacks reduced to USD 50–100 million (from USD 100–200 million) |
Major initiatives in the last 24 months
| Initiative | Date | Status |
|---|---|---|
| Circular Economy Deep Dive (investor event) | 21 Nov 2024 | Completed |
| Second U.S. methanolysis plant, Longview (USD 1.2 billion, ~110,000 t/yr) | Announced 2024 | DOE grant cancelled May 2025; project on hold, scope/timing/location under review (Mar 2026) |
| France molecular-recycling plant (Port-Jérôme; >USD 1 billion phase 1) | Announced 2022 | Planning temporarily paused pending EU regulatory clarity |
| Europe advanced-interlayer investment | Nov 2024 | Announced; status n/v |
| Naia China localization with Huafon | Aug 2025 | Partnership formed |
| Jarylec dielectric acquisition | Jun 2026 | Closed |
| Kingsport methanolysis ISO 59014 certification | May 2026 | Achieved |
| European Plastics Circularity Coalition participation | Oct 2026 | Policy advocacy |
Medium-term financial targets: No updated multi-year targets (e.g., an investor-day EPS or margin framework) were identified in sources reviewed for 2025–2026; management declined to give a full-year 2026 EPS range in January 2026 due to macro uncertainty (n/v for any longer-dated targets).
Products & Services
Advanced Materials
| Product line | Flagship brands / offerings | Description & key capabilities | Target customers | Latest version / milestone |
|---|---|---|---|---|
| Advanced interlayers | Saflex PVB interlayers (acoustic, solar-control, head-up-display wedge, structural); Vanceva color interlayers | Polyvinyl butyral sheet laminated between glass layers for safety, acoustics, HUD clarity and solar control in automotive windshields and architectural glass | Auto glass laminators (OEM tier-1), architectural glass fabricators | Dec 2025 company feature on interlayers for EVs; Nov 2024 investment for interlayer production in Europe; solvent-based PVB resin line in Springfield, MA closed (2024 notice) |
| Performance films | LLumar, SunTek, V-KOOL, Gila window and paint-protection films | Automotive and architectural window tint, solar control, safety/security films and paint-protection films sold through dealer/installer networks | Auto dealers and aftermarket installers, building owners, DIY retail | 2025: decommissioning of certain North American films assets; 1H2026: closure of a production line at a German performance-films facility |
| Specialty plastics | Tritan copolyester (incl. Tritan Renew); Eastar copolyester (e.g., Eastar 6763 Renew for medical packaging); Cristal One (cosmetics packaging); Spectar; Trēva cellulose-based engineering bioplastic; cellulose-ester plastics; specialty PETG grades; Eastman PET Renew | Clear, tough, chemically resistant, BPA-free copolyesters for durables, medical devices and packaging; "Renew" grades carry certified recycled content via mass balance from methanolysis | Housewares/drinkware brands, small-appliance OEMs, medical device and packaging converters, cosmetics packaging | Tritan launched 2007; Apr 2026 Philips Walita blender (Tritan Renew); Aug 2026 Rubbermaid Brilliance (Tritan Renew); Aug 2026 KANEBO (Cristal One IM812); May 2026 PepsiCo/Gatorade bottles with PET Renew; Jan 2025 eight specialty PET resins RecyClass-approved |
| Circular/methanolysis output | Monomers and "Renew" content from Kingsport methanolysis | Depolymerizes hard-to-recycle polyester waste into monomers for virgin-quality polymer | Brand owners with recycled-content commitments | On-spec production Mar 2024; ~USD 60 million incremental earnings 2025 vs 2024; >2.5x 2024 production; ISO 59014 certification May 2026; circular platform revenue doubled in 1H2026 |
Additives & Functional Products
| Product line | Flagship brands / offerings | Description & key capabilities | Target customers | Latest milestone |
|---|---|---|---|---|
| Coatings additives | Cellulose esters (CAB/CAP), Solus performance additives, Tetrashield protective resin systems, Texanol ester alcohol, Eastman Synergex multifunctional amines, glycol ethers and specialty solvents, electronic-grade solvents | Rheology, flow, coalescence, weatherability and durability additives for architectural, industrial, automotive refinish and wood coatings; inks | Paint and coatings formulators; ink makers; semiconductor/electronics (electronic-grade solvents) | Oct 2025 Tetrashield weatherability study; Sep 2024 new electronic-grade solvent; Mar 2024 new European distributor (MKR) for Synergex |
| Care additives | Personal-care ingredients (incl. Kalidex biodegradable foam booster, Esmeri cellulose-ester micropowders), animal-nutrition acids and monoglycerides, formic acid, choline chloride, crop-protection intermediates, Adjust SL plant growth regulator | Ingredients for cosmetics and personal care; feed preservation and gut health; agricultural formulations | Personal-care brands, feed producers/integrators, agrochemical formulators and growers | Apr 2026 Kalidex launch; Jun 2025 Esmeri CC1N10; Sep 2026 Adjust SL brought to U.S. growers; Dec 2025 statement welcoming EU anti-dumping measures on choline chloride |
| Functional amines | Methylamines, ethylamines, higher amines, DMAPA (incl. DMAPA ES) | Building blocks for agrochemicals, water treatment, personal care (surfactants), pharma and gas treating | Agrochemical, water-treatment, personal-care and pharma producers | May 2025 DMAPA ES production launched at a Louisiana site; multiple amine price increases Mar–Jul 2026 |
