# Arkema (AKE.PA)

Canonical: https://gigainvestors.com/s/AKE.PA

Analysis as of: 2026-10-16T07:37:39.709Z. Financial observations: FY2001–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 56.40 per share; close as of 2026-10-15.

Estimated value: low EUR 73.07 per share, central EUR 80.79 per share, high EUR 91.06 per share. Buy at or below the central value EUR 80.79 per share. Valuation as of 2026-10-16T07:37:39.709Z; scenarios are not confidence intervals.

Expected annual return: 14.5% at the stated quote. About 14.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.10×

- FY2018: 0.11×

- FY2019: 0.09×

- FY2020: 0.06×

- FY2021: 0.11×

- FY2022: 0.11×

- FY2023: 0.07×

- FY2024: 0.06×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 4.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 12.7%

- ROIC, second-lowest year: 5.9%

- Typical minus recent gross margin: 4.0 pp

- Typical gross margin (annual median): 21.8%

- Recent gross margin (lower of latest and 3-year median): 17.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.9%

- ROIC including acquisitions, ten-year median: 6.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.4%

- FY2017: 16.7%

- FY2018: 18.4%

- FY2019: 13.0%

- FY2020: 7.0%

- FY2021: 16.9%

- FY2022: 16.1%

- FY2023: 7.5%

- FY2024: 5.9%

- FY2025: 4.3%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.1B

- Net income, five-year total: EUR 3.1B

- Return on incremental invested capital: -101.6%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -0.9 pp

- Working capital / revenue, final three-year average: 17.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.02×

- FY2022: 0.96×

- FY2023: 1.03×

- FY2024: 0.79×

- FY2025: 2.96×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.7% vs 5.9%

- Per-share earnings: 5.61 to 4.67 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: EUR -3.1B

- Cumulative retained earnings: EUR 1.2B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -2.3%

- Per-share value change: EUR -0.94

- Per-share value, starting three-year median: EUR 5.61

- Per-share value, ending three-year median: EUR 4.67

- Buybacks concentrated in cheaper years (correlation): 0.14

- Average buyback yield: 0.8%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 3.1B

- Cumulative net income, 10 years: EUR 5.7B

- ROIC, first three-year median: 16.7%

- ROIC, last three-year median: 5.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 5.61

- FY2017: EUR 7.57

- FY2018: EUR 9.23

- FY2019: EUR 5.65

- FY2020: EUR 4.33

- FY2021: EUR 18.35

- FY2022: EUR 11.40

- FY2023: EUR 5.31

- FY2024: EUR 4.67

- FY2025: EUR 0.83

### accounting: pass

- Sloan accruals: -6.4%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 15.44×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.83×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.4%

- FY2017: -4.5%

- FY2018: -3.2%

- FY2019: -6.9%

- FY2020: -7.3%

- FY2021: 3.2%

- FY2022: -3.9%

- FY2023: -6.0%

- FY2024: -5.0%

- FY2025: -6.4%

## Holders

## Price story

Down 57% since Jan 2022 · "Coating Solutions EBITDA: EUR 58 million, impacted by low cycle conditions." (finance.yahoo.com, May 2025) · sales -5%

Story as of 2026-10-16T10:00:09.351Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.2% a year for ten years

