# Brenntag SE (BNR.XETRA)

Canonical: https://gigainvestors.com/s/BNR.XETRA

Analysis as of: 2026-10-16T07:35:49.477Z. Financial observations: FY2008–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 64.76 per share; close as of 2026-10-15.

Estimated value: low EUR 39.49 per share, central EUR 44.74 per share, high EUR 51.72 per share. Buy at or below the central value EUR 44.74 per share. Valuation as of 2026-10-16T07:35:49.477Z; scenarios are not confidence intervals.

Expected annual return: 7.7% at the stated quote. About 7.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.05×

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: 0.06×

- FY2021: 0.05×

- FY2022: 0.07×

- FY2023: 0.07×

- FY2024: 0.06×

- FY2025: 0.05×

### moat: pass

- ROIC, median of available years: 21.1%

- ROIC, second-lowest year: 17.2%

- Typical minus recent gross margin: -1.8 pp

- Typical gross margin (annual median): 23.0%

- Recent gross margin (lower of latest and 3-year median): 24.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.5%

- ROIC including acquisitions, ten-year median: 8.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 21.5%

- FY2017: 20.8%

- FY2018: 22.1%

- FY2019: 18.7%

- FY2020: 23.2%

- FY2021: 18.0%

- FY2022: 28.1%

- FY2023: 27.7%

- FY2024: 17.2%

- FY2025: 13.2%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.9B

- Net income, five-year total: EUR 2.9B

- Return on incremental invested capital: 2.2%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 10.1 pp

- Working capital / revenue, final three-year average: 14.4%

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

- FY2021: 1.06×

- FY2022: 1.02×

- FY2023: 0.97×

- FY2024: 0.96×

- FY2025: 1.08×

### management: pass

- 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: 21.5% vs 17.2%

- Per-share earnings: 2.33 to 3.71 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.7%

- Ordinary dilution, 5-year annual growth: -1.4%

- Market cap gain: EUR -1.0B

- Cumulative retained earnings: EUR 2.5B

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: -1.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.0%

- Per-share value change: EUR 1.39

- Per-share value, starting three-year median: EUR 2.33

- Per-share value, ending three-year median: EUR 3.71

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 2.6%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.5B

- Cumulative net income, 10 years: EUR 5.0B

- ROIC, first three-year median: 21.5%

- ROIC, last three-year median: 17.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.32

- FY2017: EUR 2.33

- FY2018: EUR 2.97

- FY2019: EUR 3.01

- FY2020: EUR 3.01

- FY2021: EUR 2.90

- FY2022: EUR 5.74

- FY2023: EUR 4.90

- FY2024: EUR 3.71

- FY2025: EUR 1.83

### accounting: pass

- Sloan accruals: -6.5%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.65×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.85×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.5%

- FY2017: -0.6%

- FY2018: 1.1%

- FY2019: -4.8%

- FY2020: -9.2%

- FY2021: 0.6%

- FY2022: -0.6%

- FY2023: -9.2%

- FY2024: -3.2%

- FY2025: -6.5%

## Holders

## Price story

Down 23% since Feb 2024 · sales -6.6%

Story as of 2026-10-16T10:00:06.149Z; price observation 2026-10-15.

Price needs cash profits to grow 5.7% a year for ten years

### Sales · FY2024–2025

sales -6.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 10B 

- FY2017: EUR 12B 

- FY2018: EUR 13B 

- FY2019: EUR 13B 

- FY2020: EUR 12B 

- FY2021: EUR 14B 

- FY2022: EUR 19B 

- FY2023: EUR 17B 

- FY2024: EUR 16B 

- FY2025: EUR 15B 

### Gross margin · FY2025

gross margin 25.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 22.6% 

- FY2017: 21.2% 

- FY2018: 20.7% 

- FY2019: 21.4% 

- FY2020: 23.5% 

- FY2021: 23.5% 

- FY2022: 22.2% 

- FY2023: 23.9% 

- FY2024: 24.8% 

- FY2025: 25.3% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are EUR 15.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); FY2025: revenue 15171500000; grossProfit 3831500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BNR.XETRA: Brenntag SE distributes chemicals and ingredients in Germany, the United States, the United Kingdom, China, Canada, Italy, Poland, France, and internationally. The company operates in two segments, Brenntag Essentials and Brenntag Specialties. It provides just-in-time delivery, product mixing, blending, repackaging, inventory management, and drum return handling, as well as application, marketing and supply chain solutions, technical and formulation support, comprehensive regulatory know-how, and digital solutions, such as digital sales channels and product platforms. The company serves customers in various industries, including nutrition, pharma, beauty and care, and water treatment; and industrial markets, as well as coatings, adhesives, sealants and elastomers, and constructions, polymers, and rubber industries. The company was founded in 1874 and is headquartered in Essen, Germany.

### Why customers stay

Margins ranged from 23.9% to 25.3% during 2023–25; it earns 21.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); FY2023: grossProfit / revenue = 23.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); FY2024: grossProfit / revenue = 24.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); FY2025: grossProfit / revenue = 25.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); 10-year return on capital observations [[2016,0.21452027416183708],[2017,0.20765551138309096],[2018,0.22118009992704044],[2019,0.18676061363201898],[2020,0.23198535606835063],[2021,0.18014592023506776],[2022,0.2806225182089536],[2023,0.2769436651438611],[2024,0.17214619445842821],[2025,0.13168467298499628]]; median 0.21108789277246404. 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 2026-10-16T07:35:49.477Z); Gross margin observations: [[2021,0.2349382930644881],[2022,0.22229313459568795],[2023,0.2390767821779234]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); FY2016: growth capex 0; upkeep 138800000; owner earnings 384200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); FY2017: growth capex 0; upkeep 151400000; owner earnings 372500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); FY2018: growth capex 6500000; upkeep 171900000; owner earnings 460900000. Growth capex / owner earnings = 0.014102842265133435.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); FY2019: growth capex 0; upkeep 204000000; owner earnings 471860000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); FY2020: growth capex 0; upkeep 199100000; owner earnings 479540000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); FY2021: growth capex 0; upkeep 199300000; owner earnings 477180000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); FY2022: growth capex 0; upkeep 267200000; owner earnings 900340000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); FY2023: growth capex 0; upkeep 321100000; owner earnings 691840000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); FY2024: growth capex 0; upkeep 342200000; owner earnings 514640000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); FY2025: growth capex 0; upkeep 293000000; owner earnings 286020000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); Dividend observations: [[2016,154500000],[2017,162200000],[2018,170000000],[2019,185400000],[2020,193100000],[2021,208600000],[2022,224000000],[2023,304700000],[2024,303200000],[2025,303200000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BNR.XETRA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.7% yearly over ten years; actual decline was 2.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.477Z); Ten-year compound average after fade. Initial solved rate 0.06810764508642075. Price 64.76; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.476774193548387 → FY2025 1.9809482122153625. Closing-price date 2026-10-15.

