Westlake CorporationWLK
NYSE•Basic Materials•Specialty Chemicals
Westlake Corporation manufactures and markets performance and essential materials, and housing and infrastructure products in the United States, Canada, Germany, China, Mexico, Brazil, France, Italy, and internationally. It operates through two segments, Performance and Essential Materials and The Housing and Infrastructure Products. The Performance and Essential Materials segment offers ethylene, polyethylene, chlor-alkali, chlorinated derivative products, ethylene dichloride, vinyl chloride monomer, polyvinyl chloride (PVC), epoxy specialty resins, and base epoxy resins and intermediaries. The Housing and Infrastructure Products segment provides residential PVC sidings; PVC trim and mouldings; architectural stone veneers; windows; PVC decking; polymer composite and cement roof tiles; PVC pipes and fittings for various water, sewer, electrical, and industrial applications; and PVC compounds for various housing, medical, and automobile products. This segment also offers consumer and commercial products, such as landscape edging; industrial, home, and office matting; marine dock edging; and masonry joint controls. It offers its products to chemical processors; plastics fabricators; small construction contractors; municipalities; and supply warehouses for use in various consumer and industrial markets, including residential construction, flexible and rigid packaging, automotive products, healthcare products, water treatment, wind turbines, and coatings, as well as other durable and non-durable goods. The company was formerly known as Westlake Chemical Corporation and changed its name to Westlake Corporation in February 2022. Westlake Corporation was founded in 1986 and is headquartered in Houston, Texas. Westlake Corporation is a subsidiary of TTWF LP.
Westlake Corporation (WLK) reported trailing twelve months revenue of $10.98B as of March 2026, a 8.6% decline year-over-year. Quarterly revenue reached $2.65B, reflecting a contraction in sales.
Westlake Corporation reported a TTM net loss of $1.64B, with quarterly EBITDA of $112.00M. The operating margin contracted from -1.1% to -6.5%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (-6.5%) and net margin (-6.4%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from -1.4% a year ago, reflecting increased costs or interest expense.
WLK trades at a P/S of 1.4x. The price-to-book ratio of 1.7x reflects a moderate premium to book value.
The company reported negative free cash flow of $-303.00M, indicating cash consumption over the period. The balance sheet shows $19.71B in total assets with $5.07B in long-term debt against $8.55B in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -5.5%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 3 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 424.3% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.
Debt-to-equity has risen 34.7% recently — increasing financial risk even if the current ratio is manageable.
Revenue declined in 5 of the last 7 quarters — persistent contraction signals a fundamental problem.
The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation