Analysis for LYB

📈 Growth & Financial Trajectory

Over eight quarters, Revenues started at about $9.93B (2024-Q1) and ended near $9.18B (2026-Q2), a modest decline of ~7-8%. The path shows a mid-cycle dip to roughly $7.09B in 2025-Q4, then a rebound into 2026-Q2. Net Income moved from about $473M to $559M, but with two mid-cycle losses around -$890M (2025-Q3 to 2025-Q4). This yields an overall positive but volatile earnings trend, indicating revenue stability amid cyclicality. The eight-quarter trajectory suggests resilience but notable quarterly swings, with a pronounced improvement in the latest quarter.

💰 Margins & Cash Flow

Gross Profit in 2026-Q2 was $2.04B on $9.18B revenue, roughly a 22% gross margin, up from the mid-teens in earlier periods. Operating leverage has been variable, as indicated by fluctuating gross margins and aggregate costs. Cash flow shows a softer trend: Net cash from operating activities peaked near $1.35B (2024-Q2) and sits around $0.75B in the latest quarters, with a notable negative quarter in 2025-Q4. Overall, cash flow remains positive but cyclical and not uniformly accelerating.

🛡️ Balance Sheet & Liquidity

Total assets are around $34.5B (2026-Q2) with Liabilities around $23.69B and Equity near $10.68B. Current assets of $11.66B vs current liabilities of $7.11B imply a comfortable liquidity cushion (current ratio ~1.64). Noncurrent liabilities approximate $16.58B, indicating moderate leverage with positive equity support.

⚠️ Key Drivers & Risks

• Drivers: favorable product mix and competitive position supporting margin stability; steady revenue foundation amid cyclic commodity markets.
• Risks: cyclicality and sensitivity to energy/chemicals cycles; earnings volatility from quarterly swings and potential commodity price swings.