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OEC

Orion Engineered Carbons S.A.

OEC

Orion Engineered Carbons S.A. • NYSE
$5.08 ▼ -1.36% (-0.07)
Market Cap $285.24 M
52w High $19.48
52w Low $4.34
Dividend Yield 0.08%
P/E -8.91
Volume 378.45K
Outstanding Shares 56.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $450.9M ▼ $64.4M ▲ $-67.1M ▼ -14.881% ▼ $-1.197 ▼ $-18.6M ▼
Q2-2025 $466.4M ▼ $64.2M ▼ $9M ▼ 1.93% ▲ $0.16 $62.2M ▲
Q1-2025 $477.7M ▲ $65M ▼ $9.1M ▼ 1.905% ▼ $0.16 ▼ $60.4M ▲
Q4-2024 $434.2M ▼ $65.1M ▲ $17.2M ▲ 3.961% ▲ $0.3 ▲ $51.1M ▲
Q3-2024 $463.4M $64.9M $-20.2M -4.359% $-0.35 $18.7M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $51.3M ▲ $1.964B ▼ $1.562B ▲ $401.8M ▼
Q2-2025 $42.6M ▲ $2.025B ▲ $1.558B ▲ $466.5M ▲
Q1-2025 $37.5M ▼ $1.968B ▲ $1.502B ▲ $466.1M ▼
Q4-2024 $44.2M ▼ $1.857B ▼ $1.382B ▼ $474.9M ▼
Q3-2024 $53.2M $1.996B $1.52B $476.3M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-67.1M ▼ $68.706M ▲ $-43.312M ▲ $-16.632M ▼ $8.7M ▲ $25.394M ▲
Q2-2025 $9M ▼ $55.787M ▲ $-44.955M ▼ $-7.26M ▼ $3.6M ▲ $10.832M ▲
Q1-2025 $9.1M ▼ $399.999K ▼ $-29.2M ▲ $21.8M ▲ $-5.7M ▲ $-28.8M ▼
Q4-2024 $17.2M ▲ $92.441M ▲ $-66.716M ▼ $-32.485M ▼ $-8.5M ▼ $25.725M ▲
Q3-2024 $-20.2M $-30.332M $-49.669M $97.14M $19M $-80M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Rubber
Rubber
 $290.00M ▲$320.00M ▲$310.00M ▼$290.00M ▼
Specialties
Specialties
 $150.00M ▲$160.00M ▲$160.00M ▲$160.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Sales have been broadly steady over the past few years after a strong recovery from the pandemic, but they are no longer growing meaningfully. Profitability improved coming out of 2020, then stalled and weakened in the most recent year, with operating and net profits stepping down noticeably. This suggests cost pressures, softer pricing, or mix issues in parts of the portfolio. Earnings per share have become more volatile and trended lower recently, which points to a business that is profitable but still sensitive to market swings and internal execution. Overall, the income statement shows a solid niche industrial company, but not a smooth growth or margin-expansion story lately.

Balance Sheet

Balance Sheet The balance sheet shows a company that has gradually built up its asset base and strengthened its equity over time, starting from a relatively thin capital cushion a few years ago. Debt remains substantial and has drifted higher, leaving the business clearly leveraged, even though equity has also grown. Cash on hand is modest, so the company likely depends on steady operating cash flow and access to credit rather than a large cash buffer. The picture is of a capital-intensive industrial firm with improving but still limited balance sheet flexibility and a meaningful reliance on borrowed money.

Cash Flow

Cash Flow Cash generation from operations has been inconsistent, with one standout year of strong inflows surrounded by weaker periods. After accounting for ongoing investment in plants and equipment, free cash flow has been negative in most years, turning positive only once in the recent five-year stretch. This reflects a business that is reinvesting heavily, especially in capacity and technology, but not yet consistently converting earnings into surplus cash. The cash flow profile adds execution risk: future returns depend on these investments paying off, while leaving less room for error if markets soften or project costs rise.

Competitive Edge

Competitive Edge Orion operates in a specialized corner of the chemicals market and holds a strong position in high-value carbon black products rather than pure commodities. It is one of the leading global players in specialty grades and has decades-long relationships with large, blue-chip customers, which can be difficult for new entrants to displace. Its broad manufacturing footprint, deep technical know-how, and ability to customize products for many end uses give it a meaningful competitive edge. Being the only producer of certain conductive carbon blacks in Europe – and planning to mirror this in the U.S. – adds an extra layer of pricing and supply-chain strength, particularly for customers in batteries and electrification. The main risk is exposure to cyclical end markets like tires, plastics, and coatings, which can pressure volumes and margins even for a well-positioned specialist.

Innovation and R&D

Innovation and R&D The company is clearly leaning into innovation, especially around sustainability and electrification. It is developing carbon blacks made from renewable and recycled feedstocks and has already commercialized products aimed at customers seeking lower-carbon materials. Orion is also investing heavily in advanced conductive additives for batteries and cables, including a new U.S. plant that, if executed well, could cement its role in the EV supply chain. Government-backed research projects targeting climate-neutral production processes further underline its technology ambitions. The opportunity is significant, but there is also the usual innovation risk: timelines, costs, and actual market uptake of these newer products will be important to watch.

Summary

Overall, Orion Engineered Carbons looks like a specialized industrial company with solid scale, a strong niche position, and a clear strategy built around sustainability and electrification. Financially, it is profitable but not yet showing smooth growth or consistently strong cash generation, and it carries notable leverage typical of a capital-intensive business. The balance sheet has improved from earlier years, yet free cash flow remains uneven due to high investment needs. Strategically, its leadership in specialty and sustainable carbon blacks, plus unique positions in conductive additives, provide genuine competitive advantages. The key questions going forward are whether Orion can translate its innovation pipeline and capacity investments into steadier earnings, stronger cash flows, and a more resilient financial profile through the ups and downs of the chemical cycle.

NEWS

November 19, 2025 · 8:30 AM UTC

Orion S.A. Gains Commercial Traction With Conductive Additives Vital for Grid Modernization

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November 7, 2025 · 8:30 AM UTC

Orion S.A. Names Jonathan Puckett Chief Financial Officer

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November 4, 2025 · 4:30 PM UTC

Orion S.A. Reports Third Quarter 2025 Financial Results

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October 13, 2025 · 4:30 PM UTC

Orion S.A. Announces Preliminary Third Quarter 2025 Results, Business Update, and Conference Call Information

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September 11, 2025 · 4:30 PM UTC

Orion S.A. Declares Interim Quarterly Dividend

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