Dow Inc. (DOW) Key Metrics
DOW valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $21.62B
- Enterprise value
- $36.39B
- P/E (TTM)
- — 10-yr median 25.4
- Forward P/E
- 14.1
- PEG ratio
- 38.89
- Price / sales
- 0.5 10-yr median 0.8
- Price / book
- 1.3 10-yr median 2.1
- EV / EBITDA
- 13.7 10-yr median 9.5
- Dividend yield
- 4.68% $1.40 a year
- Beta
- 0.41
DOW key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsDOW valuation Price multiples at each fiscal year-end price.
Price / sales−36.8%
0.4
2025 · hover or tap a bar for each year
20162025
Price / book−36.3%
1.0
2025 · hover or tap a bar for each year
20162025
EV / EBITDA+230.5%
27.3
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−8.2 pts
−8.7%
2025 · hover or tap a bar for each year
20162025
DOW returns How much profit the business earns on the capital it uses.
Return on equity−21.9 pts
−15.7%
2025 · hover or tap a bar for each year
20162025
Return on invested capital−4.2 pts
0.6%
2025 · hover or tap a bar for each year
20162025
Return on assets−6.5 pts
−4.5%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin−3.3 pts
−3.6%
2025 · hover or tap a bar for each year
20162025
Asset turnover−7.4%
0.69
2025 · hover or tap a bar for each year
20162025
DOW per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−7.8%
$56.17
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$3.69
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$2.03
2025 · hover or tap a bar for each year
20162025
Book value per share−8.6%
$22.50
2025 · hover or tap a bar for each year
20162025
Dividends per share−24.9%
$2.09
2025 · hover or tap a bar for each year
20162025
Shares outstanding+0.9%
711.6M
2025 · hover or tap a bar for each year
20162025
DOW financial health Debt, liquidity and how easily interest is covered.
Debt / equity+20.4%
1.22
2025 · hover or tap a bar for each year
20162025
Net debt+$709.0M
$15.78B
2025 · hover or tap a bar for each year
20162025
Net debt / EBITDA+10.41
13.28
2025 · hover or tap a bar for each year
20162025
Current ratio+22.0%
1.97
2025 · hover or tap a bar for each year
20162025
Interest coverage−89.0%
0.3
2025 · hover or tap a bar for each year
20162025
Debt / assets+8.7%
0.33
2025 · hover or tap a bar for each year
20162025
DOW efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+4 days
62 days
2025 · hover or tap a bar for each year
20162025
Days of inventory+4 days
64 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−1 days
44 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle+9 days
82 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue−0.9 pts
6.2%
2025 · hover or tap a bar for each year
20162025
DOW valuation history
Fiscal year-endToday10-year median
DOW returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
DOW debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
DOW cash returned to shareholders
DividendsBuybacksFree cash flow
DOW price vs earnings per share
Share price at year-endEPS (right axis)
