A Business at a Glance
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WESTLAKE CORP
WLK
$9.5B
Mkt Cap
$73.82
-1.87%
WESTLAKE CORP (WLK) has a 5-year average return on invested capital (ROIC) of 8.0%. This is below average and may indicate limited pricing power.
WESTLAKE CORP (WLK) has a market capitalization of $9.4B. It is classified as a mid-cap stock.
Yes, WESTLAKE CORP (WLK) pays a dividend with a trailing twelve-month yield of 2.88%. The company also returns capital through share buybacks, with a buyback yield of 0.35%.
WESTLAKE CORP (WLK) operates in the Industrial Organic Chemicals industry, within the Materials sector.
WESTLAKE CORP (WLK) reported annual revenue of $11.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
WESTLAKE CORP (WLK) has a net profit margin of -13.5%. The company is currently unprofitable.
WESTLAKE CORP (WLK) generated $-530 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Westlake Corporation is a vertically integrated global manufacturer of housing and infrastructure products and performance and essential materials serving residential construction, flexible and rigid packaging, automotive, healthcare, water treatment, wind turbines, and coatings markets. The company operates through two segments: Housing and Infrastructure Products (HIP), which comprises residential and non-residential building products, PVC pipe and fittings, and compound products; and Performance and Essential Materials (PEM), which includes chemicals and materials derived from integrated downstream production of ethylene and chlor-alkali (chlorine and caustic soda) into vinyls, polyethylene, and epoxy. Westlake's business model is built on significant vertical integration along the materials chain, with downstream integration from ethylene and chlor-alkali into specialty polymers and building products, enabling cost advantages and margin stability. The company distributes through building product distributors and large national home builders in North America, with global reach in chemicals and materials. Westlake's competitive moat derives from its integrated asset footprint using gas-based feedstocks in North America, operational scale, broad product portfolio, and deep customer relationships with national builders and industrial customers. The company has grown organically and through strategic acquisitions including Axiall (2016), Boral's North American building products (2021), Hexion's epoxy business (2022), and ACI's compounding solutions (2026).
【Middle East supply disruptions driving pricing momentum】 Management expects global supply chain disruptions from Middle East conflicts to persist through 2026, creating meaningful price increases for polyethylene, PVC resin, and other PEM products as an offset to North American residential construction uncertainty. The company is executing a three-pillar profitability improvement strategy targeting $600 million of EBITDA uplift in 2026 through footprint optimization, improved plant reliability, and structural cost reductions. HIP is expected to benefit from housing market recovery supported by over a decade of underbuilding, infrastructure investment, and the recently acquired ACI compounding business, with long-term organic growth expectations of 5–7% annually. Management remains focused on controlling costs and passing through raw material and transportation cost increases, with significant benefits expected to accrue in the second quarter and beyond as price announcements are realized.
