NYSE : WLK
Westlake Corporation — Financial statements
Materials · Specialty Chemicals · United States
Last price 68.28 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 8.73B
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Financial statements
Westlake Corporation (WLK) reported revenue of 11.29B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 11.29B | 11.17B | 12.14B | 12.55B | 15.79B | 11.78B |
| Cost of Revenue | 10.14B | 10.36B | 10.19B | 10.33B | 11.72B | 8.28B |
| Gross Profit | 1.15B | 813.00M | 1.96B | 2.22B | 4.07B | 3.50B |
| Selling, General & Admin | 909.00M | 868.00M | 874.00M | 865.00M | 809.00M | 528.00M |
| Amortization of Goodwill & Intangibles | 125.00M | 124.00M | 117.00M | 122.00M | 155.00M | 123.00M |
| Operating Expenses | 1.03B | 992.00M | 991.00M | 987.00M | 964.00M | 651.00M |
| Operating Income | 120.00M | -179.00M | 966.00M | 1.23B | 3.11B | 2.84B |
| Interest Expense | -203.00M | -171.00M | -159.00M | -165.00M | -177.00M | -176.00M |
| Interest & Investment Income | 106.00M | 100.00M | 153.00M | 104.00M | 24.00M | 7.00M |
| Earnings From Equity Investments | 16.00M | 16.00M | 18.00M | 19.00M | 15.00M | 13.00M |
| Other Non Operating Income (Expenses) | 4.00M | 4.00M | 32.00M | -15.00M | 8.00M | 10.00M |
| EBT Excluding Unusual Items | 43.00M | -230.00M | 1.01B | 1.18B | 2.98B | 2.70B |
| Merger & Restructuring Charges | -539.00M | -640.00M | -91.00M | -28.00M | -33.00M | -21.00M |
| Impairment of Goodwill | -727.00M | -727.00M | -128.00M | |||
| Gain (Loss) on Sale of Assets | 19.00M | |||||
| Asset Writedown | -347.00M | |||||
| Pretax Income | -1.29B | -1.60B | 938.00M | 700.00M | 2.95B | 2.68B |
| Income Tax Expense | -99.00M | -126.00M | 291.00M | 178.00M | 649.00M | 607.00M |
| Earnings From Continuing Operations | -1.19B | -1.47B | 647.00M | 522.00M | 2.30B | 2.07B |
| Minority Interest in Earnings | -44.00M | -37.00M | -45.00M | -43.00M | -50.00M | -55.00M |
| Net Income | -1.24B | -1.51B | 602.00M | 479.00M | 2.25B | 2.02B |
| Preferred Dividends & Other Adjustments | -6.00M | -7.00M | 3.00M | 3.00M | 12.00M | 10.00M |
| Net Income to Common | -1.23B | -1.50B | 599.00M | 476.00M | 2.23B | 2.00B |
| Shares Outstanding (Basic) | 128.13M | 128.26M | 128.54M | 127.81M | 127.97M | 128.00M |
| Shares Outstanding (Diluted) | 128.13M | 128.26M | 129.21M | 128.60M | 128.85M | 128.70M |
| EPS (Basic) | -9.59 | -11.70 | 4.66 | 3.72 | 17.46 | 15.66 |
| EPS (Diluted) | -9.59 | -11.70 | 4.64 | 3.70 | 17.34 | 15.58 |
| Free Cash Flow | -265.00M | -530.00M | 306.00M | 1.30B | 2.29B | 1.74B |
| Free Cash Flow Per Share | -2.07 | -4.13 | 2.37 | 10.12 | 17.75 | 13.49 |
| Dividend Per Share | 2.12 | 2.11 | 2.05 | 1.71 | 1.31 | 1.14 |
| Gross Margin | 10.22% | 7.28% | 16.12% | 17.68% | 25.79% | 29.67% |
| Operating Margin | 1.06% | -1.60% | 7.96% | 9.82% | 19.68% | 24.15% |
| Profit Margin | -10.88% | -13.44% | 4.93% | 3.79% | 14.15% | 17.02% |
| Free Cash Flow Margin | -2.35% | -4.75% | 2.52% | 10.38% | 14.48% | 14.74% |
| EBITDA | 1.12B | 834.00M | 1.93B | 2.19B | 4.08B | 3.63B |
| EBITDA Margin | 9.96% | 7.47% | 15.87% | 17.47% | 25.86% | 30.80% |
