Dow vs Westlake
Dow is the larger business, with $39.97bn of revenue in fiscal 2025 against $11.17bn for Westlake (3.6 times as much). Dow grew faster (-7.0% against -8.0%). Dow kept more of each dollar of sales as profit: a net margin of -6.6% against -13.5%. Westlake carries less debt relative to equity (64.6% against 112.9%).
| Latest fiscal year | DowDOW, 2025 | WestlakeWLK, 2025 |
|---|---|---|
| Revenue | $39.97bn | $11.17bn |
| Revenue growth | -7.0% | -8.0% |
| Net income | −$2.62bn | −$1.51bn |
| Operating margin | — | -14.1% |
| Net margin | -6.6% | -13.5% |
| Return on equity | -15.7% | -15.6% |
| Free cash flow | −$1.45bn | −$530m |
| Cash | $3.82bn | $2.72bn |
| Total debt | $18.07bn | $5.68bn |
| Debt to equity | 112.9% | 64.6% |
| Dividend per share | $2.10 | $2.11 |
| Dividend yield | 4.1% | 3.0% |
| Share buybacks | $0 | $63.0m |
| Employees | 34,600 | 14,600 |
| Market value | $24.64bn | $8.84bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 31 (Weak) | 43 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 9 sales |