NYSE · EMN

Eastman Chemical Company

Basic Materials · Chemicals - Specialty

$65.69▼ 0.83% ($0.55)at close

After hours$65.60▼ 0.14%7:57 PM ET

52-week

$56.11$83.47

Market cap

What the market price implies · Reverse DCF

To support a price of $65.69, this model requires Stage 1 FCFF to grow by 8.17%/yr over the next 5 years, compounded annually.

Historical FCFF grew by -7.63%/yr over the past 10 years. The required annual growth rate is 15.80 percentage points higher.

Selected forecast · Base scenario

-7.63%/yr · Stage 1 default · years 1–5

Annual overrides take precedence over the Stage 1 default.

Market-implied · Other assumptions held fixed

8.17%/yr · Stage 1 · years 1–5

Stage 1 growth is solved while Stage 2 growth, terminal growth, discount inputs, and annual overrides remain fixed. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Cash-flow DCF

Price used

$65.69

Estimated value / share

$11.67

Base scenario

This estimate is 82.24% below the price used.

USD · TTM ending 2026-06-30

FCFF base normalized by replacing latest capex with the company's trailing median capex-to-revenue ratio.

Historical FCFF CAGR and the default growth rates are taken from the raw historical series. The valuation base is normalized for the current-period DCF.

Stage 1 -7.63% · Stage 2 3.5% · Discount rate 7.89%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future free cash flow, discounted to its value today.

Price timestamp: Sep 18, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 20, 2026, 2:26 PM UTC · provider

Why this method?

FCFF is positive, but the year-to-year swings are too large for a direct CAGR. Normalize the cash-flow base first, then run DCF.

Is FCFF positive and has it been for 3+ consecutive years? 22 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 46.2%.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: -1.16%Revenue (TTM): -4.53%FCF (TTM): 31.78%P/FCF: 33rd pct

What changed

The stock fell 1.16% over the last year. Revenue declined 4.53% over the trailing twelve months. Operating margin moved from 14.4% to 9.41%. Free cash flow grew 31.78% over the trailing twelve months.

What the market seems to be pricing

The stock has moved lower against modestly weakening underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.

What would invalidate this read

Operating margin currently stands at 9.41%. A decisive move in revenue — currently down 4.53% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Eastman Chemical Company functions as a worldwide provider of specialized materials.

CEOMark J. Costa

SectorBasic Materials

IndustryChemicals - Specialty

Employees13,000

IPO dateDec 14, 1993

https://www.eastman.com

Market multiples

Forward P/E—

EV/EBITDA9.18

Enterprise value$11.83B

Stock splits

Oct 4, 2011↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth9.88%

Gross margin (FY2025)21.07%▼3.3ppvs FY2024

Operating margin (FY2025)10.64%▼4.0ppvs FY2024

ROE7.41%▼0.7ppvs FY2025

Analyst consensus

RatingBuy

Target price$81.00▲23.31%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 2, 2026

Q4 FY26 · EPS est $1.95 · Revenue est $2.43B

View

Dividends

$3.36/shareQuarterlyDividend Achiever · 18yrAdequate

EMN pays a dividend with a 5.11% dividend yield, 18 consecutive years of growth, growing at 4.01% annually, covered 1.1× by free cash flow.

Dividend Yield

5.11%

Annual Div / Share

$3.36

5yr CAGR

+4.01%

Doubles every ~17.6yr

Payout Ratio

86.43%

Adequate

Dividend Growth Rate

3yr CAGR

+2.07%

5yr CAGR

+4.01%

10yr CAGR

+6.21%

Dividend Safety

3/10Adequate

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$3.36+1.2%

2025$3.32+2.5%

2024$3.24+2.5%

2023$3.16+3.9%

2022$3.04+10.1%

2021$2.76+4.5%

2020$2.64+6.5%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$51/yr

$4/mo

In 5 yrs

$62/yr+22%

$5/mo

In 10 yrs

$76/yr+48%

$6/mo

Today	In 5 yrs	In 10 yrs
$51/yr $4/mo	$62/yr+22% $5/mo	$76/yr+48% $6/mo

Yield-on-cost grows from 5.11% → 7.58% over 10yr

Analysis

Dividend Strengths

Dividend Achiever

EMN has raised its dividend for 18 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.

