# Chemicals — company-by-company sector analysis

> Chemicals: Celanese Corporation owns the largest revenue base; ASP Isotopes Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Chemicals has outperformed S&P 500 by 14.2% over 52 weeks and 20.6% over 13 weeks. 5 of 15 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 15 beat the sector itself. Celanese Corporation leads with revenue of $9,492 million, based on 13 of 15 comparable companies through Mar 2026.

### Is the Chemicals sector outperforming S&P 500?

Chemicals has outperformed S&P 500 by 14.2% over 52 weeks and 20.6% over 13 weeks. 5 of 15 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 15 beat the sector itself.

### Which Chemicals company is largest by revenue?

Celanese Corporation leads with revenue of $9,492 million, based on 13 of 15 comparable companies through Mar 2026.

### Which Chemicals company is growing fastest?

ASP Isotopes Inc. has the fastest current revenue growth at 100%, across 13 of 15 comparable companies.

### Which Chemicals company has the strongest 4-Factor Sector Score?

REX American Resources Corporation ranks first at 75/100 with 80.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Chemicals company reports the most CAPEX?

Dow Inc. reports the largest latest CAPEX at $659 million, with 15 of 15 companies comparable.

### Which Chemicals company has the least gross debt?

Ascent Industries Co. has the lowest comparable gross debt at $13 million. Dow Inc. has the highest at $19,428 million.

### Which Chemicals company has the lowest comparable PEG?

REX American Resources Corporation has the lowest comparable Guarded PEG at 0.26, among 3 of 15 companies that pass the metric’s comparability rules.

### How much history does this Chemicals comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Chemicals has outperformed S&P 500 by 14.2% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 20.6%. 5 of 15 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Green Plains Inc. is the strongest against the sector itself at +23.2%.

13-week sector return versus NIFTY 500: -21%
52-week sector return versus NIFTY 500: 14%
Stocks leading NIFTY: 5/15
Stocks leading sector: 7/15

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 15
Combined market value: ₹41.6K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. REX American Resources Corporation (REX): 75/100 — Favorable setup; evidence 80%
   - Growth & earnings 26.2/35 | Capital efficiency 17.8/25 | Valuation 15.7/20 | Relative strength 15.3/20
   - Exact sum: 26.2 + 17.8 + 15.7 + 15.3 = 75
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Westlake Chemical Partners LP (WLKP): 65/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 25.8/35 | Capital efficiency 18.1/25 | Valuation 12.8/20 | Relative strength 7.9/20
   - Exact sum: 25.8 + 18.1 + 12.8 + 7.9 = 64.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Green Plains Inc. (GPRE): 60/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 19.7/35 | Capital efficiency 13.4/25 | Valuation 10.0/20 | Relative strength 17.0/20
   - Exact sum: 19.7 + 13.4 + 10 + 17 = 60.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. LSB Industries, Inc. (LXU): 59/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 24.0/35 | Capital efficiency 13.5/25 | Valuation 10.5/20 | Relative strength 10.6/20
   - Exact sum: 24 + 13.5 + 10.5 + 10.6 = 58.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Methanex Corporation (MEOH): 53/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 9.8/35 | Capital efficiency 11.8/25 | Valuation 14.7/20 | Relative strength 16.8/20
   - Exact sum: 9.8 + 11.8 + 14.7 + 16.8 = 53.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 5.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. Tronox Holdings plc (TROX): 45/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 16.9/35 | Capital efficiency 6.0/25 | Valuation 11.5/20 | Relative strength 10.5/20
   - Exact sum: 16.9 + 6 + 11.5 + 10.5 = 44.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Dow Inc. (DOW): 44/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 19.9/35 | Capital efficiency 10.8/25 | Valuation 8.7/20 | Relative strength 4.8/20
   - Exact sum: 19.9 + 10.8 + 8.7 + 4.8 = 44.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Valhi, Inc. (VHI): 39/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 11.0/35 | Capital efficiency 12.7/25 | Valuation 10.2/20 | Relative strength 4.9/20
   - Exact sum: 11 + 12.7 + 10.2 + 4.9 = 38.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Huntsman Corporation (HUN): 39/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 11.5/35 | Capital efficiency 9.6/25 | Valuation 9.5/20 | Relative strength 7.9/20
   - Exact sum: 11.5 + 9.6 + 9.5 + 7.9 = 38.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Rayonier Advanced Materials Inc. (RYAM): 38/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 7.5/35 | Capital efficiency 3.2/25 | Valuation 11.3/20 | Relative strength 15.5/20
   - Exact sum: 7.5 + 3.2 + 11.3 + 15.5 = 37.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. AdvanSix Inc. (ASIX): 37/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 9.6/35 | Capital efficiency 9.5/25 | Valuation 9.0/20 | Relative strength 8.9/20
   - Exact sum: 9.6 + 9.5 + 9 + 8.9 = 37
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Celanese Corporation (CE): 37/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 16.8/35 | Capital efficiency 9.5/25 | Valuation 10.0/20 | Relative strength 0.6/20
   - Exact sum: 16.8 + 9.5 + 10 + 0.6 = 36.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Olin Corporation (OLN): 30/100 — Adverse evidence; evidence 72%
   - Growth & earnings 9.9/35 | Capital efficiency 7.5/25 | Valuation 9.3/20 | Relative strength 3.7/20
   - Exact sum: 9.9 + 7.5 + 9.3 + 3.7 = 30.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Ascent Industries Co. (ACNT): 46/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 15.6/35 | Capital efficiency 9.1/25 | Valuation 8.5/20 | Relative strength 12.7/20
   - Exact sum: 15.6 + 9.1 + 8.5 + 12.7 = 45.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. ASP Isotopes Inc. (ASPI): 44/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 25.8/35 | Capital efficiency 5.4/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 25.8 + 5.4 + 10 + 3 = 44.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Celanese Corporation is the scale leader at $9,492 million, 41.3% ahead of Olin Corporation. ASP Isotopes Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 642.9% from a $52 million base, with 10 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Celanese Corporation is the scale benchmark; ASP Isotopes Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Celanese Corporation's growth falls below ASP Isotopes Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Celanese Corporation · $9,492 million | 41.3% versus #2 · Olin Corporation | 0/8 recent comparable periods | 13/15 companies · 274 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Celanese Corporation (CE): ₹9.5K Cr
2. Olin Corporation (OLN): ₹6.7K Cr
3. Huntsman Corporation (HUN): ₹5.7K Cr
4. Methanex Corporation (MEOH): ₹3.7K Cr
5. Tronox Holdings plc (TROX): ₹2.9K Cr

### Revenue growth — fastest growers
1. ASP Isotopes Inc. (ASPI): 100%
2. LSB Industries, Inc. (LXU): 21%
3. Westlake Chemical Partners LP (WLKP): 13%
4. Olin Corporation (OLN): 2.6%
5. REX American Resources Corporation (REX): 1.6%

### 20-quarter Revenue history
- DOW: Sep 2021 ₹14.8K Cr | Dec 2021 ₹14.4K Cr | Mar 2022 ₹15.3K Cr | Jun 2022 ₹15.7K Cr | Sep 2022 ₹14.1K Cr | Dec 2022 ₹11.9K Cr | Mar 2023 ₹11.9K Cr | Jun 2023 ₹11.4K Cr | Sep 2023 ₹10.7K Cr | Dec 2023 ₹10.6K Cr | Mar 2024 ₹10.8K Cr | Jun 2024 ₹10.9K Cr | Sep 2024 ₹10.9K Cr | Dec 2024 ₹10.4K Cr | Mar 2025 ₹10.4K Cr | Jun 2025 ₹10.1K Cr | Sep 2025 ₹10.0K Cr | Dec 2025 ₹9.5K Cr | Mar 2026 ₹9.8K Cr | Jun 2026 —
- CE: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- MEOH: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹986 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹939 Cr | Sep 2023 ₹823 Cr | Dec 2023 ₹922 Cr | Mar 2024 ₹916 Cr | Jun 2024 ₹920 Cr | Sep 2024 ₹935 Cr | Dec 2024 ₹949 Cr | Mar 2025 ₹896 Cr | Jun 2025 ₹797 Cr | Sep 2025 ₹927 Cr | Dec 2025 ₹969 Cr | Mar 2026 ₹974 Cr | Jun 2026 —
- OLN: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- HUN: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- REX: Sep 2021 ₹196 Cr | Dec 2021 ₹203 Cr | Mar 2022 ₹212 Cr | Jun 2022 ₹194 Cr | Sep 2022 ₹240 Cr | Dec 2022 ₹220 Cr | Mar 2023 ₹200 Cr | Jun 2023 ₹213 Cr | Sep 2023 ₹212 Cr | Dec 2023 ₹221 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹161 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹175 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹158 Cr | Sep 2025 ₹159 Cr | Dec 2025 ₹176 Cr | Mar 2026 ₹158 Cr | Jun 2026 ₹156 Cr
- GPRE: Sep 2021 ₹747 Cr | Dec 2021 ₹802 Cr | Mar 2022 ₹781 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹955 Cr | Dec 2022 ₹914 Cr | Mar 2023 ₹833 Cr | Jun 2023 ₹858 Cr | Sep 2023 ₹893 Cr | Dec 2023 ₹712 Cr | Mar 2024 ₹597 Cr | Jun 2024 ₹619 Cr | Sep 2024 ₹659 Cr | Dec 2024 ₹584 Cr | Mar 2025 ₹602 Cr | Jun 2025 ₹553 Cr | Sep 2025 ₹508 Cr | Dec 2025 ₹429 Cr | Mar 2026 ₹446 Cr | Jun 2026 —
- TROX: Sep 2021 ₹870 Cr | Dec 2021 ₹884 Cr | Mar 2022 ₹965 Cr | Jun 2022 ₹945 Cr | Sep 2022 ₹895 Cr | Dec 2022 ₹649 Cr | Mar 2023 ₹708 Cr | Jun 2023 ₹794 Cr | Sep 2023 ₹662 Cr | Dec 2023 ₹686 Cr | Mar 2024 ₹774 Cr | Jun 2024 ₹820 Cr | Sep 2024 ₹804 Cr | Dec 2024 ₹676 Cr | Mar 2025 ₹738 Cr | Jun 2025 ₹731 Cr | Sep 2025 ₹699 Cr | Dec 2025 ₹730 Cr | Mar 2026 ₹760 Cr | Jun 2026 —
- LXU: Sep 2021 ₹127 Cr | Dec 2021 ₹190 Cr | Mar 2022 ₹199 Cr | Jun 2022 ₹285 Cr | Sep 2022 ₹184 Cr | Dec 2022 ₹234 Cr | Mar 2023 ₹181 Cr | Jun 2023 ₹166 Cr | Sep 2023 ₹114 Cr | Dec 2023 ₹133 Cr | Mar 2024 ₹138 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹109 Cr | Dec 2024 ₹135 Cr | Mar 2025 ₹143 Cr | Jun 2025 ₹151 Cr | Sep 2025 ₹155 Cr | Dec 2025 ₹165 Cr | Mar 2026 ₹169 Cr | Jun 2026 —
- WLKP: Sep 2021 ₹294 Cr | Dec 2021 ₹330 Cr | Mar 2022 ₹362 Cr | Jun 2022 ₹449 Cr | Sep 2022 ₹415 Cr | Dec 2022 ₹367 Cr | Mar 2023 ₹308 Cr | Jun 2023 ₹264 Cr | Sep 2023 ₹322 Cr | Dec 2023 ₹297 Cr | Mar 2024 ₹285 Cr | Jun 2024 ₹284 Cr | Sep 2024 ₹277 Cr | Dec 2024 ₹290 Cr | Mar 2025 ₹238 Cr | Jun 2025 ₹297 Cr | Sep 2025 ₹309 Cr | Dec 2025 ₹323 Cr | Mar 2026 ₹306 Cr | Jun 2026 —
- RYAM: Sep 2021 ₹374 Cr | Dec 2021 ₹374 Cr | Mar 2022 ₹352 Cr | Jun 2022 ₹399 Cr | Sep 2022 ₹466 Cr | Dec 2022 ₹500 Cr | Mar 2023 — | Jun 2023 ₹467 Cr | Sep 2023 ₹385 Cr | Dec 2023 ₹422 Cr | Mar 2024 ₹388 Cr | Jun 2024 ₹419 Cr | Sep 2024 ₹401 Cr | Dec 2024 ₹423 Cr | Mar 2025 ₹353 Cr | Jun 2025 ₹340 Cr | Sep 2025 ₹353 Cr | Dec 2025 ₹418 Cr | Mar 2026 ₹319 Cr | Jun 2026 —
- ASPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- ASIX: Sep 2021 ₹446 Cr | Dec 2021 ₹424 Cr | Mar 2022 ₹479 Cr | Jun 2022 ₹584 Cr | Sep 2022 ₹479 Cr | Dec 2022 ₹404 Cr | Mar 2023 ₹401 Cr | Jun 2023 ₹428 Cr | Sep 2023 ₹323 Cr | Dec 2023 ₹382 Cr | Mar 2024 ₹337 Cr | Jun 2024 ₹453 Cr | Sep 2024 ₹398 Cr | Dec 2024 ₹329 Cr | Mar 2025 ₹378 Cr | Jun 2025 ₹410 Cr | Sep 2025 ₹374 Cr | Dec 2025 ₹360 Cr | Mar 2026 ₹404 Cr | Jun 2026 —
- VHI: Sep 2021 ₹579 Cr | Dec 2021 ₹683 Cr | Mar 2022 ₹629 Cr | Jun 2022 ₹635 Cr | Sep 2022 ₹556 Cr | Dec 2022 ₹403 Cr | Mar 2023 ₹493 Cr | Jun 2023 ₹507 Cr | Sep 2023 ₹469 Cr | Dec 2023 ₹453 Cr | Mar 2024 ₹531 Cr | Jun 2024 ₹560 Cr | Sep 2024 ₹534 Cr | Dec 2024 ₹481 Cr | Mar 2025 ₹539 Cr | Jun 2025 ₹540 Cr | Sep 2025 ₹504 Cr | Dec 2025 ₹495 Cr | Mar 2026 ₹560 Cr | Jun 2026 —
- ACNT: Sep 2021 ₹86 Cr | Dec 2021 ₹96 Cr | Mar 2022 ₹116 Cr | Jun 2022 ₹85 Cr | Sep 2022 ₹78 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹21 Cr | Dec 2024 — | Mar 2025 ₹18 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹20 Cr | Dec 2025 — | Mar 2026 ₹19 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- DOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 -4.9% | Dec 2022 -17% | Mar 2023 -22% | Jun 2023 -27% | Sep 2023 -24% | Dec 2023 -10% | Mar 2024 -9.2% | Jun 2024 -4.4% | Sep 2024 1.4% | Dec 2024 -2.0% | Mar 2025 -3.1% | Jun 2025 -7.4% | Sep 2025 -8.3% | Dec 2025 -9.1% | Mar 2026 -6.1% | Jun 2026 —
- CE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 1.5% | Dec 2022 3.2% | Mar 2023 12% | Jun 2023 12% | Sep 2023 18% | Dec 2023 8.8% | Mar 2024 -8.5% | Jun 2024 -5.2% | Sep 2024 -2.8% | Dec 2024 -7.7% | Mar 2025 -8.5% | Jun 2025 -4.5% | Sep 2025 -8.7% | Dec 2025 -6.5% | Mar 2026 -2.2% | Jun 2026 —
- MEOH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.5% | Sep 2022 -6.1% | Dec 2022 -21% | Mar 2023 -12% | Jun 2023 -17% | Sep 2023 -19% | Dec 2023 -6.5% | Mar 2024 -12% | Jun 2024 -2.0% | Sep 2024 14% | Dec 2024 2.9% | Mar 2025 -2.2% | Jun 2025 -13% | Sep 2025 -0.9% | Dec 2025 2.1% | Mar 2026 8.7% | Jun 2026 —
- OLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 -0.8% | Dec 2022 -19% | Mar 2023 -25% | Jun 2023 -35% | Sep 2023 -28% | Dec 2023 -18% | Mar 2024 -11% | Jun 2024 -3.5% | Sep 2024 -4.9% | Dec 2024 3.5% | Mar 2025 0.6% | Jun 2025 6.9% | Sep 2025 7.7% | Dec 2025 -0.4% | Mar 2026 -3.7% | Jun 2026 —
- HUN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.2% | Sep 2022 -4.1% | Dec 2022 -22% | Mar 2023 -27% | Jun 2023 -26% | Sep 2023 -25% | Dec 2023 -15% | Mar 2024 -8.5% | Jun 2024 -1.4% | Sep 2024 2.3% | Dec 2024 3.5% | Mar 2025 -4.1% | Jun 2025 -7.4% | Sep 2025 -5.2% | Dec 2025 -6.7% | Mar 2026 0.7% | Jun 2026 —
- REX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 22% | Dec 2022 8.4% | Mar 2023 -5.7% | Jun 2023 9.8% | Sep 2023 -12% | Dec 2023 0.5% | Mar 2024 -6.0% | Jun 2024 -24% | Sep 2024 -30% | Dec 2024 -21% | Mar 2025 -16% | Jun 2025 -1.9% | Sep 2025 7.4% | Dec 2025 0.6% | Mar 2026 0.0% | Jun 2026 -1.3%
- GPRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 28% | Dec 2022 14% | Mar 2023 6.7% | Jun 2023 -15% | Sep 2023 -6.5% | Dec 2023 -22% | Mar 2024 -28% | Jun 2024 -28% | Sep 2024 -26% | Dec 2024 -18% | Mar 2025 0.8% | Jun 2025 -11% | Sep 2025 -23% | Dec 2025 -27% | Mar 2026 -26% | Jun 2026 —
- TROX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.9% | Sep 2022 2.9% | Dec 2022 -27% | Mar 2023 -27% | Jun 2023 -16% | Sep 2023 -26% | Dec 2023 5.7% | Mar 2024 9.3% | Jun 2024 3.3% | Sep 2024 21% | Dec 2024 -1.5% | Mar 2025 -4.7% | Jun 2025 -11% | Sep 2025 -13% | Dec 2025 8.0% | Mar 2026 3.0% | Jun 2026 —
- LXU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 102% | Sep 2022 45% | Dec 2022 23% | Mar 2023 -9.1% | Jun 2023 -42% | Sep 2023 -38% | Dec 2023 -43% | Mar 2024 -24% | Jun 2024 -16% | Sep 2024 -4.4% | Dec 2024 1.5% | Mar 2025 3.6% | Jun 2025 7.9% | Sep 2025 42% | Dec 2025 22% | Mar 2026 18% | Jun 2026 —
- WLKP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 41% | Dec 2022 11% | Mar 2023 -15% | Jun 2023 -41% | Sep 2023 -22% | Dec 2023 -19% | Mar 2024 -7.5% | Jun 2024 7.6% | Sep 2024 -14% | Dec 2024 -2.4% | Mar 2025 -16% | Jun 2025 4.6% | Sep 2025 12% | Dec 2025 11% | Mar 2026 29% | Jun 2026 —
- RYAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 25% | Dec 2022 34% | Mar 2023 — | Jun 2023 17% | Sep 2023 -17% | Dec 2023 -16% | Mar 2024 — | Jun 2024 -10% | Sep 2024 4.2% | Dec 2024 0.2% | Mar 2025 -9.0% | Jun 2025 -19% | Sep 2025 -12% | Dec 2025 -1.2% | Mar 2026 -9.6% | Jun 2026 —
- ASPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 100% | Jun 2025 0.0% | Sep 2025 400% | Dec 2025 1,550% | Mar 2026 300% | Jun 2026 —
- ASIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 7.4% | Dec 2022 -4.7% | Mar 2023 -16% | Jun 2023 -27% | Sep 2023 -33% | Dec 2023 -5.5% | Mar 2024 -16% | Jun 2024 5.8% | Sep 2024 23% | Dec 2024 -14% | Mar 2025 12% | Jun 2025 -9.5% | Sep 2025 -6.0% | Dec 2025 9.4% | Mar 2026 6.9% | Jun 2026 —
- VHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 -4.0% | Dec 2022 -41% | Mar 2023 -22% | Jun 2023 -20% | Sep 2023 -16% | Dec 2023 12% | Mar 2024 7.7% | Jun 2024 10% | Sep 2024 14% | Dec 2024 6.2% | Mar 2025 1.5% | Jun 2025 -3.6% | Sep 2025 -5.6% | Dec 2025 2.9% | Mar 2026 3.9% | Jun 2026 —
- ACNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.4% | Sep 2022 -9.3% | Dec 2022 -84% | Mar 2023 -53% | Jun 2023 -41% | Sep 2023 -40% | Dec 2023 173% | Mar 2024 -49% | Jun 2024 -58% | Sep 2024 -55% | Dec 2024 — | Mar 2025 -36% | Jun 2025 -9.5% | Sep 2025 -4.8% | Dec 2025 — | Mar 2026 5.6% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Westlake Chemical Partners LP leads opm at 28.3%; ASP Isotopes Inc. leads margin change at +63.1 percentage points.

Investor read: Westlake Chemical Partners LP sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Westlake Chemical Partners LP · 28.3% | 106.6% versus #2 · LSB Industries, Inc. | 4/8 recent comparable periods | 15/15 companies · 274 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Westlake Chemical Partners LP (WLKP): 28%
2. LSB Industries, Inc. (LXU): 14%
3. REX American Resources Corporation (REX): 12%
4. Green Plains Inc. (GPRE): 10%
5. Celanese Corporation (CE): 9.2%

### Margin change — fastest expanders
1. ASP Isotopes Inc. (ASPI): +63.1 pp
2. Green Plains Inc. (GPRE): +20.4 pp
3. LSB Industries, Inc. (LXU): +10.6 pp
4. Westlake Chemical Partners LP (WLKP): +8.7 pp
5. REX American Resources Corporation (REX): +7.1 pp

### 20-quarter OPM history
- DOW: Sep 2021 17% | Dec 2021 13% | Mar 2022 12% | Jun 2022 13% | Sep 2022 7.8% | Dec 2022 4.9% | Mar 2023 -0.4% | Jun 2023 7.4% | Sep 2023 4.5% | Dec 2023 2.7% | Mar 2024 4.7% | Jun 2024 6.1% | Sep 2024 3.4% | Dec 2024 2.6% | Mar 2025 -1.7% | Jun 2025 -6.0% | Sep 2025 1.3% | Dec 2025 -11% | Mar 2026 -0.3% | Jun 2026 —
- CE: Sep 2021 24% | Dec 2021 23% | Mar 2022 21% | Jun 2022 19% | Sep 2022 13% | Dec 2022 2.4% | Mar 2023 8.8% | Jun 2023 12% | Sep 2023 31% | Dec 2023 9.3% | Mar 2024 8.0% | Jun 2024 9.1% | Sep 2024 9.3% | Dec 2024 -60% | Mar 2025 6.9% | Jun 2025 9.2% | Sep 2025 -53% | Dec 2025 4.2% | Mar 2026 9.2% | Jun 2026 —
- MEOH: Sep 2021 12% | Dec 2021 20% | Mar 2022 16% | Jun 2022 17% | Sep 2022 17% | Dec 2022 6.1% | Mar 2023 9.6% | Jun 2023 13% | Sep 2023 -0.6% | Dec 2023 5.4% | Mar 2024 9.2% | Jun 2024 8.2% | Sep 2024 5.0% | Dec 2024 16% | Mar 2025 24% | Jun 2025 17% | Sep 2025 8.6% | Dec 2025 0.0% | Mar 2026 8.6% | Jun 2026 —
- OLN: Sep 2021 24% | Dec 2021 22% | Mar 2022 22% | Jun 2022 22% | Sep 2022 17% | Dec 2022 14% | Mar 2023 13% | Jun 2023 13% | Sep 2023 9.9% | Dec 2023 6.1% | Mar 2024 5.9% | Jun 2024 8.3% | Sep 2024 1.0% | Dec 2024 2.8% | Mar 2025 2.7% | Jun 2025 2.0% | Sep 2025 4.8% | Dec 2025 -9.4% | Mar 2026 -4.9% | Jun 2026 —
- HUN: Sep 2021 11% | Dec 2021 9.5% | Mar 2022 13% | Jun 2022 13% | Sep 2022 6.9% | Dec 2022 -1.6% | Mar 2023 3.8% | Jun 2023 3.1% | Sep 2023 1.8% | Dec 2023 -3.8% | Mar 2024 -2.6% | Jun 2024 2.2% | Sep 2024 2.7% | Dec 2024 -4.3% | Mar 2025 3.0% | Jun 2025 -8.2% | Sep 2025 0.4% | Dec 2025 -4.4% | Mar 2026 -1.1% | Jun 2026 —
- REX: Sep 2021 4.0% | Dec 2021 9.3% | Mar 2022 15% | Jun 2022 3.5% | Sep 2022 3.1% | Dec 2022 1.6% | Mar 2023 4.1% | Jun 2023 2.1% | Sep 2023 4.6% | Dec 2023 14% | Mar 2024 12% | Jun 2024 5.2% | Sep 2024 9.0% | Dec 2024 18% | Mar 2025 7.2% | Jun 2025 5.3% | Sep 2025 5.1% | Dec 2025 16% | Mar 2026 11% | Jun 2026 12%
- GPRE: Sep 2021 -6.0% | Dec 2021 1.0% | Mar 2022 -6.1% | Jun 2022 3.3% | Sep 2022 -6.5% | Dec 2022 -4.5% | Mar 2023 -6.8% | Jun 2023 -5.0% | Sep 2023 2.4% | Dec 2023 2.3% | Mar 2024 -7.5% | Jun 2024 -2.9% | Sep 2024 8.5% | Dec 2024 -7.0% | Mar 2025 -10% | Jun 2025 -5.1% | Sep 2025 6.7% | Dec 2025 -2.4% | Mar 2026 10% | Jun 2026 —
- TROX: Sep 2021 19% | Dec 2021 15% | Mar 2022 7.2% | Jun 2022 20% | Sep 2022 18% | Dec 2022 5.5% | Mar 2023 8.8% | Jun 2023 11% | Sep 2023 4.8% | Dec 2023 1.2% | Mar 2024 5.3% | Jun 2024 9.3% | Sep 2024 6.7% | Dec 2024 7.1% | Mar 2025 -8.3% | Jun 2025 -4.8% | Sep 2025 -6.2% | Dec 2025 -16% | Mar 2026 -5.4% | Jun 2026 —
- LXU: Sep 2021 4.2% | Dec 2021 37% | Mar 2022 40% | Jun 2022 47% | Sep 2022 7.1% | Dec 2022 36% | Mar 2023 17% | Jun 2023 17% | Sep 2023 -8.3% | Dec 2023 2.4% | Mar 2024 8.1% | Jun 2024 10% | Sep 2024 -22% | Dec 2024 -2.8% | Mar 2025 3.1% | Jun 2025 6.9% | Sep 2025 10% | Dec 2025 18% | Mar 2026 14% | Jun 2026 —
- WLKP: Sep 2021 23% | Dec 2021 43% | Mar 2022 23% | Jun 2022 20% | Sep 2022 20% | Dec 2022 26% | Mar 2023 32% | Jun 2023 31% | Sep 2023 27% | Dec 2023 31% | Mar 2024 33% | Jun 2024 33% | Sep 2024 40% | Dec 2024 32% | Mar 2025 20% | Jun 2025 31% | Sep 2025 30% | Dec 2025 28% | Mar 2026 28% | Jun 2026 —
- RYAM: Sep 2021 0.8% | Dec 2021 -3.8% | Mar 2022 -4.5% | Jun 2022 -0.7% | Sep 2022 6.1% | Dec 2022 3.3% | Mar 2023 — | Jun 2023 3.6% | Sep 2023 -1.7% | Dec 2023 -14% | Mar 2024 4.4% | Jun 2024 6.7% | Sep 2024 -4.2% | Dec 2024 2.6% | Mar 2025 -4.3% | Jun 2025 -0.4% | Sep 2025 2.8% | Dec 2025 2.6% | Mar 2026 -21% | Jun 2026 —
- ASPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -929% | Mar 2024 -692% | Jun 2024 -730% | Sep 2024 -250% | Dec 2024 -350% | Mar 2025 -361% | Jun 2025 -999% | Sep 2025 -153% | Dec 2025 -75% | Mar 2026 -298% | Jun 2026 —
- ASIX: Sep 2021 13% | Dec 2021 7.9% | Mar 2022 17% | Jun 2022 15% | Sep 2022 2.5% | Dec 2022 12% | Mar 2023 11% | Jun 2023 10% | Sep 2023 -4.2% | Dec 2023 -1.6% | Mar 2024 -6.1% | Jun 2024 13% | Sep 2024 8.3% | Dec 2024 -3.2% | Mar 2025 8.0% | Jun 2025 8.1% | Sep 2025 -0.5% | Dec 2025 -0.3% | Mar 2026 -4.6% | Jun 2026 —
- VHI: Sep 2021 11% | Dec 2021 16% | Mar 2022 14% | Jun 2022 7.6% | Sep 2022 5.9% | Dec 2022 -4.3% | Mar 2023 -3.2% | Jun 2023 -2.1% | Sep 2023 -2.1% | Dec 2023 -2.3% | Mar 2024 3.2% | Jun 2024 8.2% | Sep 2024 -3.9% | Dec 2024 13% | Mar 2025 8.0% | Jun 2025 -0.3% | Sep 2025 -4.5% | Dec 2025 -15% | Mar 2026 4.4% | Jun 2026 —
- ACNT: Sep 2021 12% | Dec 2021 11% | Mar 2022 11% | Jun 2022 14% | Sep 2022 6.0% | Dec 2022 -6.3% | Mar 2023 -12% | Jun 2023 -14% | Sep 2023 -32% | Dec 2023 -22% | Mar 2024 -16% | Jun 2024 -8.6% | Sep 2024 -9.4% | Dec 2024 — | Mar 2025 -11% | Jun 2025 -14% | Sep 2025 -4.1% | Dec 2025 — | Mar 2026 -12% | Jun 2026 —

