Eastman Chemical (EMN)
Market Price (8/14/2026): $73.75 | Market Cap: $8.4 BilSector: Materials | Industry: Specialty Chemicals
Eastman Chemical (EMN)
Market Price (8/14/2026): $73.75Market Cap: $8.4 BilSector: MaterialsIndustry: Specialty Chemicals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.8%, Dividend Yield is 4.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.4%, FCF Yield is 6.4% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% Low stock price volatilityVol 12M is 34% Megatrend and thematic driversMegatrends include Circular Economy & Recycling, and Advanced Materials. Themes include Advanced Recycling Technologies, Sustainable Packaging Materials, Show more. | Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -74% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.3% Key risksEMN key risks include [1] weak demand in key end markets such as building, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.8%, Dividend Yield is 4.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.4%, FCF Yield is 6.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Low stock price volatilityVol 12M is 34% |
| Megatrend and thematic driversMegatrends include Circular Economy & Recycling, and Advanced Materials. Themes include Advanced Recycling Technologies, Sustainable Packaging Materials, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -74% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.3% |
| Key risksEMN key risks include [1] weak demand in key end markets such as building, Show more. |
Qualitative Assessment
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Eastman Chemical (EMN) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Eastman Chemical's stock exhibited a muted reaction following its strong fiscal Q2 2026 earnings, despite beating analyst expectations. While the company reported adjusted earnings per share (EPS) of $1.97 against a consensus estimate of $1.82, and revenue of $2.51 billion surpassing the $2.40 billion forecast for the quarter ending June 30, 2026, the stock traded largely unchanged. This indicated that the positive earnings surprise was largely factored in or tempered by other concerns.
2. Mixed performance across business segments and persistent macroeconomic headwinds limited significant upside. Although the Chemical Intermediates segment delivered a dramatic turnaround with a 39% year-over-year revenue increase and adjusted EBIT of $58 million (compared to a $30 million loss in the prior year period), driven by supply disruptions from the Middle East conflict, the Fibers segment experienced an 11% sales decline due to lower volume and weak textiles demand. Investors remained cautious about challenging end-market conditions, including weak discretionary markets like automotive, building and construction, and consumer durables, as well as broader geopolitical uncertainties impacting the chemical industry.
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Eastman Chemical (EMN) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Eastman Chemical's stock exhibited a muted reaction following its strong fiscal Q2 2026 earnings, despite beating analyst expectations. While the company reported adjusted earnings per share (EPS) of $1.97 against a consensus estimate of $1.82, and revenue of $2.51 billion surpassing the $2.40 billion forecast for the quarter ending June 30, 2026, the stock traded largely unchanged. This indicated that the positive earnings surprise was largely factored in or tempered by other concerns.
2. Mixed performance across business segments and persistent macroeconomic headwinds limited significant upside. Although the Chemical Intermediates segment delivered a dramatic turnaround with a 39% year-over-year revenue increase and adjusted EBIT of $58 million (compared to a $30 million loss in the prior year period), driven by supply disruptions from the Middle East conflict, the Fibers segment experienced an 11% sales decline due to lower volume and weak textiles demand. Investors remained cautious about challenging end-market conditions, including weak discretionary markets like automotive, building and construction, and consumer durables, as well as broader geopolitical uncertainties impacting the chemical industry.
3. A cautious outlook for fiscal Q3 2026 and a revised operating cash flow target contributed to the stock's flat trend. Management projected adjusted EPS for fiscal Q3 2026 to merely approach fiscal Q2 levels, rather than indicating significant growth. Furthermore, the company adjusted its full-year 2026 operating cash flow outlook, expecting it to approach $900 million, which was modestly below its prior expectation of approaching 2025 levels. This forward-looking caution, combined with the anticipation of moderation in Chemical Intermediates earnings as supply chain disruptions ease, likely dampened enthusiasm despite strong fiscal Q2 execution.
