At a glance
Olin Corporation is worth $1.88B. Revenue grew 3.7% to $6.78B in fiscal 2025, at a loss; over 5 years it has grown 3.3% a year. It pays a 4.86% dividend yield, raised every year for at least 3 years, and returned $3.20B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −18.8% over the past year with dividends reinvested and −20.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 51.0% in the 2020 crash (S&P 500: 33.7%) and 36.7% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Olin makes chemicals and, through its Winchester segment, ammunition. Based in Clayton, Missouri, and incorporated in Virginia in 1892, it had $6.78 billion in sales in fiscal 2025 (the year ended December 31, 2025). About 68% came from the U.S., 23% from other foreign markets and just under 10% from Europe.
Chlor Alkali Products and Vinyls, about 54% of sales, is the core. Olin uses electricity to split salt into chlorine, caustic soda and hydrogen, always in fixed proportions, a bundle the industry calls an electrochemical unit (ECU). It sells these chemicals and turns chlorine into products such as bleach, hydrochloric acid, solvents and the building blocks of PVC plastic, used in pipe and vinyl siding. End uses range from water treatment and pulp and paper to alumina, detergents and urethanes. Electricity is the segment's largest raw material cost.
Winchester, about 25% of sales, makes sporting ammunition, reloading components, small caliber military ammunition, industrial cartridges and clay targets, and earns revenue from contracted U.S. military projects. Epoxy, about 20% of sales, makes epoxy resins and their ingredients for wind energy, electrical laminates, coatings, composites and civil engineering, selling mainly in North America and Western Europe. All three segments are capital-intensive, meaning they need heavy, ongoing spending on plants and equipment.
Price history
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OLN -18.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Chlor Alkali Products and Vinyls | $3.68B | 54.3% |
| Winchester | $1.72B | 25.4% |
| Epoxy | $1.37B | 20.2% |
By geography
| U.S. | $4.59B | 67.6% |
| Other foreign | $1.55B | 22.8% |
| Europe | $647.4M | 9.5% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.75B, up 2% from a year earlier, and net income was $14.4M (-66.4%).
- For fiscal 2025, revenue was $6.78B (+3.7% year over year; +3.3% a year from FY2020 to FY2025) with a -1.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.3% watch |
|---|---|
| Operating margin | 0.1% weak |
| Free cash flow margin | 3.7% watch |
| Return on equity (FY2025) | -5.5% weak |
| Return on assets (FY2025) | -1.4% weak |
| Net cash (cash minus debt) | $-2.80B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.76B | $-969.9M | $134.1M |
| FY2021 | $8.91B | $1.30B | $1.54B |
| FY2022 | $9.38B | $1.33B | $1.69B |
| FY2023 | $6.83B | $452.0M | $738.3M |
| FY2024 | $6.54B | $105.0M | $308.1M |
| FY2025 | $6.78B | $-101.1M | $247.9M |
Valuation snapshot
| Market value | $1.88B |
|---|---|
| P/E ratio | — |
| Dividend yield | 4.86% |
Rank among 1514 US companies
Market value at each year end
Olin’s market value went from $4.23B at the end of 2016 to $1.88B on Oct 28, 2026, down 56%; since the end of 2025 it is down 21%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.88B | -21.0% |
| 2025 | $2.38B | -39.7% |
| 2024 | $3.94B | -40.4% |
| 2023 | $6.61B | -8.8% |
| 2022 | $7.25B | -20.9% |
| 2021 | $9.17B | +136.5% |
| 2020 | $3.88B | +40.8% |
| 2019 | $2.75B | -17.9% |
| 2018 | $3.36B | -43.3% |
| 2017 | $5.92B | +39.9% |
| 2016 | $4.23B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OLN price data to Oct 28, 2026 | -18.8% | -18.8% | -24.8% | -20.1% | 0.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -18.8% |
| 2025 | -36.1% |
| 2024 | -36.3% |
| 2023 | +3.5% |
| 2022 | -6.6% |
| 2021 | +138.5% |
| 2020 | +50.6% |
| 2019 | -10.8% |
| 2018 | -41.9% |
| 2017 | +42.5% |
| 2016 | +54.9% |
| 2015 | -21.7% |
| 2014 | -18.6% |
| 2013 | +38.2% |
| 2012 | +14.1% |
| 2011 | -0.3% |
| 2010 | +22.3% |
| 2009 | +2.5% |
| 2008 | -2.8% |
| 2007 | +22.2% |
| 2006 | -12.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 57.4% over that stretch · deepest drop along the way 69%, back to its old high 48.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.6% over that stretch · deepest drop along the way 51%, back to its old high 7.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.9% over that stretch · deepest drop along the way 36.7%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 2 sales ($212K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 25, 2026 | Deon Carter VP & President CAPV | sell | $154K |
| Feb 24, 2026 | Angela M Castle VP & Chief Legal Officer | sell | $58K |
Who owns it
Large shareholders (13G filings)
| Hotchkis and Wiley Capital Management, LLC | 13.39% | Dec 31, 2025 |
| BlackRock, Inc. | 9.1% | Mar 31, 2025 |
| Dimensional Fund Advisors LP | 5.4% | Jun 30, 2026 |
| Vanguard Capital Management | 5.17% | Mar 31, 2026 |
| AQR Capital Management, LLC | 5.04% | Jun 30, 2026 |
| Fuller & Thaler Asset Management, Inc. | 4.41% | Mar 31, 2026 |
| FMR LLC | 2.9% | Dec 31, 2024 |
ETFs with the most weight in OLN
| FXZ First Trust Materials AlphaDEX Fund | 3.76% |
| GUNZ Tuttle Capital Self Defense Index ETF | 3.61% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 0.7% |
| SYLD Cambria Shareholder Yield ETF | 0.6% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.5% |
| IFRA iShares U.S. Infrastructure ETF | 0.45% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.42% |
| RFV Invesco S&P MidCap 400® Pure Value ETF | 0.33% |
What could go wrong
- Chlorine and caustic soda come as a pair. Olin makes 1.1 tons of caustic soda for every ton of chlorine. If demand for one weakens, it may have to cut output of both, and it cannot store large amounts of chlorine.
