# LyondellBasell Industries N.V. (LYB) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/LYB/thesis · /stocks/LYB/memo

## Financial Snapshot

---
ticker: LYB
step: 04
generated: 2026-05-13
source: quick-research
---

### LyondellBasell Industries N.V. (LYB) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$50.5B | $41.1B | $40.3B | -2.0% |
| Gross Margin | ~12% | ~9% | ~9% | |
| Operating Margin | ~9% | ~6% | ~5% | |
| Net Income | ~$3.9B | ~$2.1B | ~$1.4B | -33% |
| EPS (diluted) | $11.81 | $6.46 | $4.15 | -35.8% |

*FY2022 reflects peak petrochemical cycle margins. FY2023-2024 reflect prolonged industry downturn: global polyolefin overcapacity (driven by Chinese capacity additions) compresses margins; European energy costs add further pressure. FY2025 revenue dropped sharply to $30.15B (-25%) partly due to Houston Refinery closure (Q1 2025) removing ~$10B of lower-margin refining revenue. FY2025 adjusted EPS: ~$1.70 — near-trough.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow (FY2024) | $3.8B |
| Capital Expenditures (FY2024) | ~$1.8B |
| Free Cash Flow (FY2024) | ~$2.0B |
| Cash Returned to Shareholders (FY2024) | $1.9B (dividends + buybacks) |
| Cash & Equivalents | $3.4B |
| Available Liquidity | $8.0B |
| Annual Dividend | ~$5.36/share (~11% yield at current price) |
| 2026 CapEx Guidance | $1.2B (cut from $1.9B in 2025) |

#### Key Ratios (approximate)
- P/E: ~28x (FY2025 trough adj. EPS $1.70) → ~12x on normalized EPS of ~$8-10
- EV/EBITDA: ~6–7x (trough) | FCF Yield: ~8–10% (FY2024 basis)
- Revenue decline (FY2024): -2% | Dividend yield: ~11% (at risk if cycle doesn't recover)
- Cash improvements achieved (2025): $800M (vs $600M target); cumulative target raised to $1.3B by 2026
- 2026 CapEx cut: $1.2B from $1.9B (significant FCF improvement)

#### Growth Profile
LYB is a deeply cyclical chemicals business at or near a cycle trough. Revenue and earnings have declined sharply from FY2022 peaks as the polyolefin cycle turned from boom to prolonged bust. The refinery exit (Q1 2025) removes ~$10B of low-margin revenue but improves the overall margin profile. Near-term recovery depends on polyethylene price increases (tight inventories, winter supply disruptions supportive) and eventual Chinese overcapacity digestion. Long-term, the CLCS circular economy segment is the strategic differentiator.

#### Forward Estimates
- FY2026: Recovery from $1.70 adj. EPS trough; Wells Fargo targets $87/share (>50% upside)
- Cumulative cash improvement: $1.3B by year-end 2026
- Polyethylene price environment: Tightening inventories and supply disruptions supportive heading into 2026
- Analyst consensus: Predominantly Hold (13 of 19); price target ~$64.18; some bulls targeting $87

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/LYB/fundamental

## Navigation

- Overview: /stocks/LYB
- Financials (this page): /stocks/LYB/financials
- Thesis: /stocks/LYB/thesis
- Investment Memo: /stocks/LYB/memo
- Coverage universe: /stocks