Dow Inc
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+ FollowMarket Cap$25.12B
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Earnings Call Q3 2026
October 22, 2026 - AI Summary
Strong Q3 operating performance; earnings supported by pricing + “self-help”
- Net sales: up 13% YoY, with growth in every operating segment
- Operating EBITDA: > $1.5B (pricing actions and self-help offset higher raw material and logistics costs)
- Segment highlights (YoY):
- Packaging & Specialty Plastics (P&SP): $5.8B sales (+18% YoY); Operating EBIT ~ $585M (+ >$385M YoY) driven by polyethylene price, improved integrated margins, and self-help
- Industrial Intermediates & Infrastructure: $3.1B sales (+8% YoY); Operating EBIT $176M (+$223M YoY) from higher local price (+16%) and self-help; AI infrastructure + energy demand supporting volumes/margins
- Performance Materials & Coatings: $2.3B sales (+8% YoY); Operating EBIT $154M supported by price/volume and self-help (including benefits from prior Barry siloxanes shutdown)
Self-help momentum is real (cost, asset actions, transformation), but near-term margin volatility still matters
- Completed $1B 2025 cost savings program; began previously announced European asset shutdowns
- Transform to outperform: on track to deliver ~$700M growth/productivity improvements in 2026
- Sequential self-help benefits: +$150M+ in Q3 (but largely offset by margin pressures, especially in P&SP linked to Middle East-driven price swings)
- Notable “surprising/good” detail: Dow emphasized that self-help delivery is becoming embedded in day-to-day operations (“everyone owns self-help”), which underpins their ability to keep earnings power improving
Q4 outlook: EBITDA ~ $1.5B, expected to be roughly flat sequentially vs seasonality
- Forecast EBITDA: ~$1.5B
- Polyethylene margin tailwind: expects +~2 cents/lb sequential global integrated margins from recent polyethylene price gains; expects prices take effect before higher raw material costs
- Turnarounds: expects > $100M lower sequential turnaround spending
- Self-help uplift: expects ~$100M sequential uplift (transformation + benefits from Barry siloxanes closure)
- Headwinds/pressures: energy costs remain elevated entering winter in Europe; logistics disruptions (including Rhine River low water) create both cost/availability risk and pricing opportunity
- Typical construction seasonality expected to reduce earnings in the other two segments, leaving the overall outlook near flat due to self-help benefits
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$24.64
27.1% downside
Current Fair Value
27.1% downsideOvervalued by 27.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $25.12 Billion |
|---|---|
| Enterprise Value | $39.88 Billion |
| Annual dividend | $1.40 |
| Dividend yield | 4.03% |
| Earnings per Share | $-3.69 |
| Beta | 0.41 |
| Outstanding Shares | 725,500,000 |
Return
| Return on Equity | -5.01% |
|---|---|
| Return on Assets | -1.33% |
| Return on Invested Capital | 1.52% |
Valuation & Multiples
| P/E Ratio | -27.54 |
|---|---|
| PEG | -4.31 |
| Price to Sales | 0.58 |
| Price to Book Ratio | 1.41 |
| Enterprise Value to Revenue | 0.94 |
| Enterprise Value to EBIT | 52.9 |
| Enterprise Value to Net Income | -50 |
| Total Debt to Enterprise | 0.47 |
| Debt to Equity | 1.17 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 22, 2026
EPS Estimate
$0.64
Consensus analyst estimateRevenue Estimate
$11.22 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 27, 2027
EPS Estimate
$0.48
Consensus analyst estimateRevenue Estimate
$10.66 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 27.60, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 27.6000▲ 2635.91% |
|---|---|
| Total Calls | 500▼ 100.00% |
| Total Puts | 13,800▼ 99.93% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.46%▼ 76.13% |
|---|---|
| Total Invested | $870.83M▼ 94.44% |
| Investors Holding | 445▼ 827.00% |
About Dow Inc
34,600 employees
CEO: James Fitterling
The Dow Jones Industrial Average , Dow Jones, or simply the Dow , is a stock market index that measures the stock performance of 30 large companies listed on stock exchanges in the United States. Although it is one of the most commonly f...