# Dupont De Nemours (DD.US)

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

Analysis as of: 2026-10-16T07:27:57.181Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $131.60 per share; close as of 2026-10-15.

Estimated value: low $82.85 per share, central $92.66 per share, high $105.73 per share. Buy at or below the central value $92.66 per share. Valuation as of 2026-10-16T07:27:57.181Z; scenarios are not confidence intervals.

Expected annual return: 7.7% at the stated quote. About 7.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 2

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.12×

- FY2018: 0.10×

- FY2019: 0.13×

- FY2020: 0.14×

- FY2021: 0.15×

- FY2022: 0.16×

- FY2023: 0.14×

- FY2024: 0.15×

- FY2025: 0.13×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.2%

- ROIC, second-lowest year: 4.5%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 30.2%

- Recent gross margin (lower of latest and 3-year median): 30.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.0%

- ROIC including acquisitions, ten-year median: 2.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 23.7%

- FY2017: 8.4%

- FY2018: 2.3%

- FY2019: 6.2%

- FY2020: 4.5%

- FY2021: 8.4%

- FY2022: 11.4%

- FY2023: 7.8%

- FY2024: 5.7%

- FY2025: 6.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $12B

- Net income, five-year total: $13B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -4.8 pp

- Working capital / revenue, final three-year average: 23.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.67×

- FY2022: 1.07×

- FY2023: 2.25×

- FY2024: 1.87×

- FY2025: 0.60×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.4% vs 6.6%

- Per-share earnings: 34.95 to 2.82 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.3%

- Ordinary dilution, 5-year annual growth: -10.6%

- Market cap gain: -$1.4B

- Cumulative retained earnings: -$55B

- Diluted shares, 10-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: -10.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -27.0%

- Per-share value change: -$32.13

- Per-share value, starting three-year median: $34.95

- Per-share value, ending three-year median: $2.82

- Buybacks concentrated in cheaper years (correlation): 0.47

- Average buyback yield: 15.0%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $52B

- Cumulative net income, 10 years: $20B

- ROIC, first three-year median: 8.4%

- ROIC, last three-year median: 6.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $34.95

- FY2017: $8.15

- FY2018: $14.88

- FY2019: $2.00

- FY2020: -$12.04

- FY2021: $35.65

- FY2022: $35.25

- FY2023: $2.82

- FY2024: $5.03

- FY2025: -$5.57

### accounting: pass

- Sloan accruals: -10.2%

- Receivables to sales index (DSRI): 1.37×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.7%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.78×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.5%

- FY2017: 1.2%

- FY2018: -0.5%

- FY2019: -1.3%

- FY2020: -9.9%

- FY2021: 9.2%

- FY2022: 12.8%

- FY2023: -4.6%

- FY2024: -3.1%

- FY2025: -10.2%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mark Hillman](https://gigainvestors.com/HCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 5.8% a year for ten years · "DuPont Lifts Outlook On Strong Demand In Key Markets" (finance.yahoo.com, Aug 2025) · sales -44.7%

Story as of 2026-10-16T09:58:37.322Z; price observation 2026-10-15.

Price needs cash profits to grow 5.8% a year for ten years

- 2025-05-02: DuPont beats earnings estimates, warns of tariff hit ([finance.yahoo.com](https://finance.yahoo.com/news/dupont-beats-profit-estimates-electronics-101438692.html))

- 2025-08-05: DuPont Lifts Outlook On Strong Demand In Key Markets ([finance.yahoo.com](https://finance.yahoo.com/news/dupont-lifts-outlook-strong-demand-124041721.html))

- 2025-11-06: DuPont's shares fall on lower profits; chemical maker approves $2B buyback ([seekingalpha.com](https://seekingalpha.com/news/4517108-duponts-shares-fall-on-lower-profits-chemical-maker-approves-2b-buyback?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-10: DuPont beats earnings estimates in Q4, issues full-year outlook ([finance.yahoo.com](https://finance.yahoo.com/news/dupont-beats-earnings-estimates-q4-113753425.html))

- 2026-05-05: DuPont Q1 2026 earnings beat, raises full-year guidance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/dupont-q1-2026-earnings-beat-152722332.html))

### Sales · FY2024–2025

sales -44.7%; source https://www.sec.gov/Archives/edgar/data/1666700/000166670026000013/dd-20251231.htm; observed 2026-02-17.

- FY2016: $48B 

- FY2017: $62B 

- FY2018: $23B 

- FY2019: $22B 

- FY2020: $14B 

- FY2021: $13B 

- FY2022: $13B 

- FY2023: $12B 

- FY2024: $12B 

- FY2025: $6.8B 

### Gross margin · FY2025

gross margin 30.3%; source https://www.sec.gov/Archives/edgar/data/1666700/000166670026000013/dd-20251231.htm; observed 2026-02-17.

