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Celanese Corp (CE)
NYSE:CE
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Celanese
(NYSE:CE)
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Rating:58Neutral
Price Target:
$58.00
▲(5.61% Upside)
The score is held back primarily by weak current profitability (losses and compressed margins) and only moderate balance-sheet flexibility, partially offset by resilient positive free cash flow. Technicals are supportive with the stock trading above key moving averages, though momentum is overextended (RSI/Stoch), increasing pullback risk. Management’s 2026 free-cash-flow guidance and cash-focused execution plan provide some offset, but near-term operational headwinds and pricing/volume pressure keep the overall score in the mid-range.
Positive Factors
Cash Generation Resilience
Despite net losses in 2024 and TTM, Celanese generates materially positive operating and free cash flow. Persistent cash generation provides durable liquidity to fund debt reduction, working-capital moves, and cost programs, improving financial flexibility across the next several quarters.
Clear Cash & Deleveraging Plan
Management has a concrete plan to hit $650–$750M FCF in 2026 using inventory reductions, lower cash interest and taxes, and cost-program savings, plus active refinancing and divestiture targets. These structural levers support sustainable deleveraging and balance-sheet repair over 2–6 months.
Engineered Materials Exposure to Secular Demand
The Engineered Materials segment shows structural upside from secular trends—AI/data center electronics, select automotive and medical markets. Higher-value product mix and targeted growth pathways can sustain revenue and margin recovery independent of cyclical acetyl-chain pressures.
Negative Factors
Earnings & Margin Weakness
Celanese has moved from multi-year profitability to operating and net losses with notable margin compression. Persistently weak earnings reduce retained cash for reinvestment, limit cyclical resilience, and mean recovery depends on market stabilization rather than just internal cost fixes.
China Overcapacity & Pricing Pressure
Structural overcapacity in China and acetate-tow destocking pressure the spot market and depress margins. This reduces pricing power in the Acetyl Chain and can sustain lower margin levels across regions, constraining sustainable profitability until industry capacity balances.
Legacy Leverage Limits Flexibility
Although recent refinancing improved near-term maturities, elevated leverage from 2022–2024 reduces strategic optionality while earnings are negative. Higher historical indebtedness constrains capital allocation, making the company more reliant on cash levers and disposals to restore financial headroom.
Celanese (CE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.01B
Dividend Yield0.29%
Average Volume (3M)2.30M
Price to Earnings (P/E)―
Beta (1Y)1.10
Revenue Growth-7.34%
EPS Growth-382.79%
CountryUS
Employees11,000
SectorBasic Materials
Sector Strength58
IndustryChemicals
Share Statistics
EPS (TTM)0.67
Shares Outstanding109,504,890
10 Day Avg. Volume2,806,104
30 Day Avg. Volume2,295,482
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)1.14
Price to Sales (P/S)0.49
P/FCF Ratio0.00
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue0.64
Enterprise Value/Gross Profit3.20
Enterprise Value/Ebitda31.76
Forecast
1Y Price Target
$59.21Price Target Upside7.81% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Celanese Business Overview & Revenue Model
Company DescriptionCelanese Corporation, a technology and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. The company operates through three segments: Engineered Materials, Acetate Tow, and Acetyl Chain. The Engineered Materials segment develops, produces, and supplies specialty polymers for automotive and medical applications, as well as for use in industrial products and consumer electronics. It also offers acesulfame potassium, a sweetener for use in various beverages, confections, and dairy products; and food protection ingredients, such as potassium sorbate and sorbic acid for use in foods, beverages, and personal care products. The Acetate Tow segment provides acetate tows and flakes for use in filter products applications. The Acetyl Chain segment produces and supplies acetyl products, including acetic acid, vinyl acetate monomers, acetic anhydride, and acetate esters that are used as starting materials for colorants, paints, adhesives, coatings, and pharmaceuticals; and organic solvents and intermediates for pharmaceutical, agricultural, and chemical products. It also offers vinyl acetate-based emulsions for use in paints and coatings, adhesives, construction, glass fiber, textiles, and paper applications; and ethylene vinyl acetate resins and compounds, as well as low-density polyethylene for use in flexible packaging films, lamination film products, hot melt adhesives, automotive parts, and carpeting applications. In addition, it manufactures ultra-high molecular weight polyethylene. Celanese Corporation was founded in 1918 and is headquartered in Irving, Texas.
