NYSE:CE
Celanese Corp
A global specialty chemicals leader providing high-performance engineering plastics and fibers for demanding industrial applications.
Key Metrics
Investment Thesis
Bull Case
Despite recent earnings volatility, the company's specialized product portfolio offers strong pricing power that can protect margins when feedstock costs stabilize. Long-term secular trends in electrification, lightweighting for EVs, and 5G infrastructure create robust demand for Celanese's high-performance engineering plastics.
Bear Case
The sustained net losses over the last two years raise concerns about the durability of earnings quality, particularly with operating profit dropping to -$786M. High debt levels relative to equity ($13.54B long-term liabilities vs $4.47B equity) limit financial flexibility and increase vulnerability to interest rate shocks.
About Celanese Corp
Celanese Corporation is a global specialty chemicals manufacturer focused on engineering thermoplastics, fibers, and high-performance elastomers. The company serves diverse markets including automotive, aerospace, electronics, packaging, and consumer goods with products like Celanex polymers and Kevlar fibers. Operations are strategically located across North America, Europe, and Asia to support customers in advanced manufacturing sectors.
Analysis
Management Discussion
Recent financial performance reflects a challenging period where revenue declined to $9.54B in 2025, accompanied by a net loss of $1.15B driven largely by elevated interest expenses of $701M and operating losses. The significant cash outflows from investing (-$349M) and financing (-$513M) activities suggest ongoing capital allocation efforts or debt restructuring amidst shrinking profitability.
Industry Overview
The specialty chemicals industry is characterized by high technical barriers to entry, where product differentiation drives value rather than volume alone. Companies in this space compete on technology leadership, customer intimacy, and the ability to innovate materials that enable next-generation electronic and automotive devices.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $9.67B | $10.94B | $10.28B | $9.54B |
| Cost of Revenue | $7.29B | $8.34B | $7.92B | $7.59B |
| Gross Profit | $2.38B | $2.60B | $2.36B | $1.95B |
| Operating Expenses | $1.00B | $916.0M | $3.05B | $2.74B |
| Operating Income | $1.38B | $1.69B | $-697.0M | $-786.0M |
| R&D | $112.0M | $146.0M | $130.0M | $125.0M |
| G&A | $824.0M | $1.07B | $1.03B | $899.0M |
| Stock-Based Comp | $60.0M | $40.0M | $32.0M | $24.0M |
| D&A | $462.0M | $706.0M | $801.0M | $760.0M |
| Depreciation | $399.0M | $540.0M | $640.0M | $595.0M |
| Amortization | $62.0M | $164.0M | $159.0M | $164.0M |
| Other OpEx | $66.0M | $-305.0M | $1.89B | $1.71B |
| Non-Operating Income | $43.0M | $-504.0M | $-299.0M | $-434.0M |
| Interest Expense | $405.0M | $720.0M | $676.0M | $701.0M |
| Interest Income | $69.0M | $39.0M | $33.0M | $24.0M |
| Pre-Tax Income | $1.42B | $1.18B | $-996.0M | $-1.22B |
| Income Tax | $-489.0M | $-790.0M | $510.0M | $-90.0M |
| Continuing Ops | $1.91B | $1.97B | $-1.51B | $-1.13B |
| Discontinued Ops | $-8.0M | $-9.0M | $-8.0M | $-21.0M |
| Net Income | $1.90B | $1.96B | $-1.51B | $-1.15B |
| Minority Interest | $8.0M | $4.0M | $8.0M | $14.0M |
| Net to Common | $1.89B | $1.96B | $-1.52B | $-1.17B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $6.61B | $6.22B | $5.14B | $5.69B |
| Cash & Equivalents | $1.51B | — | — | — |
| Accounts Receivable | $1.38B | $1.24B | $1.12B | $922.0M |