Risks to Watch

High payout ratio

With 86.43% of earnings paid as dividends, there is limited retained earnings for reinvestment — and a dividend cut becomes more likely if earnings decline.

NYSE · EMN

Eastman Chemical Company

Basic Materials · Chemicals - Specialty

$65.69▼ 0.83% ($0.55)at close

After hours$65.60▼ 0.14%7:57 PM ET

52-week

$56.11$83.47

Market cap

What the market price implies · Reverse DCF

To support a price of $65.69, this model requires Stage 1 FCFF to grow by 8.17%/yr over the next 5 years, compounded annually.

Historical FCFF grew by -7.63%/yr over the past 10 years. The required annual growth rate is 15.80 percentage points higher.

Selected forecast · Base scenario

-7.63%/yr · Stage 1 default · years 1–5

Annual overrides take precedence over the Stage 1 default.

Market-implied · Other assumptions held fixed

8.17%/yr · Stage 1 · years 1–5

Stage 1 growth is solved while Stage 2 growth, terminal growth, discount inputs, and annual overrides remain fixed. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Cash-flow DCF

Price used

$65.69

Estimated value / share

$11.67

Base scenario

This estimate is 82.24% below the price used.

USD · TTM ending 2026-06-30

FCFF base normalized by replacing latest capex with the company's trailing median capex-to-revenue ratio.

Historical FCFF CAGR and the default growth rates are taken from the raw historical series. The valuation base is normalized for the current-period DCF.

Stage 1 -7.63% · Stage 2 3.5% · Discount rate 7.89%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future free cash flow, discounted to its value today.

Price timestamp: Sep 18, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 20, 2026, 2:26 PM UTC · provider

Why this method?

FCFF is positive, but the year-to-year swings are too large for a direct CAGR. Normalize the cash-flow base first, then run DCF.

Is FCFF positive and has it been for 3+ consecutive years? 22 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 46.2%.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: -1.16%Revenue (TTM): -4.53%FCF (TTM): 31.78%P/FCF: 33rd pct

What changed

What the market seems to be pricing

What would invalidate this read

Operating margin currently stands at 9.41%. A decisive move in revenue — currently down 4.53% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Eastman Chemical Company functions as a worldwide provider of specialized materials.

CEOMark J. Costa

SectorBasic Materials

IndustryChemicals - Specialty

Employees13,000

IPO dateDec 14, 1993

https://www.eastman.com

Market multiples

Forward P/E—

EV/EBITDA9.18

Enterprise value$11.83B

Stock splits

Oct 4, 2011↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth9.88%

Gross margin (FY2025)21.07%▼3.3ppvs FY2024

Operating margin (FY2025)10.64%▼4.0ppvs FY2024

ROE7.41%▼0.7ppvs FY2025

Analyst consensus

RatingBuy

Target price$81.00▲23.31%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 2, 2026

Q4 FY26 · EPS est $1.95 · Revenue est $2.43B

View

Dividends

$3.36/shareQuarterlyDividend Achiever · 18yrAdequate

EMN pays a dividend with a 5.11% dividend yield, 18 consecutive years of growth, growing at 4.01% annually, covered 1.1× by free cash flow.

Dividend Yield

5.11%

Annual Div / Share

$3.36

5yr CAGR

+4.01%

Doubles every ~17.6yr

Payout Ratio

86.43%

Adequate

Dividend Growth Rate

3yr CAGR

+2.07%

5yr CAGR

+4.01%

10yr CAGR

+6.21%

Dividend Safety

3/10Adequate

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$3.36+1.2%

2025$3.32+2.5%

2024$3.24+2.5%

2023$3.16+3.9%

2022$3.04+10.1%

2021$2.76+4.5%

2020$2.64+6.5%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$51/yr

$4/mo

In 5 yrs

$62/yr+22%

$5/mo

In 10 yrs

$76/yr+48%

$6/mo

Today	In 5 yrs	In 10 yrs
$51/yr $4/mo	$62/yr+22% $5/mo	$76/yr+48% $6/mo

Yield-on-cost grows from 5.11% → 7.58% over 10yr

Analysis

Dividend Strengths

Dividend Achiever

EMN has raised its dividend for 18 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.

Risks to Watch

High payout ratio

With 86.43% of earnings paid as dividends, there is limited retained earnings for reinvestment — and a dividend cut becomes more likely if earnings decline.