Detailed financial statements for Westlake Corporation (WLK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Westlake Corporation operates as a global producer and supplier of petrochemicals, polymers, and a diverse range of building materials. Its business activities are structured into two main divisions: Performance and Essential Materials, and Housing and Infrastructure Products.
Analysis Summary
Westlake Corporation reported revenue of $11.17B in the most recent fiscal year, growing at a 5-year CAGR of 8.3%.
Balance sheet quality for WLK: current ratio of 2.2, net debt of $3.48B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.08B | $8.04B | $8.63B | $8.12B | $7.50B | $11.78B | $15.79B | $12.55B | $12.14B | $11.17B |
| Cost of Revenue | $4.09B | $6.28B | $6.65B | $6.86B | $6.48B | $8.28B | $11.72B | $10.33B | $10.19B | $10.88B |
| Gross Profit | $983.0M | $1.76B | $1.99B | $1.26B | $1.02B | $3.50B | $4.07B | $2.22B | $1.96B | $289.0M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $258.0M | $399.0M | $445.0M | $458.0M | $435.0M | $528.0M | $809.0M | $865.0M | $874.0M | $910.0M |
| Operating Expenses | $400.0M | $536.0M | $579.0M | $604.0M | $594.0M | $695.0M | $1.02B | $1.49B | $1.08B | $1.87B |
| Operating Income | $583.0M | $1.23B | $1.41B | $656.0M | $429.0M | $2.80B | $3.05B | $729.0M | $875.0M | -$1.58B |
| EBITDA | $1.01B | $1.84B | $2.10B | $1.41B | $1.25B | $3.69B | $4.18B | $1.96B | $2.21B | -$199.0M |
| Interest Expense | $79.5M | $159.0M | $126.0M | $124.0M | $142.0M | $176.0M | $177.0M | $165.0M | $159.0M | $161.0M |
| Pre-tax Income | $558.0M | $1.08B | $1.33B | $570.0M | $331.0M | $2.68B | $2.95B | $700.0M | $938.0M | -$1.60B |
| Income Tax | $138.0M | -$258.0M | $300.0M | $108.0M | -$42.0M | $607.0M | $649.0M | $178.0M | $291.0M | -$164.0M |
| Net Income | $399.0M | $1.30B | $996.0M | $421.0M | $330.0M | $2.02B | $2.25B | $479.0M | $602.0M | -$1.51B |
| EPS | $3.07 | $10.05 | $7.70 | $3.26 | $2.57 | $15.66 | $17.47 | $3.72 | $4.66 | $-11.73 |
| EPS (Diluted) | $3.06 | $10.00 | $7.66 | $3.25 | $2.57 | $15.58 | $17.35 | $3.70 | $4.64 | $-11.73 |
| Shares Outstanding (Diluted) | $130.0M | $129.5M | $130.0M | $128.8M | $128.1M | $128.7M | $128.8M | $128.6M | $129.2M | $128.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q2 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $2.84B | $2.53B | $2.65B | $3.27B |
| Gross Profit | $236.0M | -$437.0M | $82.0M | $652.0M |
| Operating Income | -$766.0M | -$671.0M | -$154.0M | $364.0M |
| EBITDA | -$431.0M | -$266.0M | $38.0M | $619.0M |
| Net Income | -$782.0M | -$544.0M | -$169.0M | $260.0M |
| EPS | $-6.10 | $-4.22 | $-1.32 | $2.02 |
| EPS (Diluted) | $-6.10 | $-4.22 | $-1.31 | $2.01 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $459.5M | $1.53B | $753.0M | $728.0M | $1.31B | $1.91B | $2.23B | $3.30B | $2.92B | $2.72B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $204.0M |
| Receivables | $938.7M | $1.00B | $1.04B | $1.04B | $1.21B | $1.87B | $1.80B | $1.60B | $1.48B | $1.50B |
| Inventory | $801.1M | $900.0M | $1.01B | $936.0M | $918.0M | $1.41B | $1.87B | $1.62B | $1.70B | $1.65B |
| Total Current Assets | $2.41B | $3.46B | $2.84B | $2.74B | $3.48B | $5.26B | $5.97B | $6.61B | $6.21B | $6.22B |
| Property, Plant & Equipment | $6.42B | $6.41B | $6.59B | $7.36B | $7.38B | $8.17B | $9.09B | $9.22B | $9.43B | $9.40B |
| Goodwill | $946.6M | $1.01B | $1.00B | $1.07B | $1.08B | $2.02B | $2.16B | $2.04B | $2.03B | $1.31B |
| Intangible Assets | $787.5M | $777.0M | $659.0M | $710.0M | $612.0M | $1.58B | $1.56B | $1.40B | $1.28B | $1.18B |
| Total Assets | $10.89B | $12.08B | $11.60B | $13.26B | $13.84B | $18.46B | $20.55B | $21.04B | $20.75B | $19.96B |
| Accounts Payable | $496.0M | $600.0M | $504.0M | $435.0M | $529.0M | $849.0M | $886.0M | $849.0M | $806.0M | $737.0M |
| Short-term Debt | $149.0M | $710.0M | 0 | $26.0M | $7.0M | $269.0M | $119.0M | $299.0M | $6.0M | $497.0M |
| Total Current Liabilities | $1.18B | $1.97B | $1.18B | $1.24B | $1.36B | $2.34B | $2.30B | $2.79B | $2.22B | $2.77B |
| Long-term Debt | $3.68B | $3.13B | $2.67B | $3.44B | $3.57B | $4.91B | $4.88B | $4.61B | $4.56B | $5.09B |
| Total Liabilities | $7.00B | $6.71B | $5.53B | $6.86B | $7.26B | $9.93B | $10.09B | $10.27B | $9.71B | $10.67B |
| Retained Earnings | $3.41B | $4.61B | $5.48B | $5.76B | $5.94B | $7.81B | $9.88B | $10.14B | $10.48B | $8.70B |
| Total Equity | $3.52B | $4.87B | $5.59B | $5.86B | $6.04B | $7.96B | $9.93B | $10.24B | $10.53B | $8.79B |
| Total Debt | $3.83B | $3.84B | $2.67B | $3.83B | $3.95B | $5.64B | $5.50B | $5.52B | $5.28B | $6.41B |
| Net Debt | $3.37B | $2.31B | $1.92B | $3.10B | $2.64B | $3.73B | $3.27B | $2.21B | $2.36B | $3.48B |
| Working Capital | $1.23B | $1.50B | $1.66B | $1.50B | $2.12B | $2.92B | $3.67B | $3.82B | $4.00B | $3.45B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q2 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.93B | $2.72B | $2.27B | $1.64B |
| Total Assets | $19.81B | $19.96B | $19.71B | $19.44B |
| Total Liabilities | $9.88B | $10.67B | $10.66B | $10.23B |
| Total Equity | $9.43B | $8.79B | $8.55B | $8.71B |
| Total Debt | $5.37B | $6.41B | $6.42B | $5.75B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $419.9M | $1.34B | $1.03B | $462.0M | $373.0M | $2.07B | $2.30B | $522.0M | $647.0M | -$1.47B |
| Depreciation & Amortization | $377.7M | $601.0M | $641.0M | $713.0M | $773.0M | $840.0M | $1.06B | $1.10B | $1.11B | $1.18B |
| Stock-based Compensation | $14.2M | $23.0M | $22.0M | $25.0M | $29.0M | $31.0M | $36.0M | $43.0M | $41.0M | $41.0M |
| Change in Working Capital | -$38.5M | $90.0M | -$374.0M | -$3.0M | -$78.0M | -$614.0M | -$24.0M | $332.0M | -$469.0M | -$185.0M |
| Operating Cash Flow | $833.9M | $1.54B | $1.41B | $1.30B | $1.30B | $2.39B | $3.40B | $2.34B | $1.31B | $465.0M |
| Capital Expenditure | -$628.5M | -$577.0M | -$702.0M | -$787.0M | -$525.0M | -$658.0M | -$1.11B | -$1.03B | -$1.01B | -$995.0M |
| Acquisitions | -$2.44B | -$13.0M | -$68.0M | -$1.18B | $26.0M | -$2.58B | -$1.38B | -$25.0M | -$26.0M | -$33.0M |
| Stock Repurchased | -$67.4M | 0 | -$106.0M | -$30.0M | -$54.0M | -$30.0M | -$101.0M | -$23.0M | -$60.0M | -$63.0M |
| Dividends Paid | -$96.6M | -$103.0M | -$120.0M | -$132.0M | -$137.0M | -$145.0M | -$169.0M | -$221.0M | -$264.0M | -$272.0M |
| Free Cash Flow | $205.4M | $961.0M | $707.0M | $514.0M | $772.0M | $1.74B | $2.29B | $1.30B | $306.0M | -$530.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q2 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $182.0M | $225.0M | -$94.0M | $318.0M |
| Capital Expenditure | -$239.0M | -$241.0M | -$209.0M | -$207.0M |
| Free Cash Flow | -$57.0M | -$16.0M | -$303.0M | $111.0M |
| Dividends Paid | -$68.0M | -$68.0M | -$68.0M | -$69.0M |
| Stock-based Compensation | $11.0M | $11.0M | $7.0M | $13.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +58.4% | +7.4% | -6.0% | -7.6% | +57.0% | +34.1% | -20.6% | -3.2% | -8.0% | |
| Net Income Growth (YoY) | +226.8% | -23.6% | -57.7% | -21.6% | +510.6% | +11.5% | -78.7% | +25.7% | -350.5% | |
| EPS Growth (YoY) | +227.4% | -23.4% | -57.7% | -21.2% | +509.3% | +11.6% | -78.7% | +25.3% | -351.7% | |
| Shares Change (YoY) | -0.3% | +0.3% | -0.9% | -0.5% | +0.5% | +0.1% | -0.2% | +0.5% | -0.2% | |
| FCF Growth (YoY) | +367.9% | -26.4% | -27.3% | +50.2% | +124.9% | +31.7% | -43.1% | -76.5% | -273.2% | |
| Gross Margin | 19.4% | 21.9% | 23.0% | 15.5% | 13.6% | 29.7% | 25.8% | 17.7% | 16.1% | 2.6% |
| Operating Margin | 11.5% | 15.2% | 16.3% | 8.1% | 5.7% | 23.8% | 19.3% | 5.8% | 7.2% | -14.1% |
| EBITDA Margin | 20.0% | 22.9% | 24.3% | 17.3% | 16.6% | 31.4% | 26.5% | 15.6% | 18.2% | -1.8% |
| Net Margin | 7.9% | 16.2% | 11.5% | 5.2% | 4.4% | 17.1% | 14.2% | 3.8% | 5.0% | -13.5% |
| FCF Margin | 4.0% | 12.0% | 8.2% | 6.3% | 10.3% | 14.7% | 14.5% | 10.4% | 2.5% | -4.7% |
| Effective Tax Rate | 24.7% | -23.9% | 22.5% | 18.9% | -12.7% | 22.7% | 22.0% | 25.4% | 31.0% | 10.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.58 | $7.42 | $5.44 | $3.99 | $6.03 | $13.49 | $17.75 | $10.12 | $2.37 | $-4.11 |
| Dividends Per Share | $0.74 | $0.80 | $0.92 | $1.03 | $1.07 | $1.13 | $1.31 | $1.72 | $2.04 | $2.11 |
| Shares Outstanding (Basic) | $129.4M | $129.1M | $129.4M | $128.4M | $127.9M | $128.0M | $128.0M | $127.8M | $128.5M | $128.9M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 18.24 | 10.60 | 8.59 | 21.52 | 31.75 | 6.20 | 5.87 | 37.62 | 24.60 | -6.30 |
| P/B | 2.06 | 2.82 | 1.53 | 1.54 | 1.73 | 1.56 | 1.32 | 1.75 | 1.40 | 1.08 |
| P/S | 1.43 | 1.71 | 0.99 | 1.11 | 1.39 | 1.06 | 0.83 | 1.43 | 1.21 | 0.85 |
| Gross Margin | 19.4% | 21.9% | 23.0% | 15.5% | 13.6% | 29.7% | 25.8% | 17.7% | 16.1% | 2.6% |
| Operating Margin | 11.5% | 15.2% | 16.3% | 8.1% | 5.7% | 23.8% | 19.3% | 5.8% | 7.2% | -14.1% |
| Net Margin | 7.9% | 16.2% | 11.5% | 5.2% | 4.4% | 17.1% | 14.2% | 3.8% | 5.0% | -13.5% |
Related companies: AA · ALB · AXTA · EMN · EQX · ESI · HL
Explore sector: Basic Materials · Chemicals - Specialty
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