# Croda International (CRDA.LSE)

Canonical: https://gigainvestors.com/s/CRDA.LSE

Analysis as of: 2026-10-16T07:36:57.012Z. Financial observations: FY1996–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## 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: GBX 3,589.00 per share; close as of 2026-10-15.

Estimated value: low GBX 883.27 per share, central GBX 991.32 per share, high GBX 1,135.16 per share. Buy at or below the central value GBX 991.32 per share. Valuation as of 2026-10-16T07:36:57.012Z; scenarios are not confidence intervals.

Expected annual return: 4.7% at the stated quote. About 4.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.23×

- FY2017: 0.24×

- FY2018: 0.24×

- FY2019: 0.24×

- FY2020: 0.22×

- FY2021: 0.23×

- FY2022: 0.23×

- FY2023: 0.15×

- FY2024: 0.14×

- FY2025: 0.14×

### moat: fail

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

- ROIC, median of available years: 20.7%

- ROIC, second-lowest year: 9.2%

- Typical minus recent gross margin: 2.8 pp

- Typical gross margin (annual median): 38.6%

- Recent gross margin (lower of latest and 3-year median): 35.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.4%

- ROIC including acquisitions, ten-year median: 11.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 30.9%

- FY2017: 27.6%

- FY2018: 23.4%

- FY2019: 23.4%

- FY2020: 15.2%

- FY2021: 19.9%

- FY2022: 21.4%

- FY2023: 9.2%

- FY2024: 9.1%

- FY2025: 9.7%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.87×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 1.2B

- Net income, five-year total: GBP 1.4B

- Return on incremental invested capital: -2.1%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.8 pp

- Working capital / revenue, final three-year average: 30.4%

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

- FY2021: 0.94×

- FY2022: 0.97×

- FY2023: 0.53×

- FY2024: 0.60×

- FY2025: 1.06×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 27.6% vs 9.2%

- Per-share earnings: 1.48 to 1.13 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- 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: 1.0%

- Ordinary dilution, 5-year annual growth: 1.6%

- Market cap gain: GBP -390M

- Cumulative retained earnings: GBP 1.2B

- Diluted shares, 10-year annual growth: 1.0%

- Diluted shares, 5-year annual growth: 1.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -3.3%

- Per-share value change: GBP -0.35

- Per-share value, starting three-year median: GBP 1.48

- Per-share value, ending three-year median: GBP 1.13

- Buybacks concentrated in cheaper years (correlation): -0.29

- Average buyback yield: 0.1%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 1.8B

- Cumulative net income, 10 years: GBP 2.5B

- ROIC, first three-year median: 27.6%

- ROIC, last three-year median: 9.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 1.48

- FY2017: GBP 1.83

- FY2018: GBP 1.85

- FY2019: GBP 1.74

- FY2020: GBP 1.53

- FY2021: GBP 2.29

- FY2022: GBP 4.66

- FY2023: GBP 1.22

- FY2024: GBP 1.13

- FY2025: GBP 0.43

### accounting: pass

- Sloan accruals: -6.7%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.67×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.59×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.5%

- FY2017: -1.5%

- FY2018: -1.2%

- FY2019: -4.2%

- FY2020: -2.8%

- FY2021: -0.8%

- FY2022: 9.4%

- FY2023: -4.7%

- FY2024: -4.6%

- FY2025: -6.7%

## Holders

## Price story

Down 65% since Dec 2021 · sales +4.4%

Story as of 2026-10-16T10:00:08.390Z; price observation 2026-10-15.

Price needs cash profits to grow 18.3% a year for ten years

### Sales · FY2024–2025

sales +4.4%; source https://filings.xbrl.org/2138004WCNBFJEEOXV26/2025-12-31/ESEF/GB/0/2138004WCNBFJEEOXV26-2025-12-31/reports/2138004WCNBFJEEOXV26-2025-12-31-T01.xhtml; observed 2026-03-18.

