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Public Comps and Valuation Multiples for Chemicals

Benchmark revenue and EBITDA valuation multiples for public comps like
Linde, Shin-Etsu, Sherwin-Williams, Ecolab and Air Products.

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Chemicals

Viewing 50 of 302 companies with full data

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
Linde	$238B	$260B	$35B	7.5x	19.0x
Shin-Etsu	$80B	$71B	$16B	4.4x	12.6x
Sherwin-Williams	$76B	$90B	$24B	3.7x	19.3x
Ecolab	$70B	$79B	$17B	4.7x	19.5x
Air Products	$65B	$82B	$12B	6.6x	15.4x
BASF	$53B	$76B	$71B	1.1x	9.5x
SABIC	$46B	$47B	$32B	1.5x	9.1x
Wanhua Chemical	$36B	$50B	$32B	1.6x	9.2x
Qnity Electronics	$32B	$35B	$5B	7.1x	23.8x
Givaudan	$32B	$37B	$10B	3.8x	15.9x
Sika	$29B	$35B	$14B	2.4x	13.0x
Ningxia Baofeng Energy Group	$29B	$32B	$8B	4.3x	11.2x
Novonesis	$28B	$31B	$5B	6.2x	16.7x
Dow	$26B	$42B	$42B	1.0x	9.0x
Qinghai Salt Lake Industry	$25B	$21B	$3B	7.2x	12.9x
OMV	$24B	$27B	$30B	0.9x	3.3x
PPG	$24B	$30B	$16B	1.8x	10.7x
Eternal Ltd	$23B	$22B	$6B	3.5x	128.3x
LyondellBasell	$23B	$34B	$32B	1.1x	9.2x
Industries Qatar	$20B	$18B	$4B	4.4x	13.3x
Borouge	$20B	$23B	$6B	3.8x	10.4x
Albemarle	$20B	$23B	$6B	4.2x	13.3x
Ems-Chemie	$20B	$19B	$3B	7.7x	23.9x
Hengli Petrochemical	$20B	$37B	$32B	1.2x	9.2x
DSM-Firmenich	$20B	$24B	$13B	1.8x	9.6x
DuPont	$19B	$22B	$7B	3.1x	13.0x
International Flavors & Fragrances	$19B	$25B	$11B	2.3x	12.0x
CF Industries	$19B	$20B	$8B	2.7x	5.9x
SABIC Agri-Nutrient	$18B	$15B	$4B	4.2x	10.1x
LG Chem	$17B	$33B	$33B	1.0x	7.1x
Rongsheng Petro Chemical	$17B	$46B	$48B	1.0x	9.1x
Nippon Sanso Holdings	$16B	$20B	$9B	2.3x	9.8x
Nippon Paint	$15B	$20B	$12B	1.7x	9.5x
Covestro	$15B	$17B	$15B	1.1x	19.9x
Nitto Denko	$13B	$11B	$6B	1.6x	6.5x
RPM International	$13B	$15B	$8B	2.0x	12.5x
Jordan Phosphates Mines	$13B	$11B	—	—	—
Solstice Advanced Materials	$13B	$14B	$4B	3.6x	14.7x
Symrise	$12B	$14B	$6B	2.5x	11.3x
Ecopro	$12B	$13B	—	—	—
Westlake	$11B	$15B	$12B	1.3x	10.4x
Ambuja Cements	$11B	$11B	$4B	2.5x	15.8x
Chandra Asri Group	$11B	$14B	—	—	—
Hubei Dinglong Co	$10B	$10B	$583M	17.7x	52.5x
Akzo Nobel	$10B	$14B	$12B	1.2x	8.1x
Brenntag	$10B	$10B	$18B	0.6x	6.5x
Element Solutions	$10B	$12B	$3B	4.1x	19.7x
SICC	$9B	$9B	$245M	37.5x	204.4x
Petro Rabigh	$9B	$16B	$12B	1.3x	19.3x
Evonik Industries	$9B	$13B	$17B	0.8x	5.8x
Sembcorp	$9B		$5B
Sasol	$8B		$15B
Eastman Chemical	$8B		$9B
ICL Group	$8B		$7B
Syensqo	$8B		$7B
Fertiglobe	$8B		$3B
Orica	$8B		$6B
Bachem	$7B		$1B
Dottikon ES Holding	$6B		$600M
IMCD	$6B		$6B
Axalta Coating Systems	$6B		$5B
Sumitomo Chemical	$6B		$15B
Mitsubishi Gas Chemical	$6B		$5B
SOL	$6B		$2B
Celanese	$6B		$10B
