DOW INC.

Scaled, integrated commodity chemicals leader in a cyclical trough with depressed margins and declining sales.

Strengths

• Massive scale ($40B sales), low-cost feedstock integration, and largest sector cash balance (100th pct)
• Solid liquidity (current ratio 2.0, quick ratio 1.25)

Risks

• Thin gross margin (6.3%, 22nd pct) and falling revenue (-7%, 16th pct) reflect a weak chemicals cycle
• Capital-intensive, climate-transition and tariff exposure pressuring returns

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Net lossNet loss (net margin -6.1%)
• Strong balance sheetStrong balance sheet — $3.8B cash & investments
• China exposureimport and export controls; taxes; and duties and tariffs