How the Company Makes MoneyCelanese generates revenue through the production and sale of its chemical and material products, primarily focusing on high-margin specialty products. Key revenue streams include sales from acetic acid and its derivatives, which are essential in the production of various consumer and industrial products. The company also benefits from its engineered materials segment, which provides advanced polymers and solutions tailored to specific customer needs. Significant partnerships with various companies across different sectors enhance its market reach and innovation capabilities, while ongoing investments in technology and sustainability initiatives position Celanese to capture growth in emerging markets and applications.
Celanese Key Performance Indicators (KPIs)
Any
Net Sales By Segment
Reveals revenue generated from each business unit, highlighting which segments drive growth and where the company might need to improve or expand.
Reveals revenue generated from each business unit, highlighting which segments drive growth and where the company might need to improve or expand.
Data provided by:
The Fly
The FlyCelanese Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: material operational weakness in 2025 (notably in the Acetyl Chain and acetate tow) and ongoing demand/headwinds in parts of Asia were balanced by strong management focus on cash generation, refinancing, targeted cost actions, divestiture progress, and clear free cash flow guidance ($650–$750M). Management expressed confidence in hitting cash and deleveraging targets while acknowledging near-term H1 pressure (inventory timing and scheduled turnarounds) and the need for market stabilization in certain product lines. Overall, improvements are primarily expected through cash/cost levers and selective growth in Engineered Materials (electronics and select auto/medical), with stabilization in challenged pockets anticipated by mid-year rather than immediate recovery.Q4-2025 Updates
Positive Updates
Focused Cash Generation and Refinancing
Management emphasized cash generation as the primary priority, noting successful bond refinancing, materially lower near-term maturities, and confidence in deleveraging without issuing equity.
Free Cash Flow Target
Company reiterated a free cash flow target range of $650 million to $750 million for 2026 and expressed confidence in achieving it through a mix of modest earnings improvement and cash levers.
Working Capital and Inventory Improvement
Working capital performance was strong in 2025 (~$390 million improvement cited) and management is targeting an additional ~$100 million of inventory reduction in 2026 to support cash flow.
Divestiture Progress Toward $1B Goal
Target to generate $1.0 billion of divestiture proceeds by 2027 remains intact; management said they are 'about halfway there' with probability-weighted deals in process and expect another deal in 2026. MicroMax was highlighted as a recent fast execution (~9 months).
Cost Savings from Lanakan Plant Closure
Lanakan plant closure expected to deliver $20 million to $25 million of annual cost benefit, with $5 million to $10 million of that expected to be realized in 2026.
Engineered Materials Bright Spots and Growth Pathways
Engineered Materials showed sequential improvement driven by volume and mix; electronics (AI/data centers) singled out as a bright spot, with opportunities in automotive and medical. Management still expects the potential for $1 to $2 of EPS uplift versus 2025 driven by EM growth, pricing pockets and cost reductions.
Lower Cash Interest and Tax Benefits
Company expects cash interest to be down roughly $50 million in 2026 and lower cash taxes (management cited ~$50 million to $60 million of tax improvement), both supporting cash generation.
1% Volume Sensitivity and Leverage
Management reiterated operating leverage: a 1% volume improvement in the Western Hemisphere Acetyl Chain equates to ~$15–$20 million/year and a 1% improvement in Engineered Materials equates to ~$20–$25 million/year, indicating meaningful upside from small demand improvements.
Negative Updates
Significant EBIT Declines in 2025
Adjusted EBIT fell materially in 2025: Acetyl Chain down approximately $400 million year-over-year and Engineered Materials down approximately $120 million, driven largely by volume and price deterioration (mix also a factor).
Quarterly Volume Decline and Destocking
Reported a 6% decline in volumes in the quarter; management attributed this to greater-than-expected destocking and seasonality, with acetate tow destocking continuing and only modest seasonal recovery observed.
Acetate Tow and China Overcapacity Pressure
Acetate tow was a major headwind (large chunk of Acetyl Chain weakness), with continued margin compression in China due to overcapacity; management does not expect large near-term uplifts from Asia and sees stabilization only by mid-year.
Near-Term Q2 Headwinds (Turnarounds and Inventory Timing)
A ~$30 million inventory tailwind benefiting Q1 is likely to reverse in Q2. A larger polyacetal (POM) turnaround is scheduled for Q2, with incremental turnaround expense concentrated in that quarter, making H1 relatively weaker and the year second-half weighted.
Margins Below Historical Levels
Acetyl Chain margins have compressed from historic mid-20% levels to mid-teens in the last year, reflecting structural and cyclical headwinds in some regions and product lines.
Spot Pricing Pressure from New Capacity
Management noted increased competition and pricing pressure in the spot portion of the business due to additional capacity that came online last year, limiting ability to raise contract prices in 2026.
Uncertainty in Automotive Demand in China
Auto end market in China is mixed with EV incentives and stimulus rolling off, creating softness and uncertainty that depresses demand for certain EM products tied to automotive.
Working Capital Headwinds and Modeling Variability
While management is confident in cash targets, several participants highlighted a sizable working capital swing/headwind year-over-year (discussed as a material modeling challenge), requiring management to rely on various levers to hit cash targets.
Company Guidance
Celanese guided 2026 free cash flow of $650–$750 million, driven by a targeted $100 million of additional inventory reductions (after a ~$390 million working‑capital improvement in 2025), lower cash interest (roughly $50 million), lower cash taxes ($50–60 million), and reduced cash outlays for cost programs ($25–50 million); management reiterated an EPS improvement goal of $1–$2 versus 2025, expects results to be second‑half weighted, and still targets $1 billion of divestiture proceeds by 2027 (about halfway there with another deal expected in 2026), noted a Q1 $30 million inventory tailwind likely to reverse in Q2 alongside a sizable POM turnaround (Q2 impact in the same ~$30 million range), cited Lanaken closure savings of $20–25 million full year (~$5–10 million in 2026), expects China SIGTOE dividends of ~ $40 million per quarter, and highlighted operating leverage (≈ $15–20 million per 1% volume in Acetyl Chain; ≈ $20–25 million per 1% in Engineered Materials) with interest expense likely flat on the P&L year‑over‑year.Celanese Financial Statement Overview
Summary
Profitability has deteriorated to operating and net losses in 2024 and TTM with modest revenue contraction and meaningful margin compression (weak income statement). The balance sheet is not distressed but prior elevated leverage reduces flexibility during losses. Cash flow is the key support, with TTM operating cash flow and free cash flow still solidly positive despite net losses.Income Statement
TTM (Trailing-Twelve-Months) profitability is weak, with an operating loss and a net loss, following another net loss in 2024 after strong profitability in 2021–2023. Revenue has been drifting down (down modestly in TTM and down again in 2024), and margins have compressed meaningfully versus the prior peak years—moving from healthy gross and net margins in 2021–2023 to negative operating and net margins in 2024 and TTM. The key positive is that the business has historically demonstrated the ability to generate strong earnings in up-cycles, but the current earnings profile is clearly under pressure.24
Negative
Balance Sheet
Leverage looks mixed. Reported debt-to-equity improved sharply in TTM versus 2024, but 2022–2024 show elevated leverage levels that add risk when earnings are negative. Equity remains sizeable relative to total assets, providing some balance-sheet cushion, but returns to shareholders have swung from strong positives in 2020–2023 to deeply negative in 2024 and TTM due to losses. Overall, the balance sheet is not distressed, but prior high leverage and today’s weak profitability reduce flexibility.52
Neutral
Cash Flow
Cash generation is a relative bright spot: TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are solidly positive despite net losses, indicating meaningful non-cash charges and/or working-capital support. Free cash flow is down versus prior periods (negative growth in TTM and 2024), but it remains positive and materially higher in TTM than in 2024. The main concern is that cash flow covering earnings remains strained because profitability is negative, so sustaining strong cash generation will be important if the downturn persists.63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 9.54B | 10.28B | 10.94B | 9.67B | 8.54B |
| Gross Profit | 1.79B | 2.36B | 2.60B | 2.38B | 2.68B |
| EBITDA | 1.51B | 503.00M | 2.61B | 2.30B | 2.72B |
| Net Income | -1.17B | -1.52B | 1.96B | 1.89B | 1.89B |
Balance Sheet | |||||
| Total Assets | 21.70B | 22.86B | 26.60B | 26.27B | 11.97B |
| Cash, Cash Equivalents and Short-Term Investments | 1.26B | 962.00M | 1.80B | 1.51B | 546.00M |
| Total Debt | 13.13B | 12.95B | 14.10B | 15.13B | 4.20B |
| Total Liabilities | 17.22B | 17.25B | 19.05B | 20.17B | 7.44B |
| Stockholders Equity | 4.05B | 5.17B | 7.09B | 5.64B | 4.19B |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 531.00M | 1.33B | 1.28B | 1.29B |
| Operating Cash Flow | 1.15B | 966.00M | 1.90B | 1.82B | 1.76B |
| Investing Cash Flow | -349.00M | -470.00M | -134.00M | -11.14B | -1.12B |
| Financing Cash Flow | -513.00M | -1.31B | -1.46B | 10.29B | -1.04B |
Celanese Technical Analysis
Positive
54.92
Price Trends
46.81
Positive
43.57
Positive
47.58
Positive
Market Momentum
3.15
Negative
59.94
Neutral
38.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CE, the sentiment is Positive. The current price of 54.92 is above the 20-day moving average (MA) of 51.83, above the 50-day MA of 46.81, and above the 200-day MA of 47.58, indicating a bullish trend. The MACD of 3.15 indicates Negative momentum. The RSI at 59.94 is Neutral, neither overbought nor oversold. The STOCH value of 38.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CE.
Celanese Risk Analysis
Celanese disclosed 4 risk factors in its most recent earnings report. Celanese reported the most risks in the "Macro & Political" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Celanese Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $478.45M | 9.26 | 6.62% | 3.81% | -5.05% | 35.01% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | $6.01B | -5.19 | -24.70% | 0.29% | -7.34% | -382.79% | |
57 Neutral | $2.33B | ― | -9.63% | 8.44% | -3.46% | -191.77% | |
52 Neutral | $22.66B | -8.51 | -15.79% | 9.17% | -5.25% | -208.14% | |
51 Neutral | $1.23B | -2.34 | -29.57% | 8.27% | -7.81% | -334.15% | |
47 Neutral | $1.45B | -1.72 | ― | ― | -10.68% | 36.31% |
* Basic Materials Sector Average
CE
Celanese
54.92
2.12
4.02%
BAK
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3.89
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-10.57%
HUN
Huntsman
12.69
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-22.62%
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6.95
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-6.67%
ASIX
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18.00
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DOW
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31.39
-4.94
-13.60%
Celanese Corporate Events
Financial Disclosures
Celanese to Present Q4 and Full-Year 2025 Results
Neutral
Feb 17, 2026
On February 18, 2026, Celanese President and CEO Scott A. Richardson is scheduled to present the company’s fourth-quarter and full-year 2025 financial results to investors and analysts via a company-hosted webcast. The event materials, including a press release, management’s prepared remarks and a slide deck, will be made available on the company’s investor website, with non‑U.S. GAAP metrics reconciled to comparable U.S. GAAP measures in a supplemental information document accessible to stakeholders.