- Chemical prices rise and fall in cycles. Strong demand tends to bring new capacity, then oversupply and falling prices, especially in chlor alkali and vinyls. Extra supply from Asia, particularly China, and Europe can reach North America and push prices down.
- Government contracts bring compliance and delivery risks. Olin's Lake City contract and other government contracts carry compliance and delivery obligations. Falling short could hurt results. Winchester's sales include small caliber military ammunition and contracted U.S. military project revenue.
- Energy and feedstock costs can swing earnings. Electricity is the biggest raw material cost in its largest segment, and Olin relies on a limited number of outside suppliers for certain feedstocks. Price spikes or supply disruptions can squeeze profits.
- Heavy debt with lender conditions attached. As of June 30, 2026, Olin had about $3.03 billion of debt and $177 million in cash and investments. Weak profits could strain loan covenants, the conditions lenders set on borrowers.
- Chemical plants face accident and weather risks. Olin handles hazardous chemicals at large sites such as Freeport, Texas, and Plaquemine, Louisiana. Accidents, severe weather, ongoing environmental costs or tighter rules on shipping these chemicals could disrupt output or raise costs.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Shareholder vote results; Investor presentation or announcement
- Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Major agreement signed; Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results; Investor presentation or announcement
For income and retirement investors
Olin pays a regular dividend, but it has barely grown: dividends per share stayed at $0.78 to $0.80 a year from fiscal 2020 to 2025. A loss of $0.88 per share in fiscal 2025 meant earnings did not cover the payout, though dividends used about 37% of free cash flow (cash left after capital spending). The yield was 4.86% as of October 28, 2026, lifted by the falling share price. Buybacks totaled $2.66 billion over fiscal 2021–2025, and the share count fell 28.5% from September 2021 to June 2026, but buybacks slowed to $50.5 million in fiscal 2025.
The stock has fallen hard in downturns: 69% in the 2008 financial crisis, taking about 48 months to recover, and 51% in the 2020 COVID crash, taking about eight months. After a 36.7% drop in the 2022 bear market, it had not recovered as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Olin make money?
Olin makes money selling chemicals and ammunition. In fiscal 2025, sales were $6.78 billion. Chlor Alkali Products and Vinyls, which makes chlorine, caustic soda, vinyl building blocks for PVC plastic, bleach and other chemicals, brought in about 54%. Winchester ammunition brought in about 25%, and Epoxy, which makes resins used in wind energy, coatings and electrical laminates, about 20%. About 68% of sales came from the U.S.
Does Olin own Winchester ammunition?
Yes. Winchester is one of Olin's three business segments. It makes sporting ammunition, reloading components, small caliber military ammunition and components, industrial cartridges and clay targets, and it also earns contracted U.S. military project revenue. Winchester had $1.72 billion in sales in fiscal 2025, about 25% of Olin's total. Olin also flags risks tied to its Lake City contract and other government contracts.
Does Olin raise its dividend every year?
Not in any meaningful way. Dividends per share edged up in each of fiscal 2023, 2024 and 2025, but only to about $0.80, the same level as fiscal 2020, so five-year growth was essentially zero. The yield was 4.86% as of October 28, 2026. Olin lost $0.88 per share in fiscal 2025, so earnings did not cover the dividend, though it used about 37% of free cash flow.
Why is Olin stock down so much?
The drop has tracked a steep fall in profits. Net income went from $1.33 billion in fiscal 2022 to a loss of $101 million in fiscal 2025, while sales fell from $9.38 billion to $6.78 billion. Chemical prices move in cycles, and Olin's operating margin (operating profit as a share of sales) was just 0.1% in fiscal 2025. The stock lost about 36% in both 2024 and 2025, and as of October 28, 2026, it was down 67% over five years.
How much debt does Olin have?
Olin had $3.03 billion of debt as of June 30, 2026, against $177 million in cash and investments, leaving net debt of about $2.85 billion. That compares with shareholders' equity of $1.71 billion on the same date and a stock market value of about $1.88 billion as of October 28, 2026. Olin warns that weak profits could make it harder to meet the covenants, or conditions, in its debt agreements. A filing dated October 28, 2026, also reported a major agreement and a new debt or financial obligation.