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Dow Inc. (DOW) stock

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NYSE: DOW NYSE Commodity Chemicals Next results ~January 28, 2027

B Fundamentals grade

Dow Inc. is a materials science company producing chemicals, plastics and speciality materials, including polyethylene, functional polymers, olefins and aromatics, industrial solutions produced through alkoxylation, polyurethanes and construction chemicals, coatings and acrylic monomers, and silicone-based consumer products.

Customers operate across industrial, consumer durables, building and construction, home and personal care, energy and pharmaceutical markets, with some capacity investments underpinned by long-term supply agreements with consumer-goods customers. The company earns money chiefly by selling these materials at prevailing local prices and volumes in each region. A separate Corporate activity includes an insurance operation that receives premiums for covering risks of third parties.

The business is organised into three reporting segments: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings, plus Corporate. It sells across the United States and Canada, Europe, the Middle East, Africa and India, Asia Pacific, and Latin America. Dow's structure dates back to its separation from DowDuPont Inc. It has recently completed a world-scale polyethylene unit on the US Gulf Coast and is constructing the world's first net-zero Scope 1 and 2 emissions integrated ethylene and derivatives complex, located in Alberta, Canada.

Based on Dow Inc.'s 10-K filed February 3, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 47% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 47% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Dow Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Dow files

10-Q filed October 23: Dow

Revenue for the twelve months to September 2026 was $42.6bn, up 4.2% on a year earlier, against a decline of 1.2% a quarter earlier. That growth ranks 2 of 12 among the commodity chemicals companies we cover. Free-cash-flow margin rose to 4.3% from -2.7% a year earlier. Its fundamentals grade moves from D to B.

Our model value for Dow is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 23, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 24: Dow

Revenue for the twelve months to June 2026 reached $42.6bn, a gain of 4.2% on a year earlier. That marks an acceleration from the -1.2% recorded a quarter earlier. Free-cash-flow margin told a similar story, climbing to 10.7% from -2.7% twelve months ago. On the back of these figures, our model value moves up to $37.24 a share from $32.62. The shares currently trade at $31.81, leaving the stock below our revised estimate.

10-Q on SEC EDGAR

Where Dow stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $41.3bn, down 1.2% on a year earlier, faster than -7.7% a quarter earlier. That puts it 858 of 931 for growth among all the companies we cover. Free-cash-flow margin held at -0.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 1 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Dow Inc.'s trailing-twelve-month revenue grew 4.2% year on year, with a free-cash-flow margin of 4.3%. Where it stands out: revenue growth of 4.2% ranks 2 of 13 commodity chemicals companies we cover. Where it lags: change in share count of 1.9% ranks 10 of 12 commodity chemicals companies we cover.

Our discounted-cash-flow model values the business at ~$27 per share in the base case (~$15–$43 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 4.2% (+5.4pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 5.4 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Below peers: change in share count. Change in share count of 1.9% ranks 10 of 12 commodity chemicals companies we cover (median 0.4%).
  • Below peers: days sales outstanding. Days sales outstanding of 50 days ranks 7 of 9 commodity chemicals companies we cover (median 47 days).
  • Earnings expected to fall. The consensus expects earnings per share to fall 29% next year.

Latest results: FY2026 Q3

Filed October 23, 2026
Earnings per share
$0.71 against an average estimate of $0.64: beat by 11.5%
Revenue
$11.27bn, up 13.0% on a year earlier
Share reaction
+7.3% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Guidance given
growth and productivity benefits from Transform to Outperform $700m (2026); total uplift from Transform to Outperform $2bn (by the end of next year)
Next report
October 22, 2026; average EPS estimate $0.56

Dow's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.5%
  • 1 week+0.6%
  • 1 month+22.2%
  • This year+51.2%
  • 1 year+50.4%
  • 5 years-23.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$42.6B
Net margin
-2.1%
EPS (TTM, diluted)
$-1.24

Growth

Revenue growth
+4.2%
Change in growth rate
+5.4 pts
Share count change
+1.9%

Cash

Free cash flow (TTM)
$1.8B
FCF margin
4.3%

Earnings

Last results
October 22, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Guidance
  4. Dividend
  5. Results
  6. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Dow Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 47% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Dow Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.84 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$23 ~$16–$48 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$19 ~$14–$25 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$17 ~$16–$20 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Dow Inc. with Commodity Chemicals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025Now
Share price$37.90$40.89$43.68$40.77$46.77$36.11$22.61$34.18
Market value$28.1bn$30.4bn$32.7bn$29.6bn$33.2bn$25.5bn$16.1bn$24.7bn
+ Net debt (− = net cash)$14.6bn$12.0bn$11.7bn$11.5bn$12.1bn$14.0bn$14.3bn$13.4bn
Enterprise value$42.8bn$42.4bn$44.4bn$41.1bn$45.3bn$39.5bn$30.3bn$38.1bn
Multiples
Price / sales 0.7x0.8x0.6x0.5x0.7x0.6x0.4x0.6x
Price / earnings —24.8x5.2x6.5x56.3x22.8x——
Price / free cash flow 7.1x6.1x5.9x5.2x11.7x——5.4x
EV / EBITDA ————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

31 /100

Weak moat

How hard Dow's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 2.0% of total assets over 8 years.

  • Pricing power 7 / 20

    Gross margin has been a median 12.3%, moving by 3.5 percentage points (standard deviation) across 8 years.

  • Durability 0 / 20

    Net margin has been a median 2.7%; its worst year was -6.1%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 4 of 5 years, at a median 7.5% of revenue.

  • Discipline 13 / 20

    The diluted share count fell 3.7% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.58 +374% $43.9bn +10%
Next $1.84 −29% $43.0bn −2%

Next year's EPS estimate has moved −0.3% in 90 days, across 19 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.2% on 90 days ago. In the last 30 days, 4 analysts raised Dow Inc.'s forecast and 7 cut it.

Consensus EPS forecast Dow Inc., last 90 days
$1.50 $2.00 $2.50 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.55 Current fiscal year, 60 days ago: $2.47 Current fiscal year, 30 days ago: $2.39 Current fiscal year, 7 days ago: $2.43 Current fiscal year, Now: $2.58 $2.58 Next fiscal year, 90 days ago: $1.84 Next fiscal year, 60 days ago: $1.84 Next fiscal year, 30 days ago: $1.75 Next fiscal year, 7 days ago: $1.73 Next fiscal year, Now: $1.84 $1.84

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.55$1.84
60 days ago $2.47$1.84
30 days ago $2.39$1.75
7 days ago $2.43$1.73
Now $2.58$1.84

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.64 $0.71 +11.5%
Jun 2026 $1.28 $1.44 +12.6%
Mar 2026 −$0.29 −$0.14 +51.7%
Dec 2025 −$0.51 −$0.34 +33.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026
  • growth and productivity benefits from Transform to Outperform 2026 about $700m Raised
    “Specific to the transformation, we are on track to achieve the upsized $700 million in growth and productivity benefits in 2026, as well as the approximately $2 billion in total uplift by the end of next year.” source
  • total uplift from Transform to Outperform by the end of next year about $2bn
    “Specific to the transformation, we are on track to achieve the upsized $700 million in growth and productivity benefits in 2026, as well as the approximately $2 billion in total uplift by the end of next year.” source
  • EBITDA uplift from self-help actions 2026 and 2027 about $1bn Non-GAAP
    “These priorities are underpinned by our self-help actions, which are on track to deliver more than $1 billion of EBITDA uplift in both 2026 and 2027.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