| Specialty fluids & energy | Therminol heat-transfer fluids, Skydrol aviation hydraulic fluids, Eastman Turbo Oil (e.g., Turbo Oil 2330), Jarylec dielectric fluids | High-temperature heat-transfer media for chemical processing, concentrated solar and battery/EV manufacturing; fire-resistant aviation hydraulics; jet-engine lubricants; transformer dielectric fluids | Process industries, airlines/MROs, military, utilities/transformer OEMs | Jun 2026 Jarylec acquisition (production at Marl, Germany); Oct 2025 RelaDyne appointed U.S. Therminol distributor; Apr 2025 U.S. Air Force approval for Turbo Oil 2330; FY2025 closure of a heat-transfer-fluid line in North America |
Chemical Intermediates
| Product line | Offerings | Description | Target customers | Latest milestone |
|---|---|---|---|---|
| Olefins and derivatives | Ethylene, propylene and derivatives (Longview) | Cracker outputs partly consumed internally, remainder sold | Petrochemical buyers | 2Q2026 volume/mix +24% and price +14% on supply disruptions |
| Oxo alcohols and acids | n-Butanol, isobutanol, 2-ethylhexanol, n-propanol, 2-EH acid, NPG, esters | Solvents and intermediates for coatings, plasticizers and lubricants | Coatings, adhesives, plasticizer and lubricant producers | Dozens of price increases Feb–Oct 2026 (oxos, esters, NPG, acids) |
| Plasticizers | Non-phthalate plasticizers (e.g., Eastman 168 / DOTP family; Benzoflex benzoates) | Flexible-PVC and adhesive plasticizers | Flooring, wire & cable, adhesives, sealants | Price increases Mar–May 2026; Univar appointed distributor in Mexico/Brazil (Jul 2024) |
| Acetyls / anhydride | Acetic acid, acetic anhydride (portion sold externally) | Integrated from Kingsport coal gasification | Pharma, chemical intermediates | Acetyls price increases Mar and May 2026; acids & anhydride increase 1 Oct 2026 |
| Glycol ethers and EODs | Ether-alcohol derivatives (EODs), glycol ethers | Coatings and cleaning solvents | Coatings and cleaner formulators | Glycol ether increase Feb 2026 |
Fibers
| Product line | Flagship brands / offerings | Description | Target customers | Latest milestone |
|---|---|---|---|---|
| Acetate tow | Estron acetate tow | Cellulose acetate tow for cigarette filters | Tobacco companies / filter makers | 2025–2026 customer destocking and "industry capacity share adjustments"; modest 2026 contract price decline |
| Acetate yarn & fiber | Naia cellulosic filament yarn and staple (Naia Renew, Naia Lyte) | Sustainable cellulosic textile fibers for apparel, denim, bedding fill | Textile mills, fashion brands | Feb 2026 Naia Lyte (higher tenacity) at Première Vision Paris; Aug 2025 Huafon partnership for China yarn facility |
| Acetyl chemical products | Cellulose diacetate flake, triacetin and related | Merchant sales from the acetyl stream | Industrial buyers | Triacetin price increase Jan 2025 |
| Nonwovens | Cellulose-based nonwovens / filtration media | Wet-laid and specialty nonwovens | Filtration, hygiene | 6% of Fibers sales FY2025 |
Financial Narrative
Income statement: notes and sources
Sources: FY2025 tables (Tables 1, 3A, 4, 5); FY2023 EBIT/adjusted EBIT/EPS from 4Q2024 8-K.
Margins
Revenue CAGR FY2021–FY2025: –4.4% per year (derived: 10,476 → 8,752). On a like-for-like basis the decline is smaller because FY2021–FY2022 include ~USD 1.0 billion of since-divested businesses ("Other" segment revenue of 992 in FY2021 and 160 in FY2022).
Commentary. The five-year record has three phases. (1) FY2021–FY2022 inflationary peak: revenue exceeded USD 10.4 billion on pricing, but FY2022 margins compressed sharply as raw-material and energy inflation outpaced pricing and Europe's energy crisis hit. (2) FY2023–FY2024 destock and recovery: FY2023 revenue fell 13% (destocking plus divestitures), yet GAAP EPS rose to USD 7.49 helped by divestiture gains, and FY2024 delivered the cycle's best adjusted EBIT margin (13.8%) as specialty volume/mix reconnected with demand and the Kingsport methanolysis unit ramped. (3) FY2025 downturn: revenue –6.7%, adjusted EBIT –28% and adjusted EPS –31%, driven by acetate tow destocking (Fibers revenue –20%), Asian competitive pressure in CI (CI adjusted EBIT swung to a USD 38 million loss), tariff-related customer caution in consumer durables, and deliberate production curtailments to release cash (asset-utilization headwind). Cost actions (~USD 100 million net savings vs. >USD 75 million target) and lower variable compensation partly offset. GAAP EPS of USD 4.10 additionally absorbed USD 96 million of impairments/restructuring and USD 62 million of environmental and other costs.
Balance sheet
Latest (30 Jun 2026): total borrowings USD 5,217 million; cash USD 691 million; net debt USD 4,526 million (2Q2026 8-K Table 6). The ~USD 300 million increase in net debt during 1H2026 reflects a USD 369 million receivables build from ~USD 500 million of price increases and USD 146 million of inventory build. Discrepancy note: standardized "total debt" (5,096 at FY2025) includes lease liabilities (~USD 173 million) excluded from the company's "total borrowings" (4,787).
Commentary. Goodwill and intangibles (~USD 4.6 billion, 31% of assets) are a legacy of the Solutia and Taminco acquisitions; tangible book value is only ~USD 1.3 billion. Leverage has been stable in absolute terms (net debt USD 4.2–4.9 billion) but EBITDA erosion pushed leverage multiples higher in 2025–2026. Equity has risen modestly as buybacks slowed (USD 1.0+ billion in 2022 vs. USD 100 million in 2025).
