Dow Inc.
- Open
- 30.66
- Day high
- 31.26
- Day low
- 30.19
- Prev close
- 30.51
- Volume
- 9.0M
- Mkt cap
- $22.0B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.9
- P/S
- 0.5
- Yield
- 4.59%
- Per share
- $1.40
Dow Inc. (DOW) is a Basic Materials company listed on NYSE. The stock is up 25% over the past year. Drillr has 2 published research articles covering DOW.
Dow Inc. (DOW) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 9 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DOW earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 23, 2026 | $1.25 | $1.44 | +15.2% | $12.1B | +1.6% |
| Apr 23, 2026 | $-0.39 | $-0.14 | +64.1% | $9.8B | +1.4% |
| Jan 29, 2026 | $-0.46 | $-0.34 | +26.1% | $9.5B | -7.7% |
| Oct 23, 2025 | $-0.31 | $-0.19 | +38.4% | $10.0B | -2.4% |
| Jul 24, 2025 | $-0.17 | $-0.42 | -142.1% | $10.1B | -1.4% |
| Apr 24, 2025 | $-0.01 | $0.02 | +240.4% | $10.4B | +1.9% |
| Jan 30, 2025 | $0.35 | $-0.08 | -121.5% | $10.4B | -1.0% |
| Oct 24, 2024 | $0.46 | $0.47 | +2.8% | $10.9B | +2.1% |
| Jul 25, 2024 | $0.72 | $0.68 | -5.6% | $10.9B | -0.9% |
| Apr 25, 2024 | $0.45 | $0.56 | +24.4% | $10.8B | +0.5% |
| Jan 25, 2024 | $0.40 | $0.43 | +7.5% | $10.6B | +2.4% |
| Jul 25, 2023 | $0.70 | $0.75 | +7.1% | $11.4B | +1.3% |
DOW insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Carter Karen Sdirector, officer: Chief Executive Officer | Grant | 126,640 | $27.02 |
| Jul 6, 2026 | Carter Karen Sdirector, officer: Chief Executive Officer | Grant | 24,150 | — |
| May 1, 2026 | Fitterling James Rdirector, officer: Chair and CEO | Grant | 68,230 | — |
| Apr 13, 2026 | Moreno Mejia Luis Albertodirector | Grant | 5,127 | — |
| Apr 13, 2026 | Banister Gaurdie E. JR.director | Grant | 5,127 | — |
| Apr 13, 2026 | Dial Debra L.director | Grant | 5,127 | — |
| Apr 13, 2026 | BUSH WESLEY Gdirector | Grant | 5,127 | — |
| Apr 13, 2026 | ALLEN SAMUEL Rdirector | Grant | 5,127 | — |
| Apr 13, 2026 | Hinman Jacqueline C.director | Grant | 5,127 | — |
| Apr 13, 2026 | FETTIG JEFF Mdirector | Grant | 5,127 | — |
| Apr 13, 2026 | DEVARD JERRIdirector | Grant | 5,127 | — |
| Apr 13, 2026 | Wyant Jill Sdirector | Grant | 5,127 | — |
| Apr 13, 2026 | DAVIS RICHARD Kdirector | Grant | 5,127 | — |
| Apr 13, 2026 | Yohannes Danieldirector | Grant | 5,127 | — |
| Feb 17, 2026 | Cleason Keithofficer: President, Pkg & Spec Plastics | Grant | 56,700 | $32.65 |
Source: DOW SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full DOW insider & 13F page →DOW research & analysis
Did Dow's Q1 Earnings Just Bury the Qilin Ransomware Breach Story?
Dow's Q1 2026 earnings contained no cybersecurity breach disclosure despite SEC requirements, indicating the Qilin ransomware claim was either contained with no material impact or exaggerated. DOW shares should recover the remaining 1-2% breach discount, while cybersecurity vendors CYBR and PANW face 5-8% downside as the manufacturing spending catalyst evaporates.
CYBRPANWUS Manufacturing Hits 2-Year High: CAT and DE Win While CLF and DOW Face Margin Squeeze
US manufacturing's sharp expansion since 2022 boosts machinery demand for CAT, DE, and HON, while surging input costs erode margins at steelmakers NUE/CLF and chemicals firm DOW. CAT leads with record backlog and pricing leverage; CLF lags with negative margins.
