olivLaw · US equity research
Huntsman Corporation HUN
Chemicals & Allied Products · SIC 2800 · Vertical: Chemicals & Allied Products (SIC 2800)
Huntsman Corporation is a global producer of organic chemicals, focused on MDI-based polyurethanes, amines and advanced materials used in construction, automotive and aerospace. In the second quarter of 2026 the company reported higher revenues and adjusted EBITDA, while the announced merger of equals with Olin Corporation changes its longer-term outlook.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Huntsman Corporation (HUN) stock was 9.95 USD (+4.19% on the day), with market capitalisation 1.7 bn USD, dividend yield 6.78%, beta 1.20, 52-week range 7.42–15.89 USD. Latest reported quarter (Q1 2026): revenue of 1.4 bn USD (+0.7% YoY), net income of -53.0 m USD, diluted EPS -0.31 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)
- 65.1
- strong (55–70)
- Bollinger (20, 2)
- 7.63 – 9.96
- in the upper half of the band · %B 1.00 · band width 26.5%
- SMA 50 / 200
- 9.01 / 11.70
- mixed trend
- MACD (12, 26, 9)
- 0.22 / 0.03
- 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 | +12.6% | −1.1% | +13.7 pp | — |
| 3 months | −1.9% | −0.5% | −1.4 pp | — |
| 6 months | −34.1% | +4.4% | −38.5 pp | — |
| Year to date | −0.5% | +12.3% | −12.8 pp | — |
| 1 year | +26.1% | +13.5% | +12.6 pp | +3.3% |
| 3 years | −58.8% | +76.4% | −135.2 pp | −23.2% |
| 5 years | −70.5% | +63.7% | −134.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2026 · 31 Mar 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.5 bn | 1.5 bn | 1.4 bn | 1.5 bn | 1.5 bn | 1.4 bn | 1.4 bn |
| Cost of revenue | 1.3 bn | 1.3 bn | 1.3 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.2 bn | 1.2 bn |
| Gross profit | 243.0 m | 234.0 m | 188.0 m | 201.0 m | 182.0 m | 204.0 m | 164.0 m | 183.0 m |
| Research & development | 33.0 m | 27.0 m | 30.0 m | 32.0 m | 33.0 m | 29.0 m | 26.0 m | 29.0 m |
| SG&A | 176.0 m | 153.0 m | 166.0 m | 166.0 m | 160.0 m | 163.0 m | 181.0 m | 163.0 m |
| Operating income | 34.0 m | 42.0 m | -63.0 m | 42.0 m | -120.0 m | 6.0 m | -59.0 m | -16.0 m |
| Depreciation & amortisation | 75.0 m | 70.0 m | 75.0 m | 69.0 m | 72.0 m | 73.0 m | 73.0 m | 73.0 m |
| Pre-tax income | 44.0 m | 34.0 m | -81.0 m | 27.0 m | -139.0 m | -7.0 m | -73.0 m | -29.0 m |
| Income tax | 13.0 m | 39.0 m | 29.0 m | 15.0 m | 7.0 m | 3.0 m | 1.0 m | 11.0 m |
| Net income | 22.0 m | -33.0 m | -141.0 m | -5.0 m | -158.0 m | -25.0 m | -96.0 m | -53.0 m |
| Diluted EPS | 0.13 | -0.19 | -0.82 ≈ | -0.03 | -0.92 | -0.14 | -0.56 ≈ | -0.31 |
| Operating cash flow | 46.0 m ≈ | 129.0 m ≈ | 153.0 m | -74.0 m | 91.0 m ≈ | 196.0 m ≈ | 76.0 m | -53.0 m |
| Capex | 50.0 m ≈ | 41.0 m ≈ | 51.0 m | 36.0 m | 37.0 m ≈ | 43.0 m ≈ | 57.0 m | 38.0 m |
| Dividends paid | 43.0 m | 44.0 m | 44.0 m | 44.0 m | 43.0 m ≈ | 44.0 m ≈ | 15.0 m | 16.0 m |
| Share repurchases | 0 ≈ | 0 ≈ | 3.0 m | 0 | 0 ≈ | 0 ≈ | 0 | — |
≈ 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.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.6 bn | 6.8 bn | 5.4 bn | 7.7 bn | 8.0 bn | 6.1 bn | 6.0 bn | 5.7 bn |
| Revenue YoY | +11.1% | −10.6% | −20.2% | +41.5% | +4.6% | −23.8% | −1.2% | −5.8% |
| Net income | 337.0 m | 562.0 m | 1.0 bn | 1.0 bn | 460.0 m | 101.0 m | -189.0 m | -284.0 m |
| Net income YoY | −47.0% | +66.8% | +84.0% | +1.1% | −56.0% | −78.0% | −287.1% | unavailable |
| Diluted EPS | 1.39 | 2.44 | 4.66 | 4.72 | 2.27 | 0.57 | -1.10 | -1.65 |
| Diluted EPS YoY | −46.7% | +75.5% | +91.0% | +1.3% | −51.9% | −74.9% | −293.0% | unavailable |
| net % | 4.4% | 8.3% | 19.1% | 13.6% | 5.7% | 1.7% | -3.1% | -5.0% |
| Free cash flow | 956.0 m | 623.0 m | 16.0 m | 626.0 m | 642.0 m | -21.0 m | 79.0 m | 116.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 429.0 m USD
- Financial debt
- 2.0 bn USD
