Chemicals

3401 Teijin

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥41.4B¥37.5B¥25.3B¥27.9B¥50.9B¥29.1B¥3.6B¥22.5B¥12.4B¥45.1B

Retained capital Paid out ¥26.3B more than it earned over 2017–2026; annual owner earnings fell ¥8.0B.

Balance sheet Net debt against an operating loss, ¥231.9B · dividend paid 10 of 10 yrs, cut at least once

3402 Toray Industries

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥84.9B¥33.4B¥74.5B¥97.5B¥89.1B¥46.1B¥43.0B¥51.5B¥125.9B¥65.3B

Retained capital Retained ¥340.9B of earnings over 2017–2026; annual owner earnings grew ¥16.7B, ¥0.05 per ¥1 retained.

Balance sheet Heavy net debt, ¥640.3B · dividend paid 10 of 10 yrs, cut at least once

3405 Kuraray

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 ¥43.9B¥41.6B¥9.2B¥37.4B¥17.5B¥9.8B(¥19.9B)¥70.3B¥66.9B¥4.4B

Retained capital Retained ¥77.7B of earnings over 2016–2025; annual owner earnings grew ¥15.6B, ¥0.20 per ¥1 retained.

Balance sheet Meaningful net debt, ¥172.4B · dividend paid 10 of 10 yrs, cut at least once

3407 Asahi Kasei

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥86.0B¥167.0B¥127.5B¥28.4B¥120.3B¥41.0B(¥61.2B)¥147.6B¥148.0B¥109.4B

Retained capital Retained ¥515.6B of earnings over 2017–2026; annual owner earnings grew ¥8.2B, ¥0.02 per ¥1 retained.

Balance sheet Meaningful net debt, ¥700.6B · dividend paid 10 of 10 yrs, cut at least once

4004 Resonac Holdings

Revenue is led by Semiconductor and Electronic Materials (38%) and Crasus Chemical (23%), with 3 more segments behind.

Owner earnings 2016–2025 ¥30.6B¥28.4B¥108.5B¥37.8B¥44.8B¥47.5B¥11.5B¥33.2B¥75.3B¥23.6B

Retained capital Retained ¥153.3B of earnings over 2016–2025; annual owner earnings fell ¥11.8B, ¥-0.08 per ¥1 retained.

Balance sheet Heavy net debt, ¥707.6B · dividend paid 10 of 10 yrs, cut at least once

4005 Sumitomo Chemical

Revenue is led by Essential and Green Materials (29%) and ICT and Mobility Solutions (25%), with 3 more segments behind.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥942.9B

4021 Nissan Chemical

Revenue is led by Trading (35%) and Agrochemicals (29%), with 4 more segments behind.

Owner earnings 2017–2026 ¥23.6B¥27.2B¥22.3B¥26.6B¥31.7B¥30.7B¥24.3B¥20.0B¥43.8B¥46.1B

Retained capital Retained ¥95.7B of earnings over 2017–2026; annual owner earnings grew ¥12.3B, ¥0.13 per ¥1 retained.

Balance sheet Modest net debt, ¥2.7B · dividend paid 10 of 10 yrs, never cut

4042 Tosoh

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, ¥55.9B

4043 Tokuyama

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥3.3B¥46.4B¥21.8B¥32.7B¥26.3B¥6.3B(¥32.6B)¥38.1B¥29.8B¥30.0B

Retained capital Retained ¥185.7B of earnings over 2017–2026; annual owner earnings grew ¥8.8B, ¥0.05 per ¥1 retained.

Balance sheet Meaningful net debt, ¥115.6B · dividend paid 9 of 10 yrs, never cut

4061 Denka

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥17.5B¥23.8B¥5.4B¥8.9B¥3.8B¥5.3B(¥29.9B)(¥7.6B)(¥40.1B)(¥31.0B)

Retained capital Retained ¥62.6B of earnings over 2017–2026; annual owner earnings fell ¥41.8B, ¥-0.67 per ¥1 retained.