### 20-quarter Margin change history
- DOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.1 pp | Sep 2022 −9.1 pp | Dec 2022 −8.0 pp | Mar 2023 −12.7 pp | Jun 2023 −5.5 pp | Sep 2023 −3.3 pp | Dec 2023 −2.2 pp | Mar 2024 +5.1 pp | Jun 2024 −1.3 pp | Sep 2024 −1.1 pp | Dec 2024 −0.1 pp | Mar 2025 −6.4 pp | Jun 2025 −12.1 pp | Sep 2025 −2.1 pp | Dec 2025 −13.6 pp | Mar 2026 +1.4 pp | Jun 2026 —
- CE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.4 pp | Sep 2022 −10.3 pp | Dec 2022 −20.3 pp | Mar 2023 −12.1 pp | Jun 2023 −7.4 pp | Sep 2023 +17.5 pp | Dec 2023 +6.9 pp | Mar 2024 −0.8 pp | Jun 2024 −2.9 pp | Sep 2024 −21.6 pp | Dec 2024 −69.5 pp | Mar 2025 −1.1 pp | Jun 2025 +0.1 pp | Sep 2025 −62.0 pp | Dec 2025 +64.4 pp | Mar 2026 +2.3 pp | Jun 2026 —
- MEOH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.2 pp | Sep 2022 +4.5 pp | Dec 2022 −13.6 pp | Mar 2023 −6.7 pp | Jun 2023 −4.2 pp | Sep 2023 −17.1 pp | Dec 2023 −0.7 pp | Mar 2024 −0.4 pp | Jun 2024 −4.5 pp | Sep 2024 +5.6 pp | Dec 2024 +11.0 pp | Mar 2025 +15.1 pp | Jun 2025 +8.5 pp | Sep 2025 +3.6 pp | Dec 2025 −16.4 pp | Mar 2026 −15.7 pp | Jun 2026 —
- OLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.8 pp | Sep 2022 −6.6 pp | Dec 2022 −7.8 pp | Mar 2023 −9.7 pp | Jun 2023 −8.9 pp | Sep 2023 −7.0 pp | Dec 2023 −7.7 pp | Mar 2024 −6.6 pp | Jun 2024 −4.4 pp | Sep 2024 −8.9 pp | Dec 2024 −3.3 pp | Mar 2025 −3.2 pp | Jun 2025 −6.3 pp | Sep 2025 +3.8 pp | Dec 2025 −12.2 pp | Mar 2026 −7.6 pp | Jun 2026 —
- HUN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.5 pp | Sep 2022 −4.1 pp | Dec 2022 −11.1 pp | Mar 2023 −9.1 pp | Jun 2023 −9.7 pp | Sep 2023 −5.1 pp | Dec 2023 −2.2 pp | Mar 2024 −6.4 pp | Jun 2024 −0.9 pp | Sep 2024 +0.9 pp | Dec 2024 −0.5 pp | Mar 2025 +5.6 pp | Jun 2025 −10.4 pp | Sep 2025 −2.3 pp | Dec 2025 −0.1 pp | Mar 2026 −4.1 pp | Jun 2026 —
- REX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 −7.7 pp | Mar 2023 −11.3 pp | Jun 2023 −1.4 pp | Sep 2023 +1.5 pp | Dec 2023 +12.7 pp | Mar 2024 +8.2 pp | Jun 2024 +3.1 pp | Sep 2024 +4.4 pp | Dec 2024 +3.6 pp | Mar 2025 −5.1 pp | Jun 2025 +0.1 pp | Sep 2025 −3.9 pp | Dec 2025 −2.0 pp | Mar 2026 +3.3 pp | Jun 2026 +7.1 pp
- GPRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.0 pp | Sep 2022 −0.5 pp | Dec 2022 −5.5 pp | Mar 2023 −0.7 pp | Jun 2023 −8.3 pp | Sep 2023 +8.9 pp | Dec 2023 +6.8 pp | Mar 2024 −0.7 pp | Jun 2024 +2.1 pp | Sep 2024 +6.1 pp | Dec 2024 −9.3 pp | Mar 2025 −2.9 pp | Jun 2025 −2.2 pp | Sep 2025 −1.8 pp | Dec 2025 +4.6 pp | Mar 2026 +20.4 pp | Jun 2026 —
- TROX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.9 pp | Sep 2022 −1.1 pp | Dec 2022 −9.7 pp | Mar 2023 +1.6 pp | Jun 2023 −9.5 pp | Sep 2023 −13.4 pp | Dec 2023 −4.3 pp | Mar 2024 −3.5 pp | Jun 2024 −1.3 pp | Sep 2024 +1.9 pp | Dec 2024 +5.9 pp | Mar 2025 −13.6 pp | Jun 2025 −14.1 pp | Sep 2025 −12.9 pp | Dec 2025 −22.7 pp | Mar 2026 +2.9 pp | Jun 2026 —
- LXU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +27.8 pp | Sep 2022 +2.9 pp | Dec 2022 −1.0 pp | Mar 2023 −23.3 pp | Jun 2023 −30.0 pp | Sep 2023 −15.4 pp | Dec 2023 −33.1 pp | Mar 2024 −8.8 pp | Jun 2024 −6.3 pp | Sep 2024 −14.1 pp | Dec 2024 −5.2 pp | Mar 2025 −5.0 pp | Jun 2025 −3.4 pp | Sep 2025 +32.5 pp | Dec 2025 +21.0 pp | Mar 2026 +10.6 pp | Jun 2026 —
- WLKP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −18.6 pp | Sep 2022 −3.5 pp | Dec 2022 −16.6 pp | Mar 2023 +8.9 pp | Jun 2023 +11.0 pp | Sep 2023 +7.1 pp | Dec 2023 +5.2 pp | Mar 2024 +1.5 pp | Jun 2024 +2.4 pp | Sep 2024 +12.8 pp | Dec 2024 +0.5 pp | Mar 2025 −13.8 pp | Jun 2025 −2.2 pp | Sep 2025 −9.8 pp | Dec 2025 −3.9 pp | Mar 2026 +8.7 pp | Jun 2026 —
- RYAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.1 pp | Sep 2022 +5.3 pp | Dec 2022 +7.1 pp | Mar 2023 — | Jun 2023 +4.3 pp | Sep 2023 −7.8 pp | Dec 2023 −17.7 pp | Mar 2024 — | Jun 2024 +3.1 pp | Sep 2024 −2.5 pp | Dec 2024 +17.0 pp | Mar 2025 −8.7 pp | Jun 2025 −7.1 pp | Sep 2025 +7.0 pp | Dec 2025 0.0 pp | Mar 2026 −16.2 pp | Jun 2026 —
- ASPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 +579.4 pp | Mar 2025 +331.1 pp | Jun 2025 −269.3 pp | Sep 2025 +96.7 pp | Dec 2025 +274.6 pp | Mar 2026 +63.1 pp | Jun 2026 —
- ASIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.2 pp | Sep 2022 −10.8 pp | Dec 2022 +3.6 pp | Mar 2023 −5.9 pp | Jun 2023 −4.4 pp | Sep 2023 −6.7 pp | Dec 2023 −13.1 pp | Mar 2024 −17.4 pp | Jun 2024 +2.3 pp | Sep 2024 +12.5 pp | Dec 2024 −1.6 pp | Mar 2025 +14.1 pp | Jun 2025 −4.5 pp | Sep 2025 −8.8 pp | Dec 2025 +2.9 pp | Mar 2026 −12.6 pp | Jun 2026 —
- VHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 −5.5 pp | Dec 2022 −20.3 pp | Mar 2023 −17.5 pp | Jun 2023 −9.7 pp | Sep 2023 −8.0 pp | Dec 2023 +2.0 pp | Mar 2024 +6.4 pp | Jun 2024 +10.3 pp | Sep 2024 −1.8 pp | Dec 2024 +15.0 pp | Mar 2025 +4.8 pp | Jun 2025 −8.5 pp | Sep 2025 −0.6 pp | Dec 2025 −27.5 pp | Mar 2026 −3.6 pp | Jun 2026 —
- ACNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +9.2 pp | Sep 2022 −6.4 pp | Dec 2022 −17.3 pp | Mar 2023 −23.0 pp | Jun 2023 −27.9 pp | Sep 2023 −38.3 pp | Dec 2023 −15.6 pp | Mar 2024 −3.9 pp | Jun 2024 +5.2 pp | Sep 2024 +22.9 pp | Dec 2024 — | Mar 2025 +4.1 pp | Jun 2025 −5.8 pp | Sep 2025 +5.3 pp | Dec 2025 — | Mar 2026 −0.8 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Westlake Chemical Partners LP leads with $338 million of TTM profit, 218.9% above REX American Resources Corporation. REX American Resources Corporation shows 51.4% growth from a $106 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Westlake Chemical Partners LP sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Westlake Chemical Partners LP · $338 million | 218.9% versus #2 · REX American Resources Corporation | 3/8 recent comparable periods | 14/15 companies · 283 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Westlake Chemical Partners LP (WLKP): ₹338 Cr
2. REX American Resources Corporation (REX): ₹106 Cr
3. LSB Industries, Inc. (LXU): ₹46 Cr
4. Green Plains Inc. (GPRE): ₹19 Cr
5. Methanex Corporation (MEOH): ₹16 Cr

### Profit growth — fastest growers
1. REX American Resources Corporation (REX): 51%
2. Westlake Chemical Partners LP (WLKP): 5.3%
3. AdvanSix Inc. (ASIX): -89%
4. Methanex Corporation (MEOH): -95%
5. Valhi, Inc. (VHI): -140%

### 20-quarter Net profit history
- DOW: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹760 Cr | Dec 2022 ₹647 Cr | Mar 2023 ₹-73 Cr | Jun 2023 ₹501 Cr | Sep 2023 ₹327 Cr | Dec 2023 ₹-95 Cr | Mar 2024 ₹538 Cr | Jun 2024 ₹458 Cr | Sep 2024 ₹240 Cr | Dec 2024 ₹-35 Cr | Mar 2025 ₹-290 Cr | Jun 2025 ₹-801 Cr | Sep 2025 ₹124 Cr | Dec 2025 ₹-1.5K Cr | Mar 2026 ₹-445 Cr | Jun 2026 —
- CE: Sep 2021 ₹520 Cr | Dec 2021 ₹530 Cr | Mar 2022 ₹504 Cr | Jun 2022 ₹442 Cr | Sep 2022 ₹194 Cr | Dec 2022 ₹770 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹220 Cr | Sep 2023 ₹950 Cr | Dec 2023 ₹690 Cr | Mar 2024 ₹124 Cr | Jun 2024 ₹154 Cr | Sep 2024 ₹119 Cr | Dec 2024 ₹-1.9K Cr | Mar 2025 ₹-15 Cr | Jun 2025 ₹212 Cr | Sep 2025 ₹-1.4K Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹49 Cr | Jun 2026 —
- MEOH: Sep 2021 ₹87 Cr | Dec 2021 ₹221 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹139 Cr | Sep 2022 ₹128 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹90 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹64 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹132 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹-74 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- OLN: Sep 2021 ₹391 Cr | Dec 2021 ₹307 Cr | Mar 2022 ₹393 Cr | Jun 2022 ₹422 Cr | Sep 2022 ₹315 Cr | Dec 2022 ₹197 Cr | Mar 2023 ₹154 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹-25 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹-143 Cr | Mar 2026 ₹-83 Cr | Jun 2026 —
- HUN: Sep 2021 ₹219 Cr | Dec 2021 ₹594 Cr | Mar 2022 ₹222 Cr | Jun 2022 ₹229 Cr | Sep 2022 ₹116 Cr | Dec 2022 ₹-56 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹-57 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-110 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹-146 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹-74 Cr | Mar 2026 ₹-40 Cr | Jun 2026 —
- REX: Sep 2021 ₹8 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹48 Cr | Jun 2026 ₹22 Cr
- GPRE: Sep 2021 ₹-55 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-55 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹-68 Cr | Dec 2022 ₹-33 Cr | Mar 2023 ₹-59 Cr | Jun 2023 ₹-49 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹-49 Cr | Jun 2024 ₹-23 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹-53 Cr | Mar 2025 ₹-72 Cr | Jun 2025 ₹-44 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹39 Cr | Jun 2026 —
- TROX: Sep 2021 ₹113 Cr | Dec 2021 ₹87 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹375 Cr | Sep 2022 ₹123 Cr | Dec 2022 ₹-14 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹-269 Cr | Sep 2023 ₹-14 Cr | Dec 2023 ₹-32 Cr | Mar 2024 ₹-9 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹-25 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹-111 Cr | Jun 2025 ₹-85 Cr | Sep 2025 ₹-100 Cr | Dec 2025 ₹-179 Cr | Mar 2026 ₹-104 Cr | Jun 2026 —
- LXU: Sep 2021 ₹-9 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹103 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹-25 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- WLKP: Sep 2021 ₹66 Cr | Dec 2021 ₹138 Cr | Mar 2022 ₹81 Cr | Jun 2022 ₹84 Cr | Sep 2022 ₹78 Cr | Dec 2022 ₹91 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹90 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹82 Cr | Jun 2026 —
- RYAM: Sep 2021 ₹-13 Cr | Dec 2021 ₹-28 Cr | Mar 2022 ₹-24 Cr | Jun 2022 ₹-25 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹4 Cr | Mar 2023 — | Jun 2023 ₹2 Cr | Sep 2023 ₹-16 Cr | Dec 2023 ₹-62 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹-33 Cr | Dec 2024 ₹-16 Cr | Mar 2025 ₹-32 Cr | Jun 2025 ₹-366 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹-21 Cr | Mar 2026 ₹-81 Cr | Jun 2026 —
- ASPI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-1 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹-7 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-75 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹-63 Cr | Mar 2026 ₹-27 Cr | Jun 2026 —
- ASIX: Sep 2021 ₹44 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹-17 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹-3 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-16 Cr | Jun 2026 —
- VHI: Sep 2021 ₹55 Cr | Dec 2021 ₹88 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹-14 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹-22 Cr | Dec 2025 ₹-63 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- ACNT: Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-15 Cr | Dec 2023 ₹-8 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-8 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-2 Cr | Jun 2026 —

