Indorama Ventures (INDOY) AI Stock Analysis

• Market Cap: $3.63B
• Dividend Yield: 2.7%
• Average Volume (3M): 0.00
• Price to Earnings (P/E): ―
• Beta (1Y): 0.23
• Revenue Growth: -8.79%
• EPS Growth: 91.33%
• Country: US
• Employees: 22,027
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals
• EPS (TTM): -0.06
• Shares Outstanding: 561,455,200
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 0
• PEG Ratio: -0.10
• Price to Book (P/B): 1.06
• Price to Sales (P/S): 0.25
• P/FCF Ratio: 7.63
• Enterprise Value/Market Cap: 97.97
• Enterprise Value/Revenue: 0.76
• Enterprise Value/Gross Profit: 6.12
• Enterprise Value/Ebitda: 8.84
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $6.00 ▲(14.29% Upside)

The score is held back primarily by weak financial performance (declining revenue, losses, and high leverage), partially offset by improving free cash flow. Technicals are supportive due to an established uptrend, but overbought signals increase near-term risk. Valuation remains constrained by loss-making earnings despite a modest dividend yield.

Positive Factors

Global footprint & scale

A broad global manufacturing footprint and scale across PET, fibers and chemicals supports diversified end-market exposure and pricing power. Over months this durability aids resilience to regional downturns, secures large customer contracts, and lowers per-unit costs through scale.

Improving free cash flow

A 31% TTM rise in free cash flow indicates improving cash conversion that can sustainably fund maintenance capex, recycling investment, dividends or debt reduction. Stronger cash generation improves financial flexibility through cycles and supports strategic reinvestment.

Recycling & sustainability positioning

A clear focus on recycling and circular-economy products aligns with lasting regulatory and customer shifts toward recycled PET. This structural positioning supports access to premium contracts, regulatory compliance advantages, and secular demand growth for sustainable packaging.

Negative Factors

Declining revenue

A sustained top-line decline reduces utilization and scale benefits, pressuring margins and per-unit economics. Over several months a shrinking revenue base constrains reinvestment, weakens negotiating leverage with suppliers/customers and raises the bar to restore profitable growth.

High leverage

A debt-to-equity ratio above 2 indicates elevated financial risk. Persistently high leverage limits strategic flexibility for capex or M&A, increases interest burden sensitivity to rate moves, and heightens refinancing and covenant risk during industry slowdowns over the medium term.

Weak profitability & returns

Negative net margins and near-zero ROE signal an inability to convert sales into shareholder returns. Over months this reflects structural cost or mix issues, undermines capacity to fund growth internally, and jeopardizes consistent shareholder distributions and reinvestment plans.

Indorama Ventures Business Overview & Revenue Model

Company Description

Indorama Ventures Public Company Limited produces and distributes polyethylene terephthalate (PET), purified terephthalic acid (PTA), paraxylene, purified isophthalic acid, naphthalene dicarboxylate (NDC), integrated purified ethylene oxide and ethylene glycol, polyester, rayon, nylon, polypropylene, composites, and worsted wool fibers products. It operates in five segments: Integrated PET, Specialty Chemicals, Packaging, Integrated Oxides and Derivatives, and Fibers. The company offers various PET resins, including hot-fill, high and low intrinsic viscosity, quick heat, and general grade to serve beverage containers and food, pharmaceutical and household products, and industrial packaging applications, as well as produces clear and colored preforms, bottles, and closures. It also provides ethylene glycol used as a raw material in the production of polyester fibers, antifreeze, liquid coolant, and solvent; monoethylene glycol for use as a feedstock in the production of PET and polyester fibers; diethylene glycol used to manufacture polyester polyols, unsaturated polyester resins, buffet heaters, paints and coatings, plasticizers, liquid laundry detergents, and cement grinding; and triethylene glycol used for natural gas dehydration. In addition, the company offers surfactants, LAB, and ethanolamines used in manufacture of detergents, homecare products, soaps, toothpastes, shampoos, hair conditioners, and other foaming products. In addition, it provides polyester fibers and yarns used for apparels, home textile, automotive, and non-woven; bicomponent fibers; and worsted wool yarns used in making suits and sweaters, as well as tire cord yarns used in air bags and tire cords. The company operates in Thailand, North America, Europe, and internationally. The company was incorporated in 2003 and is headquartered in Bangkok, Thailand. Indorama Ventures Public Company Limited is a subsidiary of Indorama Resources Limited.

