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title: "Forever Chemicals: Evaluating Risk Beyond Reported Liabilities"
image: https://connect.sustainalytics.com/hubfs/INV/Reports/Marketing%20Creative/ESG_Ratings_Efficacy_Report_Assets_V1_Home_Page_Feature.png
---

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Research Report

# Forever Chemicals: Evaluating Risk Beyond Reported Liabilities

Regulatory developments, expanding litigation, and uneven corporate  
disclosure can provide critical signals for investors

PFAS, or “forever chemicals,” remain a significant source of financially material risk for companies, but those risks are often not fully reflected in company disclosures. This report examines how PFAS-related risks arise across the value chain, from chemical producers to companies that intentionally or unintentionally use PFAS in products.

Drawing on Morningstar Sustainalytics' controversy data, the report shows that PFAS risk extends well beyond chemical manufacturers, and case studies illustrate how litigation, disclosure shortcomings, and legacy liabilities can affect cash flows, capital allocation, and long-term shareholder value.

Investors should assess PFAS exposure using multiple external signals, rather than relying on corporate disclosure alone.

In this report, you'll learn:

- How PFAS risks differ for producers, intentional users, and companies with unintended PFAS exposure, and why a company’s position in the value chain influences future liabilities.
- Why litigation is the strongest indicator of financial materiality, and how unresolved personal injury claims could drive future costs.
- How divergent regulatory approaches in the US and Europe create varying compliance, reformulation, and operational risks.
- Which forward-looking signals, including controversies, lawsuits, contingent liabilities, and phase-out efforts, can help identify companies that are better prepared for future PFAS-related obligations.

# Download Report:

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