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LyondellBasell Industries N.V.
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NYSE: LYB Materials Chemicals 🔎 Screen
S&P 500
$19.3B
Market Cap
17.9
P/E
2.58
PEG
4.3%
ROCE
-6.9%
ROE
1.44
D/E
3.1%
OPM
-26.4%
% from 52W High
82
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for LYB including FX impact
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📈 Price History
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About

LyondellBasell Industries N.V. operates as a chemical company in the United States, Germany, China, Mexico, Italy, Japan, France, Poland, the Netherlands, and internationally. It operates in five segments: Olefins and Polyolefins—Americas; Olefins and Polyolefins—Europe, Asia, International; Intermediates and Derivatives; Advanced Polymer Solutions; and Technology. The company produces and markets olefins and co-products, such as ethylene, aromatics, propylene and butadiene; polyolefins; polyethylene; polypropylene homopolymers and copolymers; propylene oxide and derivatives; oxyfuels and related products; and intermediate chemicals, such as styrene monomer and acetyls. It also produces and markets compounding and solutions, including polypropylene compounds, engineered plastics, masterbatches, and engineered composites and colors. In addition, it develops and licenses chemical and polyolefin process technologies; and manufactures and sells polyolefin catalysts and serves food packaging, home furnishings, automotive components, and paints and coatings applications. LyondellBasell Industries N.V. was incorporated in 2009 and is headquartered in Rotterdam, the Netherlands.

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📈 Growth Pattern
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⭐ Superinvestors Holding LYB
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Manager Shares Value % of Fund Period
Stan Druckenmiller Duquesne Family Office 131.4K $10.6M 0.31% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$9.2B
+20% YoY
EBITDA (ex-items)
$2.1B
+198% YoY
EBITDA Margin (ex-items)
23.2%
+13.8pp YoY
Net Income
$0.6B
+386% YoY
Diluted EPS (ex-items)
$4.30
+594% YoY
What Went Right
  • EBITDA ex-items of $2.1B more than tripled sequentially from $615M, with a 23% EBITDA margin.
  • O&P Americas EBITDA was $1.3B, ~4x prior year, helped by a record $0.30/lb April polyethylene contract price increase.
  • Portfolio transformation and Cash Improvement Plan on track: divestiture of four European assets completed and headcount cut ~3,400 (17%).
What to Watch
  • Middle East supply loss is unprecedented and normalization will take quarters, not months; ~6M tons of PE capacity likely down until at least 2027.
  • Bayport PO/TBA outage trimmed Q2 EBITDA by ~$250M, and acetyls syngas reliability issues continue to limit acid/VAM production.
  • Chinese PE inventories are down ~30% and Q3 operating rates are set to drop in Americas (~85%) and EAI (~70%) on turnarounds, seasonality and Rhine water levels.
Management Guidance
  • No explicit revenue or EPS guidance was provided for Q3.
  • Q3 segment operating rate guidance: O&P Americas ~85%, O&P EAI ~70%, I&D ~85%.
  • August PE price increase of $0.10/lb announced; prices expected to remain above pre-conflict levels while normalization unfolds.
Investor Lens
The investment thesis looks stronger after this call: the conflict-induced supply squeeze, combined with LYB's advantaged assets and cost actions, produced a 23% EBITDA margin and record pricing power. However, the beat is heavily cyclical/geopolitical, and management warns that recovery timing is uncertain. The portfolio cleanup and $500M cash improvement plan add structural support, but investors should watch Middle East supply restoration, China's import behavior, and asset reliability (Bayport, acetyls) for sustainability.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Very strong Q2: ex-items EPS $4.30, EBITDA $2.1B, 23% margin.
Revenue
Revenue was $9.18B in Q2 2026, up ~20% YoY from $7.66B, driven by significantly higher prices and volumes following Middle East supply disruptions. Growth was led by O&P Americas, where PE contract prices jumped in April, and by much stronger results across all segments.
Profitability
GAAP net income was $559M, or $1.71 per diluted share, including $842M of identified items (mainly the European divestiture loss). Excluding items, net income was $1.4B and EPS was $4.30, versus $0.62 in the year-ago quarter, with ex-items EBITDA of $2.1B.
Margins
Ex-items EBITDA margin expanded to ~23.2% from ~9.3% a year ago, helped by supply-driven margin expansion and lower fixed costs. O&P Americas alone posted a 36% EBITDA margin, while total fixed-cost reductions from the Cash Improvement Plan contributed to the leverage.
Balance Sheet
Cash was $2.6B and available liquidity was $7.1B at quarter-end. Operating cash flow was $752M, with $270M of CapEx and $224M of dividends, and cash conversion over the past 12 months was 80%.
Key Risks
Management flagged prolonged Middle East disruption, including ~6M tons of damaged PE capacity not restarting until at least 2027, plus China's reduced imports/excess exports draining inventories. Other risks include Q3 seasonality, Rhine water levels, naphtha cost pressure, and operational reliability after the Bayport outage and acetyls issues.
Outlook
Q3 demand in North America is expected to stay resilient, but operating rates will be lower due to planned turnarounds and summer seasonality. Management expects normalization to take quarters, not months, with prices likely remaining above pre-conflict levels.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-31
Second quarter results saw EBITDA more than triple sequentially to $2.1 billion, driven by record polyethylene price increases and strong operational execution amid global supply disruptions. Portfolio transformation and cost reductions enhanced margins, while robust cash flow and liquidity support ongoing strategic investments.
Q1 2026 Q1 2026 2026-05-01
First quarter results showed strong EBITDA growth and robust liquidity, driven by cost discipline, portfolio transformation, and favorable market conditions amid global supply disruptions. North America and Europe are well-positioned to benefit from ongoing tightness in petrochemical markets.
Q4 2025 Q4 2025 2026-01-30
Record safety and strong cash generation marked 2025, despite industry margins 45% below historical averages. Portfolio transformation advanced, cost discipline improved, and $2.3B cash from operations was achieved, positioning for recovery as market conditions improve.
Q3 2025 Q3 2025 2025-10-31
Q3 saw strong cash generation, high cash conversion, and progress on cost reduction and portfolio optimization. Segment results were mixed, with robust U.S. polyolefins and I&D offsetting European weakness. Outlook remains cautious amid market headwinds and ongoing asset rationalizations.
Q2 2025 Q2 2025 2025-08-01
Q2 saw improved EBITDA and positive cash flow, driven by lower downtime and cost reductions. Strategic asset sales, CapEx cuts, and a robust cash improvement plan are strengthening financial flexibility, while steady demand and margin improvements are expected in key segments.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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