Whirlpool Corp key statistics and ratios
In fiscal 2025, Whirlpool Corp had return on equity of 11.8%, an operating margin of 5.4%, debt equal to 239.2% of equity and a current ratio of 0.76. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 14.0% | 14.8% | 13.8% | 15.9% | 17.6% | 17.1% | 17.5% | 17.8% | 16.9% | 16.8% | 17.2% | 19.7% | 20.1% | 15.6% | 16.3% | 15.5% | 15.4% | 13.1% |
| Operating margin | 4.0% | 5.5% | 4.2% | 4.8% | 6.7% | 6.0% | 5.9% | 6.6% | 5.3% | 1.3% | 7.6% | 8.3% | 10.7% | −5.4% | 5.2% | 0.9% | 5.4% | 2.9% |
| Net margin | 1.9% | 3.4% | 2.1% | 2.2% | 4.4% | 3.3% | 3.7% | 4.3% | 1.6% | −0.9% | 5.7% | 5.5% | 8.1% | −7.7% | 2.5% | −1.9% | 2.0% | −0.8% |
| Free-cash-flow margin | 5.9% | 2.6% | −0.4% | 1.2% | 3.6% | 3.8% | 2.6% | 2.6% | 2.7% | 3.0% | 3.4% | 5.6% | 7.5% | 4.2% | 1.9% | 2.3% | 0.5% | −0.6% |
| Return on equity | 9.0% | 15.7% | 9.3% | 9.5% | 18.0% | 13.3% | 16.3% | 18.7% | 7.8% | −5.6% | 42.6% | 30.4% | 40.8% | −42.3% | 20.5% | −12.8% | 11.8% | −3.8% |
| Return on assets | 2.2% | 4.0% | 2.5% | 2.6% | 5.3% | 3.7% | 4.0% | 4.7% | 1.8% | −1.0% | 6.3% | 5.5% | 8.8% | −8.1% | 2.8% | −1.9% | 2.0% | −0.7% |
| Asset turnover | 1.13 | 1.20 | 1.21 | 1.19 | 1.21 | 1.12 | 1.07 | 1.09 | 1.08 | 1.10 | 1.09 | 0.99 | 1.08 | 1.05 | 1.13 | 0.99 | 0.96 | 0.88 |
| Current ratio | 1.18 | 1.19 | 1.02 | 1.05 | 1.03 | 0.96 | 0.89 | 0.96 | 0.93 | 0.82 | 0.88 | 1.10 | 1.14 | 1.08 | 0.89 | 0.72 | 0.76 | 1.15 |
| Debt to equity | 79.2% | 59.4% | 59.6% | 57.8% | 50.0% | 89.0% | 84.3% | 93.7% | 124.3% | 263.1% | 156.3% | 138.2% | 108.1% | 326.0% | 306.1% | 247.0% | 239.2% | 183.9% |
| Interest cover (operating income ÷ interest) | 3.1x | 4.5x | 3.7x | 4.4x | 7.1x | 7.2x | 7.5x | 8.5x | 7.0x | 1.5x | 8.3x | 8.5x | 13.4x | n/m | 2.9x | 0.4x | 2.5x | 1.3x |
| Effective tax rate | −20.8% | −10.9% | — | 23.8% | 7.4% | 21.5% | 20.3% | 16.7% | 62.0% | — | 22.7% | 26.4% | 22.2% | — | 13.0% | — | 27.5% | 91.2% |
| R&D as % of revenue | 2.9% | 2.9% | 3.1% | 3.0% | 3.1% | 2.8% | 2.8% | 2.9% | 2.8% | 2.7% | 2.6% | 2.3% | 2.2% | 2.4% | 2.4% | 2.4% | 2.4% | — |
| SG&A as % of revenue | 9.0% | 8.7% | 8.7% | 9.7% | 9.7% | 10.3% | 10.3% | 10.0% | 9.9% | 10.4% | 10.5% | 9.6% | 9.5% | 9.2% | 10.2% | 10.1% | 10.5% | 10.9% |
| Capital spending as % of revenue | 3.2% | 3.2% | 3.3% | 2.6% | 3.1% | 3.6% | 3.3% | 3.2% | 3.2% | 2.8% | 2.6% | 2.1% | 2.4% | 2.9% | 2.8% | 2.7% | 2.5% | 2.8% |
| Free cash flow ÷ net income | 307.6% | 78.4% | −20.0% | 54.9% | 82.7% | 116.8% | 68.5% | 61.1% | 165.7% | — | 59.8% | 101.4% | 92.6% | — | 76.1% | — | 25.5% | — |
| Dividends ÷ net income | 39.0% | 21.3% | 37.9% | 38.7% | 22.6% | 34.5% | 34.4% | 33.1% | 89.1% | — | 26.1% | 28.9% | 19.0% | — | 79.8% | — | 94.3% | — |
| Dividends and buybacks ÷ free cash flow | 12.7% | 27.2% | — | 70.5% | 78.5% | 32.8% | 96.8% | 150.8% | 183.1% | 228.3% | 64.9% | 39.6% | 83.5% | 157.7% | 104.9% | 113.0% | 370.4% | — |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 16.2% | 16.8% | 16.2% | 14.7% | 14.0% | 12.7% | 12.6% | 12.9% |
| Operating margin | −3.3% | 5.1% | 5.4% | 5.1% | 5.9% | 0.6% | 4.6% | 0.1% |
| Net margin | −9.5% | 2.0% | 1.7% | 1.8% | 2.6% | −2.5% | 2.5% | −6.4% |
| Free-cash-flow margin | 23.5% | −21.9% | −1.7% | −1.3% | 24.1% | −27.3% | −6.1% | 0.8% |
| Current ratio | 0.72 | 0.72 | 0.85 | 0.86 | 0.76 | 0.88 | 1.15 | 1.15 |
| Debt to equity | 246.3% | 259.8% | 250.6% | 244.5% | 226.3% | 162.3% | 179.3% | 183.5% |
| SG&A as % of revenue | 10.1% | 11.2% | 10.5% | 10.0% | 10.3% | 11.0% | 10.5% | 11.6% |
Financial health
- Short-term assets cover short-term liabilities $5.7bn of assets due within a year against $5.0bn 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 $1.1bn of cash against $6.8bn of debt.
- Debt below 40% of shareholders' equity Debt is 184% of equity.
- Debt burden no higher than five years ago Debt to equity moved from 101% to 184% over five years.
- A year's operating cash flow covers at least 20% of debt $313m of operating cash flow against $6.8bn of debt.
- Operating profit covers interest at least five times over Operating income of $428m against $327m of interest.
Moat
Weak moat
How hard Whirlpool's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 9 / 20
Cash operating profit has been a median 7.5% of total assets over 10 years.
- Pricing power 8 / 20
Gross margin has been a median 16.7%, moving by 2.1 percentage points (standard deviation) across 10 years.
- Durability 0 / 20
Operating margin has been a median 4.1%; its worst year was -4.3%.
- Cash conversion 10 / 20
Free cash flow was positive in 9 of 10 years, at a median 2.8% of revenue.
- Discipline 18 / 20
The diluted share count fell 2.8% over five years; stock-based pay has been a median 0.8% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (44 before it).
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