What is EMN's intrinsic value?

TickerWorth's valuation lenses put Eastman Chemical Company (EMN) between $42.41 and $182.54 per share, versus a market price of $62.33. They disagree too widely for us to state a single fair value, so we publish the range.

Is EMN overvalued or undervalued?

At $62.33 the price sits inside a range too wide to call either way. We don't call EMN overvalued or undervalued from a range this wide. This is an educational estimate, not advice.

What discount rate is used for EMN?

A WACC of 8.5% and a terminal growth rate of 2.5%.

Is Eastman Chemical stock undervalued?

TickerWorth's fair-value range for Eastman Chemical Company (EMN) is $42.41 – $182.54 against a market price of $62.33. Too wide to call. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.

Eastman Chemical (EMN) DCF valuation and fair value

Our fair-value range for Eastman Chemical Company (EMN) is $42.41 – $182.54, built on a 8.5% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.

What growth is priced into Eastman Chemical stock?

no growth rate up to 300%/yr justifies the price under these economics This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $62.33. A model estimate, not investment advice.

Eastman Chemical (EMN) insider trading

The most recent insider filing (SEC Form 4) for Eastman Chemical Company (EMN): OBRIEN JAMES J /KY, Director, gift on 2026-09-02. The latest filings are listed on this page. A disclosure, not a signal to trade.

EMN · Intrinsic value

Is Eastman Chemical Company (EMN) overvalued or undervalued?

Name: Eastman Chemical Company (EMN) DCF intrinsic value
Creator: TickerWorth

As of Oct 19, 2026, TickerWorth's valuation lenses put Eastman Chemical Company (EMN) at $42.41 – $182.54, too broad a range to say where the delayed market price of $62.33 sits in it, so we do not call it over- or undervalued. It is a model estimate, and every input behind it is sourced below.

Model by Miraaj Patel · generated from a hand-researched model · Updated Oct 19, 2026 · How these pages are made

Open full EMN analysis

What is EMN worth?

Backup data source

This price comes from our backup market-data feed.

Fair-value range: $42.41 – $182.54
Market price: $62.33
Gap to fair value: —
Verdict: Too wide to call

Price as of 19 Oct 2026, 13:16 UTC · Prices are delayed.Our valuation lenses disagree too widely on this company for us to publish a single number, so we publish the range instead. We do not call it over- or undervalued from a spread this wide.

Fair-value range against the delayed market price: Too wide to call.

Reverse DCF: no growth rate up to 300%/yr justifies the price under these economics

What is EMN's TickerWorth Score?

C52/100

Middle of the pack — real strengths and real weaknesses

Compared with Basic Materials companies in US

Its strongest point: looks cheap on the numbers. Its weakest: balance sheet looks stretched.

Value · 75 of 100
Cheaper than 75% of Basic Materials companies in US
Price vs worth · 91 of 100
Quality · 32 of 100
More profitable than 32% of Basic Materials companies in US
Financial health · 24 of 100
Financially stronger than 24% of Basic Materials companies in US
Growth · 49 of 100
Growing faster than 49% of Basic Materials companies in US
Momentum · 21 of 100
Outperformed 21% of Basic Materials companies in US over the past year

Confidence: Medium confidence · Scored 19 Oct 2026, 13:16 UTC

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Where the numbers come from

Hand-researched model

What the modeller flagged

YEAR-1 FCF IS FAR ABOVE THE LAST REPORTED FCF — beyond the 20% line, so stated. Model Year-1 unlevered FCF is ~$865M against $424M reported for FY2025. Most of the gap is definitional or guided: the reported figure is after ~$175M of after-tax interest (the model is unlevered), and 2026 capex is guided ~$146M lower. Even so, the model is ~$185M (~27%) ABOVE the ~$680M unlevered FCF that management's 'approach $900M' OCF guidance implies, because the model charges only $91M of working capital for 2026 while Eastman has flagged a larger receivables build. That optimism is confined to Year 1 and is worth about $1.60/share.
TERMINAL VALUE IS ~76% OF ENTERPRISE VALUE — just over the 75% danger line. The answer rests on the steady state: a 12.0% margin on ~$10.1B of sales in 2030.
LEVERAGE AMPLIFIES EVERYTHING. Net debt (with pension and NCI) is ~$4.8B against a ~$7.5B market cap, so each 1% move in enterprise value moves equity value ~1.6%. That is also why the gap is wide relative to modest differences in operating assumptions.
CREDIT OUTLOOK NEGATIVE. S&P's expected rating on the Feb 2026 notes was BBB with a NEGATIVE outlook (Moody's Baa2 stable). A downgrade to BBB- would push the marginal cost of debt up ~0.3-0.5pt; not modeled.
SBC is small ($48M in FY2025, 0.5% of sales, in SG&A) and stays expensed inside EBIT; dilution is carried by the diluted share count.

Why EMN gets a range, not one number

At a recent price of $62.33, Eastman Chemical Company (EMN) sits inside a range too wide to call either way: our valuation lenses put the business somewhere between $42.41 and $182.54 per share. They disagree too widely for us to state a single fair value. We publish the range rather than a midpoint because a number that precise would claim more than the methods can support. This is an educational model, not a price target or a recommendation.

Read the full reasoning

The valuation discounts Eastman Chemical Company's projected free cash flows at a weighted-average cost of capital (WACC) of 8.5%, with a long-run terminal growth rate of 2.5%. About 76% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.

Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, EMN's modeled DCF value ranges from about $49.46 to $166.75 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.

How to read this page: the DCF fair value is what Eastman Chemical Company would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of EMN's intrinsic value. Figures update as new filings and prices come in.

Every input behind EMN's DCF

Input	Value	Source
Base-year revenueEastman FY2025 10-K (accession 0000915389-26-000013, filed 2026-02-13); Q4 2025 earnings release 8-K Ex-99.01 (accession 0000915389-26-000006): FY2025 sales $8,752M, -6.7% on FY2024's $9,382M (us-gaap:Revenues). A TROUGH-ISH YEAR, not a normal one: Q4 2025 sales fell 12% YoY on 11% lower volume/mix (acetate tow destocking, weak consumer-discretionary and building end markets) and Chemical Intermediates ran at a loss. Revenue has been in an $8.5-10.6B band for a decade (FY2020 $8,473M, FY2022 $10,580M). CROSS-CHECK, H1 2026: $4,690M, +2.5% on H1 2025's $4,577M, with Q2 alone +10% YoY ($2,513M) on 5% volume/mix and 4% price, the price largely Middle-East-conflict tightening in Chemical Intermediates (Q2 2026 release, accession 0000915389-26-000138).	$8,752,000,000	Eastman FY2025 10-K (accession 0000915389-26-000013, filed 2026-02-13); Q4 2025 earnings release 8-K Ex-99.01 (accession 0000915389-26-000006): FY2025 sales $8,752M, -6.7% on FY2024's $9,382M (us-gaap:Revenues). A TROUGH-ISH YEAR, not a normal one: Q4 2025 sales fell 12% YoY on 11% lower volume/mix (acetate tow destocking, weak consumer-discretionary and building end markets) and Chemical Intermediates ran at a loss. Revenue has been in an $8.5-10.6B band for a decade (FY2020 $8,473M, FY2022 $10,580M). CROSS-CHECK, H1 2026: $4,690M, +2.5% on H1 2025's $4,577M, with Q2 alone +10% YoY ($2,513M) on 5% volume/mix and 4% price, the price largely Middle-East-conflict tightening in Chemical Intermediates (Q2 2026 release, accession 0000915389-26-000138).
Base EBIT marginEastman Q4 2025 earnings release, 8-K Ex-99.01 Tables 1, 3A, 3B (accession 0000915389-26-000006); FY2025 10-K MD&A non-GAAP reconciliation (accession 0000915389-26-000013): DERIVED FROM REPORTED LINES, and the pension treatment is the point. GAAP EBIT was $776M (8.87%); Eastman's adjusted EBIT, excluding non-core items, was $930M (10.6%). Eastman uses MARK-TO-MARKET pension accounting, and its EBIT carries a line 'Other components of post-employment (benefit) cost, net' = $(25)M credit in FY2025. Per the 10-K reconciliation, $(6)M of that was the MTM gain (already excluded as non-core) and the remaining $(19)M non-service credit sits INSIDE adjusted EBIT. That credit is expected return on plan assets and amortization, not operations, so I strip it: $930M - $19M = $911M / $8,752M = 10.41%. The pension and retiree-medical deficit is instead carried in net debt (see market.net_debt) — one or the other, not both. Service cost ($26M) stays in EBIT as a real operating cost. CROSS-CHECK H1 2026 on the same build: adjusted EBIT $520M less the $33M non-service credit = $487M / $4,690M = 10.38%, essentially the same margin. The credit has grown because a Q4-2025 retiree-medical plan amendment cut the obligation by $208M, which amortizes 'primarily over 5 years' (~$40M/yr) as a non-cash credit through this line — leaving it in would flatter 2026-30 EBIT by roughly that amount.	