Corbion NV (CRBN) AI Stock Analysis

• Market Cap: €1.08B
• Dividend Yield: 3.5%
• Average Volume (3M): 126.91K
• Price to Earnings (P/E): 14.4
• Beta (1Y): 0.83
• Revenue Growth: -3.45%
• EPS Growth: -5.55%
• Country: NL
• Employees: 2,383
• Sector: General
• Sector Strength: N/A
• Industry: Chemicals - Specialty
• EPS (TTM): 0.56
• Shares Outstanding: 58,250,310
• 10 Day Avg. Volume: 117,838
• 30 Day Avg. Volume: 126,914
• PEG Ratio: -0.24
• Price to Book (P/B): 1.45
• Price to Sales (P/S): 0.85
• P/FCF Ratio: 11.62
• 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: €23.80
• Price Target Upside: 26.73% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 1.46
• Revenue Forecast (FY): €1.30B

• Rating: 59 Neutral
• Price Target: €20.50 ▲(9.16% Upside)
• Action: Downgraded Date: 03/02/26
• Date: Action: Downgraded 03/02/26

The score is primarily supported by improving financial quality (deleveraging and a sustained rebound to positive free cash flow) and a reasonable valuation with a solid dividend yield. It is held back by weak technicals (price below key short-term averages and oversold momentum) and fundamental headwinds from multi-year revenue softness and uneven net income.

Positive Factors

Specialty B2B ingredient franchise

Corbion's core business supplies lactic-acid–based ingredients and shelf-life solutions to food manufacturers and industrial customers. This B2B, specialty-ingredient model drives structural, repeatable demand, supports higher-margin product mix, and benefits from long qualification cycles that create durable customer relationships.

Material debt reduction

Significant deleveraging over two years meaningfully lowers financial risk and interest burden, improving flexibility for capex, R&D or dividend support. A stronger balance sheet also enhances resilience through cycles and gives management options for strategic investments or bolt-on M&A.

Recovered cash generation

Consistent positive operating cash flow and a return to positive free cash flow after earlier deficits signal improved cash discipline. Reliable cash generation underpins reinvestment, supports dividends and debt reduction, and provides a durable buffer against earnings cyclicality.

Negative Factors

Multi-year revenue softness

A multi-year top-line decline erodes operating leverage and constrains the company's ability to grow margins or fund strategic initiatives organically. Persistent revenue weakness increases reliance on cost actions or one-time items to sustain profitability and limits long-term earnings visibility.

Volatile net income

Marked swings in net income reduce forecast reliability and suggest exposure to one-offs or uneven cost absorption. Profit volatility complicates capital allocation, undermines confidence in sustainable margins, and makes long-term cash return planning (dividends, buybacks) less predictable.

Asset contraction and FCF variability

A shrinking asset base alongside fluctuating free cash flow signals constrained reinvestment capacity or portfolio resizing. This can limit long-term growth options, reduce economies of scale, and increase sensitivity to demand swings, weakening the firm's ability to sustain structural expansion.

Corbion NV Business Overview & Revenue Model

Company Description

Corbion N.V. provides lactic acid and lactic acid derivatives, emulsifiers, functional enzyme blends, minerals, vitamins, and algae ingredients worldwide. The company offers ingredient solutions made from renewable resources for the food, home and personal care, pharmaceutical, animal nutrition, medical device, and bioplastics markets. It markets its products through a network of sales offices and distributors. The company was formerly known as CSM N.V. and changed its name to Corbion N.V. in October 2013. Corbion N.V. was founded in 1919 and is headquartered in Amsterdam, the Netherlands.

How the Company Makes Money

Corbion generates revenue through the sale of its diverse range of food ingredients and biochemical products. The Food Ingredients segment is a significant contributor to its earnings, where the company offers products like emulsifiers, preservatives, and functional ingredients to food manufacturers. In addition, Corbion's Biochemicals segment focuses on providing biobased products for applications in various industries, including pharmaceuticals and personal care. The company also benefits from strategic partnerships and collaborations with other businesses, enhancing its market reach and product offerings. Factors such as the increasing consumer demand for sustainable and natural products, along with regulatory support for biobased ingredients, further contribute to Corbion's revenue growth.