### 20-quarter Profit growth history
- DOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 -55% | Dec 2022 -63% | Mar 2023 -105% | Jun 2023 -70% | Sep 2023 -57% | Dec 2023 -115% | Mar 2024 — | Jun 2024 -8.6% | Sep 2024 -27% | Dec 2024 — | Mar 2025 -154% | Jun 2025 -275% | Sep 2025 -48% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -19% | Sep 2022 -63% | Dec 2022 45% | Mar 2023 -81% | Jun 2023 -50% | Sep 2023 390% | Dec 2023 -10% | Mar 2024 29% | Jun 2024 -30% | Sep 2024 -87% | Dec 2024 -378% | Mar 2025 -112% | Jun 2025 38% | Sep 2025 -1,237% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MEOH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 47% | Dec 2022 -74% | Mar 2023 -34% | Jun 2023 -35% | Sep 2023 -66% | Dec 2023 3.5% | Mar 2024 -27% | Jun 2024 -30% | Sep 2024 48% | Dec 2024 -8.3% | Mar 2025 100% | Jun 2025 30% | Sep 2025 -94% | Dec 2025 -235% | Mar 2026 -98% | Jun 2026 —
- OLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 -19% | Dec 2022 -36% | Mar 2023 -61% | Jun 2023 -66% | Sep 2023 -67% | Dec 2023 -75% | Mar 2024 -69% | Jun 2024 -50% | Sep 2024 -124% | Dec 2024 -80% | Mar 2025 -98% | Jun 2025 -104% | Sep 2025 — | Dec 2025 -1,530% | Mar 2026 -8,400% | Jun 2026 —
- HUN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 -47% | Dec 2022 -109% | Mar 2023 -80% | Jun 2023 -86% | Sep 2023 -87% | Dec 2023 — | Mar 2024 -136% | Jun 2024 -6.1% | Sep 2024 -133% | Dec 2024 — | Mar 2025 — | Jun 2025 -571% | Sep 2025 — | Dec 2025 — | Mar 2026 -433% | Jun 2026 —
- REX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 88% | Dec 2022 -67% | Mar 2023 -58% | Jun 2023 0.0% | Sep 2023 -20% | Dec 2023 540% | Mar 2024 127% | Jun 2024 71% | Sep 2024 25% | Dec 2024 -6.3% | Mar 2025 -44% | Jun 2025 -8.3% | Sep 2025 -40% | Dec 2025 -10% | Mar 2026 243% | Jun 2026 100%
- GPRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 225% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -194% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 88% | Dec 2024 -542% | Mar 2025 — | Jun 2025 — | Sep 2025 -80% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TROX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 387% | Sep 2022 8.9% | Dec 2022 -116% | Mar 2023 56% | Jun 2023 -172% | Sep 2023 -111% | Dec 2023 — | Mar 2024 -136% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -950% | Sep 2025 — | Dec 2025 -1,293% | Mar 2026 — | Jun 2026 —
- LXU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 329% | Sep 2022 — | Dec 2022 57% | Mar 2023 -73% | Jun 2023 -76% | Sep 2023 -500% | Dec 2023 -108% | Mar 2024 -63% | Jun 2024 -60% | Sep 2024 — | Dec 2024 — | Mar 2025 -133% | Jun 2025 -70% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WLKP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -30% | Sep 2022 18% | Dec 2022 -34% | Mar 2023 12% | Jun 2023 -11% | Sep 2023 3.9% | Dec 2023 -4.4% | Mar 2024 -1.1% | Jun 2024 17% | Sep 2024 28% | Dec 2024 0.0% | Mar 2025 -53% | Jun 2025 -2.3% | Sep 2025 -17% | Dec 2025 -3.5% | Mar 2026 95% | Jun 2026 —
- RYAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -413% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -189% | Dec 2023 -1,650% | Mar 2024 — | Jun 2024 300% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -4,675% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ASIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 -77% | Dec 2022 42% | Mar 2023 -44% | Jun 2023 -49% | Sep 2023 -180% | Dec 2023 -115% | Mar 2024 -149% | Jun 2024 18% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -21% | Sep 2025 -114% | Dec 2025 — | Mar 2026 -170% | Jun 2026 —
- VHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 -25% | Dec 2022 -116% | Mar 2023 -106% | Jun 2023 -100% | Sep 2023 -105% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 167% | Mar 2025 64% | Jun 2025 -73% | Sep 2025 -126% | Dec 2025 -297% | Mar 2026 -65% | Jun 2026 —
- ACNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 267% | Sep 2022 -63% | Dec 2022 -175% | Mar 2023 -160% | Jun 2023 -155% | Sep 2023 -600% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Dow Inc. reports $659 million of CAPEX; ASP Isotopes Inc. has the highest covered intensity at 75%. Coverage is only 15 of 15 companies and 284 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Dow Inc. · $659 million | 883.6% versus #2 · Tronox Holdings plc | 8/8 recent comparable periods | 15/15 companies · 284 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Dow Inc. (DOW): ₹659 Cr
2. Tronox Holdings plc (TROX): ₹67 Cr
3. Celanese Corporation (CE): ₹66 Cr
4. Olin Corporation (OLN): ₹44 Cr
5. Huntsman Corporation (HUN): ₹38 Cr

### CAPEX intensity — highest reinvestment intensity
1. ASP Isotopes Inc. (ASPI): 75%
2. LSB Industries, Inc. (LXU): 10%
3. AdvanSix Inc. (ASIX): 8.9%
4. Tronox Holdings plc (TROX): 8.8%
5. REX American Resources Corporation (REX): 7.7%

### 20-quarter CAPEX history
- DOW: Sep 2021 ₹435 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹354 Cr | Jun 2022 ₹501 Cr | Sep 2022 ₹508 Cr | Dec 2022 ₹657 Cr | Mar 2023 ₹497 Cr | Jun 2023 ₹631 Cr | Sep 2023 ₹650 Cr | Dec 2023 ₹800 Cr | Mar 2024 ₹766 Cr | Jun 2024 ₹767 Cr | Sep 2024 ₹797 Cr | Dec 2024 ₹813 Cr | Mar 2025 ₹715 Cr | Jun 2025 ₹700 Cr | Sep 2025 ₹606 Cr | Dec 2025 ₹615 Cr | Mar 2026 ₹524 Cr | Jun 2026 ₹659 Cr
- CE: Sep 2021 ₹102 Cr | Dec 2021 ₹163 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹124 Cr | Sep 2022 ₹139 Cr | Dec 2022 ₹143 Cr | Mar 2023 ₹164 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹131 Cr | Dec 2023 ₹128 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹105 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹93 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹66 Cr | Jun 2026 —
- MEOH: Sep 2021 ₹67 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹136 Cr | Jun 2022 ₹137 Cr | Sep 2022 ₹148 Cr | Dec 2022 ₹157 Cr | Mar 2023 ₹127 Cr | Jun 2023 ₹111 Cr | Sep 2023 ₹141 Cr | Dec 2023 ₹70 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- OLN: Sep 2021 ₹49 Cr | Dec 2021 ₹65 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹57 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹69 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹51 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹44 Cr | Jun 2026 —
- HUN: Sep 2021 ₹76 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹86 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹51 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- REX: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹13 Cr | Jun 2026 ₹12 Cr
- GPRE: Sep 2021 ₹64 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- TROX: Sep 2021 ₹65 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹103 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹114 Cr | Mar 2023 ₹93 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹110 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹67 Cr | Jun 2026 —
- LXU: Sep 2021 ₹11 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- WLKP: Sep 2021 ₹11 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- RYAM: Sep 2021 ₹14 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹24 Cr | Mar 2023 — | Jun 2023 ₹21 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- ASPI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- ASIX: Sep 2021 ₹13 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- VHI: Sep 2021 ₹16 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- ACNT: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- DOW: Sep 2021 2.9% | Dec 2021 8.4% | Mar 2022 2.3% | Jun 2022 3.2% | Sep 2022 3.6% | Dec 2022 5.5% | Mar 2023 4.2% | Jun 2023 5.5% | Sep 2023 6.1% | Dec 2023 7.5% | Mar 2024 7.1% | Jun 2024 7.0% | Sep 2024 7.3% | Dec 2024 7.8% | Mar 2025 6.9% | Jun 2025 6.9% | Sep 2025 6.1% | Dec 2025 6.5% | Mar 2026 5.4% | Jun 2026 —
- CE: Sep 2021 4.5% | Dec 2021 7.2% | Mar 2022 5.4% | Jun 2022 5.0% | Sep 2022 6.0% | Dec 2022 6.1% | Mar 2023 5.7% | Jun 2023 5.2% | Sep 2023 4.8% | Dec 2023 5.0% | Mar 2024 5.2% | Jun 2024 4.0% | Sep 2024 3.3% | Dec 2024 4.5% | Mar 2025 4.3% | Jun 2025 3.7% | Sep 2025 2.6% | Dec 2025 3.8% | Mar 2026 2.8% | Jun 2026 —
- MEOH: Sep 2021 6.2% | Dec 2021 5.3% | Mar 2022 12% | Jun 2022 12% | Sep 2022 15% | Dec 2022 16% | Mar 2023 12% | Jun 2023 12% | Sep 2023 17% | Dec 2023 7.6% | Mar 2024 5.1% | Jun 2024 3.9% | Sep 2024 4.9% | Dec 2024 4.7% | Mar 2025 5.2% | Jun 2025 3.9% | Sep 2025 0.8% | Dec 2025 1.4% | Mar 2026 2.3% | Jun 2026 —
- OLN: Sep 2021 2.1% | Dec 2021 2.7% | Mar 2022 1.9% | Jun 2022 2.2% | Sep 2022 2.8% | Dec 2022 3.5% | Mar 2023 3.3% | Jun 2023 3.9% | Sep 2023 2.6% | Dec 2023 3.9% | Mar 2024 2.7% | Jun 2024 3.5% | Sep 2024 2.7% | Dec 2024 3.1% | Mar 2025 3.7% | Jun 2025 1.8% | Sep 2025 4.1% | Dec 2025 3.8% | Mar 2026 2.8% | Jun 2026 —
- HUN: Sep 2021 3.6% | Dec 2021 4.0% | Mar 2022 2.9% | Jun 2022 3.0% | Sep 2022 2.8% | Dec 2022 5.2% | Mar 2023 2.9% | Jun 2023 3.2% | Sep 2023 3.3% | Dec 2023 5.9% | Mar 2024 2.9% | Jun 2024 3.2% | Sep 2024 2.7% | Dec 2024 3.5% | Mar 2025 2.6% | Jun 2025 2.5% | Sep 2025 2.9% | Dec 2025 4.2% | Mar 2026 2.7% | Jun 2026 —
- REX: Sep 2021 0.5% | Dec 2021 1.0% | Mar 2022 0.5% | Jun 2022 0.5% | Sep 2022 0.4% | Dec 2022 1.8% | Mar 2023 4.0% | Jun 2023 1.9% | Sep 2023 1.9% | Dec 2023 6.3% | Mar 2024 8.0% | Jun 2024 16% | Sep 2024 10% | Dec 2024 8.6% | Mar 2025 10% | Jun 2025 4.4% | Sep 2025 14% | Dec 2025 15% | Mar 2026 8.2% | Jun 2026 7.7%
- GPRE: Sep 2021 8.6% | Dec 2021 8.0% | Mar 2022 7.9% | Jun 2022 6.5% | Sep 2022 5.8% | Dec 2022 3.2% | Mar 2023 4.0% | Jun 2023 1.9% | Sep 2023 3.2% | Dec 2023 4.2% | Mar 2024 3.7% | Jun 2024 2.9% | Sep 2024 4.2% | Dec 2024 4.6% | Mar 2025 2.8% | Jun 2025 2.0% | Sep 2025 0.8% | Dec 2025 1.2% | Mar 2026 1.3% | Jun 2026 —
- TROX: Sep 2021 7.5% | Dec 2021 10% | Mar 2022 11% | Jun 2022 11% | Sep 2022 13% | Dec 2022 18% | Mar 2023 13% | Jun 2023 6.9% | Sep 2023 8.2% | Dec 2023 8.6% | Mar 2024 9.8% | Jun 2024 9.3% | Sep 2024 13% | Dec 2024 17% | Mar 2025 15% | Jun 2025 11% | Sep 2025 11% | Dec 2025 9.3% | Mar 2026 8.8% | Jun 2026 —
- LXU: Sep 2021 8.7% | Dec 2021 4.7% | Mar 2022 4.0% | Jun 2022 2.8% | Sep 2022 8.7% | Dec 2022 5.6% | Mar 2023 9.9% | Jun 2023 8.4% | Sep 2023 7.9% | Dec 2023 20% | Mar 2024 13% | Jun 2024 11% | Sep 2024 28% | Dec 2024 21% | Mar 2025 15% | Jun 2025 12% | Sep 2025 11% | Dec 2025 13% | Mar 2026 10% | Jun 2026 —
- WLKP: Sep 2021 3.7% | Dec 2021 13% | Mar 2022 5.5% | Jun 2022 2.7% | Sep 2022 3.1% | Dec 2022 2.5% | Mar 2023 4.2% | Jun 2023 1.9% | Sep 2023 5.3% | Dec 2023 4.4% | Mar 2024 3.5% | Jun 2024 3.5% | Sep 2024 5.8% | Dec 2024 4.5% | Mar 2025 6.7% | Jun 2025 8.1% | Sep 2025 9.7% | Dec 2025 2.8% | Mar 2026 2.0% | Jun 2026 —
- RYAM: Sep 2021 3.7% | Dec 2021 8.6% | Mar 2022 13% | Jun 2022 10% | Sep 2022 6.0% | Dec 2022 4.8% | Mar 2023 — | Jun 2023 4.5% | Sep 2023 8.6% | Dec 2023 7.6% | Mar 2024 8.5% | Jun 2024 6.0% | Sep 2024 5.5% | Dec 2024 6.6% | Mar 2025 11% | Jun 2025 11% | Sep 2025 6.8% | Dec 2025 4.1% | Mar 2026 6.9% | Jun 2026 —
- ASPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 100% | Jun 2024 300% | Sep 2024 200% | Dec 2024 50% | Mar 2025 100% | Jun 2025 200% | Sep 2025 30% | Dec 2025 6.1% | Mar 2026 75% | Jun 2026 —
- ASIX: Sep 2021 2.9% | Dec 2021 4.5% | Mar 2022 4.4% | Jun 2022 3.1% | Sep 2022 4.6% | Dec 2022 6.9% | Mar 2023 6.2% | Jun 2023 4.4% | Sep 2023 7.7% | Dec 2023 9.9% | Mar 2024 10% | Jun 2024 7.3% | Sep 2024 7.5% | Dec 2024 10% | Mar 2025 9.0% | Jun 2025 6.8% | Sep 2025 7.2% | Dec 2025 7.8% | Mar 2026 8.9% | Jun 2026 —
- VHI: Sep 2021 2.8% | Dec 2021 3.7% | Mar 2022 2.5% | Jun 2022 2.7% | Sep 2022 2.7% | Dec 2022 5.0% | Mar 2023 3.4% | Jun 2023 3.6% | Sep 2023 1.7% | Dec 2023 1.3% | Mar 2024 0.9% | Jun 2024 0.7% | Sep 2024 1.9% | Dec 2024 2.7% | Mar 2025 2.4% | Jun 2025 2.4% | Sep 2025 2.0% | Dec 2025 2.2% | Mar 2026 2.0% | Jun 2026 —
- ACNT: Sep 2021 0.0% | Dec 2021 1.0% | Mar 2022 0.9% | Jun 2022 1.2% | Sep 2022 1.3% | Dec 2022 6.7% | Mar 2023 1.8% | Jun 2023 2.0% | Sep 2023 2.1% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 — | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 5.0% | Dec 2025 — | Mar 2026 0.0% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: REX American Resources Corporation has the clearest covered balance-sheet capacity with $344 million net cash and gross debt of $20 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Ascent Industries Co. · $13 million | 35% versus #2 · REX American Resources Corporation | 5/8 recent comparable periods | 14/15 companies · 267 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Ascent Industries Co. (ACNT): ₹13 Cr
2. REX American Resources Corporation (REX): ₹20 Cr
3. Westlake Chemical Partners LP (WLKP): ₹400 Cr
4. AdvanSix Inc. (ASIX): ₹426 Cr
5. LSB Industries, Inc. (LXU): ₹484 Cr

