Energy and commodity pricesnegative · 5 filings
“These decreases were partially offset by higher fuel costs in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.”10-Q · Aug 5, 2026 ↗
Westlake Corporation
WLK
Market read
Westlake Corporation's current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 11 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 15 directly disclosed connections are confirming.
What changed
- Revenue increased 10.8% versus the comparable filing period.
- Cash declined 442.0M versus the comparable period.
Company-1.2% todayVolume comparison unavailable
Market group0 of 11 activeCommodity-Linked Cyclicals · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Higher polyethylene and PVC resin prices were a primary contributor to the latest period’s gross-margin recovery.
- Issuance of $600M 5.550% notes due 2035 and $600M 6.375% notes due 2055 (Nov 2025) increased average debt and raised interest expense in Q1 2026.
Invalidation: The isolated read changes if WLK's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 11 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 15 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 10.8% versus the comparable filing period.
- Operating income moved from a loss to a profit in the comparable period.
Evidence that challenges
- Cash declined 442.0M versus the comparable period.
What would clarify the read
- Higher polyethylene and PVC resin prices were a primary contributor to the latest period’s gross-margin recovery.
- Issuance of $600M 5.550% notes due 2035 and $600M 6.375% notes due 2055 (Nov 2025) increased average debt and raised interest expense in Q1 2026.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements178
Verified relationships14
Evidence supporting the case
No qualifying supportive evidence was identified.
Evidence challenging the case
- Latest annual revenue changed -8.0% year over year.
- Operating margin changed -21.3 percentage points in the latest annual period.
- Net margin changed -18.5 percentage points in the latest annual period.
- Energy and commodity prices has repeated adverse evidence across 5 filings.
- Demand and volume has repeated adverse evidence across 4 filings.
- Restructuring and cost reductions has repeated adverse evidence across 3 filings.
Questions before a position
- EV/sales is 80% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
70.756m-38.1%12m-16.8%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$11.8B+57.0%$15.58+0.5%
2022-12-31$15.8B+34.1%$17.34+0.1%
2023-12-31$12.5B-20.6%$3.70-0.2%
2024-12-31$12.1B-3.2%$4.64+0.5%
2025-12-31$11.2B-8.0%$-11.70-0.7%
What management says matters
Persistent and emerging business drivers
Demand and volumenegative · 4 filings
“The $849 million decrease in cash flow from operating activities was mainly due to lower prices and demand for most of our products and cash used in connection with the turnaround of the Petro 1 ethylene facility in Lake Charles, partially offset by a favorab…”10-K · Feb 26, 2026 ↗
Restructuring and cost reductionsnegative · 3 filings
“The favorable change in working capital in 2025 was substantially driven by the higher accrued and other liabilities which were due to the accrual of North American Chlorovinyls and Styrene facilities closure costs and Pernis facility closure costs in 2025 an…”10-K · Feb 26, 2026 ↗
Credit and interest ratesmixed · 3 filings
“The net income attributable to Westlake Corporation was also negatively affected by higher interest expense in the second quarter ended June 30, 2026, which resulted from a higher average debt balance as compared to the second quarter ended June 30, 2025.”10-Q · Aug 5, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.8× · EV/sales 1.0×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
70.75-1.2% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for WLK. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
The latest filing presents a mixed picture
10-Q filed 2026-08-05 against the comparable filing from 2025-08-06.
OperationsconstructiveEvidence score +3
liquiditycautiousEvidence score -1
valuationdiscount
Capital and cash conversion
Cash conversion improved
Capital-spending intensity declined while free-cash-flow margin improved.
- Capital spending YoY
- -19.2%
- Capital spending / revenue
- +7.0%
- Free-cash-flow margin
- -3.2%
- FCF margin change
- +4.6 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 10.8% versus the comparable filing period.
- Operating income moved from a loss to a profit in the comparable period.
What weakened
- Cash declined 442.0M versus the comparable period.
Filing receipts
“32 Table of Contents Change Gross profit 2026 2025 $ % Second Quarter ended June 30, $ 652 $ 258 $ 394 153 % Six Months ended June 30, 764 490 274 56 % Gross profit margin Second Quarter ended June 30, 20 % 9 % Six Months ended June 30, 13 % 8 % The increase in gross profit margin in the second quarter of 2026, as compared to the second quarter of 2025 was primarily due to higher sales prices for polyethylene and PVC resin, and higher sales volumes for pipe and fittings, caustic soda, and epoxy resin, ACI related compounds sales volumes, and lower fuel and ethane feedstock costs.”
“2026 2025 Provision for income taxes Income tax expense Second Quarter ended June 30, $ 67 $ 6 Six Months ended June 30, 34 7 Effective Income Tax Rate Second Quarter ended June 30, 19.8 % (4.8) % Six Months ended June 30, 23.0 % (4.4) % The effective tax rates were higher in the second quarter of 2026 compared to the second quarter of 2025 and in the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to a higher valuation allowance recorded against Westlake Epoxy Netherlands's net operating loss in the second quarter of 2025 and in the six months ended June 30, 2025 and higher state taxes in the second quarter of 2026 and in the six months ended Ju...”
“Change Income from operations 2026 2025 $ % Second Quarter ended June 30, $ 212 $ 222 $ (10) (5) % Six Months ended June 30, 268 370 (102) (28) % The decrease in income from operations for the HIP segment in the second quarter of 2026, as compared to the second quarter of 2025, was primarily due to lower sales prices for pipe and fittings, which was partially offset by higher pipe and fittings and ACI related compounds sales volumes.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind WLK
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
BCSBarclays PLCpartnerMay 6, 2026 ▾
“On October 4, 2018, Westlake Chemical Partners LP ("Westlake Partners") and Westlake Chemical Partners GP LLC, the general partner of Westlake Partners, entered into an Equity Distribution Agreement with UBS Securities LLC, Barclays Capital Inc., Citigroup Gl…”
CCitigroup Inc.partnerMay 6, 2026 ▾
“On October 4, 2018, Westlake Chemical Partners LP ("Westlake Partners") and Westlake Chemical Partners GP LLC, the general partner of Westlake Partners, entered into an Equity Distribution Agreement with UBS Securities LLC, Barclays Capital Inc., Citigroup Gl…”
Depended on by
ATKRAtkore Inc.supplierNov 26, 2025 ▾
“xans; and our primary suppliers of PVC resin are Westlake, Formosa and Oxy Vinyls; and our primary suppliers of HDPE resin are LyondellBasell and Baystar.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 12 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
WLK is currently a Participant in the organic co-movement group Commodity-Linked Cyclicals. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for WLK; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.