Corbion NV Financial Statement Overview

Summary

Balance sheet and cash flow are improving (material debt reduction and sustained positive operating cash flow with positive free cash flow in 2023–2025). Offsetting this, revenue has declined for multiple years and net income has been inconsistent, limiting confidence in durable earnings power.

Income Statement

Revenue has softened for several years (down ~0.1% in 2023, ~0.1% in 2024, and ~2.3% in 2025), pointing to a challenged growth backdrop. Profitability is mixed: 2024 showed strong net income (about 15% of revenue), but earnings were much lower in 2023 and 2025, suggesting volatility and/or one-off effects. Operating profitability appears stable-to-improving versus 2024 (EBIT and EBITDA both higher in 2025), but the overall trend is held back by declining revenue and inconsistent bottom-line conversion.

Balance Sheet

Leverage has improved materially: total debt declined from ~€786m (2023) to ~€509m (2024) and ~€481m (2025), while equity remains solid (~€743m in 2025). This reduces balance-sheet risk versus 2022–2023, when debt was meaningfully higher relative to equity. A key watch-out is that total assets have stepped down from ~€1.70bn (2023) to ~€1.42bn (2025), and returns were notably strong in 2024 but are not provided for 2025—so the sustainability of that stronger profitability signal is less clear.

Cash Flow

Cash generation is generally supportive: operating cash flow has been consistently positive and healthy in recent years (about €165m–€184m in 2023–2024 and ~€161m in 2025). Free cash flow recovered sharply from large negatives in 2021–2022 to positive levels in 2023–2025 (about €16m, ~€100m, and ~€93m, respectively), indicating improved cash discipline. The main weakness is variability—free cash flow growth turned negative in 2025 (down ~7%), and earlier years show significant swings, which can constrain flexibility through the cycle.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.27B	1.29B	1.44B	1.46B	1.07B
Gross Profit	330.30M	312.10M	305.40M	324.30M	265.80M
EBITDA	202.30M	172.00M	198.00M	194.00M	140.10M
Net Income	74.80M	192.20M	72.90M	90.00M	78.30M
Balance Sheet
Total Assets	1.42B	1.55B	1.70B	1.72B	1.36B
Cash, Cash Equivalents and Short-Term Investments	44.70M	49.30M	70.20M	58.20M	42.20M
Total Debt	481.10M	509.20M	785.50M	759.20M	503.20M
Total Liabilities	674.30M	773.80M	1.06B	1.10B	806.50M
Stockholders Equity	742.60M	772.50M	636.20M	625.70M	554.10M
Cash Flow
Free Cash Flow	92.70M	99.90M	16.10M	-182.60M	-122.00M
Operating Cash Flow	160.90M	184.10M	165.40M	53.20M	26.70M
Investing Cash Flow	-70.10M	166.00M	-146.80M	-213.30M	-123.70M
Financing Cash Flow	-93.80M	-371.70M	-5.30M	173.90M	85.90M

Corbion NV Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 18.78
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:CRBN, the sentiment is Negative. The current price of 18.78 is below the 20-day moving average (MA) of 20.40, below the 50-day MA of 19.83, and above the 200-day MA of 18.36, indicating a neutral trend. The MACD of -0.33 indicates Positive momentum. The RSI at 33.32 is Neutral, neither overbought nor oversold. The STOCH value of 25.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:CRBN.

Corbion NV Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FFARM	69 Neutral	€579.27M	7.87	14.57%	4.66%	8.76%	193.06%
IMCD	64 Neutral	€4.23B	20.99	10.83%	2.83%	6.09%	-7.18%
AKZA	63 Neutral	€8.98B	4.23	14.61%	3.38%	-2.03%	-89.67%
CRBN	59 Neutral	€1.08B	14.40	8.84%	3.50%	-3.45%	-5.55%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
OCI	47 Neutral	€765.61M	2.88	―	229.25%	―	―
AVTX	41 Neutral	€158.12M	-3.01	-26.08%	―	-12.31%	23.77%