Orion SA (OEC)
NYSE:OEC
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Orion SA
(NYSE:OEC)
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Rating:51Neutral
Price Target:
$6.50
▼(-6.34% Downside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weakened financial performance—declining profitability into losses and margin compression—despite positive operating cash flow. Technicals are moderately supportive with price above key moving averages and positive MACD, while valuation is constrained by a negative P/E and only a modest dividend. The latest earnings call adds a cautious tone: management expects lower 2026 EBITDA, partially offset by continued free-cash-flow focus, capex reductions, and cost actions.
Positive Factors
Consistent Cash Generation
Despite recent net losses, Orion consistently produced positive operating cash flow and delivered $55M FCF in 2025. This durable cash-generation ability supports ongoing operations, modest dividends, capex funding and debt reduction, giving the company flexibility during cyclical industry dips.
Negative Factors
Deteriorating Profitability
Revenue declines and a move from positive margins to net losses reflect weakening pricing power and cost pressure. Persistent margin contraction undermines return generation and makes recovery dependent on either sustained demand improvement or deeper structural cost reductions.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Cash Generation
Despite recent net losses, Orion consistently produced positive operating cash flow and delivered $55M FCF in 2025. This durable cash-generation ability supports ongoing operations, modest dividends, capex funding and debt reduction, giving the company flexibility during cyclical industry dips.
Read all positive factors
Orion SA Key Performance Indicators (KPIs)
Orion SA (OEC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$378.37M
Dividend Yield1.61%
Average Volume (3M)935.23K
Price to Earnings (P/E)―
Beta (1Y)1.12
Revenue Growth-3.44%
EPS Growth-444.16%
CountryUS
Employees1,658
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)-1.60
Shares Outstanding56,388,650
10 Day Avg. Volume1,047,203
30 Day Avg. Volume935,232
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.77
Price to Sales (P/S)0.16
P/FCF Ratio5.92
Enterprise Value/Market Cap3.50
Enterprise Value/Revenue0.74
Enterprise Value/Gross Profit3.89
Enterprise Value/Ebitda9.68
Forecast
1Y Price Target
$7.50Price Target Upside8.07% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.14
Revenue Forecast (FY)$1.79B
Orion SA Business Overview & Revenue Model
Company Description
Orion Engineered Carbons S.A., together with its subsidiaries, manufactures and sells carbon black products in Germany, the United States, South Korea, Brazil, China, South Africa, the rest of Europe, and internationally. It operates in two segmen...
How the Company Makes Money
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Orion SA Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Neutral
The call balanced clear operational and financial strengths—most notably positive free cash flow in a difficult year, successful working capital and CapEx reductions, safety and ESG accolades, improved plant reliability, and proactive credit amendments—against persistent industry headwinds (elevated tire imports, freight weakness) and notable near-term earnings pressure. Management emphasized cost actions and footprint rationalization to preserve cash, but 2026 guidance implies a material EBITDA decline versus 2025. Overall, positives (cash generation, cost actions, safety/ESG) offset but do not fully outweigh the expected earnings downdraft and external market risks, resulting in a cautious, balanced outlook.Positive Updates
Full-Year EBITDA Outperformance
Delivered full-year adjusted EBITDA of $248,000,000 for 2025, exceeding the company's most recent outlook.
Negative Updates
Industry Demand Headwinds from Elevated Tire Imports
Persisting elevated imports of lower-tier tires into Western regions and a related trade-down in consumer buying depressed Western tire production and pricing negotiations throughout 2025, creating a challenging backdrop for carbon black demand.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year EBITDA Outperformance
Delivered full-year adjusted EBITDA of $248,000,000 for 2025, exceeding the company's most recent outlook.