10.4%	Eastman Q4 2025 earnings release, 8-K Ex-99.01 Tables 1, 3A, 3B (accession 0000915389-26-000006); FY2025 10-K MD&A non-GAAP reconciliation (accession 0000915389-26-000013): DERIVED FROM REPORTED LINES, and the pension treatment is the point. GAAP EBIT was $776M (8.87%); Eastman's adjusted EBIT, excluding non-core items, was $930M (10.6%). Eastman uses MARK-TO-MARKET pension accounting, and its EBIT carries a line 'Other components of post-employment (benefit) cost, net' = $(25)M credit in FY2025. Per the 10-K reconciliation, $(6)M of that was the MTM gain (already excluded as non-core) and the remaining $(19)M non-service credit sits INSIDE adjusted EBIT. That credit is expected return on plan assets and amortization, not operations, so I strip it: $930M - $19M = $911M / $8,752M = 10.41%. The pension and retiree-medical deficit is instead carried in net debt (see market.net_debt) — one or the other, not both. Service cost ($26M) stays in EBIT as a real operating cost. CROSS-CHECK H1 2026 on the same build: adjusted EBIT $520M less the $33M non-service credit = $487M / $4,690M = 10.38%, essentially the same margin. The credit has grown because a Q4-2025 retiree-medical plan amendment cut the obligation by $208M, which amortizes 'primarily over 5 years' (~$40M/yr) as a non-cash credit through this line — leaving it in would flatter 2026-30 EBIT by roughly that amount.
Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast	6% → 0% → 3% → 3% → 2%	ESTIMATEAssumption — TickerWorth's 5-year explicit forecast
Risk-free rateUS 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation. Program-wide rate shared by every researched model in this run.	5.2%	US 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation. Program-wide rate shared by every researched model in this run.
BetaYahoo Finance / yfinance published beta (5Y monthly): Published 5Y-monthly beta 1.076, used as-is. No normalization: a diversified chemicals company with cyclical commodity exposure sitting just above the market is plausible, and the figure is not distorted by a single event the way IBM's was. The reverse DCF shows a beta of ~1.42 would be needed to justify today's price.	1.08	Yahoo Finance / yfinance published beta (5Y monthly): Published 5Y-monthly beta 1.076, used as-is. No normalization: a diversified chemicals company with cyclical commodity exposure sitting just above the market is plausible, and the figure is not distorted by a single event the way IBM's was. The reverse DCF shows a beta of ~1.42 would be needed to justify today's price.
Terminal growthESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP). FLAG: generous against Eastman's own record — sales were $9.6B in 2015 and $8.75B in 2025, partly divestitures but partly a mature commodity-exposed mix. 2.0% takes ~$8/share off. Well below the 8.50% WACC.	2.5%	ESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP). FLAG: generous against Eastman's own record — sales were $9.6B in 2015 and $8.75B in 2025, partly divestitures but partly a mature commodity-exposed mix. 2.0% takes ~$8/share off. Well below the 8.50% WACC.
Diluted sharesEastman Q2 2026 earnings release Table 1 / Q2 2026 10-Q (accessions 0000915389-26-000138, -000141): Q2 2026 weighted-average diluted shares 115.3M (114.4M outstanding at period end). Share count has been falling (FY2022 124.9M, FY2025 115.6M) on buybacks, but there were NO repurchases in H1 2026 ($0 vs $50M in H1 2025) as cash went to working capital — so the model does not assume the shrink continues.	115M	Eastman Q2 2026 earnings release Table 1 / Q2 2026 10-Q (accessions 0000915389-26-000138, -000141): Q2 2026 weighted-average diluted shares 115.3M (114.4M outstanding at period end). Share count has been falling (FY2022 124.9M, FY2025 115.6M) on buybacks, but there were NO repurchases in H1 2026 ($0 vs $50M in H1 2025) as cash went to working capital — so the model does not assume the shrink continues.
Market priceBackup price feed · as of 2026-10-19 13:16 UTC	$62.33	Backup price feed · as of 2026-10-19 13:16 UTC

