The Company in a Nutshell
| Date Reviewed | 03/06/2026 |
| Company Name | Chemtrade Logistics Income Fund |
| Symbol | CHE.UN.TO |
| Sector | Materials |
| Industry | Chemicals |
| Beta | 1.05 |
| PRO Rating | 2 |
| Dividend Safety | 2 |
Business Model
| Current price | 15.88 |
| ROE | 17.50 % |
| ROIC | 15.25 % |
| Shareholder Yield | 0.55 % |
| 5-Yr Total Return | 227.60 % |
| 1-Yr Total Return | 75.55 % |
| Next Earnings Date | 05-11-26 |
Latest Quarter Information
What the CEO said:
2025 was another year of strong financial and operational performance for Chemtrade, delivering the highest annual Adjusted EBITDA result in our history. While we benefitted from external market conditions, particularly for acid products, it is important to highlight that these record results were enabled by the operational excellence initiatives implemented over the past few years, our commercial discipline, and the dedication of our team. Chemtrade has not been immune to the continued softness in certain EC segment products, but the uniqueness of our business portfolio and our diverse customer base position us well to deliver through the cycle.
What we say:
2026-03-05, Chemtrade gave robust results for 4Q'25. Segment revenue in Q4 was SWC ~$323M (up +24% YoY) and EC $179M (-4%); management attributed EC pressure mainly to lower MECU sales volumes and weaker netbacks, partially offset by higher sodium chlorate volumes and higher volumes at the Brazil plant. Q4 AEBITDA was $98.2M down 9.6% YoY. Chemtrade increased its monthly distribution again after year-end, raising it in Jan'26 by ~4% to $0.06/ unit ($0.72 annualized), and it highlighted a 2025 payout ratio of 35%. It also returned capital via buybacks, purchasing ~8.9M units for $100.8M during 2025 under its NCIB. Chemtrade reiterated 2026 AEBITDA guidance of $485M-$525M.
Investment Thesis
Dividend Triangle
| 5-Yr Rev. Growth | 8.55 % |
| 5-Yr EPS Growth | 0.00 % |
| 5-Yr Div Growth | 3.30 % |
Potential Risks
| Debt/Equity | 1.55 |
| Financial Debt to EBITDA (TTM) | 2.30 |
| Current Ratio (Quarterly) | 0.90 |
| Credit Score | 65 |
Dividend Growth Perspective
| Dividend ($) | 0.72 |
| Dividend Yield Fwd | 4.45 % |
| Dividend Frequency | Monthly |
| Average 5-Yr Yield | 6.10 % |
| Payout Ratio (%) | 56.60 |
| Cash Payout Ratio (%) | 56.60 |
| DGR 1-Yr (TTM) | 3.30 |
| DGR 3-Yr (TTM) | 5.50 |
| DGR 5-Yr (TTM) | 3.30 |
| DGR Streak | |
| Chowder Score | 7.75 |
| Next DVD PMT | 04-30-26 |
Valuation
(Data for `ddm_growth_rate_years` field are missing to build DDM tables)
Video Tutorial: How to Read the Stock Cards DDM Valuation
| Market Cap | 2 B |
| PE Ratio | 14.70 |
| Fwd PE | 11.70 |
| Price to Book Ratio | 2.35 |
| DDM Valuation | 0 |
| Average 5-Yr PE | 10.69 |
| Value Score | 92 |