# Corticeira Amorim (COR.LS)

Canonical: https://gigainvestors.com/s/COR.LS

Analysis as of: 2026-10-16T07:44:03.008Z. Financial observations: FY2015–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 6.69 per share; close as of 2026-10-15.

Estimated value: low EUR 6.54 per share, central EUR 7.38 per share, high EUR 8.51 per share. Buy at or below the central value EUR 7.38 per share. Valuation as of 2026-10-16T07:44:03.008Z; scenarios are not confidence intervals.

Expected annual return: 10.8% at the stated quote. About 10.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; PT 10-year bond 3.9% + 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: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.15×

- FY2018: 0.13×

- FY2019: 0.11×

- FY2020: 0.12×

- FY2021: 0.11×

- FY2022: 0.11×

- FY2023: 0.12×

- FY2024: 0.10×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.8%

- ROIC, second-lowest year: 8.9%

- Typical minus recent gross margin: -1.0 pp

- Typical gross margin (annual median): 51.8%

- Recent gross margin (lower of latest and 3-year median): 52.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.9%

- ROIC including acquisitions, ten-year median: 8.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.3%

- FY2017: 15.4%

- FY2018: 13.7%

- FY2019: 11.4%

- FY2020: 11.4%

- FY2021: 12.1%

- FY2022: 14.1%

- FY2023: 10.5%

- FY2024: 8.9%

- FY2025: 8.3%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 374M

- Net income, five-year total: EUR 387M

- Return on incremental invested capital: 2.1%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: 0.3 pp

- Working capital / revenue, final three-year average: 56.2%

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

- FY2021: 0.98×

- FY2022: 0.99×

- FY2023: 0.56×

- FY2024: 1.19×

- FY2025: 1.26×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 15.3% vs 8.9%

- Per-share earnings: 0.56 to 0.52 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: EUR -491M

- Cumulative retained earnings: EUR -36M

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -1.2%

- Per-share value change: EUR -0.04

- Per-share value, starting three-year median: EUR 0.56

- Per-share value, ending three-year median: EUR 0.52

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 79M

- Cumulative net income, 10 years: EUR 780M

- ROIC, first three-year median: 15.3%

- ROIC, last three-year median: 8.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.55

- FY2018: EUR 0.58

- FY2019: EUR 0.56

- FY2020: EUR 0.48

- FY2021: EUR 0.56

- FY2022: EUR 0.74

- FY2023: EUR 0.67

- FY2024: EUR 0.52

- FY2025: EUR 0.42

### accounting: pass

- Sloan accruals: -13.5%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.94×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.9%

- FY2017: -0.2%

- FY2018: 1.9%

- FY2019: -1.2%

- FY2020: -5.5%

- FY2021: -7.7%

- FY2022: 0.4%

- FY2024: -3.8%

- FY2025: -13.5%

## Holders

## Price story

Down 45% since Oct 2021 · "Corticeira Amorim S.G.P.S (ENXTLS:COR) Could Be 17% Undervalued Following Weaker Q2 Results" (finance.yahoo.com, Jul 2026) · sales -8.3%

Story as of 2026-10-16T10:00:12.906Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.4% a year for ten years

### Sales · FY2024–2025

sales -8.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 641M 

- FY2017: EUR 702M 

- FY2018: EUR 763M 

- FY2019: EUR 781M 

- FY2020: EUR 740M 

- FY2021: EUR 838M 

- FY2022: EUR 1.0B 

- FY2023: EUR 985M 

- FY2024: EUR 939M 

- FY2025: EUR 861M 

### Gross margin · FY2025

gross margin 54.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 52.2% 

- FY2017: 53.2% 

- FY2018: 50.6% 

- FY2019: 49.6% 

- FY2020: 52.7% 

- FY2021: 51.0% 

- FY2022: 49.9% 

- FY2023: 51.5% 

- FY2024: 52.8% 

- FY2025: 54.6% 

## Owner memo

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

### How it makes money

Operates in lumber & wood production; annual sales are EUR 861 million.

- Source: https://eodhd.com/api/fundamentals/COR.LS.json#2025-12-31 (filed 2026-10-16T07:44:03.008Z); FY2025: revenue 860967000; grossProfit 470371000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COR.LS: Corticeira Amorim, S.G.P.S., S.A. engages in the acquisition and transformation of cork into various cork and cork-related products in Portugal, Switzerland, Norway, the rest of the European Union, the rest of Europe, the United States, the rest of the American countries, Australasia, and Africa. It operates through Amorim Florestal, Amorim Cork, Amorim Cork Solutions, and Corticeira Amorim and Others segments. The company is involved in the procurement, sourcing, purchase, stocking, and preparation of cork as a raw material; the production, supply, and distribution of cork stoppers; and the development of solutions with cork composites for various industries, including aerospace, maritime, mobility, sealing, energy, construction, flooring, sports surfaces, playgrounds, toys, home, office, and leisure. It also provides floor and wall covering materials, as well as insulation and energy-efficient composite cork for use in structures and buildings. The company's cork products are used for still and sparkling wines and spirits, architecture and design, infrastructure, sports, and other applications. The company was founded in 1870 and is based in Mozelos, Portugal. Corticeira Amorim, S.G.P.S., S.A. operates as a subsidiary of Amorim Investimentos e Participações, S.G.P.S., S.A.

### Why customers stay

Margins ranged from 51.5% to 54.6% during 2023–25; it earns 11.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/COR.LS.json#2023-12-31 (filed 2026-10-16T07:44:03.008Z); FY2023: grossProfit / revenue = 51.5%.

- Source: https://eodhd.com/api/fundamentals/COR.LS.json#2024-12-31 (filed 2026-10-16T07:44:03.008Z); FY2024: grossProfit / revenue = 52.8%.

- Source: https://eodhd.com/api/fundamentals/COR.LS.json#2025-12-31 (filed 2026-10-16T07:44:03.008Z); FY2025: grossProfit / revenue = 54.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.008Z); 10-year return on capital observations [[2016,0.15316626128576002],[2017,0.15366805153546448],[2018,0.13657343003234468],[2019,0.11434418595641044],[2020,0.11384736726149226],[2021,0.12087689243888292],[2022,0.14108527647764155],[2023,0.10474982103375666],[2024,0.08869237451431305],[2025,0.08323924321888235]]; median 0.11761053919764668. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 50% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.008Z); Gross margin observations: [[2021,0.5102122174214032],[2022,0.49859456368814686],[2023,0.5151192277366974]]; range within 2 percentage points.

### Where the cash goes

Reinvests 0.5% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/COR.LS.json#2016-12-31 (filed 2026-10-16T07:44:03.008Z); FY2016: growth capex 0; upkeep 35291000; owner earnings 24606000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/COR.LS.json#2017-12-31 (filed 2026-10-16T07:44:03.008Z); FY2017: growth capex 0; upkeep 42758000; owner earnings 32092000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/COR.LS.json#2018-12-31 (filed 2026-10-16T07:44:03.008Z); FY2018: growth capex 0; upkeep 53718000; owner earnings 5784000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/COR.LS.json#2019-12-31 (filed 2026-10-16T07:44:03.008Z); FY2019: growth capex 6538836.642511457; upkeep 46509163.35748854; owner earnings 62363836.64251146. Growth capex / owner earnings = 0.10484981352244353.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.008Z); FY2020: growth capex 0; upkeep 42511000; owner earnings 57031400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.008Z); FY2021: growth capex 881000; upkeep 40735000; owner earnings 73596200. Growth capex / owner earnings = 0.011970726749478914.