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Stock Movement Drivers
Fundamental Drivers
The 2.1% change in EMN stock from 4/30/2026 to 8/13/2026 was primarily driven by a 9.7% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 72.27 | 73.77 | 2.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,752 | 8,865 | 1.3% |
| Net Income Margin (%) | 5.4% | 5.0% | -7.9% |
| P/E Multiple | 17.4 | 19.1 | 9.7% |
| Shares Outstanding (Mil) | 114 | 114 | -0.2% |
| Cumulative Contribution | 2.1% |
Market Drivers
4/30/2026 to 8/13/2026| Return | Correlation | |
|---|---|---|
| EMN | 2.1% | |
| Market (SPY) | 8.2% | 37.6% |
| Sector (XLB) | 1.6% | 58.1% |
Fundamental Drivers
The 8.9% change in EMN stock from 1/31/2026 to 8/13/2026 was primarily driven by a 72.1% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.73 | 73.77 | 8.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,024 | 8,865 | -1.8% |
| Net Income Margin (%) | 7.7% | 5.0% | -35.6% |
| P/E Multiple | 11.1 | 19.1 | 72.1% |
| Shares Outstanding (Mil) | 114 | 114 | 0.1% |
| Cumulative Contribution | 8.9% |
Market Drivers
1/31/2026 to 8/13/2026| Return | Correlation | |
|---|---|---|
| EMN | 8.9% | |
| Market (SPY) | 12.7% | 33.7% |
| Sector (XLB) | 6.6% | 62.8% |
Fundamental Drivers
The 6.7% change in EMN stock from 7/31/2025 to 8/13/2026 was primarily driven by a 120.8% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 69.16 | 73.77 | 6.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,362 | 8,865 | -5.3% |
| Net Income Margin (%) | 9.8% | 5.0% | -49.4% |
| P/E Multiple | 8.6 | 19.1 | 120.8% |
| Shares Outstanding (Mil) | 115 | 114 | 0.8% |
| Cumulative Contribution | 6.7% |
Market Drivers
7/31/2025 to 8/13/2026| Return | Correlation | |
|---|---|---|
| EMN | 6.7% | |
| Market (SPY) | 24.1% | 37.8% |
| Sector (XLB) | 21.0% | 61.5% |
Fundamental Drivers
The -2.7% change in EMN stock from 7/31/2023 to 8/13/2026 was primarily driven by a -30.9% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 75.83 | 73.77 | -2.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,818 | 8,865 | -9.7% |
| Net Income Margin (%) | 7.2% | 5.0% | -30.9% |
| P/E Multiple | 12.7 | 19.1 | 49.9% |
| Shares Outstanding (Mil) | 119 | 114 | 3.9% |
| Cumulative Contribution | -2.7% |
Market Drivers
7/31/2023 to 8/13/2026| Return | Correlation | |
|---|---|---|
| EMN | -2.7% | |
| Market (SPY) | 75.9% | 49.4% |
| Sector (XLB) | 28.8% | 71.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EMN Return | 24% | -30% | 15% | 5% | -27% | 16% | -12% |
| Peers Return | 16% | -17% | 25% | -23% | -20% | 24% | -8% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| EMN Win Rate | 67% | 33% | 42% | 42% | 33% | 75% | |
| Peers Win Rate | 50% | 48% | 47% | 45% | 48% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| EMN Max Drawdown | -23% | -43% | -22% | -20% | -44% | -19% | |
| Peers Max Drawdown | -21% | -40% | -19% | -32% | -41% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DOW, CE, LYB, DD, PPG. See EMN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/13/2026 (YTD)
How Low Can It Go
| Event | EMN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.3% | -9.5% |
| % Gain to Breakeven | 27.0% | 10.5% |
| Time to Breakeven | 50 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.0% | -6.7% |
| % Gain to Breakeven | 13.7% | 7.1% |
| Time to Breakeven | 42 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.4% | -24.5% |
| % Gain to Breakeven | 64.9% | 32.4% |
| Time to Breakeven | 726 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.7% | -33.7% |
| % Gain to Breakeven | 87.6% | 50.9% |
| Time to Breakeven | 73 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -29.9% | -19.2% |
| % Gain to Breakeven | 42.6% | 23.8% |
| Time to Breakeven | 686 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.6% | -12.2% |
| % Gain to Breakeven | 30.9% | 13.9% |
| Time to Breakeven | 70 days | 62 days |
In The Past
Eastman Chemical's stock fell -2.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 2.4% gain to breakeven.
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| Event | EMN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.3% | -9.5% |
| % Gain to Breakeven | 27.0% | 10.5% |
| Time to Breakeven | 50 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.4% | -24.5% |
| % Gain to Breakeven | 64.9% | 32.4% |
| Time to Breakeven | 726 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.7% | -33.7% |
| % Gain to Breakeven | 87.6% | 50.9% |
| Time to Breakeven | 73 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -29.9% | -19.2% |
| % Gain to Breakeven | 42.6% | 23.8% |
| Time to Breakeven | 686 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.6% | -12.2% |
| % Gain to Breakeven | 30.9% | 13.9% |
| Time to Breakeven | 70 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -26.8% | -6.8% |
| % Gain to Breakeven | 36.6% | 7.3% |
| Time to Breakeven | 337 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -35.8% | -17.9% |
| % Gain to Breakeven | 55.7% | 21.8% |
| Time to Breakeven | 132 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -24.5% | -15.4% |
| % Gain to Breakeven | 32.4% | 18.2% |
| Time to Breakeven | 72 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -70.2% | -53.4% |
| % Gain to Breakeven | 236.0% | 114.4% |
| Time to Breakeven | 249 days | 1085 days |
In The Past
Eastman Chemical's stock fell -2.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 2.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Eastman Chemical (EMN)
Eastman Chemical Company (EMN) is a global specialty materials company headquartered in Kingsport, Tennessee. It develops, manufactures, and markets a diverse portfolio of advanced materials, chemicals, and fibers that are essential components in a wide range of everyday products. Essentially, Eastman creates specialized ingredients and intermediate materials that other manufacturers use to produce their final goods, enhancing their performance, durability, and functionality across numerous industries.
