(OEC) Orion Engineered Carbons - Overview
Stock: Specialty Carbon Black, Rubber Carbon Black
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 0.91% |
| Yield on Cost 5y | 0.47% |
| Yield CAGR 5y | -7.24% |
| Payout Consistency | 71.5% |
| Payout Ratio | 10.0% |
| Risk 5d forecast | |
|---|---|
| Volatility | 55.3% |
| Relative Tail Risk | -1.97% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.94 |
| Alpha | -67.08 |
| Character TTM | |
|---|---|
| Beta | 1.201 |
| Beta Downside | 1.032 |
| Drawdowns 3y | |
|---|---|
| Max DD | 84.49% |
| CAGR/Max DD | -0.36 |
Description: OEC Orion Engineered Carbons December 27, 2025
Orion S.A. (formerly Orion Engineered Carbons S.A.) manufactures carbon black across two primary segments: Specialty Carbon Black, which serves coatings, printing, high-purity fiber, and conductive applications such as batteries; and Rubber Carbon Black, sold under the ECORAX brand for tire reinforcement and other rubber goods.
The company operates globally, with production and sales footprints in North America, Brazil, Europe (Germany, Italy, Spain, France, Turkey, Luxembourg), Africa (South Africa), and Asia (China, South Korea, broader Asia). The name change to Orion S.A. was completed in June 2023, but the core business and ticker (OEC) remain unchanged.
Key recent metrics (FY 2023): revenue of ≈ €1.2 bn, adjusted EBITDA margin of ~ 12 % (down 150 bps YoY due to higher natural-gas input costs), and a net debt/EBITDA ratio of ≈ 2.2×. The specialty segment now contributes ~ 45 % of sales, driven by rising demand for conductive carbon black in EV battery packs, while tire-related demand remains linked to global passenger-vehicle production trends (≈ − 3 % YoY in 2023). Raw material exposure to oil and natural-gas price volatility is a material risk factor.
For a deeper quantitative view, the ValueRay platform offers a granular breakdown of OEC’s valuation metrics.
Piotroski VR‑10 (Strict, 0-10) 4.0
| Net Income: -31.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA 6.59 > 1.0 |
| NWC/Revenue: 2.64% < 20% (prev 7.33%; Δ -4.70% < -1%) |
| CFO/TA 0.11 > 3% & CFO 217.3m > Net Income -31.8m |
| Net Debt (958.9m) to EBITDA (155.1m): 6.18 < 3 |
| Current Ratio: 1.08 > 1.5 & < 3 |
| Outstanding Shares: last quarter (56.0m) vs 12m ago -4.58% < -2% |
| Gross Margin: 20.30% > 18% (prev 0.22%; Δ 2008 % > 0.5%) |
| Asset Turnover: 92.38% > 50% (prev 95.75%; Δ -3.37% > 0%) |
| Interest Coverage Ratio: 0.40 > 6 (EBITDA TTM 155.1m / Interest Expense TTM 56.7m) |
Altman Z'' 1.19
| A: 0.02 (Total Current Assets 683.5m - Total Current Liabilities 635.3m) / Total Assets 1.96b |
| B: 0.21 (Retained Earnings 403.3m / Total Assets 1.96b) |
| C: 0.01 (EBIT TTM 22.6m / Avg Total Assets 1.98b) |
| D: 0.27 (Book Value of Equity 414.7m / Total Liabilities 1.56b) |
| Altman-Z'' Score: 1.19 = BB |
Beneish M -3.27
| DSRI: 1.10 (Receivables 280.8m/267.9m, Revenue 1.83b/1.91b) |
| GMI: 1.10 (GM 20.30% / 22.33%) |
| AQI: 0.57 (AQ_t 0.05 / AQ_t-1 0.10) |
| SGI: 0.96 (Revenue 1.83b / 1.91b) |
| TATA: -0.13 (NI -31.8m - CFO 217.3m) / TA 1.96b) |
| Beneish M-Score: -3.27 (Cap -4..+1) = AA |
What is the price of OEC shares?
Over the past week, the price has changed by +14.08%, over one month by +21.76%, over three months by +54.18% and over the past year by -49.08%.
Is OEC a buy, sell or hold?
- StrongBuy: 2
- Buy: 1
- Hold: 1
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the OEC price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 6.7 | -5% |
| Analysts Target Price | 6.7 | -5% |
| ValueRay Target Price | 6.7 | -5.2% |
OEC Fundamental Data Overview February 03, 2026
P/S = 0.1897
P/B = 0.858
P/EG = 1.25
Revenue TTM = 1.83b USD
EBIT TTM = 22.6m USD
EBITDA TTM = 155.1m USD
Long Term Debt = 680.6m USD (from longTermDebt, last quarter)
Short Term Debt = 329.6m USD (from shortTermDebt, last quarter)
Debt = 1.01b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 958.9m USD (from netDebt column, last quarter)
Enterprise Value = 1.31b USD (347.0m + Debt 1.01b - CCE 51.3m)
Interest Coverage Ratio = 0.40 (Ebit TTM 22.6m / Interest Expense TTM 56.7m)
EV/FCF = 39.39x (Enterprise Value 1.31b / FCF TTM 33.2m)
FCF Yield = 2.54% (FCF TTM 33.2m / Enterprise Value 1.31b)
FCF Margin = 1.81% (FCF TTM 33.2m / Revenue TTM 1.83b)
Net Margin = -1.74% (Net Income TTM -31.8m / Revenue TTM 1.83b)
Gross Margin = 20.30% ((Revenue TTM 1.83b - Cost of Revenue TTM 1.46b) / Revenue TTM)
Gross Margin QoQ = 18.98% (prev 21.10%)
Tobins Q-Ratio = 0.66 (Enterprise Value 1.31b / Total Assets 1.96b)
Interest Expense / Debt = 1.51% (Interest Expense 15.3m / Debt 1.01b)
Taxrate = 18.00% (9.70m / 53.9m)
NOPAT = 18.5m (EBIT 22.6m * (1 - 18.00%))
Current Ratio = 1.08 (Total Current Assets 683.5m / Total Current Liabilities 635.3m)
Debt / Equity = 2.51 (Debt 1.01b / totalStockholderEquity, last quarter 401.8m)
Debt / EBITDA = 6.18 (Net Debt 958.9m / EBITDA 155.1m)
Debt / FCF = 28.92 (Net Debt 958.9m / FCF TTM 33.2m)
Total Stockholder Equity = 452.3m (last 4 quarters mean from totalStockholderEquity)
RoA = -1.61% (Net Income -31.8m / Total Assets 1.96b)
RoE = -7.03% (Net Income TTM -31.8m / Total Stockholder Equity 452.3m)
RoCE = 1.99% (EBIT 22.6m / Capital Employed (Equity 452.3m + L.T.Debt 680.6m))
RoIC = 1.30% (NOPAT 18.5m / Invested Capital 1.43b)
WACC = 3.57% (E(347.0m)/V(1.36b) * Re(10.34%) + D(1.01b)/V(1.36b) * Rd(1.51%) * (1-Tc(0.18)))
Discount Rate = 10.34% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -2.70%
[DCF Debug] Terminal Value 80.82% ; FCFF base≈33.2m ; Y1≈21.8m ; Y5≈9.93m
Fair Price DCF = N/A (negative equity: EV 316.4m - Net Debt 958.9m = -642.5m; debt exceeds intrinsic value)
EPS Correlation: -24.68 | EPS CAGR: 15.31% | SUE: -0.50 | # QB: 0
Revenue Correlation: -15.08 | Revenue CAGR: 3.75% | SUE: 1.13 | # QB: 1
EPS next Quarter (2026-03-31): EPS=0.19 | Chg30d=-0.005 | Revisions Net=-1 | Analysts=2
EPS next Year (2026-12-31): EPS=0.77 | Chg30d=-0.142 | Revisions Net=-3 | Growth EPS=-0.3% | Growth Revenue=-3.7%