### Net debt — lowest net debt
1. REX American Resources Corporation (REX): ₹-344 Cr
2. Ascent Industries Co. (ACNT): ₹-35 Cr
3. LSB Industries, Inc. (LXU): ₹302 Cr
4. Westlake Chemical Partners LP (WLKP): ₹356 Cr
5. Green Plains Inc. (GPRE): ₹376 Cr

### 20-quarter Gross debt history
- DOW: Sep 2021 ₹16.4K Cr | Dec 2021 ₹16.1K Cr | Mar 2022 ₹16.0K Cr | Jun 2022 ₹15.1K Cr | Sep 2022 ₹14.8K Cr | Dec 2022 ₹16.7K Cr | Mar 2023 ₹16.6K Cr | Jun 2023 ₹16.3K Cr | Sep 2023 ₹16.3K Cr | Dec 2023 ₹16.4K Cr | Mar 2024 ₹17.7K Cr | Jun 2024 ₹17.7K Cr | Sep 2024 ₹17.9K Cr | Dec 2024 ₹17.6K Cr | Mar 2025 ₹17.9K Cr | Jun 2025 ₹18.1K Cr | Sep 2025 ₹19.6K Cr | Dec 2025 ₹19.6K Cr | Mar 2026 ₹19.6K Cr | Jun 2026 ₹19.4K Cr
- CE: Sep 2021 ₹4.0K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹12.5K Cr | Dec 2022 ₹15.0K Cr | Mar 2023 ₹15.1K Cr | Jun 2023 ₹14.7K Cr | Sep 2023 ₹14.0K Cr | Dec 2023 ₹14.0K Cr | Mar 2024 ₹13.8K Cr | Jun 2024 ₹13.3K Cr | Sep 2024 ₹13.3K Cr | Dec 2024 ₹12.9K Cr | Mar 2025 ₹13.1K Cr | Jun 2025 ₹13.2K Cr | Sep 2025 ₹13.1K Cr | Dec 2025 ₹12.9K Cr | Mar 2026 ₹12.8K Cr | Jun 2026 —
- MEOH: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 —
- OLN: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- HUN: Sep 2021 ₹2.0K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- REX: Sep 2021 ₹13 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹21 Cr | Jun 2026 ₹20 Cr
- GPRE: Sep 2021 ₹781 Cr | Dec 2021 ₹789 Cr | Mar 2022 ₹971 Cr | Jun 2022 ₹972 Cr | Sep 2022 ₹770 Cr | Dec 2022 ₹711 Cr | Mar 2023 ₹797 Cr | Jun 2023 ₹831 Cr | Sep 2023 ₹736 Cr | Dec 2023 ₹677 Cr | Mar 2024 ₹700 Cr | Jun 2024 ₹686 Cr | Sep 2024 ₹629 Cr | Dec 2024 ₹649 Cr | Mar 2025 ₹640 Cr | Jun 2025 ₹610 Cr | Sep 2025 ₹435 Cr | Dec 2025 ₹465 Cr | Mar 2026 ₹559 Cr | Jun 2026 —
- TROX: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 —
- LXU: Sep 2021 ₹492 Cr | Dec 2021 ₹560 Cr | Mar 2022 ₹744 Cr | Jun 2022 ₹740 Cr | Sep 2022 ₹732 Cr | Dec 2022 ₹743 Cr | Mar 2023 ₹734 Cr | Jun 2023 ₹605 Cr | Sep 2023 ₹598 Cr | Dec 2023 ₹611 Cr | Mar 2024 ₹577 Cr | Jun 2024 ₹508 Cr | Sep 2024 ₹506 Cr | Dec 2024 ₹519 Cr | Mar 2025 ₹520 Cr | Jun 2025 ₹483 Cr | Sep 2025 ₹486 Cr | Dec 2025 ₹489 Cr | Mar 2026 ₹484 Cr | Jun 2026 —
- WLKP: Sep 2021 ₹400 Cr | Dec 2021 ₹400 Cr | Mar 2022 ₹400 Cr | Jun 2022 ₹400 Cr | Sep 2022 ₹400 Cr | Dec 2022 ₹400 Cr | Mar 2023 ₹400 Cr | Jun 2023 ₹400 Cr | Sep 2023 ₹400 Cr | Dec 2023 ₹400 Cr | Mar 2024 ₹400 Cr | Jun 2024 ₹400 Cr | Sep 2024 ₹400 Cr | Dec 2024 ₹400 Cr | Mar 2025 ₹400 Cr | Jun 2025 ₹400 Cr | Sep 2025 ₹400 Cr | Dec 2025 ₹400 Cr | Mar 2026 ₹400 Cr | Jun 2026 —
- RYAM: Sep 2021 ₹947 Cr | Dec 2021 ₹929 Cr | Mar 2022 ₹925 Cr | Jun 2022 ₹905 Cr | Sep 2022 ₹873 Cr | Dec 2022 ₹853 Cr | Mar 2023 — | Jun 2023 ₹846 Cr | Sep 2023 ₹834 Cr | Dec 2023 ₹777 Cr | Mar 2024 ₹779 Cr | Jun 2024 ₹778 Cr | Sep 2024 ₹773 Cr | Dec 2024 ₹730 Cr | Mar 2025 ₹736 Cr | Jun 2025 ₹746 Cr | Sep 2025 ₹794 Cr | Dec 2025 ₹779 Cr | Mar 2026 ₹763 Cr | Jun 2026 —
- ASIX: Sep 2021 ₹278 Cr | Dec 2021 ₹272 Cr | Mar 2022 ₹353 Cr | Jun 2022 ₹277 Cr | Sep 2022 ₹260 Cr | Dec 2022 ₹230 Cr | Mar 2023 ₹241 Cr | Jun 2023 ₹250 Cr | Sep 2023 ₹273 Cr | Dec 2023 ₹266 Cr | Mar 2024 ₹332 Cr | Jun 2024 ₹322 Cr | Sep 2024 ₹306 Cr | Dec 2024 ₹349 Cr | Mar 2025 ₹361 Cr | Jun 2025 ₹378 Cr | Sep 2025 ₹407 Cr | Dec 2025 ₹381 Cr | Mar 2026 ₹426 Cr | Jun 2026 —
- VHI: Sep 2021 ₹696 Cr | Dec 2021 ₹653 Cr | Mar 2022 ₹641 Cr | Jun 2022 ₹598 Cr | Sep 2022 ₹540 Cr | Dec 2022 ₹560 Cr | Mar 2023 ₹562 Cr | Jun 2023 ₹551 Cr | Sep 2023 ₹533 Cr | Dec 2023 ₹547 Cr | Mar 2024 ₹512 Cr | Jun 2024 ₹498 Cr | Sep 2024 ₹611 Cr | Dec 2024 ₹563 Cr | Mar 2025 ₹608 Cr | Jun 2025 ₹634 Cr | Sep 2025 ₹662 Cr | Dec 2025 ₹592 Cr | Mar 2026 ₹625 Cr | Jun 2026 —
- ACNT: Sep 2021 ₹82 Cr | Dec 2021 ₹105 Cr | Mar 2022 ₹106 Cr | Jun 2022 ₹103 Cr | Sep 2022 ₹107 Cr | Dec 2022 ₹105 Cr | Mar 2023 ₹92 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹13 Cr | Jun 2026 —

### 20-quarter Net debt history
- DOW: Sep 2021 ₹13.5K Cr | Dec 2021 ₹13.1K Cr | Mar 2022 ₹12.8K Cr | Jun 2022 ₹12.7K Cr | Sep 2022 ₹12.5K Cr | Dec 2022 ₹12.8K Cr | Mar 2023 ₹13.3K Cr | Jun 2023 ₹13.4K Cr | Sep 2023 ₹13.2K Cr | Dec 2023 ₹13.5K Cr | Mar 2024 ₹14.0K Cr | Jun 2024 ₹14.4K Cr | Sep 2024 ₹15.0K Cr | Dec 2024 ₹15.5K Cr | Mar 2025 ₹16.5K Cr | Jun 2025 ₹15.7K Cr | Sep 2025 ₹15.0K Cr | Dec 2025 ₹15.8K Cr | Mar 2026 ₹15.5K Cr | Jun 2026 ₹15.5K Cr
- CE: Sep 2021 ₹2.7K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹13.5K Cr | Mar 2023 ₹14.0K Cr | Jun 2023 ₹13.4K Cr | Sep 2023 ₹12.7K Cr | Dec 2023 ₹12.2K Cr | Mar 2024 ₹12.3K Cr | Jun 2024 ₹12.1K Cr | Sep 2024 ₹12.4K Cr | Dec 2024 ₹11.9K Cr | Mar 2025 ₹12.1K Cr | Jun 2025 ₹12.1K Cr | Sep 2025 ₹11.7K Cr | Dec 2025 ₹11.6K Cr | Mar 2026 ₹11.1K Cr | Jun 2026 —
- MEOH: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- OLN: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- HUN: Sep 2021 ₹1.5K Cr | Dec 2021 ₹904 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- REX: Sep 2021 ₹-175 Cr | Dec 2021 ₹-207 Cr | Mar 2022 ₹-245 Cr | Jun 2022 ₹-221 Cr | Sep 2022 ₹-232 Cr | Dec 2022 ₹-275 Cr | Mar 2023 ₹-266 Cr | Jun 2023 ₹-252 Cr | Sep 2023 ₹-271 Cr | Dec 2023 ₹-318 Cr | Mar 2024 ₹-366 Cr | Jun 2024 ₹-341 Cr | Sep 2024 ₹-333 Cr | Dec 2024 ₹-342 Cr | Mar 2025 ₹-338 Cr | Jun 2025 ₹-290 Cr | Sep 2025 ₹-285 Cr | Dec 2025 ₹-313 Cr | Mar 2026 ₹-355 Cr | Jun 2026 ₹-344 Cr
- GPRE: Sep 2021 ₹60 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹342 Cr | Jun 2022 ₹368 Cr | Sep 2022 ₹258 Cr | Dec 2022 ₹211 Cr | Mar 2023 ₹389 Cr | Jun 2023 ₹471 Cr | Sep 2023 ₹370 Cr | Dec 2023 ₹298 Cr | Mar 2024 ₹423 Cr | Jun 2024 ₹461 Cr | Sep 2024 ₹377 Cr | Dec 2024 ₹440 Cr | Mar 2025 ₹513 Cr | Jun 2025 ₹457 Cr | Sep 2025 ₹223 Cr | Dec 2025 ₹235 Cr | Mar 2026 ₹376 Cr | Jun 2026 —
- TROX: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 —
- LXU: Sep 2021 ₹459 Cr | Dec 2021 ₹478 Cr | Mar 2022 ₹400 Cr | Jun 2022 ₹289 Cr | Sep 2022 ₹347 Cr | Dec 2022 ₹349 Cr | Mar 2023 ₹308 Cr | Jun 2023 ₹291 Cr | Sep 2023 ₹280 Cr | Dec 2023 ₹305 Cr | Mar 2024 ₹312 Cr | Jun 2024 ₹292 Cr | Sep 2024 ₹307 Cr | Dec 2024 ₹335 Cr | Mar 2025 ₹356 Cr | Jun 2025 ₹358 Cr | Sep 2025 ₹334 Cr | Dec 2025 ₹341 Cr | Mar 2026 ₹302 Cr | Jun 2026 —
- WLKP: Sep 2021 ₹381 Cr | Dec 2021 ₹383 Cr | Mar 2022 ₹381 Cr | Jun 2022 ₹382 Cr | Sep 2022 ₹381 Cr | Dec 2022 ₹335 Cr | Mar 2023 ₹295 Cr | Jun 2023 ₹341 Cr | Sep 2023 ₹334 Cr | Dec 2023 ₹341 Cr | Mar 2024 ₹344 Cr | Jun 2024 ₹334 Cr | Sep 2024 ₹340 Cr | Dec 2024 ₹342 Cr | Mar 2025 ₹350 Cr | Jun 2025 ₹363 Cr | Sep 2025 ₹362 Cr | Dec 2025 ₹356 Cr | Mar 2026 ₹356 Cr | Jun 2026 —
- RYAM: Sep 2021 ₹634 Cr | Dec 2021 ₹637 Cr | Mar 2022 ₹698 Cr | Jun 2022 ₹757 Cr | Sep 2022 ₹741 Cr | Dec 2022 ₹701 Cr | Mar 2023 — | Jun 2023 ₹677 Cr | Sep 2023 ₹677 Cr | Dec 2023 ₹701 Cr | Mar 2024 ₹724 Cr | Jun 2024 ₹664 Cr | Sep 2024 ₹637 Cr | Dec 2024 ₹605 Cr | Mar 2025 ₹606 Cr | Jun 2025 ₹675 Cr | Sep 2025 ₹717 Cr | Dec 2025 ₹704 Cr | Mar 2026 ₹695 Cr | Jun 2026 —
- ASIX: Sep 2021 ₹271 Cr | Dec 2021 ₹257 Cr | Mar 2022 ₹334 Cr | Jun 2022 ₹260 Cr | Sep 2022 ₹235 Cr | Dec 2022 ₹199 Cr | Mar 2023 ₹239 Cr | Jun 2023 ₹239 Cr | Sep 2023 ₹251 Cr | Dec 2023 ₹236 Cr | Mar 2024 ₹311 Cr | Jun 2024 ₹310 Cr | Sep 2024 ₹289 Cr | Dec 2024 ₹329 Cr | Mar 2025 ₹353 Cr | Jun 2025 ₹360 Cr | Sep 2025 ₹383 Cr | Dec 2025 ₹361 Cr | Mar 2026 ₹408 Cr | Jun 2026 —
- VHI: Sep 2021 ₹139 Cr | Dec 2021 ₹-48 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹-49 Cr | Sep 2022 ₹-42 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹163 Cr | Jun 2023 ₹154 Cr | Sep 2023 ₹107 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹139 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹294 Cr | Dec 2024 ₹213 Cr | Mar 2025 ₹412 Cr | Jun 2025 ₹443 Cr | Sep 2025 ₹475 Cr | Dec 2025 ₹375 Cr | Mar 2026 ₹429 Cr | Jun 2026 —
- ACNT: Sep 2021 ₹81 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹105 Cr | Jun 2022 ₹103 Cr | Sep 2022 ₹106 Cr | Dec 2022 ₹104 Cr | Mar 2023 ₹92 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹-38 Cr | Jun 2025 ₹-38 Cr | Sep 2025 ₹-37 Cr | Dec 2025 ₹-44 Cr | Mar 2026 ₹-35 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Westlake Chemical Partners LP leads ROCE at 7.2%, 3.8 percentage points above Green Plains Inc.. ASP Isotopes Inc. has the strongest latest improvement at +9.4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Westlake Chemical Partners LP sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Westlake Chemical Partners LP · 7.2% | 111.8% versus #2 · Green Plains Inc. | 4/8 recent comparable periods | 15/15 companies · 283 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Westlake Chemical Partners LP (WLKP): 7.2%
2. Green Plains Inc. (GPRE): 3.4%
3. REX American Resources Corporation (REX): 2.8%
4. LSB Industries, Inc. (LXU): 2.2%
5. Dow Inc. (DOW): 1.8%