Cash flow
Sources: S&P standardized (OCF/capex/FCF); FY2025 tables Table 5 (FY2024–FY2025 dividends, buybacks). The FY2022 figure derived from treasury stock may include minor non-buyback movements.
Commentary. FY2025 free cash flow (USD 424 million) did not cover dividends plus buybacks (USD 481 million); the gap was funded from cash (cash fell USD 271 million). Management's FY2026 outlook (2Q2026 8-K) cut operating cash flow guidance to ~USD 900 million (from "approaching 2025 levels") with capex ~USD 400 million — implying FY2026 FCF of ~USD 500 million against ~USD 385 million of dividends and USD 50–100 million of buybacks. Capex at ~USD 400 million is below D&A (~USD 520 million), a point Moody's flagged as a constraint on future earnings growth. 1H2026 operating cash flow was only USD 87 million (vs USD 66 million 1H2025), so delivery depends on a 2H working-capital release.
Returns and efficiency ratios
(derived; COGS = revenue minus standardized gross profit)
(derived; ROIC = adjusted EBIT × (1 – adjusted tax rate of 15%/13%) ÷ (equity + company net debt))
TTM to 30 Jun 2026 (S&P/StockAnalysis): ROE 7.33%, ROA 3.55%, ROIC 6.57% (below estimated WACC of 7.27%), current ratio 1.50, debt/EBITDA 3.62x, interest coverage 3.94x. Net debt / TTM adjusted EBITDA ≈ 3.3x (derived: 4,526 ÷ [864 adj. EBIT + 523 D&A]).
Commentary. The most important inflection is the lengthening cash conversion cycle — inventory days rose from ~69 in FY2021 to ~105 in FY2025 even as the company curtailed production — and the fall of ROIC below the cost of capital in the TTM period. Management's "cash-first" posture in 2025 (running plants at lower rates) improved inventory only marginally; the 2026 inflationary environment then pushed receivables up. Restoring ROIC above ~10% requires both a volume recovery in AM and Fibers stabilization.
Quarterly trajectory (USD)
Sources: quarterly 8-K exhibits. 2Q2026 adjusted EPS beat consensus of USD 1.82 (Investing.com).
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Segment Overview
| Segment | What it contains | Product lines (share of segment sales, FY2025) |
|---|---|---|
Advanced Materials (AM) | Specialty polymers, interlayers and films for transportation, building, consumer durables, medical and packaging | Specialty plastics 49%; Advanced interlayers 32%; Performance films 19% |
Additives & Functional Products (AFP) | Specialty additives, amines and fluids for coatings, agriculture, personal care, water treatment, energy | Care additives 38%; Coatings additives 27%; Functional amines 19%; Specialty fluids & energy 16% |
Chemical Intermediates (CI) | Olefins, oxo alcohols, plasticizers, glycol ethers/solvents and other intermediates; leverages Longview and Kingsport integration | — |
Fibers | Cellulose-acetate-based fibers and acetyl chemical products | Acetate tow 69%; Acetyl chemical products 14%; Acetate yarn & fiber 11%; Nonwovens 6% |
Other | Corporate costs, growth initiatives not allocated, divested/non-operational site costs | — |
Segment sales (USD Mn)
| Segment sales (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Advanced Materials | 2,932 | 3,050 | 2,880 |
Additives & Functional Products | 2,834 | 2,862 | 2,880 |
Chemical Intermediates | 2,143 | 2,134 | 1,925 |
Fibers | 1,295 | 1,318 | 1,050 |
Other | 6 | 18 | 17 |
Total company | 9,210 | 9,382 | 8,752 |
Segment YoY sales growth (%)
| Segment YoY sales growth (%) | FY2024 | FY2025 |
|---|---|---|
Advanced Materials | 4.0 | -5.6 |
Additives & Functional Products | 1.0 | 0.6 |
Chemical Intermediates | -0.4 | -9.8 |
Fibers | 1.8 | -20.3 |
Total company | 1.9 | -6.7 |
Segment share of total sales (%)
| Segment share of total sales (%) | FY2023 | FY2024 |
|---|---|---|
Advanced Materials | 31.8 | 32.5 |
Additives & Functional Products | 30.8 | 30.5 |
Chemical Intermediates | 23.3 | 22.7 |
Fibers | 14.1 | 14.0 |
Segment adjusted EBIT (USD Mn)
| Segment adjusted EBIT (USD Mn) | FY2024 | FY2025 |
|---|---|---|
Advanced Materials | 464 | 349 |
Additives & Functional Products | 490 | 516 |
Chemical Intermediates | 101 | -38 |
Fibers | 454 | 285 |
Other | -211 | -182 |
Total adjusted EBIT | 1,298 | 930 |
Segment GAAP EBIT (USD Mn)
| Segment GAAP EBIT (USD Mn) | FY2024 | FY2025 |
|---|---|---|
Advanced Materials | 442 | 319 |
Additives & Functional Products | 487 | 512 |
Chemical Intermediates | 101 | -60 |
Fibers | 454 | 283 |
Other | -206 | -278 |
Total GAAP EBIT | 1,278 | 776 |
Segment adjusted EBIT margin (%)
