# Braskem (BAK.US)

Canonical: https://gigainvestors.com/s/BAK

Analysis as of: 2026-10-16T07:26:46.509Z. Financial observations: FY1998–FY2025.

Listing currency: USD. Reporting currency: BRL.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $1.81 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 7

- Operating margin variation: 1.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.19×

- FY2018: 0.14×

- FY2019: 0.00×

- FY2020: 0.12×

- FY2021: 0.26×

- FY2022: 0.06×

- FY2023: -0.02×

- FY2024: 0.01×

- FY2025: -0.06×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 13.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 12.1%

- ROIC, second-lowest year: -3.3%

- Typical minus recent gross margin: 13.4 pp

- Typical gross margin (annual median): 15.6%

- Recent gross margin (lower of latest and 3-year median): 2.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.9%

- ROIC including acquisitions, ten-year median: -2.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.5%

- FY2017: 22.0%

- FY2018: 19.5%

- FY2019: 0.3%

- FY2020: 14.8%

- FY2021: 45.6%

- FY2022: 9.4%

- FY2023: -3.3%

- FY2024: 1.6%

- FY2025: -7.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL -9.1B

- Net income, five-year total: BRL -12B

- Return on incremental invested capital: -185.6%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.7 pp

- Working capital / revenue, final three-year average: 3.7%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: BRL 15B

- FY2022: BRL -451M

- FY2023: BRL -3.9B

- FY2024: BRL -11B

- FY2025: BRL -8.2B

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 19.5% vs -3.3%

- Per-share earnings: 7.89 to -24.30 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: BRL -37B

- Cumulative retained earnings: BRL -25B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: BRL -32.19

- Per-share value, starting three-year median: BRL 7.89

- Per-share value, ending three-year median: BRL -24.30

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 2.7B

- Cumulative net income, 10 years: BRL -15B

- ROIC, first three-year median: 19.5%

- ROIC, last three-year median: -3.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL -1.03

- FY2017: BRL 10.26

- FY2018: BRL 7.35

- FY2019: BRL -6.39

- FY2020: BRL -16.82

- FY2021: BRL 35.14

- FY2022: BRL -0.84

- FY2023: BRL -11.49

- FY2024: BRL -28.41

- FY2025: BRL -24.30

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -6.8%

- Receivables to sales index (DSRI): 2.57×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 1

Chart: Sloan accruals; fiscal year observations.

- FY2016: -10.0%

- FY2017: -1.3%

- FY2018: -10.8%

- FY2019: -9.0%

- FY2020: -15.1%

- FY2021: -0.9%

- FY2022: -10.5%

- FY2023: -2.5%

- FY2024: -13.5%

- FY2025: -6.8%

## Holders

## Price story

Down 91% since Dec 2021 · sales -10.4%

Story as of 2026-10-16T09:58:22.119Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -10.4%; source https://www.sec.gov/Archives/edgar/data/1071438/000129281426002427/bakform20f_2025.htm; observed 2026-04-20.

- FY2016: BRL 48B 

- FY2017: BRL 49B 

- FY2018: BRL 58B 

- FY2019: BRL 52B 

- FY2020: BRL 59B 

- FY2021: BRL 106B 

- FY2022: BRL 97B 

- FY2023: BRL 71B 

- FY2024: BRL 77B 

- FY2025: BRL 69B 

### Gross margin · FY2025

gross margin 2.2%; source https://www.sec.gov/Archives/edgar/data/1071438/000129281426002427/bakform20f_2025.htm; observed 2026-04-20.

- FY2016: 26.7% 

- FY2017: 26.1% 

- FY2018: 20.0% 

- FY2019: 12.3% 

- FY2020: 19.0% 

- FY2021: 30.3% 

- FY2022: 11.8% 

- FY2023: 4.3% 

- FY2024: 7.7% 

- FY2025: 2.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in chemicals; annual sales are BRL 69.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1071438/000129281426002427/bakform20f_2025.htm (filed 2026-04-20); FY2025: revenue 69327892000; grossProfit 1525435000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); BAK.US: Braskem S.A., together with its subsidiaries, engages in the manufacture, sale, import, and export of chemicals, petrochemicals, and fuels in Brazil. The company supplies electricity and other inputs to second-generation producers; sells utilities, such as steam, water, compressed air and industrial gases; industrial services; and engages in the production, supply, and sale of electric energy and gas. It also produces and sells polyethylene, including the production of green PE made from renewable resources, and polypropylene; and polyvinyl chloride and caustic soda. In addition, the company provides thermoplastic resins; and other basic petrochemicals. It has operations in the United States, Europe, Asia, and internationally. The company was formerly known as Copene Petroquímica do Nordeste S.A. and changed its name to Braskem S.A. in 2002. Braskem S.A. was founded in 1972 and is headquartered in São Paulo, Brazil.

### Why customers stay

Margins ranged from 2.2% to 7.7% during 2023–25; it earns 12.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-20); FY2023: grossProfit / revenue = 4.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-20); FY2024: grossProfit / revenue = 7.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1071438/000129281426002427/bakform20f_2025.htm (filed 2026-04-20); FY2025: grossProfit / revenue = 2.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-20); 10-year return on capital observations [[2016,0.1651101625231371],[2017,0.2195169404176836],[2018,0.19498283023045046],[2019,0.0027734962721743927],[2020,0.14798837870296236],[2021,0.4559728606839804],[2022,0.0944898579902677],[2023,-0.03301729079098204],[2024,0.01583442265795207],[2025,-0.07542775079099856]]; median 0.12123911834661502. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-20); FY2017: growth capex 0; upkeep 2874935000; owner earnings 4239386000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-20); FY2018: growth capex 0; upkeep 2706328000; owner earnings 3240319000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-20); FY2021: growth capex 0; upkeep 3421000000; owner earnings 14742000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-20); Dividend observations: [[2016,1997984000],[2017,1997984000],[2018,1499900000],[2019,668904000],[2020,2000000],[2021,5993000000],[2022,1350030000],[2023,7000000],[2024,6000000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); BAK.US SharesStats.PercentInsiders = 0.05 percentage points; cache date 2026-10-05.

