olivLaw · US equity research
Eastman Chemical Company EMN
Plastic Materials, Synth Resins & Nonvulcan Elastomers · SIC 2821 · Vertical: Plastic Materials, Synth Resins & Nonvulcan Elastomers (SIC 2821)
Eastman Chemical Company is a global specialty materials company based in Kingsport, Tennessee, making polymers, films, additives and fibers used in transportation, construction, packaging and consumer goods. It reported sales revenue of $8.8 billion for fiscal 2025, and its shift toward molecular recycling has become central to its strategy in 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Eastman Chemical Company (EMN) stock was 67.61 USD (+3.47% on the day), with market capitalisation 7.7 bn USD, P/E 12.4 on diluted EPS of 5.44 USD over the last 12 months, dividend yield 4.97%, beta 1.10, 52-week range 56.37–81.36 USD. Latest reported quarter (Q3 2026): revenue of 2.4 bn USD (+8.3% YoY), net income of 252.0 m USD (+265.2% YoY), diluted EPS 2.19 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.0
- strong (55–70)
- Bollinger (20, 2)
- 61.01 – 68.30
- in the upper half of the band · %B 0.91 · band width 11.3%
- SMA 50 / 200
- 66.48 / 70.97
- mixed trend
- MACD (12, 26, 9)
- 0.30 / -0.16
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.1% | −1.1% | +5.2 pp | — |
| 3 months | −7.8% | −0.5% | −7.4 pp | — |
| 6 months | −10.7% | +4.4% | −15.1 pp | — |
| Year to date | +5.9% | +12.3% | −6.4 pp | — |
| 1 year | +11.3% | +13.5% | −2.2 pp | +17.9% |
| 3 years | −12.2% | +76.4% | −88.6 pp | −11.1% |
| 5 years | −39.5% | +63.7% | −103.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.2 bn | 2.3 bn | 2.3 bn | 2.2 bn | 2.0 bn | 2.2 bn | 2.5 bn | 2.4 bn |
| Cost of revenue | 1.7 bn | 1.7 bn | 1.8 bn | 1.8 bn | 1.6 bn | 1.7 bn | 2.0 bn | 1.9 bn |
| Gross profit | 554.0 m | 567.0 m | 506.0 m | 433.0 m | 338.0 m | 431.0 m | 560.0 m | 532.0 m |
| Research & development | 66.0 m | 67.0 m | 67.0 m | 63.0 m | 58.0 m | 60.0 m | 65.0 m | 63.0 m |
| SG&A | 182.0 m | 182.0 m | 157.0 m | 160.0 m | 159.0 m | 178.0 m | 185.0 m | 171.0 m |
| Depreciation & amortisation | 129.0 m | 126.0 m | 127.0 m | 129.0 m | 131.0 m | 131.0 m | 132.0 m | 134.0 m |
| Pre-tax income | 297.0 m | 253.0 m | 169.0 m | 134.0 m | 12.0 m | 136.0 m | 256.0 m | 249.0 m |
| Income tax | -34.0 m | 70.0 m | 29.0 m | 65.0 m | -71.0 m | 29.0 m | 72.0 m | -4.0 m |
| Net income | 330.0 m | 182.0 m | 140.0 m | 69.0 m | 83.0 m | 107.0 m | 183.0 m | 252.0 m |
| Diluted EPS | 2.83 ≈ | 1.57 | 1.20 | 0.60 | 0.73 ≈ | 0.93 | 1.59 | 2.19 |
| Operating cash flow | 540.0 m | -167.0 m | 233.0 m ≈ | 402.0 m ≈ | 502.0 m | -137.0 m | 224.0 m ≈ | 290.0 m ≈ |
| Capex | 179.0 m | 147.0 m | 150.0 m ≈ | 137.0 m ≈ | 112.0 m | 103.0 m | 100.0 m ≈ | 95.0 m ≈ |
| Dividends paid | 94.0 m | 96.0 m | 95.0 m ≈ | 96.0 m ≈ | 94.0 m | 96.0 m | 96.0 m ≈ | 96.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 40 percentile of its own 40-quarter history (min 7.8, median 13.2, max 50.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.2 bn | 9.3 bn | 8.5 bn | 10.5 bn | 10.6 bn | 9.2 bn | 9.4 bn | 8.8 bn |
