# Dow Inc. (DOW)

> Source: Nexqual · https://nexqual.com/DOW · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Dow Inc. (DOW), nexqual.com/DOW" · informational, not investment advice.

**Price:** USD 31.81 (+4.71% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 30.38 · day 29.83–31.83 · 52w 20.93–42.74 · market cap $23.0B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $41.3B, net income -$1.11B (-2.7% margin) (SEC filings).
- 3 of 80 tracked superinvestors hold DOW (13F, Q2 2026): 1 new, 0 added, 2 reduced, 0 unchanged.
- Analysts: Hold (mean 2.80 on a 1–5 scale) (20 analysts), mean target USD 33.76 (range 29–41).
- Total return with dividends: 1Y +36.2% vs S&P 500 +14.9%; 5Y -28.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 0.55, revenue estimate $10.9B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $55.0B | $56.9B | $44.6B | $43.0B | $40.0B | $41.3B |
| Gross profit | $10.8B | $8.56B | $4.88B | $4.61B | $2.53B | — |
| Net income | $6.41B | $4.64B | $660M | $1.20B | -$2.44B | -$1.11B |
| EPS (diluted) | $8.38 | $6.28 | $0.82 | $1.57 | -$3.70 | — |
| Free cash flow | $5.51B | $5.65B | $2.84B | -$26.0M | -$1.45B | — |
| Gross margin | 19.6% | 15.1% | 10.9% | 10.7% | 6.3% | — |
| Net margin | 11.7% | 8.2% | 1.5% | 2.8% | -6.1% | -2.7% |
| Revenue growth | +42.6% | +3.5% | -21.6% | -3.7% | -7.0% | — |
| Cash + short-term investments | $3.23B | $4.83B | — | — | $3.82B | — |
| Total debt | $14.7B | $15.4B | $15.0B | $16.2B | $17.8B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.6x · EV/Sales 0.9x · P/B 1.4x · Earnings yield -4.85% · Dividend yield (paid, TTM) 4.37% · Net debt $13.2B · EV $36.2B
P/E at fiscal year-ends: Dec 2024 23.6x, Dec 2023 58.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold DOW. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | 1.00% | $342M | Reduced -34.0% |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $249K | Reduced -6.2% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $1.1M | New position |

## Analysts
Consensus Hold (mean 2.80 on a 1–5 scale), 20 analysts; mean target USD 33.76 (low 29, high 41).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | B of A Securities | Upgrade | Underperform → Neutral | $29 → $31 |
| 2026-10-13 | Barclays | Initiated | Underweight | $30 |
| 2026-10-01 | Mizuho | Target lowered | Neutral | $35 → $32 |
| 2026-09-30 | RBC Capital | Target lowered | Sector Perform | $32 → $29 |
| 2026-09-30 | Citigroup | Downgrade | Buy → Neutral | $35 → $30 |
| 2026-09-25 | UBS | Target lowered | Neutral | $32 → $30 |
| 2026-09-11 | Keybanc | Initiated | Sector Weight |  |
| 2026-07-25 | UBS | Target raised | Neutral | $29 → $32 |
| 2026-07-24 | JP Morgan | Target lowered | Overweight | $42 → $40 |
| 2026-07-20 | Morgan Stanley | Target lowered | Equal-Weight | $41 → $39 |
| 2026-07-06 | BMO Capital | Target lowered | Market Perform | $46 → $33 |
| 2026-07-02 | Alembic Global | Target lowered | Overweight | $50 → $45 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +36.2% | -28.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +36.3% | -6.5% |
| Volatility (annualized) | 41.7% | 32.7% |
| Max drawdown | -34.8% (Mar 2026→Jul 2026) | -63.8% (May 2022→Oct 2025) |

## Peers (Chemicals)
CE (Celanese Corporation) USD 47.22 -0.11% · MEOH (Methanex Corporation) USD 60.74 -3.80% · OLN (Olin Corporation) USD 15.54 +4.09% · HUN (Huntsman Corporation) USD 8.72 +5.95% · REX (REX American Resources Corporat) USD 39.82 -2.40% · GPRE (Green Plains, Inc.) USD 13.91 -1.77%

## More
Full page: https://nexqual.com/DOW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Packaging & Specialty Plastics | $6.38B | 52.8% | +27.1% |
| Industrial Intermediates & Infrastructure | $3.17B | 26.2% | +13.6% |
| Performance Materials & Coatings | $2.36B | 19.5% | +10.9% |
| Corporate | $180.0M | 1.5% | +9.8% |
| Total revenue | $12.09B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. & Canada | $4.78B | 39.5% | +19.9% |
| UNITED STATES | $4.46B | 36.9% | +19.8% |
| EMEAI 1 | $3.93B | 32.5% | +20.1% |
| Europe, Middle East, Africa and India | $3.93B | 32.5% | +20.1% |
| Rest of World | $3.70B | 30.6% | +19.1% |
| Asia Pacific | $1.82B | 15.0% | +4.6% |
| Latin America | $1.56B | 12.9% | +41.2% |
| Total revenue | $12.09B | 100% | — |
The lines above cover 200% of total revenue.

## Company outlook (8-K filed 2026-10-22)

- "In addition, we captured sequential gains from the first of our three European asset shutdowns, where the total benefits are expected to build through 2027."
- "Volume growth was driven by increased demand for AI infrastructure and energy applications, as well as higher ethylene oxide project-related catalyst sales. 2 Dow reports third quarter 2026 results Performance Materials & Coatings Three Months Ended Sep 30 In millions 3Q26 3Q25 vs."
- "These priorities are underpinned by our self-help actions, which are on track to deliver more than $1 billion of EBITDA uplift in both 2026 and 2027." Conference Call Dow will host a live webcast of its quarterly earnings conference call with investors to discuss its results, business outlook and other matters today at 8:00 a.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.55 | $0.40 | +37.7% | $10.86B | 10 |
| Next quarter (ends 2027-03-31) | $0.38 | $0.35 | +8.4% | $10.61B | 7 |
| Current fiscal year (ends 2026-12-31) | $2.57 | $2.55 | +0.9% | $43.87B | 6 |
| Next fiscal year (ends 2027-12-31) | $1.81 | $1.84 | -1.9% | $43.09B | 18 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 38.6% | ±4.6% |
| 2026-11-06 | 14 | 39.3% | ±6.4% |
| 2026-11-13 | 21 | 39.6% | ±7.8% |
| 2026-11-20 | 28 | 39.3% | ±8.8% |
| 2026-11-27 | 35 | 37.1% | ±9.3% |
| 2026-12-04 | 42 | 46.0% | ±12.9% |
| 2026-12-18 | 56 | 37.1% | ±12.1% |
| 2027-01-15 | 84 | 35.7% | ±14.0% |