Analysts project that Dow will report a loss of $0.46 per share for the fourth quarter of 2025, driven by softer selling prices and elevated feedstock costs. Revenue is forecast at $9.47 billion, representing an 8.8% decline from the same period last year. These consensus figures reflect ongoing weakness in demand across key end markets and pressure on chemical spreads.

Global demand has been lackluster, particularly in Europe and Asia, where manufacturing activity has slowed. To offset margin compression, Dow has launched a program to reduce operating expenses by $1 billion over the next 12 months, with $400 million of savings expected to materialize in fiscal 2025. Management is prioritizing plant optimization, overhead rationalization and temporary production curtailments to improve cash flow.

Over the past year, Dow’s share price has fallen 32.8%, underperforming the broader diversified chemicals group, which declined 21% on average. The stock’s volatility has been amplified by swings in oil feedstock costs and inventory adjustments. Despite two positive earnings surprises in the last four quarters, the company has missed consensus estimates twice, resulting in an average negative surprise of 35.8%.

Dow’s current ratio stands at 1.94, indicating adequate liquidity, while its debt-to-equity ratio of 1.12 highlights a heavier reliance on leverage. The company carries an enterprise-value-to-sales multiple of 0.85, below the industry median, suggesting that the market values the business at less than its annual revenues. With a price-to-sales ratio of 0.48 and a negative price-to-earnings ratio of 17.47, investors remain cautious until earnings turn positive and free cash flow improves.