| Revenue YoY | +6.3% | −8.6% | −8.6% | +23.6% | +1.0% | −12.9% | +1.9% | −6.7% |
| Net income | 1.1 bn | 759.0 m | 478.0 m | 857.0 m | 793.0 m | 894.0 m | 905.0 m | 474.0 m |
| Net income YoY | −22.0% | −29.7% | −37.0% | +79.3% | −7.5% | +12.7% | +1.2% | −47.6% |
| Diluted EPS | 7.56 | 5.48 | 3.50 | 6.25 | 6.35 | 7.49 | 7.67 | 4.10 |
| Diluted EPS YoY | −20.2% | −27.5% | −36.1% | +78.6% | +1.6% | +18.0% | +2.4% | −46.5% |
| net % | 10.6% | 8.2% | 5.6% | 8.2% | 7.5% | 9.7% | 9.6% | 5.4% |
| Free cash flow | 1.0 bn | 1.1 bn | 1.1 bn | 1.1 bn | 364.0 m | 546.0 m | 688.0 m | 424.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 566.0 m USD
- Financial debt
- 4.8 bn USD
- Net debt
- 4.2 bn USD
- Equity
- 6.0 bn USD
- Total assets
- 14.9 bn USD
- Debt / equity
- 0.79x
- Current ratio
- 1.37x
- ROE
- 8.0%
- ROA
- 3.2%
- FCF margin
- 4.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 8.5 bn | 10.5 bn | 10.6 bn | 9.2 bn | 9.4 bn | 8.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 6.5 bn | 8.0 bn | 8.4 bn | 7.1 bn | 7.1 bn | 6.9 bn | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | 2.0 bn | 2.5 bn | 2.1 bn | 2.1 bn | 2.3 bn | 1.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Research & development | 226.0 m | 254.0 m | 264.0 m | 239.0 m | 250.0 m | 255.0 m | SEC (XBRL)· 13 Feb 2026verified |
| SG&A | 654.0 m | 795.0 m | 726.0 m | 727.0 m | 736.0 m | 658.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 574.0 m | 538.0 m | 477.0 m | 498.0 m | 509.0 m | 513.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Pre-tax income | 530.0 m | 1.1 bn | 977.0 m | 1.1 bn | 1.1 bn | 568.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | 41.0 m | 215.0 m | 181.0 m | 191.0 m | 170.0 m | 93.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Net income | 478.0 m | 857.0 m | 793.0 m | 894.0 m | 905.0 m | 474.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | 3.50 | 6.25 | 6.35 | 7.49 | 7.67 | 4.10 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 136.5 m | 137.1 m | 124.9 m | 119.4 m | 117.9 m | 115.6 m | SEC (XBRL)· 13 Feb 2026verified |
| Dividend per share | 2.67 | 2.83 | 3.07 | 3.18 | 3.26 | 3.33 | SEC (XBRL)· 13 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 564.0 m | 459.0 m | 493.0 m | 548.0 m | 837.0 m | 566.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Receivables | 1.0 bn | 1.1 bn | 957.0 m | 826.0 m | 791.0 m | 737.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Inventories | 1.4 bn | 1.5 bn | 1.9 bn | 1.7 bn | 2.0 bn | 2.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 3.5 bn | 4.6 bn | 3.8 bn | 3.5 bn | 4.1 bn | 3.6 bn | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 5.5 bn | 5.0 bn | 5.2 bn | 5.5 bn | 5.6 bn | 5.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Goodwill | 4.5 bn | 3.6 bn | 3.7 bn | 3.6 bn | 3.6 bn | 3.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.8 bn | 1.4 bn | 1.2 bn | 1.1 bn | 1.0 bn | 970.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 16.1 bn | 15.5 bn | 14.7 bn | 14.6 bn | 15.2 bn | 14.9 bn | SEC (XBRL)· 13 Feb 2026verified |
