LYBLyondellBasell Industries N.V.

Industrial Organic Chemicals

Revenue: $30.2B; 9.7% YoY
Operating margin: -1.4%; 124% YoY
EBITDA: $970M; 72% YoY
Market cap: $22.2B
Employees: 18,970; $2M revenue each
Net debt / EBITDA: 2.7×; $2.7B net debt
AI in 10-K: 1.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
87% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 87th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.1 per 10K words · 36th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$22.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$27M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$46.2B	$50.5B	$33.3B	$33.4B	$30.2B	9.7%
Operating income	$6.8B	$5.1B	$2.7B	$1.9B	−$420M	122%
Net income	$5.6B	$3.9B	$2.1B	$1.4B	−$738M	154%
Operating cash flow	$7.7B	$6.1B	$4.9B	$3.8B	$2.3B	41%
Capex	$2.0B	$1.9B	$1.5B	$1.8B	$1.9B	2.1%
Stock-based comp	$66M	$70M	$91M	$91M	$91M	0.0%
Buybacks	$463M	$420M	$211M	$195M	$201M	3.1%
Dividends	$1.5B	$3.2B	$1.6B	$1.7B	$1.8B	2.6%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 13, 2025	LYB Holdco LLC	SCHEDULE 13D/A	20.3%	Passive
Jun 11, 2025	LYB Holdco LLC	SCHEDULE 13D/A	20.3%	Passive
Aug 10, 2023	LYB Holdco LLC	SC 13D/A	20.2%	Passive
Nov 21, 2022	LYB Holdco LLC	SC 13D/A	21.5%	Passive
Nov 17, 2022	LYB Holdco LLC	SC 13D/A	21.5%	Passive
May 6, 2021	AI International Chemicals LLC	SC 13D/A	21.1%	Passive
Feb 18, 2021	AI International Chemicals LLC	SC 13D/A	22.2%	Passive
Nov 8, 2019	AI International Chemicals LLC	SC 13D/A	23.2%	Passive
Jul 15, 2019	AI International Chemicals S.a r.l.	SC 13D/A	22.9%	Passive

Insider trading

Open-market buys, 12 mo: $247K · 1
Open-market sells, 12 mo: $27M · 7
Net: −$27M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	66	122
FY2024	—	—	104	124
FY2023	—	—	126	124
FY2022	—	—	104	112
FY2021	—	—	105	126