| Segment adjusted EBIT margin (%) | FY2024 | FY2025 |
|---|---|---|
Advanced Materials | 15.2 | 12.1 |
Additives & Functional Products | 17.1 | 17.9 |
Chemical Intermediates | 4.7 | -2.0 |
Fibers | 34.4 | 27.1 |
Total company | 13.8 | 10.6 |
Segment Revenue
| Segment | 1Q2026 sales | 2Q2026 sales | 2Q2025 sales | 2Q YoY % | 1Q2026 adj. EBIT | 2Q2026 adj. EBIT | 2Q2025 adj. EBIT | 2Q2026 adj. EBIT margin % |
|---|---|---|---|---|---|---|---|---|
Advanced Materials | 715 | 817 | 777 | 5 | 69 | 109 | 121 | 13.3 |
Additives & Functional Products | 739 | 807 | 769 | 5 | 142 | 151 | 153 | 18.7 |
Chemical Intermediates | 495 | 643 | 463 | 39 | -18 | 58 | -30 | 9.0 |
Fibers | 225 | 243 | 274 | -11 | 45 | 36 | 81 | 14.8 |
Other | 3 | 3 | 4 | — | -38 | -34 | -50 | — |
Total | 2,177 | 2,513 | 2,287 | 10 | 200 | 320 | 275 | 12.7 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 10,476 | 10,580 | 9,210 | 9,382 | 8,752 |
Revenue growth (%) | 23.6 | 1.0 | -13.0 | 1.9 | -6.7 |
Gross profit, standardized (USD Mn) | 2,504 | 2,137 | 2,076 | 2,297 | 1,846 |
Operating income, standardized (USD Mn) | 1,867 | 1,248 | 1,069 | 1,383 | 958 |
Pre-tax income (USD Mn, derived from S&P pretax margin) | 1,082 | 977 | 1,087 | 1,078 | 568 |
Net income attributable to Eastman (USD Mn) | 857 | 793 | 894 | 905 | 474 |
EPS diluted (USD) | 6.25 | 6.35 | 7.49 | 7.67 | 4.10 |
Dividends declared per share (USD) | 2.83 | 3.07 | 3.18 | 3.26 | 3.33 |
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View Subscription PlansIncome Statement and Per-Share Data
| Metric (company-reported) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
GAAP EBIT (USD Mn) | 1,302 | 1,278 | 776 |
Adjusted EBIT (USD Mn) | 1,097 | 1,298 | 930 |
EPS diluted, GAAP (USD) | 7.49 | 7.67 | 4.10 |
Per-Share Data and Income Statement
| Metric (company-reported) | FY2024 | FY2025 |
|---|---|---|
Adjusted EPS diluted (USD) | 7.89 | 5.42 |
EPS basic (USD) | 7.75 | 4.14 |
R&D expense (USD Mn) | 250 | 255 |
SG&A expense (USD Mn) | 736 | 658 |
Depreciation & amortization (USD Mn) | 509 | 513 |
EBITDA, GAAP EBIT + D&A (USD Mn, derived) | 1,787 | 1,289 |
Adjusted EBITDA, adj. EBIT + D&A (USD Mn, derived) | 1,807 | 1,443 |
Net interest expense (USD Mn) | 200 | 208 |
Effective tax rate, GAAP (%) | 16 | 16 |
Diluted shares (M) | 117.9 | 115.6 |
Margin (%)
| Margin (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin, standardized | 23.9 | 20.2 | 22.5 | 24.5 | 21.1 |
Operating margin, standardized | 17.8 | 11.8 | 11.6 | 14.7 | 10.9 |
Pre-tax margin | 10.3 | 9.2 | 11.8 | 11.5 | 6.5 |
Net margin | 8.2 | 7.5 | 9.7 | 9.6 | 5.4 |
Margin (%) (FY2024–FY2025)
| Margin (%) | FY2024 | FY2025 |
|---|---|---|
Adjusted EBIT margin | 13.8 | 10.6 |
Adjusted EBITDA margin (derived) | 19.3 | 16.5 |
GAAP EBITDA margin (derived) | 19.0 | 14.7 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 15,519 | 14,667 | 14,633 | 15,213 | 14,859 |
Cash & equivalents (USD Mn) | 459 | 493 | 548 | 837 | 566 |
Short-term debt incl. current portion of LTD (USD Mn) | 747 | 1,126 | 541 | 454 | 586 |
Long-term debt (USD Mn) | 4,417 | 4,025 | 4,366 | 4,621 | 4,337 |
Total debt incl. leases, standardized (USD Mn) | 5,371 | 5,151 | 4,907 | 5,075 | 5,096 |
Net debt, standardized (USD Mn) | 4,886 | 4,657 | 4,350 | 4,219 | 4,530 |
Total equity incl. NCI (USD Mn) | 5,788 | 5,236 | 5,530 | 5,852 | 6,037 |
Goodwill (USD Mn) | 3,641 | 3,664 | 3,646 | 3,632 | 3,665 |
Other intangibles (USD Mn) | 1,362 | 1,210 | 1,138 | 1,032 | 970 |
Working capital (USD Mn) | 1,675 | 527 | 905 | 1,393 | 993 |
Inventory (USD Mn) | 1,504 | 1,894 | 1,683 | 1,988 | 1,980 |
Trade receivables (USD Mn) | 1,173 | 1,050 | 906 | 883 | 803 |
Company-defined net debt (USD Mn)
| Company-defined net debt (USD Mn) | FY2024 | FY2025 |
|---|---|---|
Total borrowings (USD Mn) | 5,017 | 4,787 |
Less cash (USD Mn) | 837 | 566 |
Net debt (USD Mn) | 4,180 | 4,221 |
Cash Flow and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | 1,619 | 975 | 1,374 | 1,287 | 970 |
Capital expenditures (USD Mn) | 555 | 611 | 828 | 599 | 546 |
Free cash flow (USD Mn) | 1,064 | 364 | 546 | 688 | 424 |
FCF margin (%) | 10.2 | 3.4 | 5.9 | 7.3 | 4.8 |
Financial Analysis
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Share repurchases (USD Mn; FY2022–FY2023 derived from change in treasury stock) | 1,072 | 151 | 300 | 100 |
Returns & Leverage Ratios
| Metric | FY2024 | FY2025 |
|---|---|---|
Dividends paid (USD Mn) | 379 | 381 |
