EMN
Eastman Chemical Company
EMN's fundamentals are mixed: free cash flow grew 19%, but its operating margin fell 2 points to 7.2%. At 12x earnings, it's trading below its usual 14x. Analysts expect earnings growth.
EMN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Healthy | |
| Under pressure |
EMN's revenue and cash flow are currently healthy, and its profitability is stable, but its balance sheet is under pressure.
EMN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 10x | $57.74 | -12% |
| Forward | 10x | $65.61 | — |
| Current | 12x | $65.61 | — |
| Fair | 14x | $79.59 | +21% |
| Expensive | 29x | $163 | +149% |
Historical ranges are pointers, not guarantees.
EMN's PE is in its cheap range at 12x. If earnings grow as analysts expect, today's price would be 10x next year's earnings.
EMN Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for EMN, with profitability improving.
EMN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.33 | +12% |
| Q3 2026 | $5.64 | -5.7% |
| Q2 2026 | $3.85 | -46% |
| Q1 2026 | $3.46 | -56% |
| Q4 2025 | $4.10 | -47% |
| Q3 2025 | $5.98 | -20% |
| Q2 2025 | $7.11 | -4.3% |
| Q1 2025 | $7.85 | +1.2% |
| Q4 2024 | $7.67 | +2.4% |
EMN's earnings per share have fallen from their peak: $5.64 over the past year, against $9.21 in mid-2022.
EMN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.4B | +8.3% |
| Q2 2026 | $2.5B | +9.9% |
| Q1 2026 | $2.2B | -4.9% |
| Q4 2025 | $2B | -12% |
| Q3 2025 | $2.2B | -11% |
| Q2 2025 | $2.3B | -3.2% |
| Q1 2025 | $2.3B | -0.9% |
| Q4 2024 | $2.2B | +1.7% |
EMN's revenue has held roughly level: $2.4B last quarter, up 8.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 10% | +4.3 points |
| Q2 2026 | 10% | +2.8 points |
| Q1 2026 | 6.3% | -4.8 points |
| Q4 2025 | 0.6% | -13 points |
| Q3 2025 | 6.1% | -5.3 points |
| Q2 2025 | 7.4% | -4.8 points |
| Q1 2025 | 11% | +1.8 points |
| Q4 2024 | 13% | -6 points |
EMN's operating margin was 10% last quarter, up 4.3 points from the same quarter a year ago.
EMN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $195M | -26% |
| Q2 2026 | $124M | +49% |
| Q1 2026 | -$240M | +$74M |
| Q4 2025 | $390M | +8% |
| Q3 2025 | $265M | -4% |
| Q2 2025 | $83M | -67% |
| Q1 2025 | -$314M | -$113M |
| Q4 2024 | $361M | +32% |
EMN still generates free cash flow, though less than at its 2019 peak: $469M over the past year.
EMN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -0.1% | -100K shares |
| 3 years | -3.1% | -3.7M shares |
| 5 years | -16% | -21.7M shares |
| Available history | -17% | -23.2M shares |
EMN has 115M diluted shares, about the same as a year ago.
EMN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.8x | Elevated |
| Q2 2026 | 4.3x | High |
| Q1 2026 | 4.7x | High |
| Q4 2025 | 3.9x | Elevated |
| Q3 2025 | 3.4x | Elevated |
| Q2 2025 | 3.1x | Elevated |
| Q1 2025 | 2.8x | Moderate |
| Q4 2024 | 2.6x | Moderate |
EMN's net debt is about 3.8 years of its operating earnings (EBITDA), up from 3.4 years a year ago.
EMN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.7 | Neutral |
| Stochastic | 26.9 | Neutral |
EMN's weekly RSI is 45 (neutral) and its Stochastic is 27 (neutral).
EMN PE vs Basic Materials Sector
| Metric | EMN | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 19x | 38% below |
| PE % | 25 | 40 | 15 pts below |
EMN is trading at 12x earnings, a 38% discount to the Basic Materials sector's median of 19x.
EMN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $64.8 | 1.3% above |
| 20 week MA | $68.1 | 3.6% below |
| 50 week MA | $70.0 | 6.3% below |
| 100 week MA | $73.7 | 11% below |
| 200 week MA | $81.9 | 20% below |
EMN has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 20% below its 200-week average.
EMN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $78.3 | $101.3 | +29% |
| 2021 | $101.3 | $117.4 | +16% |
| 2022 | $117.4 | $82.2 | -30% |
| 2023 | $82.2 | $89.8 | +9.3% |
| 2024 | $89.8 | $91.7 | +2.1% |
| 2025 | $91.7 | $63.5 | -31% |
| 2026 YTD | $63.5 | $65.6 | +3.3% |
EMN has finished higher in four of the last six years. It's up 3.3% so far in 2026.