BASF SE
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5-year stock timeline
2025–2026 (full-year reporting and strategy execution)
BASF reported improved full-year 2024 results on February 28, 2025, reflecting stronger performance across core businesses and accounting effects from the Wintershall Dea divestment completed in September 2024. Investor perception shifted from post-crisis recovery in 2023 toward recognition of an improving, more focused chemicals company. Management emphasized stronger EBITDA from core businesses and a clearer exit from oil and gas, supporting a narrative of streamlining and returning cash to shareholders rather than maintaining upstream energy exposure.
EBITDA before special items increased in 2024, with core businesses up 18 percent versus 2023. Net income for 2024 rose to €1.3 billion from €0.225 billion in 2023. The proposed dividend for the 2024 business year reached €2.25 per share, targeting approximately €2.0 billion in annual payout [8][10][12].
2024 September 3 (closing of Wintershall Dea E&P sale to Harbour Energy)
BASF completed the sale of Wintershall Dea's exploration and production business (excluding Russia-related activities) to Harbour Energy. In the transaction, BASF received cash and Harbour shares, resulting in BASF holding a 39.6 percent stake in the enlarged Harbour and cash consideration of approximately $1.28 billion plus a total cash consideration to all sellers of $1.76 billion.
The market saw this as de-risking BASF's exposure to upstream hydrocarbons and crystallizing value from Wintershall Dea while maintaining a material investment stake in the combined Harbour entity. This reinforced the company's pivot to chemicals and materials and supported dividend and return narratives.
Cash consideration to BASF totaled approximately $1.28 billion. BASF's resulting shareholding in Harbour reached 39.6 percent of the enlarged entity. Management described the divestiture as the decisive step toward final separation from oil and gas [9][1][2].
2024 February 28 (FY 2023 reporting and annual press conference)
BASF reported 2023 results showing significant earnings decline versus 2022 but maintained positive net income and a high dividend. The company announced intention and agreements (signed December 21, 2023) to combine Wintershall Dea with Harbour Energy, with the transaction closing later in 2024.
After a weak 2023 operating year, investors viewed BASF as a defensive, cash-returning industrial chemical group with significant cyclicality. The Wintershall-Harbour deal was framed as strategic execution to remove oil and gas volatility and unlock shareholder value while keeping a stake in the new entity rather than direct operations.
Sales in 2023 reached €68.9 billion, down from €87.3 billion in 2022. EBITDA before special items fell to €7.7 billion, down €3.1 billion versus 2022. EBIT before special items in 2023 totaled €3.8 billion. Net income recovered to €225 million, improved from a 2022 loss. The dividend proposed for 2023 was €3.40 per share, representing a total payout of approximately €3.0 billion [6][4][13][3].
2023 December 21 (agreement to combine Wintershall Dea with Harbour Energy)
BASF, LetterOne and Harbour Energy signed an agreement to combine Wintershall Dea and Harbour. The announced structure contemplated sale of Wintershall Dea's E&P business (excluding Russia) to Harbour, with share and cash consideration for BASF.
The market framed this as BASF accelerating its strategy to exit oil and gas and reallocate capital to core chemicals and solutions. Investors treated the deal as a way to realize value from Wintershall Dea while mitigating direct operational and geopolitical risk.
Transaction terms provided for cash consideration and enlarged Harbour shareholdings for Wintershall Dea sellers, with BASF to receive cash plus shares leading to approximately a 39.6 percent stake post-close [7][1].
2023 (full year — results announced February 2024; market environment)
The 2023 operating year was characterized by substantially lower volumes and prices across key segments. BASF's Chemicals and Materials segments delivered considerably lower earnings versus 2022.
Investor perception shifted to recognition of cyclical sensitivity. After the boom in 2021, 2023 was seen as a reset to normal or soft chemical demand, with value retained in cash generation, dividends, and balance-sheet strength rather than continued high-margin growth.
Sales in 2023 totaled €68.9 billion. EBITDA before special items fell to €7.7 billion, a decline of 28.7 percent versus 2022. EBIT before special items in 2023 reached €3.8 billion. Management emphasized free cash flow and dividend coverage, with the 2023 dividend proposal at €3.40 per share [6][4][13].
2022 (war in Ukraine, impairments, wind-down of Russia activities)
Russia's full-scale invasion of Ukraine and related sanctions led BASF to wind down business activities in Russia and Belarus during 2022. Wintershall Dea incurred large impairments tied to Russia exposures, producing major non-cash charges for BASF.
Investor sentiment turned cautious and focused on geopolitical risk and impairment volatility. The large non-cash impairment on Wintershall Dea shifted perceptions from a steady integrated player to one bearing material geopolitical and asset-value risk. Markets scrutinized BASF's exposure to upstream oil and gas and its balance-sheet implications.
Net income from shareholdings in 2022 fell to negative €4.9 billion, compared with €0.207 billion in 2021. Net income for BASF Group in 2022 reached negative €627 million, versus €5.5 billion in 2021. Management announced winding down Russia and Belarus operations and significant non-cash impairment charges of approximately €6.3 to €6.5 billion [16][21][24][26].
2021 (strong recovery year)
BASF recorded a very strong business year in 2021 as demand, volumes and selling prices rose sharply following pandemic disruptions.
Investors regarded BASF in 2021 as a high-cycle beneficiary and strong cash generator. The company's upstream and commodities exposure translated into large earnings leverage to recovery and price rises. The stock was seen as offering attractive dividend yield backed by robust free cash flow.
Sales in 2021 reached €78.6 billion, up 33 percent versus 2020. EBIT before special items totaled €7.8 billion. Net income for 2021 reached €5.5 billion. The proposed dividend for 2021 was €3.40 per share. Year-end share price in 2021 closed at €61.78 [31][32][40].
