Braskem SA (BAK)
NYSE:BAK
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Braskem SA
(NYSE:BAK)
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Rating:43Neutral
Price Target:
$3.00
▼(-15.97% Downside)
Action:ReiteratedDate:03/31/26
BAK scores low primarily due to very weak financial performance—losses, negative/volatile cash generation, and a highly stressed balance sheet with negative equity and heavy leverage. Technical indicators also point to soft near-term momentum. The earnings call provides some mitigation via liquidity and executed cost actions, but restructuring/regulatory uncertainty and a difficult industry backdrop keep the overall risk profile elevated, while valuation is hard to justify given negative earnings and no dividend data.
Positive Factors
Liquidity Buffer
A ~$2.1B corporate cash buffer provides a durable runway to fund near-term obligations, finance remediation and sustain operations while management executes restructuring. Over 2–6 months this liquidity reduces immediate refinancing pressure and gives time to pursue capital-structure solutions and transformation initiatives.
Negative Factors
Fragile Balance Sheet
Very high absolute debt and negative equity materially constrain financial flexibility, elevate refinancing and covenant risk, and increase the probability that future capital actions or creditor negotiations will be required. Over the medium term this reduces capacity to fund growth or absorb further cyclical shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Liquidity Buffer
A ~$2.1B corporate cash buffer provides a durable runway to fund near-term obligations, finance remediation and sustain operations while management executes restructuring. Over 2–6 months this liquidity reduces immediate refinancing pressure and gives time to pursue capital-structure solutions and transformation initiatives.
Read all positive factors
Braskem SA (BAK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.36B
Dividend YieldN/A
Average Volume (3M)3.01M
Price to Earnings (P/E)―
Beta (1Y)0.63
Revenue Growth-12.21%
EPS Growth10.85%
CountryUS
Employees8,569
SectorBasic Materials
Sector Strength58
IndustryChemicals
Share Statistics
EPS (TTM)-5.17
Shares Outstanding172,530,200
10 Day Avg. Volume2,934,956
30 Day Avg. Volume3,006,253
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)-0.40
Price to Sales (P/S)0.09
P/FCF Ratio-0.90
Enterprise Value/Market Cap49.75
Enterprise Value/Revenue0.98
Enterprise Value/Gross Profit44.35
Enterprise Value/Ebitda18.83
Forecast
1Y Price Target
$2.15Price Target Upside-39.78% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering2
EPS Forecast (FY)-1.23
Revenue Forecast (FY)$14.46B
Braskem SA Business Overview & Revenue Model
Company Description
Braskem S.A., together with its subsidiaries, produces and sells thermoplastic resins. The company operates through three segments: Brazil, United States and Europe, and Mexico. The Brazil segment produces and sells chemicals, including ethylene, ...
How the Company Makes Money
Braskem makes money primarily by producing and selling petrochemicals and thermoplastic resins. The largest revenue stream typically comes from polymer sales—mainly polyethylene (PE) and polypropylene (PP)—which are sold to converters and manufact...
Braskem SA Earnings Call Summary
Earnings Call Date:Mar 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
The call describes a company operating in a difficult, prolonged industry downcycle with materially compressed spreads, significant EBITDA decline (‑49% YoY), elevated leverage and substantial cash outflows, alongside unresolved restructuring and external/regulatory uncertainties. Offsetting strengths include a solid cash buffer (~$2.1 billion), extensive cost and resilience programs that management credits with delivering meaningful EBITDA and cash benefits (~$500M EBITDA and ~$600M cash), strong safety performance, near-completion of Alagoas remediation execution, and a clear multi-year feedstock and transformation plan to reduce naphtha dependency. Overall, positives (liquidity, remediation progress, and delivered cost actions) mitigate but do not fully offset the operational and financial pressures described, leaving the situation balanced between material risks and concrete mitigating actions.Positive Updates
Safety Performance
Global accident frequency rate of 0.80 events per million hours worked in 2025 — the second-lowest rate since 2002, underscoring strong safety performance and operational discipline.