| Accounts payable | 1.7 bn | 2.1 bn | 2.1 bn | 2.0 bn | 2.3 bn | 2.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | 349.0 m | 747.0 m | 1.1 bn | 541.0 m | 450.0 m | 586.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Long-term debt | 5.3 bn | 4.4 bn | 4.0 bn | 4.3 bn | 4.6 bn | 4.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current liabilities | 2.0 bn | 3.0 bn | 3.3 bn | 2.6 bn | 2.7 bn | 2.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total liabilities | 10.0 bn | 9.7 bn | 9.4 bn | 9.1 bn | 9.4 bn | 8.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 6.1 bn | 5.8 bn | 5.2 bn | 5.5 bn | 5.9 bn | 6.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Shares outstanding at year end | 135.9 m | 129.0 m | 118.8 m | 117.3 m | 115.2 m | 114.1 m | SEC (XBRL)· 13 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.5 bn | 1.6 bn | 975.0 m | 1.4 bn | 1.3 bn | 970.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 383.0 m | 555.0 m | 611.0 m | 828.0 m | 599.0 m | 546.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | 1.1 bn ≈ | 1.1 bn ≈ | 364.0 m ≈ | 546.0 m ≈ | 688.0 m ≈ | 424.0 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Investing cash flow | -394.0 m | -29.0 m | 392.0 m | -432.0 m | -534.0 m | -462.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | -704.0 m | -1.7 bn | -1.3 bn | -888.0 m | -454.0 m | -797.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Dividends paid | 358.0 m | 375.0 m | 381.0 m | 376.0 m | 379.0 m | 381.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Share repurchases | — | 900.0 m | — | — | — | — | SEC (XBRL)· 25 Feb 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 56 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 7.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation89
- Returns64
- Quality70
- Balance sheet65
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 43.76 – 276.83 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E133.13 – 276.83 (Mid 200.07)5 companies used · median multiple 36.8x · quartiles 24.5x – 50.9xALB, AVNT, DD, HXL, ROG
- Dividend discount (DDM)43.76 – 58.85 (Mid 50.19)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 56/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.9% | 75 (vs peers) | 10% |
| FCF conversion · Quality | 75.0% | 64 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -6.1% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -13.6% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 65 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 12.4x | 100 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.1% | 76 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.9% | 71 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 81.4% | 55 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial65/100 · 1/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality70/100 · 2/3 factors with a value
- Returns64/100 · 2/2 factors with a value
- Valuation89/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EASTMAN CHEMICAL CO (EMN). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 8.8 bn USD in 2025; YoY growth -6.7%; net margin 6.9%; ROE 10.4%.
