Orion S.A., together with its subsidiaries, engages in the manufacture and sale of carbon black products. The company operates in two segments, Specialty Carbon Black and Rubber Carbon Black. It offers post-treated specialty carbon black grades for coatings and printing applications, as well as high purity carbon black grades for the fiber industry; and conductive carbon black grades for batteries, polymers, and coatings. The company also provides rubber carbon black products for tires, such as high-reinforcing grades and semi-reinforcing grades under the ECORAX brand, as well as for mechanical rubber goods end users, including automotive production, construction, as well as certain food, consumer, and medical applications. It operates in the United States, Brazil, rest of the Americas, Germany, South Africa, Italy, Spain, Czech republic, Poland, Italy, Turkey, France, Rest of EMEA, China, the Republic of Korea, and rest of Asia. The company was formerly known as Orion Engineered Carbons S.A. and changed its name to Orion S.A. in June 2023. Orion S.A. was founded in 1862 and is headquartered in Senningerberg, Luxembourg.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.8B | $159M | $-70M | $55M | -18.2% | -3.8% | -258.6% |
| 2024 | $1.9B | $228M | $44M | $-81M | 9.3% | -0.9% | -57.3% |
| 2023 | $1.9B | $327M | $104M | $173M | 21.6% | -6.7% | -2.5% |
| 2022 | $2.0B | $303M | $106M | $-152M | 23.1% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,030.90 | 1,893.90 | 1,877.50 | 1,806.70 |
| Operating Revenue | - | 2,030.90 | 1,893.90 | 1,877.50 | 1,806.70 |
| Cost Of Revenue | - | 1,582.10 | 1,442.90 | 1,448.70 | 1,446.90 |
| Gross Profit | - | 448.80 | 451 | 428.80 | 359.80 |
| Operating Expense | - | 251.70 | 245.70 | 266.80 | 258.40 |
| Research And Development | - | 21.70 | 24.50 | 27.10 | 27.50 |
| Selling General And Administration | - | 227.10 | 221.90 | 237.80 | 230.70 |
| Total Expenses | - | 1,833.80 | 1,688.60 | 1,715.50 | 1,705.30 |
| Operating Income | - | 197.10 | 205.30 | 162 | 101.40 |
| Total Operating Income As Reported | - | 197.10 | 205.30 | 102.70 | 27.50 |
| EBITDA | - | 302.80 | 327.20 | 228 | 159.40 |
| Normalized EBITDA | - | 302.80 | 327.20 | 287.30 | 233.30 |
| EBIT | - | 197.10 | 214.20 | 102.70 | 27.50 |
| Interest Expense | - | 39.90 | 50.90 | 49.40 | 62.30 |
| Net Interest Income | - | -39.90 | -50.90 | -49.40 | -62.30 |
| Other Non Operating Income Expenses | -4.80 | - | 8.90 | - | - |
| Other Income Expense | 78.10 | - | 8.90 | -59.30 | -73.90 |
| Interest Expense Non Operating | - | 39.90 | 50.90 | 49.40 | 62.30 |
| Net Non Operating Interest Income Expense | - | -39.90 | -50.90 | -49.40 | -62.30 |
| Pretax Income | - | 157.20 | 163.30 | 53.30 | -34.80 |
| Tax Provision | - | 51.50 | 60.30 | 9.70 | 35.80 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | -10.67 | -15.52 |
| Net Income Continuous Operations | - | 106.20 | 103.50 | 44.20 | -70.10 |
| Net Income From Continuing And Discontinued Operation | - | 106.20 | 103.50 | 44.20 | -70.10 |
| Net Income From Continuing Operation Net Minority Interest | - | 106.20 | 103.50 | 44.20 | -70.10 |
| Net Income | - | 106.20 | 103.50 | 44.20 | -70.10 |
| Net Income Common Stockholders | - | 106.20 | 103.50 | 44.20 | -70.10 |
| Net Income Including Noncontrolling Interests | - | 106.20 | 103.50 | 44.20 | -70.10 |
| Normalized Income | - | 106.20 | 103.50 | 92.83 | -11.72 |
| Diluted NI Availto Com Stockholders | - | 106.20 | 103.50 | 44.20 | -70.10 |
| Basic Average Shares | - | 60.90 | 59 | 58.22 | 56.32 |
| Diluted Average Shares | - | 61.38 | 59.98 | 58.37 | 56.32 |
| Reconciled Depreciation | - | 105.70 | 113 | 125.30 | 131.90 |
| Reconciled Cost Of Revenue | - | 1,582.10 | 1,442.90 | 1,448.70 | 1,446.90 |
| Total Unusual Items | - | 0 | 0 | -59.30 | -73.90 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | -59.30 | -73.90 |
| Earnings From Equity Interest Net Of Tax | - | 0.50 | 0.50 | 0.60 | 0.50 |
| Special Income Charges | - | 0 | 0 | -59.30 | -73.90 |
| Other Special Charges | -82.90 | - | - | 59.30 | -6.90 |
| Impairment Of Capital Assets | - | - | 0 | 0 | 80.80 |
| Other Operating Expenses | - | 2.90 | -0.70 | 1.90 | 0.20 |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Orion S.A.this co. | OEC | $405M | -5.78 | 1.05 | -18.2% | 9.14 |
| Intrepid Potash, Inc. | IPI | $499M | 44.65 | 1.02 | 2.3% | 8.06 |
| Lifezone Metals Limited | LZM | $464M | -34.07 | 6.29 | -18.5% | -200.38 |
| Gevo, Inc. | GEVO | $431M | -12.73 | 0.92 | -7.3% | 42.14 |
| Mativ Holdings, Inc. | MATV | $423M | -1.25 | 0.85 |
| - |
| - |
| - |
| - |
| -67.7% |
| -5.67 |
| Caledonia Mining Corporation Plc | CMCL | $411M | 7.45 | 1.59 | 21.3% | 3.24 |
| Valhi, Inc. | VHI | $410M | -7.12 | 0.40 | -5.6% | 10.03 |
| Vox Royalty Corp. | VOXR | $395M | 67.19 | 3.69 | 5.5% | 27.50 |
| U.S. Gold Corp. | USAU | $259M | -12.58 | 22.32 | -177.4% | -19.39 |
| Peer Median | - | -4.19 | 1.30 | -6.4% | 5.65 | |