| D&A For EBITDA | 1.00B | 1.01B | 961.00M | 960.00M | 976.00M | 784.00M |
| EBIT | 120.00M | -179.00M | 966.00M | 1.23B | 3.11B | 2.84B |
| EBIT Margin | 1.06% | -1.60% | 7.96% | 9.82% | 19.68% | 24.15% |
| Effective Tax Rate | 31.02% | 25.43% | 22.03% | 22.68% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.64B | 2.72B | 2.92B | 3.30B | 2.23B | 1.91B |
| Short-Term Investments | 209.00M | 204.00M | ||||
| Cash & Short-Term Investments | 1.85B | 2.93B | 2.92B | 3.30B | 2.23B | 1.91B |
| Accounts Receivable | 1.69B | 1.23B | 1.31B | 1.39B | 1.65B | 1.74B |
| Other Receivables | 271.00M | 275.00M | 168.00M | 208.00M | 150.00M | 127.00M |
| Receivables | 1.96B | 1.50B | 1.48B | 1.60B | 1.80B | 1.87B |
| Inventory | 1.75B | 1.65B | 1.70B | 1.62B | 1.87B | 1.41B |
| Prepaid Expenses | 120.00M | 131.00M | 115.00M | 82.00M | 78.00M | 80.00M |
| Total Current Assets | 5.69B | 6.22B | 6.21B | 6.61B | 5.97B | 5.26B |
| Property, Plant & Equipment | 9.43B | 9.40B | 9.43B | 9.22B | 9.09B | 8.17B |
| Long-Term Investments | 1.03B | 1.06B | 1.08B | 1.11B | 1.14B | 1.01B |
| Goodwill | 1.35B | 1.31B | 2.03B | 2.04B | 2.16B | 2.02B |
| Other Intangible Assets | 1.19B | 1.18B | 1.28B | 1.40B | 1.56B | 1.58B |
| Long-Term Deferred Charges | 397.00M | 433.00M | 391.00M | 359.00M | 261.00M | |
| Other Long-Term Assets | 364.00M | 351.00M | 708.00M | 260.00M | 258.00M | 156.00M |
| Total Assets | 19.44B | 19.96B | 20.75B | 21.04B | 20.55B | 18.46B |
| Accounts Payable | 890.00M | 783.00M | 851.00M | 877.00M | 889.00M | 879.00M |
| Accrued Expenses | 1.30B | 1.15B | 1.12B | 1.42B | 1.15B | 990.00M |
| Current Portion of Long-Term Debt | 497.00M | 6.00M | 299.00M | 269.00M | ||
| Current Portion of Leases | 128.00M | 138.00M | 128.00M | 124.00M | 116.00M | 106.00M |
| Current Income Taxes Payable | 88.00M | |||||
| Other Current Liabilities | 200.00M | 112.00M | 72.00M | 148.00M | 12.00M | |
| Total Current Liabilities | 2.32B | 2.77B | 2.22B | 2.79B | 2.30B | 2.34B |
| Long-Term Debt | 5.07B | 5.09B | 4.56B | 4.61B | 4.88B | 4.91B |
| Long-Term Leases | 681.00M | 688.00M | 713.00M | 611.00M | 504.00M | 461.00M |
| Pension & Post-Retirement Benefits | 272.00M | 286.00M | 304.00M | 363.00M | 355.00M | 291.00M |
| Long-Term Deferred Tax Liabilities | 1.37B | 1.34B | 1.55B | 1.56B | 1.74B | 1.68B |
| Other Long-Term Liabilities | 525.00M | 492.00M | 362.00M | 340.00M | 314.00M | 243.00M |
| Total Liabilities | 10.23B | 10.67B | 9.71B | 10.27B | 10.09B | 9.93B |
| Common Stock | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Additional Paid-In Capital | 697.00M | 683.00M | 656.00M | 630.00M | 601.00M | 581.00M |
| Retained Earnings | 8.65B | 8.70B | 10.48B | 10.14B | 9.88B | 7.81B |
| Treasury Stock | -532.00M | -513.00M | -467.00M | -435.00M | -467.00M | -399.00M |
| Comprehensive Income & Other | -116.00M | -80.00M | -144.00M | -98.00M | -89.00M | -36.00M |
| Total Common Equity | 8.71B | 8.79B | 10.53B | 10.24B | 9.93B | 7.96B |
| Minority Interest | 503.00M | 503.00M | 516.00M | 523.00M | 534.00M | 573.00M |
| Shareholders' Equity | 9.21B | 9.29B | 11.04B | 10.76B | 10.46B | 8.53B |
| Total Liabilities & Equity | 19.44B | 19.96B | 20.75B | 21.04B | 20.55B | 18.46B |