| Metric | Target | Period |
|---|---|---|
| HIP Revenue | $4.4 billion–$4.6 billion | FY2026 |
| HIP EBITDA Margin | 19%–21% | FY2026 |
| Capital Expenditures | $900 million | FY2026 |
| Cash Interest Expense | approximately $215 million | FY2026 |
| Three-Pillar EBITDA Uplift | $600 million | FY2026 |
HIP Revenue (FY2026): “we now expect 2026 revenue and EBITDA margin for our HIP segment to be towards the lower end of our previously communicated ranges of $4.4 billion-$4.6 billion of revenue”
HIP EBITDA Margin (FY2026): “with EBITDA margin between 19% and 21%, excluding identified items”
Capital Expenditures (FY2026): “Expected 2026 total capital expenditures for the company are still expected to be $900 million”
Cash Interest Expense (FY2026): “We continue to expect cash interest expense to be approximately $215 million”
Three-Pillar EBITDA Uplift (FY2026): “we remain confident that our three-pillar profitability improvement plan will deliver the targeted $600 million EBITDA uplift in 2026”
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
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 11.0B | 11.2B | 12.1B | 12.5B | 15.8B | 11.8B |
| Net Income | -1.6B | -1.5B | 602M | 479M | 2.2B | 2.0B |
| EPS | $-12.56 | $-11.70 | $4.64 | $3.70 | $17.34 | $15.58 |
| Free Cash Flow | -508M | -530M | 306M | 1.3B | 2.3B | 1.7B |
| ROIC | -11.7% | -10.4% | 4.9% | 4.3% | 19.5% | 21.6% |
| Gross Margin | 6.3% | 7.3% | 16.1% | 17.7% | 25.8% | 29.7% |
| Debt/Equity | 0.65 | 0.73 | 0.51 | 0.55 | 0.55 | 0.72 |
| Dividends/Share | $2.13 | $2.11 | $2.05 | $1.71 | $1.31 | $1.14 |
| Operating Income | -1.7B | -1.6B | 875M | 729M | 3.0B | 2.8B |
| Operating Margin | -15.7% | -14.1% | 7.2% | 5.8% | 19.3% | 23.8% |
| ROE | -19.2% | -15.6% | 5.8% | 4.7% | 25.1% | 28.8% |
| Shares Outstanding | 128M | 129M | 130M | 129M | 130M | 129M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 4.4B | 4.5B | 5.1B | 8.0B | 8.6B | 8.1B | 7.5B | 11.8B | 15.8B | 12.5B | 12.1B | 11.2B | 11.0B |
| Gross Margin | 29.8% | 26.6% | 19.4% | 21.9% | 23.0% | 15.5% | 13.6% | 29.7% | 25.8% | 17.7% | 16.1% | 7.3% | 6.3% |
| 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 | 184M | 218M | 258M | 399M | 445M | 458M | 449M | 551M | 835M | 865M | 874M | 900M | 909M |
| EBIT | 1.1B | 960M | 583M | 1.2B | 1.4B | 656M | 429M | 2.8B | 3.0B | 729M | 875M | -1.6B | -1.7B |
| Op. Margin | 25.5% | 21.5% | 11.5% | 15.2% | 16.3% | 8.1% | 5.7% | 23.8% | 19.3% | 5.8% | 7.2% | -14.1% | -15.7% |
| Net Income | 679M | 646M | 399M | 1.3B | 996M | 421M | 330M | 2.0B | 2.2B | 479M | 602M | -1.5B | -1.6B |
| Net Margin | 15.4% | 14.5% | 7.9% | 16.2% | 11.5% | 5.2% | 4.4% | 17.1% | 14.2% | 3.8% | 5.0% | -13.5% | -14.9% |
| Non-Recurring | -4.2M | -11M | -9.0M | -22M | -44M | -23M | 9.0M | -28M | -46M | 83M | 32M | 368M | 368M |
| Returns on Capital | |||||||||||||
| ROIC | 26.9% | 23.5% | 9.0% | 17.4% | 14.9% | 6.4% | 4.9% | 21.6% | 19.5% | 4.3% | 4.9% | -10.4% | -11.7% |
| ROE | 25.5% | 20.9% | 11.8% | 31.1% | 19.0% | 7.4% | 5.5% | 28.8% | 25.1% | 4.7% | 5.8% | -15.6% | -19.2% |
| ROA | 14.6% | 12.0% | 4.8% | 11.4% | 8.4% | 3.4% | 2.4% | 12.5% | 11.5% | 2.3% | 2.9% | -7.4% | -8.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.0B | 1.1B | 867M | 1.5B | 1.4B | 1.3B | 1.3B | 2.4B | 3.4B | 2.3B | 1.3B | 465M | 448M |
