LyondellBasell Industries N.V. (LYB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+11.2%

$73.55

vs $66.13 price

Levered DCF

$78.81

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.19

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-18.43×	17.85×	14.67×	7.01×	5.51×	21.62×	9.85×	6.9×
P/B	1.38×	1.94×	2.39×	2.15×	2.6×	3.84×	4.15×	3.15×
P/S	0.46×	0.6×	0.75×	0.54×	0.67×	1.1×	0.96×	0.83×
EV / EBITDA	22.33×	9.34×	8.73×	6.03×	4.94×	14.06×	8.06×	5.99×
Gross margin	9.0%	11.3%	12.8%	13.1%	19.0%	12.2%	15.6%	16.6%
Operating margin	-1.1%	4.5%	7.4%	10.1%	14.7%	5.6%	11.9%	13.4%
Net margin	-2.5%	3.4%	5.1%	7.7%	12.1%	5.1%	9.8%	12.0%
Current ratio	1.77×	1.83×	1.84×	1.75×	1.69×	2.11×	1.83×	1.92×
Debt / equity	1.58×	1.04×	1.01×	1.04×	1.15×	2.19×	1.68×	0.92×
Interest coverage	-0.64×	3.78×	6.4×	17.77×	13.05×	2.96×	11.86×	14.53×
Dividend yield	12.7%	7.1%	5.2%	12.0%	4.8%	4.6%	4.4%	4.8%
Payout ratio	-237.4%	126.5%	76.2%	83.6%	26.5%	98.9%	43.1%	33.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-7.4%	10.9%	16.3%	30.8%	47.3%	17.8%	42.1%	45.7%
Return on invested capital	-1.1%	5.1%	7.9%	13.5%	18.6%	5.0%	13.3%	19.6%
Return on assets	-2.2%	3.8%	5.7%	10.7%	15.3%	4.0%	11.1%	16.6%
Free cash flow yield	2.8%	8.2%	11.0%	15.6%	18.6%	4.8%	6.8%	10.4%
Earnings yield	-5.3%	5.6%	6.8%	14.3%	18.2%	4.6%	10.2%	14.5%
Enterprise value	$26.5B	$33.7B	$40.5B	$38.2B	$42.9B	$46.3B	$46B	$41.4B
Net debt / EBITDA	10.56×	2.65×	2.07×	1.74×	1.39×	4.77×	2.22×	1.31×
Cash conversion cycle (days)	46	42	45	40	47	88	62	63