BRASKEM SA
BAK · Industrial Organic Chemicals · EDGAR filings ↗
Grade
D45Cyclical Brazilian petrochemical producer in a loss-making trough with negative equity and material litigation overhang.
Strengths
- Large cash balance (91.7th pct) and very long stated runway provide near-term liquidity
- Net-income growth screens high (88.5th pct) as losses narrowed
Risks
- Loss year — net margin -15.6%, operating margin -1.4%, negative FCF and interest coverage; ROIC -1.7%
- Negative book equity (debt/equity -12.4) makes the 92nd-pct ROE an artifact; Alagoas and tax litigation add tail risk
Notable findings
- No interest coverageInterest coverage -0.16 (cannot cover interest)
- Negative equityNegative book equity (debt/equity -12.44)
- Net lossNet loss (net margin -15.6%)
- Cash burnNegative free cash flow (-214.4M)
- Strong balance sheetStrong balance sheet — $2.4B cash & investments, ~45 quarters of runway
- Revenue declineRevenue -13.9% YoY
Key metrics
Gross margin
7.7%
Operating margin
-1.4%
Net margin
-15.6%
Return on equity
281.7%
Return on assets
-11.9%
ROIC
-1.7%
Revenue growth (QoQ)
-13.9%
Debt / equity
-12.4×
Interest coverage
-0.2×
Current ratio
1.3×
Free cash flow
-$214M
Tangible book value
-$692M
Cash & investments
$2.4B
Cash runway
45q
Supply chain
Named in the 10-K; linked when we track them.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-20 | 2025-12-31 | 0001292814-26-002427 ↗ |
| 20-F | 2025-03-31 | 2024-12-31 | 0001292814-25-001192 ↗ |
| 20-F | 2024-04-12 | 2023-12-31 | 0001292814-24-001348 ↗ |
| 20-F | 2023-04-25 | 2022-12-31 | 0001292814-23-001738 ↗ |
| 20-F | 2022-04-28 | 2021-12-31 | 0001292814-22-001862 ↗ |
| 20-F | 2021-05-14 | 2020-12-31 | 0001292814-21-002286 ↗ |
| 20-F | 2020-06-15 | 2019-12-31 | 0001292814-20-002229 ↗ |