Balance sheet Heavy net debt, ¥186.4B · dividend paid 10 of 10 yrs, cut at least once

4063 Shin-Etsu Chemical

Shin-Etsu Chemical is a Japanese chemicals maker with two very different engines under one roof. One end produces commodity chemicals — above all polyvinyl chloride, the plastic of construction and industry — and earns its keep by turning feedstock and energy into materials at scale. The other supplies silicon wafers and electronic materials to the semiconductor industry, along with silicones and other specialty and industrial products.

Owner earnings 2017–2026 ¥197.8B¥220.8B¥263.1B¥281.2B¥257.4B¥357.8B¥574.4B¥527.6B¥643.6B¥469.7B

Retained capital Retained ¥1.68T of earnings over 2017–2026; annual owner earnings grew ¥319.7B, ¥0.19 per ¥1 retained.

Balance sheet Net cash, +¥325.1B · dividend paid 10 of 10 yrs, never cut

4183 Mitsui Chemicals

Revenue is led by Basic Green Materials (40%) and Mobility Solutions (31%), with 2 more segments behind.

Owner earnings 2017–2026 ¥60.9B¥33.1B¥56.3B¥66.2B¥99.4B¥8.4B¥9.2B¥66.1B¥79.3B¥84.7B

Retained capital Retained ¥331.2B of earnings over 2017–2026; annual owner earnings grew ¥26.6B, ¥0.08 per ¥1 retained.

Balance sheet Heavy net debt, ¥557.1B · dividend paid 10 of 10 yrs, never cut

4188 Mitsubishi Chemical Group

Revenue is led by Industrial Gases (37%) and Specialty Materials (29%), with 2 more segments behind.

Owner earnings 2018–2026 ¥198.1B¥189.8B¥228.5B¥220.7B¥102.0B¥96.2B¥196.5B¥238.3B¥152.2B

Retained capital Retained ¥409.9B of earnings over 2018–2026; annual owner earnings fell ¥9.8B, ¥-0.02 per ¥1 retained.

Balance sheet Heavy net debt, ¥1.36T · dividend paid 9 of 9 yrs, cut at least once

4208 UBE

Revenue is led by Polymers and Chemicals (54%) and Machinery (15%), with 4 more segments behind.

Owner earnings 2017–2026 ¥11.6B¥39.6B¥7.7B¥25.8B¥27.8B(¥3.7B)(¥8.7B)¥22.0B(¥23.1B)(¥12.5B)

Retained capital Retained ¥84.3B of earnings over 2017–2026; annual owner earnings fell ¥24.1B, ¥-0.29 per ¥1 retained.

Balance sheet Heavy net debt, ¥305.6B · dividend paid 10 of 10 yrs, cut at least once

5301 Tokai Carbon

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 ¥12.3B¥6.2B¥35.6B¥23.2B¥34.1B¥15.2B¥13.7B¥33.0B¥31.4B¥28.2B

Retained capital Retained ¥82.1B of earnings over 2016–2025; annual owner earnings grew ¥12.8B, ¥0.16 per ¥1 retained.

Balance sheet Heavy net debt, ¥143.0B · dividend paid 10 of 10 yrs, cut at least once

6988 Nitto Denko

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2018–2026 ¥74.1B¥52.7B¥63.8B¥58.6B¥85.5B¥115.8B¥87.7B¥152.3B¥121.5B

Retained capital Retained ¥302.3B of earnings over 2018–2026; annual owner earnings grew ¥57.0B, ¥0.19 per ¥1 retained.

Balance sheet Net cash, +¥333.8B · dividend paid 9 of 9 yrs, never cut

ADUR Aduro Clean Technologies Inc.

Aduro is an early-stage, Ontario-based clean technology company that has developed a highly flexible chemical recycling platform featuring three water-based technologies: Hydrochemolytic Plastics Upcycling, Hydrochemolytic Bitumen Upgrading, and Hydrochemolytic Renewables Upgrading.

Owner earnings 2024–2025 (C$6M)(C$10M)

Retained capital not read

Balance sheet Net cash, debt-free, +C$7M

ALB Albemarle Corporation

Albemarle is a world leader in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health.

Owner earnings 2016–2025 $539M$107M$345M$506M$567M$90M$1.6B$897M$99M$692M

Retained capital Retained $2.6B of earnings over 2016–2025; annual owner earnings grew $232M, $0.09 per $1 retained.

