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Dow Inc. key statistics and ratios

In fiscal 2025, Dow Inc. had return on equity of -15.7%, a net margin of -6.6%, debt equal to 112.9% of equity and a current ratio of 1.97. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin16.9%17.2%14.7%13.5%19.6%15.1%10.9%10.7%6.3%11.1%
Net margin1.1%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%
Return on equity1.5%14.5%−5.9%9.4%41.2%23.6%3.0%6.2%−15.7%−5.6%
Return on assets—5.5%−1.9%2.0%10.1%7.4%1.0%1.9%−4.5%−1.5%
Asset turnover—0.590.600.630.880.920.750.750.690.71
Current ratio—2.531.571.721.581.811.771.611.971.76
Debt to equity0.0%61.2%125.5%137.6%80.8%74.4%81.1%93.4%112.9%108.5%
Effective tax rate—21.6%—37.5%21.4%23.8%−0.6%24.9%——
R&D as % of revenue1.8%1.6%1.8%2.0%1.6%1.5%1.9%1.9%1.9%1.7%
SG&A as % of revenue4.1%3.6%3.7%3.8%3.0%2.9%3.6%3.7%3.5%4.0%
Capital spending as % of revenue6.4%4.2%4.6%3.2%2.7%3.2%5.3%6.8%6.2%0.0%
Free cash flow ÷ net income<−999%46.6%—406.0%87.3%123.4%482.2%−2.3%——
Dividends ÷ net income227.1%80.0%—169.1%32.8%43.8%334.8%176.2%——
Dividends and buybacks ÷ free cash flow—171.6%26.1%44.1%55.8%76.6%91.4%——22.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: DOW vs WLKDOW vs OLNCC vs DOW

More: Commodity Chemicals stocks compared, Materials sector, rankings of US companies

Figures from Dow Inc.'s SEC filings (10-K and 10-Q), retrieved October 24, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Dow Inc.