DOW Dow Inc.

materials · 2026-10-19

N/A

too hard · 25

Owner-earnings value—

Price$29.93

Margin of safety —

Quality gate · 25/100

Returns on capital 0/30

Consistency 6.5/22

Margins / pricing power 4.8/16

Balance sheet 0/16

Cash conversion 10/10

Capital allocation 3.9/6

⚠ sub-hurdle returns (median roic 5% < 9%) · over-levered (net debt/EBITDA 6.0x > 4x)

Median ROIC4.6%

Gross margin9.9%

Net debt / EBITDA6.0x

FCF conversion178%

Share count / yr+0.6%

Profitable years3/4

Moat & management

Owner-earnings inputs

Owner earnings (TTM)	-781.00M
Owner-earnings yield	-3.6%
Free-cash-flow yield	7.4%
Growth used (normalized)	—
Terminal growth	—
Discount rate (hurdle)	—

⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · non-positive owner earnings — cannot value as a going wonderful business

Date	Quality	Price	Value	MoS	Rating
2026-10-19	25	$29.93	—	—	N/A
2026-09-17	25	$30.08	—	—	N/A
2026-08-17	25	$31.07	—	—	N/A
2026-07-15	25	$30.31	—	—	N/A
2026-07-02	25	$27.02	—	—	N/A
2026-06-25	25	$29.38	—	—	N/A
2026-06-23	25	$30.33	—	—	N/A

Date

Quality

Price

Value

MoS

Rating

2026-10-19

$29.93

—

N/A

2026-09-17

$30.08

—

N/A

2026-08-17

$31.07

—

N/A

2026-07-15

$30.31

—

N/A

2026-07-02

$27.02

—

N/A

2026-06-25

$29.38

—

N/A

2026-06-23

$30.33

—

N/A

Quality gate · 25/100

Moat & management

Owner-earnings inputs

History