Luberef	$6B		$2B
Wacker Chemie	$6B		$6B
UPL	$6B		$5B
Viohalco	$5B		—
Arkema	$5B		$11B
Croda International	$5B		$2B
Balchem	$5B		$1B
Fuchs	$5B		$4B
Yansab	$5B		$2B
Perimeter Solutions	$5B		$745M
Bluestar Adisseo	$5B		$3B
Sensient Technologies	$5B		$2B
Arab Potash Company	$5B		—
Mitsui Chemicals	$5B		$11B
Methanex	$5B		$4B
Dyno Nobel	$5B		$3B
POCO Holdings Co.	$4B		$301M
PI Indus	$4B		$705M
Xin Feng Ming Group	$4B		$11B
Cabot	$4B		$4B
Mitsubishi Materials	$4B		$12B
Mesaieed Petrochemical	$4B		—
Gubre Fabrikalari	$4B		—
Air Water	$4B		$7B
Shanghai Petrochemical	$3B		$10B
Enaex	$3B		—
Chemours	$3B		$6B
Hawkins	$3B		$1B
Clariant	$3B		$5B
Avient	$3B		$3B
Solvay	$3B		$5B
H.B. Fuller	$3B		$4B
Kuraray Co	$3B		$5B
K+S	$3B		$4B
Kemira	$3B		$3B
Olin	$3B		$7B
Azelis Group	$3B		$5B
Sipchem	$3B		$2B
Calumet	$3B		$4B
WD-40	$3B		$649M
Turpaz Industries	$3B		—
Hexpol	$3B		$2B
Verbio	$3B		$2B
Saudi Industrial Investment Group	$3B		—
Ashland	$3B		$2B
Orbia	$3B		$8B
Zeon	$3B		$3B
Huntsman	$3B		$6B
Quaker Houghton	$2B		$2B
OQ Base Industries	$2B		$628M
Saudi Kayan	$2B		$2B
MOPCO	$2B		$676M
Ingevity	$2B		$1B
Potasios De Chile	$2B		—
Abu Qir Fertilizers	$2B		$987M
Robertet	$2B		$998M
Teijin	$2B		$6B
Alzchem Group	$2B		$678M
Innospec	$2B		$2B
Saudi Chemical	$2B		—
Castrol India	$2B		$639M
Ube	$2B		$3B
Solvac	$2B		—
Advanced Petrochemical	$2B		$1B
National Industralization	$2B		$724M
RHI Magnesita	$2B		$4B
Lanxess	$2B		$7B
FMC	$2B		$4B
Braskem	$2B		$14B
CAC Nantong Chemical Co	$2B		$828M
De Nora	$2B		$986M
Shanghai C&D Innostic	$2B		—
Ecovyst	$1B		$815M
Alpek	$1B		$7B
CropEnergies	$1B		—
Chemtrade Logistics	$1B		—
Unipar	$1B		$1B
CVR Partners	$1B		$606M
Petkim	$1B		$2B
Tronox Holdings	$1B		$3B
Stepan	$1B		$2B
São Martinho	$1B		$1B
Elkem	$1B		$3B
Elementis	$1B		$601M
Cosmo Advanced Materials	$1B		$345M
Boubyan Petrochemical	$1B		—
Redox	$1B		$950M
Green Plains	$1B		$2B
Cydsa	$948M		$962M
Omnia Holdings	$945M		$1B
LSB Industries	$933M		$646M
OCI	$905M		$1B
Aksa Akrilik	$869M		$882M
Westlake Chemical	$795M		$1B
Kronos Worldwide	$782M		$2B
Koppers Holdings	$762M		$2B
AECI	$745M		$2B
Flotek Industries	$743M		$255M
SP Group	$736M		$499M
Bide Pharmatech Co	$734M		$208M
Gujarat State Fertilizers	$722M		—
Explosifs et Produits Chimiques	$699M		$660M
Sheela Foam	$674M		$406M
ASP Isotopes	$651M		$27M
SGL Carbon	$640M		$936M
Alok Indus	$637M		—
SK Discovery Co	$616M		—
Grupa Azoty	$592M		$4B
AdvanSix	$589M		$2B
Intrepid Potash	$542M		$276M
Alujain	$536M		$369M
SINOTECH Co	$518M		$299M
Aduro Clean Technologies	$483M		$153K
Creta Plastics	$471M		—
Chimcomplex SA Borzesti	$440M		—
Gevo	$414M		$170M
PCC Rokita	$388M		$506M
Orion SA	$381M		$2B