20 analysts, Oct 2026
Buy525%
Hold1470%
Sell15%

Monthly trend

  1. Oct 202641420
  2. Sep 202641319
  3. Aug 202651118
  4. Jul 2026251018

Counts of recommendations published by analysts covering Dow Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.7%
of tradable shares
Days to cover
3.43
at average volume
Short interest, 1 month
−15%
to October 15, 2026
Held by institutions
79%
of shares
Held by insiders
0.2%
of shares
Employees
31,600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +50.4%

$22.73 on October 31, 2025 to $34.18

ThenNowEffect
Revenue (last 12 months) $41.8bn $41.3bn −1.2%
P/S multiple 0.4x 0.6x +54.9%
Share count 707m 719m −1.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −18.3%

$41.84 on November 3, 2023 to $34.18

ThenNowEffect
Revenue (last 12 months) $49.2bn $41.3bn −16.1%
P/S multiple 0.6x 0.6x −1.7%
Share count 712m 719m −0.9%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DOW+7%−7%+15%−23%−37%+51%
Industry peers (median)+31%−6%+5%−18%−35%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DOW42%58%42%42%25%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DOW−24%−37%−18%−32%−48%−35%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since March 20, 2019: 64% from May 4, 2022 to August 11, 2025. Getting back needed a 181% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$19.96 – $40.97
From 52-week high
−16.6%
vs 50-day average
+14.3%
vs 200-day average
+6.3%
Volatility (1 year)
42%
Beta vs S&P 500
-0.42

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±4.9%
After a week
6 up, 6 down
typical move ±6.5%
After a month
6 up, 5 down
typical move ±6.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 +7.3% −1.7% +10.7% —
July 23, 2026 −4.5% −1.1% −3.7% +3.5%
April 23, 2026 −0.4% +0.4% +4.3% −7.2%
January 29, 2026 −0.8% −0.5% +10.2% +11.5%
October 23, 2025 +14.3% +1.4% +9.7% +2.3%
July 24, 2025 −16.0% +0.5% −23.3% −17.3%
April 24, 2025 +3.5% +2.8% +5.3% −2.3%
January 30, 2025 −4.9% 0.0% −5.6% −10.5%
October 24, 2024 −3.5% +0.2% −4.1% −11.7%
July 25, 2024 −0.9% +0.6% −0.1% +0.4%
April 25, 2024 +0.5% +0.6% −0.3% +1.4%
January 25, 2024 +1.8% +0.4% +0.8% +5.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Dow Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Dow Inc.
$38B $40B $42B $44B $46B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $44.6B Revenue (TTM), FY24 Q1: $43.5B Revenue (TTM), FY24 Q2: $43B Revenue (TTM), FY24 Q3: $43.2B Revenue (TTM), FY24 Q4: $43B Revenue (TTM), FY25 Q1: $42.6B Revenue (TTM), FY25 Q2: $41.8B Revenue (TTM), FY25 Q3: $40.9B Revenue (TTM), FY25 Q4: $40B Revenue (TTM), FY26 Q1: $39.3B Revenue (TTM), FY26 Q2: $41.3B Revenue (TTM), FY26 Q3: $42.6B $42.6B