Proceeds from sale of businesses (USD Mn) | 38 | 38 |
Government incentives received (USD Mn) | 9 | 21 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE, year-end equity (%) | 14.8 | 15.1 | 16.2 | 15.5 | 7.9 |
ROA, year-end assets (%) | 5.5 | 5.4 | 6.1 | 5.9 | 3.2 |
Current ratio (x) | 1.56 | 1.16 | 1.35 | 1.51 | 1.37 |
Debt to equity, standardized (x) | 0.93 | 0.98 | 0.89 | 0.87 | 0.84 |
Asset turnover (x) | 0.68 | 0.72 | 0.63 | 0.62 | 0.59 |
DSO, trade receivables (days) | 40.9 | 36.2 | 35.9 | 34.4 | 33.5 |
DIO (days) | 68.9 | 81.9 | 86.1 | 102.4 | 104.6 |
DPO (days) | 56.2 | 57.0 | 59.9 | 67.4 | 64.0 |
Cash conversion cycle (days) | 53.6 | 61.1 | 62.1 | 69.4 | 74.1 |
Financial Ratios (x) and Returns & Leverage Ratios (%)
| Ratio | FY2024 | FY2025 |
|---|---|---|
Net debt / adjusted EBITDA (x) | 2.31 | 2.93 |
Net debt / GAAP EBITDA (x) | 2.34 | 3.27 |
Interest coverage, GAAP EBIT / net interest (x) | 6.4 | 3.7 |
Interest coverage, adjusted EBIT / net interest (x) | 6.5 | 4.5 |
ROIC, adjusted after-tax (%) | 11.0 | 7.9 |
Income Statement and Per-Share Data (Quarterly)
| Quarter metric | 1Q2025 | 2Q2025 | 3Q2025 | 4Q2025 | 1Q2026 | 2Q2026 |
|---|---|---|---|---|---|---|
Sales (USD Mn) | 2,290 | 2,287 | 2,202 | 1,973 | 2,177 | 2,513 |
Adjusted EBIT (USD Mn) | 311 | 275 | 210 | 134 | 200 | 320 |
Adjusted EPS diluted (USD) | 1.91 | 1.60 | 1.14 | 0.75 | 1.09 | 1.97 |
GAAP EPS diluted (USD) | 1.57 | 1.20 | 0.40 | 0.92 | 0.93 | 1.59 |
Region sales (USD Mn)
| Region sales (USD Mn) | FY2024 | FY2025 |
|---|---|---|
United States and Canada | 3,937 | 3,818 |
Europe, Middle East and Africa | 2,571 | 2,304 |
Asia Pacific | 2,363 | 2,137 |
Latin America | 511 | 493 |
Total | 9,382 | 8,752 |
Region YoY growth (%) | FY2025 | — |
United States and Canada | -3.0 | — |
Europe, Middle East and Africa | -10.4 | — |
Asia Pacific | -9.6 | — |
Latin America | -3.5 | — |
Region share of sales (%) | FY2024 | FY2025 |
United States and Canada | 42.0 | 43.6 |
Europe, Middle East and Africa | 27.4 | 26.3 |
Asia Pacific | 25.2 | 24.4 |
Latin America | 5.4 | 5.6 |
Geographic Revenue
| Region | 1H2025 | 1H2026 | YoY % | 2Q2025 | 2Q2026 | YoY % |
|---|---|---|---|---|---|---|
United States and Canada | 1,983 | 2,137 | 7.8 | 963 | 1,158 | 20.2 |
Europe, Middle East and Africa | 1,220 | 1,202 | -1.5 | 610 | 628 | 3.0 |
Asia Pacific | 1,122 | 1,078 | -3.9 | 583 | 578 | -0.9 |
Latin America | 252 | 273 | 8.3 | 131 | 149 | 13.7 |
Total | 4,577 | 4,690 | 2.5 | 2,287 | 2,513 | 9.9 |
Capital Markets
| Item | Value |
|---|---|
Share price | USD 64.62 (5 Oct 2026, intraday); USD 64.87 close 2 Oct 2026 |
52-week price change | +1.0% (StockAnalysis/S&P, 5 Oct 2026) |
~3-year change (from end-2023) | approx. –28% (derived from FY2023 year-end P/E 11.91 × EPS 7.49 ≈ USD 89) |
~5-year change (from end-2021) | approx. –46% (derived from FY2021 year-end P/E 18.97 × EPS 6.25 ≈ USD 119) |
50-day / 200-day moving average | USD 69.92 / USD 71.11 |
Recent range | Peak close ~USD 75.16 (19 Aug 2026); slide to ~USD 64 by early Oct |
Beta (5-year) | 1.08 |
Short interest | 5.77m shares (5.05% of shares outstanding; 6.05 days to cover) |
Total borrowings (30 Jun 2026) | USD 5,217m |
Current portion of long-term debt + short-term debt (30 Jun 2026) | ~USD 903m (S&P standardized: 765 + 138) |
Revolving credit facility | USD 1.5bn, matures Feb 2031; fully available; zero CP outstanding (30 Jun 2026) |
Notable instruments | USD 500m 5.000% notes due 2029 (issued Jul 2024); 1H2026 new borrowings USD 594m (terms n/v) |
Valuation Multiples
| Multiple | EMN |
|---|---|
P/E trailing (GAAP EPS USD 3.83) | 16.9x |
P/E trailing (adjusted EPS ~USD 4.97, derived) | 13.0x |
Forward P/E | 9.6x (implies consensus NTM EPS of ~USD 6.7, derived) |
EV/EBITDA (TTM) | 8.75x |
EV/Sales | 1.38x |
P/B | 1.22x |
P/FCF | 13.8x |
Dividend yield | 5.2% |
Dividend metric
| Dividend metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividends declared per share (USD) | 2.83 | 3.07 | 3.18 | 3.26 | 3.33 |
Dividend growth (%) | 6.0 | 8.5 | 3.6 | 2.5 | 2.1 |
Credit Ratings
| Agency | Rating | Outlook | Latest action |
|---|---|---|---|
Moody's | Baa2 (issuer, senior unsecured); Prime-2 (CP) | Negative | Outlook changed from stable ~Aug 2026; cites OCF guidance below each of the last five years and leverage near 3.5x vs <3.0x expectation |
S&P Global | BBB | Negative | Outlook to negative Aug 2025; affirmed Nov 2025 (FFO/debt near 21% lower bound) |
Fitch | BBB (historical) | n/v | n/v |