- FY2016: GBP 1.2B 

- FY2017: GBP 1.4B 

- FY2018: GBP 1.4B 

- FY2019: GBP 1.4B 

- FY2020: GBP 1.4B 

- FY2021: GBP 1.9B 

- FY2022: GBP 2.1B 

- FY2023: GBP 1.7B 

- FY2024: GBP 1.6B 

- FY2025: GBP 1.7B 

### Gross margin · FY2025

gross margin 35.8%; source https://filings.xbrl.org/2138004WCNBFJEEOXV26/2025-12-31/ESEF/GB/0/2138004WCNBFJEEOXV26-2025-12-31/reports/2138004WCNBFJEEOXV26-2025-12-31-T01.xhtml; observed 2026-03-18.

- FY2016: 35.8% 

- FY2017: 37.7% 

- FY2018: 37.7% 

- FY2019: 32.4% 

- FY2020: 39.6% 

- FY2021: 43.7% 

- FY2022: 41.4% 

- FY2023: 43.1% 

- FY2024: 45.1% 

- FY2025: 35.8% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are GBP 1.7 billion.

- Source: https://filings.xbrl.org/2138004WCNBFJEEOXV26/2025-12-31/ESEF/GB/0/2138004WCNBFJEEOXV26-2025-12-31/reports/2138004WCNBFJEEOXV26-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: revenue 1699400000; grossProfit 608700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CRDA.LSE: Croda International Plc engages in the consumer care, life science, and industrial specialty businesses in Europe, the Middle East, Africa, North America, Asia, and Latin America. The company offers consumer care products across beauty care, beauty actives, and home care products, as well as fragrances and flavours. It also provides biologics drug delivery, crop protection, and seed coating systems and enhancement technologies to improve germination. In addition, the company offers industrial specialties, including phase change materials; surfactants, such as emulsifiers, dispersants, wetting agents, detergents, and polymerics; and formulated textile and spin finishes. Croda International Plc was incorporated in 1925 and is headquartered in Goole, the United Kingdom.

### Why customers stay

Margins ranged from 35.8% to 45.1% during 2023–25; it earns 20.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: grossProfit / revenue = 43.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: grossProfit / revenue = 45.1%.

- Source: https://filings.xbrl.org/2138004WCNBFJEEOXV26/2025-12-31/ESEF/GB/0/2138004WCNBFJEEOXV26-2025-12-31/reports/2138004WCNBFJEEOXV26-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: grossProfit / revenue = 35.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on capital observations [[2016,0.3085519098918303],[2017,0.27564236433138206],[2018,0.23363741897864201],[2019,0.23442203289112282],[2020,0.1517665277602103],[2021,0.1988072853837037],[2022,0.21444010727956714],[2023,0.09233535931097712],[2024,0.0912335579082451],[2025,0.09666277376737628]]; median 0.2066236963316354. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 7.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2016: growth capex 54600000; upkeep 49200000; owner earnings 196700000. Growth capex / owner earnings = 0.2775800711743772.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2017: growth capex 54703536.16257018; upkeep 101096463.83742982; owner earnings 189203536.16257018. Growth capex / owner earnings = 0.28912533704215243.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2018: growth capex 6453021.769779816; upkeep 93746978.23022018; owner earnings 200953021.7697798. Growth capex / owner earnings = 0.03211209123878052.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2019: growth capex 0; upkeep 111000000; owner earnings 170600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2020: growth capex 7220366.161767587; upkeep 113979633.83823241; owner earnings 153080366.1617676. Growth capex / owner earnings = 0.04716716024926063.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2021: growth capex 45400000; upkeep 113300000; owner earnings 302700000. Growth capex / owner earnings = 0.14998348199537495.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2022: growth capex 31700000; upkeep 120700000; owner earnings 630880000. Growth capex / owner earnings = 0.05024727364950545.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: growth capex 0; upkeep 189000000; owner earnings 91200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: growth capex 0; upkeep 181800000; owner earnings 95720000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/2138004WCNBFJEEOXV26/2025-12-31/ESEF/GB/0/2138004WCNBFJEEOXV26-2025-12-31/reports/2138004WCNBFJEEOXV26-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: growth capex 0; upkeep 117700000; owner earnings 65660000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,230200000],[2017,100000000],[2018,110500000],[2019,266900000],[2020,115900000],[2021,132500000],[2022,144400000],[2023,150700000],[2024,152200000],[2025,154900000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/2138004WCNBFJEEOXV26/2025-12-31/ESEF/GB/0/2138004WCNBFJEEOXV26-2025-12-31/reports/2138004WCNBFJEEOXV26-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: cash repurchases 7300000 GBP.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CRDA.LSE SharesStats.PercentInsiders = 0.732 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 18.3% yearly over ten years; actual decline was 8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Ten-year compound average after fade. Initial solved rate 0.25194709593736964. Price 3589; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0599508526612058 → FY2025 0.4596204596204596. Closing-price date 2026-10-15.