Balance sheet Net debt against an operating loss, $2.2B · dividend paid 10 of 10 yrs, never cut

ALTO Alto Ingredients Inc.

Ingredients markets include dried yeast, corn protein meal, corn protein feed, corn germ, distillers grains, gas and liquid CO 2 and liquid feed used in commercial animal feed and pet foods.

Owner earnings 2016–2025 $18M$16M($14M)($35M)$65M$10M($32M)($8M)($15M)$9M

Retained capital Paid out $272M more than it earned over 2016–2025; annual owner earnings fell $11M.

Balance sheet Heavy net debt, $56M · buybacks at an average near $2.46

ASH Ashland

Ashland Inc. is a global additives and specialty ingredients company with a conscious and proactive mindset for sustainability.

Owner earnings 2016–2025 $154M$6M$84M($7M)$94M$361M$80M$124M$325M$36M

Retained capital Paid out $2.1B more than it earned over 2016–2025; annual owner earnings grew $80M.

Balance sheet Net debt against an operating loss, $2.6B · buybacks at an average near $91.13 · dividend paid 10 of 10 yrs, cut at least once

ASIX AdvanSix Inc. Common Stock

AdvanSix Inc. is an integrated chemistry company that produces essential materials for diverse end markets.

Owner earnings 2016–2025 $30M$48M$64M($30M)$29M$162M$184M$10M$2M$6M

Retained capital Retained $530M of earnings over 2016–2025; annual owner earnings fell $41M, $-0.08 per $1 retained.

Balance sheet Meaningful net debt, $195M · buybacks at an average near $32.70 · dividend paid 5 of 10 yrs, never cut

ASPI ASP Isotopes Inc.

We have also completed the commissioning phase and are producing commercial samples of highly enriched Yb-176 at our third enrichment facility, a QE technology facility, which is our first laser-based enrichment plant.

Owner earnings 2022–2025 ($7M)($5M)($17M)($40M)

Retained capital not read

Balance sheet Net cash, +$134M

AVNT Avient

Our end markets include consumer, packaging, defense, healthcare, industrial, transportation, building and construction, telecommunications and energy.

Owner earnings 2016–2025 $143M$123M$178M$219M$158M$133M$293M$82M$135M$195M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings fell $11M, $-0.01 per $1 retained.

Balance sheet Heavy net debt, $1.4B · buybacks at an average near $28.73 · dividend paid 10 of 10 yrs, never cut

AXTA Axalta Coating Systems

Axalta Coating Systems is a leading global manufacturer, marketer and distributor of high-performance coatings systems and products.

Owner earnings 2016–2025 $423M$415M$353M$461M$427M$437M$143M$437M$436M$453M

Retained capital Retained $943M of earnings over 2016–2025; annual owner earnings grew $45M, $0.05 per $1 retained.

Balance sheet Meaningful net debt, $2.5B

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.

Owner earnings 2015–2024 R$3.8BR$1.9BR$188MR$6.5B(R$417M)R$3.5BR$11.4BR$4.1B(R$6.8B)(R$1.3B)

Retained capital Paid out R$15.2B more than it earned over 2015–2024; annual owner earnings fell R$3.3B.

Balance sheet Net debt against an operating loss, R$36.5B · dividend paid 10 of 10 yrs, cut at least once

BCPC Balchem

We develop, manufacture, distribute and market specialty performance ingredients and products for the nutritional, food, pharmaceutical, animal health, plant nutrition, sterilization, fumigation, and industrial markets.

Owner earnings 2016–2022 $85M$83M$100M$99M$118M$124M$89M

Retained capital Retained $373M of earnings over 2016–2022; annual owner earnings grew $22M, $0.06 per $1 retained.

Balance sheet Modest net debt, $89M · dividend paid 7 of 7 yrs, never cut

CBT Cabot

Cabot is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts.

Owner earnings 2016–2025 $280M$201M$149M$215M$219M$62M($46M)$451M$541M$511M

Retained capital Retained $34M of earnings over 2016–2025; annual owner earnings grew $291M.