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $44.6B
FY24 Q1 $43.5B
FY24 Q2 $43B
FY24 Q3 $43.2B
FY24 Q4 $43B
FY25 Q1 $42.6B
FY25 Q2 $41.8B
FY25 Q3 $40.9B
FY25 Q4 $40B
FY26 Q1 $39.3B
FY26 Q2 $41.3B
FY26 Q3 $42.6B
Revenue growth, TTM YoY Dow Inc.
-30% -20% -10% 0% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -21.6% Revenue growth, TTM YoY, FY24 Q1: -18.6% Revenue growth, TTM YoY, FY24 Q2: -12.6% Revenue growth, TTM YoY, FY24 Q3: -5.8% Revenue growth, TTM YoY, FY24 Q4: -3.7% Revenue growth, TTM YoY, FY25 Q1: -2.1% Revenue growth, TTM YoY, FY25 Q2: -2.8% Revenue growth, TTM YoY, FY25 Q3: -5.3% Revenue growth, TTM YoY, FY25 Q4: -7.0% Revenue growth, TTM YoY, FY26 Q1: -7.7% Revenue growth, TTM YoY, FY26 Q2: -1.2% Revenue growth, TTM YoY, FY26 Q3: 4.2% 4.2%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -21.6%
FY24 Q1 -18.6%
FY24 Q2 -12.6%
FY24 Q3 -5.8%
FY24 Q4 -3.7%
FY25 Q1 -2.1%
FY25 Q2 -2.8%
FY25 Q3 -5.3%
FY25 Q4 -7.0%
FY26 Q1 -7.7%
FY26 Q2 -1.2%
FY26 Q3 4.2%
FCF margin (TTM) Dow Inc.
-5% 0% 5% 10% 15% FY20 Q2 FY21 Q1 FY25 Q2 FY26 Q3 FCF margin (TTM), FY20 Q2: 12.2% FCF margin (TTM), FY20 Q3: 13.2% FCF margin (TTM), FY20 Q4: 12.9% FCF margin (TTM), FY21 Q1: 8.7% FCF margin (TTM), FY24 Q4: -0.1% FCF margin (TTM), FY25 Q1: -0.9% FCF margin (TTM), FY25 Q2: -3.9% FCF margin (TTM), FY25 Q3: -2.7% FCF margin (TTM), FY25 Q4: -3.6% FCF margin (TTM), FY26 Q1: -0.6% FCF margin (TTM), FY26 Q2: 2.6% FCF margin (TTM), FY26 Q3: 4.3% 4.3%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period FCF margin (TTM)
FY20 Q2 12.2%
FY20 Q3 13.2%
FY20 Q4 12.9%
FY21 Q1 8.7%
FY24 Q4 -0.1%
FY25 Q1 -0.9%
FY25 Q2 -3.9%
FY25 Q3 -2.7%
FY25 Q4 -3.6%
FY26 Q1 -0.6%
FY26 Q2 2.6%
FY26 Q3 4.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 43.7 49.6 43.0 38.5 55.0 56.9 44.6 43.0 40.0 42.6
Gross profit 7.4 8.5 6.3 5.2 10.8 8.6 4.9 4.6 2.5 4.7
Net income 0.5 4.6 −1.4 1.2 6.3 4.6 0.6 1.1 −2.6 −0.9
Diluted EPS $0.60 $6.21 −$1.84 $1.64 $8.38 $6.28 $0.82 $1.57 −$3.70 −$1.24
Growth (year on year)
Revenue — +13.4% −13.4% −10.3% +42.6% +3.5% −21.6% −3.7% −7.0% +4.2%
Net income — — −129.3% — +415.2% −27.4% −87.1% — −335.0% —
Diluted EPS — — −129.6% — +411.0% −25.1% −86.9% — −335.7% —
Margins
Gross margin 16.9% 17.2% 14.7% 13.5% 19.6% 15.1% 10.9% 10.7% 6.3% 11.1%
Net margin 1.1% 9.4% −3.2% 3.2% 11.5% 8.1% 1.3% 2.6% −6.6% −2.1%
Free-cash-flow margin −17.7% 4.4% 9.2% 12.9% 10.0% 9.9% 6.4% −0.1% −3.6% 10.7%
Cash flow
Cash from operations −4.9 4.3 5.9 6.2 7.0 7.5 5.2 2.9 1.0 4.6
Capital spending 2.8 2.1 2.0 1.3 1.5 1.8 2.4 2.9 2.5 0.0
Free cash flow −7.7 2.2 4.0 5.0 5.5 5.7 2.8 −0.0 −1.4 4.6