- Net debt
- 1.6 bn USD
- Equity
- 3.0 bn USD
- Total assets
- 7.0 bn USD
- Debt / equity
- 0.68x
- Current ratio
- 1.30x
- ROE
- -9.3%
- ROA
- -4.0%
- FCF margin
- 2.0%
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 | 5.4 bn | 7.7 bn | 8.0 bn | 6.1 bn | 6.0 bn | 5.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 4.4 bn | 6.1 bn | 6.5 bn | 5.2 bn | 5.2 bn | 4.9 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 977.0 m | 1.6 bn | 1.5 bn | 906.0 m | 866.0 m | 751.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Research & development | 121.0 m | 135.0 m | 125.0 m | 115.0 m | 121.0 m | 120.0 m | SEC (XBRL)· 18 Feb 2026verified |
| SG&A | 670.0 m | 739.0 m | 711.0 m | 689.0 m | 671.0 m | 670.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | 432.0 m | 731.0 m | 672.0 m | 84.0 m | -25.0 m | -131.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 267.0 m | 278.0 m | 281.0 m | 278.0 m | 289.0 m | 287.0 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | 699.0 m ≈ | 1.0 bn ≈ | 953.0 m ≈ | 362.0 m ≈ | 264.0 m ≈ | 156.0 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Pre-tax income | 331.0 m | 1.2 bn | 697.0 m | 99.0 m | -39.0 m | -192.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | 42.0 m | 191.0 m | 186.0 m | 64.0 m | 61.0 m | 26.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | 1.0 bn | 1.0 bn | 460.0 m | 101.0 m | -189.0 m | -284.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | 4.66 | 4.72 | 2.27 | 0.57 | -1.10 | -1.65 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 221.9 m | 221.4 m | 203.0 m | 177.4 m | 172.1 m | 172.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividend per share | 0.65 | 0.75 | 0.85 | 0.95 | 1.00 | 0.84 | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.6 bn | 1.0 bn | 654.0 m | 540.0 m | 340.0 m | 429.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Inventories | 848.0 m | 1.0 bn | 995.0 m | 867.0 m | 917.0 m | 818.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 3.6 bn | 3.9 bn | 3.1 bn | 2.3 bn | 2.1 bn | 2.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 2.5 bn | 2.4 bn | 2.4 bn | 2.4 bn | 2.5 bn | 2.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 533.0 m | 650.0 m | 641.0 m | 644.0 m | 633.0 m | 630.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | 453.0 m | 469.0 m | 425.0 m | 387.0 m | 344.0 m | 308.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 8.7 bn | 9.4 bn | 8.2 bn | 7.2 bn | 7.1 bn | 7.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 842.0 m | 1.1 bn | 907.0 m | — | — | — | SEC (XBRL)· 21 Feb 2023verified |
| Short-term debt | 593.0 m | 12.0 m | 66.0 m | 12.0 m | 325.0 m | 353.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | 1.5 bn | 1.5 bn | 1.7 bn | 1.7 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 2.0 bn | 2.1 bn | 1.7 bn | 1.2 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 5.0 bn | 4.8 bn | 4.4 bn | 3.8 bn | 4.0 bn | 4.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 3.7 bn | 4.6 bn | 3.8 bn | 3.5 bn | 3.2 bn | 3.0 bn | SEC (XBRL)· 18 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 253.0 m | 952.0 m | 914.0 m | 209.0 m | 263.0 m | 289.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 237.0 m | 326.0 m | 272.0 m | 230.0 m | 184.0 m | 173.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | 16.0 m ≈ | 626.0 m ≈ | 642.0 m ≈ | -21.0 m ≈ | 79.0 m ≈ | 116.0 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | 1.5 bn | -524.0 m | -279.0 m | 305.0 m | -126.0 m | -132.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | -655.0 m | -977.0 m | -994.0 m | -620.0 m | -326.0 m | -76.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividends paid | 144.0 m | 159.0 m | 171.0 m | 169.0 m | 174.0 m | 146.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | 96.0 m | 200.0 m | 1.0 bn | 349.0 m | 4.0 m | 0 | SEC (XBRL)· 18 Feb 2026verified |