The company's offerings span several key areas. Its Additives & Functional Products segment provides various resins, organic acid-based solutions, specialty solvents, and agricultural chemicals, as well as rubber additives for markets like transportation and agriculture. The Advanced Materials segment focuses on high-performance plastics like copolyesters and PVB sheets, along with window and protective films used in applications such as transportation, electronics, and construction. Through its Chemical Intermediates segment, Eastman supplies amines, olefins, and plasticizers critical for industrial chemicals, building and construction, and health and wellness markets.
Furthermore, Eastman's Fibers segment is a leading producer of cellulose acetate tow primarily used in filtration media like cigarette filters, along with acetate yarns for textiles and specialized nonwoven media. These diverse materials serve a vast array of global markets including personal care, food and feed, energy, consumables, durables, medical and pharma, and aerospace. Eastman's business model centers on providing value-added solutions that improve the products across these various industries.
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1. Think of Eastman Chemical as a modern, industrial-focused DuPont, developing and supplying the specialized chemicals and advanced materials that go into countless products.
2. It's like a '3M for industrial materials and chemicals,' providing innovative, specialized components and solutions for manufacturers across diverse industries.
3. Imagine them as a 'Corning for polymers and chemicals,' creating high-performance, specialized materials that are crucial ingredients for everything from cars to consumer goods.
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- Performance Resins: Specialty resins, including hydrocarbon and rosin types, used in a wide range of industrial and consumer applications.
- Copolyesters and Cellulosic Polymers: Advanced polymers derived from traditional and bio-based sources, serving markets like packaging, medical, and durable goods.
- Agricultural Solutions: Products such as soil fumigants, fungicides, and plant growth regulators for crop protection and yield enhancement.
- Specialty Solvents and Paint Additives: Chemicals, including coalescents and various solvents, that improve the performance of paints, coatings, and other end products.
- Rubber Additives: Insoluble sulfur and anti-degradant compounds specifically designed to enhance the properties and longevity of rubber products.
- Plasticizers: Phthalate and non-phthalate compounds used to increase the flexibility, workability, and durability of plastics.
- PVB Sheets and Films: Polyvinyl butyral (PVB) interlayers for laminated safety glass, along with window and protective films for various surfaces.
- Cellulose Acetate Products: Materials like cellulose acetate tow for filtration media (e.g., cigarette filters) and acetate yarns and fibers for textiles and industrial uses.
- Chemical Intermediates: Foundational building blocks such as amines, olefins, and acetic derivatives, utilized across diverse manufacturing processes.
- Specialty Fluids: Heat transfer and aviation fluids engineered for specific thermal management and aerospace industry applications.
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Eastman Chemical Company (EMN) operates primarily as a business-to-business (B2B) supplier, providing specialty materials, chemicals, and intermediates to other companies across various industries. The provided background description does not list specific names of major customer companies. However, based on the diverse markets served by its four segments, Eastman's major customers are companies operating in the following broad categories:
Manufacturers in Consumer and Industrial Goods Sectors: This includes companies producing goods for transportation (e.g., automotive, aerospace, tire manufacturers utilizing resins, films, rubber additives), building and construction (e.g., material suppliers, paint and coatings companies, window manufacturers using PVB sheets, films, solvents), electronics, durables, and consumables. These customers integrate Eastman's advanced materials, performance resins, and various additives into their end products.
Companies in the Chemical, Agricultural, and Health & Wellness Industries: This category encompasses businesses involved in industrial chemical processing, agriculture (e.g., agrochemical producers utilizing soil fumigants, fungicides, plant growth regulators, and chemical intermediates), and health and wellness (e.g., pharmaceutical companies, personal care product manufacturers using organic acid-based solutions, amine derivatives, and specialty solvents).
Producers for Filtration Media and Textiles: This segment includes companies that manufacture filtration products, particularly for cigarette filters, using Eastman's cellulose acetate tow. It also extends to businesses utilizing natural and solution dyed acetate yarns for textiles and other consumable applications.
