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Element Solutions Inc (ESI)

NEUTRAL
Basic MaterialsSpecialty ChemicalsUnited States

Fundamental

59

Kurs

$34.95

Marktkapitalisierung

$8.49B

Teil 1 · Was das Unternehmen wert ist

Übersicht

Element Solutions makes the specialty chemicals other manufacturers use as production inputs, not branded end products. Its two segments sell process chemistries: Electronics supplies the assembly, circuitry and semiconductor materials used to build printed circuit boards and chips, while Specialties supplies industrial surface finishing, automotive and offshore energy chemistries. Customers are electronics assemblers, chipmakers, automotive suppliers and industrial platers who build these chemicals into their own manufacturing lines.

Wie das Geld verdient wird

Revenue comes from repeat sales of proprietary chemical formulations consumed in customers' production lines, not from one-off equipment sales. Because a chemistry is qualified into a specific manufacturing process before use, switching suppliers means re-validating the whole line, which discourages customers from changing. Electronics, tied to semiconductor and AI-infrastructure build-outs, has grown fastest; Specialties, exposed to automotive and industrial cycles, was the weaker segment in 2025, which also included the divestiture of the Graphics business.

Umsatz nach Segment

Electronics70%

Assembly, circuitry and semiconductor process chemicals used to build printed circuit boards and chips, sold mainly into consumer electronics, data-centre and automotive electronics manufacturing.

Specialties30%

Industrial surface finishing, automotive systems and offshore energy chemistries; revenue declined in 2025, partly due to the divestiture of the Graphics business.

Wettbewerbsvorteil

Wechselkosten · Schmal

Element Solutions' chemistries are qualified into a customer's specific manufacturing process before use, and requalifying an alternative supplier's formulation means re-testing the whole production line. Legacy brands such as MacDermid Alpha and Enthone carry decades of qualification history with electronics and industrial customers, who weigh reliability and technical support alongside price when choosing a supplier.

Was die Nachfrage antreibt

Zyklisch

Electronics revenue tracks semiconductor and consumer-electronics production cycles, now lifted by AI-infrastructure and data-centre build-outs, while Specialties tracks automotive and industrial output. Both are inputs to someone else's manufacturing volume rather than steady end-consumer demand, so orders rise and fall with customers' own production schedules and capital spending.

Wichtigste Risiken

  • Raw material and currency costs — The company sources chemical raw materials globally and states that price swings in these inputs and in currency exchange rates can pressure profitability if increases cannot be passed on to customers.
  • Environmental and remediation liabilities — Element Solutions has been named a potentially responsible party under federal and state Superfund-type laws at current and former plant and waste-management sites, and accrues for environmental liabilities when they are probable and estimable.
  • Competitive, technology-driven markets — The company operates in specialty chemicals markets it describes as highly competitive and subject to rapid technological change, where a customer can qualify a rival's formulation if performance or price falls behind.

Die Argumente dafür

Buyers argue that Electronics' exposure to AI-infrastructure and data-centre build-outs supports above-market growth, that qualification-driven switching costs protect share once a chemistry is designed into a customer's line, and that the agreed merger with Solstice Advanced Materials would create a larger, more diversified platform.

Die Argumente dagegen

Sellers worry that Specialties remains exposed to a softer automotive and industrial cycle, that raw-material and currency swings can compress margins the company cannot fully pass through, and that the pending Solstice merger introduces integration and approval risk before any benefits arrive.

Written by the editors, published on 18. August 2026

Direct competitors

Who this company fights with for the same customers

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Bilanz & Liquidität

Umsatz

$2.80B

Letzte 12 Monate (bis 31.3.2026)

Nettogewinn

$149M

Letzte 12 Monate (bis 31.3.2026)

Freier Cashflow

$228M

Gesamtes Eigenkapital

$2.67B

Gesamtverbindlichkeiten

$2.41B

Current Ratio

2.68

Zinsdeckungsgrad

6.21

Schulden/EBITDA

4.37

Gewinn je Aktie

Umsatz & Nettogewinn

Freier Cashflow

Ertragsaufschlüsselung

Historische Aufstellung

Margen im Zeitverlauf

Verschuldung im Zeitverlauf

Wie schwer die Schulden wiegen

Wachstumsraster

Wachstum — Umsatz

Innerer-Wert-Schätzung

Fair bewertet

Innerer Wert

$36.46

Aktueller Kurs

$34.95

Sicherheitsmarge

+4.1%

Innerer-Wert-Spanne

$24.93 - $48.00

Bewertungsmethoden

Analyst Target:$46.75
DCF:$35.96
PE-based:$13.50
Graham Growth:$32.94
EPV:$10.88
Analystenkonsens:Kaufen (11B / 3H / 0S)
Letzte Gewinnüberraschung:+7.90%

Bewertungskennzahlen

P/E-Verhältnis

56.42

ROE

7.1%

P/B-Verhältnis

3.12

P/FCF

70.48

Bruttomarge

40.8%

ROIC

5.7%

Rentabilitäts-Radar

Value Creation (Economic Moat)

ROIC

5.7%

WACC

9.8%

ROIC − WACC

-4.1 pp

ROIC is below the cost of capital — the company is destroying value for every dollar invested.

Fundamentalanalyse-Kriterien

Bestanden (17)

  • EPS shows upward trend
  • Price CAGR 13.67%
  • ROIC 5.7%
  • Gross Margin 40.8%
  • Debt/Equity ratio
  • Operating Margin 13.4%
  • Positive Free Cash Flow
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • Revenue Growth 5Y 6.6%
  • Analyst Consensus 79% Buy
  • Earnings Surprise avg 4.6%
  • Earnings Quality (OCF/NI) 1.33
  • Share Dilution -0.1%
  • Piotroski F-Score 6/9

Nicht bestanden (9)

  • P/FCF 70.48
  • P/B Ratio 3.12
  • CapEx intensity
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • ROE 6.6%
  • PEG Ratio 2.53
  • Net Margin Trend 5.3% vs 11.6%

Nicht verfügbar (1)

  • Dividend Payout NaN%

Piotroski F-Score

6/9

Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit

score
criteria

Gewinnqualität

1.33

Hohe Qualität: Gewinne durch Cashflow gedeckt

Aktienverwässerung

-0.1%

Aktienrückkäufe. Aktionärsfreundlich

Unternehmensführung

Führungsteam

NamePositionAlter
Mr. Benjamin GliklichCEO & Director40
Mr. Carey James DormanPresident of Enterprise Operations & CFO36
Mr. Richard L. FrickePresident of Electronics53
Mr. Matthew LiebowitzPresident of Specialties36
Mr. Michael RussnokChief Accounting Officer48
Ms. Caroline Simonne LindGeneral Counsel & Company Secretary-
Ms. Claudia IweorahSenior VP & Head of Human Resources-
Tom HunsingerVice President of Assembly Solutions-
Mr. Varun GokarnVice President of Strategy & Integration-

Prüfungsrisiko

9

Vorstandsrisiko

3

Vergütungsrisiko

10

Aktionärsrechterisiko

4

Teil 2 · Der Preis und der Einstiegszeitpunkt

Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.

Latest News

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