CATDENUE
Dow Inc. company profile
Overview
Dow Inc. (NYSE:DOW) is one of the world's largest chemical companies, providing essential materials science solutions across packaging, infrastructure, mobility, and consumer applications globally. The company was incorporated in 2018 and went public in March 2019 following its spin-off from DowDuPont, marking its return as an independent entity after the complex merger and subsequent separation. Headquartered in Midland, Michigan, Dow operates manufacturing facilities and serves customers across the United States, Canada, Europe, the Middle East, Africa, India, Asia Pacific, and Latin America. The company represents the materials science legacy of the original Dow Chemical Company, focusing on commodity and specialty chemicals that serve as building blocks for countless everyday products.
Business
Dow operates in the global chemicals industry, producing essential materials that serve as building blocks for products ranging from food packaging to construction materials to automotive components. The company's products are primarily petrochemicals - chemicals derived from petroleum and natural gas feedstocks that are processed into polymers, plastics, and specialty chemicals. The company operates through three main business segments: 1. Packaging & Specialty Plastics (approximately 50-55% of revenue): This segment produces polyethylene, the world's most common plastic used in everything from grocery bags to food containers to industrial films. The segment also manufactures ethylene and propylene (basic chemical building blocks), polyolefin elastomers (flexible plastics), and various specialty polymers. These materials are essential for packaging applications that preserve food, protect products during shipping, and enable modern consumer goods. 2. Industrial Intermediates & Infrastructure (approximately 30-35% of revenue): This segment produces chemicals used in construction, automotive, and industrial applications. Key products include ethylene oxide and propylene oxide (used to make antifreeze, detergents, and foam), polyurethane systems (for insulation and cushioning), caustic soda (used in paper, aluminum, and chemical processing), and cellulose ethers (used in construction materials like cement and paint). These chemicals are critical inputs for infrastructure development and industrial manufacturing. 3. Performance Materials & Coatings (approximately 15-20% of revenue): This segment focuses on higher-value specialty products including architectural and industrial coatings (paints and protective coatings), silicones (heat-resistant materials used in electronics, automotive, and construction), and specialty materials for niche applications. These products typically command higher margins due to their specialized performance characteristics and technical expertise required for production.
Revenue model
Dow generates revenue primarily through product sales of chemicals and materials to industrial customers, operating on a business-to-business model. The company sells both commodity chemicals (high-volume, standardized products) and specialty chemicals (lower-volume, higher-margin products with specific performance characteristics). The company's customers include packaging manufacturers, construction companies, automotive suppliers, consumer goods manufacturers, and other chemical companies that use Dow's products as raw materials in their own manufacturing processes. For example, a food packaging company might purchase polyethylene from Dow to produce plastic films, while a construction company might buy polyurethane systems for insulation applications. Dow's profitability is significantly influenced by several key factors. Feedstock costs represent the largest expense, as the company purchases natural gas, crude oil derivatives, and other petrochemical inputs that can experience volatile pricing based on energy markets and geopolitical events. Integration advantages provide competitive benefits, as Dow operates large-scale, integrated manufacturing complexes that can convert basic feedstocks into multiple end products efficiently, reducing transportation and processing costs compared to smaller, standalone facilities. Economic cycles heavily impact demand, as Dow's products are tied to construction activity, automotive production, packaging demand, and general industrial activity - all of which fluctuate with economic conditions. Geographic positioning affects competitiveness, with Dow's significant presence in the U.S. Gulf Coast providing access to low-cost natural gas feedstocks, while European operations face higher energy costs. Capacity utilization across the global chemical industry influences pricing power, as oversupply can pressure margins while tight supply conditions can support higher prices. Currency fluctuations impact international operations, and regulatory changes related to environmental standards and trade policies can affect both costs and market access.
Competitive moat
Dow's competitive moat is moderate but faces ongoing pressure from structural industry challenges. The company's primary advantages stem from scale and integration, operating some of the world's largest chemical manufacturing complexes that achieve cost efficiencies through economies of scale and the ability to convert basic feedstocks into multiple products within the same facility. This integration reduces transportation costs and allows for flexible production optimization based on market conditions. Geographic advantages provide some protection, particularly Dow's significant presence in the U.S. Gulf Coast where access to low-cost natural gas and ethane feedstocks creates a structural cost advantage over competitors in higher-cost regions like Europe and parts of Asia. The company also benefits from established customer relationships and technical expertise in specialty applications, particularly in silicones and performance materials where switching costs and technical support create some customer stickiness. However, Dow's moat faces significant challenges. The commodity nature of many core products means limited differentiation and pricing power, making the business highly cyclical and margin-sensitive. Chinese competition has intensified as Chinese chemical companies, often with government support, have built large-scale capacity and become major global exporters. Environmental regulations and sustainability trends pose long-term challenges, as plastic packaging faces increasing scrutiny and regulatory restrictions in various markets. Energy transition risks represent a potential long-term disruption, as the shift away from fossil fuels could impact both feedstock availability and end-market demand for petroleum-based chemicals. The company's European operations face particular pressure from high energy costs and regulatory constraints, leading to ongoing strategic reviews and potential asset rationalization. While Dow maintains competitive advantages in certain regions and products, the overall industry structure limits sustainable differentiation and pricing power.
Risks & safety
Dow presents moderate financial risk with adequate liquidity but cyclical earnings volatility and significant debt levels. • Liquidity and Cash Flow: Cash and short-term investments of $1.5 billion as of Q1 2025, down from $2.2 billion in Q4 2024. Operating cash flow of $91 million in Q1 2025 was weak, with negative free cash flow of $594 million due to capital expenditures. However, the company expects $6 billion in near-term cash support and maintains access to credit facilities. • Debt and Solvency: Debt-to-equity ratio of 1.07 indicates elevated leverage. Total liabilities of $40.2 billion against total assets of $57.5 billion. Current ratio of 1.54 provides reasonable short-term liquidity coverage, though quick ratio of 0.90 suggests some reliance on inventory conversion. • Valuation Metrics: EV/EBITDA of 17.9x appears elevated due to cyclically depressed earnings. Price-to-book ratio of 1.47x suggests modest premium to book value. Graham net-net value is deeply negative at -42.4, indicating the company trades well above liquidation value. • Other Considerations: Cyclical industry with prolonged downturn creating earnings pressure. Company implementing $1 billion cost reduction program and delaying capital projects to preserve cash. Dividend yield provides some downside support but sustainability depends on earnings recovery.
Recent development
Over the past few years, Dow has implemented several strategic initiatives to navigate a challenging operating environment and position for long-term growth. The company has been executing a comprehensive cost reduction program, announcing $1 billion in annualized cost savings by 2026, which includes eliminating approximately 1,500 roles and optimizing operations across its global footprint. Portfolio optimization has been a key focus, with Dow conducting strategic reviews of its European assets, particularly in the polyurethanes business representing approximately 20% of EMEA sales. The company has been rationalizing higher-cost assets while maintaining presence in key markets, including postponing maintenance at European facilities and exploring divestiture options. In late 2024, Dow signed an agreement to sell a 40% equity stake in infrastructure assets to Macquarie Asset Management, providing capital for reinvestment. The company has been advancing its Transform the Waste strategy focused on circular plastics and recycling, targeting $500 million in incremental EBITDA by 2030. This includes the acquisition of Circulus, a mechanical recycler, and partnerships to develop recycling capabilities. Dow is also progressing on its Path2Zero project in Fort Saskatchewan, Alberta, though the timeline has been delayed due to market conditions and uncertainty around trade policies. Capital allocation has become more disciplined, with 2025 capital expenditures reduced to $2.5 billion (down $300-500 million from previous plans) and selective project delays including the Alberta expansion. The company has maintained its dividend as a priority while focusing on cash flow generation and debt management during the industry downcycle. Recent quarters have shown some volume growth momentum, with five consecutive quarters of year-over-year volume increases, though pricing pressures and margin compression continue to challenge profitability.
DOW company profile · for informational purposes only — not investment advice.
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