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The terms "Company," "we," "our" and "us" refer to Celanese and its subsidiaries on a consolidated basis. The term "Celanese U.S." refers to the Company's subsidiary, Celanese US Holdings LLC, a Delaware limited liability company, and not its subsidiaries.
The business is unprofitable at the operating level (-8.24% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 7.1% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $13.02B represents 16.2x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$9.49B
▼ -7.1% YoY
Net Income (TTM)
-$1.10B
▲ +24.4% YoY
Op. Margin
-7.76%
▼ -1.2pp YoY
ROIC
-3.14%
▼ -0.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$878M
▲ +51.2% YoY
Op. Cash Flow (TTM)
$1.19B
▲ +18.6% YoY
Net Debt
$13.00B
Cash & Equiv.
$1.76B
5Y CAGR: +11.0%
5Y CAGR: -3.9%
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