NYSE:DD
DuPont de Nemours, Inc.
DuPont delivers advanced specialty materials and chemical solutions powering innovation in aerospace, electronics, energy, and healthcare industries globally.
Key Metrics
Investment Thesis
Bull Case
Despite recent earnings volatility, DuPont retains strong intrinsic value through its dominant market positions in high-growth sectors like electronics and aerospace where demand for advanced materials is resilient. The company's substantial gross profit of $2.36 billion and operating profit indicate underlying operational efficiency that could rebound as discontinued operations normalize and cost-cutting measures take full effect.
Bear Case
The sharp decline in revenue from $13.02 billion in 2022 to $6.85 billion in 2025, coupled with a net profit deficit of $738 million, signals severe operational or market headwinds that warrant caution. The massive debt repayment activity and accumulated other comprehensive income loss of -$525 million suggest potential balance sheet stress and investor uncertainty regarding the company's ability to sustain growth without significant restructuring.
About DuPont de Nemours, Inc.
DuPont de Nemours is a premier specialty materials manufacturer serving diverse global markets including aerospace, electronics, energy, transportation, and healthcare. The company leverages its expertise in advanced polymers, engineered resins, and protective coatings to deliver high-performance solutions for industrial and consumer applications. With a portfolio spanning multiple business segments, the firm capitalizes on innovation to address complex engineering challenges across critical infrastructure sectors.
Analysis
Management Discussion
Recent financial performance highlights a significant contraction in profitability as reported net profit swung to a loss of $738 million in 2025 compared to gains in prior years, driven largely by discontinued operations losses. Despite maintaining robust operating cash flow of $1.41 billion and a healthy balance sheet with over $700 million in cash, the company faced substantial debt repayments of $4.13 billion which impacted financing cash flows negatively.
Industry Overview
The specialty materials industry is characterized by high barriers to entry due to the need for advanced chemical engineering expertise and rigorous regulatory compliance. Competition is intense from both established incumbents and emerging players focused on cost-efficient alternatives, yet demand remains robust in sectors requiring performance-driven materials for sustainability and safety applications.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $13.02B | $12.07B | $12.39B | $6.85B |
| Cost of Revenue | $8.40B | $7.83B | $7.88B | $4.49B |
| Gross Profit | $4.62B | $4.23B | $4.51B | $2.36B |
| Operating Expenses | $3.17B | $3.73B | $3.31B | $2.16B |
| Operating Income | $1.45B | $504.0M | $1.19B | $200.0M |
| R&D | $536.0M | $508.0M | $531.0M | $193.0M |
| G&A | $1.47B | $1.41B | $1.55B | $1.02B |
| Stock-Based Comp | $75.0M | $74.0M | $77.0M | $38.0M |
| D&A | $1.18B | $1.15B | $1.19B | $647.0M |
| Depreciation | $545.0M | $547.0M | $599.0M | $356.0M |
| Amortization | $590.0M | $600.0M | $595.0M | $291.0M |
| Other OpEx | $1.16B | $1.81B | $1.23B | $951.0M |
| Non-Operating Income | $0 | $0 | $0 | $0 |
| Interest Income | $50.0M | $155.0M | $73.0M | $98.0M |
| Pre-Tax Income | $1.45B | $504.0M | $1.19B | $200.0M |
| Income Tax | $387.0M | $-29.0M | $414.0M | $102.0M |
| Continuing Ops | $1.06B | $533.0M | $778.0M | $98.0M |
| Discontinued Ops | $4.86B | $-71.0M | $-40.0M | $-836.0M |
| Net Income | $5.92B | $462.0M | $738.0M | $-738.0M |
| Minority Interest | $49.0M | $39.0M | $35.0M | $41.0M |
