Chemical manufacturers LyondellBasell and Dow traded at $63.45 and $30.74 respectively on Tuesday, as LyondellBasell’s shares rose 45.6% year-to-date compared with Dow’s 30.4% gain.
Both companies reported negative trailing earnings and net losses in fiscal 2025, reflecting a deep cyclical downturn. Dow’s EBITDA declined 75% from $10.9 billion in 2021 to $2.7 billion in 2025, while LyondellBasell’s EBITDA fell 74% from $8.6 billion to $2.2 billion over the same period. Dow posted a $2.6 billion net loss in 2025, versus LyondellBasell’s $800 million loss.
Valuation metrics show LyondellBasell trading at a lower forward price-to-earnings ratio of 7.1x, compared with Dow’s 12.6x. Enterprise value to EBITDA stood at 8.0x for LyondellBasell and 8.6x for Dow. Free cash flow yield was 7.7% for LyondellBasell against 6.6% for Dow, while fair value upside was estimated at 16.2% for LyondellBasell versus 9.2% for Dow.
Profitability indicators remained weak, with both companies posting negative return on equity—LyondellBasell at -2.3% and Dow at -7.9%. Gross profit margins were 12.9% for LyondellBasell and 9.8% for Dow. Debt-to-equity ratios were 134.3% for LyondellBasell and 122.5% for Dow.
Dividend yields were 4.2% for LyondellBasell and 4.5% for Dow, reflecting sustained payouts despite the downturn.
