Forensic Analysis · General / Diversified · as of Jun 27, 2026
DOW INC. (DOW)
A forensic read on DOW INC. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
2.0
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-17.3%
ROE
$20.9B
Market cap
4.55%
Dividend yield
DOW INC. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 2.0, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-4%Return on invested capital.Return on invested capital is -4% and slipping from 10% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
$1.7BGoodwill impairments.Took $1.7B of goodwill writedowns across 2 year(s) (FY2019 ($1.0B), FY2025 ($690M)) — about 16% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
-24%Dividend — cut.The payout was CUT ~24% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-6.1%
Debt / Equity1.13x
Free Cash Flow$-1.45B
Latest Revenue$39.97B
Return on Equity-15.3%
Revenue Growth YoY-7.0%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on DOW INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about DOW's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown