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Dow Valuation Multiples

Discover Dow's revenue and EBITDA valuation multiples, acquisitions, and investment history, alongside public comparables like PPG, Eternal Ltd, OMV, Qinghai Salt Lake Industry and more.

Dow Overview

About Dow

Dow Chemical is a diversified global chemicals producer, formed in 2019 as a result of the DowDuPont merger and subsequent separations. The firm is a leading producer of several chemicals, including polyethylene, ethylene oxide, and silicone rubber. Its products have numerous applications in both consumer and industrial end markets.


Founded

2018

HQ

United States

Employees

34.6K

Website

dow.com

Sectors

Financials (LTM)

Revenue: $42B
EBITDA: $5B

EV

$41B

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Dow Financials

Dow reported last 12-month revenue of $42B and EBITDA of $5B.

In the same LTM period, Dow generated $5B in gross profit, $5B in EBITDA, and $594M in net income.

Revenue (LTM)


Dow P&L

In the most recent fiscal year, Dow reported revenue of $40B and EBITDA of $3B.

Dow is unprofitable as of last fiscal year, with gross margin of 6%, EBITDA margin of 8%, and net margin of (2%).

See analyst estimates for Dow
LTMLast FY202320242025202620272028
Revenue$42B$40B$45B$43B$40B
Gross Profit$5B$3B$5B$5B$3B
Gross Margin12%6%11%11%6%
EBITDA$5B$3B$4B$5B$1B
EBITDA Margin11%8%9%12%3%
EBIT Margin5%1%5%4%0%
Net Profit$594M($657M)$589M$1B($3B)
Net Margin1%(2%)1%3%(7%)
Net Debt-$13B---

Financial data powered by Morningstar, Inc.

Dow Stock Performance

Dow has current market cap of $25B, and enterprise value of $41B.

Market Cap Evolution


Dow's stock price is $34.72.

Dow share price increased by 2.9% in the last 30 days, and by 31.1% in the last year.

Dow has an EPS (earnings per share) of $-0.91.

See more trading valuation data for Dow
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$41B$25B0.1%2.9%-16.6%31.1%$-0.91

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Dow Valuation Multiples

Dow trades at 1.0x EV/Revenue multiple, and 8.6x EV/EBITDA.

See NTM and 2027E valuation multiples for Dow

EV / Revenue (LTM)


Dow Financial Valuation Multiples

As of June 3, 2026, Dow has market cap of $25B and EV of $41B.

Dow has a P/E ratio of 42.2x.

LTMLast FY202320242025202620272028
EV/Revenue1.0x1.0x0.9x0.9x1.0x
EV/EBITDA8.6x12.5x10.2x7.7x34.3x
EV/EBIT21.4x96.7x19.4x21.4xn/m
EV/Gross Profit8.4x16.1x8.4x8.9x16.1x
P/E42.2x(38.1x)42.5x22.4x(9.5x)
EV/FCFn/m(28.2x)15.0xn/m(28.2x)

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Dow Valuation Multiples

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Dow Margins & Growth Rates

Dow grew revenue by 13% and EBITDA by 109% in the last fiscal year.

In the most recent fiscal year, Dow reported gross margin of 6%, EBITDA margin of 8%, and net margin of (2%).

See estimated margins and future growth rates for Dow

Dow Margins

Last FY202420252026202720282029
Gross Margin6%11%6%15%
EBITDA Margin8%12%3%15%
EBIT Margin1%4%0%9%
Net Margin(2%)3%(7%)5%
FCF Margin(4%)(0%)(4%)5%

Dow Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth13%(4%)(7%)13%
Gross Profit Growth173%(6%)(45%)173%
EBITDA Growth109%32%(78%)474%
EBIT Growth832%(9%)(92%)2389%
Net Profit Growth(451%)89%(335%)(188%)
FCF Growth(255%)(106%)858%(255%)

Data powered by FactSet, Inc. and Morningstar, Inc.

Dow Operational KPIs

Dow's revenue per employee in the last FY averaged $1.2M, while opex per employee averaged $0.1M for the same period.

Dow's Rule of 40 is 28% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Dow's Rule of X is 47% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Dow
LTMLast FY202320242025202620272028
Rule of 4019%28%---
Bessemer Rule of X30%47%---
Revenue per Employee-$1.2M---
Opex per Employee-$0.1M---
R&D Expenses to Revenue2%2%2%2%2%
Opex to Revenue-6%6%6%6%

Data powered by FactSet, Inc. and Morningstar, Inc.

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Dow Competitors

Dow competitors include PPG, Eternal Ltd, OMV, Qinghai Salt Lake Industry, Ningxia Baofeng Energy Group, Novonesis, LyondellBasell, Ems-Chemie, Industries Qatar and DSM-Firmenich.

