A Business at a Glance
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OLIN Corp
OLN
$2.6B
Mkt Cap
$23.20
-1.86%
OLIN Corp (OLN) has a 5-year average return on invested capital (ROIC) of 15.2%. This indicates strong capital allocation and a potential competitive advantage.
OLIN Corp (OLN) has a market capitalization of $2.6B. It is classified as a mid-cap stock.
Yes, OLIN Corp (OLN) pays a dividend with a trailing twelve-month yield of 3.46%. The company also returns capital through share buybacks, with a buyback yield of 1.15%.
OLIN Corp (OLN) operates in the Chemicals & Allied Products industry, within the Materials sector.
OLIN Corp (OLN) reported annual revenue of $6.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
OLIN Corp (OLN) has a net profit margin of -1.5%. The company is currently unprofitable.
OLIN Corp (OLN) generated $248 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Olin Corporation is a vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition, operating through three capital-intensive manufacturing segments. The Chlor Alkali Products and Vinyls segment (54% of 2025 sales) manufactures chlorine, caustic soda, and hydrogen through electrolysis of salt, along with downstream derivatives including ethylene dichloride (EDC), vinyl chloride monomer (VCM), chlorinated organics, and other chlor alkali-related products; the company is a leading global marketer of caustic soda and merchant EDC, leveraging a geographically dispersed terminal infrastructure and deep-water access at major integrated sites to serve global markets. The Epoxy segment (20% of 2025 sales) produces epoxy materials and precursors including aromatics, allyl chloride, epichlorohydrin, and liquid and solid epoxy resins, with formulated solutions products that capture downstream value from chlorine. The Winchester segment (26% of 2025 sales) manufactures sporting ammunition, reloading components, small caliber military ammunition, industrial cartridges, and clay targets, along with contracted U.S. military project revenue. Olin's competitive moat derives from its integrated production of chlorine and caustic soda at fixed ratios, allowing multiple downstream outlets that upgrade ECU value, combined with its cost-advantaged North American positions and established distribution capabilities. The company serves diverse end-markets including water treatment, alumina, pulp and paper, urethanes, detergents, and defense, with products delivered via pipeline, marine vessel, barge, railcar, and truck.
【Pricing momentum and cost reductions】 Management expects significantly improved earnings in the second half of 2026 driven by higher caustic soda and EDC pricing as shortages persist and production costs remain elevated, with $185 per ton in domestic caustic soda price increases announced for implementation in the first half of 2026. The company anticipates delivering an incremental $100 million to $120 million in structural cost savings through its Beyond 250 initiative in 2026, building on $44 million delivered in 2025, with particular benefits expected in the epoxy business from a new Stade, Germany supply agreement providing $40 million to $50 million in annual savings. Winchester is expected to see commercial volume uplift of mid to high single digits year-over-year as retailer purchases align, with pricing actions offsetting the majority of 2025 cost inflation, though raw material cost pressures from copper, brass, and propellants are expected to persist. Capital allocation priorities remain disciplined, with approximately $200 million targeted for capital spending focused on sustaining expenditures, continuation of quarterly dividend payments, and debt reduction as the company targets ending 2026 with a debt leverage ratio just above 4 times, with a long-term goal to average below 2 times leverage across the cycle.
| Metric | Target | Period |
|---|---|---|
| Domestic caustic soda price increases | $185 per ton | First half of 2026 |
| Capital expenditures | Approximately $200 million | FY2026 |
| Cash taxes | Essentially cash-free, ±$20 million | FY2026 |
| Debt leverage ratio | Just above 4 times | End of FY2026 |
Domestic caustic soda price increases (First half of 2026): “Olin has announced a total of $185 per ton in domestic caustic soda price increases for implementation in the first half of 2026.”
Capital expenditures (FY2026): “We are proactively managing our capital spending, targeting approximately $200 million with a focus on funding sustaining capital expenditures to ensure safe and reliable operations of our assets.”
Cash taxes (FY2026): “Factoring in these refunds, we expect 2026 to essentially be a cash-free tax year, ±$20 million.”
