Orion S.A. OEC
Orion S.A. ("Orion", "Company", "we" or "our"), is a Luxembourg joint stock corporation (société anonyme or S.A.), incorporated in 2014 as a Luxembourg limited liability company (société à responsabilité limitée). Our registered office is located at 6, Route de Trèves, L-2633 Senningerberg (Municipality of Niederanven), Grand Duchy of Luxembourg. Our principal executive office is located in Spring, Texas, U.S.
We are one of the largest global producers of Specialty and Rubber Carbon Black. Carbon black is a powdered form of carbon that is used to create a variety of desired physical, electrical and optical qualities of various materials. Carbon black products are primarily used as additives for the production of polymers, batteries, printing inks and coatings ("Specialty Carbon Black" or "Specialty") and in the reinforcement of tires and other rubber applications ("Rubber Carbon Black" or "Rubber"). Our core competencies include the ability to engineer the physical properties of carbon black to meet the functional needs of our customers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.81B | $1.88B | $1.89B | $2.03B | $1.55B | $1.14B | $1.48B | $1.58B | $1.33B | $1.14B |
| Cost of revenue | $1.45B | $1.45B | $1.44B | $1.58B | $1.16B | $844.1M | $1.09B | $1.15B | $950.7M | $764.9M |
| Gross profit | $359.8M | $428.8M | $451.0M | $448.8M | $386.6M | $292.3M | $389.7M | $430.0M | $377.6M | $374.4M |
| R&D | $27.5M | $27.1M | $24.5M | $21.7M | $22.0M | $20.2M | $19.9M | $20.3M | $18.2M | $16.1M |
| SG&A | $230.7M | $237.8M | $221.9M | $227.1M | $210.4M | $176.1M | $206.9M | $231.9M | $207.5M | $202.5M |
| Operating income | $27.5M | $102.7M | $205.3M | $197.1M | $228.5M | $74.4M | $147.2M | $196.3M | $137.9M | $116.8M |
| Interest expense | — | — | $50.9M | $39.9M | $38.0M | $38.7M | $27.6M | $28.6M | $44.1M | $43.3M |
| Pre-tax income | -$34.3M | $53.9M | $163.8M | $157.7M | $186.4M | $26.3M | $120.2M | $168.3M | $84.6M | $73.9M |
| Income tax | $35.8M | $9.7M | $60.3M | $51.5M | $51.7M | $8.1M | $33.3M | $46.9M | $19.7M | $24.4M |
| Net income | -$70.0M | $44.0M | $104.0M | $106.0M | $135.0M | $18.2M | $86.9M | $121.3M | $64.9M | $49.5M |
| EPS, basic | -1.24 | 0.76 | 1.75 | 1.74 | 2.22 | 0.30 | 1.45 | 2.04 | 1.09 | 0.83 |
| EPS, diluted | -1.24 | 0.76 | 1.73 | 1.73 | 2.21 | 0.30 | 1.42 | 1.99 | 1.07 | 0.82 |
| Shares, diluted (wtd. avg.) | $56.3M | $58.4M | $60.0M | $61.4M | $61.0M | $61.4M | $61.3M | $61.0M | $60.7M | $60.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $60.7M | $44.2M | $37.5M | $63.4M | $68.5M | $67.9M | $68.2M | $61.6M | $75.2M | $80.5M |
| Receivables | $213.6M | $211.9M | $241.0M | $367.8M | $288.9M | $234.8M | $212.6M | $262.8M | $234.3M | — |
| Inventory | $277.3M | $290.4M | $287.1M | $277.9M | $229.8M | $141.5M | $164.8M | $183.6M | $159.3M | — |
| Total current assets | $643.8M | $613.3M | $646.1M | $778.5M | $665.0M | $500.5M | $507.7M | $575.3M | $522.1M | — |
| Property, plant and equipment | — | — | — | — | — | — | — | $483.5M | $462.1M | — |
| Goodwill | $0 | $71.5M | $76.1M | $73.4M | $78.0M | $84.5M | $77.4M | $55.5M | $58.2M | $51.1M |
| Other intangibles | $14.2M | $18.5M | $25.5M | $27.8M | $36.3M | $46.8M | $50.6M | $95.2M | $70.7M | — |
| Total assets | $1.91B | $1.86B | $1.83B | $1.89B | $1.63B | $1.39B | $1.26B | $1.27B | $1.16B | $1.06B |
| Accounts payable | $197.0M | $156.2M | $183.7M | $184.1M | $195.1M | $131.2M | $156.3M | $163.6M | $169.6M | — |
| Short-term debt | $305.0M | $258.8M | $137.0M | $258.3M | $151.7M | $82.6M | $36.4M | $41.0M | $6.0M | — |
| Total current liabilities | $626.4M | $516.7M | $440.3M | $552.8M | $448.7M | $324.7M | $285.2M | $320.3M | $285.2M | — |
| Long-term debt | $674.5M | $647.0M | $677.3M | $657.0M | $631.2M | $655.8M | $630.3M | $643.7M | $681.1M | — |
| Retained earnings | $382.2M | $457.0M | $417.6M | $319.0M | $217.8M | $84.4M | $78.3M | $39.4M | -$81.9M | — |
| Total equity | $384.6M | $474.9M | $478.5M | $459.4M | $319.7M | $181.0M | $186.0M | $158.9M | $95.3M | $54.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $215.8M | $125.3M | $345.9M | $81.0M | $145.2M | $125.3M | $231.5M | $122.0M | $147.7M | $177.4M |
| Depreciation and amortisation | $131.9M | $125.3M | $113.0M | $105.7M | $104.1M | $96.6M | $96.7M | $98.2M | $98.4M | $88.1M |
| Stock-based compensation | $13.6M | $15.3M | $15.4M | $7.7M | $5.2M | $4.4M | $9.4M | $13.9M | $8.8M | $4.0M |
| Capital expenditure | $161.0M | $206.7M | $172.8M | $232.8M | $214.7M | $138.8M | $158.7M | $111.1M | $99.0M | $66.3M |
| Investing cash flow | -$161.0M | -$206.7M | -$172.8M | -$232.8M | -$214.7M | -$144.9M | -$155.8M | -$88.1M | -$90.3M | -$68.5M |
| Financing cash flow | -$41.2M | $89.3M | -$197.1M | $149.3M | $73.3M | $13.5M | -$68.6M | -$43.8M | -$68.5M | -$101.8M |
| Dividends paid | $4.7M | $4.8M | $4.9M | $5.0M | $0 | $12.0M | $48.1M | $47.7M | $45.7M | $44.1M |
| Buybacks | $24.8M | $26.6M | $65.6M | $4.3M | $0 | $0 | $0 | $4.9M | $0 | $3.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000347.
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