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DSM-Firmenich AG
(DSFIR)
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Rating:67Neutral
Price Target:
€101.00
▲(24.08% Upside)
Action:Reiterated
Date:08/02/26
The score is driven primarily by solid financial underpinnings (strong revenue rebound, improved gross margin, and positive free cash flow) but capped by ongoing net losses and negative ROE. Technicals add support due to a strong uptrend above key moving averages, while valuation is constrained by a negative P/E despite a moderate dividend yield.
Positive Factors
Revenue rebound & gross margin
Double-digit TTM revenue growth (+17.4%) alongside a gross margin improvement (~41.9%) indicates strengthening demand and improved pricing/mix. That supports more durable top-line momentum and margin expansion prospects, reinforcing medium-term cash generation and funding for R&D and customer programs.
Negative Factors
Net losses and negative ROE
Meaningfully negative net margins (TTM -13.4%) and negative ROE (~-5.9%) show the company is not translating sales into shareholder earnings. Persistent losses erode capital returns, limit the ability to fund growth internally, and raise the risk that equity value creation remains impaired over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound & gross margin
Double-digit TTM revenue growth (+17.4%) alongside a gross margin improvement (~41.9%) indicates strengthening demand and improved pricing/mix. That supports more durable top-line momentum and margin expansion prospects, reinforcing medium-term cash generation and funding for R&D and customer programs.
Read all positive factors
DSM-Firmenich AG (DSFIR) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€21.72B
Dividend Yield2.78%
Average Volume (3M)727.24K
Price to Earnings (P/E)―
Beta (1Y)0.92
Revenue Growth-44.75%
EPS Growth-301.20%
CountryNL
Employees28,550
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)-4.82
Shares Outstanding253,626,950
10 Day Avg. Volume620,056
30 Day Avg. Volume727,238
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.98
Price to Sales (P/S)1.97
P/FCF Ratio28.57
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€87.00Price Target Upside6.88% Upside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)3.58
Revenue Forecast (FY)€9.41B
DSM-Firmenich AG Business Overview & Revenue Model
Company Description
DSM-Firmenich AG provides nutrition, health, and beauty solutions in Switzerland, the Netherlands, rest of Europe, the Middle East and Africa, North America, Latin America, China, and rest of Asia. The company operates through four segments: Perfu...
How the Company Makes Money
DSM-Firmenich primarily makes money by selling ingredient solutions and formulations to business customers (B2B), with revenue largely driven by (1) Perfumery & Beauty: supplying fragrances, accords, and specialty ingredients used in fine fragranc...
DSM-Firmenich AG Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
68
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.52B | 9.03B | 9.05B | 10.63B | 8.39B | 11.44B |
| Gross Profit | 3.99B | 3.53B | 3.55B | 2.61B | 2.69B | 4.19B |
| EBITDA | 3.79B | 3.85B | 1.60B | 1.31B | 1.38B | 1.45B |
| Net Income | -1.27B | -1.08B | 250.00M | 2.14B | 460.00M | 872.00M |
Balance Sheet | ||||||
| Total Assets | 30.45B | 29.34B | 33.75B | 34.27B | 17.40B | 16.02B |
| Cash, Cash Equivalents and Short-Term Investments | 2.31B | 1.90B | 2.72B | 2.56B | 2.88B | 2.05B |
| Total Debt | 6.76B | 5.66B | 5.28B | 4.83B | 3.06B | 3.10B |
| Total Liabilities | 12.47B | 10.92B | 11.05B | 11.20B | 6.56B | 6.62B |
| Stockholders Equity | 17.83B | 18.24B | 22.51B | 22.91B | 10.74B | 9.32B |
Cash Flow | ||||||
| Free Cash Flow | 764.50M | 624.00M | 1.01B | 710.00M | 279.00M | 994.00M |
| Operating Cash Flow | 1.82B | 1.39B | 1.78B | 1.26B | 923.00M | 1.43B |
| Investing Cash Flow | -1.26B | 392.00M | -252.00M | -726.00M | 871.00M | 208.00M |
| Financing Cash Flow | -884.50M | -2.58B | -1.33B | -820.00M | -598.00M | -984.00M |
DSM-Firmenich AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | €21.72B | -18.63 | ― | 3.07% | -44.75% | -301.20% | |
62 Neutral | €47.35B | 30.86 | 5.35% | 0.87% | -3.37% | -31.63% | |
59 Neutral | €3.41B | 27.07 | 0.94% | 4.02% | -3.89% | -33.94% | |
57 Neutral | €10.68B | 16.74 | 13.88% | 3.42% | -6.00% | 52.94% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
43 Neutral | €1.23B | 331.75 | -2.18% | 1.50% | 11.82% | -51.11% | |
42 Neutral | €854.15M | -2.90 | 12.51% | 172.17% | ― | ― |
* General Sector Average
NL:DSFIR
DSM-Firmenich AG
89.80
10.08
12.65%
NL:AKZA
Akzo Nobel NV
62.26
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14.57%
NL:AMG
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34.40
10.25
42.46%
NL:APAM
Aperam S.A.
47.42
22.78
92.43%
NL:MT
ArcelorMittal
63.74
34.98
121.60%
NL:OCI
OCI N.V.
4.06
-0.98
-19.36%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.