DOW key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $16.64B | $28.30B | $38.88B | $36.56B | $42.48B | $41.20B | $40.64B | — | — | — |
| Enterprise value | $32.42B | $43.37B | $52.34B | $49.38B | $55.63B | $55.14B | $57.43B | — | — | — |
| P/E ratio | — | 25.4 | 66.0 | 8.0 | 6.7 | 33.6 | — | — | — | — |
| Price / sales | 0.4 | 0.7 | 0.9 | 0.6 | 0.8 | 1.1 | 0.9 | — | — | — |
| Price / book | 1.0 | 1.6 | 2.1 | 1.8 | 2.3 | 3.3 | 3.0 | — | — | — |
| Price / free cash flow | — | — | 14.3 | 6.7 | 9.1 | 8.5 | 10.3 | — | — | — |
| Price / operating cash flow | 16.1 | 9.7 | 7.5 | 4.9 | 6.1 | 6.6 | 6.9 | — | — | — |
| EV / sales | 0.8 | 1.0 | 1.2 | 0.9 | 1.0 | 1.4 | 1.3 | — | — | — |
| EV / EBITDA | 27.3 | 8.3 | 13.1 | 5.2 | 4.8 | 9.5 | 21.8 | — | — | — |
| EV / free cash flow | — | — | 19.3 | 9.1 | 11.9 | 11.4 | 14.5 | — | — | — |
| Earnings yield | −15.8% | 3.9% | 1.5% | 12.5% | 14.9% | 3.0% | −3.4% | — | — | — |
| Free cash flow yield | −8.7% | −0.5% | 7.0% | 14.8% | 11.0% | 11.7% | 9.7% | — | — | — |
| Dividend yield | 9.0% | 6.9% | 5.1% | 5.5% | 4.9% | 5.0% | 5.1% | — | — | — |
| Shareholder yield (dividends + buybacks) | 9.0% | 8.7% | 6.7% | 11.8% | 7.2% | 5.3% | 6.4% | — | — | — |
| Share price at fiscal year-end | $23.38 | $40.13 | $54.84 | $50.39 | $56.72 | $55.50 | $54.73 | — | — | — |
| Per share | ||||||||||
| Revenue per share | $56.17 | $60.93 | $62.94 | $78.42 | $73.39 | $51.92 | $57.85 | $80.37 | $58.31 | $64.21 |
| Earnings per share | −$3.69 | $1.58 | $0.83 | $6.31 | $8.43 | $1.65 | −$1.84 | $6.00 | $0.62 | $5.76 |
| Operating cash flow per share | $1.45 | $4.13 | $7.33 | $10.30 | $9.36 | $8.39 | $7.99 | $5.19 | −$6.57 | −$3.94 |
| Free cash flow per share | −$2.03 | −$0.21 | $3.83 | $7.47 | $6.26 | $6.52 | $5.33 | $2.82 | −$10.56 | −$9.26 |
| Cash per share | $5.36 | $3.65 | $4.21 | $5.36 | $3.99 | $6.88 | $3.19 | $3.77 | $8.26 | $8.81 |
| Book value per share | $22.50 | $24.61 | $26.24 | $28.55 | $24.25 | $16.75 | $18.24 | $35.77 | $34.43 | $63.58 |
| Tangible book value per share | $9.20 | $10.03 | $11.13 | $13.27 | $8.70 | $0.24 | $1.33 | $10.76 | $8.45 | $35.18 |
| Dividends per share | $2.09 | $2.79 | $2.78 | $2.76 | $2.77 | $2.79 | $2.81 | $4.95 | $4.31 | $3.28 |
| Capex per share | $3.48 | $4.35 | $3.49 | $2.84 | $3.10 | $1.87 | $2.65 | $2.85 | $3.99 | $5.32 |
| Debt per share | $27.54 | $25.02 | $23.20 | $23.02 | $21.54 | $25.66 | $25.80 | $26.53 | $28.00 | $27.64 |
| Shares outstanding | 711.6M | 705.1M | 709.0M | 725.6M | 749.0M | 742.3M | 742.5M | 750.0M | 750.0M | 750.0M |
| Change in shares outstanding | +0.9% | −0.6% | −2.3% | −3.1% | +0.9% | −0.0% | −1.0% | 0.0% | 0.0% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −15.7% | 6.2% | 3.0% | 23.6% | 41.2% | 9.4% | −6.8% | 17.1% | 1.3% | 9.6% |
| Return on invested capital (ROIC) | 0.6% | 4.8% | 7.7% | 12.5% | 21.5% | 5.7% | 7.7% | 10.3% | 6.5% | 9.6% |
| Return on assets (ROA) | −4.5% | 1.9% | 1.0% | 7.4% | 10.1% | 2.0% | −2.0% | 5.7% | 0.6% | 5.9% |