Balance sheet Modest net debt, $858M · dividend paid 10 of 10 yrs, never cut

CC Chemours

A chemicals business, converting feedstocks into products at a spread the cycle moves.

Owner earnings 2016–2025 $256M$229M$642M$169M$540M$537M$448M$186M($993M)$51M

Retained capital Paid out $491M more than it earned over 2016–2025; annual owner earnings fell $628M.

Balance sheet Modest net debt, $3.5B · dividend paid 10 of 10 yrs, cut at least once

CE Celanese

We are a global producer of high performance engineered polymers that are used in a variety of high-value applications, as well as one of the world's largest producers of acetyl products, which are intermediate chemicals for nearly all major industries.

Owner earnings 2016–2025 $647M$536M$1.2B$1.1B$979M$1.4B$1.3B$1.3B$531M$803M

Retained capital Retained $1.8B of earnings over 2016–2025; annual owner earnings grew $87M, $0.05 per $1 retained.

Balance sheet Net debt against an operating loss, $12.5B · buybacks at an average near $106 · dividend paid 10 of 10 yrs, cut at least once

DD DuPont de Nemours Inc.

DuPont is a leading provider of advanced solutions that improve everyday life across healthcare, water, construction and industrial markets.

Owner earnings 2016–2025 ($6.8B)($1.3B)$3.5B($1.1B)$2.9B$1.5B($74M)$543M$480M$227M

Retained capital Paid out $6.5B more than it earned over 2016–2025; annual owner earnings grew $1.9B.

Balance sheet Net debt against an operating loss, $7.1B · dividend paid 10 of 10 yrs, cut at least once

DOW Dow Inc. Common Stock

Dow is one of the world's large chemical makers. It turns hydrocarbon feedstocks — oil and natural gas liquids — into plastics and industrial chemicals, led by its packaging and specialty plastics franchise, polyethylene above all, alongside the industrial intermediates that feed infrastructure, coatings, and consumer goods. It sells these by the ton to manufacturers around the world, and earns the spread between what feedstock and energy cost it and what the market will pay for the product.

Owner earnings 2017–2025 ($7.7B)$2.2B$4.0B$5.0B$5.5B$5.7B$2.8B($26M)($1.4B)

Retained capital Paid out $4.3B more than it earned over 2017–2025; annual owner earnings grew $990M.

Balance sheet Net debt against an operating loss, $14.0B · dividend paid 8 of 9 yrs, cut at least once

ECL Ecolab Inc.

We deliver sustainable solutions that help companies around the world achieve their business goals while reducing environmental impacts.

Owner earnings 2016–2025 $1.4B$1.5B$1.7B$1.9B$1.4B$1.4B$1.1B$1.8B$2.2B$2.3B

Retained capital Retained $1.8B of earnings over 2016–2025; annual owner earnings grew $543M, $0.30 per $1 retained.

Balance sheet Meaningful net debt, $7.5B · dividend paid 10 of 10 yrs, never cut

ECVT Ecovyst Inc.

We are a leading integrated provider of virgin and regenerated sulfuric acid products and services.

Owner earnings 2016–2025 $1M$25M$137M$213M$169M$70M$128M$79M$94M$70M

Retained capital Paid out $1.2B more than it earned over 2016–2025; annual owner earnings grew $27M.

Balance sheet Meaningful net debt, $195M · dividend paid 2 of 10 yrs, cut at least once

EMN Eastman Chemical

Eastman has 36 manufacturing facilities and has equity interests in four manufacturing joint ventures in 12 countries that supply products to customers throughout the world.

Owner earnings 2016–2025 $759M$1.0B$1.0B$1.1B$1.1B$1.1B$364M$546M$688M$424M

Retained capital Retained $4.1B of earnings over 2016–2025; annual owner earnings fell $375M, $-0.09 per $1 retained.

Balance sheet Meaningful net debt, $4.2B · dividend paid 10 of 10 yrs, never cut

ESI Element Solutions Inc.

Solutions enable customers' manufacturing processes in multiple high-value industries, including consumer electronics, power electronics, semiconductor fabrication, high-performance computing, communications and data storage infrastructure, automotive systems, industrial surface finishing and offshore energy.

