WESTLAKE CORP
WLK · Industrial Organic Chemicals · 128.1M shares · -0%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: -$20M (gross $23M, SBC $43M)
Reference price $115.25 · est. market cap ~$14.8B — last insider sale, 2026-03-27 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D52Vertically integrated chemicals/building-products maker in a cyclical trough — loss year driven largely by impairments, but very strong balance sheet.
Strengths
- Exceptional liquidity: cash $2.7B (95th pct), ~20.6 quarters runway (100th), current ratio 2.24
- Moderate leverage (D/E 0.58) and a vertically integrated, diversified product chain
- Positive operating cash flow (OCF margin 4.2%) despite the reported loss
Risks
- Net loss with net margin -13.5%, ROE -17.2%, negative FCF -$530M (5th pct)
- Large non-cash hits: $727M goodwill impairment plus chlorovinyls/epoxy plant-closure charges
- Revenue declining -8%; deep chlorovinyls/epoxy industry downturn
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -13.5%)
- Cash burnNegative free cash flow (-530.0M)
- Strong balance sheetStrong balance sheet — $2.7B cash & investments, ~21 quarters of runway
- Insider sellingInsider selling — 4 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$4M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
7.3%
Operating margin
-14.1%
Net margin
-13.5%
Return on equity
-17.2%
Return on assets
-7.6%
ROIC
-9.0%
Revenue growth (QoQ)
4.7%
Net-income growth
-350.5%
Debt / equity
0.6×
Current ratio
2.2×
Free cash flow
-$530M
EBITDA
-$400M
Tangible book value
$6.7B
Cash & investments
$2.7B
Cash runway
21q
Stock comp / revenue
0.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-13 | Bender Mark Steven | Tax withheld | 5.3K | $97.34 |
| 2026-05-12 | Bender Mark Steven | Option exercise | 13K | — |
| 2026-03-27 | Bender Mark Steven | Sell | 16K | $112.53 |
| 2026-03-27 | Buesinger Robert F. | Sell | 4.0K | $115.25 |
| 2026-02-27 | Bender Mark Steven | Sell | 17K | $100.91 |
| 2026-02-27 | Bender Mark Steven | Sell | 421 | $101.52 |
| 2026-02-27 | Bender Mark Steven | Option exercise | 6.2K | $65.81 |
| 2026-02-27 | Bender Mark Steven | Option exercise | 6.5K | $86.54 |
| 2026-02-27 | Bender Mark Steven | Disposition | 13K | $98.20 |
| 2026-02-20 | Bender Mark Steven | Tax withheld | 445 | $94.10 |
| 2026-02-20 | Szwejbka Scott Thomas | Tax withheld | 91 | $94.10 |
| 2026-02-20 | Holy Jeffrey Adam | Tax withheld | 81 | $94.10 |
| 2026-02-20 | Ederington L. Benjamin | Tax withheld | 357 | $94.10 |
| 2026-02-20 | Buesinger Robert F. | Tax withheld | 326 | $94.10 |
| 2026-02-20 | Chao John Tsung-chen | Tax withheld | 91 | $94.10 |
| 2026-02-20 | Chao Albert | Tax withheld | 2.5K | $94.10 |
| 2026-02-20 | Chao James | Tax withheld | 1.6K | $94.10 |
| 2026-02-19 | Bender Mark Steven | Grant | 1.8K | — |
| 2026-02-19 | Ederington L. Benjamin | Grant | 1.4K | — |
| 2026-02-19 | Chao James | Grant | 3.9K | — |
| 2026-02-19 | Holy Jeffrey Adam | Grant | 264 | — |
| 2026-02-19 | Szwejbka Scott Thomas | Grant | 365 | — |
| 2026-02-19 | Chao John Tsung-chen | Grant | 213 | — |
| 2026-02-19 | Buesinger Robert F. | Grant | 1.3K | — |
| 2026-02-19 | Chao Albert | Grant | 6.2K | — |