≈ 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: 38 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation43
- Returns77
- Quality50
- Balance sheet11
- 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: 11.01 – 14.80 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 · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · insufficient data
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)11.01 – 14.80 (Mid 12.62)
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
Unattractive profile · Score 38/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -3.4% | 50 (vs peers) | 15% |
| Net margin · Quality | -5.8% | 50 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -10.9% | 0 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 16.5x | 0 (on a fixed band) | 15% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 39 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 33.6x | 0 (on a fixed band) | 15% |
| FCF yield · Valuation | 7.7% | 97 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 6.8% | 97 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 87.4% | 47 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet11/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns77/100 · 2/2 factors with a value
- Valuation43/100 · 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
Huntsman Corporation (HUN). Latest full fiscal year: 2025; data up to 2026-03-31.
Figures computed from the financial statements: revenue 5.7 bn USD in 2025; YoY growth -5.8%; net margin -5.8%; ROE -11.8%; net debt/EBITDA 16.5x.
The estimated value range is 11.01–14.80 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 12.62 USD, the price of 9.95 USD leaves a potential of 26.9% (value / price − 1) and a margin of safety of 21.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 38/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 7.7%
- Shareholder yield (distributions): 6.8%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -10.9%
- Net debt / EBITDA: 16.5x
- EV/EBITDA: 33.6x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Interest coverage, P/E (TTM).
Versus the vertical median
Chemicals & Allied Products (SIC 2800) · same industry (4-digit SIC) · compared with 14 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 | |
|---|---|---|---|---|---|---|
| SOLSSolstice Advanced Materials Inc. | 9.1 bn | 28.3 | 13.6% | 7.8% | +3.1% | +21% / unavailable |
| BCPCBalchem Corporation | 5.8 bn | 34.4 | 13.0% | 15.4% | +8.8% | +17% / +46% |
| PRMPerimeter Solutions, Inc. | 4.6 bn | — | -30.9% | -44.9% | +16.4% | +1% / +575% |
| NGVTIngevity Corporation | 2.5 bn | 50.1 | 64.4% | 4.7% | −2.7% | +41% / +90% |
| CCThe Chemours Company | 2.1 bn | — | -339.7% | -5.2% | +0.4% | +8% / −50% |
| OLNOlin Corporation | 2.1 bn | — | -12.2% | -3.3% | +3.7% | −14% / −62% |
| IOSPInnospec Inc. | 2.0 bn | 14.2 | 10.5% | 7.5% | −3.7% | +8% / −23% |
| HUNHuntsman Corporation | 1.7 bn | — | -11.8% | -5.8% | −5.8% | +26% / −59% |
| ECVTEcovyst Inc. | 1.1 bn | — | -9.6% | -7.1% | +20.9% | +8% / +5% |
| FMCFmc Corporation | 998.7 m | — | -226.7% | -151.2% | −18.3% | −55% / −88% |
| ACNTAscent Industries Co. | 124.0 m | — | -1.1% | -1.0% | −7.2% | −3% / +68% |
| CITRCitroTech Inc. | 54.8 m | — | -431.0% | -1,788.4% | +194.6% | unavailable / unavailable |
| LOOPLoop Industries, Inc. | 13.0 m | — | — | -2,154.3% | −95.3% | −77% / −92% |
| GUREGulf Resources, Inc. | 5.6 m | — | -32.4% | -134.4% | +231.8% | +3% / −80% |
| ADURAduro Clean Technologies Inc. | — | — | -133.8% | -5,253.1% | −31.5% | −26% / unavailable |
1- and 3-year price returns: for HUN 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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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 (03 Nov 2026), 8-K (02 Nov 2026 · results).