| Total Debt | 5.88B | 6.41B | 5.40B | 5.64B | 5.50B | 5.75B |
| Net Cash (Debt) | -4.02B | -3.48B | -2.48B | -2.34B | -3.27B | -3.84B |
| Net Cash Per Share | -31.41 | -27.15 | -19.22 | -18.17 | -25.39 | -29.83 |
| Filing Date Shares Outstanding | 127.80M | 127.91M | 128.23M | 128.22M | 127.36M | 127.92M |
| Total Common Shares Outstanding | 127.80M | 127.91M | 128.23M | 128.21M | 127.37M | 127.92M |
| Working Capital | 3.37B | 3.45B | 4.00B | 3.82B | 3.67B | 2.92B |
| Book Value Per Share | 68.12 | 68.74 | 82.10 | 79.88 | 77.97 | 62.19 |
| Tangible Book Value | 6.17B | 6.30B | 7.21B | 6.80B | 6.21B | 4.35B |
| Tangible Book Value Per Share | 48.30 | 49.22 | 56.26 | 53.01 | 48.72 | 34.01 |
| Land | 311.00M | 306.00M | 304.00M | 299.00M | 284.00M | |
| Buildings | 1.10B | 1.01B | 951.00M | 895.00M | 818.00M | |
| Machinery | 12.16B | 11.19B | 10.77B | 10.41B | 9.36B | |
| Construction In Progress | 790.00M | 1.08B | 930.00M | 819.00M | 654.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -1.24B | -1.51B | 602.00M | 479.00M | 2.25B | 2.02B |
| Depreciation & Amortization | 1.00B | 1.01B | 961.00M | 960.00M | 976.00M | 784.00M |
| Other Amortization | 165.00M | 165.00M | 153.00M | 137.00M | 80.00M | 56.00M |
| Loss (Gain) From Sale of Assets | 350.00M | 352.00M | 16.00M | 42.00M | 51.00M | 44.00M |
| Asset Writedown & Restructuring Costs | 727.00M | 727.00M | 475.00M | |||
| Stock-Based Compensation | 42.00M | 41.00M | 41.00M | 43.00M | 36.00M | 31.00M |
| Other Operating Activities | -107.00M | -140.00M | 10.00M | -132.00M | 29.00M | 78.00M |
| Change in Accounts Receivable | -140.00M | 15.00M | 87.00M | 225.00M | 325.00M | -528.00M |
| Change in Inventory | 2.00M | 51.00M | -97.00M | 250.00M | -140.00M | -309.00M |
| Change in Accounts Payable | -36.00M | -67.00M | -20.00M | -26.00M | -153.00M | 242.00M |
| Change in Other Net Operating Assets | -142.00M | -184.00M | -439.00M | -117.00M | -56.00M | -19.00M |
| Operating Cash Flow | 631.00M | 465.00M | 1.31B | 2.34B | 3.40B | 2.39B |
| Capital Expenditures | -896.00M | -995.00M | -1.01B | -1.03B | -1.11B | -658.00M |
| Cash Acquisitions | -171.00M | -1.20B | -2.55B | |||
| Investment in Securities | -30.00M | -237.00M | -26.00M | -25.00M | -180.00M | -24.00M |
| Other Investing Activities | 9.00M | 9.00M | 33.00M | 22.00M | 12.00M | 23.00M |
| Investing Cash Flow | -1.09B | -1.22B | -1.00B | -1.04B | -2.48B | -3.21B |
| Long-Term Debt Issued | 1.19B | 1.67B | ||||
| Total Debt Issued | 1.19B | 1.19B | 1.67B | |||
| Long-Term Debt Repaid | -254.00M | -300.00M | -250.00M | |||
| Total Debt Repaid | -750.00M | -254.00M | -300.00M | -250.00M | ||
| Net Debt Issued (Repaid) | 437.00M | 933.00M | -300.00M | -250.00M | 1.67B | |
| Issuance of Common Stock | 18.00M | 13.00M | ||||
| Repurchase of Common Stock | -63.00M | -63.00M | -60.00M | -23.00M | -101.00M | -30.00M |
| Common Dividends Paid | -273.00M | -272.00M | -264.00M | -221.00M | -169.00M | -145.00M |
| Other Financing Activities | -78.00M | -68.00M | -26.00M | -1.00M | -85.00M | -72.00M |
| Financing Cash Flow | 23.00M | 530.00M | -650.00M | -245.00M | -587.00M | 1.44B |
