Eastman Chemical Co
EMN—
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Eastman Chemical Co AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 3.7B is 64% of equity (5.8B) - tangible book only 1.1B vs 7.5B market cap creates impairment overhang[Goodwill]
- EPS collapsed 67.5% TTM while gross profit down 28% - operating leverage working in reverse as volumes decline[EPS Growth 1Y]
- P/E of 10.1x vs industry median 20.2x - 50% discount reflects cyclical trough or structural concerns[P/E Ratio]
Watch Triggers
- Inventory: Declines >10% QoQ — Signals destocking complete and production aligning with demand - earnings inflection catalyst
- Interest Expense TTM: Exceeds 250M or >25% of operating income — Debt service consuming too much cash flow would pressure dividend sustainability
- Goodwill: Any impairment charge announced — Would confirm acquisition value destruction and potentially breach debt covenants
Bull Case
Deep value at 10x P/E with 5.2% dividend yield (3.32/share TTM) - payout ratio 52% sustainable even at trough earnings
P/E RatioDividends Paid Per Share TTMDividend Payout Ratio Avg 5Y
Operating infrastructure advantage: 13% operating margin vs industry median near 0% shows cost structure resilience through cycle
Operating Margin TTMAsset Turnover TTMEBITDA TTM
Bear Case
Debt of 5.1B at 0.88x D/E with 221M interest expense consumes 22% of operating income - refinancing risk if rates stay elevated
Total DebtDebt to EquityInterest Expense TTM
3Y EPS CAGR of -40% and 5Y CAGR of -19% suggest structural decline, not just cyclical - chemical commoditization pressure
EPS Growth 3YEPS Growth 5YGross Profit 1Y Growth
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Margin recovery likely as inventory destocking cycle ends and chemical demand normalizes
1-3ymed
- Inventory up 204M TTM signals production cuts lagging demand
- Operating margin 13% still positive vs industry median near 0%
- Capex of 613M maintains capacity for volume recovery
Gross margin 22.8% TTM despite downcycleAsset turnover 0.6x vs industry 0.19x medianFCF positive at 395M despite earnings decline
Valuation Context
Caveats
Public Strategies Rankings
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EMN Fundamentals
Manufacturing → Chemical Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$8.59B | — | ||
$12.81B | — | ||
18 | — | ||
$8.75B | -6.7% | — | |
$4.10 | -40.0% | — | |
10.9% | -3.7% | — | |
5.42% | -4.2% | — | |
$424.0M | -38.4% | — | |
8.07% | -8.0% | — | |
Beta 5Y (Monthly) | unknown | — |
EMN Dividend History
104 dividends
2026
$0.840003/13/26$0.8400
2025
$3.330012/15/25$0.8400
09/15/25$0.8300
06/13/25$0.8300
03/14/25$0.8300
2024
$3.260012/16/24$0.8300
09/16/24$0.8100
06/17/24$0.8100
03/14/24$0.8100
2023
$3.180012/15/23$0.8100
09/14/23$0.7900
06/14/23$0.7900
03/14/23$0.7900
2022
$3.070012/14/22$0.7900
09/14/22$0.7600
06/14/22$0.7600
03/14/22$0.7600
2021
$2.830012/14/21$0.7600
09/14/21$0.6900
06/14/21$0.6900
03/12/21$0.6900
2020
$2.670012/14/20$0.6900
09/14/20$0.6600
06/12/20$0.6600
03/13/20$0.6600
2019
$1.860009/13/19$0.6200
06/14/19$0.6200
03/14/19$0.6200
2018
$2.300012/14/18$0.6200
09/13/18$0.5600
06/14/18$0.5600
03/14/18$0.5600
2017
$2.090012/15/17$0.5600
09/14/17$0.5100
06/13/17$0.5100
03/13/17$0.5100
2016
$1.890012/13/16$0.5100
09/13/16$0.4600
06/13/16$0.4600
03/11/16$0.4600
2015
$1.660012/10/15$0.4600
09/10/15$0.4000
06/11/15$0.4000
03/12/15$0.4000
2014
$1.450012/11/14$0.4000
09/11/14$0.3500
06/11/14$0.3500
03/12/14$0.3500
2013
$1.250012/12/13$0.3500
09/11/13$0.3000
06/12/13$0.3000
03/13/13$0.3000
2012
$1.080012/13/12$0.3000
09/12/12$0.2600
06/13/12$0.2600
03/13/12$0.2600
2011
$0.990012/13/11$0.2600
09/13/11$0.2600
06/13/11$0.2350
03/11/11$0.2350
2010
$0.895012/09/10$0.2350
09/09/10$0.2200
06/10/10$0.2200
03/11/10$0.2200
2009
$0.880012/10/09$0.2200
09/10/09$0.2200
06/11/09$0.2200
03/12/09$0.2200
2008
$0.880012/11/08$0.2200
09/11/08$0.2200
06/12/08$0.2200
03/13/08$0.2200
2007
$0.880012/13/07$0.2200
09/13/07$0.2200
06/13/07$0.2200
03/13/07$0.2200
2006
$0.885012/14/06$0.2250
09/13/06$0.2200
06/13/06$0.2200
03/13/06$0.2200
2005
$0.880012/13/05$0.2200
09/13/05$0.2200
06/13/05$0.2200
03/11/05$0.2200
2004
$0.880012/13/04$0.2200
09/13/04$0.2200
06/14/04$0.2200
03/11/04$0.2200
2003
$0.880012/11/03$0.2200
09/11/03$0.2200
06/11/03$0.2200
03/12/03$0.2200
2002
$0.880012/11/02$0.2200
09/11/02$0.2200
06/12/02$0.2200
03/13/02$0.2200
2001
$0.880012/12/01$0.2200
09/12/01$0.2200
06/13/01$0.2200
03/13/01$0.2200
2000
$0.880012/13/00$0.2200
09/13/00$0.2200
06/13/00$0.2200
03/13/00$0.2200
EMN Stock Splits
1 stock split
10/04/110.5:1 split
EMN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/13/26 | 12/31/25 | 10-K | |
11/04/25 | 09/30/25 | 10-Q | |
08/01/25 | 06/30/25 | 10-Q | |
04/25/25 | 03/31/25 | 10-Q | |
02/14/25 | 12/31/24 | Unknown | |
11/01/24 | 09/30/24 | 10-Q | |
07/26/24 | 06/30/24 | 10-Q | |
04/26/24 | 03/31/24 | 10-Q | |
02/14/24 | 12/31/23 | 10-K | |
10/27/23 | 09/30/23 | 10-Q | |
07/28/23 | 06/30/23 | 10-Q | |
04/28/23 | 03/31/23 | 10-Q | |
02/15/23 | 12/31/22 | 10-K | |
10/28/22 | 09/30/22 | 10-Q | |
08/01/22 | 06/30/22 | 10-Q | |
05/04/22 | 03/31/22 | 10-Q | |
02/25/22 | 12/31/21 | 10-K | |
11/01/21 | 09/30/21 | 10-Q | |
08/03/21 | 06/30/21 | 10-Q | |
05/03/21 | 03/31/21 | 10-Q | |
