# Eastman Chemical Company (EMN)

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

**Price:** USD 65.31 (+2.85% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 65.31 · day 63.1–65.55 · 52w 56.11–83.47 · market cap null · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $8.87B, net income $442M (5.0% margin), free cash flow $539M (SEC filings).
- 1 of 80 tracked superinvestors hold EMN (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Total return with dividends: 1Y +8.7% vs S&P 500 +14.9%; 5Y -26.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1.92, revenue estimate $2.40B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $10.5B | $10.6B | $9.21B | $9.38B | $8.75B | $8.87B |
| Gross profit | $2.50B | $2.14B | $2.06B | $2.29B | $1.84B | — |
| Net income | $857M | $793M | $894M | $905M | $474M | $442M |
| EPS (diluted) | $6.25 | $6.35 | $7.49 | $7.67 | $4.10 | — |
| Free cash flow | $1.06B | $364M | $546M | $688M | $424M | $539M |
| Gross margin | 23.9% | 20.2% | 22.4% | 24.4% | 21.1% | — |
| Net margin | 8.2% | 7.5% | 9.7% | 9.6% | 5.4% | 5.0% |
| Revenue growth | +23.6% | +1.0% | -12.9% | +1.9% | -6.7% | — |
| Cash + short-term investments | $459M | $493M | $548M | $837M | $566M | — |
| Total debt | $5.16B | $5.15B | $4.85B | $5.02B | $4.79B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2025 15.6x, Dec 2024 11.9x, Dec 2023 12.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold EMN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Thomas Gayner | Markel Group | 0.04% | $5.0M | Unchanged |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | JP Morgan | Downgrade | Overweight → Neutral | $82 → $66 |
| 2026-10-13 | RBC Capital | Target lowered | Sector Perform | $74 → $65 |
| 2026-10-13 | Barclays | Initiated | Equal-Weight | $72 |
| 2026-10-05 | UBS | Target lowered | Buy | $92 → $77 |
| 2026-10-01 | Mizuho | Target lowered | Outperform | $85 → $80 |
| 2026-09-30 | Citigroup | Target lowered | Buy | $81 → $76 |
| 2026-09-11 | Keybanc | Initiated | Sector Weight |  |
| 2026-08-05 | RBC Capital | Target raised | Sector Perform | $69 → $74 |
| 2026-08-03 | UBS | Target raised | Buy | $89 → $92 |
| 2026-08-03 | Citigroup | Target lowered | Buy | $85 → $81 |
| 2026-07-02 | Morgan Stanley | Target lowered | Overweight | $83 → $79 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +8.7% | -26.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +8.7% | -5.9% |
| Volatility (annualized) | 31.9% | 31.5% |
| Max drawdown | -20.9% (Feb 2026→Oct 2026) | -47.8% (Jan 2022→Jul 2025) |

## Peers (Specialty Chemicals)
AXTA (Axalta Coating Systems Ltd.) USD 35.05 +0.20% · NEU (NewMarket Corp) USD 876.33 -0.98% · ESI (Element Solutions Inc.) USD 33.11 -8.89% · WLK (Westlake Corporation) USD 64.14 +5.42% · SOLS (Solstice Advanced Materials Inc) USD 59.8 -7.99% · SXT (Sensient Technologies Corporati) USD 130.94 -0.95%

## More
Full page: https://nexqual.com/EMN · 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

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.92 | $1.89 | +1.3% | $2.40B | 14 |
| Next quarter (ends 2026-12-31) | $1.32 | $1.45 | -8.7% | $2.17B | 14 |
| Current fiscal year (ends 2026-12-31) | $6.30 | $6.28 | +0.3% | $9.24B | 16 |
| Next fiscal year (ends 2027-12-31) | $6.64 | $6.87 | -3.3% | $9.41B | 16 |

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

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±8.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 38.3% | ±8.6% |
| 2026-12-18 | 56 | 33.9% | ±11.0% |
| 2027-01-15 | 84 | 32.6% | ±12.6% |
| 2027-03-19 | 147 | 35.6% | ±18.1% |
| 2027-06-17 | 237 | 33.6% | ±21.3% |