How the Company Makes Money

Indorama Ventures generates revenue primarily through the production and sale of its polyester and PET products. The company benefits from economies of scale due to its extensive manufacturing capabilities and global footprint, allowing it to serve diverse markets effectively. Key revenue streams include the sale of PET resins used in packaging and textiles, as well as polyester fibers. Additionally, Indorama Ventures engages in strategic partnerships and joint ventures that enhance its market position and expand its product offerings. Factors contributing to its earnings include fluctuating raw material prices, demand in end-user markets, and the company's initiatives in sustainable practices which can lead to new revenue opportunities.

Indorama Ventures Financial Statement Overview

Summary

Financials show pressure from declining revenue (-5.7% TTM) and negative net profit margin, alongside high leverage (debt-to-equity 2.03) and very low ROE (0.59%). Offsetting this, free cash flow improved meaningfully (+31% TTM), indicating better cash generation despite weak profitability.

Income Statement

Indorama Ventures has experienced declining revenue over recent periods, with a negative revenue growth rate of -5.7% in the TTM. The gross profit margin has decreased slightly to 13.3%, and the net profit margin is negative, indicating profitability challenges. The EBIT and EBITDA margins are low, reflecting operational inefficiencies.

Balance Sheet

The company has a high debt-to-equity ratio of 2.03, indicating significant leverage, which could pose financial risks. Return on equity is low at 0.59%, reflecting limited profitability from shareholders' investments. The equity ratio stands at 23.2%, suggesting moderate reliance on equity financing.

Cash Flow

Free cash flow has grown by 31% in the TTM, showing improvement in cash generation. The operating cash flow to net income ratio is 0.16, indicating that cash flow generation is not strongly aligned with net income. The free cash flow to net income ratio is 0.40, suggesting some cash flow stability despite net losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	467.26B	541.58B	544.30B	656.27B	470.55B	331.51B
Gross Profit	58.15B	75.26B	68.26B	114.04B	84.98B	43.71B
EBITDA	40.27B	22.18B	29.47B	76.32B	63.81B	29.72B
Net Income	-1.56B	-19.26B	-10.80B	31.01B	26.29B	2.41B
Balance Sheet
Total Assets	552.21B	541.55B	590.13B	623.88B	541.83B	453.17B
Cash, Cash Equivalents and Short-Term Investments	32.89B	19.08B	20.79B	23.06B	16.46B	20.47B
Total Debt	275.16B	262.02B	254.33B	254.31B	224.23B	211.96B
Total Liabilities	412.30B	402.62B	412.06B	422.99B	370.82B	317.56B
Stockholders Equity	128.34B	125.95B	164.36B	185.99B	158.77B	126.65B
Cash Flow
Free Cash Flow	16.30B	17.52B	26.90B	49.42B	10.57B	25.31B
Operating Cash Flow	35.19B	35.11B	53.13B	77.98B	33.77B	43.44B
Investing Cash Flow	-24.69B	-21.88B	-25.65B	-74.16B	-25.77B	-78.60B
Financing Cash Flow	-651.39M	-14.54B	-28.91B	1.52B	-10.89B	43.74B

Indorama Ventures Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.25
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INDOY, the sentiment is Positive. The current price of 5.25 is below the 20-day moving average (MA) of 5.91, below the 50-day MA of 5.32, and below the 200-day MA of 6.06, indicating a bullish trend. The MACD of 0.37 indicates Negative momentum. The RSI at 62.20 is Neutral, neither overbought nor oversold. The STOCH value of 50.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for INDOY.

Indorama Ventures Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
CE	57 Neutral	$4.87B	-1.62	-54.74%	0.29%	-7.34%	-382.79%
HUN	56 Neutral	$1.88B	-6.32	-10.65%	8.44%	-3.46%	-191.77%
INDOY	52 Neutral	$3.63B	-44.43	-0.46%	2.70%	-8.79%	91.33%
DOW	52 Neutral	$19.58B	-7.84	-15.78%	9.17%	-5.25%	-208.14%
TROX	49 Neutral	$960.83M	-3.11	-18.65%	8.27%	-7.81%	-334.15%
BAK	47 Neutral	$1.37B	-1.54	―	―	-10.68%	36.31%