Debt leverage ratio (End of FY2026): “We anticipate ending the year with a debt leverage ratio of just above 4 times.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Chlorine, chlorine derivatives and other products | $2.27B | $2.70B | $2.21B | $2.10B | $2.05B | 36% |
Caustic soda | $1.87B | $2.39B | $1.79B | $1.53B | $1.63B | 29% |
Epoxy resins and formulated solutions | — | — | $804M | $714M | $807M | 14% |
Commercial | $1.10B | $1.08B | $807M | $837M | $636M | 11% |
Aromatics and allylics | $1.45B | $1.34B | $525M | $512M | $565M | 10% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.7B | 6.8B | 6.5B | 6.8B | 9.4B | 8.9B |
| Net Income | -185M | -101M | 109M | 460M | 1.3B | 1.3B |
| EPS | $-1.63 | $-0.88 | $0.91 | $3.57 | $8.94 | $7.96 |
| Free Cash Flow | 303M | 248M | 308M | 738M | 1.7B | 1.5B |
| ROIC | -2.0% | - | 3.7% | 9.3% | 22.5% | 25.3% |
| Gross Margin | 6.4% | 7.4% | 11.3% | 17.1% | 23.3% | 25.7% |
| Debt/Equity | 1.73 | 1.71 | 2.07 | 1.86 | 1.63 | 1.49 |
| Dividends/Share | $0.80 | $0.80 | $0.79 | $0.78 | $0.78 | $0.78 |
| Operating Income | -117M | - | 297M | 712M | 1.8B | 1.9B |
| Operating Margin | -1.7% | - | 4.5% | 10.4% | 19.0% | 20.8% |
| ROE | -10.7% | -5.2% | 5.1% | 19.3% | 51.1% | 63.2% |
| Shares Outstanding | 114M | 114M | 119M | 129M | 148M | 163M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.2B | 2.9B | 5.6B | 6.3B | 6.9B | 6.1B | 5.8B | 8.9B | 9.4B | 6.8B | 6.5B | 6.8B | 6.7B |
| Gross Margin | 17.3% | 12.9% | 10.9% | 11.4% | 16.2% | 11.0% | 6.7% | 25.7% | 23.3% | 17.1% | 11.3% | 7.4% | 6.4% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 166M | 186M | 347M | 370M | 431M | 417M | 422M | 417M | 394M | 407M | 409M | 463M | 507M |
| EBIT | 204M | 101M | 108M | 297M | 677M | 178M | -747M | 1.9B | 1.8B | 712M | 297M | N/A | -117M |
| Op. Margin | 9.1% | 3.5% | 1.9% | 4.7% | 9.7% | 2.9% | -13.0% | 20.8% | 19.0% | 10.4% | 4.5% | N/A | -1.7% |
| Net Income | 106M | -1.4M | -3.9M | 550M | 328M | -11M | -970M | 1.3B | 1.3B | 460M | 109M | -101M | -185M |
| Net Margin | 4.7% | -0.0% | -0.1% | 8.8% | 4.7% | -0.2% | -16.8% | 14.6% | 14.2% | 6.7% | 1.7% | -1.5% | -2.8% |
| Non-Recurring | 16M | 2.1M | 112M | 41M | 20M | 77M | 709M | 27M | 12M | 117M | 33M | 260M | 39M |
| Returns on Capital | |||||||||||||
| ROIC | 8.9% | 1.7% | 1.9% | 5.0% | 8.0% | 2.7% | -17.6% | 25.3% | 22.5% | 9.3% | 3.7% | N/A | -2.0% |
| ROE | 10.0% | -0.1% | -0.2% | 21.9% | 11.7% | -0.4% | -50.1% | 63.2% | 51.1% | 19.3% | 5.1% | -5.2% | -10.7% |
| ROA | 3.8% | -0.0% | -0.0% | 6.1% | 3.6% | -0.1% | -11.1% | 15.4% | 16.0% | 5.8% | 1.4% | -1.3% | -2.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 159M | 217M | 603M | 649M | 908M | 617M | 433M | 1.7B | 1.9B | 974M | 503M | 474M | 512M |
| Free Cash Flow | 87M | 86M | 325M | 355M | 523M | 232M | 134M | 1.5B | 1.7B | 738M | 308M | 248M | 303M |
| Owner Earnings | 15M | -19M | 62M | 81M | 294M | 9.2M | -149M | 1.2B | 1.3B | 422M | -32M | -68M | -16M |
| CapEx | 72M | 131M | 278M | 294M | 385M | 386M | 299M | 201M | 237M | 236M | 195M | 226M | 209M |
| Maint. CapEx | 139M | 229M | 534M | 559M | 601M | 597M | 568M | 583M | 599M | 533M | 518M | 522M | 507M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 139M | 229M | 534M | 559M | 601M | 597M | 568M | 583M | 599M | 533M | 518M | 522M | 507M |