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

- 2016-10: EUR 48.70 per share

- 2016-11: EUR 49.67 per share

- 2016-12: EUR 52.80 per share

- 2017-01: EUR 53.74 per share

- 2017-02: EUR 54.12 per share

- 2017-03: EUR 52.55 per share

- 2017-04: EUR 54.44 per share

- 2017-05: EUR 51.50 per share

- 2017-06: EUR 50.68 per share

- 2017-07: EUR 47.95 per share

- 2017-08: EUR 44.52 per share

- 2017-09: EUR 47.12 per share

- 2017-10: EUR 48.62 per share

- 2017-11: EUR 52.30 per share

- 2017-12: EUR 52.77 per share

- 2018-01: EUR 52.22 per share

- 2018-02: EUR 51.48 per share

- 2018-03: EUR 48.30 per share

- 2018-04: EUR 47.52 per share

- 2018-05: EUR 49.34 per share

- 2018-06: EUR 47.72 per share

- 2018-07: EUR 51.28 per share

- 2018-08: EUR 51.94 per share

- 2018-09: EUR 53.16 per share

- 2018-10: EUR 46.17 per share

- 2018-11: EUR 40.83 per share

- 2018-12: EUR 37.70 per share

- 2019-01: EUR 41.25 per share

- 2019-02: EUR 43.60 per share

- 2019-03: EUR 45.90 per share

- 2019-04: EUR 48.06 per share

- 2019-05: EUR 41.58 per share

- 2019-06: EUR 43.31 per share

- 2019-07: EUR 44.39 per share

- 2019-08: EUR 43.83 per share

- 2019-09: EUR 44.40 per share

- 2019-10: EUR 45.00 per share

- 2019-11: EUR 48.41 per share

- 2019-12: EUR 48.48 per share

- 2020-01: EUR 46.88 per share

- 2020-02: EUR 40.41 per share

- 2020-03: EUR 33.83 per share

- 2020-04: EUR 41.19 per share

- 2020-05: EUR 47.41 per share

- 2020-06: EUR 46.77 per share

- 2020-07: EUR 52.12 per share

- 2020-08: EUR 52.46 per share

- 2020-09: EUR 54.30 per share

- 2020-10: EUR 54.88 per share

- 2020-11: EUR 64.06 per share

- 2020-12: EUR 63.34 per share

- 2021-01: EUR 64.74 per share

- 2021-02: EUR 64.26 per share

- 2021-03: EUR 72.80 per share

- 2021-04: EUR 74.68 per share

- 2021-05: EUR 77.14 per share

- 2021-06: EUR 78.42 per share

- 2021-07: EUR 84.20 per share

- 2021-08: EUR 85.44 per share

- 2021-09: EUR 80.58 per share

- 2021-10: EUR 82.24 per share

- 2021-11: EUR 75.70 per share

- 2021-12: EUR 79.58 per share

- 2022-01: EUR 75.66 per share

- 2022-02: EUR 74.88 per share

- 2022-03: EUR 73.34 per share

- 2022-04: EUR 73.94 per share

- 2022-05: EUR 71.96 per share

- 2022-06: EUR 62.10 per share

- 2022-07: EUR 68.36 per share

- 2022-08: EUR 65.42 per share

- 2022-09: EUR 62.38 per share

- 2022-10: EUR 61.44 per share

- 2022-11: EUR 59.98 per share

- 2022-12: EUR 59.72 per share

- 2023-01: EUR 68.36 per share

- 2023-02: EUR 71.40 per share

- 2023-03: EUR 69.20 per share

- 2023-04: EUR 73.78 per share

- 2023-05: EUR 73.38 per share

- 2023-06: EUR 71.40 per share

- 2023-07: EUR 70.48 per share

- 2023-08: EUR 74.74 per share

- 2023-09: EUR 73.48 per share

- 2023-10: EUR 70.12 per share

- 2023-11: EUR 79.28 per share

- 2023-12: EUR 83.22 per share

- 2024-01: EUR 82.26 per share

- 2024-02: EUR 84.38 per share

- 2024-03: EUR 78.08 per share

- 2024-04: EUR 74.86 per share

- 2024-05: EUR 65.98 per share

- 2024-06: EUR 62.96 per share

- 2024-07: EUR 65.82 per share

- 2024-08: EUR 67.22 per share

- 2024-09: EUR 66.98 per share

- 2024-10: EUR 59.84 per share

- 2024-11: EUR 61.00 per share

- 2024-12: EUR 57.88 per share

- 2025-01: EUR 60.78 per share

- 2025-02: EUR 63.82 per share

- 2025-03: EUR 59.60 per share

- 2025-04: EUR 58.58 per share

- 2025-05: EUR 59.64 per share

- 2025-06: EUR 56.20 per share

- 2025-07: EUR 54.54 per share

- 2025-08: EUR 52.88 per share

- 2025-09: EUR 50.90 per share

- 2025-10: EUR 48.15 per share

- 2025-11: EUR 49.45 per share

- 2025-12: EUR 49.56 per share

- 2026-01: EUR 51.40 per share

- 2026-02: EUR 52.30 per share

- 2026-03: EUR 57.28 per share

- 2026-04: EUR 62.08 per share

- 2026-05: EUR 56.54 per share

- 2026-06: EUR 53.18 per share

- 2026-07: EUR 61.14 per share

- 2026-08: EUR 62.84 per share

- 2026-09: EUR 59.18 per share

- 2026-10: EUR 63.40 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 30.00 per share, central EUR 33.79 per share, high EUR 38.83 per share

- FY2017: low EUR 32.55 per share, central EUR 36.79 per share, high EUR 42.43 per share

- FY2018: low EUR 33.42 per share, central EUR 37.90 per share, high EUR 43.87 per share

- FY2019: low EUR 39.24 per share, central EUR 50.28 per share, high EUR 58.50 per share

- FY2020: low EUR 35.98 per share, central EUR 43.49 per share, high EUR 50.19 per share

- FY2021: low EUR 43.82 per share, central EUR 54.44 per share, high EUR 63.11 per share

- FY2022: low EUR 62.71 per share, central EUR 81.64 per share, high EUR 94.83 per share

- FY2023: low EUR 59.59 per share, central EUR 76.52 per share, high EUR 89.18 per share

- FY2024: low EUR 58.88 per share, central EUR 74.32 per share, high EUR 86.32 per share

- FY2025: low EUR 41.53 per share, central EUR 46.78 per share, high EUR 53.78 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 2026-10-15T06:41:36.445Z 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.

## Reported holder observations