| 2026-02-18 | Chao James | Tax withheld | 2.7K | $98.95 |
| 2026-02-18 | Chao John Tsung-chen | Tax withheld | 242 | $98.95 |
| 2026-02-18 | Szwejbka Scott Thomas | Tax withheld | 295 | $98.95 |
| 2026-02-18 | Chao Albert | Tax withheld | 5.1K | $98.95 |
| 2026-02-18 | Ederington L. Benjamin | Tax withheld | 978 | $98.95 |
| 2026-02-18 | Buesinger Robert F. | Tax withheld | 903 | $98.95 |
| 2026-02-18 | Holy Jeffrey Adam | Tax withheld | 213 | $98.95 |
| 2026-02-18 | Bender Mark Steven | Tax withheld | 1.2K | $98.95 |
| 2026-02-17 | Chao John Tsung-chen | Option exercise | 570 | — |
| 2026-02-17 | Szwejbka Scott Thomas | Option exercise | 977 | — |
| 2026-02-17 | Holy Jeffrey Adam | Option exercise | 706 | — |
| 2026-02-17 | Ederington L. Benjamin | Option exercise | 3.8K | — |
| 2026-02-17 | Chao James | Option exercise | 10K | — |
| 2026-02-17 | Chao Albert | Option exercise | 17K | — |
| 2026-02-17 | Buesinger Robert F. | Option exercise | 3.5K | — |
| 2026-02-17 | Bender Mark Steven | Option exercise | 4.8K | — |
| 2025-12-22 | Chao Albert | Sell | 521 | $74.44 |
| 2025-12-22 | Chao Albert | Sell | 9.7K | $72.82 |
| 2025-12-22 | Chao Albert | Option exercise | 82K | $44.42 |
| 2025-12-22 | Chao Albert | Sell | 31K | $73.80 |
| 2025-12-10 | CREGG ROGER A | Option exercise | 1.3K | — |
| 2025-10-02 | Szwejbka Scott Thomas | Tax withheld | 3.8K | $76.70 |
| 2025-10-01 | Szwejbka Scott Thomas | Option exercise | 11K | — |
| 2025-08-28 | Chao James | Gift | 15K | — |
| 2025-08-09 | Graff Michael J | Option exercise | 1.1K | — |
| 2025-08-09 | Chao Catherine T. | Option exercise | 1.1K | — |
| 2025-08-09 | Sabat Carolyn Chao | Option exercise | 1.1K | — |
| 2025-08-09 | Chao David Tsung-Hung | Option exercise | 1.1K | — |
| 2025-08-09 | Lubel Kimberly S | Option exercise | 1.1K | — |
| 2025-08-09 | Sheets Jeffrey Wayne | Option exercise | 1.1K | — |
| 2025-08-09 | NORTHCUTT R BRUCE | Option exercise | 1.1K | — |
| 2025-08-09 | MCCOLLUM MARK A | Option exercise | 1.1K | — |
| 2025-05-27 | Buesinger Robert F. | Sell | 83 | $72.70 |
| 2025-04-22 | Buesinger Robert F. | Buy | 83 | $93.39 |
| 2025-03-05 | Chao John Tsung-chen | Tax withheld | 235 | $108.62 |
| 2025-03-05 | Chao John Tsung-chen | Tax withheld | 391 | $108.62 |
| 2025-02-21 | Bender Mark Steven | Tax withheld | 3.5K | $110.54 |
| 2025-02-21 | Holy Jeffrey Adam | Tax withheld | 341 | $110.54 |
| 2025-02-21 | Ederington L. Benjamin | Tax withheld | 2.9K | $110.54 |
| 2025-02-21 | Janssens Thomas J. | Tax withheld | 606 | $110.54 |
| 2025-02-21 | Chao James | Tax withheld | 6.6K | $110.54 |
| 2025-02-21 | Chao Albert | Tax withheld | 13K | $110.54 |
| 2025-02-21 | Buesinger Robert F. | Tax withheld | 2.7K | $110.54 |
| 2025-02-20 | Janssens Thomas J. | Grant | 2.4K | — |
| 2025-02-20 | Bender Mark Steven | Grant | 8.8K | — |
| 2025-02-20 | Chao James | Grant | 16K | — |
| 2025-02-20 | Chao John Tsung-chen | Grant | 955 | — |
| 2025-02-20 | Chao John Tsung-chen | Grant | 955 | — |
| 2025-02-20 | Holy Jeffrey Adam | Grant | 1.3K | — |
| 2025-02-20 | Buesinger Robert F. | Grant | 6.8K | — |
| 2025-02-20 | Ederington L. Benjamin | Grant | 7.3K | — |
