Share count
797Mpeak FY2015
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BAK, Braskem SA ADR
Additionally, in November 2021, Braskem and Lummus Technology LLC, through our subsidiary Braskem Netherlands B.V., executed a memorandum of understanding to jointly develop and license our green ethylene technology.
We are the largest producer of plastics in the Americas, based on the annual production capacity of our plants, according to CMA.
Through fossil, renewable, and recycled raw materials, we offer a broad portfolio of chemicals and plastics transformed by our customers in more than 70 countries into applications such as food packaging, household furniture, industrial and automotive components, paints and coatings, among others.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2024
R$77.4B
+9.7% YoY · 8% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue R$77.4B 5-yr avg R$81.7B
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Polyethylene Polypropylene (65%) and Tertiary Butyl Ethyl Ether Gasoline (8%), with 7 more lines behind.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
- What moves the needle
- Gross margin has run about 19% and operating margin about 4.4% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. The margin is cyclical, swinging between −4.0% and 25% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 15% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the spread and utilization. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median 7%, above 15% in 3 of 7 years). By owner earnings: roughly 4% of revenue reaches owners as cash, though it swings. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Polyethylene Polypropylene is 65% of revenue, with Tertiary Butyl Ethyl Ether Gasoline the other meaningful line at 8%.
Revenue by product line, FY2024
- Polyethylene Polypropylene65%R$50.4B
- Tertiary Butyl Ethyl Ether Gasoline8%R$6.0B
- Benzene Toluene And Xylene6%R$5.0B
- Ethylene Propylene6%R$4.8B
- Polyvinyl Chloride Caustic Soda4%R$3.4B
- Other 14%R$2.7B
- Other7%R$5.1B
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2015–2024
realized figures from each filing · older years to the left| 2015’15 | 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | TTMTTMDec 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| R$46.9B | R$47.7B | R$49.3B | R$58.0B | R$52.3B | R$58.5B | R$105.6B | R$96.5B | R$70.6B | R$77.4B | R$77.4B | RevenueRevenue |
| 22% | 27% | 27% | 20% | 12% | 19% | 30% | 12% | 4% | 8% | 8% | Gross marginGross mgn |
| R$6.9B | R$6.0B | R$9.2B | R$8.3B | R$154M | (R$72M) | R$26.0B | R$4.3B | (R$2.8B) | (R$1.1B) | (R$1.1B) | Operating incomeOp. inc. |
| 14.7% | 12.5% | 18.7% | 14.3% | 0.3% | −0.1% | 24.7% | 4.4% | −4.0% | −1.4% | −1.4% | Operating marginOp. mgn |
| R$3.0B | (R$411M) | R$3.9B | R$2.8B | (R$2.5B) | (R$6.7B) | R$14.0B | (R$336M) | (R$4.6B) | (R$11.3B) | (R$11.3B) | Net incomeNet inc. |
| 36% | — | 26% | 21% | — | — | 22% | — | — | — | — | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| R$7.1B | R$4.5B | R$2.5B | R$9.3B | R$2.3B | R$6.3B | R$14.8B | R$9.0B | (R$2.3B) | R$2.4B | R$2.4B | Operating cash flowOp. cash |
| R$2.1B | R$2.7B | R$2.9B | R$3.0B | R$3.6B | R$4.0B | R$4.2B | R$4.7B | R$5.2B | R$5.0B | R$2.9B | DepreciationDeprec. |
| R$6.2B | R$7.5B | R$1.5B | R$3.4B | R$1.2B | R$8.9B | (R$3.4B) | R$4.6B | (R$2.9B) | R$8.8B | R$16.7B | Working capital & otherWC & other |
| R$3.3B | R$2.6B | R$2.3B | R$2.7B | R$2.7B | R$2.8B | R$3.4B | R$4.8B | R$4.5B | R$3.8B | R$3.8B | CapexCapex |
| 7.1% | 5.4% | 4.6% | 4.7% | 5.1% | 4.7% | 3.2% | 5.0% | 6.4% | 4.9% | 4.9% | Capex / revenueCapex/rev |
| R$3.8B | R$1.9B | R$188M | R$6.5B | (R$417M) | R$3.5B | R$11.4B | R$4.1B | (R$6.8B) | (R$1.3B) | (R$1.3B) | Owner earningsOwner earn. |
