(CRBN) Corbion - Overview
Sector: Basic Materials | Industry: Specialty Chemicals | Exchange: AS (Netherlands) | Market Cap: 1.072m EUR | Total Return: 3% in 12m
Industry Rotation: -3.4
Avg Turnover: 2.17M
Warnings
Choppy
Tailwinds
No distinct edge detected
Corbion N.V. is a Netherlands-based supplier of lactic acid, its derivatives, and algae-based nutritional ingredients. The company operates through two primary segments: Functional Ingredients & Solutions and Health & Nutrition. Its portfolio serves diverse end-markets, including food preservation, animal nutrition, medical polymers, and personal care. The business model relies heavily on fermentation technology to convert renewable feedstocks into high-value biochemicals.
The specialty chemicals sector is currently driven by a global shift toward bio-based alternatives to petroleum-derived ingredients. Corbion’s focus on sustainable preservation and omega-3 algae sourcing positions it within the growing circular economy and clean-label food trends. As a leader in lactic acid production, the company maintains a vertically integrated approach to ensure consistent supply for its global pharmaceutical and industrial clients.
Analyzing the historical valuation and growth trends on ValueRay can provide deeper context for this stock. Corbion continues to expand its biochemical specialties, focusing on solvency and antimicrobial solutions to replace traditional chemical agents. Headquartered in Amsterdam, the firm utilizes its long-standing expertise in fermentation to address evolving regulatory standards in food safety and medical materials.
- Global shift toward natural food preservation drives revenue in functional ingredients
- Fluctuating sugar and raw material costs impact gross profit margins
- Scaling AlgaPrime DHA production determines long-term profitability in animal nutrition
- Expansion in biomedical polymers provides high-margin growth for health segment
- Sustainable packaging demand accelerates sales of lactic acid and bioplastics derivatives
| Net Income: 129.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.14 > 0.02 and ΔFCF/TA 17.95 > 1.0 |
| NWC/Revenue: 10.70% < 20% (prev -0.39%; Δ 11.09% < -1%) |
| CFO/TA 0.24 > 3% & CFO 345.0m > Net Income 129.2m |
| Net Debt (436.4m) to EBITDA (379.9m): 1.15 < 3 |
| Current Ratio: 1.89 > 1.5 & < 3 |
| Outstanding Shares: last quarter (57.8m) vs 12m ago -3.15% < -2% |
| Gross Margin: 25.27% > 18% (prev 0.24%; Δ 2.50k% > 0.5%) |
| Asset Turnover: 164.0% > 50% (prev 130.3%; Δ 33.72% > 0%) |
| Interest Coverage Ratio: 4.63 > 6 (EBITDA TTM 379.9m / Interest Expense TTM 44.8m) |
| A: 0.19 (Total Current Assets 580.0m - Total Current Liabilities 306.6m) / Total Assets 1.42b |
| B: 0.50 (Retained Earnings 706.6m / Total Assets 1.42b) |
| C: 0.13 (EBIT TTM 207.3m / Avg Total Assets 1.56b) |
| D: 1.07 (Book Value of Equity 721.4m / Total Liabilities 674.3m) |
| Altman-Z'' Score: 4.91 = AAA |
| DSRI: 0.97 (Receivables 224.9m/200.9m, Revenue 2.56b/2.21b) |
| GMI: 0.93 (GM 25.27% / 23.54%) |
| AQI: 0.49 (AQ_t 0.09 / AQ_t-1 0.19) |
| SGI: 1.15 (Revenue 2.56b / 2.21b) |
| TATA: -0.15 (NI 129.2m - CFO 345.0m) / TA 1.42b) |
| Beneish M-Score: -3.46 (Cap -4..+1) = AA |
Over the past week, the price has changed by +1.03%, over one month by +1.55%, over three months by -6.72% and over the past year by +2.95%.
| Analysts Target Price | - | - |
P/E Trailing = 14.6457
P/E Forward = 13.0548
P/S = 0.8457
P/B = 1.4698
P/EG = 1.2623
Revenue TTM = 2.56b EUR
EBIT TTM = 207.3m EUR
EBITDA TTM = 379.9m EUR
Long Term Debt = 313.1m EUR (from longTermDebt, last quarter)
Short Term Debt = 99.0m EUR (from shortTermDebt, last quarter)
Debt = 481.1m EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 436.4m EUR (from netDebt column, last quarter)
Enterprise Value = 1.51b EUR (1.07b + Debt 481.1m - CCE 44.7m)
Interest Coverage Ratio = 4.63 (Ebit TTM 207.3m / Interest Expense TTM 44.8m)
EV/FCF = 7.83x (Enterprise Value 1.51b / FCF TTM 192.6m)
FCF Yield = 12.77% (FCF TTM 192.6m / Enterprise Value 1.51b)
FCF Margin = 7.54% (FCF TTM 192.6m / Revenue TTM 2.56b)
Net Margin = 5.06% (Net Income TTM 129.2m / Revenue TTM 2.56b)
Gross Margin = 25.27% ((Revenue TTM 2.56b - Cost of Revenue TTM 1.91b) / Revenue TTM)
Gross Margin QoQ = 24.96% (prev 27.14%)
Tobins Q-Ratio = 1.06 (Enterprise Value 1.51b / Total Assets 1.42b)
Interest Expense / Debt = 1.87% (Interest Expense 9.00m / Debt 481.1m)
Taxrate = 25.0% (10.8m / 43.2m)
NOPAT = 155.5m (EBIT 207.3m * (1 - 25.00%))
Current Ratio = 1.89 (Total Current Assets 580.0m / Total Current Liabilities 306.6m)
Debt / Equity = 0.65 (Debt 481.1m / totalStockholderEquity, last quarter 742.6m)
Debt / EBITDA = 1.15 (Net Debt 436.4m / EBITDA 379.9m)
Debt / FCF = 2.27 (Net Debt 436.4m / FCF TTM 192.6m)
Total Stockholder Equity = 749.8m (last 4 quarters mean from totalStockholderEquity)
RoA = 8.29% (Net Income 129.2m / Total Assets 1.42b)
RoE = 17.23% (Net Income TTM 129.2m / Total Stockholder Equity 749.8m)
RoCE = 19.50% (EBIT 207.3m / Capital Employed (Equity 749.8m + L.T.Debt 313.1m))
RoIC = 13.13% (NOPAT 155.5m / Invested Capital 1.18b)
WACC = 5.56% (E(1.07b)/V(1.55b) * Re(7.43%) + D(481.1m)/V(1.55b) * Rd(1.87%) * (1-Tc(0.25)))
Discount Rate = 7.43% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares (quarterly) Correlation: -51.11 | Cagr: -1.23%
[DCF] Terminal Value 80.82% ; FCFF base≈192.6m ; Y1≈126.5m ; Y5≈57.8m
[DCF] Fair Price = 24.28 (EV 1.84b - Net Debt 436.4m = Equity 1.40b / Shares 57.6m; r=6.0% [WACC]; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.0 | # QB: 0
Revenue Correlation: -94.12 | Revenue CAGR: -6.81% | SUE: -0.00 | # QB: 0
EPS current Year (2026-12-31): EPS=1.39 | Chg30d=-14.25% | Revisions=-60% | GrowthEPS=+5.7% | GrowthRev=+0.7%
EPS next Year (2027-12-31): EPS=1.57 | Chg30d=-11.65% | Revisions=-27% | GrowthEPS=+13.0% | GrowthRev=+3.6%
[Analyst] Revisions Ratio: -60%