IMERYS SA (NK) AI Stock Analysis

• Market Cap: €1.90B
• Dividend Yield: 6.28%
• Average Volume (3M): 69.15K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.15
• Revenue Growth: -7.71%
• EPS Growth: -451.19%
• Country: FR
• Employees: 12,400
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Construction Materials
• EPS (TTM): -5.68
• Shares Outstanding: 84,940,956
• 10 Day Avg. Volume: 72,328
• 30 Day Avg. Volume: 69,149
• PEG Ratio: -0.01
• Price to Book (P/B): 0.78
• Price to Sales (P/S): 0.60
• P/FCF Ratio: 37.91
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €32.20
• Price Target Upside: 37.02% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 1.96
• Revenue Forecast (FY): €3.49B

• Rating: 47 Neutral
• Price Target: €23.50 ▲(0.00% Upside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is driven primarily by weakened financial performance (deepening net losses and a sharp revenue decline in 2025), with only partial support from positive operating cash flow. Technicals remain soft with the stock trading below key moving averages, while valuation is mixed—supported by a high dividend yield but undermined by negative earnings (negative P/E).

Positive Factors

Diversified specialty minerals business

IMERYS's global leadership and broad product set across calcium carbonates, talc and kaolin underpin a durable business model. Diversified end markets (paper, plastics, ceramics, construction, personal care) reduce single-market risk and support long-term demand stability and pricing leverage.

Positive operating cash generation

Sustained positive operating cash flow (~€370m) provides a structural liquidity buffer despite accounting losses. This cash generation supports operations, funds necessary capex and working capital needs, and reduces immediate dependence on external financing during a multi-year downturn.

Underlying operating profitability (EBITDA)

Mid-teens EBITDA margins in 2025 indicate underlying operational strength and unit economics. This margin baseline suggests the core business can generate healthy operating profits as volumes recover or non-operating pressures ease, supporting longer-term margin sustainability.

Negative Factors

Sharp multi-year revenue decline

A three-year revenue contraction culminating in a -34.5% decline in 2025 is a structural concern: it erodes scale, weakens customer relationships and reduces fixed-cost absorption. Sustained top-line shrinkage undermines recovery prospects and pressures margins and investment capacity.

Deepening net losses

The swing from small losses to a -12.1% net margin in 2025 signals persistent profitability issues, likely from non-operating charges or inadequate revenue. Prolonged net losses deplete equity, constrain strategic flexibility, and increase the need for restructuring or financing actions.

Rising leverage and constrained balance sheet

Increasing debt alongside declining equity has raised leverage, reducing financial headroom. Higher leverage amid negative earnings limits the company's ability to invest, pursue growth or weather further industry weakness, and raises refinancing and interest-coverage risk over the medium term.

IMERYS SA Business Overview & Revenue Model

Company Description

Imerys S.A. provides mineral-based specialty solutions for various industries worldwide. The company operates in Performance Minerals and High Temperature Solutions segments. It provides additives for interior decorative paints, as well as marine protection, facade coating, can coating, etc.; rubber, tires, medical rubber, and cables; and adhesives and sealants. The company also offers minerals for technical ceramics and traditional ceramics comprising floor and wall tiles, large slabs, sanitaryware, and tableware; and components for the production of high purity silicon metal for used to manufacture aluminum alloys, electronics, and solar panels, as well as for construction industry, such as insulation ceiling tiles. In addition, it provides functional additives for plastics and thermoset for use in automotive, construction, packaging, and hygiene industries; fillers and coatings for graphic paper, as well as board and packaging applications; filtration agents for liquids and blood plasma; and graphite and carbon-based solutions for lithium-ion and alkaline batteries, polymers, fuel cells, carbon brushes, and others. Further, the company offers refractory minerals and solutions for high-temperature industrial processes; bentonite for foundry molds; alumina and zirconia for abrasives; and high-performance binders for dry mix mortars and floor screeds in the construction industry. It serves construction, paper and board, mobile energy, steelmaking, agriculture, food, automotive, and cosmetics industries. The company was incorporated in 1880 and is headquartered in Paris, France. Imerys S.A. is a subsidiary of Belgian Securities BV.