### ROCE change — fastest improvers
1. ASP Isotopes Inc. (ASPI): +9.4 pp
2. Green Plains Inc. (GPRE): +7.8 pp
3. Westlake Chemical Partners LP (WLKP): +3.4 pp
4. Dow Inc. (DOW): +3.1 pp
5. LSB Industries, Inc. (LXU): +1.8 pp

### 20-quarter ROCE history
- DOW: Sep 2021 5.1% | Dec 2021 3.7% | Mar 2022 3.8% | Jun 2022 4.1% | Sep 2022 2.3% | Dec 2022 1.2% | Mar 2023 -0.1% | Jun 2023 1.7% | Sep 2023 1.0% | Dec 2023 0.6% | Mar 2024 1.0% | Jun 2024 1.4% | Sep 2024 0.8% | Dec 2024 0.6% | Mar 2025 -0.4% | Jun 2025 -1.3% | Sep 2025 0.3% | Dec 2025 -2.2% | Mar 2026 -0.1% | Jun 2026 1.8%
- CE: Sep 2021 6.3% | Dec 2021 5.6% | Mar 2022 5.7% | Jun 2022 5.0% | Sep 2022 2.2% | Dec 2022 0.4% | Mar 2023 1.6% | Jun 2023 2.1% | Sep 2023 4.2% | Dec 2023 1.1% | Mar 2024 1.0% | Jun 2024 1.1% | Sep 2024 1.1% | Dec 2024 -6.8% | Mar 2025 0.8% | Jun 2025 1.1% | Sep 2025 -6.3% | Dec 2025 0.5% | Mar 2026 1.1% | Jun 2026 —
- MEOH: Sep 2021 2.6% | Dec 2021 4.9% | Mar 2022 3.7% | Jun 2022 3.6% | Sep 2022 3.1% | Dec 2022 1.1% | Mar 2023 1.8% | Jun 2023 2.1% | Sep 2023 -0.1% | Dec 2023 0.9% | Mar 2024 1.6% | Jun 2024 1.4% | Sep 2024 0.9% | Dec 2024 2.8% | Mar 2025 3.9% | Jun 2025 2.2% | Sep 2025 1.3% | Dec 2025 0.0% | Mar 2026 1.3% | Jun 2026 —
- OLN: Sep 2021 7.7% | Dec 2021 7.6% | Mar 2022 7.7% | Jun 2022 8.0% | Sep 2022 5.8% | Dec 2022 4.1% | Mar 2023 3.4% | Jun 2023 3.2% | Sep 2023 2.6% | Dec 2023 1.6% | Mar 2024 1.5% | Jun 2024 2.1% | Sep 2024 0.2% | Dec 2024 0.8% | Mar 2025 0.7% | Jun 2025 0.6% | Sep 2025 1.4% | Dec 2025 -2.7% | Mar 2026 -1.3% | Jun 2026 —
- HUN: Sep 2021 3.5% | Dec 2021 2.9% | Mar 2022 4.0% | Jun 2022 4.0% | Sep 2022 2.0% | Dec 2022 -0.4% | Mar 2023 0.9% | Jun 2023 0.7% | Sep 2023 0.4% | Dec 2023 -0.9% | Mar 2024 -0.6% | Jun 2024 0.6% | Sep 2024 0.7% | Dec 2024 -1.1% | Mar 2025 0.7% | Jun 2025 -2.1% | Sep 2025 0.1% | Dec 2025 -1.1% | Mar 2026 -0.3% | Jun 2026 —
- REX: Sep 2021 — | Dec 2021 4.1% | Mar 2022 6.9% | Jun 2022 1.4% | Sep 2022 1.5% | Dec 2022 0.7% | Mar 2023 1.6% | Jun 2023 0.8% | Sep 2023 1.8% | Dec 2023 5.8% | Mar 2024 4.1% | Jun 2024 1.5% | Sep 2024 2.3% | Dec 2024 5.0% | Mar 2025 1.8% | Jun 2025 1.3% | Sep 2025 1.3% | Dec 2025 4.1% | Mar 2026 2.4% | Jun 2026 2.8%
- GPRE: Sep 2021 -3.2% | Dec 2021 0.6% | Mar 2022 -3.0% | Jun 2022 2.1% | Sep 2022 -3.7% | Dec 2022 -2.5% | Mar 2023 -3.5% | Jun 2023 -2.7% | Sep 2023 1.3% | Dec 2023 1.0% | Mar 2024 -3.0% | Jun 2024 -1.2% | Sep 2024 3.7% | Dec 2024 -2.8% | Mar 2025 -4.4% | Jun 2025 -2.1% | Sep 2025 2.5% | Dec 2025 -0.8% | Mar 2026 3.4% | Jun 2026 —
- TROX: Sep 2021 3.1% | Dec 2021 2.5% | Mar 2022 1.3% | Jun 2022 3.5% | Sep 2022 3.1% | Dec 2022 0.7% | Mar 2023 1.2% | Jun 2023 1.6% | Sep 2023 0.6% | Dec 2023 0.1% | Mar 2024 0.8% | Jun 2024 1.5% | Sep 2024 1.0% | Dec 2024 0.9% | Mar 2025 -1.2% | Jun 2025 -0.7% | Sep 2025 -0.8% | Dec 2025 -2.2% | Mar 2026 -0.8% | Jun 2026 —
- LXU: Sep 2021 0.6% | Dec 2021 7.0% | Mar 2022 7.2% | Jun 2022 11% | Sep 2022 1.2% | Dec 2022 7.1% | Mar 2023 2.3% | Jun 2023 2.1% | Sep 2023 -0.8% | Dec 2023 0.3% | Mar 2024 0.9% | Jun 2024 1.3% | Sep 2024 -2.2% | Dec 2024 -0.3% | Mar 2025 0.4% | Jun 2025 1.0% | Sep 2025 1.5% | Dec 2025 2.8% | Mar 2026 2.2% | Jun 2026 —
- WLKP: Sep 2021 5.1% | Dec 2021 11% | Mar 2022 7.2% | Jun 2022 6.4% | Sep 2022 6.2% | Dec 2022 7.1% | Mar 2023 8.6% | Jun 2023 6.1% | Sep 2023 6.6% | Dec 2023 7.2% | Mar 2024 7.5% | Jun 2024 7.5% | Sep 2024 8.7% | Dec 2024 7.4% | Mar 2025 3.8% | Jun 2025 7.4% | Sep 2025 7.5% | Dec 2025 7.4% | Mar 2026 7.2% | Jun 2026 —
- RYAM: Sep 2021 0.1% | Dec 2021 -0.7% | Mar 2022 -0.7% | Jun 2022 -0.1% | Sep 2022 1.4% | Dec 2022 0.8% | Mar 2023 — | Jun 2023 0.8% | Sep 2023 -0.3% | Dec 2023 -3.2% | Mar 2024 0.9% | Jun 2024 1.5% | Sep 2024 -0.9% | Dec 2024 0.6% | Mar 2025 -0.9% | Jun 2025 -0.1% | Sep 2025 0.6% | Dec 2025 0.7% | Mar 2026 -4.4% | Jun 2026 —
- ASPI: Sep 2021 — | Dec 2021 — | Mar 2022 -23% | Jun 2022 -29% | Sep 2022 -453% | Dec 2022 -61% | Mar 2023 -84% | Jun 2023 -135% | Sep 2023 -290% | Dec 2023 -72% | Mar 2024 -40% | Jun 2024 -46% | Sep 2024 -20% | Dec 2024 -21% | Mar 2025 -20% | Jun 2025 -19% | Sep 2025 -14% | Dec 2025 -11% | Mar 2026 -10% | Jun 2026 —
- ASIX: Sep 2021 6.0% | Dec 2021 3.4% | Mar 2022 7.7% | Jun 2022 8.2% | Sep 2022 1.2% | Dec 2022 4.4% | Mar 2023 4.0% | Jun 2023 3.8% | Sep 2023 -1.2% | Dec 2023 -0.6% | Mar 2024 -1.8% | Jun 2024 4.8% | Sep 2024 2.8% | Dec 2024 -0.9% | Mar 2025 2.4% | Jun 2025 2.6% | Sep 2025 -0.2% | Dec 2025 -0.1% | Mar 2026 -1.4% | Jun 2026 —
- VHI: Sep 2021 2.6% | Dec 2021 4.3% | Mar 2022 3.5% | Jun 2022 1.9% | Sep 2022 1.3% | Dec 2022 -0.7% | Mar 2023 -0.6% | Jun 2023 -0.4% | Sep 2023 -0.4% | Dec 2023 -0.5% | Mar 2024 0.8% | Jun 2024 2.1% | Sep 2024 -0.9% | Dec 2024 2.8% | Mar 2025 2.0% | Jun 2025 -0.1% | Sep 2025 -1.0% | Dec 2025 -3.4% | Mar 2026 1.1% | Jun 2026 —
- ACNT: Sep 2021 5.9% | Dec 2021 5.4% | Mar 2022 6.5% | Jun 2022 5.8% | Sep 2022 2.3% | Dec 2022 -0.4% | Mar 2023 -2.9% | Jun 2023 -3.2% | Sep 2023 -8.0% | Dec 2023 -4.8% | Mar 2024 -2.5% | Jun 2024 -1.1% | Sep 2024 -1.5% | Dec 2024 0.0% | Mar 2025 -1.7% | Jun 2025 -2.2% | Sep 2025 -0.7% | Dec 2025 -1.5% | Mar 2026 -2.3% | Jun 2026 —