02/22/21 | 12/31/20 | 10-K | |
11/03/20 | 09/30/20 | 10-Q | |
08/05/20 | 06/30/20 | 10-Q | |
05/11/20 | 03/31/20 | 10-Q | |
02/26/20 | 12/31/19 | 10-K | |
11/01/19 | 09/30/19 | 10-Q | |
08/06/19 | 06/30/19 | 10-Q | |
05/03/19 | 03/31/19 | 10-Q | |
02/27/19 | 12/31/18 | 10-K | |
10/29/18 | 09/30/18 | 10-Q | |
08/03/18 | 06/30/18 | 10-Q | |
05/07/18 | 03/31/18 | 10-Q | |
03/01/18 | 12/31/17 | 10-K | |
11/02/17 | 09/30/17 | 10-Q | |
08/04/17 | 06/30/17 | 10-Q | |
05/05/17 | 03/31/17 | 10-Q | |
02/27/17 | 12/31/16 | 10-K | |
11/04/16 | 09/30/16 | 10-Q | |
08/03/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-Q | |
02/25/16 | 12/31/15 | 10-K | |
11/03/15 | 09/30/15 | 10-Q | |
07/30/15 | 06/30/15 | 10-Q | |
05/05/15 | 03/31/15 | 10-Q | |
02/27/15 | 12/31/14 | 10-K | |
11/04/14 | 09/30/14 | 10-Q | |
07/30/14 | 06/30/14 | 10-Q | |
04/29/14 | 03/31/14 | 10-Q | |
02/28/14 | 12/31/13 | 10-K | |
10/28/13 | 09/30/13 | 10-Q | |
08/05/13 | 06/30/13 | 10-Q | |
04/30/13 | 03/31/13 | 10-Q | |
02/28/13 | 12/31/12 | 10-K | |
10/31/12 | 09/30/12 | 10-Q | |
08/02/12 | 06/30/12 | 10-Q | |
05/10/12 | 03/31/12 | 10-Q | |
02/22/12 | 12/31/11 | 10-K | |
11/01/11 | 09/30/11 | 10-Q | |
08/02/11 | 06/30/11 | 10-Q | |
05/03/11 | 03/31/11 | 10-Q | |
02/23/11 | 12/31/10 | 10-K | |
11/01/10 | 09/30/10 | 10-Q | |
08/03/10 | 06/30/10 | 10-Q | |
04/26/10 | 03/31/10 | 10-Q | |
02/24/10 | 12/31/09 | 10-K | |
10/23/09 | 09/30/09 | 10-Q | |
07/30/09 | 06/30/09 | 10-Q | |
04/29/09 | 03/30/09 | 10-Q | |
02/25/09 | 12/31/08 | 8-K | |
10/28/08 | 09/30/08 | 8-K | |
07/30/08 | 06/30/08 | 8-K | |
04/29/08 | 03/30/08 | Unknown | -- |
02/29/08 | 12/31/07 | 10-K | |
10/31/07 | 09/30/07 | 10-Q | |
07/30/07 | 06/30/07 | 10-Q | |
05/01/07 | 03/30/07 | Unknown | -- |
03/01/07 | 12/31/06 | 10-K | |
10/31/06 | 09/30/06 | 8-K | |
07/31/06 | 06/30/06 | 8-K | |
05/03/06 | 03/30/06 | Unknown | -- |
03/13/06 | 12/31/05 | 10-K | |
11/01/05 | 09/30/05 | 10-Q | |
08/05/05 | 06/30/05 | 10-Q | |
05/06/05 | 03/30/05 | Unknown | -- |
03/15/05 | 12/31/04 | 8-K | |
11/09/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 8-K | |
05/06/04 | 03/30/04 | Unknown | -- |
03/05/04 | 12/31/03 | 10-K | |
11/13/03 | 09/30/03 | 8-K | |
08/12/03 | 06/30/03 | 10-Q | |
05/13/03 | 03/30/03 | Unknown | -- |
03/11/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/13/02 | 06/30/02 | 10-Q | |
05/13/02 | 03/30/02 | Unknown | -- |
03/12/02 | 12/31/01 | 10-K405 | |
11/14/01 | 09/30/01 | 10-Q | |
08/08/01 | 06/30/01 | 10-Q | |
05/07/01 | 03/30/01 | Unknown | -- |
03/02/01 | 12/31/00 | 10-K405 | |
11/08/00 | 09/30/00 | 10-Q | |
08/09/00 | 06/30/00 | 10-Q | |
05/05/00 | 03/30/00 | Unknown | -- |