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Eastman Chemical Company (EMN)

NEUTRAL
Basic MaterialsSpecialty ChemicalsUnited States

基本面

48

价格

$71.55

市值

$8.48B

第一部分 · 这家公司值多少

概览

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.

盈利方式

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.

分部营收

Advanced Materials33%

Specialty plastics, films and interlayers used in automotive glass, eyewear, packaging and other differentiated applications; the largest segment.

Additives & Functional Products33%

Additives for coatings, agriculture, personal care, aviation fluids and water treatment; the only segment whose revenue grew in 2025.

Chemical Intermediates22%

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.

Fibers12%

Acetate tow, used mainly in cigarette filters, and acetate yarns; revenue fell 20% in 2025 as volumes declined.

护城河

成本优势 · 狭窄

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.

需求驱动因素

周期性

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.

主要风险

  • 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.

看多理由

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.

看空理由

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

Direct competitors

Who this company fights with for the same customers

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资产负债表与流动性

营收

$8.87B

最近12个月(截至2026/6/30)

净利润

$442M

最近12个月(截至2026/6/30)

自由现金流

$424M

股东权益合计

$5.96B

负债合计

$8.82B

流动比率

1.50

利息覆盖率

-

债务/EBITDA

3.75

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

合理估值

公允价值

$77.34

当前价格

$71.55

安全边际

+7.5%

公允价值区间

$50.27 - $104.41

估算方法

Analyst Target:$81.60
DCF:$126.59
PE-based:$40.62
Graham Growth:$50.89
EPV:$49.13
分析师共识:买入 (13B / 9H / 0S)
最近财报超预期:+7.37%

估值指标

市盈率(P/E)

18.88

ROE

8.0%

市净率(P/B)

1.36

P/FCF

15.43

毛利率

19.9%

ROIC

-

盈利能力雷达图

Value Creation (Economic Moat)

ROIC

-

WACC

7.7%

ROIC − WACC

-

基本面分析标准

通过(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

未通过(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%

不可用(4)

  • ROIC NaN%
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • Interest Coverage

Piotroski F-评分

5/9

信号混杂:部分领域需关注

score
criteria

盈利质量

2.24

高质量:盈利有现金流支撑

股权稀释

-2.0%

正在回购股份,对股东友好

公司治理

管理团队

姓名职位年龄
Mr. Mark J. CostaChairman & CEO59
Mr. William Thomas McLain Jr.CFO & Executive VP52
Mr. Brad A. LichExecutive VP & Chief Commercial Officer57
Mr. B. Travis SmithExecutive VP of Additives & Functional Products, Manufacturing, WWE&C and HSE51
Ms. Michelle R. StewartVP, Chief Accounting Officer & Controller53
Mr. Stephen Glenn CrawfordEVP, CTO & Chief Sustainability Officer60
Mr. Gregory A. RiddleVice President of Investor Relations & Communications56
Ms. Ike AdeyemiSenior VP, Chief Legal Officer & Corporate Secretary47
Mr. Adrian J. HoltSenior VP & Chief Human Resources Officer56
Mr. J. P. KuijpersMD of EMEA Region & Global Procurement Director-

审计风险

3

董事会风险

3

薪酬风险

4

股东权利风险

2

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

Latest News

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