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Specialty chemicals · Basic Materials · Fiscal year ends Dec 31
Methanex reported revenue of $3.6B in the fiscal year ended Dec 2025, down 3.5% from the year before. Operating income was $431M, an operating margin of 12.0%, and net income was $145M. Operating cash flow of $1B less capital expenditure of $99M left free cash flow of $917M. Net debt was $2.3B.
Ranks among the 20 specialty chemicals companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,415 | 4,311 | 3,723 | 3,720 | 3,589 |
| Cost of revenue | 3,112 | 3,238 | 2,798 | 2,678 | 2,308 |
| Gross profit | 1,303 | 1,073 | 926 | 1,042 | 1,281 |
| Operating income | 712 | 611 | 264 | 362 | 431 |
| Interest expense | 144 | 131 | 117 | 133 | 220 |
| Pre-tax income | 666 | 582 | 286 | 280 | 203 |
| Income tax | 110 | 120 | 1.5 | 29.8 | 58.4 |
| Net income | 556 | 462 | 284 | 250 | 145 |
| Diluted EPS | 6.13 | 4.86 | 2.57 | 2.39 | 0.93 |
| Diluted shares | 76.2 | 71.7 | 67.8 | 67.6 | 72.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 932 | 858 | 458 | 892 | 425 |
| Receivables | 551 | 501 | 534 | 473 | 463 |
| Inventory | 460 | 440 | 427 | 453 | 495 |
| Current assets | 1,989 | 1,876 | 1,480 | 1,911 | 1,487 |
| Net PP&E | 3,075 | 3,399 | 3,654 | 3,502 | 4,575 |
| Total assets | 6,090 | 6,631 | 6,427 | 6,597 | 7,283 |
| Payables | 836 | 789 | 772 | 546 | 542 |
| Current liabilities | 963 | 943 | 1,302 | 730 | 722 |
| Short-term debt | 11.8 | 15.1 | 315 | 13.7 | 41.4 |
| Long-term debt | 2,146 | 2,136 | 1,827 | 2,401 | 2,712 |
| Total liabilities | 4,135 | 4,202 | 4,254 | 4,216 | 4,556 |
| Shareholders' equity | 1,684 | 2,112 | 1,931 | 2,094 | 2,443 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 994 | 987 | 660 | 737 | 1,016 |
| Capital expenditure | 103 | 146 | 178 | 101 | 99.0 |
| Free cash flow | 891 | 842 | 482 | 636 | 917 |
| Depreciation & amortisation | 363 | 372 | 392 | 386 | 446 |
| Stock-based compensation | −1.2 | 15.4 | 34.5 | 24.0 | −4.4 |
| Acquisitions | – | – | – | 0.0 | 1,260 |
| Share buybacks | 62.9 | 253 | 86.4 | 0.0 | – |
| Dividends paid | 24.6 | 44.0 | 49.4 | 49.9 | 53.6 |
| Dividend per share | 0.33 | 0.62 | 0.73 | 0.73 | 0.74 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.3% | −13.6% | −0.1% | −3.5% |
| Operating income growth (YoY) | – | −14.2% | −56.8% | 37.3% | 19.1% |
| EPS growth (YoY) | – | −20.7% | −47.1% | −7.0% | −61.1% |
| Gross margin | 29.5% | 24.9% | 24.9% | 28.0% | 35.7% |
| Operating margin | 16.1% | 14.2% | 7.1% | 9.7% | 12.0% |
| Net margin | 12.6% | 10.7% | 7.6% | 6.7% | 4.0% |
| Return on equityBlank when equity is negative | 33.0% | 21.9% | 14.7% | 12.0% | 5.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.9% | 10.7% | 5.1% | 6.2% | 6.6% |
| Free cash flow margin | 20.2% | 19.5% | 12.9% | 17.1% | 25.5% |
| Cash conversion (CFO ÷ net income) | 1.79x | 2.14x | 2.32x | 2.95x | 7.01x |
| Receivable days | 46 | 42 | 52 | 46 | 47 |
| Inventory days | 54 | 50 | 56 | 62 | 78 |
| Payable days | 98 | 89 | 101 | 74 | 86 |
| Interest cover | 4.93x | 4.67x | 2.25x | 2.73x | 1.96x |
| Debt ÷ equity | 1.28x | 1.02x | 1.11x | 1.15x | 1.13x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,226 | 1,294 | 1,684 | 1,523 | 2,328 |
| Current ratio | 2.06x | 1.99x | 1.14x | 2.62x | 2.06x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.