Eastman Chemical Company (EMN)
NEUTRALファンダメンタル
48
株価
$71.55
時価総額
$8.48B
パート1 · 企業の価値
概要
Eastman Chemical makes chemicals, plastics and fibers that other manufacturers use as inputs, from specialty films and coatings additives to basic petrochemical building blocks and acetate tow for cigarette filters. Rather than mining or drilling for its own feedstocks, it buys raw materials and energy and converts them, at large integrated plants such as its Kingsport, Tennessee site, into products used in automotive interlayers, food and personal-care ingredients, agricultural additives, and textile and packaging materials.
収益の仕組み
Eastman sells to other manufacturers as an input supplier rather than to consumers, so its revenue depends on the volumes and prices its industrial customers are willing to pay, both of which move with raw-material and energy costs it does not control. Advanced Materials and Additives & Functional Products, its specialty businesses, carry steadier prices and margins; Chemical Intermediates and Fibers behave more like commodity chemicals, with revenue falling double digits in 2025 as prices and volumes both softened.
セグメント別売上高
Specialty plastics, films and interlayers used in automotive glass, eyewear, packaging and other differentiated applications; the largest segment.
Additives for coatings, agriculture, personal care, aviation fluids and water treatment; the only segment whose revenue grew in 2025.
Basic and intermediate chemicals sold to other manufacturers as building blocks; more commodity-like, with revenue down 10% in 2025 on lower prices and volumes.
Acetate tow, used mainly in cigarette filters, and acetate yarns; revenue fell 20% in 2025 as volumes declined.
競争優位性(moat)
コスト優位性 · 狭いEastman describes a competitive advantage from its low-cost manufacturing base, built on vertically integrated sites such as Kingsport that lower logistics costs and speed up scale-up from research to production, combined with proprietary process technology such as its oxo chemistry and a portfolio of thousands of active patents. This helps in its specialty product lines, but the Chemical Intermediates and Fibers segments still compete largely on price against other bulk chemical producers.
需要を左右する要因
景気循環型Eastman states that its coatings-additives and chemical-intermediates product lines in particular are exposed to the cyclicality of their end markets, with periods of supply and demand imbalance driven by general economic conditions, raw material and energy prices, and consumer demand. Advanced Materials and Additives & Functional Products carry further exposure to consumer discretionary spending.
主なリスク
- Raw material and energy cost volatility — The company relies on strategic raw material and energy commodities whose cost and availability can be hurt by economic conditions, severe weather, supply chain disruption, regulation and currency swings, adversely affecting financial results.
- Customer concentration — Despite an extensive customer base, the company states that the loss of, or material financial weakness at, certain of its largest customers could adversely affect its financial condition until that business is replaced.
- Cyclicality of key end markets — Eastman discloses that several of its product lines are cyclical, moving through periods of supply and demand imbalance tied to general economic conditions and consumer demand rather than to steady, predictable order patterns.
強気材料
Buyers argue that vertically integrated, low-cost sites and proprietary process technology give Eastman's specialty Advanced Materials and Additives & Functional Products segments a durable cost and product edge, that cost-cutting has kept cash flow close to $1 billion even as revenue fell, and that a cyclical downturn in Chemical Intermediates and Fibers should eventually turn.
弱気材料
Sellers worry that Chemical Intermediates and Fibers behave like commodity businesses with revenue down 10% and 20% respectively in 2025, that raw material and energy costs the company cannot control squeeze margins in weak periods, and that a cyclical downturn could persist longer than the 2025 cost-cutting response can offset.
Written by the editors, published on 2026年8月18日
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貸借対照表と流動性
売上高
$8.87B
直近12か月(2026/6/30まで)
純利益
$442M
直近12か月(2026/6/30まで)
フリーキャッシュフロー
$424M
自己資本合計
$5.96B
負債合計
$8.82B
流動比率
1.50
利払い倍率
-
負債/EBITDA
3.75
一株当たり利益(EPS)
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$77.34
現在株価
$71.55
安全マージン
+7.5%
適正価値レンジ
$50.27 - $104.41
推定方法
バリュエーション指標
P/E レシオ
18.88
ROE
8.0%
P/B レシオ
1.36
P/FCF
15.43
粗利益率
19.9%
ROIC
-
収益性レーダー
Value Creation (Economic Moat)
ROIC
-
WACC
7.7%
ROIC − WACC
-
ファンダメンタル分析基準
合格(12)
- EPS shows upward trend
- P/FCF 15.43
- P/B Ratio 1.36
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Analyst Consensus 59% Buy
- Earnings Quality (OCF/NI) 2.24
- Share Dilution -2.0%
- Piotroski F-Score 5/9
不合格(12)
- EPS CAGR 0.36%
- Price CAGR -0.15%
- Gross Margin 19.9%
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Fairly valued)
- ROE 7.4%
- Revenue Growth 5Y 0.7%
- Earnings Surprise avg -6.0%
- PEG Ratio 5.78
- Net Margin Trend 5.0% vs 9.0%
データなし(4)
- ROIC NaN%
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
Piotroski F-スコア
まちまちのシグナル:一部の領域に注意が必要
利益の質
高品質:利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Mark J. Costa | Chairman & CEO | 59 |
| Mr. William Thomas McLain Jr. | CFO & Executive VP | 52 |
| Mr. Brad A. Lich | Executive VP & Chief Commercial Officer | 57 |
| Mr. B. Travis Smith | Executive VP of Additives & Functional Products, Manufacturing, WWE&C and HSE | 51 |
| Ms. Michelle R. Stewart | VP, Chief Accounting Officer & Controller | 53 |
| Mr. Stephen Glenn Crawford | EVP, CTO & Chief Sustainability Officer | 60 |
| Mr. Gregory A. Riddle | Vice President of Investor Relations & Communications | 56 |
| Ms. Ike Adeyemi | Senior VP, Chief Legal Officer & Corporate Secretary | 47 |
| Mr. Adrian J. Holt | Senior VP & Chief Human Resources Officer | 56 |
| Mr. J. P. Kuijpers | MD of EMEA Region & Global Procurement Director | - |
監査リスク
3
取締役会リスク
3
報酬リスク
4
株主権利リスク
2
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for EMN, sourced from Markets Gazette.