| CapEx/OCF | 45.1% | 60.3% | 46.1% | 45.4% | 42.4% | 62.5% | 69.0% | 11.5% | 12.3% | 24.2% | 38.8% | 47.7% | 40.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 63M | 80M | 132M | 133M | 134M | 129M | 126M | 128M | 116M | 101M | 94M | 92M | 91M |
| Dividend Yield | 2.1% | 3.2% | 4.3% | 3.1% | 3.4% | 4.6% | 6.1% | 1.9% | 1.6% | 1.6% | 1.7% | 3.5% | 3.5% |
| Share Buybacks | 65M | 0 | 0 | 0 | 50M | 146M | 0 | 252M | 1.4B | 711M | 300M | 51M | 30M |
| Buyback Yield | 2.4% | N/A | N/A | N/A | 1.9% | 6.1% | N/A | 2.9% | 18.3% | 10.7% | 7.7% | 2.1% | 1.1% |
| Stock-Based Comp | 5.1M | 7.6M | 7.5M | 9.1M | 12M | 11M | 14M | 8.3M | 14M | 19M | 17M | 21M | 21M |
| Debt Repayment | 162M | 731M | 435M | 2.0B | 946M | 744M | 1.3B | 1.6B | 616M | 622M | 912M | 2.8B | 2.8B |
| Balance Sheet | |||||||||||||
| Net Debt | 426M | 3.5B | 3.4B | 3.4B | 3.6B | 4.3B | 4.8B | 3.8B | 4.0B | 4.0B | 4.0B | 3.0B | 2.8B |
| Cash & Equiv. | 257M | 392M | 185M | 218M | 179M | 221M | 190M | 181M | 194M | 170M | 176M | 168M | 192M |
| Long-Term Debt | 659M | 3.6B | 3.5B | 3.6B | 3.1B | 3.3B | 3.8B | 2.6B | 2.6B | 2.6B | 2.7B | 2.7B | 3.0B |
| Debt/Equity | 0.67 | 1.60 | 1.60 | 1.32 | 1.35 | 1.87 | 3.47 | 1.49 | 1.63 | 1.86 | 2.07 | 1.71 | 1.73 |
| Interest Coverage | 4.6 | 1.0 | 0.6 | 1.4 | 2.8 | 0.7 | -2.6 | 5.3 | 12.4 | 3.9 | 1.6 | N/A | N/A |
| Equity | 1.0B | 2.4B | 2.3B | 2.8B | 2.8B | 2.4B | 1.5B | 2.7B | 2.5B | 2.2B | 2.0B | 1.8B | 1.7B |
| Total Assets | 2.7B | 9.3B | 8.8B | 9.2B | 9.0B | 9.2B | 8.3B | 8.5B | 8.0B | 7.7B | 7.6B | 7.3B | 7.4B |
| Total Liabilities | 1.7B | 6.9B | 6.5B | 6.5B | 6.2B | 6.8B | 6.8B | 5.9B | 5.5B | 5.4B | 5.5B | 5.5B | 5.6B |
| Intangibles | 124M | 678M | 630M | 579M | 512M | 448M | 399M | 332M | 274M | 246M | 207M | 174M | 165M |
| Retained Earnings | 591M | 510M | 374M | 790M | 1.1B | 941M | -155M | 1.0B | 2.2B | 2.6B | 2.4B | 2.1B | 2.0B |
| Working Capital | 438M | 787M | 624M | 745M | 589M | 632M | 518M | 566M | 595M | 445M | 448M | 342M | 553M |
| Current Assets | 816M | 1.9B | 1.5B | 1.7B | 1.7B | 1.7B | 1.7B | 2.2B | 2.2B | 2.0B | 2.1B | 2.0B | 2.1B |
| Current Liabilities | 378M | 1.1B | 923M | 954M | 1.1B | 1.1B | 1.2B | 1.7B | 1.6B | 1.5B | 1.6B | 1.6B | 1.5B |
| Per Share Data | |||||||||||||
| EPS | 0.67 | -0.01 | -0.02 | 3.26 | 1.95 | -0.07 | -6.14 | 7.96 | 8.94 | 3.57 | 0.91 | -0.88 | -1.63 |
| Owner EPS | 0.09 | -0.14 | 0.32 | 0.48 | 1.75 | 0.06 | -0.94 | 7.06 | 8.82 | 3.28 | -0.27 | -0.60 | -0.14 |
| Book Value | 6.38 | 17.28 | 11.66 | 16.34 | 16.84 | 14.98 | 9.18 | 16.28 | 17.14 | 17.32 | 16.95 | 16.10 | 15.23 |
| Cash Flow/Share | 1.00 | 1.55 | 3.09 | 3.85 | 5.40 | 3.82 | 2.74 | 10.69 | 12.95 | 7.56 | 4.22 | 4.15 | 2.82 |
| Dividends/Share | 0.40 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.78 | 0.78 | 0.78 | 0.79 | 0.80 | 0.80 |
| Shares Out. | 158.9M | 140.0M | 195.0M | 168.6M | 168.2M | 161.4M | 158.0M | 162.9M | 148.4M | 128.9M | 119.3M | 114.2M | 113.9M |
| Valuation | |||||||||||||
| P/E Ratio | 12.5 | N/A | N/A | 8.7 | 8.2 | N/A | N/A | 6.7 | 5.6 | 14.5 | 35.8 | N/A | -14.3 |
| P/FCF | 30.3 | 22.4 | 12.1 | 13.5 | 5.2 | 10.3 | 26.4 | 5.6 | 4.4 | 9.0 | 12.6 | 9.6 | 8.7 |