| Return on tangible assets | −5.3% | 2.4% | 1.2% | 9.3% | 12.3% | 2.5% | −2.8% | 7.7% | 0.8% | 7.4% |
| Free cash flow margin | −3.6% | −0.4% | 6.1% | 9.5% | 8.5% | 12.6% | 9.2% | 3.5% | −18.1% | −14.4% |
| Income quality (OCF / net income) | — | 2.61 | 8.82 | 1.63 | 1.11 | 5.08 | — | 0.87 | −10.60 | −0.68 |
| Financial health | ||||||||||
| Total debt | $19.60B | $17.64B | $16.45B | $16.71B | $16.14B | $19.04B | $19.16B | $19.90B | $21.00B | $20.73B |
| Cash & short-term investments | $3.82B | $2.57B | $2.99B | $3.89B | $2.99B | $5.10B | $2.37B | $2.82B | $6.19B | $6.61B |
| Net debt | $15.78B | $15.07B | $13.46B | $12.82B | $13.15B | $13.94B | $16.79B | $17.07B | $14.81B | $14.12B |
| Debt / equity | 1.22 | 1.02 | 0.88 | 0.81 | 0.89 | 1.53 | 1.41 | 0.74 | 0.81 | 0.43 |
| Debt / assets | 0.33 | 0.31 | 0.28 | 0.28 | 0.26 | 0.31 | 0.32 | 0.26 | 0.26 | 0.26 |
| Net debt / EBITDA | 13.28 | 2.87 | 3.36 | 1.35 | 1.13 | 2.39 | 6.36 | 2.21 | 2.34 | 1.74 |
| Current ratio | 1.97 | 1.61 | 1.77 | 1.81 | 1.58 | 1.72 | 1.57 | 1.84 | 1.89 | 1.88 |
| Quick ratio | 1.25 | 0.98 | 1.16 | 1.19 | 1.02 | 1.20 | 0.99 | 1.16 | 1.31 | 1.29 |
| Interest coverage | 0.3 | 2.7 | 3.4 | 8.2 | 11.4 | 2.9 | 3.8 | 5.3 | 6.9 | 6.3 |
| Working capital | $8.88B | $6.30B | $7.66B | $9.15B | $7.62B | $7.98B | $6.14B | $11.51B | $12.87B | $11.05B |
| Invested capital | $31.79B | $32.43B | $32.07B | $33.54B | $31.31B | $26.38B | $30.33B | $43.91B | $40.63B | $61.81B |
| Tangible asset value | $8.06B | $7.57B | $8.39B | $10.16B | $7.09B | $745.0M | $1.54B | $9.21B | $7.52B | $26.39B |
| Net current asset value | −$22.95B | −$22.87B | −$21.25B | −$18.88B | −$23.40B | −$29.38B | −$29.61B | −$24.15B | −$25.69B | −$8.17B |
| Graham number | — | $29.61 | $22.15 | $63.69 | $67.81 | $24.94 | — | $69.49 | $21.92 | $90.75 |
| Graham net-net per share | −$40.65 | −$40.38 | −$39.31 | −$36.05 | −$40.60 | −$47.11 | −$47.53 | −$46.91 | −$44.69 | −$19.69 |
| Capital allocation | ||||||||||
| Dividends paid | $1.49B | $1.97B | $1.97B | $2.01B | $2.07B | $2.07B | $2.08B | $3.71B | $3.23B | $2.46B |
| Share buybacks (net) | $0 | $494.0M | $625.0M | $2.33B | $1.00B | $125.0M | $500.0M | $0 | $0 | $916.0M |
| Dividend payout ratio | — | 176.2% | 334.8% | 43.8% | 32.8% | 169.1% | — | 82.5% | 695.7% | 57.0% |
| Dividends + buybacks / free cash flow | — | — | 95.5% | 80.0% | 65.6% | 45.4% | 65.3% | 175.3% | — | — |
| Capex / revenue | 6.2% | 7.1% | 5.6% | 3.6% | 4.2% | 3.6% | 4.6% | 3.5% | 6.8% | 8.3% |
| Capex / operating cash flow | 240.2% | 105.2% | 47.7% | 27.5% | 33.2% | 22.3% | 33.2% | 54.9% | — | — |
| Capex / depreciation | 0.87 | 1.06 | 0.95 | 0.75 | 0.82 | 0.48 | 0.67 | 0.73 | 1.18 | 1.39 |
| Stock-based compensation / revenue | — | — | 0.5% | 0.4% | −3.6% | −1.1% | 2.6% | 0.6% | 1.2% | −5.5% |
| R&D / revenue | 1.9% | 1.9% | 1.9% | 1.5% | 1.6% | 2.0% | 1.8% | 2.5% | 1.8% | 3.3% |
| SG&A / revenue | 3.5% | 3.7% | 3.6% | 2.9% | 3.0% | 3.8% | 3.7% | 4.7% | 4.1% | 8.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 61.7 | 57.3 | 58.8 | 55.5 | 56.3 | 70.8 | 70.5 | 63.8 | 87.9 | 67.1 |