Key risks and downside factors
BASF operates as a globally diversified chemicals manufacturer with exposure across petrochemicals, performance products, agriculture including crop protection and seeds, and functional materials. Its competitive set consists primarily of large integrated chemical groups and specialty chemical firms that compete on overlapping product categories—feedstocks, polymers, coatings, crop protection and performance chemistries. The company faces material headwinds from commodity feedstock and energy price volatility, regulatory and environmental compliance requirements particularly within EU chemical and pesticide frameworks, cyclical demand patterns that compress margins during periods of oversupply, and execution risks tied to divestitures, acquisitions and the shift toward low-carbon and sustainable product portfolios.
- Volatility in commodity feedstock and energy prices—particularly naphtha and natural gas—creates margin compression and elevates production costs.
- Regulatory and environmental risks span EU REACH compliance, pesticide approval frameworks, and increasingly stringent emissions and climate regulations that may restrict product availability or necessitate substantial remediation investments.
- Demand cycles and oversupply across automotive, construction, and packaging markets are compressing prices and eroding margins.
- Execution risk tied to portfolio transformation, including large-scale M&A and divestment activity, plus the capital intensity of pivoting toward low-carbon and specialty solutions.
Competitive landscape
BASF operates as a diversified global chemical company with exposure across chemicals, materials, industrial solutions, surface technologies, nutrition and care, and agricultural solutions. Its competitive set includes other global chemical majors alongside specialty producers that overlap in specific product categories—polymers, specialty chemicals, crop protection, and performance materials among them. The business faces material risks from cyclical end-market demand, raw-material and energy cost swings, environmental and regulatory obligations, and pricing pressure from both integrated global competitors and regional producers operating at lower cost structures.
| Company | Ticker |
|---|---|
| Dow Inc. | DOW.NYSE |
| LyondellBasell Industries | LYB.NYSE |
| SABIC (Saudi Basic Industries Corporation) | 2010.SR |
| Corteva, Inc. | CTVA.NYSE |
Private competitors
- INEOS (group of private chemical businesses)
- Numerous regional/state-owned producers in China and the Middle East (e.g., Sinopec/SOE affiliates that act commercially)
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Start Free TrialPerformance Figures of BASF SE
Relative Performance vs Benchmarks
| Period | BASF SE | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -3.68% | -0.35% | -5.09% |
| 3M | +7.67% | +7.58% | +3.77% |
| 6M | -2.47% | -8.09% | -17.71% |
| 1Y | +21.25% | +18.15% | +3.56% |
| 3Y | +43.99% | -21.09% | -44.09% |
| 5Y | +9.13% | -56.21% | -81.11% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 7.9 | 0.7 | 1.3 | 9.6 |
| 1Y ago | 143.6 | 0.6 | 1.2 | 7.2 |
| 3Y ago | -12.3 | 0.5 | 1.0 | 4.5 |
| 5Y ago | 10.0 | 0.8 | 1.4 | 9.5 |
Frequently Asked Questions
Where is the BASF SE stock traded?
What does BASF SE do?
What are the key metrics for BAS.XETRA?
How has BASF SE's stock price performed?
How is BAS.XETRA valued?
Does BAS.XETRA pay dividends?
What are the key risks when investing in BAS.XETRA?
- Volatility in commodity feedstock and energy prices—particularly naphtha and natural gas—creates margin compression and elevates production costs.
- Regulatory and environmental risks span EU REACH compliance, pesticide approval frameworks, and increasingly stringent emissions and climate regulations that may restrict product availability or necessitate substantial remediation investments.
- Demand cycles and oversupply across automotive, construction, and packaging markets are compressing prices and eroding margins.
- Execution risk tied to portfolio transformation, including large-scale M&A and divestment activity, plus the capital intensity of pivoting toward low-carbon and specialty solutions.
Who are the main competitors of BASF SE?
- Dow Inc. (DOW.NYSE)
- LyondellBasell Industries (LYB.NYSE)
- SABIC (Saudi Basic Industries Corporation) (2010.SR)
- Corteva, Inc. (CTVA.NYSE)
When does BASF SE report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 2.25 EUR | 4.11% | 4.7% |
| 2025 | 2.25 EUR | 5.07% | |
| 2024 | 3.40 EUR | 6.67% | |
| 2023 | 3.40 EUR | 7.08% | |
| 2022 | 3.40 EUR | 6.74% | |
| 2021 | 3.30 EUR | 4.68% | |
| 2020 | 3.30 EUR | 7.07% | |
| 2019 | 3.20 EUR | 4.39% | |
| 2018 | 3.10 EUR | 3.57% | |
| 2017 | 3.00 EUR | 3.35% | |
| 2016 | 2.90 EUR | 4.02% | |
| 2015 | 2.80 EUR | 3.13% | |
| 2014 | 2.70 EUR | 3.21% | |
| 2013 | 2.60 EUR | 3.58% | |
| 2012 | 2.50 EUR | 3.83% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 59.66B | 61.44B | 68.90B | 87.33B | 78.60B |
| Operating income (EBIT) | 2.56B | 3.38B | 3.81B | 6.76B | 6.95B |
| Net income | 1.62B | 1.30B | 225.00M | -627.00M | 5.52B |
| Free cash flow | 1.34B | 748.00M | 2.72B | 3.33B | 3.71B |
| Total assets | 78.02B | 80.42B | 79.93B | 84.47B | 87.38B |
| Equity | 33.19B | 35.60B | 35.28B | 39.57B | 40.79B |
| Net debt | 21.75B | 21.08B | 18.72B | 18.43B | 16.51B |
PWP Leeway UG (haftungsbeschränkt)
