Dow (DOW) stock
Materials · Commodity Chemicals
Dow (DOW) is a Commodity Chemicals company in the Materials sector, headquartered in Midland, Michigan. As of October 23, 2026, DOW closed at $32.61, a market capitalization of $23.61 billion, the 370th largest company in the S&P 500. Over the last twelve months it generated $42.61 billion in revenue (+13% year over year) and $1.60 billion in free cash flow.
- 1-year total return: +39.6% (dividends reinvested)
- 5-year return: -6.0% a year
- 52-week range: $20.93 – $42.74
- Gross margin 11.0%, operating margin 6.8%
- Dividend yield: 4.29%
- FI Handbook report card: C- across 10 metrics
- 14th largest of 24 Materials stocks in the S&P 500
DOW price chart
1Y price change: +33.0% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| DOW | +13.8% | +44.2% | +39.6% | -7.0% | -6.0% | — | -0.2% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2019.
DOW key statistics
- Market cap
- $23.6B
- #370 in S&P 500
- P/E (TTM)
- —
- Forward P/E
- 17.8x
- EPS (TTM)
- $-1.29
- Revenue (TTM)
- $42.6B
- +13%
- Free cash flow
- $1.6B
- Gross margin
- 11.0%
- Operating margin
- 6.8%
- Return on equity
- -3.2%
- Dividend yield
- 4.29%
- 52-week range
- $20.93 – $42.74
- Beta
- 0.41
- Price / sales
- 0.6x
- EV / EBITDA
- 8.8x
- Debt / equity
- 1.08x
- Employees
- 31,600
DOW report card
C-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth13.0%B
- Gross margin11.0%F
- Operating margin6.8%D
- FCF margin3.8%D
- Return on equity-3.2%F
- Net debt / EBITDA3.2xD
- Forward P/E17.8xB
- PEG ratio38.9xF
- Shareholder yield4.3%B
- Share count change / yr-0.8%B
Dow financials
Revenue went from $43.7B in fiscal 2017 to $40.0B in fiscal 2025, shrinking 1.1% a year.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $43.7B | $49.6B | $43.0B | $38.5B | $55.0B | $56.9B | $44.6B | $43.0B | $40.0B |
| Gross profit | $7.4B | $8.5B | $6.3B | $5.2B | $10.8B | $8.6B | $4.9B | $4.6B | $2.5B |
| Net income | $595.0M | $4.8B | -$1.3B | $1.3B | $6.4B | $4.6B | $660.0M | $1.2B | -$2.4B |
| EPS (diluted) | $0.60 | $6.21 | $-1.84 | $1.64 | $8.38 | $6.28 | $0.82 | $1.57 | $-3.70 |
| Free cash flow | -$7.7B | $2.2B | $4.0B | $5.0B | $5.5B | $5.7B | $2.8B | -$26.0M | -$1.4B |
| Buybacks | $0 | $0 | $500.0M | $125.0M | $1.0B | $2.3B | $625.0M | $494.0M | $0 |
| Dividends paid | $1.1B | $3.7B | $535.0M | $2.1B | $2.1B | $2.0B | $2.0B | $2.0B | $1.5B |
| Diluted shares | 744.8M | 747.2M | 742.5M | 742.3M | 749.0M | 725.6M | 709.0M | 705.1M | 711.6M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into DOW?
A reverse DCF asks what growth the current price requires. With an enterprise value of $38.1B and $1.6B of trailing free cash flow, Dow needs to grow free cash flow about 15.0% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 19.6x vs. median 14.7x (10th–90th percentile 6.5x–64.2x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
DOW dividend
- Dividend yield
- 4.29%
- Annual dividend
- $1.40
- Years of increases
- —
- 5-yr dividend growth
- -5.6%
- per year
- Payout ratio
- 700%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
DOW analyst price targets
17 analysts' average 12-month target is $34.76 (+7% vs. $32.61). Targets range from $30.00 to $41.00. 25% rate it a buy.
DOW earnings
Next report: January 28, 2027. Dow has beaten EPS estimates 5 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 21, 2026 | $0.64 | $0.71 | +11.5% |
| Jul 23, 2026 | $1.28 | $1.44 | +12.6% |
| Apr 23, 2026 | $-0.29 | $-0.14 | +51.7% |
| Jan 29, 2026 | $-0.51 | $-0.34 | +33.7% |
| Oct 23, 2025 | $-0.30 | $-0.19 | +36.8% |
| Jul 24, 2025 | $-0.17 | $-0.42 | -146.3% |
| Apr 24, 2025 | $-0.01 | $0.02 | +249.8% |
| Oct 24, 2024 | $0.47 | $0.47 | -0.2% |
Stocks like DOW
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 LIN Linde | -0.30% | +15% | $234.6B | 32.8x | Compare |
 NEM Newmont | -4.59% | +24% | $113.1B | 12.6x | Compare |
 FCX Freeport-McMoRan | +0.91% | +60% | $93.6B | 32.1x | Compare |
 SHW Sherwin-Williams | -2.48% | +3% | $81.8B | 31.1x | Compare |
 ECL Ecolab | -1.29% | +6% | $80.9B | 38.7x | Compare |
 APD Air Products and Chemicals | -0.35% | +24% | $68.4B | — | Compare |
 NUE Nucor | +0.02% | +89% | $58.6B | 20.6x | Compare |
 CRH CRH | -1.78% | -27% | $56.5B | 15.0x | Compare |
DOW news
- Dow: 3 Key Takeaways for Long-Term Investors · Oct 25, 2026
- Dow (DOW) Stock Climbs After Q3 Earnings Sharpen Margin Recovery · Oct 24, 2026
- Will Earnings Beat Change Dow (DOW) Narrative · Oct 23, 2026
- Dow (DOW) Beats On Earnings, Is The Stock Still Cheap? · Oct 23, 2026
- Dow (DOW) Q3 2026 Earnings Call Transcript · Oct 22, 2026
DOW stock FAQ
What is DOW's market cap?
Dow's market capitalization is $23.61 billion as of October 23, 2026, ranking 370th in the S&P 500.
Does DOW pay a dividend?
Yes. Dow pays $1.40 per share a year, a 4.29% yield. Dividends fell 5.6% a year over the last five years.
How much has DOW stock returned?
Including reinvested dividends, DOW returned +39.6% over one year, -6.0% a year over five years through October 23, 2026.
Is DOW stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Dow must grow free cash flow about 15% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the DOW price target?
17 analysts cover DOW with an average 12-month price target of $34.76, +7% from the current price. 25% of them rate it a buy.
When does DOW report earnings?
Dow is expected to report earnings on January 28, 2027. It has beaten EPS estimates 5 quarters in a row.
How many employees does Dow have?
Dow has about 31,600 full-time employees, or $1.3 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology