# Orion S.A. (OEC)

> Source: Nexqual · https://nexqual.com/OEC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Orion S.A. (OEC), nexqual.com/OEC" · informational, not investment advice.

**Price:** USD 5.4 (+2.47% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 5.27 · day 5.19–5.4 · 52w 4.35–8.64 · market cap $304M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.82B, net income -$96.3M (-5.3% margin), free cash flow $25.5M (SEC filings).
- 2 of 80 tracked superinvestors hold OEC (13F, Q2 2026): 0 new, 1 added, 0 reduced, 1 unchanged.
- Analysts: Sell (mean 3.50 on a 1–5 scale) (4 analysts), mean target USD 6.31 (range 5–8.5).
- Total return with dividends: 1Y -5.2% vs S&P 500 +14.9%; 5Y -71.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.15, revenue estimate $446M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.55B | $2.03B | $1.89B | $1.88B | $1.81B | $1.82B |
| Gross profit | $387M | $449M | $451M | $429M | $360M | — |
| Operating income | $229M | $197M | $205M | $103M | $27.5M | -$3.1M |
| Net income | $135M | $106M | $104M | $44.2M | -$70.1M | -$96.3M |
| EPS (diluted) | $2.21 | $1.73 | $1.73 | $0.76 | -$1.24 | — |
| Free cash flow | -$69.5M | -$152M | $173M | -$81.4M | $54.8M | $25.5M |
| Gross margin | 25.0% | 22.1% | 23.8% | 22.8% | 19.9% | — |
| Operating margin | 14.8% | 9.7% | 10.8% | 5.5% | 1.5% | -0.2% |
| Net margin | 8.7% | 5.2% | 5.5% | 2.4% | -3.9% | -5.3% |
| Revenue growth | +36.1% | +31.3% | -6.7% | -0.9% | -3.8% | — |
| Cash + short-term investments | $65.7M | $60.8M | $37.5M | $44.2M | $60.7M | — |
| Total debt | $783M | $915M | $814M | $906M | $980M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.2x · EV/EBITDA 9.7x · EV/Sales 0.7x · P/FCF 11.9x · P/B 0.8x · FCF yield 8.37% · Earnings yield -31.63% · Dividend yield (paid, TTM) 1.51% · Buyback yield (TTM) 0.26% · Net debt $959M · EV $1.26B
P/E at fiscal year-ends: Dec 2024 20.9x, Dec 2023 16.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold OEC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | 0.09% | $31.6M | Added +3.7% |
| First Pacific Advisors |  | 0.03% | $2.8M | Unchanged |

## Analysts
Consensus Sell (mean 3.50 on a 1–5 scale), 4 analysts; mean target USD 6.31 (low 5, high 8.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | UBS | Target lowered | Neutral | $8 → $6.5 |
| 2026-08-07 | UBS | Target raised | Neutral | $7.5 → $8 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -5.2% | -71.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -5.2% | -21.9% |
| Volatility (annualized) | 64.1% | 48.5% |
| Max drawdown | -37.9% (Feb 2026→Mar 2026) | -83.1% (Dec 2023→Nov 2025) |

## Peers (Specialty Chemicals)
BCPC (Balchem Corporation) USD 173.23 +1.43% · SXT (Sensient Technologies Corporati) USD 130.94 -0.95% · EMN (Eastman Chemical Company) USD 65.31 +2.85% · AXTA (Axalta Coating Systems Ltd.) USD 35.05 +0.20% · NEU (NewMarket Corp) USD 876.33 -0.98% · WLK (Westlake Corporation) USD 64.14 +5.42%

## More
Full page: https://nexqual.com/OEC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in OEC's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/1609804/000162828026008601/oec-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | SAP (SAP) | "Information technology systems failures, particularly in connection with running SAP, including risks associated with upgrading or timely updating our systems, network disruptions, misuse, cybercrime and breaches of data…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Rubber | $316.1M | 63.1% | +2.5% |
| Specialties | $184.8M | 36.9% | +16.9% |
| Total revenue | $500.9M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| EMEA | $794.9M | 44.0% | -4.4% |
| Americas | $607.3M | 33.6% | -2.4% |
| United States | $407.7M | 22.6% | -5.2% |
| Asia Pacific | $404.5M | 22.4% | -4.5% |
| Rest Of EMEA | $316.8M | 17.5% | -8.8% |
| China Working Capital Loans (capacity $18.0 million) | $184.2M | 10.2% | -1.5% |
| Germany | $165.4M | 9.2% | -1.7% |
| Brazil | $157.7M | 8.7% | +8.4% |
| Korea Working Capital Loans (capacity $46.7 million) | $128.9M | 7.1% | -1.2% |
| Rest Of Asia | $91.4M | 5.1% | -13.8% |
| Italy | $82.1M | 4.5% | -1.8% |
| Czechia | $74.3M | 4.1% | +28.8% |
| Poland | $56.3M | 3.1% | +2.9% |
| South Africa | $52.4M | 2.9% | -21.6% |
| Spain | $47.6M | 2.6% | -10.7% |
| Rest Of America | $41.9M | 2.3% | -10.9% |
| Total revenue | $1.81B | 100% | — |
The lines above cover 200% of total revenue.

## Company outlook (8-K filed 2026-08-05)

- "Outlook "We are focused on what we can control amid the current volatile geopolitical macro environment and are comfortable reaffirming our 2026 Adjusted EBITDA guidance range of $170 to $210 million."
- "Additionally, considering our successful efforts around working capital along with the expected easing of global oil prices in the second half, we are increasing our full year free cash flow guidance range to a free cash outflow of $10 million to a positive free cash flow of $20 million."
- "This is a $43 million improvement, at the midpoint, compared to our prior guidance," Painter concluded. - 3 - ORION S.A."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.15 | $0.11 | +27.1% | $446.0M | 2 |
| Next quarter (ends 2026-12-31) | $-0.03 | $-0.00 | +3405.3% | $403.1M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.17 | $0.18 | -8.5% | $1.81B | 3 |
| Next fiscal year (ends 2027-12-31) | $0.33 | $0.38 | -11.7% | $1.80B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2026-11-04): ±21.8%; last 8 reports averaged ±11%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 54.4% | ±21.8% |