LyondellBasell Industries NV - Ordinary Shares - Class A
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Earnings Call Q3 2026
October 30, 2026 - AI Summary
Strong quarter: profitability + cash generation (with diversification helping)
- Q3 reported EPS: $2.54 and EBITDA: $1.5B with 18% EBITDA margin.
- Free cash flow: $1.4B and cash increased by ~$600M to $3.2B; liquidity at $7.7B.
- Cash conversion was very strong: ~84% conversion of EBITDA into cash from operations over 12 months, exceeding the long-term target.
- Segment context: EBITDA down vs Q2 but up >80% vs Q3 2025; record I&D EBITDA offset weaker polymer/oleum results.
Forward-looking tone: “strong but measured” Q4; fuels/intermediates supportive, Europe pressured
- Management expects some seasonal moderation in Q4, but regional dynamics differ.
- North America: polyethylene demand resilient; firmer market conditions from strong order activity, reduced inventories, high freight costs, and outages—though competitive pricing + higher feedstock costs could pressure margins.
- Europe: more challenging outlook with higher energy/logistics costs, lower spreads, reduced feedstock flexibility, and logistics constraints expected to weigh on integrated margins and operating rates.
- Asia: expected weak but relatively stable; inventories relatively lean, limiting further downside.
Intermediates & Derivatives: record Q3; Q4 to moderate—MTBE/oxygen fuels remain the key swing factor
- I&D EBITDA $795M (record), driven by tighter gasoline supply, stronger crack spreads, and improved octane values, plus operational execution (notably safe restart of Bayport PO/TBA).
- Outlook: profitability expected to moderate sequentially for PO&D/methanol, but oxyfuels margins remain constructive due to ongoing tight global supply and octane demand.
- Q4 target operating rate for the segment: ~75% vs ~85% in Q3 (maintenance/seasonality effects).
- Note on downside within I&D (asked by investor): MTBE margins declined through October as gas cracks and MTBE premiums came off; butane prices rose (higher burden in U.S. and Europe), which was a margin headwind.
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$78.11
24.1% upside
Current Fair Value
24.1% upsideUndervalued by 24.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $22.17 Billion |
|---|---|
| Enterprise Value | $36.16 Billion |
| Annual dividend | $3.44 |
| Dividend yield | 5.01% |
| Earnings per Share | $-2.35 |
| Beta | 0.35 |
| Outstanding Shares | 0 |
Return
| Return on Equity | 13.43% |
|---|---|
| Return on Assets | NaN% |
| Return on Invested Capital | -40.09% |
Valuation & Multiples
| P/E Ratio | 41.6 |
|---|---|
| PEG | 0 |
| Price to Sales | - |
| Price to Book Ratio | - |
| Enterprise Value to Revenue | - |
| Enterprise Value to EBIT | 12.69 |
| Enterprise Value to Net Income | 25 |
| Total Debt to Enterprise | 0.39 |
| Debt to Equity | 1.31 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 30, 2026
EPS Estimate
$2.57
Consensus analyst estimateRevenue Estimate
$8.87 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 29, 2027
EPS Estimate
$1.63
Consensus analyst estimateRevenue Estimate
$8.06 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 232.91% |
|---|---|
| Total Calls | 200▼ 99.99% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.47%▼ 73.20% |
|---|---|
| Total Invested | $457.60M▼ 96.45% |
| Investors Holding | 315▼ 623.00% |
About LyondellBasell Industries NV
18,970 employees
CEO: James Gallogly
LyondellBasell Industries N.V. is a prominent global chemical company, with significant operations spanning the United States, major European nations like Germany, Italy, Poland, France, and the Netherlands, as well as key markets in Mex...