Publication date: 08-09-2025
Goodyear is the world’s third-largest tire manufacturer, producing tires under well-known brands including Goodyear, Kelly, and Fulda. It operates a global manufacturing network, but retains a strong domestic base — approximately 70% of tires sold in the U.S. are manufactured locally, compared to less than 40% for the broader industry. In terms of sales volumes, around 50% of unit tires are sold in the Americas, 30% in EMEA, and 20% in Asia Pacific — with the latter being Goodyear’s most profitable region by operating margin.
The company serves both automakers and retail customers but has increasingly focused on higher-margin, larger-diameter tires for the consumer market. In early 2025, Goodyear experienced pressure on volumes and margins due to a wave of pre-buying by distributors who rushed to import cheaper foreign-made tires ahead of anticipated U.S. and European tariffs. This temporarily distorted inventories and pricing.
Goodyear is executing a multi-year restructuring plan called Goodyear Forward, launched in Q4 2023. The program targets $1,5 billion in margin improvement through cost reductions, exit from non-core segments (such as the off-the-road and chemical businesses), and a refined product mix. By mid-2025, operating margins had improved from just above 1% in 2023 to the mid-4% range, with further progress expected. Management intends to use divestiture proceeds to pay down debt. Leverage remains elevated at approximately 3,6× net debt to EBITDA but has declined from peak levels near 7×.
The company is well-positioned to benefit from recently implemented U.S. tariffs and possible EU anti-dumping measures targeting Chinese tires. Goodyear’s low exposure to imports from China — particularly in the U.S., where nearly all of its tires are either U.S.- or Mexico-made under USMCA — gives it a relative advantage over competitors whose products may be subject to tariffs.
as of 30.06.2025 USD bn
| Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | Column 6 |
|---|---|---|---|---|---|
| Assets | 21 | EBITDA Margin | 10 % | CFO/Debt | 0,1 |
| Revenue | 18,5 | Net debt | 6,9 | FCF | (0,5) |
| EBITDA | 1,9 | Net Debt/EBITDA | 3,6x | Equity | 4,9 |
| Net Profit | 0,1 | EBITDA/Interest | 4x | Debt/Equity | 1,8x |
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