Analyst Conclusions
Management guidance (as of 2Q2026 release, 30 Jul 2026)
| Item | Guidance |
|---|---|
| FY2026 earnings | "Significantly improve" vs FY2025 (no EPS range given) |
| 3Q2026 adjusted EPS | Approaching 2Q2026's USD 1.97 |
| 3Q2026 segment direction | AM EBIT higher (price-cost, utilization); Fibers higher (tow volume for annual contracts); AFP modestly lower (seasonal ag); CI modestly lower (supply disruptions easing) |
| Operating cash flow | ~USD 900m (cut from "approaching 2025 levels") |
| Capex | ~USD 400m |
| Cost savings | USD 125–150m net of inflation |
| Share repurchases | USD 50–100m |
| Brent assumption | USD 80–100 per barrel for 2H2026 |
| Adjusted tax rate | ~15% |
Arithmetic check (derived): 1H2026 adjusted EPS USD 3.06 + Q3 ~USD 1.9 + Q4 (seasonally weaker) implies FY2026 adjusted EPS in roughly the high-USD 6 range, consistent with the forward P/E-implied NTM EPS of ~USD 6.7 — this is an analyst derivation, not company guidance.
Consensus expectations
The 3-year EPS growth forecast is ~12% p.a.; revenue ~3% p.a. 3Q2026 results are expected in late October/early November 2026 (exact date not yet confirmed in sources reviewed; StockAnalysis estimates 2 Nov 2026).
Bull case
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Earnings re-rating from trough: adjusted EPS rebounding from USD 5.42 toward ~USD 6.5–7.0 in FY2026 on cost savings (USD 125–150m), methanolysis contribution (+~USD 30m) and CI spreads, leaving shares at <10x forward earnings with a 5.2% yield.
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Operating leverage in AM: AM volumes up 5% YoY with utilization headwinds reversing; FY2024 showed AM can earn >15% margins (USD 464m adjusted EBIT) when volumes recover.
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Strategic optionality in circularity: ISO-certified, commercially proven methanolysis with marquee customers (PepsiCo) and doubled circular revenue gives Eastman a rare operating asset if recycled-content mandates tighten.
Bear case
-
Cash flow, not EPS, is the binding constraint: OCF guidance (~USD 900m) is the lowest in at least five years, 1H2026 OCF was only USD 87m, and FCF after dividends leaves little for deleveraging — two agencies are on negative outlook.
-
2026 CI windfall is transitory: 2Q2026 CI profit stems from Middle East supply disruption; management already guides CI lower in 3Q, so FY2027 could see the swing reverse while Fibers keeps declining.
-
Structural growth deficit: revenue CAGR of –4.4% (FY2021–FY2025), ROIC below WACC, and paused circular expansion projects suggest the "innovation-driven growth" thesis has not yet delivered top-line growth.
Key catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Timing | What to watch |
|---|---|---|
| 3Q2026 results | Late Oct / early Nov 2026 | Delivery of ~USD 1.97 EPS; working-capital release; Fibers tow volumes |
| FY2026 results and FY2027 outlook | Late Jan 2027 | Whether management restores EPS guidance; cost program extension |
| Dividend decision (17th increase) | Early Dec 2026 | Size of increase given cash constraints |
| Rating agency actions | Ongoing | Moody's/S&P resolution of negative outlooks |
| Middle East conflict and oil prices | Ongoing | CI spread normalization; raw-material inflation |
| Longview / France recycling decisions | 2026–2027 | Scope, location, capital intensity, policy support |
| Acetate tow contract season | 4Q2026–1Q2027 | 2027 pricing and volume commitments |
| Portfolio actions | Unscheduled | Any move on CI or Fibers (none announced) |
Analyst verdict
Eastman enters late 2026 as a company whose earnings are recovering faster than its cash flow and balance sheet. The 2Q2026 quarter—USD 2.51 billion of sales, adjusted EPS of USD 1.97 and a 350-basis-point sequential margin gain—demonstrated real self-help: cost actions are landing, specialty pricing is sticking, and the Kingsport methanolysis plant is finally a commercial contributor rather than a narrative. Yet the quality of the rebound is uneven. Chemical Intermediates, a segment that lost money in 2025, supplied much of the year-on-year EBIT improvement thanks to conflict-related supply disruption that management itself expects to fade. Fibers, historically the highest-margin cash engine, has seen its margin roughly halve in eighteen months as acetate tow destocking and capacity share shifts bite. Advanced Materials is growing volumes but has not regained 2024 profitability.