The estimated value range is 88.44–167.84 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 125.13 USD, the price of 67.61 USD leaves a potential of 85.1% (value / price − 1) and a margin of safety of 46.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 56/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 6.9%
- P/E (TTM): 12.4x
- FCF yield: 6.1%
- Shareholder yield (distributions): 4.9%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -6.1%
- EPS CAGR 3Y: -13.6%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Plastic Materials, Synth Resins & Nonvulcan Elastomers (SIC 2821) · same industry (4-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DOWDow Inc. | 23.7 bn | — | -4.3% | -1.7% | −7.0% | +37% / −37% |
| DDDupont De Nemours, Inc. | 20.0 bn | 73.5 | 1.7% | 4.3% | +1.9% | +26% / +68% |
| ALBAlbemarle Corporation | 11.2 bn | 21.1 | 6.6% | 11.1% | −4.4% | −27% / −22% |
| EMNEastman Chemical Co | 7.7 bn | 12.4 | 10.4% | 6.9% | −6.7% | +11% / −12% |
| HXLHexcel Corporation | 6.3 bn | 36.8 | 11.9% | 8.5% | −0.5% | +9% / +20% |
| AVNTAvient Corporation | 4.4 bn | 24.5 | 7.5% | 5.3% | +0.6% | +56% / +39% |
| ROGRogers Corp | 2.3 bn | 50.9 | 3.7% | 5.3% | −2.3% | +54% / −1% |
| PCTPureCycle Technologies, Inc. | 560.8 m | — | -432.6% | -1,370.9% | unavailable | −68% / −31% |
| ASIXAdvanSix Inc. | 419.2 m | — | -2.8% | -1.4% | +0.3% | +1% / −41% |
1- and 3-year price returns: for EMN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 36.34 Total return -43% · Per year -43% | 64.57 Total return 0% · Per year 0% | 97.70 Total return 50% · Per year 50% |
| 3 years | 28.85 Total return -48% · Per year -19% | 58.27 Total return -0% · Per year -0% | 97.70 Total return 62% · Per year 17% |
| 5 years | 22.91 Total return -52% · Per year -14% | 52.59 Total return -1% · Per year -0% | 97.70 Total return 73% · Per year 12% |
- Exit P/E± 14.57
- Net margin± 10.20
- Annual revenue growth± 9.21
- Annual dilution± 0.86
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
Eastman Chemical Company is a global specialty materials company based in Kingsport, Tennessee, making polymers, films, additives and fibers used in transportation, construction, packaging and consumer goods. It reported sales revenue of $8.8 billion for fiscal 2025 1, and its shift toward molecular recycling has become central to its strategy in 2025 1.
SWOT
Strengths
- Integrated portfolio of proprietary assets and technologies, with production scale that supports its position in specialty markets 1.
- Differentiated molecular recycling platform, whose output rose sharply versus the prior year and supports product differentiation 1.
- A balance sheet the company regards as solid, with emphasis on maintaining an investment grade rating and stable cash flows 1.
Weaknesses
Opportunities
- Wider adoption of circular and recycled products could open new markets for molecular recycling 1.
- The cost reduction program and disciplined investment could improve margins over the medium term 3.
- Electric vehicles and acoustic glazing solutions could support growth in the Advanced Materials segment 1.
Threats
- Supply chain disruptions and regional conflicts can change raw material costs and availability quickly 3.
- Trade tensions and restrictions on international commerce could reduce demand or raise costs 1.
- Environmental and regulatory risks tied to chemicals and remediation liabilities could create unexpected costs 1.
Risks
- Raw material cost volatilityhigh
Raw material and energy costs could rise faster than selling prices, which could reduce margins.
- Manufacturing operating riskmedium
Plant incidents or infrastructure disruptions could interrupt production and affect results.
- International exposuremedium
Global operations bring regulatory, currency and trade risks that could affect results if they intensify.
- Cybersecuritymedium
Cyber attacks on information systems could lead to disruptions, data disclosure or loss of intellectual property.
- Goodwill impairmentlow
Goodwill of more than 3 billion USD could be impaired if conditions in specialty markets deteriorate, especially in performance films.
Investment thesis
What would need to be true (bull case)
- If molecular recycling and circular products keep growing, the company could gain lasting differentiation from competitors.
- Margin improvement in the second quarter of 2026 shows that price discipline and cost reduction can support earnings.
- Integrated scale and U.S.-based production assets could make the company a reliable supplier in an uncertain environment.
What would break the thesis
- If demand in discretionary segments stays weak, specialty volumes could stagnate.
- Growth in Chemical Intermediates depends on Middle East disruptions, which could fade quickly.
- Pressure on receivables and the lower cash flow outlook could limit financial flexibility.