| 8.0% | 3.9% | 0.4% | 11.3% | −0.8% | 6.0% | 10.8% | 4.3% | −9.6% | −1.7% | −1.7% | Owner earnings marginOE mgn |
| R$3.8B | R$1.9B | R$188M | R$6.5B | (R$417M) | R$3.5B | R$11.4B | R$4.1B | (R$6.8B) | (R$1.3B) | (R$1.3B) | Free cash flowFCF |
| 8.0% | 3.9% | 0.4% | 11.3% | −0.8% | 6.0% | 10.8% | 4.3% | −9.6% | −1.7% | −1.7% | Free cash flow marginFCF mgn |
| R$482M | R$2.0B | R$999M | R$1.5B | R$669M | R$2M | R$6.0B | R$1.4B | R$7M | R$6M | R$6M | Dividends paidDiv. paid |
| — | — | 26% | 25% | — | -0% | 59% | 7% | -7% | -3% | -3% | ROICROIC |
| 317% | -15% | 61% | 43% | -52% | — | 178% | -5% | -115% | — | — | Return on equityROE |
| 266% | −88% | 45% | 20% | −66% | — | 102% | −23% | −115% | — | — | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| R$7.0B | R$7.9B | R$6.1B | R$7.9B | R$8.5B | R$17.5B | R$12.2B | R$14.8B | R$19.1B | R$16.8B | R$16.8B | Cash & investmentsCash+inv |
| — | R$1.6B | R$3.3B | R$3.1B | R$2.3B | R$4.7B | R$7.2B | R$3.2B | R$2.9B | R$3.6B | R$3.6B | ReceivablesReceiv. |
| — | R$5.2B | R$6.6B | R$8.5B | R$7.6B | R$8.4B | R$16.3B | R$14.0B | R$12.5B | R$13.7B | R$13.7B | InventoryInvent. |
| — | — | R$5.1B | R$8.3B | R$9.1B | R$9.9B | R$12.1B | R$12.2B | R$13.2B | R$16.9B | R$16.9B | Accounts payablePayables |
| — | R$6.9B | R$4.9B | R$3.2B | R$794M | R$3.2B | R$11.4B | R$5.0B | R$2.2B | R$367M | R$367M | Operating working capitalOper. WC |
| — | R$15.9B | R$17.4B | R$21.0B | R$23.4B | R$34.2B | R$39.3B | R$34.5B | R$37.4B | R$37.0B | R$37.0B | Current assetsCur. assets |
| — | R$22.9B | R$18.6B | R$22.8B | R$16.2B | R$28.4B | R$25.2B | R$24.2B | R$24.5B | R$28.3B | R$28.3B | Current liabilitiesCur. liab. |
| — | 0.7× | 0.9× | 0.9× | 1.4× | 1.2× | 1.6× | 1.4× | 1.5× | 1.3× | 1.3× | Current ratioCurr. ratio |
| — | R$51.8B | R$52.7B | R$58.8B | R$68.1B | R$86.1B | R$92.6B | R$88.0B | R$91.7B | R$101.6B | R$101.6B | Total assetsAssets |
| — | R$23.3B | R$23.4B | R$24.9B | R$29.0B | R$41.7B | R$34.9B | R$35.7B | R$42.2B | R$53.2B | R$53.2B | Total debtDebt |
| — | R$15.4B | R$17.3B | R$17.0B | R$20.5B | R$24.2B | R$22.7B | R$21.0B | R$23.1B | R$36.5B | R$36.5B | Net debt / (cash)Net debt |
| 2.2× | 1.7× | 2.5× | 2.8× | 0.0× | -0.0× | 5.3× | 0.8× | -0.5× | -0.2× | -0.2× | Interest coverageInt. cov. |
| R$945M | R$2.7B | R$6.3B | R$6.5B | R$4.9B | (R$2.2B) | R$7.9B | R$7.3B | R$4.0B | (R$4.8B) | (R$4.8B) | Shareholders’ equityEquity |
| Per share | |||||||||||
| 796.05B | 795M | 796M | 796M | 796M | 796M | 797M | 797M | 797M | 797M | 797M | Shares out (diluted)Shares |
| R$0.06 | R$59.92 | R$61.88 | R$72.87 | R$65.73 | R$73.55 | R$132.49 | R$121.07 | R$88.52 | R$97.10 | R$97.10 | Revenue / shareRev/sh |
| R$0.00 | R$-0.52 | R$4.86 | R$3.55 | R$-3.19 | R$-8.41 | R$17.54 | R$-0.42 | R$-5.74 | R$-14.20 | R$-14.20 | EPS (diluted)EPS |
| R$0.00 | R$2.35 | R$0.24 | R$8.22 | R$-0.52 | R$4.44 | R$14.26 | R$5.15 | R$-8.53 | R$-1.66 | R$-1.66 | Owner earnings / shareOE/sh |
| R$0.00 | R$2.35 | R$0.24 | R$8.22 | R$-0.52 | R$4.44 | R$14.26 | R$5.15 | R$-8.53 | R$-1.66 | R$-1.66 | Free cash flow / shareFCF/sh |
| R$0.00 | R$2.51 | R$1.25 | R$1.88 | R$0.84 | R$0.00 | R$7.52 | R$1.69 | R$0.01 | R$0.01 | R$0.01 | Dividends / shareDiv/sh |
| R$0.00 | R$3.25 | R$2.86 | R$3.40 | R$3.37 | R$3.47 | R$4.29 | R$6.08 | R$5.68 | R$4.72 | R$4.72 | Cap. spending / shareCapex/sh |
| R$0.00 | R$3.44 | R$7.91 | R$8.20 | R$6.14 | R$-2.77 | R$9.87 | R$9.18 | R$5.01 | R$-6.00 | R$-6.00 | Book value / shareBVPS |
The diluted share count moved ×1/1000.76 into 2016 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +127.8%/yr | +8.1%/yr |
| Dividends / share | +32.3%/yr | −61.1%/yr |
| Capital spending / share | +118.3%/yr | +7.0%/yr |
The record, charted
FY2015–2024Each measure over its full record; the current point and the worst year marked.
