Huntsman Corporation (NYSE: HUN) reported fourth-quarter and full-year 2025 results on February 17, 2026, for the period ended December 31, 2025.
Company Description
Huntsman Corporation is a global manufacturer and marketer of differentiated and specialty chemicals. It operates primarily in Polyurethanes (MDI-based products for insulation, adhesives, coatings), Performance Products (amines, maleic anhydride, surfactants), and Advanced Materials (epoxy, composites for aerospace, automotive, infrastructure). The company serves diverse consumer and industrial end markets, including construction, automotive, aerospace, electronics, coatings, and energy, with products sold to manufacturers worldwide.
Current Stock Price and Market Capitalization
As of February 19, 2026, HUN shares trade at $13.55. This values the company at a market capitalization of approximately $2.35 billion.
52-Week Context and Recent Trend
The stock trades within a 52-week range of $7.30 to $18.53. Shares rose about 9% on February 19, 2026, recovering from a post-earnings decline on February 17-18, reflecting market reaction to cost discipline emphasis and signs of stabilization despite weak results.
Valuation
HUN trades at a forward P/E of approximately 153.85, elevated due to current losses and anticipated earnings recovery. The multiple reflects expectations of improvement from cost actions and potential cyclical upturn in chemical demand.
Latest Quarterly Results
For the fourth quarter of 2025, revenues totaled $1,355 million, down 7% year-on-year from $1,452 million, driven by lower average selling prices across segments amid soft demand and competitive pressures. Adjusted EBITDA fell 51% to $35 million from $71 million, reflecting compressed margins in Polyurethanes from lower MDI pricing. Net loss attributable to Huntsman narrowed to $96 million, or $0.56 per diluted share, from $141 million, or $0.82 per diluted share, but adjusted net loss widened to $63 million, or $0.37 per diluted share, from $43 million, or $0.25 per diluted share.
For the full year 2025, revenues reached $5,683 million, down 6% from $6,036 million in 2024. Adjusted EBITDA declined 33% to $275 million from $414 million. Net loss attributable to Huntsman widened to $284 million, or $1.65 per diluted share, from $189 million, or $1.10 per diluted share.
Earnings Call Talking Points
Peter R. Huntsman, Chairman, President, and CEO, emphasized execution on restructuring, including $100 million annualized cost savings from headcount reductions and facility closures, with benefits ramping into 2026. He highlighted strong cash generation, with free cash flow conversion at 45% of adjusted EBITDA and $1.3 billion in liquidity. Management noted early signs of stabilization in select markets, such as improved MDI pricing in Europe and low inventories supporting potential volume recovery, while acknowledging ongoing challenges from high energy costs in Europe, inflation, and soft demand in construction and industrial sectors.
Outlook and Guidance
The company anticipates similar capital expenditures in 2026 as in 2025. For the first quarter of 2026, adjusted EBITDA guidance includes Polyurethanes at $25 million to $40 million, Performance Products at $20 million to $30 million, and Advanced Materials at $38 million to $42 million. Management expects gradual recovery in North American home building, durable goods, and China’s domestic markets over 2026, supported by cost actions delivering ~$45 million in-year benefits and focus on MDI volume growth and innovation.
Geopolitical risk exposure includes volatile global economic conditions, high energy costs in Europe, inflation, and potential supply chain disruptions. No specific tariff impacts were highlighted in the release or presentation, though broader chemical sector exposure to trade policies remains a factor.
SWOT Analysis
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Strengths
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- Diversified specialty chemicals portfolio; leading position in MDI polyurethanes; strong liquidity; proven cost discipline and cash conversion.
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Weaknesses
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- Cyclical exposure leading to margin compression and losses in 2025; high net leverage; dependence on volatile raw material costs.
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Opportunities
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- Cyclical recovery in construction, automotive, and aerospace; cost savings realization; innovation in sustainable products (e.g., Miralon® carbon nanotubes); potential MDI demand growth from low inventories and pricing actions.
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Threats
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- Prolonged soft demand in key end markets; competitive pricing pressures; geopolitical instability and energy cost volatility in Europe; macroeconomic slowdown impacting industrial sectors.