Most Dow public comparables operate across Chemicals.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
PPG2.0x1.9x11.2x11.2x
Eternal Ltd4.1x3.6x86.4x128.8x
OMV1.0x0.9x3.7x3.3x
Qinghai Salt Lake Industry8.7x6.6x16.3x11.7x
Ningxia Baofeng Energy Group4.3x4.0x11.9x10.4x
Novonesis6.2x6.1x16.6x16.2x
LyondellBasell1.1x1.0x13.1x8.7x
Ems-Chemie8.1x8.1x25.4x25.3x

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Acquisitions by Dow

Dow has acquired 3 companies to date.

Last acquisition by Dow was on June 20th 2024. Dow acquired Circulus for undisclosed valuation.

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Latest Acquisitions by Dow

Circulus
Dow Corning
Univation Technologies
Description
Circulus is a Houston-based chemical company converting olefin plastics into commercial resins since 2019. It upcycles post-consumer polyethylene and polypropylene via proprietary pyrolysis and purification processes. The firm supplies resins to packaging and automotive manufacturers in Texas and the Gulf Coast.
Dow Corning is a Midland-headquartered silicones leader founded in 1943, jointly owned by Dow Chemical and Corning Incorporated. The company produces sealants, adhesives, lubricants, and specialty fluids under Dow Corning and XIAMETER brands for construction, electronics, personal care, and automotive industries. Dow Corning supplies Hemlock Semiconductor for polysilicon used in solar cells and semiconductors, with sales spanning over 100 countries.
-
HQ CountryUnited StatesUnited StatesUnited States
HQ City
Houston, TX
Detroit, MI
Houston, TX
Deal Date20 Jun 20241 Jun 20166 May 2015
Valuationundisclosed$10Bundisclosed
EV/Revenue
EV/EBITDA

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Investments by Dow

Dow has invested in 2 companies to date.

Latest investment by Dow was on July 30th 2024. Dow invested in CorrosionRADAR in their $6M Series B round (EV/Revenue multiple available to Pro users).

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Latest Investments by Dow

CorrosionRADAR
Flyability
Description
CorrosionRADAR is a UK-based provider of predictive corrosion management solutions leveraging patent-pending distributed fiber optic sensing. The company integrates Industrial Internet of Things platforms with analytics to monitor pipelines and assets in oil, gas, and infrastructure sectors, enabling early detection and reducing maintenance costs through remote, continuous data collection.
Flyability produces collision-tolerant drones for inspecting confined industrial spaces in power plants, oil rigs, and ships. Lausanne-based since 2014, its Elios 3 model features protective cages and LiDAR for navigation in GPS-denied environments, reducing human entry risks. Deployed by Shell, TotalEnergies, and EDF, the drones have conducted over 100,000 inspections globally, earning the XPRIZE for indoor robotics.
HQ CountryUnited KingdomSwitzerland
HQ City
Cambridge
Lausanne
Deal Date30 Jul 202412 Nov 2018
RoundSeries BSeries B
Raised$6M$11M
InvestorsAramco Ventures; Dow; Finindus; Kanoo Ventures; MEIF Proof-of-Concept & Early Stage Fund; Mercia VenturesDow; ETF Partners; GoBeyond; MKS; Swisscom Ventures
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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About Dow

When was Dow founded?Dow was founded in 2018.
Where is Dow headquartered?Dow is headquartered in United States.
How many employees does Dow have?As of today, Dow has over 34K employees.
Who is the CEO of Dow?Dow's CEO is James R. Fitterling.
Is Dow publicly listed?Yes, Dow is a public company listed on NYSE.
What is the stock symbol of Dow?Dow trades under DOW ticker.
When did Dow go public?Dow went public in 2019.
Who are competitors of Dow?Dow main competitors include PPG, Eternal Ltd, OMV, Qinghai Salt Lake Industry, Ningxia Baofeng Energy Group, Novonesis, LyondellBasell, Ems-Chemie, Industries Qatar, DSM-Firmenich.
What is the current market cap of Dow?Dow's current market cap is $25B.
What is the current revenue of Dow?Dow's last 12 months revenue is $42B.
What is the current revenue growth of Dow?Dow revenue growth (NTM/LTM) is 8%.
What is the current EV/Revenue multiple of Dow?Current revenue multiple of Dow is 1.0x.
What is the current EBITDA of Dow?Dow's last 12 months EBITDA is $5B.
What is Dow's EBITDA margin?Dow's last 12 months EBITDA margin is 11%.
What is the current EV/EBITDA multiple of Dow?Current EBITDA multiple of Dow is 8.6x.
What is the current FCF of Dow?Dow's last 12 months FCF is ($10M).
What is Dow's FCF margin?Dow's last 12 months FCF margin is (0%).
What is the current EV/FCF multiple of Dow?Current FCF multiple of Dow is (3917.6x).
How many companies Dow has acquired to date?As of June 2026, Dow has acquired 3 companies.
What was the largest acquisition by Dow?$10B acquisition of Dow Corning on 1st June 2016 was the largest M&A Dow has done to date.
What companies Dow acquired?Dow acquired Dow Corning, Circulus, and Univation Technologies.
In how many companies Dow has invested to date?As of June 2026, Dow has invested in 2 companies.
In what companies Dow invested in?Dow invested in Flyability and CorrosionRADAR.

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