Latest Ratios: P/E Ratio -4.6x · EV/EBITDA 5.3x · ROE -16.3%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $319M | $297M | $922M | $1.7B | $1.1B | $1.1B | $1.1B | $1.2B | $1.5B | $1.6B | $1.1B |
| Enterprise Value | $1.2B | $1.2B | $1.9B | $2.6B | $2.0B | $1.9B | $1.8B | $1.8B | $2.2B | $2.2B | $1.7B |
| P/E Ratio → | -4.56 | — | 20.78 | 16.03 | 10.29 | 8.31 | 57.13 | 13.59 | 12.70 | 23.93 | 22.99 |
| P/S Ratio | 0.18 | 0.16 | 0.49 | 0.88 | 0.54 | 0.72 | 0.93 | 0.80 | 0.98 | 1.17 | 1.05 |
| P/B Ratio | 0.83 | 0.77 | 1.94 | 3.48 | 2.38 | 3.50 | 5.81 | 6.36 | 9.71 | 15.55 | 20.39 |
| P/FCF | 6.35 | 5.92 | — | 9.61 | — | — | — | 15.64 | 264.81 | 27.03 | 10.77 |
| P/OCF | 1.51 | 1.41 | 7.36 | 4.81 | 13.50 | 7.71 | 8.40 | 5.11 | 12.65 | 10.51 | 6.43 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.67 | 1.01 | 1.35 | 1.01 | 1.24 | 1.60 | 1.23 | 1.38 | 1.63 | 1.58 |
| EV / EBITDA | 5.30 | 5.21 | 6.59 | 8.04 | 6.69 | 7.44 | 9.41 | 6.99 | 7.87 | 8.64 | 6.77 |
| EV / EBIT | 12.18 | 11.97 | 18.94 | 12.05 | 10.11 | 8.61 | 33.97 | 12.64 | 11.13 | 17.75 | 14.62 |
| EV / FCF | — | 24.23 | — | 14.75 | — | — | — | 23.99 | 372.52 | 37.65 | 16.21 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.9% | 19.9% | 22.8% | 23.8% | 22.1% | 25.0% | 25.7% | 26.4% | 27.2% | 28.4% | 32.8% |
| Operating Margin | 5.6% | 5.6% | 8.7% | 10.8% | 9.8% | 10.0% | 8.4% | 11.0% | 11.3% | 11.4% | 15.3% |
| Net Profit Margin | -3.9% | -3.9% | 2.4% | 5.5% | 5.2% | 8.7% | 1.6% | 5.9% | 7.7% | 4.9% | 4.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -16.3% | -16.3% | 9.3% | 22.1% | 27.3% | 53.8% | 9.9% | 50.4% | 93.8% | 83.4% | 89.8% |
| ROA | -3.7% | -3.7% | 2.4% | 5.6% | 6.0% | 8.9% | 1.4% | 6.9% | 9.9% | 5.8% | 4.7% |
| ROIC | 5.5% | 5.5% | 8.7% | 11.0% | 11.8% | 11.2% | 8.2% | 15.2% | 17.8% | 17.0% | 18.7% |
| ROCE | 7.8% | 7.8% | 12.0% | 15.0% | 15.9% | 13.7% | 9.4% | 16.9% | 19.3% | 17.8% | 19.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.55 | 2.55 | 2.16 | 1.94 | 2.21 | 2.71 | 4.56 | 3.74 | 4.31 | 6.83 | 11.71 |
| Debt / EBITDA | 4.19 | 4.19 | 3.55 | 2.92 | 3.32 | 3.36 | 4.29 | 2.68 | 2.48 | 2.73 | 2.58 |
| Net Debt / Equity | — | 2.39 | 2.07 | 1.86 | 2.07 | 2.51 | 4.20 | 3.40 | 3.95 | 6.11 | 10.31 |
| Net Debt / EBITDA | 3.93 | 3.93 | 3.40 | 2.80 | 3.12 | 3.10 | 3.95 | 2.43 | 2.28 | 2.44 | 2.27 |
| Debt / FCF | — | 18.30 | — | 5.14 | — | — | — | 8.35 | 107.71 | 10.62 | 5.44 |
| Interest Coverage | 1.63 | 1.63 | 2.04 | 4.16 | 5.07 | 5.87 | 1.38 | 5.99 | 6.81 | 4.19 | 2.77 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.03 | 1.03 | 1.19 | 1.47 | 1.41 | 1.48 | 1.54 | 1.78 | 1.80 | 1.83 | 1.89 |
| Quick Ratio | 0.59 | 0.59 | 0.62 | 0.82 | 0.91 | 0.97 | 1.11 | 1.20 | 1.22 | 1.27 | 1.37 |
| Cash Ratio | 0.10 | 0.10 | 0.10 | 0.09 | 0.11 | 0.15 | 0.21 | 0.26 | 0.22 | 0.26 | 0.36 |
| Asset Turnover | — | 0.95 | 1.01 | 1.03 | 1.08 | 0.95 | 0.82 | 1.17 | 1.24 | 1.14 | 1.03 |
| Inventory Turnover | 5.22 | 5.22 | 4.99 | 5.03 | 5.69 | 5.05 | 5.97 | 6.59 | 6.25 | 5.97 | 6.05 |
| Days Sales Outstanding | — | 48.26 | 49.28 | 54.81 | 72.66 | 76.55 | 75.42 | 65.93 | 60.78 | 78.37 | 75.70 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.5% | 1.6% | 0.5% | 0.3% | 0.5% | — | 1.1% | 4.1% | 3.1% | 2.9% | 3.9% |
| Payout Ratio | — | — | 10.9% | 4.7% | 4.7% | — | 66.3% | 55.3% | 39.3% | 70.5% | 89.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 4.8% | 6.2% | 9.7% | 12.0% | 1.8% | 7.4% | 7.9% | 4.2% | 4.4% |
| FCF Yield | 15.8% | 16.9% | — | 10.4% | — | — | — | 6.4% | 0.4% | 3.7% | 9.3% |
| Buyback Yield | 7.8% | 8.3% | 2.9% | 3.9% | 0.4% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.3% |
| Total Shareholder Yield | 9.3% | 9.9% | 3.4% | 4.2% | 0.9% | 0.0% | 1.1% | 4.1% | 3.4% | 2.9% | 4.2% |
| Shares Outstanding | — | $56M | $58M | $60M | $61M | $61M | $61M | $61M | $61M | $61M | $60M |
Feedstock cost pass-through failure
According to current market data, OEC trades at a forward P/E of 47.69, which appears disconnected from its recent negative net margin performance and suggests that investors are pricing in a significant recovery that remains unsupported by the current trajectory of the company's core specialty chemical operations.