Owner earnings 2016–2025 $152M$151M($29M)$141M$247M$280M$248M$281M$294M$228M

Retained capital Paid out $727M more than it earned over 2016–2025; annual owner earnings grew $176M.

Balance sheet Heavy net debt, $4.6B · buybacks at an average near $19.37 · dividend paid 6 of 10 yrs, never cut

FMC FMC Corp.

FMC Corporation is a global agricultural sciences company dedicated to providing farmers with innovative solutions that increase the productivity and resilience of their land.

Owner earnings 2016–2025 $278M$194M$280M$462M$670M$799M$518M($434M)$669M($103M)

Retained capital Paid out $152M more than it earned over 2016–2025; annual owner earnings fell $206M.

Balance sheet Net debt against an operating loss, $3.5B · buybacks at an average near $92.95 · dividend paid 10 of 10 yrs, never cut

FSI Flexible Solutions International Inc.

A chemicals business, converting feedstocks into products at a spread the cycle moves.

Owner earnings 2016–2025 $2M$772K($2M)$2M$5M$4M$199K$4M$4M$2M

Retained capital Retained $21M of earnings over 2016–2025; annual owner earnings grew $3M, $0.16 per $1 retained.

Balance sheet Net cash, +$6M · dividend paid 4 of 10 yrs, cut at least once

FTK Flotek Industries Inc.

Flotek seeks to provide unique and innovative solutions to its customers in both the domestic and international energy markets.

Owner earnings 2016–2022 ($11M)$8M($24M)($7M)($49M)($26M)($45M)

Retained capital not read

Balance sheet Meaningful net debt, $56M

FUL H. B. Fuller Company

We are a leading worldwide formulator, manufacturer and marketer of adhesives, sealants and other specialty chemical products.

Owner earnings 2016–2025 $132M$111M$185M$207M$244M$117M$127M$259M$163M$121M

Retained capital Retained $841M of earnings over 2016–2025; annual owner earnings grew $38M, $0.05 per $1 retained.

Balance sheet Heavy net debt, $1.9B · buybacks at an average near $64.31 · dividend paid 10 of 10 yrs, never cut

GEVO Gevo Inc.

We produce and sell renewable, drop-in products for these sectors, and generate carbon abatement value through our processes, plant designs and business systems.

Owner earnings 2016–2025 ($26M)($23M)($18M)($27M)($26M)($53M)($52M)($73M)($76M)($44M)

Retained capital not read

Balance sheet Net cash, +$84M

GPRE Green Plains Inc.

Revenue is Distiller Grains (50%) and Other (50%).

Owner earnings 2016–2025 $43M($227M)($2M)($85M)($12M)($183M)($143M)($52M)($125M)$74M

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings grew $28M.

Balance sheet Net debt against an operating loss, $184M · buybacks at an average near $12.00 · dividend paid 10 of 10 yrs, cut at least once

HUN Huntsman

We are a global manufacturer of diversified organic chemical products.

Owner earnings 2016–2025 $770M$985M$956M$623M$16M$626M$642M($21M)$79M$116M

Retained capital Retained $380M of earnings over 2016–2025; annual owner earnings fell $846M.

Balance sheet Net debt against an operating loss, $1.6B · buybacks at an average near $28.04 · dividend paid 10 of 10 yrs, cut at least once

HXL Hexcel

Hexcel operates in, including delays in aircraft production rates, related to, among other impacts, global logistics, supply chain issues, economic conditions, inflationary pressures, tariff impacts, and effects from geopolitical issues and conflicts.

Owner earnings 2016–2025 $74M$151M$237M$287M$214M$124M$97M$149M$203M$157M

Retained capital Paid out $213M more than it earned over 2016–2025; annual owner earnings grew $16M.

Balance sheet Heavy net debt, $922M · buybacks at an average near $64.00 · dividend paid 9 of 10 yrs, cut at least once

IFF International Flavors & Fragrances Inc.

We are a leading creator and manufacturer of products for application in food, beverage, health & biosciences, and scent, as well as complementary adjacent products, including natural health ingredients, all of which are used in a wide variety of consumer and end-use products.