| Net to Common | $5.87B | $423.0M | $703.0M | $-779.0M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $11.27B | $7.51B | $6.36B | $5.58B |
| Cash & Equivalents | $3.66B | $2.39B | $1.85B | $715.0M |
| Marketable Securities | $1.30B | $0 | — | — |
| Accounts Receivable | $1.57B | $1.51B | $1.53B | $910.0M |
| Inventory | $2.33B | $2.15B | $2.13B | $1.17B |
| Prepaid Expenses | $168.0M | $194.0M | $179.0M | $121.0M |
| Other Current Assets | $2.24B | $1.27B | $671.0M | $2.66B |
| Long-Term Assets | $30.09B | $31.04B | $30.27B | $16.00B |
| Intangibles | $5.50B | $5.81B | $5.37B | $2.94B |
| Goodwill | $16.66B | $16.72B | $16.57B | $7.92B |
| Operating Leases | $426.0M | $484.0M | $403.0M | $209.0M |
| Other LT Assets | $7.50B | $7.23B | $7.15B | $4.83B |
| Total Assets | $41.35B | $38.55B | $36.64B | $21.57B |
| Current Liabilities | $3.73B | $3.10B | $4.80B | $2.31B |
| Accounts Payable | $2.10B | $1.68B | $1.72B | $995.0M |
| Current Debt | — | — | — | $0 |
| Current Leases | $90.0M | $97.0M | $84.0M | $52.0M |
| Deferred Revenue | $11.0M | $1.0M | $2.0M | — |
| Taxes Payable | $233.0M | $154.0M | $202.0M | $54.0M |
| Other Current Liab | $345.0M | $-98.0M | $1.76B | $322.0M |
| Long-Term Liabilities | $10.61B | $10.73B | $8.04B | $5.17B |
| LT Operating Leases | $333.0M | $390.0M | $322.0M | $165.0M |
| Other LT Liab | $10.27B | $10.32B | $7.68B | $5.00B |
| Total Liabilities | $14.34B | $13.83B | $12.84B | $7.47B |
| Shareholders' Equity | $27.02B | $24.73B | $23.79B | $14.10B |
| Paid-In Capital | $48.42B | $48.06B | $47.92B | $38.72B |
| Retained Earnings | $-21.07B | $-22.87B | $-23.08B | $-24.28B |
| AOCI | $-791.0M | $-910.0M | $-1.50B | $-525.0M |
| Total L&E | $41.35B | $38.55B | $36.64B | $21.57B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $5.92B | $462.0M | $738.0M | $-738.0M |
| Non-Cash Adjustments | $-5.87B | $1.69B | $1.18B | $1.73B |
| Working Capital Changes | $536.0M | $-238.0M | $-75.0M | $425.0M |
| Cash from Operations | $588.0M | $1.92B | $1.85B | $1.41B |
| Cash from Investing | $8.92B | $139.0M | $-849.0M | $-687.0M |
| Debt Repayments | — | — | — | $4.13B |
| Dividends Paid | $652.0M | $651.0M | $635.0M | $597.0M |
| Cash from Financing | $-7.67B | $-2.99B | $-1.85B | $-1.87B |
| FX Effect | $-148.0M | $-37.0M | $-62.0M | $11.0M |
| Net Change in Cash | $1.70B | $-969.0M | $-911.0M | $-1.13B |
| Beginning Cash | $2.04B | $3.77B | $2.80B | $1.83B |
| Ending Cash | $3.77B | $2.80B | $1.89B | $757.0M |
Frequently Asked Questions
How does DuPont de Nemours, Inc. make money?
The company's revenue streams are derived from four primary segments: Performance Polymers (high-performance plastics for automotive and industrial use), Electronics Materials (circuit boards, packaging, and semiconductors), Protective Coatings (industrial and architectural coatings for corrosion resistance), and Specialty Solutions (including healthcare materials and filtration technologies).
What are the main risks for DD?
Investors must consider the risk of volatile raw material costs impacting margins, exposure to stringent environmental regulations affecting production processes, potential geopolitical instability disrupting global logistics chains, and the threat of substitution by lower-cost generic alternatives in commoditized product lines.
What is DD's competitive advantage?
DuPont's competitive moats include its proprietary intellectual property portfolio protecting unique chemical formulations, a deep global distribution network ensuring supply chain resilience, and extensive R&D capabilities that enable rapid development of next-generation materials for emerging industries like electric aviation and renewable energy storage.
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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.