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

- 2016-10: GBX 3,498.00 per share

- 2016-11: GBX 3,262.00 per share

- 2016-12: GBX 3,196.00 per share

- 2017-01: GBX 3,348.00 per share

- 2017-02: GBX 3,508.00 per share

- 2017-03: GBX 3,564.00 per share

- 2017-04: GBX 3,764.00 per share

- 2017-05: GBX 3,963.00 per share

- 2017-06: GBX 3,885.00 per share

- 2017-07: GBX 3,701.00 per share

- 2017-08: GBX 3,842.00 per share

- 2017-09: GBX 3,793.00 per share

- 2017-10: GBX 4,184.00 per share

- 2017-11: GBX 4,273.00 per share

- 2017-12: GBX 4,424.00 per share

- 2018-01: GBX 4,484.00 per share

- 2018-02: GBX 4,622.00 per share

- 2018-03: GBX 4,568.00 per share

- 2018-04: GBX 4,461.00 per share

- 2018-05: GBX 4,662.00 per share

- 2018-06: GBX 4,802.00 per share

- 2018-07: GBX 5,140.00 per share

- 2018-08: GBX 5,100.00 per share

- 2018-09: GBX 5,202.00 per share

- 2018-10: GBX 4,820.00 per share

- 2018-11: GBX 4,876.00 per share

- 2018-12: GBX 4,685.00 per share

- 2019-01: GBX 4,821.00 per share

- 2019-02: GBX 4,811.00 per share

- 2019-03: GBX 5,038.00 per share

- 2019-04: GBX 5,181.00 per share

- 2019-05: GBX 5,070.00 per share

- 2019-06: GBX 5,120.00 per share

- 2019-07: GBX 4,688.00 per share

- 2019-08: GBX 4,702.00 per share

- 2019-09: GBX 4,860.00 per share

- 2019-10: GBX 4,816.00 per share

- 2019-11: GBX 4,980.00 per share

- 2019-12: GBX 5,120.00 per share

- 2020-01: GBX 4,984.00 per share

- 2020-02: GBX 4,554.00 per share

- 2020-03: GBX 4,272.00 per share

- 2020-04: GBX 4,882.00 per share

- 2020-05: GBX 5,190.00 per share

- 2020-06: GBX 5,256.00 per share

- 2020-07: GBX 5,730.00 per share

- 2020-08: GBX 5,900.00 per share

- 2020-09: GBX 6,250.00 per share

- 2020-10: GBX 6,034.00 per share

- 2020-11: GBX 5,956.00 per share

- 2020-12: GBX 6,596.00 per share

- 2021-01: GBX 6,286.00 per share

- 2021-02: GBX 6,168.00 per share

- 2021-03: GBX 6,348.00 per share

- 2021-04: GBX 6,764.00 per share

- 2021-05: GBX 6,988.00 per share

- 2021-06: GBX 7,368.00 per share

- 2021-07: GBX 8,420.00 per share

- 2021-08: GBX 9,148.00 per share

- 2021-09: GBX 8,544.00 per share

- 2021-10: GBX 9,458.00 per share

- 2021-11: GBX 10,115.00 per share

- 2021-12: GBX 10,120.00 per share

- 2022-01: GBX 7,972.00 per share

- 2022-02: GBX 7,484.00 per share

- 2022-03: GBX 7,880.00 per share

- 2022-04: GBX 7,804.00 per share

- 2022-05: GBX 6,910.00 per share

- 2022-06: GBX 6,472.00 per share

- 2022-07: GBX 7,482.00 per share

- 2022-08: GBX 6,726.00 per share

- 2022-09: GBX 6,446.00 per share

- 2022-10: GBX 6,760.00 per share

- 2022-11: GBX 6,794.00 per share

- 2022-12: GBX 6,604.00 per share

- 2023-01: GBX 6,886.00 per share

- 2023-02: GBX 6,562.00 per share

- 2023-03: GBX 6,498.00 per share

- 2023-04: GBX 6,980.00 per share

