
Last update at 2026-06-09T15:56:00Z
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We Think Westlake's (NYSE:WLK) Solid Earnings Are Understated
Sun 11 May 25, 01:26 PMWestlake First Quarter 2025 Earnings: Misses Expectations
Sun 04 May 25, 12:08 PMWestlake Chemical Partners LP (WLKP) Q1 2025 Earnings Call Highlights: Navigating Challenges ...
Sat 03 May 25, 07:08 AMQ1 2025 Westlake Chemical Partners LP Earnings Call
Sat 03 May 25, 06:55 AMWestlake Chemical (WLK) Reports Q1 Loss, Lags Revenue Estimates
Fri 02 May 25, 11:45 AMWestlake Corporation Reports First Quarter 2025 Results
Fri 02 May 25, 10:30 AMCountdown to Westlake (WLK) Q1 Earnings: A Look at Estimates Beyond Revenue and EPS
Thu 01 May 25, 01:15 PMAnalysts Estimate Westlake Chemical (WLK) to Report a Decline in Earnings: What to Look Out for
Fri 25 Apr 25, 02:00 PMWestlake Chemical Partners LP (WLKP) Q4 2024 Earnings Call Highlights: Steady Distributions ...
Mon 21 Apr 25, 08:38 PM| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Income before tax | 2946.00M | 2677.00M | 331.00M | 570.00M | 1334.00M |
| Minority interest | 50.00M | 55.00M | 43.00M | 41.00M | 38.00M |
| Net income | 2247.00M | 2015.00M | 330.00M | 421.00M | 996.00M |
| Selling general administrative | 835.00M | 551.00M | 449.00M | 458.00M | 445.00M |
| Selling and marketing expenses | - | - | - | - | - |
| Gross profit | 4073.00M | 3495.00M | 1023.00M | 1260.00M | 1987.00M |
| Reconciled depreciation | 1056.00M | 840.00M | 773.00M | 713.00M | 641.00M |
| Ebit | 3050.00M | 2800.00M | 429.00M | 656.00M | 1493.00M |
| Ebitda | 4212.00M | 3714.00M | 1282.00M | 1444.00M | 2134.00M |
| Depreciation and amortization | 1162.00M | 914.00M | 853.00M | 788.00M | 641.00M |
| Non operating income net other | 73.00M | 53.00M | 44.00M | 38.00M | 52.00M |
| Operating income | 3050.00M | 2800.00M | 429.00M | 656.00M | 1408.00M |
| Other operating expenses | 12711.00M | 8957.00M | 7039.00M | 7425.00M | 7194.00M |
| Interest expense | 177.00M | 176.00M | 142.00M | 124.00M | 126.00M |
| Tax provision | 649.00M | 607.00M | -42.00000M | 108.00M | 300.00M |
| Interest income | 153.00M | 176.00M | 142.00M | 124.00M | 126.00M |
| Net interest income | -177.00000M | -176.00000M | -142.00000M | -124.00000M | -126.00000M |
| Extraordinary items | - | - | - | - | - |
| Non recurring | - | - | - | 37.00M | 33.00M |
| Other items | - | - | - | - | - |
| Income tax expense | 649.00M | 607.00M | -42.00000M | 108.00M | 300.00M |
| Total revenue | 15794.00M | 11778.00M | 7504.00M | 8118.00M | 8635.00M |
| Total operating expenses | 990.00M | 674.00M | 558.00M | 567.00M | 546.00M |
| Cost of revenue | 11721.00M | 8283.00M | 6481.00M | 6858.00M | 6648.00M |
| Total other income expense net | -104.00000M | -123.00000M | -98.00000M | -86.00000M | 19.00M |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | 2297.00M | 2070.00M | 373.00M | 462.00M | 1034.00M |
| Net income applicable to common shares | 2247.00M | 2015.00M | 330.00M | 421.00M | 996.00M |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Total assets | 20550.00M | 18459.00M | 13835.00M | 13261.00M | 11602.00M |
| Intangible assets | 1565.00M | 1580.00M | 612.00M | 710.00M | 659.00M |
| Earning assets | - | - | - | - | - |
| Other current assets | 78.00M | 80.00M | 32.00M | 42.00M | 38.00M |
| Total liab | 10085.00M | 9931.00M | 7257.00M | 6858.00M | 5526.00M |
| Total stockholder equity | 9931.00M | 7955.00M | 6043.00M | 5860.00M | 5590.00M |
| Deferred long term liab | 1735.00M | 1681.00M | 1368.00M | 1255.00M | 1159.00M |
| Other current liab | -307.00000M | 1211.00M | 821.00M | 768.00M | 676.00M |
| Common stock | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Capital stock | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Retained earnings | 9885.00M | 7808.00M | 5938.00M | 5757.00M | 5477.00M |
| Other liab | 2404.00M | 2676.00M | 2334.00M | 1804.00M | 1675.00M |