Negative Updates
Significant Consolidated EBITDA Decline
Recurring consolidated EBITDA of $557 million for full-year 2025, a 49% decrease versus 2024; recurring consolidated EBITDA for Q4 2025 was $109 million, reflecting pronounced margin pressure from compressed petrochemical spreads.
Read all updates
Q4-2025 Updates
Positive
Negative
Safety Performance
Global accident frequency rate of 0.80 events per million hours worked in 2025 — the second-lowest rate since 2002, underscoring strong safety performance and operational discipline.
Read all positive updates
Company Guidance
Braskem did not provide formal forward guidance but outlined 2026–28 priorities (capital-structure reorganization, resilience and transformation programs, Transforma Rio, green-product growth, Alagoas compliance, safety) and scenario-based expectations: FY2025 recurring consolidated EBITDA was $557m (Q4 $109m), with segment EBITDA: Brazil $698m (−22% YoY), US/Europe −$52m, Mexico $2m; Q4 operating cash generation ≈ $13m and full‑year operating cash consumption ≈ $246m (BRL 1.4bn), total cash consumption including Alagoas ≈ BRL 7.3bn, corporate cash ≈ $2.1bn (incl. $1.0bn standby), adjusted net debt $7.5bn (ex‑Idesa), weighted average cost = currency variation + 6.2% p.a., and corporate leverage ≈ 14.74x; Alagoas provision ≈ BRL 18bn (BRL 13.9bn disbursed, BRL 3.5bn remaining), safety AFR 0.80 events/million hours, utilization headwinds (Brazil −4 p.p. vs 2024; Q4 Brazil −6 p.p., US/Europe Q4 −8 p.p.; Mexico Q4 PE 85% up 38 p.p., 2025 average 64% down 14 p.p.), global PE/PP operating rates ~79%/74% with ~3m tons demand decline, and management cited >70 action plans/700+ initiatives that delivered ~$500m EBITDA and ~$600m cash in 2025; external consultancies see potential spread upside (≈+50% in Q1‑2026 scenarios) but outcomes remain highly uncertain.Braskem SA Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
14
Very Negative
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 69.33B | 77.41B | 70.57B | 96.52B | 105.63B |
| Gross Profit | 1.53B | 6.00B | 3.02B | 11.36B | 32.06B |
| EBITDA | 631.35M | 2.70B | 3.26B | 8.11B | 25.33B |
| Net Income | -9.69B | -11.32B | -4.58B | -336.00M | 13.98B |
Balance Sheet | |||||
| Total Assets | 81.84B | 101.58B | 91.74B | 88.05B | 92.56B |
| Cash, Cash Equivalents and Short-Term Investments | 11.83B | 16.77B | 19.14B | 14.76B | 12.17B |
| Total Debt | 71.28B | 73.72B | 59.91B | 53.83B | 54.21B |
| Total Liabilities | 98.33B | 105.85B | 88.46B | 81.94B | 86.36B |
| Stockholders Equity | -16.14B | -4.78B | 3.99B | 7.32B | 7.87B |
Cash Flow | |||||
| Free Cash Flow | -7.16B | -1.33B | -6.80B | 4.10B | 11.37B |
| Operating Cash Flow | -4.09B | 2.44B | -2.27B | 8.95B | 14.79B |
| Investing Cash Flow | -2.94B | -3.48B | -4.53B | -4.95B | -3.38B |
| Financing Cash Flow | 3.13B | 469.00M | 8.87B | 225.00M | -16.97B |
Braskem SA Technical Analysis
Negative
3.57
Price Trends
3.98
Negative
3.54
Positive
3.26
Positive
Market Momentum
-0.09
Negative
44.06
Neutral
34.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BAK, the sentiment is Negative. The current price of 3.57 is below the 20-day moving average (MA) of 3.76, below the 50-day MA of 3.98, and above the 200-day MA of 3.26, indicating a neutral trend. The MACD of -0.09 indicates Negative momentum. The RSI at 44.06 is Neutral, neither overbought nor oversold. The STOCH value of 34.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BAK.