- FY2016: 21.9% 

- FY2017: 21.4% 

- FY2018: 27.7% 

- FY2019: 29.8% 

- FY2020: 30.4% 

- FY2021: 32.1% 

- FY2022: 30.9% 

- FY2023: 30.1% 

- FY2024: 31.6% 

- FY2025: 30.3% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are USD 6.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1666700/000166670026000013/dd-20251231.htm (filed 2026-02-17); FY2025: revenue 6849000000; grossProfit 2072000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DD.US: DuPont de Nemours, Inc. provides technology-based materials and solutions in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Healthcare & Water Technologies and Diversified Industrials. The company offers specialty components for medical devices, packaging and garments, and protective suits under the brand TYVEK; provides water filtration and separation solutions, including elements, modules, and systems serving primarily industrial wastewater and energy markets, municipal and desalination applications, and life sciences and specialty sectors. It also offers AMBERLITE ion exchange resins, FILMTEC reverse osmosis and nanofiltration elements, and INGE and ITEGRATEC ultrafiltration modules. In addition, the company offers engineered products and integrated solutions for the non-residential, residential, and repair-and-remodel construction markets, includes TYVEK house wrap, STYROFOAM insulation, and CORIAN solid surface. Further, it engages in the design and production of engineered components, systems, and process solutions used in OEM and operational applications, such as automotive, aerospace, printing, and packaging. Additionally, the company offers Vespel shapes and parts, MOLYKOTE specialty lubricants, BETAFORCE and BETASEAL structural adhesives, and Cyrel flexographic printing plates. The company was formerly known as DowDuPont Inc. and changed its name to DuPont de Nemours, Inc. in June 2019. DuPont de Nemours, Inc. was incorporated in 2015 and is headquartered in Wilmington, Delaware.

### Why customers stay

Margins ranged from 30.1% to 31.6% during 2023–25; it earns 7.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 30.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 31.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1666700/000166670026000013/dd-20251231.htm (filed 2026-02-17); FY2025: grossProfit / revenue = 30.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2016,0.23692307224213963],[2017,0.08439081080446548],[2018,0.022726205017382317],[2019,0.06237843042850265],[2020,0.044776260533414915],[2021,0.08362750615010026],[2022,0.1138283481104429],[2023,0.07793917385383568],[2024,0.05654950578465628],[2025,0.06622438099751214]]; median 0.07208177742567391. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 31% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1666700/000166670026000013/dd-20251231.htm (filed 2026-02-17); Gross margin observations: [[2021,0.3206270889702372],[2022,0.30921103172774067],[2023,0.30104408352668216]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 500 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2016: growth capex 0; upkeep 3867000000; owner earnings 3291000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2017: growth capex 0; upkeep 3757000000; owner earnings 1659000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 0; upkeep 3863000000; owner earnings 2135000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2021: growth capex 0; upkeep 3237000000; owner earnings 4342000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2022: growth capex 0; upkeep 743000000; owner earnings 6260000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 0; upkeep 619000000; owner earnings 951000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 0; upkeep 579000000; owner earnings 1318000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,2462000000],[2017,3394000000],[2018,3491000000],[2019,1611000000],[2020,882000000],[2021,630000000],[2022,652000000],[2023,651000000],[2024,635000000],[2025,597000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1666700/000166670026000013/dd-20251231.htm (filed 2026-02-17); FY2025: cash repurchases 500000000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DD.US SharesStats.PercentInsiders = 0.159 percentage points; cache date 2026-10-16.

### What could break it

An IRS tax dispute could require additional payments.

- Source: https://www.sec.gov/Archives/edgar/data/1666700/000166670026000013/dd-20251231.htm (filed 2026-02-17); nd substance acceptable to DuPont, substantially to the effect that, among other things, the Qnity Distribution along with certain related transactions will qualify for non-recognition treatment under the Internal Revenue Code of 1986, as amended (the “Code”, and such opinion, the “Tax Opinion”). The Tax Opinion relied on certain facts, assumptions, and undertakings, and certain representations from DuPont and Qnity, regarding the past and future conduct of each of their respective businesses and other matters. Notwithstanding the receipt of the Tax Opinion, the Internal Revenue Service (the “IRS”) could determine on audit that the Qnity Distribution and/or certain related transactions should be treated as taxable transactions if it determines that any of these facts, assumptions, representations or undertakings are not correct or have been violated, or that the Qnity Distribution should be taxable for other reasons, including if the IRS were to disagree with the conclusions of the Tax Opinion. If the Qnity Distribution and/or certain related transactions f

### What the price says

The price assumes cash profits grow 5.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate 0.07037960989237327. Price 131.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 47.3000711790019 → FY2025 -3.327767175572519. Closing-price date 2026-10-15.