| Good will | 2161.00M | 2024.00M | 1083.00M | 1074.00M | 1002.00M |
| Other assets | 569.00M | 5590.00M | 2187.00M | 268.00M | 251.00M |
| Cash | 2228.00M | 1908.00M | 1313.00M | 728.00M | 753.00M |
| Cash and equivalents | 2228.00M | 1908.00M | 1313.00M | 728.00M | 753.00M |
| Total current liabilities | 2298.00M | 2344.00M | 1357.00M | 1241.00M | 1183.00M |
| Current deferred revenue | 1735.00M | - | 1368.00M | - | - |
| Net debt | 2651.00M | 3272.00M | 2253.00M | 2717.00M | 1915.00M |
| Short term debt | 0.00000M | 269.00M | 7.00M | 0.00000M | 0.00000M |
| Short long term debt | - | 269.00M | 7.00M | - | - |
| Short long term debt total | 4879.00M | 5180.00M | 3566.00M | 3445.00M | 2668.00M |
| Other stockholder equity | 134.00M | 182.00M | 168.00M | 176.00M | 174.00M |
| Property plant equipment | 8525.00M | 7606.00M | 6920.00M | 6912.00M | 6595.00M |
| Total current assets | 5973.00M | 5263.00M | 3477.00M | 2742.00M | 2842.00M |
| Long term investments | 1142.00M | 1007.00M | 1059.00M | 1112.00M | 253.00M |
| Net tangible assets | 6205.00M | 4351.00M | 4792.00M | 4076.00M | 3929.00M |
| Short term investments | - | - | 1059.00M | - | - |
| Net receivables | 1801.00M | 1868.00M | 1214.00M | 1036.00M | 1037.00M |
| Long term debt | 4879.00M | 4911.00M | 3566.00M | 3445.00M | 2668.00M |
| Inventory | 1866.00M | 1407.00M | 918.00M | 936.00M | 1014.00M |
| Accounts payable | 870.00M | 864.00M | 529.00M | 473.00M | 507.00M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | 534.00M | 573.00M | 535.00M | 543.00M | 486.00M |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | -89.00000M | -36.00000M | -64.00000M | -74.00000M | -62.00000M |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | 9885.00M | 7808.00M | 5938.00M | 5757.00M | 5477.00M |
| Treasury stock | -467.00000M | -399.00000M | -401.00000M | -377.00000M | -382.00000M |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | -551.00000M | 5590.00M | 3438.00M | 3607.00M | 2165.00M |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 14577.00M | 13196.00M | 10358.00M | 10519.00M | 8760.00M |
| Capital lease obligations | 504.00M | 461.00M | 376.00M | 355.00M | - |
| Long term debt total | 4879.00M | 4911.00M | 3566.00M | 3445.00M | 2668.00M |
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Investments | -2479.00000M | -24.00000M | 44.00M | -1954.00000M | -754.00000M |
| Change to liabilities | -16.00000M | 481.00M | 113.00M | -102.00000M | -108.00000M |
| Total cashflows from investing activities | -2479.00000M | -3213.00000M | -509.00000M | -1954.00000M | -754.00000M |
| Net borrowings | -250.00000M | 1661.00M | 28.00M | 786.00M | -1165.00000M |
| Total cash from financing activities | -587.00000M | 1437.00M | -216.00000M | 630.00M | -1427.00000M |
| Change to operating activities | -56.00000M | -614.00000M | -78.00000M | -85.00000M | -93.00000M |
| Net income | 2297.00M | 2070.00M | 373.00M | 462.00M | 1034.00M |
| Change in cash | 305.00M | 604.00M | 587.00M | -25.00000M | -779.00000M |
| Begin period cash flow | 1941.00M | 1337.00M | 750.00M | 775.00M | 1554.00M |
| End period cash flow | 2246.00M | 1941.00M | 1337.00M | 750.00M | 775.00M |
| Total cash from operating activities | 3395.00M | 2394.00M | 1297.00M | 1301.00M | 1409.00M |
| Issuance of capital stock | - | 0.00000M | 0.00000M | 63.00M | 0.00000M |
| Depreciation | 1056.00M | 840.00M | 773.00M | 713.00M | 641.00M |
| Other cashflows from investing activities | -1371.00000M | -2555.00000M | -28.00000M | -1167.00000M | -52.00000M |
| Dividends paid | 169.00M | 145.00M | 137.00M | 132.00M | 120.00M |
| Change to inventory | -140.00000M | -309.00000M | 29.00M | 112.00M | -123.00000M |
| Change to account receivables | 325.00M | -528.00000M | -161.00000M | 59.00M | -58.00000M |
| Sale purchase of stock | -101.00000M | -30.00000M | -54.00000M | -30.00000M | -106.00000M |
| Other cashflows from financing activities | -67.00000M | 1612.00M | -53.00000M | 747.00M | -36.00000M |
| Change to netincome | 66.00M | 98.00M | 229.00M | 129.00M | 108.00M |
| Capital expenditures | 1108.00M | 658.00M | 525.00M | 787.00M | 702.00M |
| Change receivables | 325.00M | -528.00000M | -161.00000M | 59.00M | -58.00000M |
| Cash flows other operating | -193.00000M | -258.00000M | -59.00000M | -72.00000M | -85.00000M |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | 329.00M | 618.00M | 572.00M | -23.00000M | -772.00000M |
| Change in working capital | -24.00000M | -614.00000M | -78.00000M | -3.00000M | -374.00000M |
| Stock based compensation | 36.00M | 31.00M | 29.00M | 25.00M | 22.00M |
| Other non cash items | 51.00M | 44.00M | 54.00M | 50.00M | 24.00M |
| Free cash flow | 2287.00M | 1736.00M | 772.00M | 514.00M | 707.00M |
Sector: Basic Materials Industry: Specialty Chemicals
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| WLK Westlake Chemical Corporation |
-0.21 0.25% | 85.05 | 15.24 | 14.06 | 1.38 | 1.67 | 1.56 | 7.23 |
| LIN Linde plc Ordinary Shares |
11.38 2.27% | 513.30 | 33.77 | 28.90 | 6.56 | 5.42 | 7.03 | 18.92 |
| AIQUY Air Liquide SA ADR |
1.48 3.94% | 38.94 | 30.69 | 24.81 | 4.70 | 4.10 | 4.36 | 15.61 |
| AIQUF L'Air Liquide S.A |
-0.0037 0.0018% | 210.32 | 30.66 | 24.51 | 4.69 | 4.05 | 4.36 | 15.61 |
| SHW Sherwin-Williams Co |
7.62 2.54% | 307.17 | 33.33 | 27.40 | 3.38 | 20.60 | 3.88 | 21.36 |
Westlake Corporation manufactures and markets performance and essential materials, and housing and infrastructure products in the United States, Canada, Germany, China, Italy, Taiwan, and internationally. The Performance and Essential Materials segment offers polyethylene, styrene monomer, ethylene co-products, polyvinyl chloride (PVC), vinyl chloride monomer, ethylene dichloride chlor-alkali, chlorinated derivative products, and epoxy resins. The Housing and Infrastructure Products segment provides residential PVC siding; PVC trim and mouldings; architectural stone veneer; windows; PVC decking; PVC films for various inflatables, wallcovering, and tape and roofing applications; polymer composite and cement roof tiles; PVC pipes and fittings for various water, sewer, electrical, and industrial applications; PVC compounds used in various housing, medical, and automobile products; and consumer and commercial products, such as landscape edging; industrial, home, and office matting; marine dock edging; and masonry joint controls. The company offers its products to chemical processors, plastics fabricators, small construction contractors, municipalities, and supply warehouses for use in various consumer and industrial markets, including residential construction, flexible and rigid packaging, automotive products, healthcare products, water treatment, wind turbines, and coatings, as well as other durable and non-durable goods. The company was formerly known as Westlake Chemical Corporation and changed its name to Westlake Corporation in February 2022. The company was founded in 1986 and is headquartered in Houston, Texas. Westlake Corporation operates as a subsidiary of TTWF LP.
2801 Post Oak Boulevard, Houston, TX, United States, 77056
| Name | Title | Year Born |
|---|---|---|
| Mr. James Y. Chao | Exec. Chairman | 1948 |
| Mr. Albert Yuan Chao | Pres, CEO & Director | 1950 |
| Mr. Mark Steven Bender CPA | Exec. VP & CFO | 1957 |
| Mr. Roger Lester Kearns | COO and Exec. VP of Performance & Essential Materials | 1963 |
| Mr. Robert F. Buesinger | Exec. VP of Housing, Infrastructure Products, IT & Digital | 1957 |
| Mr. Johnathan Stevan Zoeller | VP & Chief Accounting Officer | 1976 |
| Mr. L. Benjamin Ederington | Exec. VP, Gen. Counsel, Chief Admin. Officer & Corp. Sec. | 1971 |
| Lawrence Schubert | VP of Corp. Devel. & Sustainability | NA |
| Dr. Karl-Martin Schellerer | Managing Director of Vinnolit Bus. and VP | NA |
| Thomas J. Janssens | Sr. VP of Operations, PEM & Corp. Logistics | NA |
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