Umicore SA (UMICY)
OTHER OTC:UMICY
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Umicore SA
(OTC:UMICY)
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Rating:54Neutral
Price Target:
$4.50
▼(-17.58% Downside)
Action:ReiteratedDate:02/22/26
The score is driven primarily by improving financial performance (profitability recovery and positive free cash flow) but held back by balance-sheet leverage and reduced equity. Technical signals are also weak in the near term, and valuation appears expensive at a high P/E despite a moderate dividend yield. Earnings-call commentary was supportive overall, emphasizing margin/EBITDA progress and disciplined capital allocation, but highlighted ongoing battery-segment profitability risks.
Positive Factors
Adjusted EBITDA Growth
Sustained adjusted EBITDA growth and margin expansion to 24%, supported by €100m of efficiency gains, indicate structural profitability improvements. These savings and higher operational leverage enhance cash generation capacity and provide durable buffer to fund capex, deleveraging and strategic investments over the medium term.
Negative Factors
Elevated leverage & reduced equity
Although leverage improved from 2024, debt-to-equity remains elevated and equity has materially declined, constraining balance-sheet flexibility. This limits headroom for growth investments or acquisition activity, raises refinancing and covenant risk in adverse cycles, and increases sensitivity to earnings volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Adjusted EBITDA Growth
Sustained adjusted EBITDA growth and margin expansion to 24%, supported by €100m of efficiency gains, indicate structural profitability improvements. These savings and higher operational leverage enhance cash generation capacity and provide durable buffer to fund capex, deleveraging and strategic investments over the medium term.
Read all positive factors
Umicore SA (UMICY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.44B
Dividend Yield2.7%
Average Volume (3M)2.34K
Price to Earnings (P/E)11.6
Beta (1Y)0.65
Revenue Growth3.16%
EPS GrowthN/A
CountryUS
Employees11,251
SectorIndustrials
Sector Strength72
IndustryIndustrial - Pollution & Treatment Controls
Share Statistics
EPS (TTM)0.19
Shares Outstanding985,600,000
10 Day Avg. Volume3,230
30 Day Avg. Volume2,343
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)1.91
Price to Sales (P/S)0.23
P/FCF Ratio13.27
Enterprise Value/Market Cap1.16
Enterprise Value/Revenue0.27
Enterprise Value/Gross Profit-0.97
Enterprise Value/Ebitda4.04
Forecast
1Y Price Target
$6.34Price Target Upside16.12% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.41
Revenue Forecast (FY)$4.32B
Umicore SA Business Overview & Revenue Model
Company Description
Umicore SA operates as a materials technology and recycling company worldwide. The company operates through Catalysis, Energy & Surface Technologies, and Recycling segments. The Catalysis segment produces automotive catalysts for gasoline, and die...
How the Company Makes Money
Umicore makes money primarily by selling advanced materials and by earning processing and refining-related income from its recycling activities. A major revenue stream comes from its catalysis business, where it supplies automotive and industrial ...
Umicore SA Earnings Call Summary
Earnings Call Date:Feb 20, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 24, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive financial and operational story: strong adjusted EBITDA growth (+11%), margin expansion to 24%, disciplined CapEx (EUR 310m), EUR 100m of efficiency savings, significant cash proceeds from a gold sale-and-lease-in and measurable deleveraging (leverage 1.6x). These achievements were balanced against ongoing challenges in Battery Materials (breakeven EBITDA), a still loss-making Battery Recycling unit, hedging that caps upside in a strong metal price cycle, FX and financing headwinds, and short-term operational inefficiencies in recycling. Management emphasized disciplined capital allocation, the supportive foundation businesses (Catalysis, Precious Metals, Specialty Materials), and confidence that adjusted EBITDA should progress in 2026, indicating momentum overall despite sector volatility.Positive Updates
Adjusted EBITDA Growth
Adjusted EBITDA increased 11% year-on-year to EUR 847 million, driven by volume growth across businesses and EUR 100 million of efficiency savings; adjusted EBITDA margin improved from 22% to 24% (≈+2 percentage points).
Negative Updates
Battery Materials Profitability Still Weak
Battery Cathode Materials adjusted EBITDA came in around breakeven in 2025 (an improvement but still low), reflecting market volatility, competitive overcapacity (notably in China) and weaker refining income from cobalt and nickel price headwinds.