ROIC
−3%low FY2023
Gross margin
8%low FY2023
Net debt ÷ owner earnings
5.1×peak FY2017
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
(R$1.3B)owner earningsvs.(R$11.3B)net incomelow FY2023
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2015FY2024
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2024 the business turned a R$11.3B loss into (R$1.3B) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|
| Reported net income | (R$11.3B) | (R$4.6B) | (R$336M) | R$14.0B | (R$6.7B) |
| Depreciation & amortizationnon-cash charge added back | +R$5.0B | +R$5.2B | +R$4.7B | +R$4.2B | +R$4.0B |
| Working capital & othertiming of cash in and out, other non-cash items | +R$8.8B | −R$2.9B | +R$4.6B | −R$3.4B | +R$8.9B |
| Cash from operations | R$2.4B | (R$2.3B) | R$9.0B | R$14.8B | R$6.3B |
| Capital expenditurecash put back in to keep running and to grow | −R$3.8B | −R$4.5B | −R$4.8B | −R$3.4B | −R$2.8B |
| Owner earnings | (R$1.3B) | (R$6.8B) | R$4.1B | R$11.4B | R$3.5B |
| Owner-earnings marginowner earnings ÷ revenue | -2% | -10% | 4% | 11% | 6% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2024 20-F · source on SEC EDGAR →
Material weakness in financial controls
“Material weaknesses in Internal Control over Financial Reporting As part of our internal control assessment over financial reporting, we identified material weaknesses as described below.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- Can it pay its interest? -0.2×Does not cover its interestOperating income (R$1.1B) ÷ interest expense R$6.9B
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net debt against an operating lossCash R$15.0B + ST investments R$1.8B − debt R$53.2B
What this means
Netting R$16.8B of cash and short-term investments against R$53.2B of debt leaves R$36.5B owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- TightDSO 17 + DIO 70 − DPO 86 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Below average through the cycle7-yr median, range -7%–59%; -3% latest = NOPAT (R$852M) ÷ invested capital R$33.5BIndustry peers: median 6%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 7 years (it ran -3% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Thin through the cycle10-yr median margin, range -10%–11%; latest (R$1.3B) = operating cash R$2.4B − maintenance capex R$3.8BIndustry peers: median 8%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -2% of revenue this year, a 4% median across 10 years.
- Are earnings backed by cash? R$2.4BLoss, but cash-generativeNet income (R$11.3B) · cash from operations R$2.4B
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.
How is the cash used?
- No surplus to allocate
What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
- Investing or harvesting? -1.28×HarvestingCapex R$3.8B ÷ depreciation (R$2.9B)
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · R$77.4B
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity MissCurrent ratio ≥ 2× · 1.31×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · R$53.2B vs R$8.8B WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (10-yr record) · 6 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record PassUninterrupted dividends · paid every year (10)
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth MissEarnings +33% over the record · −351%
What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are R$-6.79/share (latest year R$-14.20), the averaged base the calculator's gate runs on, and book value is R$-6.00/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2015–2024
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 4 of 10
What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 4 of 9 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin 15% → −0% (3-yr avg ends)
In the filing’s words The filing attributes gains to higher prices but names price competition too — and the margin slipped, so the pressure is winning here.
