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IMCD N.V.
(IMCD)
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Rating:62Neutral
Price Target:
€104.00
▲(17.89% Upside)
Action:Reiterated
Date:08/06/26
The score is primarily driven by solid but weakening financial performance: strong multi-year growth and cash conversion are offset by a notable 2025 margin step-down and higher leverage. Technically, the uptrend is intact but indicators are overbought, raising near-term volatility risk. Valuation is a mild headwind given the ~24x P/E and only moderate dividend yield.
Positive Factors
Business model & value-add
IMCD’s combination of distribution scale and technical/application services creates durable customer stickiness and differentiated value versus pure traders. Deep principal relations and formulation support help secure supply mandates and higher-margin specialty flows across multiple end markets, underpinning long-term revenue resilience.
Negative Factors
2025 margin compression
A material step-down in gross and operating margins in 2025 suggests either adverse product mix, pricing pressure, or cost inflation that erodes the distributor spread. If structural, this reduces cash available for reinvestment and M&A and could persist until pricing or mix is restored, weighing on medium-term returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Business model & value-add
IMCD’s combination of distribution scale and technical/application services creates durable customer stickiness and differentiated value versus pure traders. Deep principal relations and formulation support help secure supply mandates and higher-margin specialty flows across multiple end markets, underpinning long-term revenue resilience.
Read all positive factors
IMCD N.V. (IMCD) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€5.59B
Dividend Yield1.91%
Average Volume (3M)255.76K
Price to Earnings (P/E)24.3
Beta (1Y)1.01
Revenue Growth2.64%
EPS Growth-14.83%
CountryNL
Employees5,246
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)3.90
Shares Outstanding59,107,998
10 Day Avg. Volume216,740
30 Day Avg. Volume255,764
Financial Highlights & Ratios
PEG Ratio-0.87
Price to Book (P/B)2.24
Price to Sales (P/S)0.96
P/FCF Ratio15.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€107.50Price Target Upside21.85% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)5.55
Revenue Forecast (FY)€5.15B
IMCD N.V. Business Overview & Revenue Model
Company Description
Founded in Rotterdam, the Netherlands, in 1995, IMCD N.V. operates as a leading global distributor and marketer of a diverse range of specialized chemicals and premium ingredients. Its extensive operations span across the Netherlands, the wider Eu...
How the Company Makes Money
IMCD primarily makes money by acting as an intermediary between specialty chemical and ingredient manufacturers (principals) and downstream customers. Its core revenue model is distribution: IMCD purchases products from principals (or, in some arr...
IMCD N.V. Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
61
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.94B | 4.78B | 4.73B | 4.44B | 4.60B | 3.44B |
| Gross Profit | 482.07M | 471.80M | 1.20B | 1.12B | 1.15B | 836.32M |
| EBITDA | 532.16M | 507.47M | 589.14M | 566.90M | 574.63M | 394.79M |
| Net Income | 230.21M | 217.58M | 278.24M | 292.27M | 313.08M | 207.28M |
Balance Sheet | ||||||
| Total Assets | 4.95B | 4.64B | 4.88B | 4.15B | 3.64B | 3.27B |
| Cash, Cash Equivalents and Short-Term Investments | 248.67M | 238.59M | 522.78M | 394.46M | 222.00M | 177.88M |
| Total Debt | 1.81B | 1.70B | 1.73B | 1.28B | 722.60M | 409.63M |
| Total Liabilities | 2.82B | 2.59B | 2.66B | 2.43B | 1.97B | 1.81B |
| Stockholders Equity | 2.12B | 2.04B | 2.21B | 1.72B | 1.67B | 1.46B |
Cash Flow | ||||||
| Free Cash Flow | 370.40M | 301.98M | 252.76M | 382.54M | 277.58M | 177.55M |
| Operating Cash Flow | 383.98M | 322.28M | 279.21M | 420.01M | 298.84M | 196.26M |
| Investing Cash Flow | -266.06M | -455.74M | -387.95M | -394.59M | -255.36M | -196.13M |
| Financing Cash Flow | -46.24M | -117.39M | 247.06M | 216.97M | -20.00K | 4.73M |
IMCD N.V. Technical Analysis
Positive
88.22
Price Trends
87.57
Positive
88.77
Positive
83.74
Positive
Market Momentum
3.31
Negative
73.85
Negative
91.54
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:IMCD, the sentiment is Positive. The current price of 88.22 is below the 20-day moving average (MA) of 91.68, above the 50-day MA of 87.57, and above the 200-day MA of 83.74, indicating a bullish trend. The MACD of 3.31 indicates Negative momentum. The RSI at 73.85 is Negative, neither overbought nor oversold. The STOCH value of 91.54 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:IMCD.
IMCD N.V. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | €5.59B | 24.30 | 10.83% | 2.05% | 2.64% | -14.83% | |
60 Neutral | €1.09B | 17.53 | 10.19% | 3.42% | -3.37% | -8.22% | |
57 Neutral | €10.39B | 16.32 | 13.88% | 3.42% | -6.00% | 52.94% | |
56 Neutral | €1.78B | 11.44 | 5.85% | 10.78% | -9.13% | -52.64% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | €164.35M | -3.84 | -19.00% | ― | -30.63% | 43.45% | |
42 Neutral | €854.99M | -2.88 | 12.51% | 172.17% | ― | ― |
* General Sector Average
NL:IMCD
IMCD N.V.
100.75
5.67
5.97%
NL:AKZA
Akzo Nobel NV
63.56
9.62
17.84%
NL:AVTX
Avantium N.V.
6.99
-2.52
-26.48%
NL:CRBN
Corbion NV
19.97
4.27
27.18%
NL:OCI
OCI N.V.
4.06
-0.61
-12.99%
NL:LIGHT
Signify NV
15.31
-5.10
-24.97%
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.