| Free Cash Flow | 601M | 588M | 238M | 951M | 707M | 514M | 772M | 1.7B | 2.3B | 1.3B | 306M | -530M | -508M |
| Owner Earnings | 815M | 823M | 475M | 904M | 746M | 563M | 495M | 1.5B | 2.3B | 1.2B | 159M | -754M | -772M |
| CapEx | 431M | 491M | 629M | 577M | 702M | 787M | 525M | 658M | 1.1B | 1.0B | 1.0B | 995M | 956M |
| Maint. CapEx | 208M | 246M | 378M | 601M | 641M | 713M | 773M | 840M | 1.1B | 1.1B | 1.1B | 1.2B | 1.2B |
| Growth CapEx | 223M | 245M | 251M | 0 | 61M | 74M | 0 | 0 | 52M | 0 | 0 | 0 | 0 |
| D&A | 208M | 246M | 378M | 601M | 641M | 713M | 773M | 840M | 1.1B | 1.1B | 1.1B | 1.2B | 1.2B |
| CapEx/OCF | 41.8% | 45.6% | 75.4% | 37.8% | 49.8% | 60.5% | 40.5% | 27.5% | 32.6% | 44.3% | 76.7% | 214.0% | 213.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 78M | 92M | 97M | 103M | 120M | 132M | 137M | 145M | 169M | 221M | 264M | 272M | 272M |
| Dividend Yield | 0.9% | 1.3% | 1.8% | 1.2% | 1.1% | 1.7% | 2.0% | 1.3% | 1.3% | 1.5% | 1.5% | 2.5% | 2.9% |
| Share Buybacks | 53M | 163M | 67M | 0 | 106M | 30M | 54M | 30M | 101M | 23M | 60M | 63M | 33M |
| Buyback Yield | 0.7% | 2.6% | 1.0% | N/A | 1.4% | 0.4% | 0.6% | 0.3% | 0.8% | 0.1% | 0.4% | 0.7% | 0.3% |
| Stock-Based Comp | 9.3M | 10M | 14M | 23M | 22M | 25M | 29M | 31M | 36M | 43M | 41M | 41M | 41M |
| Debt Repayment | 0 | 0 | 0 | 150M | 1.2B | 0 | 1.3B | 0 | 250M | 0 | 300M | 254M | 254M |
| Balance Sheet | |||||||||||||
| Net Debt | -117M | -425M | 3.4B | 2.3B | 1.9B | 3.2B | 2.7B | 3.8B | 3.3B | 2.3B | 2.5B | 3.5B | 3.1B |
| Cash & Equiv. | 881M | 663M | 459M | 1.5B | 753M | 728M | 1.3B | 1.9B | 2.2B | 3.3B | 2.9B | 2.7B | 2.5B |
| Long-Term Debt | 764M | 758M | 3.7B | 3.1B | 2.7B | 3.4B | 3.6B | 4.9B | 4.9B | 4.6B | 4.6B | 5.1B | 5.1B |
| Debt/Equity | 0.26 | 0.23 | 1.09 | 0.79 | 0.48 | 0.67 | 0.66 | 0.72 | 0.55 | 0.55 | 0.51 | 0.73 | 0.65 |
| Interest Coverage | 30.1 | 27.4 | 7.4 | 7.7 | 11.2 | 5.3 | 3.0 | 15.9 | 17.2 | 4.4 | 5.5 | -9.2 | -9.2 |
| Equity | 2.9B | 3.3B | 3.5B | 4.9B | 5.6B | 5.9B | 6.0B | 8.0B | 9.9B | 10.2B | 10.5B | 8.8B | 8.5B |
| Total Assets | 5.2B | 5.6B | 10.9B | 12.1B | 11.6B | 13.3B | 13.8B | 18.5B | 20.6B | 21.0B | 20.8B | 20.0B | 19.7B |
| Total Liabilities | 2.0B | 2.0B | 7.0B | 6.7B | 5.5B | 6.9B | 7.3B | 9.9B | 10.1B | 10.3B | 9.7B | 10.7B | 10.7B |
| Intangibles | 156M | 151M | 611M | 616M | 525M | 187M | 444M | 1.1B | 993M | 910M | 820M | 743M | 763M |
| Retained Earnings | 2.6B | 3.1B | 3.4B | 4.6B | 5.5B | 5.8B | 5.9B | 7.8B | 9.9B | 10.1B | 10.5B | 8.7B | 8.5B |
| Working Capital | 1.5B | 1.7B | 1.2B | 1.5B | 1.7B | 1.5B | 2.1B | 2.9B | 3.7B | 3.8B | 4.0B | 3.4B | 3.2B |
| Current Assets | 2.0B | 2.2B | 2.4B | 3.5B | 2.8B | 2.7B | 3.5B | 5.3B | 6.0B | 6.6B | 6.2B | 6.2B | 6.0B |
| Current Liabilities | 537M | 523M | 1.2B | 2.0B | 1.2B | 1.2B | 1.4B | 2.3B | 2.3B | 2.8B | 2.2B | 2.8B | 2.7B |
| Per Share Data | |||||||||||||
| EPS | 5.07 | 4.86 | 3.06 | 10.00 | 7.62 | 3.25 | 2.56 | 15.58 | 17.34 | 3.70 | 4.64 | -11.70 | -12.56 |
| Owner EPS | 6.09 | 6.19 | 3.64 | 6.93 | 5.71 | 4.35 | 3.84 | 11.78 | 17.77 | 9.24 | 1.23 | -5.85 | -6.03 |
| Book Value | 21.76 | 24.57 | 27.03 | 37.38 | 42.77 | 45.24 | 46.88 | 61.51 | 76.64 | 79.11 | 81.14 | 68.21 | 66.78 |
| Cash Flow/Share | 7.71 | 8.12 | 6.65 | 11.72 | 10.78 | 10.04 | 10.06 | 18.51 | 26.20 | 18.04 | 10.13 | 3.61 | -3.58 |