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

- 2016-10: $53.81 per share

- 2016-11: $55.72 per share

- 2016-12: $57.22 per share

- 2017-01: $59.63 per share

- 2017-02: $62.26 per share

- 2017-03: $63.54 per share

- 2017-04: $62.80 per share

- 2017-05: $61.96 per share

- 2017-06: $63.07 per share

- 2017-07: $64.24 per share

- 2017-08: $66.65 per share

- 2017-09: $69.23 per share

- 2017-10: $72.31 per share

- 2017-11: $71.96 per share

- 2017-12: $71.22 per share

- 2018-01: $75.58 per share

- 2018-02: $70.30 per share

- 2018-03: $63.71 per share

- 2018-04: $63.24 per share

- 2018-05: $64.11 per share

- 2018-06: $65.92 per share

- 2018-07: $68.77 per share

- 2018-08: $70.13 per share

- 2018-09: $64.31 per share

- 2018-10: $53.92 per share

- 2018-11: $57.85 per share

- 2018-12: $53.48 per share

- 2019-01: $53.81 per share

- 2019-02: $53.23 per share

- 2019-03: $53.31 per share

- 2019-04: $38.45 per share

- 2019-05: $30.52 per share

- 2019-06: $75.07 per share

- 2019-07: $72.16 per share

- 2019-08: $67.93 per share

- 2019-09: $71.31 per share

- 2019-10: $65.91 per share

- 2019-11: $64.81 per share

- 2019-12: $64.20 per share

- 2020-01: $51.18 per share

- 2020-02: $42.90 per share

- 2020-03: $34.10 per share

- 2020-04: $47.02 per share

- 2020-05: $50.73 per share

- 2020-06: $53.13 per share

- 2020-07: $53.48 per share

- 2020-08: $55.76 per share

- 2020-09: $55.48 per share

- 2020-10: $56.88 per share

- 2020-11: $63.44 per share

- 2020-12: $71.11 per share

- 2021-01: $79.45 per share

- 2021-02: $70.32 per share

- 2021-03: $77.28 per share

- 2021-04: $77.11 per share

- 2021-05: $84.59 per share

- 2021-06: $77.41 per share

- 2021-07: $75.05 per share

- 2021-08: $74.02 per share

- 2021-09: $67.99 per share

- 2021-10: $69.60 per share

- 2021-11: $73.96 per share

- 2021-12: $80.78 per share

- 2022-01: $76.60 per share

- 2022-02: $77.37 per share

- 2022-03: $73.58 per share

- 2022-04: $65.93 per share

- 2022-05: $67.85 per share

- 2022-06: $55.58 per share

- 2022-07: $61.23 per share

- 2022-08: $55.64 per share

- 2022-09: $50.40 per share

- 2022-10: $57.20 per share

- 2022-11: $70.51 per share

- 2022-12: $68.63 per share

- 2023-01: $73.95 per share

- 2023-02: $73.03 per share

- 2023-03: $71.77 per share

- 2023-04: $69.72 per share

- 2023-05: $67.19 per share

- 2023-06: $71.44 per share

- 2023-07: $77.63 per share

- 2023-08: $76.89 per share

- 2023-09: $74.59 per share

- 2023-10: $72.88 per share

- 2023-11: $71.54 per share

- 2023-12: $76.93 per share

- 2024-01: $61.80 per share

- 2024-02: $69.19 per share

- 2024-03: $76.67 per share

- 2024-04: $72.50 per share

- 2024-05: $82.16 per share

- 2024-06: $80.49 per share

- 2024-07: $83.70 per share

- 2024-08: $84.25 per share

- 2024-09: $89.11 per share

- 2024-10: $82.99 per share

- 2024-11: $83.59 per share

- 2024-12: $76.25 per share

- 2025-01: $76.80 per share

- 2025-02: $81.77 per share

- 2025-03: $74.68 per share

- 2025-04: $65.99 per share

- 2025-05: $66.80 per share

- 2025-06: $68.59 per share

- 2025-07: $71.90 per share

- 2025-08: $76.92 per share

- 2025-09: $77.90 per share

- 2025-10: $81.65 per share

- 2025-11: $39.77 per share

- 2025-12: $40.20 per share

- 2026-01: $43.92 per share

- 2026-02: $50.04 per share

- 2026-03: $45.80 per share

- 2026-04: $45.66 per share

- 2026-05: $48.42 per share

- 2026-06: $135.64 per share

- 2026-07: $137.00 per share

- 2026-08: $134.59 per share

- 2026-09: $129.89 per share

- 2026-10: $131.60 per share

## Annual estimated value (USD per share)

- FY2016: low $338.58 per share, central $378.93 per share, high $432.65 per share

- FY2017: low $336.93 per share, central $373.18 per share, high $421.44 per share

- FY2018: low $97.20 per share, central $106.25 per share, high $118.29 per share

- FY2019: low $69.07 per share, central $77.98 per share, high $89.84 per share

- FY2020: low $26.18 per share, central $28.52 per share, high $31.63 per share

- FY2021: low $29.59 per share, central $32.36 per share, high $36.05 per share

- FY2022: low $109.02 per share, central $120.16 per share, high $134.98 per share

- FY2023: low $83.65 per share, central $93.21 per share, high $105.93 per share

- FY2024: low $114.56 per share, central $128.78 per share, high $147.70 per share

- FY2025: low $61.45 per share, central $69.31 per share, high $79.77 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 10-K filing](https://www.sec.gov/Archives/edgar/data/1666700/000166670026000013/dd-20251231.htm); period 2025-12-31, filed 2026-02-17.

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.