Read all positive updates
Company Guidance
Orion guided 2026 adjusted EBITDA of $160–$200 million (with first‑half EBITDA of $90–$110 million, reflecting a historical ~55% H1 weighting), free cash flow of $25–$50 million, and capital expenditures of $90 million (down $70 million versus 2025). Management said this outlook assumes lower EBITDA versus 2025 ($248 million FY2025 adjusted EBITDA) but continued positive free cash flow after executing working‑capital initiatives that generated $64 million in Q4 and helped deliver $55 million of free cash flow for 2025; operating cash flow improved to $2 million for 2025, CapEx was $46 million lower than 2024, and Q4 net debt reduction was $40 million, finishing the year with $920 million of net debt and 3.7x leverage (down from 3.8x). They also plan $20 million of productivity/headcount savings, have rationalized 3–5 lines, improved North American plant reliability by >200 basis points, and secured a credit‑agreement amendment to provide leverage flexibility.Orion SA Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
46
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.79B | 1.81B | 1.88B | 1.89B | 2.03B | 1.55B |
| Gross Profit | 340.90M | 359.80M | 428.80M | 451.00M | 448.80M | 386.60M |
| EBITDA | 136.90M | 233.50M | 225.90M | 324.90M | 308.00M | 327.10M |
| Net Income | -89.10M | -70.10M | 44.20M | 103.50M | 106.20M | 134.70M |
Balance Sheet | ||||||
| Total Assets | 1.93B | 1.91B | 1.86B | 1.83B | 1.89B | 1.63B |
| Cash, Cash Equivalents and Short-Term Investments | 52.00M | 60.70M | 54.10M | 37.50M | 60.80M | 65.70M |
| Total Debt | 1.01B | 979.50M | 1.03B | 927.20M | 1.01B | 867.50M |
| Total Liabilities | 1.55B | 1.52B | 1.38B | 1.35B | 1.43B | 1.31B |
| Stockholders Equity | 379.50M | 384.60M | 474.90M | 478.50M | 459.40M | 319.70M |
Cash Flow | ||||||
| Free Cash Flow | 27.37M | 50.20M | -81.40M | 173.10M | -151.80M | -69.50M |
| Operating Cash Flow | 200.31M | 211.20M | 125.30M | 345.90M | 81.00M | 145.20M |
| Investing Cash Flow | -172.94M | -161.00M | -206.70M | -172.80M | -232.80M | -214.70M |
| Financing Cash Flow | -15.25M | -36.60M | 89.30M | -197.10M | 149.30M | 73.30M |
Orion SA Technical Analysis
Negative
6.94
Price Trends
6.57
Negative
6.29
Positive
6.70
Negative
Market Momentum
0.03
Positive
39.63
Neutral
10.17
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OEC, the sentiment is Negative. The current price of 6.94 is below the 20-day moving average (MA) of 7.42, above the 50-day MA of 6.57, and above the 200-day MA of 6.70, indicating a bearish trend. The MACD of 0.03 indicates Positive momentum. The RSI at 39.63 is Neutral, neither overbought nor oversold. The STOCH value of 10.17 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for OEC.
Orion SA Risk Analysis
Orion SA disclosed 37 risk factors in its most recent earnings report. Orion SA reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Orion SA Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $5.12B | 33.95 | 12.38% | 0.61% | 9.62% | 16.72% | |
70 Outperform | $4.23B | 14.40 | 18.29% | 2.72% | -8.52% | -31.91% | |
67 Neutral | $4.85B | 20.69 | 12.14% | 1.70% | 5.80% | 12.24% | |
62 Neutral | $8.41B | 76.21 | 1.59% | ― | -1.88% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | $3.45B | -28.55 | -164.40% | 4.37% | 0.34% | -1414.08% | |
51 Neutral | $378.37M | -9.25 | -21.83% | 1.61% | -3.44% | -444.16% |
* Basic Materials Sector Average
OEC
Orion SA
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Orion SA Corporate Events
Business Operations and StrategyDividends
Orion SA Announces Interim Dividend, Signals Ongoing Stability
Positive
Apr 23, 2026
On April 23, 2026, Orion S.A. announced that its Board of Directors declared an interim dividend of $0.0207 per common share, totaling about $1.2 million based on current shares outstanding. The move underscores the company’s policy of retur...
Executive/Board ChangesRegulatory Filings and Compliance
Orion SA Announces Routine Board Transition as Director Departs
Neutral
Apr 10, 2026
Orion S.A. announced that board member Michel Wurth will not stand for re-election at the company’s 2026 annual general meeting of shareholders. His decision, disclosed in an April 10, 2026 SEC filing and dated April 6, 2026, stems from incr...
Business Operations and StrategyShareholder Meetings
Orion SA Schedules Hybrid 2026 Annual Shareholders Meeting
Positive
Mar 6, 2026
On March 6, 2026, Orion S.A. announced that its 2026 annual general meeting of shareholders will take place on June 25, 2026, at 2:00 p.m. Central European Time at its office in Senningerberg, Luxembourg, with shareholder admission based on a reco...
Dividends
Orion SA Declares Interim Quarterly Dividend for Shareholders
Positive
Feb 26, 2026
On February 26, 2026, Orion S.A. announced that its board declared an interim quarterly dividend of $0.0207 per common share, totaling about $1.2 million based on current shares outstanding. The move underscores continued capital returns to shareh...
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.