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Mark J. Costa, Chairman and Chief Executive Officer
Mark J. Costa serves as the Chairman and Chief Executive Officer of Eastman Chemical Company, a position he has held since 2014, also becoming Board Chair in the same year. He joined Eastman in 2006 as a Senior Vice President of Strategy, Marketing, and Business Development. Prior to his role at Eastman, Mr. Costa was a senior partner with Monitor Group, a global management consulting firm, where he was instrumental in developing techniques in corporate transformations and portfolio management. He previously held roles as President of Eastman Chemical Company (2013-2014) and various Executive Vice President positions leading Polymers businesses and Specialty Products businesses, and also served as Chief Marketing Officer. Mr. Costa holds a bachelor's degree in economics from the University of California at Berkeley and an M.B.A. from Harvard Business School.
William T. McLain, Jr., Executive Vice President and Chief Financial Officer
William T. McLain, Jr. has been the Executive Vice President and Chief Financial Officer of Eastman Chemical Company since February 2020. He joined Eastman in 2000 and has held various finance-related positions within the company, including Director, Asia Pacific Finance (2011), International Controller (2013), Corporate Controller (2014-2016), and Vice President of Finance (2016). Before joining Eastman, Mr. McLain gained experience at PricewaterhouseCoopers LLP.
Brad A. Lich, Executive Vice President and Chief Commercial Officer
Brad A. Lich is the Executive Vice President and Chief Commercial Officer at Eastman Chemical Company. He previously served as President of Solutia Inc.
Iké Adeyemi, Senior Vice President, Chief Legal Officer and Corporate Secretary
Iké Adeyemi serves as Senior Vice President, Chief Legal Officer and Corporate Secretary for Eastman Chemical Company.
Travis Smith, Executive Vice President, Additives & Functional Products, Manufacturing, WWE&C and HSE
Travis Smith holds the position of Executive Vice President, Additives & Functional Products, Manufacturing, WWE&C and HSE at Eastman Chemical Company.
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Eastman Chemical Company (EMN) faces several key risks to its business operations, primarily stemming from its exposure to global economic cycles and trade dynamics, as well as inherent volatility in its input costs.
- Weak Demand and Macroeconomic Headwinds: Eastman Chemical is highly susceptible to demand fluctuations in its key end markets, including consumer durables, automotive, construction, and textiles. Persistent macroeconomic uncertainty and an overall slowdown in these sectors have led to lower sales volumes, pricing pressure, and customer inventory destocking, significantly impacting the company's Advanced Materials, Fibers, and Chemical Intermediates segments. This cyclicality is a fundamental risk for companies in the basic materials sector.
- Tariffs and Global Trade Disputes: The implementation of tariffs and ongoing global trade-related tensions pose a significant risk to Eastman Chemical. These factors have led to cautious customer behavior, disruptions in supply chains, increased operational costs, and reduced demand, particularly affecting the Fibers segment and other products with exposure to international trade, notably with China.
- Raw Material and Energy Cost Volatility: As a chemical manufacturer, Eastman Chemical is heavily reliant on strategic raw material and energy commodities. The volatility in the costs of these inputs, along with potential disruptions in their supply and transportation, can adversely impact the company's operating costs and overall financial results.
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The global decline in cigarette smoking presents a clear emerging threat to Eastman Chemical's Fibers segment. This segment explicitly states that its primary product, cellulose acetate tow, is used for filtration media, predominantly cigarette filters. As public health campaigns, increased regulation, and evolving consumer preferences lead to a sustained and accelerating reduction in cigarette consumption worldwide, the demand for this core product line is directly and significantly threatened. This ongoing market contraction represents a fundamental shift impacting a major end market for Eastman's Fibers business.
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Eastman Chemical Company (EMN) operates in several addressable markets for its main products and services globally.
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Copolyesters: The global copolyester market size was valued at approximately USD 4.7 billion in 2023 and is anticipated to reach around USD 7.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.0%. Another estimate places the global copolyester market at USD 2,637.5 million in 2025, projected to grow to USD 4,047.74 million by 2033 with a CAGR of 5.5%.
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Polyvinyl Butyral (PVB) Films/Sheets: The global market size for polyvinyl butyral (PVB) was valued at USD 4.1 billion in 2024 and is projected to reach USD 7.4 billion by 2034, growing at a CAGR of over 6.4% from 2025 to 2034. In 2023, more than 2.8 billion square meters of laminated glass incorporated PVB films globally.
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Plasticizers: The global plasticizers market is estimated to be USD 20.03 billion in 2025 and is projected to reach USD 26.60 billion by 2030, at a CAGR of 5.8%. Another report indicates the market was valued at USD 20.92 billion in 2024 and is projected to grow to USD 36.42 billion by 2035, with a CAGR of 5.17%.
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Cellulose Acetate Tow: The global acetate tow (cellulose acetate tow) market was valued at USD 3.40 billion in 2024. This market is projected to decline to USD 1.83 billion by 2032, exhibiting a negative CAGR of -8.7%, primarily due to a global decline in cigarette consumption.
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Specialty Chemicals (Overall Context): Eastman Chemical operates as a specialty materials company. The broader global specialty chemicals market size was valued at USD 978.97 billion in 2024 and is projected to reach USD 1,312.78 billion by 2030, growing at a CAGR of 5% from 2025 to 2030.
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Share Repurchases
- Eastman Chemical completed a multi-year share repurchase program, initiated in 2018, totaling US$3,155.42 million by February 2026.
- In May 2022, the company entered into an accelerated share repurchase agreement for $500 million of common stock, with a target to repurchase over $1 billion in shares for the full year 2022.
- Approximately $500 million was returned to stockholders through dividends and share repurchases in 2025.
Share Issuance
- In February 2026, Eastman Chemical completed a US$598.72 million fixed-rate senior unsecured notes offering due 2031.
- The number of shares outstanding for Eastman Chemical saw declines of 4.4% in 2023, 1.26% in 2024, and 1.95% in 2025.
Outbound Investments
- Eastman made several acquisitions, including Willson Band Instruments in March 2023, Ai-Red Technology in February 2023, and PremiumShield and Matrix Films both in October 2021.
- In April 2021, the company acquired 3F Technology.
Capital Expenditures
- Capital expenditures for 2025 were approximately $550 million, optimized from an initial projection of $700-$800 million.
- The company projects capital expenditures to be approximately $400 million for 2026, with about $350 million allocated to maintenance capital and no new major capital projects.
- A primary focus of recent capital expenditures has been the expansion of the Kingsport methanolysis facility, which contributed approximately $60 million in incremental earnings in 2025. Additionally, an ethylene-to-propylene (ETP) project is expected to add $50 million to $100 million in earnings with a payback period of less than two years.
Peer Outperformance in Specialty Chemicals
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| EMN | Eastman Chemical | -3.3% | 19.1x | 16.4% | -1.1% | -23.2% | — |
| NEU | NewMarket | -0.3% | 20.0x | 24.6% | 112.0% | 207.4% | +231pp |
| AXTA | Axalta Coating Systems | 0.7% | 22.7x | 20.5% | 31.2% | 16.2% | +39pp |
| AVNT | Avient | 0.5% | 24.9x | 31.3% | 30.8% | 5.0% | +28pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 6 | 96.3% | 68.1% | 221.7% | TGB 372% · HBM 303% · SCCO 244% |
| Silver | 6 | 143.5% | 266.2% | 154.0% | AYA 231% · HL 196% · SVM 179% |
| Steel | 13 | 24.5% | 46.7% | 132.5% | HCC 482% · AMR 349% · NWPX 326% |
| Gold | 31 | 48.5% | 175.4% | 129.8% | IAG 622% · OGC 436% · KGC 383% |
| Aluminum | 3 | 94.8% | 164.3% | 71.9% | CENX 278% · KALU 72% · AA 15% |
| Construction Materials | 7 | -12.9% | 23.5% | 46.1% | USLM 293% · CRH 96% · VMC 52% |
| Diversified Metals & Mining | 24 | 9.7% | -18.1% | 34.9% | ATLX 224900% · USAR 62350% · FMST 1643% |
| Metal, Glass & Plastic Containers | 11 | 3.7% | 12.1% | 6.4% | KRT 154% · MYE 76% · GEF 65% |
| Paper & Plastic Packaging Products & Materials | 7 | 9.1% | 16.9% | -2.5% | PKG 103% · CCK 15% · SON 9% |
| Specialty Chemicals ← | 40 | 12.5% | 1.0% | -11.8% | LWLG 1039% · ODC 462% · NEU 207% |
