WLKWESTLAKE CORP

Industrial Organic Chemicals

Revenue: $11.2B; 8.0% YoY
Operating margin: -14.1%; 296% YoY
EBITDA: −$400M; 120% YoY
Market cap: $4.5B
Employees: 14,600; $765K revenue each
Net debt / EBITDA: —; $3.4B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
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
72% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$765K · 65th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$11.8B	$15.8B	$12.5B	$12.1B	$11.2B	8.0%
Operating income	$2.8B	$3.0B	$729M	$875M	−$1.6B	280%
Net income	$2.0B	$2.2B	$479M	$602M	−$1.5B	350%
Operating cash flow	$2.4B	$3.4B	$2.3B	$1.3B	$465M	65%
Capex	$658M	$1.1B	$1.0B	$1.0B	$995M	1.3%
Stock-based comp	$31M	$36M	$43M	$41M	$41M	0.0%
Buybacks	$30M	$101M	$23M	$60M	$63M	5.0%
Dividends	$145M	$169M	$221M	$264M	$272M	3.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $10M · 9
Net: −$10M

Pay vs performance

No pay-versus-performance disclosure yet.