In brief
Huntsman Corporation is a global producer of organic chemicals, focused on MDI-based polyurethanes, amines and advanced materials used in construction, automotive and aerospace. In the second quarter of 2026 the company reported higher revenues and adjusted EBITDA, while the announced merger of equals with Olin Corporation changes its longer-term outlook.13
SWOT
Strengths
- The company holds leading global positions in MDI, amines and maleic anhydride, with a broad range of formulated products and integrated production capacity. These positions support its ability to pass cost increases on to customers.
- A network of systems houses and close technical support for customers builds stable relationships and differentiates it from competition based only on price.
- The Advanced Materials segment showed strong margin and volume growth in the second quarter of 2026 in aerospace, power and automotive.
Weaknesses
- Recent results have been affected by net losses and falling adjusted EBITDA, and operating cash flow was negative in the second quarter of 2026.
- The company has significant exposure to raw material and energy costs, and pressures in Europe could weigh on margins if they are not offset by pricing.
- Weak activity in construction, an important market for insulation and foams, leaves the company exposed to economic cycles.
Opportunities
- Substitution of traditional materials with MDI-based products, particularly in insulation and automotive, could support longer-term volume growth.
- The merger with Olin Corporation, if approved and completed, could bring vertical integration, greater scale and cost synergies.
- Cost-optimisation programmes and expansion of higher value-added products could improve margins over time.
Threats
- An economic slowdown or geopolitical tensions could reduce demand and prices in several segments at the same time.
- Competition from China and other regions, including state-owned entities, could limit prices and market share.
- Changes in taxes, tariffs and exchange rates could affect results, given that most operations are outside the United States.
Risks
- Cyclicality and economic conditionshigh
Revenues depend on economic activity in the United States, Europe and Asia, and declines in demand from construction and aerospace could quickly affect results.1
- Competitive pressuremedium
Larger or state-supported competitors could reduce margins and market share, especially if new low-cost technologies emerge.1
- Production and supply disruptionsmedium
Unplanned shutdowns, natural disasters or supplier disruptions could affect production and raise costs.1
- International and currency risksmedium
Most operations are outside the United States, and currency fluctuations, tariffs and trade restrictions could reduce competitiveness and reported results.1
- Merger with Olin Corporationhigh
Completion of the merger depends on the stockholder vote and required approvals; if the transaction does not close or the expected synergies do not materialise, the company's outlook could be affected.3
Investment thesis
What would need to be true (bull case)
- If industrial demand continues to recover and price increases hold, the company could restore margins in the Polyurethanes and Advanced Materials segments.
- The merger with Olin could create a company with greater scale and vertical integration, which could lower costs and strengthen the financial position.
- Rising demand for MDI in insulation and automotive, combined with its global leadership position, could support higher volumes over the long term.
What would break the thesis
- Negative operating cash flow in the second quarter of 2026 and repeated net losses could limit financial flexibility.
- If energy costs in Europe remain volatile, the company may not be able to pass all increases on to customers, and margins could stay under pressure.
- Weak construction and an economic slowdown could again reduce demand, particularly in insulation, where the company is exposed.
What to watch
- Stockholder vote on the merger with Olin CorporationAugust 2026
- Third-quarter results and margin trends in PolyurethanesQ3 2026
- Evolution of energy and raw material costs in Europe2026
- Capital expenditure guidance and free cash flow outlooknext 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 (03 Nov 2026), 8-K (02 Nov 2026 · results).
