Huntsman Corporation

HUN

Basic MaterialsChemicalsNYSE

$14.84

Market Cap: $2.60B

Huntsman Corporation (HUN) Valuation Summary

Updated Apr 27, 2026 22:22

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$3.33 – $201.78	$44.66	+225.5%
Revenue DCF 10Y	$0.34 – $140.49	$28.47	+107.5%
▸ Trading Multiples
EV/Revenue	$31.29 – $537.50	$151.78	+1006.2%

Valuation History

DCF Analysis

Huntsman Corporation (HUN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$28.47

Market Price

$14.84

Upside / Downside

+91.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -0.7% to a target of 13.1% over 5 years, discounted at a WACC of 6.5%, Huntsman Corporation (HUN) has an intrinsic value of $28.47 per share (range: $0.34 – $140.49).

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

13.1%

WACC

6.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.5%

Target CapEx/Rev

6.5%

D&A/Revenue

4.3%

Tax Rate

35.5%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	5,832	2.6%	2.1%	121	78	251	(221)	45	63	61
2027	6,149	5.4%	4.8%	297	191	265	(252)	45	160	146
2028	6,381	3.8%	7.6%	484	312	275	(280)	33	274	234
2029	5,920	-7.2%	10.3%	613	395	255	(277)	-65	437	351
2030	5,492	-7.2%	13.1%	720	464	236	(273)	-60	487	367
2031	5,189	-5.5%	13.1%	680	438	223	(274)	-43	431	305
2032	4,991	-3.8%	13.1%	654	422	215	(278)	-28	386	257
2033	4,886	-2.1%	13.1%	640	413	210	(286)	-15	351	219
2034	4,866	-0.4%	13.1%	638	411	209	(300)	-3	323	190
2035	4,929	1.3%	13.1%	646	416	212	(318)	9	301	166

Enterprise Value Bridge

Sum of PV(FCFF)2,296

Terminal Value (Gordon Growth at 3.0%)8,951

PV of Terminal Value4,935

Enterprise Value7,231

(–) Net Debt2,305

Equity Value4,926

(÷) Shares Outstanding173

Fair Value per Share$28.47

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
4.5%	$24	$53	$82	$111	$140
5.5%	$10	$27	$44	$62	$79
6.5%	$4	$16	$28	$41	$53
7.5%	$0	$10	$20	$29	$39
8.5%	$-2	$6	$14	$22	$30

Current price: $14.84. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.0% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Huntsman Corporation (HUN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$44.66

Market Price

$14.84

Upside / Downside

+200.9%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

13.1%

WACC

6.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.5%

Target CapEx/Rev

6.5%

D&A/Revenue

4.3%

Tax Rate

35.5%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	5,832	2.6%	2.1%	121	78	251	(239)	45	45	44
2027	6,149	5.4%	4.8%	297	191	265	(288)	45	124	113
2028	6,381	3.8%	7.6%	484	312	275	(336)	33	218	186
2029	5,920	-7.2%	10.3%	613	395	255	(347)	-65	367	295
2030	5,492	-7.2%	13.1%	720	464	236	(354)	-60	406	306

Enterprise Value Bridge

Sum of PV(FCFF)943

Terminal Value (Gordon Growth at 3.0%)12,049

PV of Terminal Value9,088

Enterprise Value10,031

(–) Net Debt2,305

Equity Value7,726

(÷) Shares Outstanding173

Fair Value per Share$44.66

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
4.5%	$53	$91	$128	$165	$202
5.5%	$26	$47	$69	$91	$113
6.5%	$14	$29	$45	$60	$75
7.5%	$7	$19	$31	$43	$55
8.5%	$3	$13	$22	$32	$42

Current price: $14.84. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.0% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$152.13

Market Price

$14.84

Upside / Downside

+925.1%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Huntsman Corporation (HUN) has a fair value of $152.13 based on 4 comparable companies in the Chemicals industry.

EV/Revenue Valuation — Chemicals

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Huntsman CorporationHUN	2,561	0.9x	0.8x
The Chemours CompanyCC	3,974	1.4x	1.4x
Kaiser Aluminum CorporationKALU	2,859	1.2x	1.3x
Silvercorp Metals Inc.SVM	2,761	8.4x	8.4x
ASP Isotopes Inc. Common StockASPI	470	16.8x	13.0x
Industry Median		4.9x	4.9x
(*) Revenue		5,683	6,027
= Enterprise Value		27,707	29,418
(-) Net Debt		2,305	2,305
Equity Value		25,402	27,113
(/) Outstanding shares		173	173
Fair Price		$147	$157

Selected Fair Value (avg of trailing + forward)

$152.13

+925.1%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$3.33 – $201.78

$44.66

+225.5%

Revenue DCF 10Y

$0.34 – $140.49

$28.47

+107.5%

▸ Trading Multiples

EV/Revenue

$31.29 – $537.50

$151.78

+1006.2%

DCF Analysis

Huntsman Corporation (HUN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$28.47

Market Price

$14.84

Upside / Downside

+91.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

13.1%

WACC

6.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.5%

Target CapEx/Rev

6.5%

D&A/Revenue

4.3%

Tax Rate

35.5%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	5,832	2.6%	2.1%	121	78	251	(221)	45	63	61
2027	6,149	5.4%	4.8%	297	191	265	(252)	45	160	146
2028	6,381	3.8%	7.6%	484	312	275	(280)	33	274	234
2029	5,920	-7.2%	10.3%	613	395	255	(277)	-65	437	351
2030	5,492	-7.2%	13.1%	720	464	236	(273)	-60	487	367
2031	5,189	-5.5%	13.1%	680	438	223	(274)	-43	431	305
2032	4,991	-3.8%	13.1%	654	422	215	(278)	-28	386	257
2033	4,886	-2.1%	13.1%	640	413	210	(286)	-15	351	219
2034	4,866	-0.4%	13.1%	638	411	209	(300)	-3	323	190
2035	4,929	1.3%	13.1%	646	416	212	(318)	9	301	166

Enterprise Value Bridge

Sum of PV(FCFF)2,296

Terminal Value (Gordon Growth at 3.0%)8,951

PV of Terminal Value4,935

Enterprise Value7,231

(–) Net Debt2,305

Equity Value4,926

(÷) Shares Outstanding173

Fair Value per Share$28.47

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
4.5%	$24	$53	$82	$111	$140
5.5%	$10	$27	$44	$62	$79
6.5%	$4	$16	$28	$41	$53
7.5%	$0	$10	$20	$29	$39
8.5%	$-2	$6	$14	$22	$30

Current price: $14.84. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.0% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$152.13

Market Price

$14.84

Upside / Downside

+925.1%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Huntsman Corporation (HUN) has a fair value of $152.13 based on 4 comparable companies in the Chemicals industry.

EV/Revenue Valuation — Chemicals

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Huntsman CorporationHUN	2,561	0.9x	0.8x
The Chemours CompanyCC	3,974	1.4x	1.4x
Kaiser Aluminum CorporationKALU	2,859	1.2x	1.3x
Silvercorp Metals Inc.SVM	2,761	8.4x	8.4x
ASP Isotopes Inc. Common StockASPI	470	16.8x	13.0x
Industry Median		4.9x	4.9x
(*) Revenue		5,683	6,027
= Enterprise Value		27,707	29,418
(-) Net Debt		2,305	2,305
Equity Value		25,402	27,113
(/) Outstanding shares		173	173
Fair Price		$147	$157

Selected Fair Value (avg of trailing + forward)

$152.13

+925.1%