How the Company Makes Money

IMERYS SA generates revenue primarily through the production and sale of mineral-based products across multiple industries. Its key revenue streams come from the sale of industrial minerals, which are used in various applications such as paper, plastics, ceramics, and construction. The company also benefits from strategic partnerships with leading manufacturers in these sectors, allowing it to enhance its product offerings and expand its market reach. Additionally, IMERYS focuses on value-added services and customized solutions, which enable it to command premium pricing and improve customer loyalty, further contributing to its earnings.

IMERYS SA Financial Statement Overview

Summary

Financial performance is pressured by sharply deteriorating profitability and contracting revenue: net losses in 2024 (-2.6% margin) deepened significantly in 2025 (-12.1%), and revenue fell for a third straight year with a large 2025 drop (-34.5%). Offsetting this, operating cash flow remained positive (~€370m) and the balance sheet is still serviceable, but rising leverage in 2025 and weaker free cash flow (~€53m, down ~53% YoY) limit flexibility.

Income Statement

Profitability has weakened materially over the last two years, with net losses in 2024 (-2.6% margin) and a much larger loss in 2025 (-12.1% margin). Revenue has also contracted for three consecutive years, including a sharp drop in 2025 (-34.5%), which pressures scale and absorption. While operating profitability (EBITDA margin) remains mid-teens in 2025, the swing to sizable net losses suggests heavy non-operating charges and/or higher financing and tax burdens, making earnings quality and near-term visibility weaker.

Balance Sheet

Leverage is moderate for the sector, with debt-to-equity generally in a ~0.58–0.90 range, but it has moved higher in 2025 alongside a decline in equity. Total debt increased in 2025 versus 2024, reducing balance-sheet flexibility at a time when earnings are negative. Assets and equity levels remain sizeable, but the combination of higher leverage and recent losses raises risk if the downturn persists.

Cash Flow

Operating cash generation remains positive across the period (2025 operating cash flow of ~€370m), providing a stabilizing buffer despite reported losses. However, free cash flow has been volatile and declined meaningfully in 2025 (~€53m, down ~53% year over year), indicating weaker cash conversion after capital spending and/or working-capital pressure. Overall cash flow is resilient but not strong enough to fully offset the earnings deterioration and rising leverage.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.38B	3.60B	3.79B	4.28B	3.66B
Gross Profit	223.50M	2.41B	2.33B	2.81B	2.38B
EBITDA	530.70M	339.90M	413.50M	582.10M	577.00M
Net Income	-408.80M	-95.00M	51.30M	237.20M	240.10M
Balance Sheet
Total Assets	6.16B	6.68B	7.15B	7.87B	7.42B
Cash, Cash Equivalents and Short-Term Investments	846.70M	640.40M	1.26B	622.20M	585.20M
Total Debt	2.34B	1.91B	2.38B	2.29B	2.04B
Total Liabilities	3.54B	3.38B	3.99B	4.49B	4.17B
Stockholders Equity	2.60B	3.28B	3.12B	3.34B	3.19B
Cash Flow
Free Cash Flow	53.40M	109.60M	204.20M	45.80M	181.60M
Operating Cash Flow	369.90M	478.10M	602.80M	452.00M	542.90M
Investing Cash Flow	-674.00M	-373.00M	155.50M	-322.60M	-309.60M
Financing Cash Flow	165.60M	-78.80M	-930.80M	102.60M	-341.30M

IMERYS SA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 23.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:NK, the sentiment is Negative. The current price of 23.5 is below the 20-day moving average (MA) of 25.92, below the 50-day MA of 25.26, and below the 200-day MA of 24.38, indicating a bearish trend. The MACD of -0.44 indicates Positive momentum. The RSI at 35.62 is Neutral, neither overbought nor oversold. The STOCH value of 37.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:NK.

IMERYS SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VCT	78 Outperform	€2.93B	10.76	9.78%	2.66%	-3.29%	0.92%
VK	73 Outperform	€4.51B	12.69	16.47%	9.68%	-15.12%	-10.10%
AKE	62 Neutral	€4.21B	66.58	2.27%	7.05%	-2.71%	-57.75%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
NK	47 Neutral	€1.90B	-4.62	-5.29%	6.28%	-7.71%	-451.19%
ALHGR	47 Neutral	€72.89M	-7.95	-14.10%	―	76.56%	13.26%
ERA	41 Neutral	€1.56B	-3.27	-7.36%	2.83%	-6.91%	-222.35%