Read all updates
Q4-2025 Updates
Positive
Negative
Adjusted EBITDA Growth
Adjusted EBITDA increased 11% year-on-year to EUR 847 million, driven by volume growth across businesses and EUR 100 million of efficiency savings; adjusted EBITDA margin improved from 22% to 24% (≈+2 percentage points).
Read all positive updates
Company Guidance
The company said it will not give a concrete 2026 EBITDA number but expects adjusted EBITDA to “further progress” next year after reporting EUR 847m adj. EBITDA (24% margin) in 2025; CapEx is guided to a disciplined EUR 300–400m (down from prior expectations and excluding IONWAY equity), with IONWAY equity contributions staying within the previously disclosed ~EUR 500m budget for 2025–26 and not exceeding ~EUR 250m in 2026 (EUR 425m already invested to date); management delivered EUR 100m of efficiencies in 2025 and is targeting savings to offset anticipated inflation of ~EUR 50–75m in 2026; balance‑sheet targets remain a structural leverage of 1.5–2x (end‑2025 leverage 1.6x, net debt EUR 1.4bn, cash EUR 1.6bn, free operating cash flow EUR 524m in 2025), dividend policy unchanged at EUR 0.50/share (payout ~42%), and the company will continue hedging (roughly 70% of metal exposure locked for ’26–’27, exploring 2029–30 hedges subject to market/backwardation and counterparty availability), while accepting a slight rise in corporate costs for AI investment and managing working capital pressures (NWC rose ~EUR 298m in 2025).Umicore SA Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
44
Neutral
Cash Flow
60
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 18.61B | 14.85B | 18.27B | 25.44B | 24.05B |
| Gross Profit | 1.34B | 2.21B | 1.52B | 1.67B | 1.57B |
| EBITDA | 1.27B | 432.60M | 1.05B | 1.08B | 1.15B |
| Net Income | 369.32M | -1.48B | 385.07M | 569.88M | 618.96M |
Balance Sheet | |||||
| Total Assets | 9.46B | 9.41B | 9.97B | 9.94B | 9.05B |
| Cash, Cash Equivalents and Short-Term Investments | 1.56B | 2.01B | 1.52B | 1.24B | 1.19B |
| Total Debt | 2.84B | 3.45B | 2.75B | 2.35B | 2.16B |
| Total Liabilities | 7.18B | 7.49B | 6.27B | 6.38B | 5.88B |
| Stockholders Equity | 2.24B | 1.94B | 3.66B | 3.52B | 3.11B |
Cash Flow | |||||
| Free Cash Flow | 321.49M | 286.50M | 157.92M | 142.88M | 842.15M |
| Operating Cash Flow | 596.01M | 868.70M | 1.04B | 634.17M | 1.26B |
| Investing Cash Flow | -542.99M | -775.70M | -948.70M | -480.77M | -471.45M |
| Financing Cash Flow | -568.83M | 413.50M | 129.28M | -112.53M | -602.37M |
Umicore SA Technical Analysis
Negative
5.46
Price Trends
5.38
Negative
5.14
Negative
4.66
Negative
Market Momentum
-0.19
Negative
41.15
Neutral
69.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UMICY, the sentiment is Negative. The current price of 5.46 is above the 20-day moving average (MA) of 4.83, above the 50-day MA of 5.38, and above the 200-day MA of 4.66, indicating a bearish trend. The MACD of -0.19 indicates Negative momentum. The RSI at 41.15 is Neutral, neither overbought nor oversold. The STOCH value of 69.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for UMICY.
Umicore SA Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $2.00B | 42.25 | 16.53% | ― | 29.86% | 331.33% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $521.42M | 31.61 | 11.92% | ― | 0.10% | 1.50% | |
56 Neutral | $38.39M | -20.77 | -5.70% | ― | -5.66% | -397.46% | |
54 Neutral | $4.44B | 11.55 | 14.77% | 2.70% | 3.16% | ― | |
48 Neutral | $50.01M | -2.39 | -160.16% | ― | ― | ― | |
48 Neutral | $953.57M | -8.44 | -161.85% | ― | ― | 12.57% |
* Industrials Sector Average
UMICY
Umicore SA
4.62
2.08
81.89%
CECO
Ceco Environmental
60.95
38.15
167.32%
ERII
Energy Recovery
9.87
-6.02
-37.89%
FTEK
Fuel Tech
1.25
0.20
19.05%
SCWO
374Water
2.96
-0.44
-13.09%
PCT
PureCycle Technologies
5.28
-1.64
-23.70%
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.