The cash picture is the crux. Operating cash flow guidance of ~USD 900 million, capex trimmed below depreciation, buybacks cut to token levels, and net debt rising to USD 4.5 billion leave leverage around 3.3x adjusted EBITDA—above the sub-3.0x Moody's expects for Baa2. With both Moody's and S&P on negative outlook, the dividend (5.2% yield, 16-year growth streak) is secure near-term but constrains capital allocation; growth capital for the paused Longview and France projects is unlikely without external support or partners.
At ~9.6x forward earnings and ~8.8x EV/EBITDA, the market already discounts much of this. The stock offers asymmetric upside if FY2026 adjusted EPS lands in the high-USD 6 range and 2H working capital is released, but the downside case—CI normalization plus continued Fibers erosion in 2027—would push leverage higher. Verdict: a value-with-yield recovery story, best characterized as Hold/accumulate-on-weakness, with conviction contingent on demonstrated 2H2026 cash conversion and stabilization of credit outlooks.
Source list (primary and secondary references used)
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Eastman 8-K Exhibit 99.01, 4Q/FY2024 results (30 Jan 2025) — sec.gov
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Eastman 8-K Exhibit 99.01, 1Q2025 results (24 Apr 2025) — sec.gov
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Eastman 3Q2025 news release with tables — eastman.com
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Eastman 4Q/FY2025 news release (29 Jan 2026) and FY2025 financial tables PDF — eastman.com
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Eastman 8-K Exhibit 99.01, 1Q2026 results (30 Apr 2026) — sec.gov
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Eastman 8-K Exhibit 99.01, 2Q2026 results (30 Jul 2026) — sec.gov
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Eastman 2026 Proxy Statement (DEF 14A, 24 Mar 2026) — sec.gov
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Eastman 2024 and 2025 Proxy Statements (principal stockholders) — sec.gov
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Eastman media centre releases 2024–2026 (Jarylec, Huafon, AGM results, product launches, price increases) — eastman.com
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Eastman France-site and Longview FAQ pages — eastman.com
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Longview News-Journal (Mar 2026); EUWID Recycling; ChemAnalyst (DOE grant cancellation)
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StockAnalysis.com (S&P Global Market Intelligence data): financials, balance sheet, statistics, price history (as of 5 Oct 2026)
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Yahoo Finance and Investing.com (institutional holders); StockTitan (Vanguard 13G)
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Investing.com (Moody's outlook change; 2Q2026 slides and call transcript); Cbonds and Finviz (S&P actions)
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Salary.com, Panabee, Simply Wall St (CEO compensation extractions)
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edgar.tools (FY2025 10-K segment product-line mix)
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Celanese FY2025 earnings release (17 Feb 2026); Huntsman FY2025 earnings release (17 Feb 2026)
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Alphastreet and 247wallst (quarterly consensus comparisons)
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title (as available) | Tenure / prior roles | Education / age |
|---|---|---|---|
Mark J. Costa | Board Chair and CEO | CEO and Chair since 2014; President 2013–2014; EVP Specialty Polymers, Coatings & Adhesives and CMO 2009–2012; SVP Corporate Strategy & Marketing 2006–2008; Senior Partner, Monitor Group 1988–2006; director, International Flavors & Fragrances | Age 60 (2026 Proxy); education n/v |
William T. ("Willie") McLain, Jr. | EVP and CFO | CFO named in proxies since 2022 proxy (covering 2021) | n/v |
Iké G. Adeyemi | SVP, Chief Legal Officer and Corporate Secretary | Appointed CLO Aug 2024 | n/v |
B. Travis Smith | EVP, Additives & Functional Products, Manufacturing, Worldwide Engineering & Construction and HSE (2026 Proxy) | Long-tenured operating executive | n/v |
Stephen G. Crawford | Executive Vice President (technology and sustainability portfolio; named EVP in 2021 with manufacturing/engineering added at that time) | Previously SVP, CTO and Chief Sustainability Officer | n/v |
Adrian J. Holt | Executive leadership team member (business-segment leadership; exact current title n/v) | — | n/v |
Brad A. Lich | Executive leadership team member (commercial leadership; exact current title n/v) | Long-tenured Eastman commercial executive | n/v |
Julie A. McAlindon | SVP (named SVP Supply Chain, Regions and Transformation in 2021; current title n/v) | Former Chief Procurement Officer | n/v |
Michelle H. Caveness | Executive leadership team member (title n/v) | — | n/v |
Michelle R. Stewart | VP, Chief Accounting Officer and Corporate Controller | Principal accounting officer | n/v |