What to watch
- Evolution of adjusted EBIT margin in the Advanced Materials segmentQ3 2026
- Delivery of cost savings of 125 to 150 million USD, net of inflation2026
- Operating cash flow against the expectation of approaching 900 million USD2026
- Ramp-up pace of the Kingsport molecular recycling facilitynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
The business
Eastman describes its business as a global specialty materials company producing a broad range of products found in everyday items. The company operates 36 manufacturing facilities and holds equity interests in four joint ventures across 12 countries, and about 55% of 2025 sales revenue came from outside the United States and Canada 1. Its strategy rests on an innovation-driven growth model focused on molecular recycling and biodegradable products 1.
Key technology platforms include cellulosic biopolymers, copolyesters, PVB and polyester films, and acetyl, olefins and alkylamine chemistries 1. The company has committed to reduce scope 1 and scope 2 emissions by 30 percent by 2035 from its 2017 baseline, in order to reach net-zero operations by 2050 1.
In the second quarter of 2026 sales revenue rose compared with the prior year, and the company said it is pursuing cost reduction and disciplined capital spending as priorities for the year 3. These directions show how it tries to balance specialty growth with more cyclical segments 3.
Segments
Advanced Materials
The Advanced Materials segment produces polymers, films and plastics with differentiated properties for transportation, electronics, construction and packaging, including Saflex interlayers and Tritan copolyesters 1. Segment sales rose 5% in the second quarter of 2026 3.
Additives & Functional Products
The Additives & Functional Products segment supplies functional additives for applications such as paper coatings, personal care and agriculture, including bio-based products Solus and Esmeri 1. Sales rose 5% in the second quarter of 2026, mainly on higher selling prices 3.
Market context
Eastman operates in specialty materials markets for transportation, construction, packaging, consumer goods and textiles, where demand depends on economic cycles and raw material costs 1. The company described demand as weak in some discretionary end markets and modest in stable ones 3.
The macroeconomic environment remains uncertain, with inflation, higher interest rates and trade tensions that could affect demand and costs 1. The company noted that inflation is putting pressure on receivables, which led it to lower its operating cash flow expectation for 2026 3.
Trends
- Molecular recyclingtailwind
The Kingsport polyester molecular recycling facility has moved into large-scale operation, and if adoption of circular products continues it could support the company's specialty growth 13.
- Middle East tensionsmixed
The regional conflict raised prices and volumes in Chemical Intermediates but also added logistics costs and uncertainty across the portfolio; the net effect could depend on how long the disruption lasts 3.
- Weak discretionary demandheadwind
The company said demand remains weak in certain discretionary industries, which could limit volume growth in specialty segments 3.
- Inflation and cost pressureheadwind
Higher raw material, energy and distribution costs have pressured margins, and cost reduction efforts aim to offset this effect 13.
Competitive position
Eastman competes on differentiated technology, application development capabilities and integrated production scale, particularly in interlayers, films and copolyesters 1. Its main rivals include Asian and European specialty materials companies 1.
In fibers and intermediates competition depends more on cost and access to raw materials, and pressure could increase if supply shifts 1. The advantage of integration and a U.S.-based asset footprint may support reliable supply 3.
- Sekisui Chemical
Competitor in PVB interlayers for transportation and construction, named in the annual report as a principal rival.
- Kuraray
Supplier of PVB interlayers and premium products, listed among competitors in the Advanced Materials segment.
- 3M Company
Competitor in protective and window films, named in the Advanced Materials segment discussion.
- Covestro
Competitor in plastics and polyurethanes, cited for copolyesters and specialty films.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report20 Oct 2026Amendments to articles or bylaws · Other events · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report12 May 2026Shareholder vote
- Quarterly report01 May 2026
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement24 Mar 2026
- Current report20 Feb 2026Material agreement · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Eastman Chemical Company · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Eastman Chemical Company · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Eastman Chemical Company · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.