Stock-based pay 0.3 0.2 0.2 0.2 0.3 0.2 0.2 0.2 0.2 —
Free cash flow after stock pay −8.0 2.0 3.8 4.8 5.2 5.4 2.6 −0.2 −1.6 —
Balance sheet
Cash 6.2 2.7 2.4 5.1 3.0 3.9 3.0 2.2 3.8 4.1
Total debt 0.0 19.9 17.0 17.1 14.7 15.4 15.1 16.2 18.1 17.5
Net debt (negative = net cash) −6.2 17.2 14.6 12.0 11.7 11.5 12.1 14.0 14.3 13.4
Diluted shares 745m 747m 743m 742m 749m 726m 709m 705m 712m 723m
Returned to shareholders
Dividends 1.1 3.7 0.5 2.1 2.1 2.0 2.0 2.0 1.5 1.0
Buybacks 0.0 0.0 0.5 0.1 1.0 2.3 0.6 0.5 0.0 —
Total returned 1.1 3.7 1.0 2.2 3.1 4.3 2.6 2.5 1.5 1.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · September 30, 2026
What it owns · $61.0bn
Short-term assets $20.2bnLonger-term assets $40.8bn
What it owes, and who funded it · $27.6bn
Short-term liabilities $11.5bnShareholders' equity $16.2bn
  • Short-term assets cover short-term liabilities $20.2bn of assets due within a year against $11.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $4.1bn of cash against $16.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 104% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 77% to 104% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.6bn of operating cash flow against $16.8bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Dow Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$0
Dividends (TTM)
$1B
Returned to shareholders
-103%
of free cash flow
Buybacks, last 3 fiscal years
$1.1B
Diluted share count
+1.9%
year over year
Total shareholder yield
4.1%
dividends 4.1% + buybacks 0.0% of market value
R&D spending
1.7%
of revenue
Sales & admin spending
4.0%
of revenue
Days sales outstanding
50 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in commodity chemicals
Last 12 months unless stated DOW WLK OLN CC MEOH TROX Median
Revenue, last 12 months $42.6bn $11.3bn $6.7bn $5.8bn $3.6bn $3.1bn $2.2bn
Revenue growth, last 12 months 4.2% −4.0% −0.7% −0.9% −3.5% 3.7% −0.7%
Revenue growth, 3-year average −2.4% −6.6% −2.2% −2.9% — 0.1% −2.4%
Revenue growth, latest quarter 13.0% 10.8% 2.0% −1.5% — 18.7% 9.0%
Gross margin 11.1% 9.6% 6.7% 15.3% 35.7% 6.2% 11.8%
Operating margin — −11.0% −1.9% — 12.0% −7.2% −1.8%
Operating margin, 3-year average — −2.2% 2.2% — 14.6% −0.5% 3.2%
Net margin −2.1% −10.9% −3.3% −5.2% 4.0% −18.0% −4.6%
Cash from operations / revenue 10.7% 5.6% 5.8% 6.8% 28.3% 3.3% 5.8%
Free-cash-flow margin 4.3% −2.3% 3.3% 3.8% 25.5% −5.2% 2.9%
Free-cash-flow margin, 3-year average 3.4% 0.8% 4.4% −3.0% 22.6% −4.6% 0.6%
Stock pay / revenue — 0.4% 0.4% 0.4% −0.1% 0.7% 0.4%
Change in share count 1.9% −0.4% −2.4% 0.4% 7.5% 0.7% 0.0%