What this means
Through the cycle the operating margin slipped — about 15% early to −0% lately, median 4% — competition or costs are biting in.
- Reinvestment, incremental ROIC —
What this means
The reinvested base moved too little against the change in profit to read a reliable return on it here — the figure would be a small-denominator artifact, not a moat. Judge this one on the owner-earnings record and the cash it returns instead.
- Worst year 2023 · −4.0% op. margin
What this means
Operations went underwater in 2023, understand why before trusting the good years.
- Dividend record paid
What this means
Paid a dividend in 10 of the years on record.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2024Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsR$37.0B
- Cash & short-term investmentsR$16.8B
- ReceivablesR$3.6B
- InventoryR$13.7B
- Other current assetsR$3.0B
Current liabilitiesR$28.3B
- Debt due within a yearR$2.3B
- Accounts payableR$16.9B
- Other current liabilitiesR$9.1B
Current ratio1.31×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.83×stricter: inventory excluded
Cash ratio0.59×strictest: cash alone against what's due
Working capitalR$8.8Bthe cushion left after near-term bills
Debt due this year vs. cashR$2.3B due · R$16.8B cash
covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2024 balance sheet
Deeper floors
Tangible book value(R$7.7B)equity stripped of goodwill & intangibles
Net current asset valueR$34.0BGraham's net-net: current assets less all liabilities
Debt incl. operating leasesR$57.5BR$4.3B of it operating leases
From the company's latest filing.
Debt maturity
the debt note, SEC EDGAR →Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.
Bars scaled to the largest single year.
Due in the next 12 monthsR$2.1Bthe first rung: what must be repaid or rolled over within the year
Within two yearsR$3.7Bthe near wall, the part most exposed to today’s credit conditions
Biggest single yearR$8.5Bin 2030the lumpiest maturity, where a refinancing, if needed, is largest
Due over the next five yearsR$37.1Bthe near slice; the balance sheet carries R$53.2B of debt in all
Against what the business has and earns
Cash & short-term investments, Dec 31, 2024R$16.8B
Together, against R$2.1B due next year8.1×
Cash on hand as of Dec 31, 2024 comes to R$16.8B against the R$2.1B due in the twelve months after the Dec 31, 2025 schedule: 8.1 times it.
Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the balance-sheet debt.
How the cash was used, 2015–2024
Over the record, the business generated R$55.7B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.
- ReinvestedR$32.9B · 59%
- DividendsR$13.0B · 23%
- Retained (debt / cash)R$9.8B · 18%
- Returned to ownersR$13.0B
57% of the owner earnings the business produced over the span, R$13.0B as dividends and R$0 as buybacks.
- Net change in share count−99.9%
The diluted count fell from 796046M to 797M, so the buybacks outran the stock issued to staff.
- Dividend recordR$0.01/sh
Paid in 10 of the years on record, the per-share dividend growing about 32% a year. It was cut at least once along the way.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Peers, Chemicals
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| BAKBraskem SA ADR | R$77.4B | 19% | 8.5% | 7% | 4% |
| DOWDow Inc. Common Stock | $40.0B | 15% | 4.5% | 4% | 6% |
| LINLinde plc | $34.0B | — | 21.4% | 8% | 16% |
| LYBLyondellBasell | $30.2B | 14% | 11.1% | 19% | 9% |
| PPGPPG Industries Inc. | $15.9B | 41% | 14.7% | 16% | 7% |
| MOSMosaic Company (The) | $12.1B | 16% | 8.2% | 6% | 7% |
| WLKWestlake | $11.2B | 19% | 9.8% | 6% | 10% |
| IFFInternational Flavors & Fragrances Inc. | $10.9B | 39% | 8.9% | 4% | 8% |
| Group median | — | 19% | 9.3% | 7% | 8% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “Each ADS represents two class”; Braskem SA ADR reports in BRL, so every figure in this tool is stated per ADS and translated at BRL 1 = $0.197 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in BRL.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Braskem SA ADR has delivered.
Braskem SA ADR’s latest year shows negative owner earnings, a cyclical trough. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.
$
Through the cycle, Braskem SA ADR earns about $623M on its 4.1% median owner-earnings margin. This year’s −1.7% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.
Base
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The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth, delivered—
Owner-earnings growth, delivered—
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’22–’24)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings ($261M) on 399M shares outstanding, the balance-sheet count at 2024-12-31; net debt $7.2B. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Braskem SA ADR (BAK), the owner's record," https://ownerscorecard.com/c/BAK, data as of 2026-07-09.
Manual order: ← BABA its page in the Manual BAP →
Industry order: ← AXTA the Chemicals chapter BCPC →