| Commodity Chemicals | 13 | 21.8% | 7.2% | -25.8% | HWKN 261% · MEOH 76% · KOP 54% |
| Precious Metals & Minerals | 9 | 43.6% | 138.1% | -26.4% | ASM 564% · PPTA 371% · ELE 105% |
| Diversified Chemicals | 4 | 6.8% | -31.1% | -27.5% | CBT 74% · ASH -7% · CC -48% |
| Fertilizers & Agricultural Chemicals | 10 | 2.1% | -11.3% | -39.6% | CF 166% · CTVA 74% · NTR 26% |
| Paper Products | 3 | -14.6% | -49.2% | -95.0% | CLW -32% · MERC -95% · ITP -96% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 68.08 |
| Mkt Cap | 19.9 |
| Rev LTM | 13,066 |
| Op Inc LTM | 1,200 |
| FCF LTM | 1,058 |
| FCF 3Y Avg | 680 |
| CFO LTM | 1,602 |
| CFO 3Y Avg | 1,562 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.5% |
| Rev Chg 3Y Avg | -4.4% |
| Rev Chg Q | 9.3% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 0.6% |
| Op Inc Chg 3Y Avg | -4.9% |
| Op Mgn LTM | 8.3% |
| Op Mgn 3Y Avg | 9.5% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 10.7% |
| CFO/Rev 3Y Avg | 12.0% |
| FCF/Rev LTM | 6.7% |
| FCF/Rev 3Y Avg | 5.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 19.9 |
| P/S | 0.8 |
| P/Op Inc | 10.6 |
| P/EBIT | 11.2 |
| P/E | 6.1 |
| P/CFO | 7.6 |
| Total Yield | 3.6% |
| Dividend Yield | 3.5% |
| FCF Yield 3Y Avg | 5.0% |
| D/E | 0.7 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.6% |
| 3M Rtn | -9.5% |
| 6M Rtn | -5.2% |
| 12M Rtn | 21.7% |
| 3Y Rtn | -17.6% |
| 1M Excs Rtn | 1.5% |
| 3M Excs Rtn | -15.1% |
| 6M Excs Rtn | -20.3% |
| 12M Excs Rtn | 6.9% |
| 3Y Excs Rtn | -91.5% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Additives & Functional Products | 2,880 | 2,862 | 2,834 | 3,475 | 2,949 |
| Advanced Materials | 2,880 | 3,050 | 2,932 | 3,207 | 3,027 |
| Chemical Intermediates | 1,925 | 2,134 | 2,143 | 2,716 | 2,608 |
| Fibers | 1,050 | 1,318 | 1,295 | 1,022 | 900 |
| Other | 17 | 18 | 6 | 160 | 992 |
| Total | 8,752 | 9,382 | 9,210 | 10,580 | 10,476 |
| $ Mil | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|
| Additives & Functional Products | 646 | 601 | 462 | 329 | 405 |
| Advanced Materials | 482 | 471 | 384 | 276 | 257 |
| Chemical Intermediates | 255 | 171 | |||
| Fibers | 175 | 310 | 292 | 474 | 462 |
| Pension and other postretirement benefits expenses, net not allocated to operating segments | 93 | -44 | |||
| Restructuring and acquisition integration and transaction costs | -5 | -44 | |||
| Growth initiatives and businesses not allocated to operating segments | -114 | -82 | |||
| Adhesives & Plasticizers | 239 | 196 | 172 | ||
| Other | -246 | -402 | |||
| Specialty Fluids & Intermediates | 253 | 289 | 363 | ||
| Corporate | 203 | ||||
| Total | 1,532 | 1,383 | 1,384 | 1,162 | 1,862 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Advanced Materials | 5,705 | 5,735 | 5,423 | 4,967 | 4,661 |
| Additives & Functional Products | 4,668 | 4,608 | 4,691 | 4,127 | 4,643 |
| Other | 1,820 | 2,209 | |||
| Chemical Intermediates | 1,646 | 1,586 | 1,600 | 2,695 | 2,703 |
| Fibers | 1,020 | 1,075 | 1,081 | 1,046 | 972 |
| Corporate Assets | 1,838 | 1,832 | 2,540 | ||
| Total | 14,859 | 15,213 | 14,633 | 14,667 | 15,519 |
Price Behavior
| Market Price | $73.77 | |
| Market Cap ($ Bil) | 8.4 | |
| First Trading Date | 12/14/1993 | |
| Distance from 52W High | -7.2% | |
| 50 Days | 200 Days | |
| DMA Price | $70.40 | $68.52 |
| DMA Trend | up | down |
| Distance from DMA | 4.8% | 7.7% |
| 3M | 1YR | |
| Volatility | 31.1% | 33.5% |
| Downside Capture | 91.50 | 86.40 |
| Upside Capture | 88.51 | 84.30 |
| Correlation (SPY) | 41.9% | 35.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.17 | 0.76 | 0.82 | 0.76 | 1.12 | 1.03 |