| Inventory | $2.81B | $2.36B | $2.28B | $2.22B |
| Other Current Assets | $916.0M | $2.62B | $1.74B | $2.55B |
| Long-Term Assets | $19.66B | $20.38B | $17.71B | $16.00B |
| PP&E (Net) | $5.58B | $5.58B | $5.27B | $5.08B |
| Intangibles | $4.11B | $3.98B | $3.64B | $3.18B |
| Goodwill | $7.14B | $6.98B | $5.39B | $4.17B |
| Operating Leases | $413.0M | $422.0M | $388.0M | $359.0M |
| Other LT Assets | $1.60B | $2.47B | $2.07B | $2.23B |
| Total Assets | $26.27B | $26.60B | $22.86B | $21.70B |
| Current Liabilities | $4.07B | $4.07B | $3.85B | $3.68B |
| Accounts Payable | $1.52B | $1.51B | $1.23B | $1.28B |
| Current Leases | $83.0M | $89.0M | $79.0M | $71.0M |
| Taxes Payable | $43.0M | $25.0M | $4.0M | $76.0M |
| Other Current Liab | $2.42B | $2.45B | $2.54B | $2.26B |
| Long-Term Liabilities | $16.10B | $14.97B | $13.39B | $13.54B |
| LT Operating Leases | $364.0M | $325.0M | $294.0M | $265.0M |
| Other LT Liab | $15.73B | $14.65B | $13.10B | $13.28B |
| Total Liabilities | $20.17B | $19.05B | $17.25B | $17.22B |
| Shareholders' Equity | $6.11B | $7.55B | $5.61B | $4.47B |
| Paid-In Capital | $372.0M | $394.0M | $409.0M | $431.0M |
| Retained Earnings | $11.27B | $12.93B | $11.10B | $9.88B |
| AOCI | $-518.0M | $-744.0M | $-848.0M | $-776.0M |
| Treasury Stock | $5.49B | $5.49B | $5.49B | $5.48B |
| Total L&E | $26.27B | $26.60B | $22.86B | $21.70B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $1.90B | $1.96B | $-1.51B | $-1.15B |
| Non-Cash Adjustments | $-1.29B | $12.0M | $3.09B | $2.85B |
| Working Capital Changes | $1.21B | $-77.0M | $-606.0M | $-555.0M |
| Cash from Operations | $1.82B | $1.90B | $966.0M | $1.15B |
| Capital Expenditures | $543.0M | $568.0M | $435.0M | $343.0M |
| Cash from Investing | $-11.14B | $-134.0M | $-470.0M | $-349.0M |
| Debt Issuances | $10.77B | $3.00B | $328.0M | $4.35B |
| Debt Repayments | $526.0M | $3.66B | $1.03B | $4.65B |
| Share Buybacks | $17.0M | $0 | $0 | — |
| Dividends Paid | $297.0M | $305.0M | $307.0M | $13.0M |
| Cash from Financing | $10.29B | $-1.46B | $-1.31B | $-513.0M |
| FX Effect | $4.0M | $-12.0M | $-26.0M | $17.0M |
| Net Change in Cash | $972.0M | $297.0M | $-843.0M | $301.0M |
| Beginning Cash | $536.0M | $1.51B | $1.80B | $962.0M |
| Ending Cash | $1.51B | $1.80B | $962.0M | $1.26B |
Frequently Asked Questions
How does Celanese Corp make money?
Primary revenue streams include Engineering Thermoplastics (high-value polymers for automotive and electronics), Fibers (including Kevlar and nylon variants for apparel and industrial uses), and Elastomers (specialized rubber compounds). A significant portion of revenue also derives from the sale of by-products generated during polymerization processes.
What are the main risks for CE?
Volatility in global petrochemical feedstock prices significantly impacts gross margins and operating profitability. Cyclical demand from key end-use industries like automotive and consumer electronics poses revenue stability risks. High levels of existing debt and interest expenses increase financial leverage during periods of rising rates or economic downturns.
What is CE's competitive advantage?
The company leverages proprietary, high-barrier technology platforms that are difficult to replicate by generic commodity producers. Its vertically integrated manufacturing footprint provides cost efficiency and supply chain resilience, while a deep portfolio of specialized chemicals allows for premium pricing power in niche markets.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.