- Source: https://eodhd.com/api/fundamentals/COR.LS.json#2022-12-31 (filed 2026-10-16T07:44:03.008Z); FY2022: growth capex 48462000; upkeep 48640000; cash acquisitions 44771000; owner earnings 97637061.79947935. Growth capex plus acquisitions / owner earnings = 0.9548935443333585.

- Source: https://eodhd.com/api/fundamentals/COR.LS.json#2023-12-31 (filed 2026-10-16T07:44:03.008Z); FY2023: growth capex 0; upkeep 95151000; cash acquisitions 6081000; owner earnings 49650256.429256216. Growth capex plus acquisitions / owner earnings = 0.12247670882958009.

- Source: https://eodhd.com/api/fundamentals/COR.LS.json#2024-12-31 (filed 2026-10-16T07:44:03.008Z); FY2024: growth capex 0; upkeep 41722000; cash acquisitions 0; owner earnings 83136652.07010084. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/COR.LS.json#2025-12-31 (filed 2026-10-16T07:44:03.008Z); FY2025: growth capex 0; upkeep 41784000; cash acquisitions 379000; owner earnings 69882888.27967647. Growth capex plus acquisitions / owner earnings = 0.005423359127390587.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.008Z); Dividend observations: [[2016,32804000],[2017,24726000],[2018,24605000],[2019,35910000],[2020,24605000],[2021,35910000],[2022,38570000],[2023,38570000],[2024,38570000],[2025,42560000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 71.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COR.LS SharesStats.PercentInsiders = 71.406 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.008Z); Ten-year compound average after fade. Initial solved rate -0.018548332503346365. Price 6.69; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: EUR 9.15 per share

