Dow Inc.

DOW · Basic Materials · Chemicals · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

12.58B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

17.38B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

17.38B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

15.78B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

19.95B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.79×

the ratio the screener ranks by

Margin of Safety

-26.4%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 12.58B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)28.29B USD
−②Net Debt Today15.71B USD
+③Growth Value0 USD
=Value12.58B USD

EPV of the Operations (NOPAT over WACC)

28.29B USD

Net debt today

-15.71B USD

Growth Value

0 USD

Value

12.58B USD

①EPV (earnings power value)

28.29B USD

②Net Debt Today

15.71B USD

③Growth Value

0 USD

Market value

Market Cap19.95B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-58.6%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 17.38B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 17.38B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap19.95B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-14.8%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 17.38B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 17.38B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap19.95B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-14.8%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 5.22%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.42×Market Risk Premium 6.00%= 7.04%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC 25.00% (default): the statements print a tax provision of -67.07M USD on a pretax income of -2.51B USD, which gives no rate between 0 and the profit before tax, so the 25% default stands for the tax the interest saves.

Interest Expense =EBIT -1,647.65M USD−Pretax Income -2,513.51M USD= 865.86M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 865.86M USDTotal Debt 19.45B USD×(1 − Tax Rate for WACC 25.00%)= 3.34%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 19.45B USDMarket Cap + Total Debt 19.95B USD + 19.45B USD= 49.36%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 50.64%×Cost of Equity 7.04%+Debt Weight 49.36%×Cost of Debt 3.34%= 5.22%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 61.65B USD − Total Liabilities 44.26B USD = Book Value Today 17.38B USD

Total Debt 19.45B USD − Cash and Short-Term Investments 3.74B USD = Net Debt Today 15.71B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 12.9%at most 5%passes722,340,711 / 702,293,433
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets5.9%at least -10.0%passes(1.03B USD − -2.63B USD) ÷ 61.65B USD
Price to bookMarket Cap ÷ Book Value Today1.15×at most 3×passes19.95B USD ÷ 17.38B USD
Operating marginOperating Income ÷ Revenue0.4%above 10.0%does not pass158.16M USD ÷ 40.01B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-7.0%above 10.0%does not pass40.01B USD / 43.01B USD
Net cash(Cash − Total Debt) ÷ Market Cap-78.7%above -30%does not pass(3.74B USD − 19.45B USD) ÷ 19.95B USD
Operating efficiencyOperating Income ÷ Gross Profit6.2%above 25.0%does not pass158.16M USD ÷ 2.54B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

27.62 USD

Enterprise value

36.67B USD

the provider's own figure

EV / EBITDA

9.24×

Price / book

1.26×

the provider's book

Price / earnings

—

Return on equity

-5.5%

the provider's figure, not this page's

Profit margin

-3.1%

Revenue growth

19.7%

Analyst target, mean

33.66 USD

Analysts

16

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

56.96B44.67B43.01B40.01B

Gross profit

8.57B4.88B4.61B2.54B

Operating income

5.71B2.10B1.91B158.16M

EBITDA

operating income before depreciation and amortisation

9.52B4.02B5.31B1.19B

Pretax income

6.10B656.66M1.60B-2.51B

Net income

4.59B589.59M1.12B-2.63B

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

4.71B1.17B1.16B-1.01B

R&D

851.85M829.83M810.81M752.75M
Balance sheet, year end (USD)2022202320242025

Total assets

60.66B58.02B57.37B58.60B

Total liabilities

39.40B38.90B39.50B41.06B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

20.74B18.63B17.37B16.02B

Total debt

16.72B16.46B17.66B19.62B

Cash and equivalents

3.89B2.99B2.19B3.82B

Net PP&E

fixed assets after depreciation

21.69B22.41B23.30B23.63B

Working capital

current assets less current liabilities

9.16B7.66B6.31B8.89B
Cash flow (USD)2022202320242025

Operating cash flow

7.48B5.20B2.92B1.03B

Capital expenditure

paid out, so below zero

-2.06B-2.48B-3.07B-2.48B

Depreciation and amortisation

2.76B2.61B2.90B2.84B

Free cash flow

operating cash flow plus capital expenditure

5.42B2.72B-151.15M-1.45B