### 20-quarter ROCE change history
- DOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.8 pp | Dec 2022 −2.5 pp | Mar 2023 −3.9 pp | Jun 2023 −2.4 pp | Sep 2023 −1.3 pp | Dec 2023 −0.6 pp | Mar 2024 +1.1 pp | Jun 2024 −0.3 pp | Sep 2024 −0.2 pp | Dec 2024 0.0 pp | Mar 2025 −1.4 pp | Jun 2025 −2.7 pp | Sep 2025 −0.5 pp | Dec 2025 −2.8 pp | Mar 2026 +0.3 pp | Jun 2026 +3.1 pp
- CE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.1 pp | Dec 2022 −5.2 pp | Mar 2023 −4.1 pp | Jun 2023 −2.9 pp | Sep 2023 +2.0 pp | Dec 2023 +0.7 pp | Mar 2024 −0.6 pp | Jun 2024 −1.0 pp | Sep 2024 −3.1 pp | Dec 2024 −7.9 pp | Mar 2025 −0.2 pp | Jun 2025 0.0 pp | Sep 2025 −7.4 pp | Dec 2025 +7.3 pp | Mar 2026 +0.3 pp | Jun 2026 —
- MEOH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 −3.8 pp | Mar 2023 −1.9 pp | Jun 2023 −1.5 pp | Sep 2023 −3.2 pp | Dec 2023 −0.2 pp | Mar 2024 −0.2 pp | Jun 2024 −0.7 pp | Sep 2024 +1.0 pp | Dec 2024 +1.9 pp | Mar 2025 +2.3 pp | Jun 2025 +0.8 pp | Sep 2025 +0.4 pp | Dec 2025 −2.8 pp | Mar 2026 −2.6 pp | Jun 2026 —
- OLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −3.5 pp | Mar 2023 −4.3 pp | Jun 2023 −4.8 pp | Sep 2023 −3.2 pp | Dec 2023 −2.5 pp | Mar 2024 −1.9 pp | Jun 2024 −1.1 pp | Sep 2024 −2.4 pp | Dec 2024 −0.8 pp | Mar 2025 −0.8 pp | Jun 2025 −1.5 pp | Sep 2025 +1.2 pp | Dec 2025 −3.5 pp | Mar 2026 −2.0 pp | Jun 2026 —
- HUN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.5 pp | Dec 2022 −3.3 pp | Mar 2023 −3.1 pp | Jun 2023 −3.3 pp | Sep 2023 −1.6 pp | Dec 2023 −0.5 pp | Mar 2024 −1.5 pp | Jun 2024 −0.1 pp | Sep 2024 +0.3 pp | Dec 2024 −0.2 pp | Mar 2025 +1.3 pp | Jun 2025 −2.7 pp | Sep 2025 −0.6 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- REX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −3.4 pp | Mar 2023 −5.3 pp | Jun 2023 −0.6 pp | Sep 2023 +0.3 pp | Dec 2023 +5.1 pp | Mar 2024 +2.5 pp | Jun 2024 +0.7 pp | Sep 2024 +0.5 pp | Dec 2024 −0.8 pp | Mar 2025 −2.3 pp | Jun 2025 −0.2 pp | Sep 2025 −1.0 pp | Dec 2025 −0.9 pp | Mar 2026 +0.6 pp | Jun 2026 +1.5 pp
- GPRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −3.1 pp | Mar 2023 −0.5 pp | Jun 2023 −4.8 pp | Sep 2023 +5.0 pp | Dec 2023 +3.5 pp | Mar 2024 +0.5 pp | Jun 2024 +1.5 pp | Sep 2024 +2.4 pp | Dec 2024 −3.8 pp | Mar 2025 −1.4 pp | Jun 2025 −0.9 pp | Sep 2025 −1.2 pp | Dec 2025 +2.0 pp | Mar 2026 +7.8 pp | Jun 2026 —
- TROX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −1.8 pp | Mar 2023 −0.1 pp | Jun 2023 −1.9 pp | Sep 2023 −2.5 pp | Dec 2023 −0.6 pp | Mar 2024 −0.4 pp | Jun 2024 −0.1 pp | Sep 2024 +0.4 pp | Dec 2024 +0.8 pp | Mar 2025 −2.0 pp | Jun 2025 −2.2 pp | Sep 2025 −1.8 pp | Dec 2025 −3.1 pp | Mar 2026 +0.4 pp | Jun 2026 —
- LXU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 +0.1 pp | Mar 2023 −4.9 pp | Jun 2023 −9.2 pp | Sep 2023 −2.0 pp | Dec 2023 −6.8 pp | Mar 2024 −1.4 pp | Jun 2024 −0.8 pp | Sep 2024 −1.4 pp | Dec 2024 −0.6 pp | Mar 2025 −0.5 pp | Jun 2025 −0.3 pp | Sep 2025 +3.7 pp | Dec 2025 +3.1 pp | Mar 2026 +1.8 pp | Jun 2026 —
- WLKP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 −3.4 pp | Mar 2023 +1.4 pp | Jun 2023 −0.3 pp | Sep 2023 +0.4 pp | Dec 2023 +0.1 pp | Mar 2024 −1.1 pp | Jun 2024 +1.4 pp | Sep 2024 +2.1 pp | Dec 2024 +0.2 pp | Mar 2025 −3.7 pp | Jun 2025 −0.1 pp | Sep 2025 −1.2 pp | Dec 2025 0.0 pp | Mar 2026 +3.4 pp | Jun 2026 —
- RYAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +1.5 pp | Mar 2023 — | Jun 2023 +0.9 pp | Sep 2023 −1.7 pp | Dec 2023 −4.0 pp | Mar 2024 — | Jun 2024 +0.7 pp | Sep 2024 −0.6 pp | Dec 2024 +3.8 pp | Mar 2025 −1.8 pp | Jun 2025 −1.6 pp | Sep 2025 +1.5 pp | Dec 2025 +0.1 pp | Mar 2026 −3.5 pp | Jun 2026 —
- ASPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −61.3 pp | Jun 2023 −105.6 pp | Sep 2023 +162.3 pp | Dec 2023 −10.5 pp | Mar 2024 +44.4 pp | Jun 2024 +89.0 pp | Sep 2024 +270.4 pp | Dec 2024 +50.2 pp | Mar 2025 +20.0 pp | Jun 2025 +27.2 pp | Sep 2025 +6.1 pp | Dec 2025 +10.2 pp | Mar 2026 +9.4 pp | Jun 2026 —
- ASIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.8 pp | Dec 2022 +1.0 pp | Mar 2023 −3.7 pp | Jun 2023 −4.4 pp | Sep 2023 −2.4 pp | Dec 2023 −5.0 pp | Mar 2024 −5.8 pp | Jun 2024 +1.0 pp | Sep 2024 +4.0 pp | Dec 2024 −0.3 pp | Mar 2025 +4.2 pp | Jun 2025 −2.2 pp | Sep 2025 −3.0 pp | Dec 2025 +0.8 pp | Mar 2026 −3.8 pp | Jun 2026 —
- VHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 −5.0 pp | Mar 2023 −4.1 pp | Jun 2023 −2.3 pp | Sep 2023 −1.7 pp | Dec 2023 +0.2 pp | Mar 2024 +1.4 pp | Jun 2024 +2.5 pp | Sep 2024 −0.5 pp | Dec 2024 +3.3 pp | Mar 2025 +1.2 pp | Jun 2025 −2.2 pp | Sep 2025 −0.1 pp | Dec 2025 −6.2 pp | Mar 2026 −0.9 pp | Jun 2026 —
- ACNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.6 pp | Dec 2022 −5.8 pp | Mar 2023 −9.4 pp | Jun 2023 −9.0 pp | Sep 2023 −10.3 pp | Dec 2023 −4.4 pp | Mar 2024 +0.4 pp | Jun 2024 +2.1 pp | Sep 2024 +6.5 pp | Dec 2024 +4.8 pp | Mar 2025 +0.8 pp | Jun 2025 −1.1 pp | Sep 2025 +0.8 pp | Dec 2025 −1.5 pp | Mar 2026 −0.6 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: REX American Resources Corporation has the lowest comparable Guarded PEG at 0.26×, 27.8% below Methanex Corporation. Only 3 of 15 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: REX American Resources Corporation · 0.26× | 27.8% versus #2 · Methanex Corporation | 0/8 recent comparable periods | 3/15 companies · 9 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. REX American Resources Corporation (REX): 0.3
2. Methanex Corporation (MEOH): 0.4
3. Westlake Chemical Partners LP (WLKP): 1.3

### P/E — lowest P/E
1. Tronox Holdings plc (TROX): 4.5
2. Rayonier Advanced Materials Inc. (RYAM): 5.4
3. Westlake Chemical Partners LP (WLKP): 13.5
4. REX American Resources Corporation (REX): 17.3
5. LSB Industries, Inc. (LXU): 23.7

### 20-quarter Guarded PEG history
- MEOH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.5 | Jun 2025 0.2 | Sep 2025 0.4 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- REX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.3 | Jun 2026 —
- WLKP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.5 | Dec 2024 0.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.3 | Jun 2026 —

### 20-quarter P/E history
- DOW: Sep 2021 7.5 | Dec 2021 6.8 | Mar 2022 7.0 | Jun 2022 5.8 | Sep 2022 5.7 | Dec 2022 8.0 | Mar 2023 13.7 | Jun 2023 22.0 | Sep 2023 28.3 | Dec 2023 66.9 | Mar 2024 34.5 | Jun 2024 32.8 | Sep 2024 36.4 | Dec 2024 25.6 | Mar 2025 87.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CE: Sep 2021 6.1 | Dec 2021 10.0 | Mar 2022 7.6 | Jun 2022 6.5 | Sep 2022 5.9 | Dec 2022 5.9 | Mar 2023 12.5 | Jun 2023 16.9 | Sep 2023 16.5 | Dec 2023 8.8 | Mar 2024 23.9 | Jun 2024 21.0 | Sep 2024 27.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MEOH: Sep 2021 14.9 | Dec 2021 6.5 | Mar 2022 8.6 | Jun 2022 5.9 | Sep 2022 5.0 | Dec 2022 7.8 | Mar 2023 12.4 | Jun 2023 13.5 | Sep 2023 17.7 | Dec 2023 18.4 | Mar 2024 18.9 | Jun 2024 22.4 | Sep 2024 19.3 | Dec 2024 20.9 | Mar 2025 11.8 | Jun 2025 9.8 | Sep 2025 13.5 | Dec 2025 42.7 | Mar 2026 — | Jun 2026 —
- OLN: Sep 2021 8.3 | Dec 2021 7.2 | Mar 2022 5.9 | Jun 2022 4.9 | Sep 2022 4.6 | Dec 2022 5.9 | Mar 2023 7.4 | Jun 2023 8.7 | Sep 2023 11.0 | Dec 2023 15.1 | Mar 2024 21.2 | Jun 2024 20.8 | Sep 2024 38.7 | Dec 2024 37.1 | Mar 2025 47.5 | Jun 2025 — | Sep 2025 54.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HUN: Sep 2021 8.3 | Dec 2021 7.8 | Mar 2022 7.1 | Jun 2022 5.0 | Sep 2022 4.7 | Dec 2022 12.4 | Mar 2023 14.0 | Jun 2023 27.9 | Sep 2023 — | Dec 2023 44.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- REX: Sep 2021 — | Dec 2021 15.3 | Mar 2022 11.0 | Jun 2022 10.1 | Sep 2022 10.7 | Dec 2022 13.0 | Mar 2023 20.8 | Jun 2023 17.9 | Sep 2023 25.2 | Dec 2023 13.7 | Mar 2024 12.0 | Jun 2024 14.8 | Sep 2024 12.9 | Dec 2024 11.7 | Mar 2025 12.6 | Jun 2025 12.3 | Sep 2025 17.7 | Dec 2025 21.4 | Mar 2026 13.4 | Jun 2026 17.3
- TROX: Sep 2021 15.5 | Dec 2021 13.3 | Mar 2022 11.1 | Jun 2022 4.6 | Sep 2022 3.3 | Dec 2022 4.3 | Mar 2023 4.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LXU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6.2 | Dec 2022 5.0 | Mar 2023 4.7 | Jun 2023 7.0 | Sep 2023 8.1 | Dec 2023 25.2 | Mar 2024 36.6 | Jun 2024 204.5 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 25.0 | Mar 2026 23.7 | Jun 2026 —
- WLKP: Sep 2021 13.7 | Dec 2021 11.5 | Mar 2022 11.5 | Jun 2022 11.8 | Sep 2022 9.9 | Dec 2022 12.9 | Mar 2023 12.4 | Jun 2023 13.2 | Sep 2023 13.6 | Dec 2023 14.1 | Mar 2024 14.5 | Jun 2024 14.1 | Sep 2024 12.9 | Dec 2024 13.1 | Mar 2025 15.5 | Jun 2025 14.8 | Sep 2025 15.0 | Dec 2025 13.8 | Mar 2026 13.5 | Jun 2026 —
- RYAM: Sep 2021 — | Dec 2021 5.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ASIX: Sep 2021 8.0 | Dec 2021 9.8 | Mar 2022 8.5 | Jun 2022 5.0 | Sep 2022 5.8 | Dec 2022 6.4 | Mar 2023 7.7 | Jun 2023 9.0 | Sep 2023 9.5 | Dec 2023 15.4 | Mar 2024 953.3 | Jun 2024 76.4 | Sep 2024 21.6 | Dec 2024 17.6 | Mar 2025 7.3 | Jun 2025 8.4 | Sep 2025 10.1 | Dec 2025 9.6 | Mar 2026 66.0 | Jun 2026 —
- VHI: Sep 2021 6.7 | Dec 2021 6.5 | Mar 2022 5.3 | Jun 2022 7.9 | Sep 2022 4.7 | Dec 2022 7.2 | Mar 2023 12.4 | Jun 2023 41.5 | Sep 2023 — | Dec 2023 — | Mar 2024 143.2 | Jun 2024 19.2 | Sep 2024 10.6 | Dec 2024 6.2 | Mar 2025 4.0 | Jun 2025 4.7 | Sep 2025 24.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ACNT: Sep 2021 29.7 | Dec 2021 7.7 | Mar 2022 5.3 | Jun 2022 3.7 | Sep 2022 4.8 | Dec 2022 5.1 | Mar 2023 8.8 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 128.8 | Dec 2025 179.9 | Mar 2026 121.0 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Westlake Chemical Partners LP leads ev/ebitda at 3.38×; Valhi, Inc. leads p/bv at 0.39×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Westlake Chemical Partners LP · 3.38× | 59.4% versus #2 · LSB Industries, Inc. | 0/8 recent comparable periods | 14/15 companies · 248 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Westlake Chemical Partners LP (WLKP): 3.4
2. LSB Industries, Inc. (LXU): 8.3
3. Methanex Corporation (MEOH): 10.5
4. AdvanSix Inc. (ASIX): 11.5
5. Rayonier Advanced Materials Inc. (RYAM): 11.5

### P/BV — lowest P/BV
1. Valhi, Inc. (VHI): 0.4
2. AdvanSix Inc. (ASIX): 0.8
3. Huntsman Corporation (HUN): 0.9
4. Tronox Holdings plc (TROX): 1.2
5. Dow Inc. (DOW): 1.3