Itafos	$381M		$603M
Uzin Utz	$369M		$597M
Ercros	$365M		$775M
Valhi	$358M		$2B
Alto Ingredients	$353M		$932M
Messer Tehnogas	$351M		—
Oxiquim	$345M		—
Natac Natural Ingredients	$341M		$65M
NL Industries	$340M		$158M
Sniezka	$307M		$216M
Samyang Holdings	$304M		—
Cinkarna Celje	$288M		$237M
Selena FM	$282M		$501M
Boryszew	$263M		—
Avantium	$244M		$29M
Grupa Azoty Puławy	$237M		—
Gurit Holding	$232M		$400M
Exel Industries	$222M		$1B
Synthomer	$218M		$2B
Hudson Technologies	$218M		$249M
Aspo	$217M		$555M
Trayal Korporacija	$209M		—
H&R Gruppe	$197M		$1B
XRF Scientific	$180M		$45M
Daios Plastic	$178M		—
Dexxos	$172M		$438M
Solar Foods	$167M		$1M
Flugger Group	$165M		$357M
Masterflex	$160M		$121M
Aemetis	$158M		$241M
LK Chem	$149M		—
Carbios	$144M		$7M
Dongsung Chemical Co	$135M		—
Lhyfe	$127M		$18M
Afyren	$117M		$3M
Nabaltec	$109M		$234M
Delta Giri Wacana	$109M		—
Himsnab Bulgaria	$103M		—
Tronox	$99M		—
Baikowski	$98M		—
Societe Nationale d'Electrolyse et de Petrochimie	$98M		—
PCC Exol	$94M		—
Quimpac	$93M		—
Colorado Peintures	$93M		—
QB Industrias	$92M		—
Arla Plast	$92M		—
Holland	$92M		—
IBU-tec adv materials	$87M		$48M
5E Advanced Materials	$86M		—
Sulnox Group	$84M		$4M
I-Tech	$83M		$20M
Exel Composites	$82M		$131M
American Vanguard	$82M		$515M
eXoZymes	$80M		—
Amoeba	$79M		$2M
BRAIN Biotech	$76M		$64M
Northern Technologies	$75M		$91M
DGL Group	$68M		$315M
Loop Industries	$66M		$2M
Magis	$64M		—
Neochim	$58M		—
Elton	$56M		—
Enka de Colombia	$56M		—
Grupo Pochteca	$45M		—
Hub Tech	$42M		—
Industrie Chimiche	$41M		$87M
Cropmate	$34M		—
Maghreb Oxygene	$34M		—
Nexam Chemical Holding	$34M		$22M
Carbochim	$30M		—
Bioceres	$28M		$335M
Polygiene Group	$24M		$17M
Green Oleo	$23M		—
Hove	$22M		—
Hyenergy	$21M		—
KGL	$21M		—
Vinpai	$19M		$12M
Carboclor	$17M		—
Polwax	$17M		—
Bergen Carbon Solutions	$15M		—
Melamin	$15M		—
Serstech	$14M		—
Prymus	$13M		—
Onesano	$12M		—
Lordos United Public	$12M		—
Suntrade Group	$11M		—
Plasticos Compuestos	$11M		—
aXichem	$10M		$3M
Directa Plus	$9M		—
Berger Paints Jamaica	$8M		—
Tribox Group	$8M		—
Encres Dubuit	$7M		—
Sinteza	$7M		—
OrganoClick	$6M		—
XP Chemistries	$6M		$358K
Eko Export	$6M		—
Australian Silica Quartz	$4M		—
Cyclezyme	$4M		—
EcoRub	$4M		—
Trinseo	$4M		$3B
Vystar	$4M		—
POLYDUCT Plastic	$3M		—
Svenska Aerogel	$3M		—
Sansuy Industria	$3M		—
Soprocal Calerias	$3M		—
Prebona	$3M		—
Nattaro Labs	$3M		—
Lima Caucho	$2M		—
Biofrigas Sweden	$2M		—
SZAR	$2M		—
Black Point	$1M		—
Polymer Factory Sweden	$898K		—
Tekchem	$863K		—
Recyctec Holding	$834K		—
Krakchemia	$781K		—
Meranol	$648K		—
Global Bioenergies	$412K		—
Emeren Group	—		—
Controladora Alpek	—		—