Directors' Remuneration
| Component (FY2025) | Amount (USD) |
|---|---|
Salary | 1,406,958 |
Non-equity incentive (UPP annual incentive) | 987,000 |
Stock awards | 12,682,200 |
Option awards | 3,278,151 |
Change in pension value / NQDC | ~620000 |
All other compensation | 522,991 |
Total (Summary Compensation Table) | ~19500000 |
Board of Directors
| Director | Age | Since | Background | Committees (Chair in bold) | Other public boards |
|---|---|---|---|---|---|
Mark J. Costa | 60 | 2013 | Eastman CEO and Board Chair | — | IFF |
Brett D. Begemann (Lead Independent Director since May 2023) | 65 | 2011 | Ex-COO Bayer Crop Science; ex-President & COO Monsanto | CMDC, ESS, FIN, NCGC | — |
Humberto P. Alfonso | 68 | 2011 | Ex-EVP & CFO Information Services Group; ex-CFO Hershey | Audit, ESS, FIN | Kraft Heinz |
Damon J. Audia | 55 | 2025 | SVP & CFO, AGCO; ex-CFO Kennametal and Carpenter Technology | Audit, ESS, FIN | — |
Eric L. Butler | 65 | 2022 | Ex-EVP & CAO Union Pacific | Audit, ESS, FIN | NiSource; West Fraser |
Linnie M. Haynesworth | 68 | 2023 | Ex-Sector VP & GM Northrop Grumman (cyber/intelligence) | Audit, ESS, FIN | ADP; Micron; Truist |
Julie F. Holder | 73 | 2011 | Ex-SVP Dow Chemical | CMDC, ESS, FIN, NCGC | — |
Renée J. Hornbaker | 73 | 2003 | Ex-EVP & CFO Stream Energy; ex-CFO Flowserve | CMDC, ESS, FIN, NCGC | Deep Isolation Nuclear |
Kim Ann Mink | 66 | 2018 | Ex-President & CEO Innophos; ex-Dow/Rohm and Haas | CMDC, ESS, FIN, NCGC | Avient; Air Liquide |
James J. O'Brien | 71 | 2016 | Ex-Chair & CEO Ashland | CMDC, ESS, FIN, NCGC | Albemarle |
Donald W. Slager | 64 | 2024 | Ex-CEO Republic Services | Audit, ESS, FIN | Martin Marietta |
Major Shareholders
| Holder | Shares (M) | % outstanding | As of | Source |
|---|---|---|---|---|
BlackRock, Inc. | 16.94 | 14.81 | 30 Jun 2026 | Yahoo Finance (13F) |
The Vanguard Group (all entities; latest proxy 13G/A) | 14.32 | 12.52 | 13G/A filed Feb 2024 (stale) | 2026 Proxy |
Vanguard Portfolio Management LLC | 7.55 | 6.60 | 30 Jun 2026 | Yahoo Finance (13F) |
Dimensional Fund Advisors LP | 5.16 | 4.51 | 30 Jun 2026 | Yahoo Finance |
Vanguard Capital Management LLC | 5.16 | 4.51 | 30 Jun 2026 | Yahoo Finance |
Capital Research and Management Co. | 4.84 | 4.24 | 31 Mar 2026 | Investing.com |
State Street Corporation | 4.17 | 3.65 | 30 Jun 2026 | Yahoo Finance |
Putnam LLC | 3.89 | 3.40 | 31 Mar 2026 | Investing.com |
Morgan Stanley | 3.33 | 2.91 | 30 Jun 2026 | Yahoo Finance |
Bank of America Corp. | n/v | 2.16 | 2,026 | MarketBeat |
Competitive Landscape
Competitors by Segment
| Segment / product line | Key competitors | Relative positioning |
|---|---|---|
Advanced interlayers (PVB) | Kuraray (Trosifol), Sekisui Chemical (S-LEC), Chinese PVB producers | Eastman (Saflex) is one of three global leaders; competitive edge in acoustic and HUD interlayers (market shares n/v) |
Performance films | 3M, Saint-Gobain (Solar Gard), XPEL (paint-protection film), Avery Dennison, Madico | LLumar is a leading premium aftermarket brand; aftermarket demand cyclical |
Specialty plastics / copolyesters | SK Chemicals (copolyesters), SABIC, Covestro (polycarbonate), Celanese Engineered Materials, Trinseo | Eastman has strong IP in BPA-free copolyester (Tritan); SK Chemicals is the closest copolyester rival |
Coatings additives / cellulose esters | BASF, Dow, Lanxess, Arkema, Perstorp, Celanese | Eastman is a leader in cellulose-ester coatings additives (share n/v) |
Functional amines / care additives | BASF, Huntsman, Balaji Amines, Chinese amine producers; Perstorp and BASF in formic/propionic acids | Eastman (ex-Taminco) is a top global alkylamines producer (share n/v) |
Specialty fluids | Dow (Dowtherm), Chemours/Exxon (aviation fluids), Shell, ExxonMobil (turbine oils) | Therminol and Skydrol are long-established brands |
Acetate tow | Celanese, Daicel, Cerdia, China National Tobacco joint ventures | Oligopoly with secular volume decline; Eastman cites "industry capacity share adjustments" |
Chemical intermediates (oxo, plasticizers, olefins, acetyls) | Dow, BASF, OQ Chemicals, LyondellBasell, INEOS, Celanese (acetyls), Asian producers | Commodity-like; Eastman's advantage is U.S. feedstock integration but it faces Asian export pressure |
Textile fibers (Naia) | Lenzing (Tencel/Ecovero), Aditya Birla (Liva), Chinese viscose/acetate makers | Niche premium positioning |
Peer Comparison FY2025
| Metric (FY2025) | Eastman | Celanese | Huntsman | Arkema |
|---|---|---|---|---|
Revenue (USD Bn) | 8.75 | 9.5 | 5.68 | n/v |
Revenue growth YoY (%) | -6.7 | -7 | -6 | n/v |
Adjusted EBIT (USD Bn) | 0.93 | 1.2 | n/a (reports EBITDA) | n/v |
Adjusted EBIT margin (%) | 10.6 | ~12 | — | n/v |
Adjusted EBITDA (USD Bn) | 1.44 (derived) | 1.9 (operating EBITDA) | 0.275 | n/v |
Adjusted EBITDA margin (%) | 16.5 | 20 | 4.8 | n/v |
Adjusted EPS (USD) | 5.42 | 3.98 | Adjusted net loss USD 121m | n/v |
GAAP diluted EPS (USD) | 4.10 | -10.44 | loss | n/v |
Free cash flow (USD Mn) | 424 | 773 | 125 | n/v |
R&D intensity (%) | 2.9 | n/v | n/v | n/v |
