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WLK

Westlake Corporation

WLK

Westlake Corporation • NYSE
$66.81 ▲ 3.23% (+2.09)
Market Cap $8.57 B
52w High $129.27
52w Low $56.33
Dividend Yield 2.11%
P/E -8.99
Volume 1.05M
Outstanding Shares 128.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.838B ▼ $1.002B ▲ $-782M ▼ -27.555% ▼ $-6.1 ▼ $-431M ▼
Q2-2025 $2.953B ▲ $367M ▲ $-142M ▼ -4.809% ▼ $-1.1 ▼ $210M ▼
Q1-2025 $2.846B ▲ $264M ▲ $-40M ▼ -1.405% ▼ $-0.31 ▼ $288M ▼
Q4-2024 $2.843B ▼ $262M ▼ $7M ▼ 0.246% ▼ $0.054 ▼ $416M ▼
Q3-2024 $3.117B $319M $108M 3.465% $0.83 $505M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.125B ▼ $19.814B ▼ $9.876B ▼ $9.426B ▼
Q2-2025 $2.277B ▼ $20.806B ▲ $10.015B ▲ $10.278B ▼
Q1-2025 $2.48B ▼ $20.711B ▼ $9.79B ▲ $10.41B ▼
Q4-2024 $2.919B ▲ $20.75B ▼ $9.707B ▼ $10.527B ▼
Q3-2024 $2.915B $21.109B $9.923B $10.662B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-772M ▼ $182M ▲ $-242M ▲ $-88M ▼ $-158M ▲ $-57M ▲
Q2-2025 $-131M ▼ $135M ▲ $-292M ▲ $-82M ▲ $-213M ▲ $-132M ▲
Q1-2025 $-35M ▼ $-77M ▼ $-434M ▼ $-115M ▲ $-622M ▼ $-325M ▼
Q4-2024 $19M ▼ $434M ▼ $-265M ▼ $-133M ▲ $4M ▲ $149M ▼
Q3-2024 $120M $474M $-241M $-371M $-127M $254M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Housing and Infrastructure Products
Housing and Infrastructure Products
 $2.17Bn ▲$1.00Bn ▼$1.16Bn ▲$1.09Bn ▼
Performance and Essential Materials
Performance and Essential Materials
 $3.88Bn ▲$1.85Bn ▼$1.79Bn ▼$1.75Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Westlake’s income statement shows a very cyclical pattern. Earnings surged during the strong chemicals upcycle in 2021–2022, then pulled back sharply as prices and margins normalized. Revenue is still well above pre‑2020 levels, but profitability has compressed, especially at the gross and operating levels. Even in a tougher environment, the company remains clearly profitable, suggesting it can stay in the black through down cycles. The gradual shift toward more specialty and higher‑value products may help smooth earnings over time, but results are still heavily influenced by broader chemical and construction cycles.

Balance Sheet

Balance Sheet The balance sheet looks solid and steadily stronger over the last five years. Total assets have grown, cash balances are healthy, and debt has been kept relatively stable rather than ramped up aggressively. Shareholders’ equity has risen consistently, pointing to retained profits and disciplined use of capital. Overall leverage appears reasonable for a capital‑intensive chemicals business, giving the company some resilience to weather industry downturns and some flexibility to keep investing or doing targeted acquisitions.

Cash Flow

Cash Flow Westlake has generated positive operating cash flow every year, including during weaker profit periods, which is a key strength. Free cash flow has also been positive throughout the five‑year period, although it has come down from the peak boom years as earnings normalized. Capital spending has been steady to slightly higher, reflecting ongoing investment in plants, specialty products, and growth projects rather than heavy one‑off bets. Taken together, the cash flow profile looks dependable for a cyclical company and supports both reinvestment and balance sheet stability.

Competitive Edge

Competitive Edge Westlake benefits from a cost‑advantaged and vertically integrated model, especially in North American chlor‑alkali and PVC, where access to low‑cost shale‑based feedstocks is a major edge. Its integration from raw materials through to building products and specialty compounds helps capture more value and manage supply chain risk. The company competes not only in basic chemicals but also in differentiated building products and specialty resins, which can be less commoditized and higher margin. A history of disciplined acquisitions has broadened its footprint and product mix, though it also adds ongoing integration and execution risk in a cyclical industry. Overall, it holds a strong, low‑cost position but remains exposed to swings in construction, industrial activity, and global chemical pricing.

Innovation and R&D

Innovation and R&D Innovation at Westlake is focused on sustainability, specialty materials, and advanced technologies. The company operates multiple labs around the world, working closely with customers on tailored polymers, specialty PVC, epoxy resins, and compounds for areas like medical, automotive, renewable energy, and high‑performance building materials. Its lower‑carbon product lines, such as reduced‑footprint PVC, and its push into circular and bio‑based content show a clear response to tightening environmental expectations. The investment in graphene technology points to a willingness to explore more disruptive materials with long‑term potential. The opportunity is meaningful differentiation and better margins, but timing and scale of commercial success are still uncertain, as is typical with advanced material bets.

Summary

Westlake today looks like a cyclical chemicals and building products company with a sturdier foundation and a more innovative tilt than it had a few years ago. Earnings swing with industry cycles, and the recent step down from peak profits is consistent with that pattern, but the business has remained solidly profitable and cash generative. The balance sheet and cash flows provide a cushion against downturns and room to keep investing in specialty and sustainable products. Its cost‑advantaged, integrated position in PVC and related chains, combined with a growing suite of specialty and sustainability‑focused offerings, gives it a meaningful competitive edge. Key uncertainties revolve around the usual chemicals risks—pricing, demand in construction and industrial end markets, and regulatory and environmental pressures—plus the challenge of successfully scaling new technologies and acquisitions. Over the medium term, continued execution on specialty growth, sustainability initiatives, and disciplined capital use will be central to how its financial profile evolves through future cycles.

NEWS

November 24, 2025 · 4:15 PM UTC

Westlake Announces Achievement of 2030 Emissions Target in 2024 Sustainability Report

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November 14, 2025 · 4:15 PM UTC

Westlake Corporation Declares Quarterly Dividend

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November 10, 2025 · 7:22 PM UTC

Westlake Corporation Announces Results of Cash Tender Offer for Its 3.600% Senior Notes Due 2026

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November 10, 2025 · 4:20 PM UTC

Westlake Corporation Announces Pricing of Cash Tender Offer for Its 3.600% Senior Notes Due 2026

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November 6, 2025 · 9:00 AM UTC

Westlake Polyethylene Achieves ISCC PLUS Certification at Sulphur, Louisiana Site

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