Owner earnings 2016–2025 $424M$262M$267M$463M$522M$1.0B($107M)$952M$607M$256M

Retained capital Paid out $7.2B more than it earned over 2016–2025; annual owner earnings grew $287M.

Balance sheet Net debt against an operating loss, $5.4B · buybacks at an average near $108 · dividend paid 10 of 10 yrs, cut at least once

IOSP Innospec

Innospec develops, manufactures, blends, markets and supplies a wide range of specialty chemicals to customers in the Americas, Europe, the Middle East, Africa and Asia-Pacific.

Owner earnings 2016–2025 $89M$59M$76M$132M$116M$54M$42M$168M$143M$88M

Retained capital Retained $555M of earnings over 2016–2025; annual owner earnings grew $58M, $0.10 per $1 retained.

Balance sheet Net cash, debt-free, +$293M · buybacks at an average near $92.57 · dividend paid 10 of 10 yrs, never cut

KOP Koppers Holdings Inc.

Koppers Inc. is a wholly-owned subsidiary of Koppers Holdings Inc.

Owner earnings 2016–2025 $70M$52M$31M$78M$73M$45M$46M$89M$42M$68M

Retained capital Retained $411M of earnings over 2016–2025; annual owner earnings grew $15M, $0.04 per $1 retained.

Balance sheet Heavy net debt, $881M · buybacks at an average near $34.73 · dividend paid 4 of 10 yrs, never cut

KWR Quaker Chemical

Quaker Houghton develops, produces, and markets a broad range of formulated specialty chemical products and offers chemical management services for various heavy industrial and manufacturing applications throughout its three segments: Americas; Europe, Middle East and Africa; and Asia/Pacific.

Owner earnings 2016–2025 $67M$57M$71M$67M$160M$27M$13M$240M$163M$81M

Retained capital Retained $185M of earnings over 2016–2025; annual owner earnings grew $96M, $0.52 per $1 retained.

Balance sheet Heavy net debt, $691M · buybacks at an average near $69.85 · dividend paid 10 of 10 yrs, never cut

LODE Comstock Inc.

Comstock commercializes innovative technologies, systems and supply chains that extract, process, and convert under-utilized waste and natural resources into clean energy and supporting products, including sustainable solutions that produce renewed and repurposed electrification metals and minerals from end-of-life solar panels.

Owner earnings 2016–2023 ($3M)($7M)($6M)($5M)($4M)($8M)($13M)($15M)

Retained capital not read

Balance sheet Net cash, debt-free, +$17M

LOOP Loop Industries Inc.

Loop Industries is a technology company whose mission is to accelerate the world's shift toward sustainable PET plastic and polyester fiber and away from our dependence on fossil fuels.

Owner earnings 2017–2025 ($3M)($9M)($9M)($12M)($24M)($45M)($35M)($23M)($2M)

Retained capital not read

Balance sheet Net debt against an operating loss, $679K

LYB LyondellBasell

LyondellBasell makes the plastics that go into everyday goods, mainly polyethylene and polypropylene, sold in bulk to manufacturers, alongside the chemical building blocks behind them and an arm that licenses its chemical-process technology to other producers. Most of the profit is the spread between the cost of oil- and gas-linked feedstock and the price its commodity polymers fetch.

Owner earnings 2016–2025 $3.4B$3.7B$3.4B$2.3B$1.5B$5.7B$4.2B$3.4B$2.0B$384M

Retained capital Retained $2.5B of earnings over 2016–2025; annual owner earnings fell $1.5B.

Balance sheet Net debt against an operating loss, $7.2B · buybacks at an average near $86.69 · dividend paid 10 of 10 yrs, cut at least once

MEOH Methanex Corporation

Methanex Corporation is the world's largest producer and supplier of methanol, serving methanol customers across the globe.

Owner earnings 2016–2025 $127M$677M$790M$307M$332M$891M$842M$482M$636M$917M

Retained capital Retained $836M of earnings over 2016–2025; annual owner earnings grew $147M, $0.18 per $1 retained.

