Element Solutions Inc (ESI)
NEUTRALFondamental
59
Prix
$35.34
Capitalisation boursière
$8.49B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Chiffre d'affaires par segment
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.
Industrial surface finishing, automotive systems and offshore energy chemistries; revenue declined in 2025, partly due to the divestiture of the Graphics business.
Avantage concurrentiel
Coûts de changement · ÉtroitElement 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.
Ce qui stimule la demande
CycliqueElectronics 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.
Principaux risques
- 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.
Les arguments en faveur
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.
Les arguments contre
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 août 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Bilan & Liquidités
Chiffre d'affaires
$2.80B
12 derniers mois (au 31/03/2026)
Résultat net
$149M
12 derniers mois (au 31/03/2026)
Flux de trésorerie libre
$228M
Capitaux propres totaux
$2.67B
Passif total
$2.41B
Ratio de liquidité général
2.68
Couverture des intérêts
6.21
Dette/EBITDA
4.37
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$36.46
Prix actuel
$35.34
Marge de sécurité
+3.1%
Fourchette de juste valeur
$24.93 - $48.00
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
56.42
ROE
7.1%
Ratio P/B
3.12
P/FCF
70.48
Marge brute
40.8%
ROIC
5.7%
Radar de rentabilité
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.
Critères d'analyse fondamentale
Réussi (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
Échoué (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%
Indisponible (1)
- Dividend Payout NaN%
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Benjamin Gliklich | CEO & Director | 40 |
| Mr. Carey James Dorman | President of Enterprise Operations & CFO | 36 |
| Mr. Richard L. Fricke | President of Electronics | 53 |
| Mr. Matthew Liebowitz | President of Specialties | 36 |
| Mr. Michael Russnok | Chief Accounting Officer | 48 |
| Ms. Caroline Simonne Lind | General Counsel & Company Secretary | - |
| Ms. Claudia Iweorah | Senior VP & Head of Human Resources | - |
| Tom Hunsinger | Vice President of Assembly Solutions | - |
| Mr. Varun Gokarn | Vice President of Strategy & Integration | - |
Risque d'audit
9
Risque du conseil
3
Risque de rémunération
10
Risque droits des actionnaires
4
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for ESI, sourced from Markets Gazette.