W

Westlake Corporation

WLK · CIK 0001262823

17 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$11.17B8.0%
FY2025
Net income (FY)
−$1.51B350.5%
FY2025
Free cash flow (FY)
−$530.0M273.2%
FY2025
Diluted EPS (FY)
$-11.70352.2%
FY2025
The story, charted

The shape of the business

FY2009–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$5B$10B$15BFY2009 · Revenue $2.33B · Net income $53.0M · 0001193125-12-075023 · filed 2012-02-23FY09Revenue $2.33BNet income $53.0M0001193125-12-075023 · filed 2012-02-23FY2010 · Revenue $3.17B · Net income $221.4M · 0001262823-13-000007 · filed 2013-02-22FY10Revenue $3.17BNet income $221.4M0001262823-13-000007 · filed 2013-02-22FY2011 · Revenue $446.4M · Net income $259.0M · 0001262823-14-000007 · filed 2014-02-21FY11Revenue $446.4MNet income $259.0M0001262823-14-000007 · filed 2014-02-21FY2012 · Revenue $319.9M · Net income $385.6M · 0001262823-15-000007 · filed 2015-02-25FY12Revenue $319.9MNet income $385.6M0001262823-15-000007 · filed 2015-02-25FY2013 · Revenue $322.4M · Net income $610.4M · 0001262823-16-000030 · filed 2016-02-24FY13Revenue $322.4MNet income $610.4M0001262823-16-000030 · filed 2016-02-24FY2014 · Revenue $147.9M · Net income $678.5M · 0001262823-17-000008 · filed 2017-02-22FY14Revenue $147.9MNet income $678.5M0001262823-17-000008 · filed 2017-02-22FY2015 · Revenue $108.4M · Net income $646.0M · 0001262823-17-000008 · filed 2017-02-22 · 0001262823-18-000008 · filed 2018-02-21FY15Revenue $108.4MNet income $646.0M0001262823-17-000008 · filed 2017-02-22 · 0001262823-18-000008 · filed 2018-02-21FY2016 · Revenue $5.08B · Net income $399.0M · 0001262823-19-000012 · filed 2019-02-20FY16Revenue $5.08BNet income $399.0M0001262823-19-000012 · filed 2019-02-20FY2017 · Revenue $8.04B · Net income $1.30B · 0001262823-20-000007 · filed 2020-02-19FY17Revenue $8.04BNet income $1.30B0001262823-20-000007 · filed 2020-02-19FY2018 · Revenue $8.63B · Net income $996.0M · 0001262823-21-000023 · filed 2021-02-24FY18Revenue $8.63BNet income $996.0M0001262823-21-000023 · filed 2021-02-24FY2019 · Revenue $8.12B · Net income $421.0M · 0001262823-22-000014 · filed 2022-02-23FY19Revenue $8.12BNet income $421.0M0001262823-22-000014 · filed 2022-02-23FY2020 · Revenue $7.50B · Net income $330.0M · 0001262823-23-000011 · filed 2023-02-22FY20Revenue $7.50BNet income $330.0M0001262823-23-000011 · filed 2023-02-22FY2021 · Revenue $11.78B · Net income $2.02B · 0001262823-24-000014 · filed 2024-02-22FY21Revenue $11.78BNet income $2.02B0001262823-24-000014 · filed 2024-02-22FY2022 · Revenue $15.79B · Net income $2.25B · 0001262823-25-000011 · filed 2025-02-25FY22Revenue $15.79BNet income $2.25B0001262823-25-000011 · filed 2025-02-25FY2023 · Revenue $12.55B · Net income $479.0M · 0001262823-26-000016 · filed 2026-02-26FY23Revenue $12.55BNet income $479.0M0001262823-26-000016 · filed 2026-02-26FY2024 · Revenue $12.14B · Net income $602.0M · 0001262823-26-000016 · filed 2026-02-26FY24Revenue $12.14BNet income $602.0M0001262823-26-000016 · filed 2026-02-26FY2025 · Revenue $11.17B · Net income −$1.51B · 0001262823-26-000016 · filed 2026-02-26FY25Revenue $11.17BNet income −$1.51B0001262823-26-000016 · filed 2026-02-26FY25Revenue $11.17BNet income −$1.51B0001262823-26-000016 · filed 2026-02-26FY09FY11FY13FY15FY17FY19FY21FY23FY25