Median of all 13 companies we cover in commodity chemicals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

13 commodity chemicals companies
Measure Company Peer median Rank
Revenue growth Growth 4.2% -0.7% 2 of 13
Change in growth rate Growth +5.4pp +3.6pp 3 of 13
Gross margin Profitability 11.1% 11.8% 8 of 13
Net margin Profitability -2.1% -4.6% 4 of 13
Free-cash-flow margin Cash generation 4.3% 2.9% 4 of 13
Long-term debt as % of assets Balance sheet 27.5% 37.2% 3 of 12
Change in share count Balance sheet 1.9% 0.4% 10 of 12
Days sales outstanding Balance sheet 50 days 47 days 7 of 9

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Packaging Specialty Plastics $20B 50.0% ▼ 8.3%
Industrial Intermediates Infrastructure $11.2B 27.9% ▼ 5.9%
Performance Materials Coatings $8.1B 20.4% ▼ 5.1%
Corporate $701M 1.8% ▼ 5.9%
Geography
Region Revenue YoY
U.S.Canada $15.8B ▼ 3.8%
United States $14.7B ▼ 3.8%
Restof World Domain $12.7B ▼ 7.7%
Europe Middle East Africa and India $12.6B ▼ 9.8%
Europe Middle East Africa and India Domain $12.6B ▼ 9.8%
Asia Pacific $7.2B ▼ 6.3%
Latin America $4.4B ▼ 10.7%

These categories overlap or exclude eliminations, so shares aren't shown.

From Dow Inc.'s 10-K filed February 3, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$15.4B
Institutions reporting
1,193
Shares held vs prior quarter
▲ 9.6%
Positions opened / closed
119 / 233

Top buyers and sellers, Q2 2026: 525 institutions bought and 681 sold ; the biggest buyer was Two Sigma Investments, LP (+13.4M shares) and the biggest seller Capital Research Global Investors (−9.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.7B 61.7M 11.0% ▲ 15.8%
Vanguard Capital Management LLC $1.3B 47.0M 8.3% ▲ 1.8%
State Street Corp $1B 37.9M 6.7% ▲ 7.8%
Vanguard Portfolio Management LLC $955M 34.9M 6.2% ▲ 6.2%
Geode Capital Management, LLC $525M 19.3M 3.4% ▲ 2.7%
Two Sigma Investments, LP $489M 17.9M 3.2% ▲ 296.7%
Capital World Investors $431M 15.7M 2.8% ▲ 121.7%
AQR Capital Management LLC $430M 15.7M 2.8% ▲ 52.2%
Morgan Stanley $413M 15.1M 2.7% ▲ 8.0%
Pzena Investment Management LLC $342M 12.5M 2.2% ▼ 34.0%
Invesco Ltd. $265M 9.7M 1.7% ▲ 0.4%
FMR LLC $257M 9.4M 1.7% ▲ 14.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Dow Inc.'s complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 28 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Dow Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 18, 2025, filed December 15, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 24, 2025, filed August 13, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Purchase, $1,001 - $15,000, traded May 15, 2025, filed June 9, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 23, 2026
  • January 29, 2026
  • October 23, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Dow Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Dow Inc. in brief

What does Dow Inc. do?
Dow Inc. is a US-listed company in the commodity chemicals industry. Its financial year ends in December.
What is Dow Inc.'s stock ticker?
Dow Inc. trades under the ticker DOW on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Dow Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Dow Inc. reported revenue of $42.6B, 4.2% higher than a year earlier, according to its SEC filings.
What is Dow Inc.'s free cash flow?
Dow Inc.'s free-cash-flow margin is 4.3% of revenue over the trailing twelve months, ranking 4 of the 13 commodity chemicals companies we cover.
Who are Dow Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Dow Inc. buying back stock, and does it pay a dividend?
Dow Inc. spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 1.9% over the year.
What is Dow Inc.'s market cap?
On November 2, 2026, Dow Inc.'s market capitalisation was about $24.7B and net debt of $13.4B. Market figures come from third-party market data and may be delayed.
Does Dow Inc. pay a dividend?
Yes: Dow Inc. paid $1B in dividends over the trailing twelve months, a dividend yield of 4.06%.
How much debt does Dow Inc. have?
Dow Inc.'s debt-to-equity ratio is 103.9%, from its latest balance sheet (76.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Dow Inc.'s competitors?
In our Commodity Chemicals peer group, the companies closest to Dow Inc. are Westlake Corp, Olin Corp, Chemours Co, Methanex Corp and Tronox Holdings plc. The side-by-side comparison below sets their revenue, margins and growth against Dow Inc.'s.
When is Dow Inc.'s next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Dow Inc. announces its own schedule.