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Arphra AIPlain-English read on Eastman Chemical Company’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $10.48B | $10.54B | $9.2B | $9.38B | $8.75B | $9.18B | $9.44B | $9.74B |
| Cost of revenue | $7.97B | $8.48B | $7.14B | $7.09B | $6.91B | $6.91B | $7.31B | $7.5B |
| Gross profit | $2.52B | $2.06B | $2.06B | $2.29B | $1.84B | $2.08B | $2.19B | $2.24B |
| Gross margin | +24.02% | +19.52% | +22.42% | +24.41% | +21.07% | +22.63% | +23.14% | +23.02% |
| Operating | ||||||||
| Research & development | $254M | $264M | $239M | $250M | $255M | $243.32M | $256.84M | $264.55M |
| Selling, general & administrative | $795M | $708M | $727M | $664M | $658M | $695.34M | $712.04M | $743.25M |
| Total operating expenses | $1.05B | $972M | $966M | $914M | $913M | $935.1M | $937.08M | $1.02B |
| Operating income | $1.47B | $1.08B | $1.1B | $1.38B | $931M | $1.13B | $1.19B | $1.2B |
| Operating margin | +14.01% | +10.29% | +11.92% | +14.67% | +10.64% | +12.29% | +12.64% | +12.36% |
| EBITDA | $1.81B | $1.64B | $1.81B | $1.8B | $1.29B | $1.67B | $1.72B | $1.7B |
| EBIT | $1.27B | $1.16B | $1.31B | $1.29B | $776M | $1.12B | $1.14B | $1.22B |
| Below the line | ||||||||
| Interest expense | $192M | $188M | $225M | $216M | $208M | $212.92M | $221.33M | $229.79M |
| Interest income | $3M | $6M | $10M | $16M | $0 | $8.3M | $8.97M | $8.85M |
| Other income / expense | -$387M | -$107M | -$9M | -$298M | -$363M | — | — | — |
| Pre-tax income | $1.08B | $977M | $1.09B | $1.08B | $568M | $929.15M | $950.29M | $983.2M |
| Income tax expense | $215M | $181M | $191M | $170M | $93M | $153.59M | $154.54M | $163.61M |
| Earnings | ||||||||
| Net income | $857M | $793M | $894M | $905M | $474M | $753.84M | $771.88M | $813.95M |
| Net income · continuing ops | $867M | $796M | $896M | $908M | $475M | $763.96M | $794.85M | $788.63M |
| Net margin | +8.18% | +7.53% | +9.72% | +9.65% | +5.42% | +8.21% | +8.18% | +8.35% |
| EPS · basic | $6.35 | $6.42 | $7.54 | $7.75 | $4.13 | $6.52 | $6.96 | $7.72 |
| EPS · diluted | $6.25 | $6.35 | $7.49 | $7.67 | $4.10 | $6.38 | $6.98 | $7.75 |
| EPS · low estimate | — | — | — | — | — | $5.83 | $6.60 | $7.50 |
| EPS · high estimate | — | — | — | — | — | $6.86 | $7.26 | $8.05 |
| Shares · basic | 134.9M | 123.5M | 118.6M | 116.7M | 114.7M | 114M | 114.42M | 113.94M |
| Shares · diluted | 137.1M | 124.9M | 119.4M | 117.9M | 115.6M | 115.66M | 116.6M | 115.86M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 10 | 10 | 10 |
| Analysts (EPS) | — | — | — | — | — | 9 | 8 | 3 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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