The business
Huntsman is a global manufacturer of diversified organic chemical products, operating in three segments: Polyurethanes, Performance Products and Advanced Materials. Its products are used in adhesives, aerospace, automotive, coatings, construction, electronics, insulation and refining, many of them contributing to energy efficiency.1 The company is a leading global producer in several key product lines, including MDI, amines, maleic anhydride and epoxy-based polymer formulations.1
Revenues fell from 6,036 million dollars in 2024 to 5,683 million dollars in 2025, and adjusted EBITDA dropped to 275 million dollars, mainly due to weaker economic and market conditions.1 The company operates through Huntsman International, its wholly-owned subsidiary, and its principal executive offices are in The Woodlands, Texas.1
In the first half of 2026 revenues rose compared with the prior year, and in the second quarter the company reported a net loss attributable to Huntsman of 6 million dollars, compared with 158 million dollars in the same period of 2025.23 On June 16, 2026 a merger of equals, to be settled in stock, with Olin Corporation was announced, with a stockholder vote scheduled for August 25, 2026.3
Segments
Polyurethanes
The Polyurethanes segment produces MDI, polyols and TPU, used in rigid and flexible foams, coatings, adhesives and elastomers. In the second quarter of 2026 segment revenues rose 16% year on year, driven by higher average selling prices and volumes, and segment adjusted EBITDA more than doubled.3 The company has global MDI production capacity of about 2.9 billion pounds and serves over 6,500 customers in more than 90 countries.1
Performance Products
This segment includes amines and maleic anhydride, where the company holds leading positions in the regions it operates. In the second quarter of 2026 revenues rose 5%, mainly due to higher volumes in performance amines, and segment adjusted EBITDA rose 16% against the comparable quarter of 2025.3
Advanced Materials
The segment makes epoxy-based and other advanced polymer formulations for aerospace, automotive, electronics and power. In the second quarter of 2026 revenues rose 19%, helped by better average selling prices and higher volumes in aerospace, power and automotive, and segment adjusted EBITDA grew 42%.3
Market context
Demand for MDI and polyurethanes is supported by the substitution of traditional materials with MDI-based products, particularly in insulation, where energy efficiency is a key criterion. China is the largest MDI market in the world, and the company has expanded its capacity there.1 Construction, however, remains weak, and volatile energy costs, particularly in Europe, are pressuring margins.3
Cyclical industries such as aerospace and construction directly influence demand, and chemical prices and margins follow cycles of tight supply and oversupply. If industrial demand keeps improving, revenues could benefit, but an economic slowdown could again reduce volumes.13
Trends
- Recovery in industrial demandtailwind
In the second quarter of 2026 industrial demand improved, helping offset weakness in construction and supporting volumes in all three segments.3 If this trend holds, it could support revenues in the second half of the year.
- Rising energy and raw material costsheadwind
Energy and crude-oil related costs have risen, particularly in Europe, lifting raw material costs. The company says it is focused on additional price increases and cost-reduction initiatives to offset the pressure.3
- Merger with Olin Corporationmixed
The all-stock merger of equals announced in June 2026 could bring vertical integration, greater scale and synergies, if it closes after the stockholder vote scheduled for August 2026.3 The outcome depends on shareholder approval and the satisfaction of closing conditions.
- Consolidation in MDI and pressure from Chinamixed
China's MDI market is the largest in the world, and local capacity can influence prices and margins. The company has expanded an integrated facility there and took over the assets of a former joint venture.1 Local competition could limit the pace of margin gains.
Competitive position
In polyurethanes the main competitors include BASF, Covestro, Dow, Lubrizol and Wanhua Chemical Group, and the company differentiates itself through formulated MDI systems and close technical support for customers.1 In amines and maleic anhydride, competition includes Evonik, Nouryon, Tosoh and, in maleic anhydride, Chinese producers that may have access to state support and more favourable regulation.1
The company has warned that some competitors have greater financial resources or are sovereign or state-owned or affiliated entities, which may allow larger investments or favourable treatment on product registration.1 Widely available technology lowers barriers to entry in some segments, and new competitors could limit margins.1
- BASF
Competitor in polyurethanes, including MDI and polyols, and in amines and maleic anhydride, per the company's sources.
- Covestro
Competitor in polyurethanes, especially in the MDI and polyurethane systems segment.
- DowDOW
Competitor in polyurethanes and amines, active in both commodity products and formulations.
- Wanhua Chemical Group
Chinese MDI and polyurethane producer and a main competitor in the Chinese market.
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
- Razer’s analog Huntsman V3 Pro is over 20 percent offThe Verge · 27 Jul 2026 · EN
The latest news item in our archive is from 27 Jul 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report03 Nov 2026
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Current report25 Aug 2026Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report18 Aug 2026Other events
- Quarterly report31 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report16 Jun 2026Material agreement · Other events · Financial statements and exhibits
- Current report16 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report01 May 2026Shareholder vote
- Quarterly report01 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Huntsman Corporation · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Huntsman Corporation · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Huntsman Corporation · 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.