Balance sheet Heavy net debt, $2.3B · dividend paid 10 of 10 yrs, cut at least once

NEU NewMarket Corp

NewMarket Corporation is a holding company and is the parent company of Afton Chemical Corporation, Ethyl Corporation, American Pacific Corporation, Calca Solutions, LLC, NewMarket Services Corporation, and NewMarket Development Corporation.

Owner earnings 2016–2025 $309M$187M$123M$278M$191M$86M$52M$529M$462M$491M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $288M, $0.26 per $1 retained.

Balance sheet Modest net debt, $806M · dividend paid 10 of 10 yrs, never cut

NGVT Ingevity

Ingevity Corporation provides products and technologies that purify, protect, and enhance the world around us.

Owner earnings 2016–2025 $89M$134M$195M$191M$270M$190M$205M$95M$51M$274M

Retained capital Paid out $129M more than it earned over 2016–2025; annual owner earnings grew $600K.

Balance sheet Meaningful net debt, $1.2B · buybacks at an average near $67.75

OEC Orion S.A.

We currently operate 14 wholly owned production facilities, excluding the under-construction facility at La Porte, Texas, in Europe, North and South America, South Africa, and Asia, and one jointly-owned production facility at Dortmund, Germany.

Owner earnings 2017–2025 $49M$11M$135M$29M$41M($25M)$233M$0$55M

Retained capital Retained $311M of earnings over 2017–2025; annual owner earnings grew $31M, $0.10 per $1 retained.

Balance sheet Heavy net debt, $919M · dividend paid 8 of 9 yrs, cut at least once

OLN Olin

We are a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition.

Owner earnings 2016–2025 $325M$355M$523M$232M$134M$1.5B$1.7B$738M$308M$248M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $31M.

Balance sheet Heavy net debt, $2.7B · dividend paid 10 of 10 yrs, never cut

PCT PureCycle Technologies Inc.

We are a Florida-based corporation focused on commercializing a patented dissolution recycling technology for polypropylene that physically separates the polymer from other plastics, colors, odors and impurities.

Owner earnings 2023–2025 ($111M)($176M)($172M)

Retained capital not read

Balance sheet Net debt against an operating loss, $90M

PCTTU PureCycle Technologies Inc.

We are a Florida-based corporation focused on commercializing a patented dissolution recycling technology for polypropylene that physically separates the polymer from other plastics, colors, odors and impurities.

Owner earnings 2023–2025 ($111M)($176M)($172M)

Retained capital not read

Balance sheet Net debt against an operating loss, $90M

PCTTW PureCycle Technologies Inc.

We are a Florida-based corporation focused on commercializing a patented dissolution recycling technology for polypropylene that physically separates the polymer from other plastics, colors, odors and impurities.

Owner earnings 2023–2025 ($111M)($176M)($172M)

Retained capital not read

Balance sheet Net debt against an operating loss, $90M

PPG PPG Industries Inc.

PPG Industries, Inc. manufactures and distributes a broad range of paints, coatings and specialty products.

Owner earnings 2016–2025 $971M$1.2B$1.1B$1.7B$1.8B$1.2B$477M$1.9B$699M$1.2B

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $174M, $0.13 per $1 retained.

Balance sheet Modest net debt, $5.1B · buybacks at an average near $112 · dividend paid 10 of 10 yrs, never cut

PRM Perimeter Solutions SA

We are a leading provider of industrial products and services that support critical and complex customer missions across a range of niche applications.

Owner earnings 2019–2025 ($9M)$63M($49M)($9M)$173M$209M

Retained capital Paid out $239M more than it earned over 2019–2025; annual owner earnings grew $122M.

Balance sheet Net debt against an operating loss, $343M · buybacks at an average near $6.09

REX REX American Resources Corporation

Revenue is Ethanol (78%), Dried Distillers Grains (14%) and Distillers Corn Oil (8%).

Owner earnings 2017–2026 $55M$17M$37M$7M($2M)$87M$39M$110M$48M$102M

Retained capital Retained $282M of earnings over 2017–2026; annual owner earnings grew $51M, $0.18 per $1 retained.