| EV/EBIT | 14.4 | 51.5 | 47.6 | 26.9 | 8.4 | 29.7 | N/A | 6.1 | 5.4 | 12.7 | 22.0 | 179.4 | N/A |
| Price/Book | 2.7 | 0.8 | 1.7 | 1.7 | 1.0 | 1.0 | 2.4 | 3.3 | 2.9 | 3.0 | 1.9 | 1.3 | 1.5 |
| Price/Sales | 1.4 | 0.9 | 0.6 | 0.7 | 0.6 | 0.5 | 0.4 | 0.7 | 0.8 | 0.9 | 0.8 | 0.4 | 0.4 |
| FCF Yield | 3.2% | 4.5% | 8.3% | 7.4% | 19.4% | 9.8% | 3.8% | 17.8% | 22.8% | 11.1% | 7.9% | 10.4% | 11.5% |
| Market Cap | 2.7B | 1.9B | 3.9B | 4.8B | 2.7B | 2.4B | 3.5B | 8.7B | 7.4B | 6.7B | 3.9B | 2.4B | 2.6B |
| Avg. Price | 18.78 | 17.74 | 15.73 | 25.07 | 23.44 | 17.31 | 13.11 | 40.46 | 49.40 | 49.94 | 46.29 | 22.75 | 23.20 |
| Year-End Price | 16.65 | 13.77 | 20.14 | 28.45 | 16.03 | 14.72 | 22.41 | 53.17 | 49.74 | 51.66 | 32.60 | 20.89 | 23.20 |
OLIN Corp passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 10.6x vs a median of 9.9x. The company's 5-year average ROIC is 15.2% with a gross margin of 16.9%. Total shareholder yield (dividends + buybacks) is 4.6%. At current prices, the estimated annualized return to fair value is +12.3%.
OLIN Corp (OLN) has a debt-to-equity ratio of 1.71. This indicates higher leverage, which may increase financial risk.
OLIN Corp (OLN) reported earnings per share (EPS) of $-0.88 in its most recent fiscal year.
OLIN Corp (OLN) has a return on equity (ROE) of -5.2%. A negative ROE may indicate losses or negative equity.
OLIN Corp (OLN) has a 5-year average gross margin of 16.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for OLIN Corp (OLN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
OLIN Corp (OLN) has a book value per share of $16.10, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects significantly improved earnings in the second half of 2026 driven by higher caustic soda and EDC pricing as shortages persist and production costs remain elevated, with $185 per ton in domestic caustic soda price increases announced for implementation in the first half of 2026. The company anticipates delivering an incremental $100 million to $120 million in structural cost savings through its Beyond 250 initiative in 2026, building on $44 million delivered in 2025, with particular benefits expected in the epoxy business from a new Stade, Germany supply agreement providing $40 million to $50 million in annual savings. Winchester is expected to see commercial volume uplift of mid to high single digits year-over-year as retailer purchases align, with pricing actions offsetting the majority of 2025 cost inflation, though raw material cost pressures from copper, brass, and propellants are expected to persist. Capital allocation priorities remain disciplined, with approximately $200 million targeted for capital spending focused on sustaining expenditures, continuation of quarterly dividend payments, and debt reduction as the company targets ending 2026 with a debt leverage ratio just above 4 times, with a long-term goal to average below 2 times leverage across the cycle.
Based on recent SEC filings and earnings calls, OLIN Corp (OLN) has provided the following forward guidance: Domestic caustic soda price increases: $185 per ton (First half of 2026); Capital expenditures: Approximately $200 million (FY2026); Cash taxes: Essentially cash-free, ±$20 million (FY2026); Debt leverage ratio: Just above 4 times (End of FY2026).