Braskem SA Risk Analysis
Braskem SA disclosed 74 risk factors in its most recent earnings report. Braskem SA reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Braskem SA Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $681.77M | 9.44 | 6.06% | 3.81% | 0.31% | 11.36% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $2.55B | -10.86 | -10.06% | 8.44% | -4.74% | -149.27% | |
57 Neutral | $7.75B | 60.97 | -25.13% | 0.29% | -7.16% | 23.87% | |
52 Neutral | $29.04B | -16.88 | -16.73% | 9.17% | -7.74% | -1093.11% | |
51 Neutral | $1.65B | -1.41 | -29.85% | 8.27% | -5.86% | -875.49% | |
43 Neutral | $1.36B | -0.66 | 142.56% | ― | -12.21% | 10.85% |
* Basic Materials Sector Average
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Braskem SA Corporate Events
Braskem Signals Imminent Shared Control Shift After New Petrobras–FIP Pact
Apr 24, 2026
On April 23, 2026, Braskem disclosed that it had received notice from Petróleo Brasileiro S.A. (Petrobras) about the execution of a new shareholders’ agreement between Petrobras and Shine I FIP, establishing a framework for shared contr...
Braskem Files April 2026 Form 6-K with U.S. SEC
Apr 24, 2026
Braskem S.A., a major Brazilian petrochemical producer headquartered in Camaçari, Bahia, files its annual disclosure documents in the U.S. as a foreign private issuer, reporting under Form 20-F. The company operates in the chemicals and plast...
Braskem Files 2025 Form 20-F With U.S. SEC, Enhancing Disclosure for Global Investors
Apr 20, 2026
Braskem S.A., the Brazilian petrochemical producer listed in São Paulo, New York and on Latibex, told investors it has filed its 2025 Form 20-F annual report with the U.S. Securities and Exchange Commission on April 20, 2026. The filing cover...
Braskem’s Controlling Stake Agreed to Be Sold to Shine I Fund in Court-Supervised Deal
Apr 20, 2026
On April 19, 2026, Braskem disclosed that controlling shareholder Novonor and its affiliate NSP Investimentos signed a Judicial Share Purchase and Sale Agreement on April 17, 2026 with Shine I private equity funds managed by Vórtx Capital, to...
Braskem Updates Remote Voting Ballot Ahead of April 29, 2026 AGM
Apr 10, 2026
Braskem has informed shareholders that it has resubmitted the remote voting ballot for its April 29, 2026 Annual General Meeting to include an item on the possibility of adopting cumulative voting, as required under Brazilian securities regulation...
Braskem Addresses Market Rumors as Mexican Unit Weighs Debt Restructuring Options
Apr 9, 2026
Braskem S.A. informed Brazilian securities regulators on April 8, 2026 that its Mexican subsidiary Braskem Idesa continues to evaluate options to address capital structure challenges stemming from weak global petrochemical conditions and other ext...
Braskem Clarifies Capital Structure Review and Plans Shareholder Vote on Legal Domicile Change
Apr 8, 2026
On April 7, 2026, Braskem clarified to Brazilian securities regulators that it is still conducting a comprehensive assessment of economic and financial alternatives to optimize its capital structure, as previously disclosed, and that no decision h...
Braskem Clarifies It Is Evaluating Creditor Protection Options but Has Made No Decision
Apr 3, 2026
On April 2, 2026, Braskem responded to a request from the Brazilian securities regulator for clarification on media reports that it was considering judicial reorganization amid a debt crisis. The company said it has been working with financial and...
Braskem Signs BRL 226 Million Related-Party Steam Supply Deal for Cubatão Plant
Apr 2, 2026
On March 23, 2026, Braskem entered into a related-party agreement with Petrocoque S.A. Indústria e Comércio, a company jointly controlled by Petrobras, for the purchase of steam to supply Braskem’s PE8 plant in Cubatão, Sã...
Braskem Backs BRL 451 Million Convertible Debenture Deal at Refinaria de Petróleo Riograndense
Mar 31, 2026
On March 19, 2026, Braskem and fellow shareholders Petróleo Brasileiro S.A. – Petrobras and Ultrapar Participações S.A. agreed to subscribe to a BRL 451.3 million private issuance of unsecured, mandatorily convertible debentur...
Braskem Sets Digital AGM to Approve 2025 Results and Elect New Board After Heavy Loss
Mar 30, 2026
Braskem’s management has called an exclusively digital annual general meeting for April 29, 2026, citing lower participation costs and broader shareholder access, with both Class A and B preferred shares entitled to vote alongside common sha...
Braskem Files March 2026 Form 6-K With U.S. SEC
Mar 30, 2026
Braskem S.A., the Brazilian petrochemical producer, submitted a Form 6-K to the U.S. Securities and Exchange Commission for the month of March 2026 as a foreign private issuer under the Exchange Act. The filing confirms that Braskem continues to r...
Braskem Files March 2026 Form 6-K, Reiterates Risk Framework for Forward-Looking Statements
Mar 27, 2026
On March 27, 2026, Braskem S.A. filed a Form 6-K with the U.S. Securities and Exchange Commission, formally signed by Chief Financial Officer Felipe Montoro Jens. The filing confirms Braskem’s continued status as a foreign private issuer rep...
Braskem Posts Weak 4Q25 EBITDA as Brazil Approves New Chemical Industry Incentives
Mar 27, 2026
Braskem reported that conditions in the global petrochemical market remained weak in the fourth quarter of 2025, with geopolitical tensions, trade frictions and seasonal effects further compressing international chemical and petrochemical spreads....
Braskem Reports Weak 2025 Utilization Amid Global Petrochemical Oversupply
Mar 27, 2026
Braskem released its management report and financial statements for the fiscal year ended December 31, 2025, against a backdrop of subdued global growth and a pressured petrochemical cycle. The company reported that global petrochemical spreads in...
Braskem’s 2025 Audit Flags Going-Concern Risk and Heavy Losses
Mar 27, 2026
Braskem has released its audited individual and consolidated financial statements for the year ended Dec. 31, 2025, prepared under Brazilian accounting rules and IFRS and accompanied by an unmodified opinion from KPMG. The auditor concluded the st...
Braskem Fiscal Council Backs 2025 Accounts Despite R$ 9.9 Billion Loss and Going-Concern Uncertainty
Mar 27, 2026
Braskem’s Fiscal Council met on March 25, 2026, via Microsoft Teams and reviewed the company’s annual management report and individual and consolidated financial statements for the fiscal year ended December 31, 2025. The documents, pr...
Braskem Board Clears 2025 Results, Calls Shareholders’ Meeting After Heavy Loss
Mar 27, 2026
At a board meeting held on March 25, 2026 in São Paulo, Braskem’s directors reviewed and approved the management report, officers’ accounts and annual financial statements for the fiscal year ended December 31, 2025, which showed ...
Braskem Calls April 27 Digital EGM to Amend Bylaws and Move Domicile to São Paulo
Mar 26, 2026
Braskem has called an extraordinary general meeting for April 27, 2026, to be held exclusively in digital format via Webex, as part of its ongoing adherence to Brazilian corporate governance rules for listed companies. The meeting will address cha...
Braskem Calls April 27, 2026 Digital Extraordinary Meeting to Revamp Bylaws and Governance
Mar 26, 2026
Braskem S.A. has convened an extraordinary general meeting for April 27, 2026, to be held exclusively in digital form via the Webex platform, in line with Brazilian CVM Resolution 81 and the company’s drive to strengthen corporate governance...
Braskem Calls April EGM to Shift Domicile to São Paulo and Embed Arbitration in Bylaws
Mar 26, 2026
Braskem S.A. has called an extraordinary general meeting for April 27, 2026, to be held exclusively in digital format via Webex, with voting rights extended to both Class A and B preferred shares alongside common shares. Management argues the onli...
Braskem Sets April 27, 2026 Digital EGM and Details Remote Voting Procedures
Mar 26, 2026
Braskem has convened an Extraordinary General Meeting for April 27, 2026, to be held exclusively in digital format, and has detailed procedures for shareholders to exercise remote voting through a standardized distance voting ballot. The company o...
Braskem Highlights New Brazilian Tax Incentives Boosting Chemical Sector Credits
Mar 20, 2026
On March 20, 2026, Braskem reported that Brazil’s Supplementary Law No. 228 was published, raising the benefit under the Special Regime for the Chemical Industry (REIQ) from 0.73% to 5.8% in the form of PIS/Cofins credits on chemical and pet...
Braskem Details Insider Trading Activity for February 2026 in New SEC Filing
Mar 9, 2026
In March 2026, Braskem S.A. filed a Form 6‑K with the U.S. Securities and Exchange Commission detailing February 2026 trading in its securities by management, board members, fiscal council and related parties. The disclosure covered holdings...
Braskem Details Limited Treasury Share Trades in February 2026 Disclosure
Mar 9, 2026
In a Form 6-K filed on March 9, 2026, Braskem S.A. reported its February 2026 activity in securities and derivatives, as required by Brazilian securities regulation. The company disclosed that, during the period, it only carried out the specific t...
Braskem Discloses CADE Clearance for Potential IG4-Backed Entry as Shareholder
Mar 6, 2026
On March 6, 2026, Braskem reported that Brazil’s antitrust authority CADE, through its General Superintendence, approved without restrictions a concentration act tied to a potential change in the company’s shareholder base. The deal in...
Braskem Outlines Weaker 4Q25 Operating Metrics Amid Global Petrochemical Pressure
Feb 27, 2026
Braskem reported preliminary operational figures for the fourth quarter and full year 2025 on February 27, 2026, showing the impact of a volatile global macro environment, strong product oversupply and weaker petrochemical spreads across its main ...
Braskem Sets 2026 Financial Disclosure and Shareholder Meeting Calendar
Feb 13, 2026
On February 13, 2026, Braskem S.A. published its 2026 annual corporate events calendar, detailing the schedule for key financial disclosures and governance milestones. The company plans to release its annual financial statements for the year ended...
Braskem Denies Reported 2025 Default on Banco do Brasil Obligations
Feb 12, 2026
On February 12, 2026, Braskem S.A. issued a notice to the market addressing media reports that the company had defaulted on obligations to Banco do Brasil in the last quarter of 2025. The company stated that it had no material financial exposure t...
Braskem Announces Petrobras Waives Preemptive and Tag-Along Rights in Potential Share Transfer
Feb 12, 2026
On February 12, 2026, Braskem disclosed that it had been informed by major shareholder Petróleo Brasileiro S.A. – Petrobras about a board decision taken on February 11, 2026, regarding a potential transaction involving Braskem shares he...
Braskem Signs R$161.5 Million Steam Supply Deal With Petrobras Unit FAFEN
Feb 9, 2026
On January 29, 2026, Braskem signed a related-party contract with Petrobras’ FAFEN unit to supply high-pressure steam from its Camaçari plant in Bahia to the neighboring FAFEN facility. The agreement, which runs from February 1, 2026 th...
Braskem Files February 2026 Form 6-K, Reiterates Risk Warnings on Alagoas Event and COVID-19
Feb 9, 2026
On February 9, 2026, Braskem S.A. filed a Form 6-K with the U.S. Securities and Exchange Commission as part of its regular reporting obligations as a foreign private issuer under Form 20-F. The filing was signed by Chief Financial Officer Felipe M...
Braskem Files February 2026 Form 6-K Highlighting Ongoing Risk Uncertainties
Feb 9, 2026
On February 9, 2026, Braskem S.A. filed a Form 6-K with the U.S. Securities and Exchange Commission, signed by Chief Financial Officer Felipe Montoro Jens, to report information as a foreign private issuer for the month of February 2026. The filin...
Braskem Board Expands Executive Authority for 2026 Financing Operations
Jan 30, 2026
At a board of directors meeting held on January 21, 2026, Braskem S.A. approved new delegation limits that give its Executive Board broader autonomy to contract loans, finance leases, financings, capital markets transactions and other financial op...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.