| Foreign Exchange Rate Adjustments | -6.00M | 33.00M | -47.00M | 19.00M | -24.00M | -14.00M |
| Net Cash Flow | -440.00M | -195.00M | -384.00M | 1.07B | 305.00M | 604.00M |
| Free Cash Flow | -265.00M | -530.00M | 306.00M | 1.30B | 2.29B | 1.74B |
| Free Cash Flow Margin | -2.35% | -4.75% | 2.52% | 10.38% | 14.48% | 14.74% |
| Free Cash Flow Per Share | -2.07 | -4.13 | 2.37 | 10.12 | 17.75 | 13.49 |
| Levered Free Cash Flow | 23.12M | 62.25M | 379.38M | 1.40B | 1.64B | 1.39B |
| Unlevered Free Cash Flow | 150.00M | 169.12M | 478.75M | 1.50B | 1.75B | 1.50B |
| Cash Interest Paid | 157.00M | 157.00M | 153.00M | 159.00M | 172.00M | 130.00M |
| Cash Income Tax Paid | 104.00M | 104.00M | 422.00M | 421.00M | 570.00M | 466.00M |
| Change in Working Capital | -316.00M | -185.00M | -469.00M | 332.00M | -24.00M | -614.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 9.01B | 9.48B | 14.76B | 17.93B | 13.08B | 12.42B |
| Enterprise Value | 13.04B | 13.24B | 17.84B | 20.82B | 17.16B | 15.00B |
| Last Close Price | 68.28 | 72.62 | 109.65 | 131.95 | 95.35 | 89.27 |
| PE Ratio | 24.64 | 37.68 | 5.85 | 6.19 | ||
| Forward PE | 30.80 | 135.00 | 16.07 | 20.68 | 9.84 | 6.32 |
| PS Ratio | 0.80 | 0.85 | 1.22 | 1.43 | 0.83 | 1.05 |
| PB Ratio | 1.00 | 1.02 | 1.34 | 1.67 | 1.25 | 1.46 |
| P/TBV Ratio | 1.46 | 1.51 | 2.04 | 2.64 | 2.11 | 2.85 |
| P/FCF Ratio | 48.22 | 13.78 | 5.72 | 7.15 | ||
| P/OCF Ratio | 14.31 | 20.40 | 11.23 | 7.68 | 3.85 | 5.19 |
| PEG Ratio | 7.18 | 32.56 | 1.11 | 0.28 | 0.11 | |
| EV/Sales Ratio | 1.16 | 1.19 | 1.47 | 1.66 | 1.09 | 1.27 |
| EV/EBITDA Ratio | 11.60 | 15.87 | 9.26 | 9.50 | 4.20 | 4.14 |
| EV/EBIT Ratio | 108.76 | 18.47 | 16.90 | 5.52 | 5.28 | |
| EV/FCF Ratio | 58.30 | 15.99 | 7.50 | 8.64 | ||
| Debt / Equity Ratio | 0.64 | 0.69 | 0.49 | 0.52 | 0.53 | 0.67 |
| Debt / EBITDA Ratio | 4.70 | 6.66 | 2.63 | 2.44 | 1.31 | 1.55 |
| Debt / FCF Ratio | 17.66 | 4.33 | 2.40 | 3.31 | ||
| Net Debt / Equity Ratio | 0.44 | 0.38 | 0.23 | 0.22 | 0.31 | 0.45 |
| Net Debt / EBITDA Ratio | 3.58 | 4.17 | 1.29 | 1.07 | 0.80 | 1.06 |
| Net Debt / FCF Ratio | -15.19 | -6.57 | 8.12 | 1.79 | 1.43 | 2.21 |
| Asset Turnover | 0.56 | 0.55 | 0.58 | 0.60 | 0.81 | 0.73 |
| Inventory Turnover | 5.82 | 6.18 | 6.14 | 5.92 | 7.16 | 7.12 |
| Quick Ratio | 1.65 | 1.60 | 1.98 | 1.76 | 1.75 | 1.61 |
| Current Ratio | 2.45 | 2.24 | 2.80 | 2.37 | 2.60 | 2.25 |
| Return on Equity (ROE) | -11.91% | -14.46% | 5.93% | 4.92% | 24.19% | 27.41% |
| Return on Assets (ROA) | 0.37% | -0.55% | 2.89% | 3.70% | 9.96% | 11.01% |
| Return on Invested Capital (ROIC) | 0.92% | -1.36% | 5.00% | 6.85% | 18.57% | 20.30% |
| Return on Capital Employed (ROCE) | 0.70% | -1.00% | 5.20% | 6.80% | 17.00% | 17.60% |
| Earnings Yield | -13.60% | -15.90% | 4.08% | 2.67% | 17.18% | 16.23% |
| FCF Yield | -2.94% | -5.59% | 2.07% | 7.26% | 17.49% | 13.98% |
| Dividend Yield | 3.01% | 2.85% | 1.78% | 1.23% | 1.27% | 1.17% |
| Payout Ratio | 43.85% | 46.14% | 7.52% | 7.20% | ||
| Buyback Yield / Dilution | 0.24% | 0.73% | -0.47% | 0.19% | -0.11% | -0.47% |
| Total Shareholder Return | 3.27% | 3.58% | 1.31% | 1.42% | 1.16% | 0.69% |