- 2023-05: GBX 6,100.00 per share

- 2023-06: GBX 5,626.00 per share

- 2023-07: GBX 5,890.00 per share

- 2023-08: GBX 5,522.00 per share

- 2023-09: GBX 4,915.00 per share

- 2023-10: GBX 4,378.00 per share

- 2023-11: GBX 4,484.00 per share

- 2023-12: GBX 5,050.00 per share

- 2024-01: GBX 4,805.00 per share

- 2024-02: GBX 4,766.00 per share

- 2024-03: GBX 4,902.00 per share

- 2024-04: GBX 4,610.00 per share

- 2024-05: GBX 4,540.00 per share

- 2024-06: GBX 3,948.00 per share

- 2024-07: GBX 4,042.00 per share

- 2024-08: GBX 4,107.00 per share

- 2024-09: GBX 4,217.00 per share

- 2024-10: GBX 3,705.00 per share

- 2024-11: GBX 3,450.00 per share

- 2024-12: GBX 3,385.00 per share

- 2025-01: GBX 3,344.00 per share

- 2025-02: GBX 3,304.00 per share

- 2025-03: GBX 2,923.00 per share

- 2025-04: GBX 2,951.00 per share

- 2025-05: GBX 3,068.00 per share

- 2025-06: GBX 2,924.00 per share

- 2025-07: GBX 2,612.00 per share

- 2025-08: GBX 2,508.00 per share

- 2025-09: GBX 2,704.00 per share

- 2025-10: GBX 2,887.00 per share

- 2025-11: GBX 2,722.00 per share

- 2025-12: GBX 2,695.00 per share

- 2026-01: GBX 2,728.00 per share

- 2026-02: GBX 3,094.00 per share

- 2026-03: GBX 2,815.00 per share

- 2026-04: GBX 2,849.00 per share

- 2026-05: GBX 3,041.00 per share

- 2026-06: GBX 3,024.00 per share

- 2026-07: GBX 3,205.00 per share

- 2026-08: GBX 3,459.00 per share

- 2026-09: GBX 3,333.00 per share

- 2026-10: GBX 3,589.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 1,847.79 per share, central GBX 2,683.01 per share, high GBX 3,148.85 per share

- FY2017: low GBX 1,696.27 per share, central GBX 1,929.57 per share, high GBX 2,240.36 per share

- FY2018: low GBX 1,921.81 per share, central GBX 2,452.13 per share, high GBX 2,861.62 per share

- FY2019: low GBX 1,978.67 per share, central GBX 2,598.49 per share, high GBX 3,035.04 per share

- FY2020: low GBX 1,767.47 per share, central GBX 2,066.34 per share, high GBX 2,397.41 per share

- FY2021: low GBX 2,305.35 per share, central GBX 2,782.92 per share, high GBX 3,237.55 per share

- FY2022: low GBX 3,357.12 per share, central GBX 4,805.42 per share, high GBX 5,613.19 per share

- FY2023: low GBX 1,740.24 per share, central GBX 1,966.51 per share, high GBX 2,267.72 per share

- FY2024: low GBX 1,497.96 per share, central GBX 1,691.26 per share, high GBX 1,948.57 per share

- FY2025: low GBX 861.61 per share, central GBX 967.01 per share, high GBX 1,107.32 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 2026-10-15T06:42:40.678Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138004WCNBFJEEOXV26/2025-12-31/ESEF/GB/0/2138004WCNBFJEEOXV26-2025-12-31/reports/2138004WCNBFJEEOXV26-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-03-18.

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