At a glance
Dow Inc is worth $24.74B. Revenue fell 7.0% to $39.97B in fiscal 2025, at a loss; over 5 years it has grown 0.7% a year. It pays a 4.1% dividend yield, and returned $13.95B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +50.3% over the past year with dividends reinvested and −5.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 54.1% in the 2020 crash (S&P 500: 33.7%) and 37.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Dow Inc. is the holding company for The Dow Chemical Company, whose roots go back to a Michigan company founded in 1897. Dow is based in Midland, Michigan. It makes plastics and basic chemicals that manufacturers turn into packaging, pipes, wire and cable, car parts and other everyday goods. It runs plants in 29 countries and employs about 34,600 people. Sales were $39.97 billion in fiscal 2025, the year ended December 31, 2025.
Packaging & Specialty Plastics is the core business and brought in 50% of sales. Its Hydrocarbons & Energy unit turns raw materials such as ethane, propane and naphtha into ethylene, a basic chemical building block. It passes the ethylene to Dow's plastics business at market-based prices. That business makes polyethylene, the plastic used in much food and consumer packaging, plus specialty plastics and rubbers. Because Dow owns the whole chain, it can shift between raw materials as prices move. Profits still swing with industry supply and demand. Rivals include ExxonMobil, LyondellBasell, SABIC and INEOS.
Industrial Intermediates & Infrastructure supplied 27.9% of sales and Performance Materials & Coatings supplied 20.4%. By region, the U.S. and Canada made up 39.5%; Europe, the Middle East, Africa and India 31.5%; Asia Pacific 18.1%; and Latin America 10.9%. Dow also records its share of results from joint ventures (companies it co-owns with partners) in Kuwait, Saudi Arabia and Thailand.
Price history
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DOW +50.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Packaging & Specialty Plastics | $19.97B | 50% |
| Industrial Intermediates & Infrastructure | $11.16B | 27.9% |
| Performance Materials & Coatings | $8.13B | 20.4% |
| Corporate Segment | $701.0M | 1.8% |
By geography
| U.S.& Canada | $15.81B | 39.5% |
| Europe, Middle East, Africa and India | $12.59B | 31.5% |
| Asia Pacific | $7.22B | 18.1% |
| Latin America | $4.35B | 10.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $11.27B, up 13% from a year earlier, and net income was $458.0M (+638.7%).
- For fiscal 2025, revenue was $39.97B (-7.0% year over year; +0.7% a year from FY2020 to FY2025) with a -6.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +0.7% watch |
|---|---|
| Free cash flow margin | -3.6% weak |
| Return on equity (FY2025) | -16.4% weak |
| Return on assets (FY2025) | -4.5% weak |
| Net cash (cash minus debt) | $-13.38B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $38.54B | $1.23B | $4.97B |
| FY2021 | $54.97B | $6.31B | $5.51B |
| FY2022 | $56.90B | $4.58B | $5.65B |
| FY2023 | $44.62B | $589.0M | $2.84B |
| FY2024 | $42.96B | $1.12B | $-26.0M |
| FY2025 | $39.97B | $-2.62B | $-1.45B |
Valuation snapshot
| Market value | $24.74B |
|---|---|
| P/E ratio | — |
| Dividend yield | 4.1% |
Rank among 1514 US companies
Market value at each year end
Dow’s market value went from $40.58B at the end of 2019 to $24.74B on Nov 2, 2026, down 39%; since the end of 2025 it is up 49%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $24.74B | +48.9% |
| 2025 | $16.62B | -40.9% |
| 2024 | $28.09B | -27.0% |
| 2023 | $38.46B | +8.5% |
| 2022 | $35.46B | -15.5% |
| 2021 | $41.95B | +1.9% |
| 2020 | $41.17B | +1.4% |
| 2019 | $40.58B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DOW price data to Nov 2, 2026 | +51.1% | +50.3% | -6.1% | -5.2% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +51.1% |
| 2025 | -37.4% |
| 2024 | -22.8% |
| 2023 | +14.7% |
| 2022 | -6.7% |
| 2021 | +6.9% |
| 2020 | +8.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.1% over that stretch · deepest drop along the way 54.1%, back to its old high 5.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.2% over that stretch · deepest drop along the way 37.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.41% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.3% | Jun 30, 2026 |
ETFs with the most weight in DOW
| RSPM Invesco S&P 500 Equal Weight Materials ETF | 3.22% |
| XLB Materials Select Sector SPDR Fund | 2.92% |
| BAMD Brookstone Dividend Stock ETF | 2.71% |
| NDIV Amplify Natural Resources Dividend Income ETF | 2.47% |
| SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 2.07% |
| VAW Vanguard Materials ETF | 1.97% |
| FMAT Fidelity MSCI Materials Index ETF | 1.6% |
| XUDV Franklin U.S. Dividend Multiplier Index ETF | 1.6% |
What could go wrong
- Profits swing with industry supply and demand. Dow's earnings depend partly on the balance of supply and demand in its industry. When producers add capacity faster than demand grows, prices and profit margins can fall. Dow lost $2.62 billion in fiscal 2025.
- Volatile raw material and energy costs. Dow buys ethane, propane, naphtha, natural gas and other raw materials, plus energy, to run its plants. Price spikes or shortages raise operating costs and make earnings less predictable.
- Climate goals ride on Alberta project. By 2030, Dow aims to cut its net operating emissions by about 15% from 2020 levels. That goal relies on a new complex in Alberta, Canada. Delays, cost overruns or missed targets could hurt its reputation and financing.
- Tighter rules on plastics and chemicals. Concern about the safety of chemicals and plastics and their effect on the environment has already brought stricter regulations, and more may follow. New rules could cut demand for its products or raise costs.
- Large debt load and credit ratings. As of September 30, 2026, Dow had $17.5 billion of debt and $4.1 billion of cash and investments. A downgrade below investment grade (the higher-rated tier) could raise borrowing costs and limit funding.
- A major plant accident or outage. Dow's large sites are closely integrated, with one unit's output feeding another. A fire, explosion, severe storm or other serious event at a key plant could halt production and hurt results.
Recent events
- Quarterly results released
- Quarterly results released
- Other company announcement
- Quarterly results released
- Executive or board change; Shareholder vote results; Investor presentation or announcement; Other company announcement
- Other company announcement
- Quarterly results released
- Restructuring or exit costs; Other company announcement
- Executive or board change
For income and retirement investors
Dow paid $2.80 a share in dividends in every fiscal year from 2020 through 2024, then $2.10 in fiscal 2025, so it has no streak of increases. In fiscal 2025 it paid $1.49 billion in dividends. It also reported a net loss of $2.62 billion and negative free cash flow (cash from operations minus capital spending) of $1.45 billion, so neither earnings nor free cash flow covered the payout. Free cash flow was also slightly negative in fiscal 2024. Buybacks totaled $4.44 billion from fiscal 2021 through 2025, with none in fiscal 2025. The dividend yield was 4.1% as of October 28, 2026.
In the 2020 COVID crash, the shares fell 54.1% and regained their peak about 5.6 months after the March 2020 low. In the 2022 bear market, they fell 37.1% and had not returned to that May 2022 high as of October 28, 2026. Like any single stock, Dow carries more risk than a diversified fund.
Questions investors ask
How does Dow make money?
Dow sells plastics and chemical building blocks to manufacturers and brand owners. Packaging & Specialty Plastics brought in 50% of its $39.97 billion in fiscal 2025 sales. That segment sells polyethylene and other plastics used in packaging, pipes, cables and hygiene products. Industrial Intermediates & Infrastructure added 27.9% and Performance Materials & Coatings added 20.4%. Dow also records its share of results from joint ventures in Kuwait, Saudi Arabia and Thailand.
Did Dow cut its dividend?
Yes. Dow paid $2.80 a share in dividends in each fiscal year from 2020 through 2024, then $2.10 a share in fiscal 2025. It did not raise the dividend at any point in that span. Total dividends paid fell from $1.97 billion in fiscal 2024 to $1.49 billion in fiscal 2025. In fiscal 2025, Dow also reported a net loss of $2.62 billion and negative free cash flow of $1.45 billion. The dividend yield was 4.1% as of October 28, 2026.
Is Dow profitable?
Not for its latest full year, though its most recent reported quarter was profitable. For fiscal 2025, which ended December 31, 2025, Dow posted a net loss of $2.62 billion, or $3.70 a share. Revenue fell 7% to $39.97 billion. In the quarter ended September 30, 2026, it earned $458 million on revenue of $11.27 billion, up 13% from a year earlier. On that date it had $17.52 billion of debt and $4.14 billion of cash and investments.
How has Dow stock performed?
The stock has been weak over five years and strong over the past year. As of October 28, 2026, the share price was up 41% over one year and 50.9% year to date. That came after it fell 37.4% in 2025 and 22.8% in 2024. Over five years the price fell about 21% in total, or 4.6% a year. Over about 7.6 years of trading, its largest drop from a peak was 64.4%. These are share price returns.
Which ETFs hold Dow stock?
Dow appears in 193 ETFs. The funds that give it the largest weights are mostly materials-sector and dividend funds. They include the Invesco S&P 500 Equal Weight Materials ETF (RSPM) at 3.22%, the Materials Select Sector SPDR Fund (XLB) at 2.92%, the Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) at 2.07% and the Vanguard Materials ETF (VAW) at 1.97%. Weights change over time. In these funds Dow is one of many holdings, which spreads out the risk of any single company.