| Up Beta | 2.12 | 0.45 | -0.21 | 0.45 | 0.99 | 1.11 |
| Down Beta | 1.38 | 1.20 | 1.10 | 1.05 | 1.47 | 1.14 |
| Up Capture | 117% | 45% | 83% | 71% | 90% | 56% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 14 | 24 | 33 | 63 | 123 | 369 |
| Down Capture | 51% | 88% | 117% | 84% | 111% | 101% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 8 | 19 | 30 | 63 | 128 | 380 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EMN | |
|---|---|---|---|---|
| EMN | 22.2% | 33.7% | 0.63 | - |
| Sector ETF (XLB) | 18.9% | 17.8% | 0.82 | 66.4% |
| Equity (SPY) | 22.2% | 12.8% | 1.29 | 35.3% |
| Gold (GLD) | 29.6% | 28.5% | 0.90 | 14.3% |
| Commodities (DBC) | 36.9% | 20.1% | 1.45 | -10.3% |
| Real Estate (VNQ) | 15.2% | 13.9% | 0.78 | 36.1% |
| Bitcoin (BTCUSD) | -47.3% | 42.9% | -1.37 | 19.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EMN | |
|---|---|---|---|---|
| EMN | -4.3% | 32.2% | -0.09 | - |
| Sector ETF (XLB) | 6.8% | 19.1% | 0.24 | 75.5% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 58.3% |
| Gold (GLD) | 18.8% | 18.6% | 0.82 | 10.8% |
| Commodities (DBC) | 9.2% | 19.6% | 0.36 | 17.0% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 51.8% |
| Bitcoin (BTCUSD) | 9.2% | 52.8% | 0.36 | 22.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EMN | |
|---|---|---|---|---|
| EMN | 4.7% | 31.8% | 0.22 | - |
| Sector ETF (XLB) | 10.2% | 20.7% | 0.43 | 79.4% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 64.3% |
| Gold (GLD) | 11.9% | 16.2% | 0.60 | 4.9% |
| Commodities (DBC) | 7.7% | 18.0% | 0.34 | 28.6% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 52.9% |
| Bitcoin (BTCUSD) | 60.3% | 66.1% | 1.00 | 15.5% |
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Returns Analyses
Earnings Returns History
Updated 8/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -0.2% | 4.9% | |
| 4/30/2026 | 6.1% | 0.8% | 3.3% |
| 1/29/2026 | 0.5% | 10.3% | 9.1% |
| 11/3/2025 | 4.9% | 6.3% | 4.8% |
| 7/31/2025 | -19.0% | -15.6% | -3.1% |
| 4/24/2025 | -6.2% | -5.7% | -0.3% |
| 1/30/2025 | 7.5% | 9.3% | 1.9% |
| 10/31/2024 | -3.8% | -1.5% | -0.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 13 | 17 |
| # Negative | 16 | 12 | 7 |
| Median Positive | 3.7% | 4.9% | 3.9% |
| Median Negative | -2.1% | -1.7% | -0.8% |
| Max Positive | 7.5% | 10.3% | 18.9% |
| Max Negative | -19.0% | -15.6% | -7.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -0.2% | 4.9% | |
| 4/30/2026 | 6.1% | 0.8% | 3.3% |
| 1/29/2026 | 0.5% | 10.3% | 9.1% |
| 11/3/2025 | 4.9% | 6.3% | 4.8% |
| 7/31/2025 | -19.0% | -15.6% | -3.1% |
| 4/24/2025 | -6.2% | -5.7% | -0.3% |
| 1/30/2025 | 7.5% | 9.3% | 1.9% |
| 10/31/2024 | -3.8% | -1.5% | -0.8% |
| 7/25/2024 | 3.7% | 4.7% | 3.8% |
| 4/25/2024 | -0.6% | -0.2% | 4.3% |
| 2/1/2024 | -2.7% | -2.2% | 3.9% |
| 10/26/2023 | 3.5% | 7.2% | 16.9% |
| 7/27/2023 | -1.4% | -4.8% | -6.5% |
| 4/27/2023 | 4.6% | -2.1% | 0.9% |
| 1/26/2023 | -5.4% | -0.3% | -7.5% |
| 10/27/2022 | 0.8% | 0.8% | 11.8% |
| 7/28/2022 | 0.8% | -1.4% | -0.1% |
| 4/28/2022 | -4.4% | -1.6% | 2.1% |
| 1/27/2022 | -0.3% | 2.2% | -0.1% |
| 10/28/2021 | -5.5% | -1.8% | 0.1% |
| 8/2/2021 | -0.1% | 0.8% | 1.1% |
| 4/29/2021 | -1.0% | 6.4% | 7.5% |
| 1/28/2021 | -1.6% | 2.3% | 11.9% |
| 10/29/2020 | -1.3% | 5.5% | 18.9% |
| 8/3/2020 | -5.4% | -1.2% | 1.9% |
| SUMMARY STATS | |||
| # Positive | 9 | 13 | 17 |
| # Negative | 16 | 12 | 7 |
| Median Positive | 3.7% | 4.9% | 3.9% |
| Median Negative | -2.1% | -1.7% | -0.8% |
| Max Positive | 7.5% | 10.3% | 18.9% |