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What does Eastman Chemical Company do?

What does it do?

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids. It operates in the Specialty Chemicals industry (Basic Materials sector), headquartered in United States. The company employs roughly 13,000 people.

How does it make money?

The business turns $8.9B in annual revenue into profit. Out of every $100 of sales, about $13 is left as operating profit (operating margin of 12.9%), after a 20% gross margin on the products/services it sells. After all costs, taxes and interest, 5.0% of revenue becomes bottom-line net profit.

Is it financially healthy?

Financially it looks mixed: carries modest debt (0.9× equity), can just cover its short-term bills (1.5× current ratio), and is currently profitable.

Who at EMN filed insider trades?

Recent insider filings for Eastman Chemical Company
Date	Insider	Relationship	What happened	Value	Filing
2 Sept 2026	OBRIEN JAMES J /KY	Director	Gift	—	Form 4 for OBRIEN JAMES J /KY (opens sec.gov in a new tab)
2 Sept 2026	OBRIEN JAMES J /KY	Director	Gift	—	Form 4 for OBRIEN JAMES J /KY (opens sec.gov in a new tab)
2 Sept 2026	OBRIEN JAMES J /KY	Director	Gift	—	Form 4 for OBRIEN JAMES J /KY (opens sec.gov in a new tab)
4 Aug 2026	Holt Adrian James	SVP, Chf HR Ofcr	Open-market sale	$234,110.73	Form 4 for Holt Adrian James (opens sec.gov in a new tab)
1 Jun 2026	Holt Adrian James	SVP, Chf HR Ofcr	Grant / award	—	Form 4 for Holt Adrian James (opens sec.gov in a new tab)
1 Jun 2026	Holt Adrian James	SVP, Chf HR Ofcr	Shares withheld (tax)	$79,868.42	Form 4 for Holt Adrian James (opens sec.gov in a new tab)

A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4). Older filings and the 90-day buying-and-selling read are part of Pro. See plans

Common questions

What is EMN's intrinsic value?
TickerWorth's valuation lenses put Eastman Chemical Company (EMN) between $42.41 and $182.54 per share, versus a market price of $62.33. They disagree too widely for us to state a single fair value, so we publish the range.
Is EMN overvalued or undervalued?
At $62.33 the price sits inside a range too wide to call either way. We don't call EMN overvalued or undervalued from a range this wide. This is an educational estimate, not advice.
What discount rate is used for EMN?
A WACC of 8.5% and a terminal growth rate of 2.5%.
Is Eastman Chemical stock undervalued?
TickerWorth's fair-value range for Eastman Chemical Company (EMN) is $42.41 – $182.54 against a market price of $62.33. Too wide to call. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.
Eastman Chemical (EMN) DCF valuation and fair value
Our fair-value range for Eastman Chemical Company (EMN) is $42.41 – $182.54, built on a 8.5% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into Eastman Chemical stock?
no growth rate up to 300%/yr justifies the price under these economics This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $62.33. A model estimate, not investment advice.
Eastman Chemical (EMN) insider trading
The most recent insider filing (SEC Form 4) for Eastman Chemical Company (EMN): OBRIEN JAMES J /KY, Director, gift on 2026-09-02. The latest filings are listed on this page. A disclosure, not a signal to trade.

Other ways into the coverage

Not investment advice. TickerWorth Score is a model output.

TickerWorth is not a licensed investment adviser, and these figures are estimates from public filings and market data that can be wrong.