The business behind the dividend
| Measure | EMN | Median | Formula |
|---|---|---|---|
| Return on equity | 8.0% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.6% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $441.00m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $424.00m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 6.5% | 15.0% | Operating income ÷ revenue |
| Net margin | 5.4% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.70x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.64x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.37x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 4.23x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.05x | 1.78x | Operating cash flow ÷ net income |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 8.0% | 15.7% | 16.4% | 15.4% | 15.0% | 7.9% | 12.7% | 18.6% | 25.6% | 18.8% | 15.4% |
| Return on capital employed | 5.6% | 10.4% | 11.1% | 10.6% | 10.7% | 4.7% | 7.8% | 11.2% | 13.3% | 12.8% | 10.6% |
| Operating margin | 6.5% | 11.5% | 11.8% | 9.2% | 10.3% | 6.3% | 9.7% | 12.9% | 16.0% | 15.4% | 10.3% |
| Net margin | 5.4% | 9.6% | 9.7% | 7.5% | 8.2% | 5.6% | 8.2% | 10.6% | 14.5% | 9.5% | 8.2% |
| Debt to equity | 0.70x | 0.79x | 0.79x | 0.78x | 0.77x | 0.87x | 0.94x | 1.02x | 1.14x | 1.39x | 0.79x |
| Current ratio | 1.37x | 1.51x | 1.35x | 1.16x | 1.56x | 1.74x | 1.86x | 1.82x | 1.59x | 1.60x | 1.56x |
| Cash conversion | 2.05x | 1.42x | 1.54x | 1.23x | 1.89x | 3.04x | 1.98x | 1.43x | 1.20x | 1.62x | 1.54x |
How it compares in materials
Among the 35 materials companies here measured on free cash flow, Eastman Chemical pays out less than 6 of them. The median for that group is 40.8%, against this company’s 89.9%.
Closest on free cash flow
- Luda Technology Group (LUD) 77.1%
- Freeport-Mcmoran (FCX) 77.5%
- Louisiana-Pacific (LPX) 85.7%
- Nobility Homes (NOBH) 102.6%
Same sector and same denominator, so the figures are comparable. All 47 in materials →