| Max Negative | -19.0% | -15.6% | -7.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 08/01/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/01/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/03/2021 | 10-Q |
| 12/31/2020 | 02/22/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 EPS | 1.97 | 0 | Same New | Actual: 1.97 for Q2 2026 | |||
| 2026 Cost Savings | 125.00 Mil | 137.50 Mil | 150.00 Mil | 0 | Affirmed | Guidance: 137.50 Mil for 2026 | |
| 2026 Capital Expenditures | 400.00 Mil | 0 | Affirmed | Guidance: 400.00 Mil for 2026 | |||
| 2026 Operating Cash Flow | 900.00 Mil | ||||||
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Adjusted EPS | 1.7 | 1.8 | 1.9 | ||||
| Q2 2026 Planned Maintenance Costs | 45.00 Mil | ||||||
| 2026 Cost Savings | 125.00 Mil | 137.50 Mil | 150.00 Mil | 0 | Affirmed | Guidance: 137.50 Mil for 2026 | |
| 2026 Capital Expenditures | 400.00 Mil | ||||||
Q4 2025 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Adjusted EPS | 1 | 1.1 | 1.2 | ||||
| 2026 Cost Structure Reduction Actions | 125.00 Mil | 137.50 Mil | 150.00 Mil | 37.5% | Raised | Guidance: 100.00 Mil for 2026 | |
Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted EPS | 5.4 | 5.53 | 5.65 | ||||
| 2025 Operating Cash Flow | 1.00 Bil | 0 | Affirmed | Guidance: 1.00 Bil for 2025 | |||
| 2026 Structural Cost Reduction | 100.00 Mil | ||||||
Insider Activity
Updated 8/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Holt, Adrian James | SVP, Chf HR Ofcr | Direct | Sell | 8062026 | 71.31 | 3,283 | Form | ||
| 2 | Holt, Adrian James | SVP, Chf HR Ofcr | Direct | Sell | 5072026 | 77.05 | 1,709 | Form | ||
| 3 | Smith, Brian Travis | EVP, AFP, Mfg., WWEC & HSE | Direct | Buy | 8292025 | 68.34 | 1,750 | 119,595 | 1,143,465 | Form |
| 4 | Obrien, James J /ky | Direct | Buy | 8282025 | 68.81 | 1,450 | 99,776 | 469,842 | Form | |
| 5 | Mink, Kim Ann | Direct | Buy | 8282025 | 69.38 | 1,450 | 100,601 | 197,039 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Holt, Adrian James | SVP, Chf HR Ofcr | Direct | Sell | 8062026 | 71.31 | 3,283 | Form | ||
| 2 | Holt, Adrian James | SVP, Chf HR Ofcr | Direct | Sell | 5072026 | 77.05 | 1,709 | Form | ||
| 3 | Smith, Brian Travis | EVP, AFP, Mfg., WWEC & HSE | Direct | Buy | 8292025 | 68.34 | 1,750 | 119,595 | 1,143,465 | Form |
| 4 | Obrien, James J /ky | Direct | Buy | 8282025 | 68.81 | 1,450 | 99,776 | 469,842 | Form | |
| 5 | Mink, Kim Ann | Direct | Buy | 8282025 | 69.38 | 1,450 | 100,601 | 197,039 | Form | |
| 6 | Holder, Julie Fasone | Direct | Buy | 8282025 | 68.80 | 1,453 | 99,966 | 1,207,165 | Form | |
| 7 | Butler, Eric L | Direct | Buy | 8282025 | 68.65 | 3,000 | 205,958 | 640,528 | Form | |
| 8 | Begemann, Brett D | Direct | Buy | 8282025 | 68.28 | 1,500 | 102,428 | 650,073 | Form | |
| 9 | Audia, Damon J | Direct | Buy | 8282025 | 68.58 | 1,465 | 100,477 | 109,530 | Form | |
| 10 | McAlindon, Julie A | SVP, Regions & Chf SupChn Ofcr | Direct | Buy | 8282025 | 68.43 | 2,000 | 136,859 | 871,175 | Form |
| 11 | Lich, Brad A | EVP & CCO | Direct | Buy | 8282025 | 68.49 | 3,280 | 224,647 | 5,718,025 | Form |
| 12 | McLain, William Thomas JR | EVP, CFO | Direct | Buy | 8282025 | 68.73 | 3,670 | 252,239 | 3,678,705 | Form |
| 13 | Costa, Mark J | CEO & Board Chair | Direct | Buy | 8282025 | 67.89 | 7,400 | 502,386 | 30,821,110 | Form |
Investor Activity (13F)
Updated Aug 14, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Eastman Chemical — Investor Video Playlist
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Specialty Chemicals Resources |
| SpecialChem |
| Chemical Week |
| ICIS |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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