The most recent analyst rating on (CE) stock is a Buy with a $86.00 price target. To see the full list of analyst forecasts on Celanese stock, see the CE Stock Forecast page.
Executive/Board Changes
Celanese director Scott Sutton resigns for external CEO role
Neutral
Jan 6, 2026
On January 4, 2026, Celanese Corporation announced that Scott M. Sutton resigned from its Board of Directors as he assumes the role of Chief Executive Officer at Rayonier Advanced Materials Inc., with the company formally disclosing the move in a January 6, 2026 press release. Celanese’s leadership emphasized that Sutton’s departure was amicable, not stemming from any disagreement over operations or policies, and highlighted his contributions to board oversight and the company’s strategic progress on deleveraging, cost improvements and positioning for top-line growth, signaling continued confidence in the remaining board’s ability to drive long-term shareholder value.
The most recent analyst rating on (CE) stock is a Hold with a $45.00 price target. To see the full list of analyst forecasts on Celanese stock, see the CE Stock Forecast page.
Business Operations and StrategyPrivate Placements and Financing
Celanese Completes $1.4 Billion Senior Notes Offering
Positive
Dec 17, 2025
On December 17, 2025, Celanese US Holdings LLC, a subsidiary of Celanese Corporation, successfully completed the offering of $1.4 billion in senior notes. Proceeds from this offering will be utilized to repay existing debt, fund tender offers for outstanding senior notes, and support general corporate purposes, enhancing the company’s financial flexibility and operational strategy.
The most recent analyst rating on (CE) stock is a Hold with a $43.00 price target. To see the full list of analyst forecasts on Celanese stock, see the CE Stock Forecast page.
Business Operations and StrategyPrivate Placements and Financing
Celanese Increases Cash Tender Offers for Notes
Positive
Dec 16, 2025
On December 16, 2025, Celanese Corporation announced the early results and an increase in size of its cash tender offers for its 6.665% Senior Notes due 2027 and 6.850% Senior Notes due 2028. The company has successfully tendered $946,106,000 of the 2027 Notes and $675,185,000 of the 2028 Notes, with the latter being subject to a Series Cap of $254,000,000. The tender offers were fully subscribed by the Early Tender Time, and the company expects to settle the accepted notes on December 17, 2025, indicating a strategic move to manage its debt obligations effectively.
The most recent analyst rating on (CE) stock is a Hold with a $41.00 price target. To see the full list of analyst forecasts on Celanese stock, see the CE Stock Forecast page.
Business Operations and StrategyPrivate Placements and Financing
Celanese Issues $1.4 Billion in Senior Notes
Positive
Dec 4, 2025
On December 3, 2025, Celanese Corporation, through its subsidiary Celanese US Holdings LLC, entered into an Underwriting Agreement for the issuance of $1.4 billion in Senior Notes. This financial move, involving $600 million of 7.000% Senior Notes due 2031 and $800 million of 7.375% Senior Notes due 2034, is part of a strategic effort to strengthen its financial position and support future growth initiatives.
The most recent analyst rating on (CE) stock is a Hold with a $41.00 price target. To see the full list of analyst forecasts on Celanese stock, see the CE Stock Forecast page.
Business Operations and StrategyPrivate Placements and Financing
Celanese Announces $1 Billion Tender Offer for Notes
Neutral
Dec 2, 2025
On December 2, 2025, Celanese Corporation announced that its subsidiary, Celanese US Holdings LLC, initiated cash tender offers to purchase up to $1 billion of its outstanding senior notes due in 2027 and 2028. The tender offers are part of a strategic financial maneuver to manage debt, with the 2028 notes capped at $100 million. This move is expected to impact the company’s financial structure and its positioning in the market, as it involves retiring and canceling the purchased notes.
The most recent analyst rating on (CE) stock is a Hold with a $41.00 price target. To see the full list of analyst forecasts on Celanese stock, see the CE Stock Forecast page.
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.