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Element Solutions Inc (ESI)

NEUTRAL
Basic MaterialsSpecialty ChemicalsUnited States

Fondamental

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

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.

Avantage concurrentiel

Coûts de changement · Étroit

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.

Ce qui stimule la demande

Cyclique

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.

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

Justement valorisé

Juste valeur

$36.46

Prix actuel

$35.34

Marge de sécurité

+3.1%

Fourchette de juste valeur

$24.93 - $48.00

Méthodes d'estimation

Analyst Target:$46.75
DCF:$35.96
PE-based:$13.50
Graham Growth:$32.94
EPV:$10.88
Consensus des analystes:Acheter (11B / 3H / 0S)
Dernière surprise sur les résultats:+7.90%

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

6/9

Signaux mixtes : certains domaines nécessitent attention

score
criteria

Qualité des bénéfices

1.33

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

-0.1%

Rachat d'actions. Favorable aux actionnaires

Gouvernance

Équipe dirigeante

NomTitreÂge
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-

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.

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