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% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | 197.10 | 205.30 | 162 | 101.40 |
| EBITDA | 302.80 | 327.20 | 228 | 159.40 |
| EBIT | 197.10 | 214.20 | 102.70 | 27.50 |
| Pretax Income | 157.20 | 163.30 | 53.30 | -34.80 |
| Tax Provision | 51.50 | 60.30 | 9.70 | 35.80 |
| Net Income | 106.20 | 103.50 | 44.20 | -70.10 |
| Net Income Common Stockholders | 106.20 | 103.50 | 44.20 | -70.10 |
| Total Expenses | 1,833.80 | 1,688.60 | 1,715.50 | 1,705.30 |
| Interest Expense | 39.90 | 50.90 | 49.40 | 62.30 |
| Research And Development | 21.70 | 24.50 | 27.10 | 27.50 |
| Selling General And Administration | 227.10 | 221.90 | 237.80 | 230.70 |
| Normalized EBITDA | 302.80 | 327.20 | 287.30 | 233.30 |
| Normalized Income | 106.20 | 103.50 | 92.83 | -11.72 |
| Basic EPS | 1.74 | 1.75 | 0.76 | -1.24 |
| Diluted EPS | 1.73 | 1.73 | 0.76 | -1.24 |
| Tax Effect Of Unusual Items | 0 | 0 | -10.67 | -15.52 |
| Tax Rate For Calcs | 0.33 | 0.37 | 0.18 | 0.21 |
| Total Unusual Items | 0 | 0 | -59.30 | -73.90 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | -59.30 | -73.90 |
| Net Income From Continuing Operation Net Minority Interest | 106.20 | 103.50 | 44.20 | -70.10 |
| 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 |
| Net Interest Income | -39.90 | -50.90 | -49.40 | -62.30 |
| Net Income From Continuing And Discontinued Operation | 106.20 | 103.50 | 44.20 | -70.10 |
| Total Operating Income As Reported | 197.10 | 205.30 | 102.70 | 27.50 |
| Diluted Average Shares | 61.38 | 59.98 | 58.37 | 56.32 |
| Basic Average Shares | 60.90 | 58.99 | 58.22 | 56.32 |
| Diluted NI Availto Com Stockholders | 106.20 | 103.50 | 44.20 | -70.10 |
| Net Income Including Noncontrolling Interests | 106.20 | 103.50 | 44.20 | -70.10 |
| Net Income Continuous Operations | 106.20 | 103.50 | 44.20 | -70.10 |
| Earnings From Equity Interest Net Of Tax | 0.50 | 0.50 | 0.60 | 0.50 |
| Other Income Expense | 0 | 8.90 | -59.30 | -73.90 |
| Other Non Operating Income Expenses | 0 | 8.90 | 0 | 0 |
| Special Income Charges | 0 | 0 | -59.30 | -73.90 |
| Other Special Charges | 0 | 0 | 59.30 | -6.90 |
| Impairment Of Capital Assets | 0 | 0 | 0 | 80.80 |
| Net Non Operating Interest Income Expense | -39.90 | -50.90 | -49.40 | -62.30 |
| Interest Expense Non Operating | 39.90 | 50.90 | 49.40 | 62.30 |
| Other Operating Expenses | 2.90 | -0.70 | 1.90 | 0.20 |
| Operating Revenue | 2,030.90 | 1,893.90 | 1,877.50 | 1,806.70 |
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 | - | - | - | -18.2% | - |
| Clearwater Paper Corporation | CLW | $208M | - | 0.25 | -2.3% | 5.43 |
| Montauk Renewables, Inc. | MNTK | $206M | 144.00 | 0.79 | 0.7% | 8.84 |
| FutureFuel Corp. | FF | $198M | - | 1.28 | -31.9% | -3.38 |
| Smith-Midland Corporation | SMID | $176M | 14.05 | 3.24 |
| 23.0% |
| 8.48 |
| Friedman Industries, Incorporated | FRD | $142M | 8.96 | 1.00 | 4.6% | 10.15 |
| Ascent Industries Co. | ACNT | $134M | - | 1.57 | 1.0% | -33.80 |
| American Vanguard Corporation | AVD | $81M | - | 0.43 | -25.9% | 11.42 |
| Trinseo PLC | TSEOF | $4M | - | -0.00 | 49.7% | 13.80 |
| Peer Median | - | 14.05 | 0.89 | 0.8% | 8.66 | |