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Eastman Chemical Company

EMN
41
Chemicals - Specialty · Basic Materials
Also trades as: 0IF3.L GBP 0.65 (+0.08%)
Price
$64.93
-0.38 (-0.58%)
Market Cap
$7.42B
Winston Score
41
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
10/30
Growth
Weak
3/20
Cash Flow
Strong
8/10
Stability
Good
5/10
Valuation
Strong
8/10
Ownership
Mixed
4/15
Dividends
Good
3/5

41 of 100 counted points = Winston Score 41.

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Share count falling — buybacks

−15.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 137.1M (2021) → 115.6M (2025)

§Winston Score History

The full picture

Eastman Chemical Company makes specialty chemicals, plastics, and materials used in everyday products. Its customers include manufacturers in industries like automotive, construction, packaging, and consumer goods. Eastman is best known for products like Tritan plastic — a tough, clear plastic used in water bottles and food containers — as well as chemical additives that go into coatings, adhesives, and films.

Eastman earns money by selling these materials to industrial customers, mostly under long-term supply relationships rather than one-time orders. The company operates globally, with significant sales in North America, Europe, and Asia, and generates roughly $9 billion in annual revenue. Its competitive edge comes from proprietary chemistry and switching costs — once a manufacturer builds a product around Eastman's materials, changing suppliers is difficult and expensive. The key growth driver is Eastman's push into circular economy products, recycling plastics back into new chemicals, though weak industrial demand and high input costs remain ongoing risks to profitability.

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Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
22.3%
Thin — 22.3% gross margin
Profit after running costs
Operating Margin
12.3%
Healthy — 12.3% operating margin
Return on the money invested
ROCE
7.4%
Weak — 7.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-4.5%
Shrinking sales (-4.5% YoY)
Profit growth
EPS YoY
-46.3%
Earnings shrinking (-46.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
224%
Turns 224% of profit into real cash
Spare cash per sale
FCF Margin
6.1%
Modest free cash flow (6.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.86
Moderate — manageable debt (0.86)
Covers its interest
Interest Cover
3.92x
Tight — interest eats into profit (3.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
16.8x
Fair value — P/E 16.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+6.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (16.8 → 10.4)

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Dividends

Dividend
Dividend Yield
5.08%
Healthy income — 5.08% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+1.2%
Dividend flat
Payout Ratio
86%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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