Balance sheet Net cash, +$300M · buybacks at an average near $4.81

ROG Rogers Corporation

We design, develop, manufacture and sell high-performance and high-reliability engineered materials and components to meet our customers' demanding challenges.

Owner earnings 2016–2025 $99M$112M$20M$110M$125M$53M$13M$74M$71M$71M

Retained capital Retained $451M of earnings over 2016–2025; annual owner earnings fell $5M, $-0.01 per $1 retained.

Balance sheet Net cash, debt-free, +$197M · buybacks at an average near $70.99

RPM RPM International

Our construction product lines and services are sold directly to manufacturers, contractors, distributors and end-users, including industrial manufacturing facilities, concrete and cement producers, public institutions and other commercial customers.

Owner earnings 2016–2025 $358M$260M$276M$156M$402M$609M$26M$422M$908M$538M

Retained capital Retained $1.5B of earnings over 2016–2025; annual owner earnings grew $325M, $0.21 per $1 retained.

Balance sheet Meaningful net debt, $2.3B · buybacks at an average near $74.64 · dividend paid 10 of 10 yrs, never cut

SOLS Solstice Advanced Materials Inc.

Solstice Advanced Materials Inc. is a global, differentiated advanced materials company and a leading global provider of refrigerants, blowing agents, conversion services for the nuclear energy sector, semiconductor materials, protective fibers and healthcare packaging.

Owner earnings 2023–2025 $712M$803M$431M

Retained capital not read

Balance sheet Meaningful net debt, $1.6B

SXT Sensient Technologies

Sensient Technologies is a leading global manufacturer and marketer of colors, flavors, and other specialty ingredients.

Owner earnings 2016–2025 $137M($20M)$33M$138M$167M$84M($40M)$112M$98M$67M

Retained capital Retained $287M of earnings over 2016–2025; annual owner earnings grew $42M, $0.15 per $1 retained.

Balance sheet Meaningful net debt, $673M · dividend paid 10 of 10 yrs, never cut

VVV Valvoline Inc.

Valvoline Inc. is a leader in automotive preventive maintenance delivering convenient and trusted services in its retail stores throughout the United States and Canada.

Owner earnings 2016–2025 $245M($198M)$227M$217M$278M$301M$152M($221M)$41M$38M

Retained capital Retained $957M of earnings over 2016–2025; annual owner earnings fell $139M, $-0.15 per $1 retained.

Balance sheet Meaningful net debt, $1.0B · buybacks at an average near $22.06 · dividend paid 7 of 10 yrs, cut at least once

WDFC WD-40 Co.

Our four Strategic Enablers include: 1. ensuring a people-first mindset where we can attract, develop and engage outstanding employees; 2. building a sustainable business for the future; 3. achieving operational excellence in supply chain; and 4. driving productivity through enhanced systems.

Owner earnings 2016–2025 $61M$49M$57M$55M$65M$78M($6M)$92M$88M$83M

Retained capital Retained $88M of earnings over 2016–2025; annual owner earnings grew $32M, $0.36 per $1 retained.

Balance sheet Modest net debt, $76M · buybacks at an average near $215 · dividend paid 10 of 10 yrs, never cut

WLK Westlake

Westlake Corporation is a vertically integrated global manufacturer and marketer of both housing and infrastructure products and performance and essential materials that are designed to enhance the lives of people every day.

Owner earnings 2016–2025 $489M$951M$707M$514M$772M$1.7B$2.3B$1.3B$306M($530M)

Retained capital Retained $5.1B of earnings over 2016–2025; annual owner earnings fell $356M, $-0.07 per $1 retained.

Balance sheet Net debt against an operating loss, $2.9B · buybacks at an average near $102 · dividend paid 10 of 10 yrs, never cut

WLKP Westlake Chemical Partners LP Common

We are a Delaware limited partnership formed by Westlake in March 2014 to operate, acquire and develop ethylene production facilities and related assets.

Owner earnings 2016–2025 ($12M)$468M$396M$407M$336M$327M$410M$405M$436M$202M

Retained capital Retained $578M of earnings over 2016–2025; annual owner earnings grew $63M, $0.11 per $1 retained.

Balance sheet Net cash, debt-free, +$44M