CE

Celanese is a specialty/commodity chemicals producer (acetyls and engineered materials) caught in a severe down-cycle and weighed down by the debt-funded Mobility & Materials acquisition from DuPont. FY2025 was the second consecutive ugly year: revenue fell 7.1% to $9.54B, gross margin compressed to 20.5%, the operating line swung to a -$786M loss, and the company posted a $1.17B net loss (after a $1.54B loss in FY2024). Diluted EPS was -$10.64. The losses are heavily driven by goodwill/intangible impairments — the 10-K flags 'additional impairment of goodwill or intangible assets' as an ongoing risk — but the underlying demand picture is genuinely weak across CE's cyclical end-markets (automotive, electronics, construction, textiles).

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