revenue 4.8× since FY2009 · net margin 2.3% → -13.5%

MarginsNet marginFCF margin
0%200%400%600%FY2009 · Net margin 2.3% · FCF margin 5.8%FY09Net margin 2.3%FCF margin 5.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 7.0% · FCF margin 6.4%FY10Net margin 7.0%FCF margin 6.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 58.0% · FCF margin 40.8%FY11Net margin 58.0%FCF margin 40.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 120.5% · FCF margin 70.4%FY12Net margin 120.5%FCF margin 70.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 189.3% · FCF margin 22.8%FY13Net margin 189.3%FCF margin 22.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 458.7% · FCF margin 406.5%FY14Net margin 458.7%FCF margin 406.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 596.2% · FCF margin 542.7%FY15Net margin 596.2%FCF margin 542.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 7.9% · FCF margin 4.7%FY16Net margin 7.9%FCF margin 4.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 16.2% · FCF margin 11.8%FY17Net margin 16.2%FCF margin 11.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 11.5% · FCF margin 8.2%FY18Net margin 11.5%FCF margin 8.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 5.2% · FCF margin 6.3%FY19Net margin 5.2%FCF margin 6.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 4.4% · FCF margin 10.3%FY20Net margin 4.4%FCF margin 10.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 17.1% · FCF margin 14.7%FY21Net margin 17.1%FCF margin 14.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 14.2% · FCF margin 14.5%FY22Net margin 14.2%FCF margin 14.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 3.8% · FCF margin 10.4%FY23Net margin 3.8%FCF margin 10.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 5.0% · FCF margin 2.5%FY24Net margin 5.0%FCF margin 2.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin -13.5% · FCF margin -4.7%FY25Net margin -13.5%FCF margin -4.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin -13.5%FCF margin -4.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net -13.5% · free cash flow -4.7% of revenue

Cash engineOperating cash flowFree cash flow
$0$2BFY2009 · OCF $235.5M · FCF $135.8M · 0001193125-12-075023 · filed 2012-02-23FY09OCF $235.5MFCF $135.8M0001193125-12-075023 · filed 2012-02-23FY2010 · OCF $283.3M · FCF $202.0M · 0001262823-13-000007 · filed 2013-02-22FY10OCF $283.3MFCF $202.0M0001262823-13-000007 · filed 2013-02-22FY2011 · OCF $358.9M · FCF $182.1M · 0001262823-14-000007 · filed 2014-02-21FY11OCF $358.9MFCF $182.1M0001262823-14-000007 · filed 2014-02-21FY2012 · OCF $612.1M · FCF $225.2M · 0001262823-15-000007 · filed 2015-02-25FY12OCF $612.1MFCF $225.2M0001262823-15-000007 · filed 2015-02-25FY2013 · OCF $752.7M · FCF $73.5M · 0001262823-16-000030 · filed 2016-02-24FY13OCF $752.7MFCF $73.5M0001262823-16-000030 · filed 2016-02-24FY2014 · OCF $1.03B · FCF $601.3M · 0001262823-17-000008 · filed 2017-02-22FY14OCF $1.03BFCF $601.3M0001262823-17-000008 · filed 2017-02-22FY2015 · OCF $1.08B · FCF $588.0M · 0001262823-18-000008 · filed 2018-02-21FY15OCF $1.08BFCF $588.0M0001262823-18-000008 · filed 2018-02-21FY2016 · OCF $867.0M · FCF $238.0M · 0001262823-19-000012 · filed 2019-02-20FY16OCF $867.0MFCF $238.0M0001262823-19-000012 · filed 2019-02-20FY2017 · OCF $1.53B · FCF $951.0M · 0001262823-20-000007 · filed 2020-02-19FY17OCF $1.53BFCF $951.0M0001262823-20-000007 · filed 2020-02-19FY2018 · OCF $1.41B · FCF $707.0M · 0001262823-21-000023 · filed 2021-02-24FY18OCF $1.41BFCF $707.0M0001262823-21-000023 · filed 2021-02-24FY2019 · OCF $1.30B · FCF $514.0M · 0001262823-22-000014 · filed 2022-02-23FY19OCF $1.30BFCF $514.0M0001262823-22-000014 · filed 2022-02-23FY2020 · OCF $1.30B · FCF $772.0M · 0001262823-23-000011 · filed 2023-02-22FY20OCF $1.30BFCF $772.0M0001262823-23-000011 · filed 2023-02-22FY2021 · OCF $2.39B · FCF $1.74B · 0001262823-24-000014 · filed 2024-02-22FY21OCF $2.39BFCF $1.74B0001262823-24-000014 · filed 2024-02-22FY2022 · OCF $3.40B · FCF $2.29B · 0001262823-25-000011 · filed 2025-02-25FY22OCF $3.40BFCF $2.29B0001262823-25-000011 · filed 2025-02-25FY2023 · OCF $2.34B · FCF $1.30B · 0001262823-26-000016 · filed 2026-02-26FY23OCF $2.34BFCF $1.30B0001262823-26-000016 · filed 2026-02-26FY2024 · OCF $1.31B · FCF $306.0M · 0001262823-26-000016 · filed 2026-02-26FY24OCF $1.31BFCF $306.0M0001262823-26-000016 · filed 2026-02-26FY2025 · OCF $465.0M · FCF −$530.0M · 0001262823-26-000016 · filed 2026-02-26FY25OCF $465.0MFCF −$530.0M0001262823-26-000016 · filed 2026-02-26FY25OCF $465.0MFCF −$530.0M0001262823-26-000016 · filed 2026-02-26’09’13’17’21’25

FY2025: $465.0M operating cash − $995.0M capex = −$530.0M free cash flow

Returns on capitalReturn on equityReturn on assets
0%20%FY2010 · ROE 14.7% · ROA 7.5%FY10ROE 14.7%ROA 7.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 14.7% · ROA 7.9%FY11ROE 14.7%ROA 7.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 20.6% · ROA 11.3%FY12ROE 20.6%ROA 11.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 25.2% · ROA 15.0%FY13ROE 25.2%ROA 15.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 23.3% · ROA 13.0%FY14ROE 23.3%ROA 13.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 19.8% · ROA 11.6%FY15ROE 19.8%ROA 11.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 11.3% · ROA 3.7%FY16ROE 11.3%ROA 3.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 26.8% · ROA 10.8%FY17ROE 26.8%ROA 10.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 17.8% · ROA 8.6%FY18ROE 17.8%ROA 8.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 7.2% · ROA 3.2%FY19ROE 7.2%ROA 3.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 5.5% · ROA 2.4%FY20ROE 5.5%ROA 2.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 25.3% · ROA 10.9%FY21ROE 25.3%ROA 10.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 22.6% · ROA 10.9%FY22ROE 22.6%ROA 10.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 4.7% · ROA 2.3%FY23ROE 4.7%ROA 2.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 5.7% · ROA 2.9%FY24ROE 5.7%ROA 2.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE -17.2% · ROA -7.6%FY25ROE -17.2%ROA -7.6%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE -17.2%ROA -7.6%derived: net income ÷ equity · derived: net income ÷ assets’13’17’21’25

return on equity 15% (FY2010) → -17% (FY2025) · on assets -7.6%

Balance sheetLiabilitiesEquity
$0$10B$20BFY2010 · Liabilities $1.45B · Equity $1.51BFY10Liabilities $1.45BEquity $1.51B0001193125-12-075023 · filed 2012-02-23FY2011 · Liabilities $1.51B · Equity $1.76BFY11Liabilities $1.51BEquity $1.76B0001262823-13-000007 · filed 2013-02-22FY2012 · Liabilities $1.54B · Equity $1.87BFY12Liabilities $1.54BEquity $1.87B0001262823-14-000007 · filed 2014-02-21FY2013 · Liabilities $1.64B · Equity $2.42BFY13Liabilities $1.64BEquity $2.42B0001262823-15-000007 · filed 2015-02-25FY2014 · Liabilities $2.01B · Equity $2.91BFY14Liabilities $2.01BEquity $2.91B0001262823-16-000030 · filed 2016-02-24FY2015 · Liabilities $2.01B · Equity $3.27BFY15Liabilities $2.01BEquity $3.27B0001262823-17-000008 · filed 2017-02-22FY2016 · Liabilities $7.00B · Equity $3.52BFY16Liabilities $7.00BEquity $3.52B0001262823-18-000008 · filed 2018-02-21FY2017 · Liabilities $6.71B · Equity $4.87BFY17Liabilities $6.71BEquity $4.87B0001262823-19-000012 · filed 2019-02-20FY2018 · Liabilities $5.53B · Equity $5.59BFY18Liabilities $5.53BEquity $5.59B0001262823-20-000007 · filed 2020-02-19FY2019 · Liabilities $6.86B · Equity $5.86BFY19Liabilities $6.86BEquity $5.86B0001262823-21-000023 · filed 2021-02-24FY2020 · Liabilities $7.26B · Equity $6.04BFY20Liabilities $7.26BEquity $6.04B0001262823-22-000014 · filed 2022-02-23FY2021 · Liabilities $9.93B · Equity $7.96BFY21Liabilities $9.93BEquity $7.96B0001262823-23-000011 · filed 2023-02-22FY2022 · Liabilities $10.09B · Equity $9.93BFY22Liabilities $10.09BEquity $9.93B0001262823-24-000014 · filed 2024-02-22FY2023 · Liabilities $10.27B · Equity $10.24BFY23Liabilities $10.27BEquity $10.24B0001262823-25-000011 · filed 2025-02-25FY2024 · Liabilities $9.71B · Equity $10.53BFY24Liabilities $9.71BEquity $10.53B0001262823-26-000016 · filed 2026-02-26FY2025 · Liabilities $10.67B · Equity $8.79BFY25Liabilities $10.67BEquity $8.79B0001262823-26-000016 · filed 2026-02-26FY25Liabilities $10.67BEquity $8.79B0001262823-26-000016 · filed 2026-02-26’13’17’21’25

FY2025: $19.96B assets · $10.67B liabilities · $8.79B equity

The receipts