### What the price says

The price is 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-20); Closing price 1.81 USD; reporting-to-trading FX 0.19614; FY2025 annual sales per share 173.92677793669355; price multiple 0.05305739855200939. FY2025 cash earnings/share -20.50711244922591. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $17.75 per share

- 2016-11: $16.31 per share

- 2016-12: $21.21 per share

- 2017-01: $20.69 per share

- 2017-02: $20.61 per share

- 2017-03: $20.35 per share

- 2017-04: $21.56 per share

- 2017-05: $20.60 per share

- 2017-06: $20.72 per share

- 2017-07: $24.02 per share

- 2017-08: $24.13 per share

- 2017-09: $26.74 per share

- 2017-10: $31.97 per share

- 2017-11: $27.94 per share

- 2017-12: $26.26 per share

- 2018-01: $31.12 per share

- 2018-02: $28.48 per share

- 2018-03: $28.99 per share

- 2018-04: $25.90 per share

- 2018-05: $23.95 per share

- 2018-06: $26.00 per share

- 2018-07: $29.00 per share

- 2018-08: $29.02 per share

- 2018-09: $28.87 per share

- 2018-10: $27.86 per share

- 2018-11: $28.18 per share

- 2018-12: $24.46 per share

- 2019-01: $28.50 per share

- 2019-02: $28.83 per share

- 2019-03: $25.82 per share

- 2019-04: $24.45 per share

- 2019-05: $21.62 per share

- 2019-06: $18.32 per share

- 2019-07: $17.73 per share

- 2019-08: $13.95 per share

- 2019-09: $15.65 per share

- 2019-10: $13.53 per share

- 2019-11: $13.20 per share

- 2019-12: $14.80 per share

- 2020-01: $14.70 per share

- 2020-02: $12.10 per share

- 2020-03: $6.64 per share

- 2020-04: $7.85 per share

- 2020-05: $10.32 per share

- 2020-06: $8.65 per share

- 2020-07: $8.79 per share

- 2020-08: $7.77 per share

- 2020-09: $7.47 per share

- 2020-10: $7.96 per share

- 2020-11: $8.42 per share

- 2020-12: $9.01 per share

- 2021-01: $8.87 per share

- 2021-02: $11.25 per share

- 2021-03: $14.22 per share

- 2021-04: $19.36 per share

- 2021-05: $19.87 per share

- 2021-06: $23.84 per share

- 2021-07: $22.18 per share

- 2021-08: $25.37 per share

- 2021-09: $21.83 per share

- 2021-10: $19.37 per share

- 2021-11: $17.69 per share

- 2021-12: $21.09 per share

- 2022-01: $18.87 per share

- 2022-02: $18.65 per share

- 2022-03: $18.64 per share

- 2022-04: $16.36 per share

- 2022-05: $18.90 per share

- 2022-06: $14.28 per share

- 2022-07: $14.24 per share

- 2022-08: $11.82 per share

- 2022-09: $9.74 per share

- 2022-10: $12.93 per share

- 2022-11: $10.97 per share

- 2022-12: $9.20 per share

- 2023-01: $9.23 per share

- 2023-02: $7.75 per share

- 2023-03: $7.70 per share

- 2023-04: $7.86 per share

- 2023-05: $8.81 per share

- 2023-06: $11.65 per share

- 2023-07: $10.62 per share

- 2023-08: $8.84 per share

- 2023-09: $8.21 per share

- 2023-10: $6.39 per share

- 2023-11: $7.78 per share

- 2023-12: $8.82 per share

- 2024-01: $7.24 per share

- 2024-02: $8.47 per share

- 2024-03: $10.53 per share

- 2024-04: $8.20 per share

- 2024-05: $7.19 per share

- 2024-06: $6.45 per share

- 2024-07: $6.22 per share

- 2024-08: $6.32 per share

- 2024-09: $7.34 per share

- 2024-10: $6.08 per share

- 2024-11: $5.02 per share

- 2024-12: $3.86 per share

- 2025-01: $4.64 per share

- 2025-02: $3.69 per share

- 2025-03: $3.85 per share

- 2025-04: $3.72 per share

- 2025-05: $3.79 per share

- 2025-06: $3.28 per share

- 2025-07: $3.16 per share

- 2025-08: $3.48 per share

- 2025-09: $2.42 per share

- 2025-10: $2.51 per share

- 2025-11: $2.89 per share

- 2025-12: $2.95 per share

- 2026-01: $3.55 per share

- 2026-02: $3.83 per share

- 2026-03: $3.66 per share

- 2026-04: $3.84 per share

- 2026-05: $4.16 per share

- 2026-06: $2.44 per share

- 2026-07: $2.33 per share

- 2026-08: $1.70 per share

- 2026-09: $1.45 per share

- 2026-10: $1.81 per share

## Annual estimated value (USD per share)

- FY2016: low $6.31 per share, central $7.23 per share, high $7.91 per share

- FY2017: low $8.03 per share, central $9.58 per share, high $10.77 per share

- FY2018: low $19.79 per share, central $26.52 per share, high $30.55 per share

- FY2019: low $14.27 per share, central $15.89 per share, high $18.05 per share

- FY2021: low $44.08 per share, central $61.02 per share, high $70.88 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1071438/000129281426002427/bakform20f_2025.htm); period 2025-12-31, filed 2026-04-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.