- 2016-11: EUR 8.00 per share

- 2016-12: EUR 8.50 per share

- 2017-01: EUR 8.71 per share

- 2017-02: EUR 9.68 per share

- 2017-03: EUR 10.00 per share

- 2017-04: EUR 11.00 per share

- 2017-05: EUR 12.12 per share

- 2017-06: EUR 12.86 per share

- 2017-07: EUR 11.80 per share

- 2017-08: EUR 11.44 per share

- 2017-09: EUR 11.87 per share

- 2017-10: EUR 11.97 per share

- 2017-11: EUR 11.66 per share

- 2017-12: EUR 10.30 per share

- 2018-01: EUR 10.34 per share

- 2018-02: EUR 10.20 per share

- 2018-03: EUR 10.40 per share

- 2018-04: EUR 11.02 per share

- 2018-05: EUR 11.34 per share

- 2018-06: EUR 11.22 per share

- 2018-07: EUR 11.30 per share

- 2018-08: EUR 11.50 per share

- 2018-09: EUR 11.50 per share

- 2018-10: EUR 9.70 per share

- 2018-11: EUR 9.35 per share

- 2018-12: EUR 9.00 per share

- 2019-01: EUR 9.75 per share

- 2019-02: EUR 10.08 per share

- 2019-03: EUR 10.64 per share

- 2019-04: EUR 10.74 per share

- 2019-05: EUR 10.30 per share

- 2019-06: EUR 10.18 per share

- 2019-07: EUR 9.73 per share

- 2019-08: EUR 9.15 per share

- 2019-09: EUR 9.97 per share

- 2019-10: EUR 9.65 per share

- 2019-11: EUR 10.90 per share

- 2019-12: EUR 11.30 per share

- 2020-01: EUR 10.82 per share

- 2020-02: EUR 9.96 per share

- 2020-03: EUR 8.27 per share

- 2020-04: EUR 9.62 per share

- 2020-05: EUR 9.22 per share

- 2020-06: EUR 10.08 per share

- 2020-07: EUR 9.87 per share

- 2020-08: EUR 10.06 per share

- 2020-09: EUR 10.50 per share

- 2020-10: EUR 9.86 per share

- 2020-11: EUR 10.20 per share

- 2020-12: EUR 11.60 per share

- 2021-01: EUR 11.14 per share

- 2021-02: EUR 10.96 per share

- 2021-03: EUR 10.12 per share

- 2021-04: EUR 10.14 per share

- 2021-05: EUR 10.32 per share

- 2021-06: EUR 10.60 per share

- 2021-07: EUR 10.50 per share

- 2021-08: EUR 11.62 per share

- 2021-09: EUR 11.84 per share

- 2021-10: EUR 12.06 per share

- 2021-11: EUR 11.12 per share

- 2021-12: EUR 11.28 per share

- 2022-01: EUR 10.20 per share

- 2022-02: EUR 9.64 per share

- 2022-03: EUR 10.06 per share

- 2022-04: EUR 9.86 per share

- 2022-05: EUR 10.50 per share

- 2022-06: EUR 10.56 per share

- 2022-07: EUR 10.40 per share

- 2022-08: EUR 10.06 per share

- 2022-09: EUR 9.10 per share

- 2022-10: EUR 9.78 per share

- 2022-11: EUR 8.91 per share

- 2022-12: EUR 8.72 per share

- 2023-01: EUR 9.09 per share

- 2023-02: EUR 9.77 per share

- 2023-03: EUR 10.00 per share

- 2023-04: EUR 10.24 per share

- 2023-05: EUR 9.84 per share

- 2023-06: EUR 9.67 per share

- 2023-07: EUR 10.30 per share

- 2023-08: EUR 10.12 per share

- 2023-09: EUR 9.73 per share

- 2023-10: EUR 9.17 per share

- 2023-11: EUR 9.05 per share

- 2023-12: EUR 9.14 per share

- 2024-01: EUR 9.45 per share

- 2024-02: EUR 9.44 per share

- 2024-03: EUR 9.83 per share

- 2024-04: EUR 9.58 per share

- 2024-05: EUR 9.58 per share

- 2024-06: EUR 9.01 per share

- 2024-07: EUR 9.10 per share

- 2024-08: EUR 8.98 per share

- 2024-09: EUR 8.85 per share

- 2024-10: EUR 8.38 per share

- 2024-11: EUR 8.32 per share

- 2024-12: EUR 8.05 per share

- 2025-01: EUR 8.45 per share

- 2025-02: EUR 8.20 per share

- 2025-03: EUR 8.00 per share

- 2025-04: EUR 7.61 per share

- 2025-05: EUR 7.72 per share

- 2025-06: EUR 7.92 per share

- 2025-07: EUR 7.80 per share

- 2025-08: EUR 7.55 per share

- 2025-09: EUR 7.20 per share

- 2025-10: EUR 7.28 per share

- 2025-11: EUR 6.73 per share

- 2025-12: EUR 6.61 per share

- 2026-01: EUR 6.69 per share

- 2026-02: EUR 6.82 per share

- 2026-03: EUR 6.49 per share

- 2026-04: EUR 6.42 per share

- 2026-05: EUR 6.54 per share

- 2026-06: EUR 6.39 per share

- 2026-07: EUR 6.62 per share

- 2026-08: EUR 7.02 per share

- 2026-09: EUR 7.10 per share

- 2026-10: EUR 6.68 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 2.99 per share, central EUR 3.39 per share, high EUR 3.93 per share

- FY2020: low EUR 3.20 per share, central EUR 3.58 per share, high EUR 4.09 per share

- FY2021: low EUR 6.00 per share, central EUR 6.74 per share, high EUR 7.71 per share

- FY2022: low EUR 7.13 per share, central EUR 8.06 per share, high EUR 9.29 per share

- FY2023: low EUR 6.87 per share, central EUR 7.76 per share, high EUR 8.94 per share

- FY2024: low EUR 7.21 per share, central EUR 8.15 per share, high EUR 9.39 per share

- FY2025: low EUR 6.60 per share, central EUR 7.46 per share, high EUR 8.60 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 2026-10-15T06:49:53.351Z 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.