Just like every industry.

Chemicals has distinct metrics to measure success.

Chemicals, metrics concentrate on a lot of the same things as any company profits, growth and costs.

There may be a lot more focus on assets given it's a very capital intensive industry.

You'll find a lot of asset ratios in company reports such as plant utilization, asset turnover, or return on invested capital.

Given the industry is highly preoccupied with getting scale and then using it well, this shouldn't come as a surprise.

You'll also find a lot of segmental reporting.

We've discussed that diversified have very diverse operations.

You'll find a lot of chemical reports have entire sections given over to each segment.

The report may treat these segments with the same level of detail and care you'd see for the entire company.

In other reports, the chemical industry is highly polluting.

It's energy intensive, uses dirty chemicals, and is generally seen as ESG negative.

This means a lot of effort goes into the company reporting to show how they're improving their ESG profile.

You'll find a lot about emissions and improving polluting processes.

In terms of valuation metrics, chemical companies use the same metrics as many other companies.

One complication is some of the parts approach.

This may seem multiples used many times rather than just once.

Another complication is cyclicality forward years may lose some of their usefulness due to the uncertainty generated by the high levels of cyclicality.