The wide gap between the negative trailing P/E and the elevated forward multiple indicates that the market is heavily discounting near-term earnings volatility while betting on a cyclical rebound. Compared to peers like Cabot Corporation, the current EV/EBITDA of 5.63 suggests a complexity discount, likely reflecting investor skepticism regarding the company's ability to successfully pivot toward higher-margin battery-grade additives.
Based on reported financial statements, OEC's ROIC has trended downward from 3.1% in 2024Q1 to a marginal 0.9% in 2026Q1, indicating that the company is struggling to generate returns that exceed its cost of capital while maintaining its extensive, capital-intensive manufacturing footprint in Europe and North America.
The consistent decay in ROIC suggests that the company's heavy investment in environmental upgrades and maintenance is not currently yielding commensurate operational improvements. This trend implies that the business model is becoming increasingly capital-heavy without a corresponding expansion in margins, which may limit future value creation for shareholders.
As revealed in recent quarterly filings, the cash conversion cycle has expanded from 74 days in 2024Q1 to 69 days in 2026Q1, with inventory days remaining elevated at 63, suggesting that the company is facing challenges in optimizing its supply chain and managing inventory levels during periods of softening demand.
The inability to meaningfully compress the cash conversion cycle highlights a lack of operational leverage, particularly as the company navigates volatile feedstock costs. Investors should monitor whether the persistent inventory buildup reflects a strategic buffer or an inability to align production volumes with actual customer demand in the rubber segment.
According to recent SEC filings, the debt-to-equity ratio has surged to 2.55 in 2025Q4 from 1.66 in 2024Q2, indicating that the company's reliance on external financing has increased significantly as it attempts to bridge operational gaps during a period of sustained revenue contraction and negative net profitability.
The rising leverage profile, combined with inconsistent interest coverage, suggests that the company's balance sheet is becoming increasingly vulnerable to interest rate fluctuations. This trend warrants close investigation, as the current debt load may restrict management's ability to fund necessary R&D for the specialty carbon black portfolio without further diluting equity or increasing financial risk.
The price-to-sales ratio is frequently misapplied to OEC, as it fails to account for the significant pass-through of volatile carbon black oil costs, which can artificially inflate top-line revenue figures without providing any meaningful insight into the company's underlying profitability or its ability to generate sustainable cash flow.
Analysts should instead prioritize EV/EBITDA or FCF-based metrics, which better capture the impact of feedstock price fluctuations and the company's high capital intensity. Relying on P/S ignores the reality that revenue growth in this sector is often a function of energy price inflation rather than genuine volume expansion or market share gains.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying OEC stock.
Orion Engineered Carbons S.A.'s current P/E ratio is -4.6x. The historical average is 20.2x.
Orion Engineered Carbons S.A.'s current EV/EBITDA is 5.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.2x.
Orion Engineered Carbons S.A.'s return on equity (ROE) is -16.3%. The historical average is 32.6%.
Based on historical data, Orion Engineered Carbons S.A. is trading at a P/E of -4.6x. Compare with industry peers and growth rates for a complete picture.
Orion Engineered Carbons S.A.'s current dividend yield is 1.48%.
Orion Engineered Carbons S.A. has 19.9% gross margin and 5.6% operating margin.
Orion Engineered Carbons S.A.'s Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.