### Sales · FY2024–2025

sales -5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 7.5B 

- FY2017: EUR 8.3B 

- FY2018: EUR 8.8B 

- FY2019: EUR 8.7B 

- FY2020: EUR 7.9B 

- FY2021: EUR 9.5B 

- FY2022: EUR 12B 

- FY2023: EUR 9.5B 

- FY2024: EUR 9.5B 

- FY2025: EUR 9.1B 

### Gross margin · FY2025

gross margin 17.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 21.9% 

- FY2017: 22.3% 

- FY2018: 22.4% 

- FY2019: 21.8% 

- FY2020: 19.6% 

- FY2021: 22.5% 

- FY2022: 22.3% 

- FY2023: 20.6% 

- FY2024: 20.3% 

- FY2025: 17.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty chemicals; annual sales are EUR 9.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); FY2025: revenue 9068000000; grossProfit 1614000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AKE.PA: Arkema S.A., together with its subsidiaries, manufactures and sells specialty materials in Europe, the United States, Canada, Mexico, China, Hong Kong, Taiwan, and internationally. It operates in three segments: Adhesive Solutions, Advanced Materials and Coating Solutions, and Intermediates. The company provides solutions for construction, renovation of buildings, and DIY; high performance adhesives for durable goods, and adhesive solutions for packaging and non-woven; and supplies technologies used in building activities for businesses and individuals, including sealants, tiles, flooring adhesives and waterproofing systems, and technologies used in automotive, textiles, glazing, flexible and rigid packaging, and hygiene markets. It also offers high performance polymers, such as specialty polyamides, PVDF, polyimides, fluorospecialties, and PEKK; and performance additives comprising interface agents combining specialty surfactants, molecular sieves, organic peroxides, thiochemicals, and hydrogen peroxide. In addition, the company provides lightweighting, new energies, access to water, bio-based products, and recycling solutions for automotive and transportation sectors, oil and gas, renewable energies, consumer goods, electronics, construction, coatings, animal nutrition and water treatment. Further, it offers coating solutions, including EU/US acrylics and coating resins; coating additives, such as sartomer photocure resins, and coatex rheology additives and specialties; decorative paints, industrial coatings, and adhesives; and solutions for applications in the paper, superabsorbent, water treatment and oil and gas extraction, and 3D printing and electronics markets. Additionally, the company provides fluorogases and asia acrylics; and industrial intermediate chemicals for construction, refrigeration and air conditioning, automotive, coatings, and water treatment sectors. Arkema S.A. was incorporated in 2003 and is headquartered in Puteaux, France.

### Why customers stay

Margins ranged from 17.8% to 20.6% during 2023–25; it earns 12.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); FY2023: grossProfit / revenue = 20.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); FY2024: grossProfit / revenue = 20.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); FY2025: grossProfit / revenue = 17.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); 10-year return on capital observations [[2016,0.12447080494301163],[2017,0.1674082672121628],[2018,0.18357477230221003],[2019,0.12987986055870104],[2020,0.06996658312447787],[2021,0.16865593868978415],[2022,0.16147216283823976],[2023,0.07520294466591107],[2024,0.058980448675659124],[2025,0.04305993690851735]]; median 0.12717533275085635. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 22% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); Gross margin observations: [[2021,0.22512868998844415],[2022,0.22337662337662337],[2023,0.20601219255833508]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 33 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); FY2016: growth capex 0; upkeep 482000000; owner earnings 426000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); FY2017: growth capex 0; upkeep 459000000; owner earnings 618000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); FY2018: growth capex 117000000; upkeep 474000000; owner earnings 707000000. Growth capex / owner earnings = 0.16548797736916548.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); FY2019: growth capex 0; upkeep 661000000; owner earnings 424200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); FY2020: growth capex 0; upkeep 605000000; owner earnings 310000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); FY2021: growth capex 0; upkeep 763000000; owner earnings 1329400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); FY2022: growth capex 23000000; upkeep 707000000; owner earnings 923200000. Growth capex / owner earnings = 0.024913344887348355.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); FY2023: growth capex 0; upkeep 634000000; owner earnings 413400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); FY2024: growth capex 0; upkeep 768000000; owner earnings 279600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); FY2025: growth capex 0; upkeep 636000000; owner earnings 186400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); Dividend observations: [[2016,176000000],[2017,155000000],[2018,176000000],[2019,190000000],[2020,168000000],[2021,191000000],[2022,222000000],[2023,253000000],[2024,261000000],[2025,272000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); FY2025: cash repurchases 33000000 EUR.

### Are managers owners

Insiders own 10.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AKE.PA SharesStats.PercentInsiders = 10.313 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.2% yearly over ten years; actual decline was 6.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.709Z); Ten-year compound average after fade. Initial solved rate -0.08542860083625786. Price 56.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.7755111786757505 → FY2025 2.46704431150405. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 86.38 per share