| 2025-02-20 | Chao Albert | Grant | 33K | — |
| 2025-02-19 | Bender Mark Steven | Tax withheld | 50 | $112.46 |
| 2025-02-19 | Ederington L. Benjamin | Tax withheld | 216 | $112.76 |
| 2025-02-19 | Buesinger Robert F. | Tax withheld | 3.9K | $111.46 |
| 2025-02-19 | Buesinger Robert F. | Tax withheld | 164 | $112.76 |
| 2025-02-19 | Bender Mark Steven | Tax withheld | 4.3K | $111.46 |
| 2025-02-19 | Bender Mark Steven | Tax withheld | 132 | $112.76 |
| 2025-02-19 | Janssens Thomas J. | Tax withheld | 322 | $111.46 |
| 2025-02-19 | Janssens Thomas J. | Tax withheld | 14 | $112.53 |
| 2025-02-19 | Holy Jeffrey Adam | Tax withheld | 210 | $111.46 |
| 2025-02-19 | Holy Jeffrey Adam | Tax withheld | 9 | $112.76 |
| 2025-02-19 | Chao James | Tax withheld | 2.2K | $111.46 |
| 2025-02-19 | Chao James | Tax withheld | 94 | $112.76 |
| 2025-02-19 | Chao Albert | Tax withheld | 5.8K | $111.46 |
| 2025-02-19 | Chao Albert | Tax withheld | 249 | $112.73 |
| 2025-02-19 | Ederington L. Benjamin | Tax withheld | 5.1K | $111.46 |
| 2025-02-18 | Janssens Thomas J. | Tax withheld | 790 | $115.29 |
| 2025-02-18 | Ederington L. Benjamin | Option exercise | 13K | — |
| 2025-02-18 | Chao Albert | Option exercise | 18K | — |
| 2025-02-18 | Holy Jeffrey Adam | Option exercise | 702 | — |
| 2025-02-18 | Buesinger Robert F. | Option exercise | 13K | — |
| 2025-02-18 | Janssens Thomas J. | Option exercise | 1.3K | — |
| 2025-02-18 | Chao John Tsung-chen | Option exercise | 513 | — |
| 2025-02-18 | Ederington L. Benjamin | Tax withheld | 1.9K | $115.29 |
| 2025-02-18 | Bender Mark Steven | Option exercise | 14K | — |
| 2025-02-18 | Chao James | Option exercise | 8.8K | — |
| 2025-02-18 | Chao John Tsung-chen | Option exercise | 513 | — |
| 2025-02-14 | Ederington L. Benjamin | Option exercise | 7.6K | — |
| 2025-02-14 | Janssens Thomas J. | Option exercise | 3.0K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (2)
- LACC, LLC
- Westlake Chemical OpCo LP
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-15 | Reg FDExhibits | filing ↗ |
| 2026-05-18 | Shareholder vote | filing ↗ |
| 2026-05-05 | ResultsReg FDExhibits | filing ↗ |
| 2026-05-01 | Reg FD | filing ↗ |
| 2026-04-20 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-04-14 | Other | filing ↗ |
| 2026-04-06 | Material agreement1.02Debt obligationExhibits | filing ↗ |
| 2026-04-02 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-15 | 2026-06-15 | 0001193125-26-271206 ↗ |
| 8-K | 2026-05-18 | 2026-05-14 | 0001193125-26-229093 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001262823-26-000022 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001262823-26-000019 ↗ |
| 8-K | 2026-05-01 | 2026-04-27 | 0001193125-26-199067 ↗ |
| 8-K | 2026-04-20 | 2026-04-15 | 0001193125-26-164225 ↗ |
| 8-K | 2026-04-14 | 2026-04-13 | 0001193125-26-153703 ↗ |
| 8-K | 2026-04-06 | 2026-04-02 | 0001193125-26-142822 ↗ |
| 8-K | 2026-04-02 | 2026-03-30 | 0001193125-26-139007 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001262823-26-000016 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001262823-26-000008 ↗ |
| 8-K | 2026-02-23 | 2026-02-19 | 0001193125-26-064221 ↗ |