### 20-quarter EV/EBITDA history
- DOW: Sep 2021 5.8 | Dec 2021 5.2 | Mar 2022 5.2 | Jun 2022 4.5 | Sep 2022 4.6 | Dec 2022 5.9 | Mar 2023 8.3 | Jun 2023 10.1 | Sep 2023 11.2 | Dec 2023 12.5 | Mar 2024 11.5 | Jun 2024 11.2 | Sep 2024 11.6 | Dec 2024 9.4 | Mar 2025 10.4 | Jun 2025 12.9 | Sep 2025 13.2 | Dec 2025 30.0 | Mar 2026 36.5 | Jun 2026 13.5
- CE: Sep 2021 9.7 | Dec 2021 9.5 | Mar 2022 7.6 | Jun 2022 6.6 | Sep 2022 5.8 | Dec 2022 13.5 | Mar 2023 16.0 | Jun 2023 16.9 | Sep 2023 12.3 | Dec 2023 12.3 | Mar 2024 13.1 | Jun 2024 11.7 | Sep 2024 15.8 | Dec 2024 193.3 | Mar 2025 1,042.1 | Jun 2025 3,091.6 | Sep 2025 — | Dec 2025 — | Mar 2026 275.1 | Jun 2026 —
- MEOH: Sep 2021 6.8 | Dec 2021 4.8 | Mar 2022 5.6 | Jun 2022 4.6 | Sep 2022 3.9 | Dec 2022 5.2 | Mar 2023 6.4 | Jun 2023 6.6 | Sep 2023 8.9 | Dec 2023 9.1 | Mar 2024 9.2 | Jun 2024 10.2 | Sep 2024 8.5 | Dec 2024 8.0 | Mar 2025 5.4 | Jun 2025 6.4 | Sep 2025 6.6 | Dec 2025 7.3 | Mar 2026 10.6 | Jun 2026 —
- OLN: Sep 2021 5.5 | Dec 2021 4.9 | Mar 2022 4.2 | Jun 2022 3.4 | Sep 2022 3.3 | Dec 2022 4.1 | Mar 2023 5.0 | Jun 2023 5.6 | Sep 2023 6.3 | Dec 2023 7.5 | Mar 2024 9.1 | Jun 2024 8.5 | Sep 2024 9.9 | Dec 2024 8.5 | Mar 2025 7.8 | Jun 2025 8.1 | Sep 2025 8.2 | Dec 2025 10.2 | Mar 2026 16.7 | Jun 2026 —
- HUN: Sep 2021 6.5 | Dec 2021 8.5 | Mar 2022 7.6 | Jun 2022 5.7 | Sep 2022 5.3 | Dec 2022 7.1 | Mar 2023 8.8 | Jun 2023 12.8 | Sep 2023 15.1 | Dec 2023 16.8 | Mar 2024 25.3 | Jun 2024 24.4 | Sep 2024 23.7 | Dec 2024 19.7 | Mar 2025 14.4 | Jun 2025 21.8 | Sep 2025 24.1 | Dec 2025 25.0 | Mar 2026 45.6 | Jun 2026 —
- REX: Sep 2021 — | Dec 2021 5.8 | Mar 2022 4.1 | Jun 2022 3.8 | Sep 2022 4.4 | Dec 2022 4.2 | Mar 2023 7.5 | Jun 2023 6.6 | Sep 2023 9.1 | Dec 2023 5.5 | Mar 2024 4.7 | Jun 2024 7.4 | Sep 2024 6.4 | Dec 2024 5.3 | Mar 2025 5.4 | Jun 2025 5.5 | Sep 2025 8.4 | Dec 2025 10.9 | Mar 2026 10.0 | Jun 2026 14.0
- GPRE: Sep 2021 26.6 | Dec 2021 18.0 | Mar 2022 49.4 | Jun 2022 44.4 | Sep 2022 104.9 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 53.1 | Mar 2024 276.6 | Jun 2024 52.3 | Sep 2024 31.2 | Dec 2024 24.6 | Mar 2025 — | Jun 2025 142.4 | Sep 2025 — | Dec 2025 29.7 | Mar 2026 12.5 | Jun 2026 —
- TROX: Sep 2021 7.4 | Dec 2021 7.1 | Mar 2022 6.9 | Jun 2022 6.1 | Sep 2022 5.4 | Dec 2022 6.4 | Mar 2023 6.9 | Jun 2023 7.6 | Sep 2023 10.0 | Dec 2023 10.7 | Mar 2024 12.6 | Jun 2024 12.0 | Sep 2024 11.1 | Dec 2024 8.9 | Mar 2025 10.3 | Jun 2025 13.3 | Sep 2025 19.7 | Dec 2025 80.3 | Mar 2026 68.2 | Jun 2026 —
- LXU: Sep 2021 12.7 | Dec 2021 8.6 | Mar 2022 9.4 | Jun 2022 4.3 | Sep 2022 4.2 | Dec 2022 3.6 | Mar 2023 3.3 | Jun 2023 4.6 | Sep 2023 5.3 | Dec 2023 100.6 | Mar 2024 9.7 | Jun 2024 9.9 | Sep 2024 11.4 | Dec 2024 — | Mar 2025 11.9 | Jun 2025 13.3 | Sep 2025 8.1 | Dec 2025 229.7 | Mar 2026 8.3 | Jun 2026 —
- WLKP: Sep 2021 4.1 | Dec 2021 3.9 | Mar 2022 3.8 | Jun 2022 3.9 | Sep 2022 3.5 | Dec 2022 3.8 | Mar 2023 3.5 | Jun 2023 3.6 | Sep 2023 3.6 | Dec 2023 3.6 | Mar 2024 3.6 | Jun 2024 3.5 | Sep 2024 3.4 | Dec 2024 3.4 | Mar 2025 3.8 | Jun 2025 3.8 | Sep 2025 3.7 | Dec 2025 3.5 | Mar 2026 3.4 | Jun 2026 —
- RYAM: Sep 2021 8.8 | Dec 2021 7.8 | Mar 2022 10.6 | Jun 2022 8.9 | Sep 2022 7.6 | Dec 2022 8.2 | Mar 2023 — | Jun 2023 5.4 | Sep 2023 4.9 | Dec 2023 12.9 | Mar 2024 14.2 | Jun 2024 9.4 | Sep 2024 11.4 | Dec 2024 6.6 | Mar 2025 6.9 | Jun 2025 8.5 | Sep 2025 8.8 | Dec 2025 8.0 | Mar 2026 11.5 | Jun 2026 —
- ASIX: Sep 2021 5.5 | Dec 2021 6.2 | Mar 2022 5.9 | Jun 2022 3.7 | Sep 2022 4.0 | Dec 2022 4.2 | Mar 2023 5.0 | Jun 2023 5.5 | Sep 2023 5.6 | Dec 2023 7.3 | Mar 2024 13.9 | Jun 2024 10.0 | Sep 2024 7.9 | Dec 2024 8.1 | Mar 2025 5.2 | Jun 2025 6.1 | Sep 2025 7.0 | Dec 2025 5.9 | Mar 2026 11.5 | Jun 2026 —
- VHI: Sep 2021 4.6 | Dec 2021 3.5 | Mar 2022 3.2 | Jun 2022 4.2 | Sep 2022 3.0 | Dec 2022 5.1 | Mar 2023 9.4 | Jun 2023 18.9 | Sep 2023 583.3 | Dec 2023 112.3 | Mar 2024 22.9 | Jun 2024 9.0 | Sep 2024 9.9 | Dec 2024 7.2 | Mar 2025 4.7 | Jun 2025 8.5 | Sep 2025 8.5 | Dec 2025 86.8 | Mar 2026 — | Jun 2026 —
- ACNT: Sep 2021 9.2 | Dec 2021 7.2 | Mar 2022 5.5 | Jun 2022 4.3 | Sep 2022 4.8 | Dec 2022 3.7 | Mar 2023 7.4 | Jun 2023 14.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 105.0 | Jun 2025 — | Sep 2025 161.8 | Dec 2025 — | Mar 2026 371.3 | Jun 2026 —

### 20-quarter P/BV history
- DOW: Sep 2021 2.6 | Dec 2021 2.3 | Mar 2022 2.5 | Jun 2022 2.0 | Sep 2022 1.7 | Dec 2022 1.7 | Mar 2023 1.9 | Jun 2023 1.9 | Sep 2023 1.9 | Dec 2023 2.1 | Mar 2024 2.2 | Jun 2024 2.0 | Sep 2024 2.1 | Dec 2024 1.6 | Mar 2025 1.5 | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 1.1 | Mar 2026 2.0 | Jun 2026 1.3
- CE: Sep 2021 4.2 | Dec 2021 4.3 | Mar 2022 3.4 | Jun 2022 2.6 | Sep 2022 2.0 | Dec 2022 2.0 | Mar 2023 2.1 | Jun 2023 2.2 | Sep 2023 2.1 | Dec 2023 2.4 | Mar 2024 2.7 | Jun 2024 2.1 | Sep 2024 2.0 | Dec 2024 1.5 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.1 | Mar 2026 1.8 | Jun 2026 —
- MEOH: Sep 2021 2.2 | Dec 2021 1.8 | Mar 2022 2.0 | Jun 2022 1.3 | Sep 2022 1.0 | Dec 2022 1.2 | Mar 2023 1.6 | Jun 2023 1.4 | Sep 2023 1.5 | Dec 2023 1.7 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 1.4 | Dec 2024 1.6 | Mar 2025 1.1 | Jun 2025 1.0 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.9 | Jun 2026 —
- OLN: Sep 2021 3.2 | Dec 2021 3.4 | Mar 2022 2.9 | Jun 2022 2.5 | Sep 2022 2.3 | Dec 2022 2.8 | Mar 2023 2.9 | Jun 2023 2.7 | Sep 2023 2.6 | Dec 2023 2.9 | Mar 2024 3.2 | Jun 2024 2.6 | Sep 2024 2.7 | Dec 2024 1.9 | Mar 2025 1.4 | Jun 2025 1.2 | Sep 2025 1.5 | Dec 2025 1.3 | Mar 2026 2.0 | Jun 2026 —
- HUN: Sep 2021 1.7 | Dec 2021 1.7 | Mar 2022 1.8 | Jun 2022 1.4 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.4 | Jun 2024 1.3 | Sep 2024 1.3 | Dec 2024 1.1 | Mar 2025 0.9 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.9 | Jun 2026 —
- REX: Sep 2021 — | Dec 2021 1.3 | Mar 2022 1.3 | Jun 2022 1.2 | Sep 2022 1.3 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 1.1 | Sep 2023 1.4 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.9 | Sep 2024 1.7 | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 1.6 | Dec 2025 1.9 | Mar 2026 1.8 | Jun 2026 2.6
- GPRE: Sep 2021 1.8 | Dec 2021 2.0 | Mar 2022 1.9 | Jun 2022 1.6 | Sep 2022 1.8 | Dec 2022 2.0 | Mar 2023 2.2 | Jun 2023 2.5 | Sep 2023 2.2 | Dec 2023 1.8 | Mar 2024 1.7 | Jun 2024 1.2 | Sep 2024 1.0 | Dec 2024 0.7 | Mar 2025 0.4 | Jun 2025 0.5 | Sep 2025 0.8 | Dec 2025 0.9 | Mar 2026 1.5 | Jun 2026 —
- TROX: Sep 2021 1.9 | Dec 2021 1.9 | Mar 2022 1.5 | Jun 2022 1.1 | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 1.0 | Jun 2023 1.0 | Sep 2023 1.1 | Dec 2023 1.2 | Mar 2024 1.5 | Jun 2024 1.3 | Sep 2024 1.2 | Dec 2024 0.9 | Mar 2025 0.7 | Jun 2025 0.5 | Sep 2025 0.4 | Dec 2025 0.5 | Mar 2026 1.2 | Jun 2026 —
- LXU: Sep 2021 1.7 | Dec 2021 2.2 | Mar 2022 3.8 | Jun 2022 2.0 | Sep 2022 2.2 | Dec 2022 1.4 | Mar 2023 1.5 | Jun 2023 1.4 | Sep 2023 1.4 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 1.2 | Dec 2024 1.1 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 2.0 | Jun 2026 —
- WLKP: Sep 2021 3.1 | Dec 2021 3.2 | Mar 2022 3.3 | Jun 2022 3.0 | Sep 2022 2.6 | Dec 2022 2.8 | Mar 2023 2.7 | Jun 2023 2.7 | Sep 2023 2.7 | Dec 2023 2.7 | Mar 2024 2.8 | Jun 2024 2.9 | Sep 2024 2.8 | Dec 2024 3.0 | Mar 2025 3.1 | Jun 2025 3.0 | Sep 2025 2.8 | Dec 2025 2.6 | Mar 2026 3.0 | Jun 2026 —
- RYAM: Sep 2021 0.6 | Dec 2021 0.5 | Mar 2022 0.6 | Jun 2022 0.2 | Sep 2022 0.3 | Dec 2022 0.7 | Mar 2023 — | Jun 2023 0.5 | Sep 2023 0.3 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 0.8 | Dec 2024 0.8 | Mar 2025 0.5 | Jun 2025 0.8 | Sep 2025 1.4 | Dec 2025 1.3 | Mar 2026 3.2 | Jun 2026 —
- ASIX: Sep 2021 2.0 | Dec 2021 2.2 | Mar 2022 2.2 | Jun 2022 1.3 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.2 | Sep 2023 1.1 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 0.8 | Sep 2024 1.1 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.8 | Jun 2026 —
- VHI: Sep 2021 0.9 | Dec 2021 1.0 | Mar 2022 0.9 | Jun 2022 1.5 | Sep 2022 0.8 | Dec 2022 0.7 | Mar 2023 0.5 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.5 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 0.9 | Dec 2024 0.6 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.3 | Mar 2026 0.4 | Jun 2026 —
- ACNT: Sep 2021 1.1 | Dec 2021 1.5 | Mar 2022 1.3 | Jun 2022 1.1 | Sep 2022 1.1 | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 1.2 | Mar 2025 1.4 | Jun 2025 1.3 | Sep 2025 1.4 | Dec 2025 1.8 | Mar 2026 1.5 | Jun 2026 —

## Market action

Rayonier Advanced Materials Inc. has the strongest one-year price move in Chemicals at +141.3%. Green Plains Inc. leads on Mansfield relative strength against the S&P 500 at +19.2%. 5 of 15 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Rayonier Advanced Materials Inc. (RYAM): 141%
2. Green Plains Inc. (GPRE): 109%
3. Tronox Holdings plc (TROX): 81%
4. REX American Resources Corporation (REX): 67%
5. Methanex Corporation (MEOH): 61%

### Strongest relative strength versus NIFTY 500
1. Green Plains Inc. (GPRE): 19%
2. Methanex Corporation (MEOH): 5.8%
3. REX American Resources Corporation (REX): 5.5%
4. Rayonier Advanced Materials Inc. (RYAM): 5.0%
5. Ascent Industries Co. (ACNT): 1.8%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Dow Inc. (DOW) — market value ₹20.8K Cr; latest fundamentals Jun 2026
- Celanese Corporation (CE) — market value ₹4.8K Cr; latest fundamentals Mar 2026
- Methanex Corporation (MEOH) — market value ₹4.1K Cr; latest fundamentals Mar 2026
- Olin Corporation (OLN) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- Huntsman Corporation (HUN) — market value ₹2.0K Cr; latest fundamentals Mar 2026
- REX American Resources Corporation (REX) — market value ₹1.4K Cr; latest fundamentals Jun 2026
- Green Plains Inc. (GPRE) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Tronox Holdings plc (TROX) — market value ₹981 Cr; latest fundamentals Mar 2026
- LSB Industries, Inc. (LXU) — market value ₹822 Cr; latest fundamentals Mar 2026
- Westlake Chemical Partners LP (WLKP) — market value ₹776 Cr; latest fundamentals Mar 2026
- Rayonier Advanced Materials Inc. (RYAM) — market value ₹591 Cr; latest fundamentals Mar 2026
- ASP Isotopes Inc. (ASPI) — market value ₹579 Cr; latest fundamentals Mar 2026
- AdvanSix Inc. (ASIX) — market value ₹551 Cr; latest fundamentals Mar 2026
- Valhi, Inc. (VHI) — market value ₹386 Cr; latest fundamentals Mar 2026
- Ascent Industries Co. (ACNT) — market value ₹140 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Chemicals company is the biggest?

Celanese Corporation is the largest, with trailing-twelve-month revenue of $9,492 million, ahead of Olin Corporation at $6,719 million. That covers 13 of 15 companies with comparable reporting through Mar 2026.

### Which Chemicals company is growing fastest?

ASP Isotopes Inc. has the fastest revenue growth at 100% year on year, across 13 of 15 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Chemicals company has the best profit margins?

Westlake Chemical Partners LP has the highest operating margin at 28.3%, from 15 of 15 comparable companies. ASP Isotopes Inc. shows the biggest recent improvement, at +63.1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Chemicals company makes the most profit?

Westlake Chemical Partners LP earns the most, at $338 million of trailing-twelve-month net profit, from 14 of 15 comparable companies. REX American Resources Corporation has the fastest profit growth at 51.4%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Chemicals company earns the highest return on capital?

Westlake Chemical Partners LP leads on return on capital employed at 7.2%, across 15 of 15 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Chemicals stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — REX American Resources Corporation screens cheapest at 0.26×. Only 3 of 15 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Chemicals company has the strongest balance sheet?

Ascent Industries Co. carries the lowest comparable gross debt at $13 million, from 14 of 15 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Chemicals company is investing most in new capacity?

Dow Inc. reports the largest capital spending at $659 million, across 15 of 15 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Chemicals sector beating the market?

Chemicals has outperformed S&P 500 by 14.2% over the last 52 weeks and 20.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 15 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Chemicals stock has the strongest price momentum?

Green Plains Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Chemicals company scores highest for research priority?

REX American Resources Corporation scores 75 out of 100 with 80.2% evidence confidence, from 26.2 points on growth and earnings, 17.8 on capital efficiency, 15.7 on valuation and 15.3 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Chemicals companies does this comparison cover, and over what period?

It compares 15 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Chemicals sector?

The 15 Chemicals companies on this page carry $41,558 million of combined market value. Dow Inc. is the largest at $20,840 million, about 50% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Chemicals sector's P/E ratio?

The median price-to-earnings ratio across the 15 Chemicals companies on this page is 27.4×, measured on the 13 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Chemicals sector performing?

5 of the 15 covered Chemicals companies are beating S&P 500 on Mansfield relative strength. The sector itself is 14.2% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Chemicals stocks are listed in the US?

This comparison covers 15 listed Chemicals companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/chemicals