- 2016-11: EUR 90.38 per share

- 2016-12: EUR 92.94 per share

- 2017-01: EUR 91.40 per share

- 2017-02: EUR 91.50 per share

- 2017-03: EUR 92.48 per share

- 2017-04: EUR 97.21 per share

- 2017-05: EUR 93.02 per share

- 2017-06: EUR 93.43 per share

- 2017-07: EUR 96.18 per share

- 2017-08: EUR 91.28 per share

- 2017-09: EUR 103.75 per share

- 2017-10: EUR 108.45 per share

- 2017-11: EUR 102.80 per share

- 2017-12: EUR 101.55 per share

- 2018-01: EUR 102.90 per share

- 2018-02: EUR 107.45 per share

- 2018-03: EUR 106.00 per share

- 2018-04: EUR 108.50 per share

- 2018-05: EUR 104.25 per share

- 2018-06: EUR 101.40 per share

- 2018-07: EUR 107.25 per share

- 2018-08: EUR 107.90 per share

- 2018-09: EUR 106.70 per share

- 2018-10: EUR 92.78 per share

- 2018-11: EUR 83.80 per share

- 2018-12: EUR 74.96 per share

- 2019-01: EUR 82.92 per share

- 2019-02: EUR 88.64 per share

- 2019-03: EUR 84.86 per share

- 2019-04: EUR 91.46 per share

- 2019-05: EUR 75.12 per share

- 2019-06: EUR 81.78 per share

- 2019-07: EUR 81.70 per share

- 2019-08: EUR 79.76 per share

- 2019-09: EUR 85.52 per share

- 2019-10: EUR 91.64 per share

- 2019-11: EUR 94.06 per share

- 2019-12: EUR 94.70 per share

- 2020-01: EUR 83.02 per share

- 2020-02: EUR 85.06 per share

- 2020-03: EUR 63.00 per share

- 2020-04: EUR 75.70 per share

- 2020-05: EUR 78.36 per share

- 2020-06: EUR 85.14 per share

- 2020-07: EUR 87.62 per share

- 2020-08: EUR 92.90 per share

- 2020-09: EUR 90.62 per share

- 2020-10: EUR 84.08 per share

- 2020-11: EUR 97.72 per share

- 2020-12: EUR 93.50 per share

- 2021-01: EUR 91.50 per share

- 2021-02: EUR 91.50 per share

- 2021-03: EUR 103.35 per share

- 2021-04: EUR 104.00 per share

- 2021-05: EUR 107.75 per share

- 2021-06: EUR 105.80 per share

- 2021-07: EUR 107.25 per share

- 2021-08: EUR 112.40 per share

- 2021-09: EUR 114.50 per share

- 2021-10: EUR 118.20 per share

- 2021-11: EUR 115.60 per share

- 2021-12: EUR 123.85 per share

- 2022-01: EUR 130.45 per share

- 2022-02: EUR 118.90 per share

- 2022-03: EUR 108.75 per share

- 2022-04: EUR 109.15 per share

- 2022-05: EUR 112.55 per share

- 2022-06: EUR 84.92 per share

- 2022-07: EUR 92.30 per share

- 2022-08: EUR 84.38 per share

- 2022-09: EUR 75.08 per share

- 2022-10: EUR 80.12 per share

- 2022-11: EUR 84.12 per share

- 2022-12: EUR 83.88 per share

- 2023-01: EUR 92.76 per share

- 2023-02: EUR 96.16 per share

- 2023-03: EUR 90.80 per share

- 2023-04: EUR 89.62 per share

- 2023-05: EUR 81.50 per share

- 2023-06: EUR 86.30 per share

- 2023-07: EUR 97.96 per share

- 2023-08: EUR 96.64 per share

- 2023-09: EUR 93.56 per share

- 2023-10: EUR 88.38 per share

- 2023-11: EUR 93.26 per share

- 2023-12: EUR 103.00 per share

- 2024-01: EUR 101.30 per share

- 2024-02: EUR 95.76 per share

- 2024-03: EUR 97.54 per share

- 2024-04: EUR 97.05 per share

- 2024-05: EUR 93.75 per share

- 2024-06: EUR 81.15 per share

- 2024-07: EUR 83.60 per share

- 2024-08: EUR 84.15 per share

- 2024-09: EUR 85.50 per share

- 2024-10: EUR 80.35 per share

- 2024-11: EUR 75.00 per share

- 2024-12: EUR 73.55 per share

- 2025-01: EUR 77.00 per share

- 2025-02: EUR 79.40 per share

- 2025-03: EUR 70.40 per share

- 2025-04: EUR 66.65 per share

- 2025-05: EUR 62.90 per share

- 2025-06: EUR 62.55 per share

- 2025-07: EUR 59.90 per share

- 2025-08: EUR 60.60 per share

- 2025-09: EUR 53.60 per share

- 2025-10: EUR 51.50 per share

- 2025-11: EUR 52.45 per share

- 2025-12: EUR 52.15 per share

- 2026-01: EUR 50.85 per share

- 2026-02: EUR 61.95 per share

- 2026-03: EUR 58.30 per share

- 2026-04: EUR 62.00 per share

- 2026-05: EUR 60.90 per share

- 2026-06: EUR 55.15 per share

- 2026-07: EUR 58.90 per share

- 2026-08: EUR 60.10 per share

- 2026-09: EUR 55.50 per share

- 2026-10: EUR 54.50 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 44.59 per share, central EUR 51.13 per share, high EUR 58.43 per share

- FY2017: low EUR 74.58 per share, central EUR 84.54 per share, high EUR 95.57 per share

- FY2018: low EUR 90.24 per share, central EUR 103.52 per share, high EUR 117.74 per share

- FY2019: low EUR 71.35 per share, central EUR 82.13 per share, high EUR 93.46 per share

- FY2020: low EUR 82.70 per share, central EUR 91.46 per share, high EUR 103.12 per share

- FY2021: low EUR 144.96 per share, central EUR 170.30 per share, high EUR 193.64 per share

- FY2022: low EUR 141.39 per share, central EUR 166.30 per share, high EUR 191.02 per share

- FY2023: low EUR 94.07 per share, central EUR 107.35 per share, high EUR 120.96 per share

- FY2024: low EUR 86.82 per share, central EUR 99.24 per share, high EUR 111.61 per share

- FY2025: low EUR 83.66 per share, central EUR 91.52 per share, high EUR 101.99 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:27.372Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.