Eastman Chemical Company

Revenue fell 7% in 2025 to $8.75B, with end‑market weakness (autos, construction, consumer durables) and Asia pricing pressure.

While the company has recurring replacement and aftermarket exposure (films/interlayers) and a growing base of specification wins, exposure to industrial cycles and spreads keeps variability higher than our preferred toll‑like models.

Management expects to meaningfully improve 2026 earnings via self‑help and stable cash flow, but macro remains the gatekeeper.