| Days of inventory on hand | 63.8 | 59.8 | 60.1 | 53.4 | 53.5 | 64.5 | 76.3 | 77.7 | 64.9 | 68.0 |
| Days payables outstanding | 43.7 | 44.4 | 43.6 | 39.1 | 38.2 | 41.4 | 41.2 | 43.2 | 70.4 | 104.7 |
| Cash conversion cycle (days) | 81.8 | 72.6 | 75.3 | 69.8 | 71.5 | 93.8 | 105.7 | 98.3 | 82.5 | 30.4 |
| Receivables turnover | 5.92 | 6.38 | 6.21 | 6.57 | 6.49 | 5.16 | 5.18 | 5.72 | 4.15 | 5.44 |
| Payables turnover | 8.35 | 8.21 | 8.37 | 9.33 | 9.55 | 8.82 | 8.87 | 8.44 | 5.19 | 3.49 |
| Inventory turnover | 5.72 | 6.10 | 6.07 | 6.83 | 6.82 | 5.66 | 4.78 | 4.70 | 5.62 | 5.37 |
| Asset turnover | 0.69 | 0.75 | 0.75 | 0.92 | 0.88 | 0.63 | 0.62 | 0.77 | 0.55 | 0.65 |
| Average receivables | $6.75B | $6.74B | $7.18B | $8.65B | $8.47B | $7.47B | $8.29B | $10.54B | $10.54B | $8.85B |
| Average payables | $4.50B | $4.69B | $4.73B | $5.26B | $4.67B | $3.83B | $4.17B | $4.91B | $8.53B | $10.96B |
| Average inventory | $6.57B | $6.31B | $6.53B | $7.18B | $6.54B | $5.96B | $7.74B | $8.82B | $7.87B | $7.12B |
| Intangibles / total assets | 16.2% | 17.9% | 18.5% | 18.3% | 18.5% | 19.9% | 20.7% | 24.2% | 24.4% | 26.8% |
Computed from DOW's annual financial statements (latest annual report filed February 3, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
DOW valuation and financial ratios
Dow earned a return on equity of −15.7% and a return on invested capital of 0.6% in fiscal 2025. It ended the year with $19.6 billion of debt and $3.8 billion in cash and short-term investments, net debt of $15.8 billion. It returned $1.5 billion to shareholders: $1.5 billion in dividends and $0 in share buybacks. The share count fell 5.1% from 750.0M to 711.6M over 9 years.
See the DOW income statement, the DOW chart for price history, or the DOW stock overview for the latest quote and news.
DOW key metrics FAQ
What is Dow's EV/EBITDA?
Dow's enterprise value was 27.3 times EBITDA at the end of fiscal 2025 (enterprise value $32.4 billion, EBITDA $1.2 billion); the current EV/EBITDA is 13.7.
What is Dow's return on equity?
Dow's return on equity (ROE) was −15.7% in fiscal 2025: net income of -$2.6 billion on average shareholders' equity of $16.7 billion.
What is Dow's ROIC?
Dow's return on invested capital was 0.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Dow have?
Dow had total debt of $19.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.22 and $15.8 billion of net debt (13.28 times EBITDA).
What is Dow's dividend yield?
Dow's forward dividend yield is 4.68%. Dow paid $1.5 billion in dividends in fiscal 2025 ($2.09 per share), a payout ratio of —.
What is Dow's free cash flow yield?
Dow generated -$1.4 billion of free cash flow in fiscal 2025, a free cash flow yield of −8.7% on its market value at year-end ($16.6 billion).
What is Dow's current ratio?
Dow's current ratio was 1.97 at the end of fiscal 2025: current assets were 1.97 times current liabilities.