| Dividends/Share | 0.58 | 0.69 | 0.74 | 0.80 | 0.92 | 1.03 | 1.07 | 1.14 | 1.31 | 1.71 | 2.05 | 2.11 | 2.13 |
| Shares Out. | 133.8M | 132.9M | 130.4M | 130.4M | 130.7M | 129.5M | 128.9M | 129.3M | 129.6M | 129.5M | 129.7M | 128.9M | 128.0M |
| Valuation | |||||||||||||
| P/E Ratio | 10.4 | 9.7 | 16.3 | 9.4 | 7.6 | 19.5 | 29.0 | 5.8 | 5.6 | 36.5 | 24.0 | N/A | -5.9 |
| P/FCF | 11.7 | 10.6 | 27.2 | 12.9 | 10.7 | 16.0 | 12.4 | 6.7 | 5.5 | 13.4 | 47.2 | N/A | N/A |
| EV/EBIT | 6.1 | 6.1 | 16.2 | 11.2 | 6.2 | 15.5 | 24.5 | 4.8 | 4.3 | 22.1 | 18.4 | N/A | N/A |
| Price/Book | 2.4 | 1.9 | 1.8 | 2.5 | 1.3 | 1.4 | 1.6 | 1.5 | 1.3 | 1.7 | 1.4 | 1.1 | 1.1 |
| Price/Sales | 1.9 | 1.6 | 1.1 | 1.0 | 1.3 | 1.0 | 0.9 | 0.9 | 0.8 | 1.2 | 1.5 | 1.0 | 0.9 |
| FCF Yield | 8.6% | 9.4% | 3.7% | 7.8% | 9.4% | 6.3% | 8.1% | 14.8% | 18.1% | 7.4% | 2.1% | -5.6% | -5.4% |
| Market Cap | 7.0B | 6.3B | 6.5B | 12.3B | 7.5B | 8.2B | 9.6B | 11.7B | 12.7B | 17.5B | 14.4B | 9.5B | 9.4B |
| Avg. Price | 63.02 | 54.12 | 42.07 | 64.13 | 87.35 | 60.72 | 53.96 | 85.12 | 100.44 | 115.31 | 137.46 | 85.37 | 73.82 |
| Year-End Price | 52.51 | 47.10 | 49.73 | 94.07 | 57.65 | 63.32 | 74.14 | 90.51 | 97.77 | 135.21 | 111.28 | 73.75 | 73.82 |
WESTLAKE CORP passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 8.0% with a gross margin of 19.3%. Total shareholder yield (dividends + buybacks) is 3.2%. At current prices, the estimated annualized return to fair value is -3.9%.
WESTLAKE CORP (WLK) has a debt-to-equity ratio of 0.73. This indicates moderate leverage.
WESTLAKE CORP (WLK) reported earnings per share (EPS) of $-11.70 in its most recent fiscal year.
WESTLAKE CORP (WLK) has a return on equity (ROE) of -15.6%. A negative ROE may indicate losses or negative equity.
WESTLAKE CORP (WLK) has a 5-year average gross margin of 19.3%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for WESTLAKE CORP (WLK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
WESTLAKE CORP (WLK) has a book value per share of $68.21, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects global supply chain disruptions from Middle East conflicts to persist through 2026, creating meaningful price increases for polyethylene, PVC resin, and other PEM products as an offset to North American residential construction uncertainty. The company is executing a three-pillar profitability improvement strategy targeting $600 million of EBITDA uplift in 2026 through footprint optimization, improved plant reliability, and structural cost reductions. HIP is expected to benefit from housing market recovery supported by over a decade of underbuilding, infrastructure investment, and the recently acquired ACI compounding business, with long-term organic growth expectations of 5–7% annually. Management remains focused on controlling costs and passing through raw material and transportation cost increases, with significant benefits expected to accrue in the second quarter and beyond as price announcements are realized.
Based on recent SEC filings and earnings calls, WESTLAKE CORP (WLK) has provided the following forward guidance: HIP Revenue: $4.4 billion–$4.6 billion (FY2026); HIP EBITDA Margin: 19%–21% (FY2026); Capital Expenditures: $900 million (FY2026); Cash Interest Expense: approximately $215 million (FY2026); Three-Pillar EBITDA Uplift: $600 million (FY2026).