# DSM-Firmenich AG (DSFIR.AS)

Canonical: https://gigainvestors.com/s/DSFIR.AS

Analysis as of: 2026-10-16T07:33:25.316Z. Financial observations: FY2013–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 107.45 per share; close as of 2026-10-15.

Estimated value: low EUR 29.50 per share, central EUR 32.37 per share, high EUR 36.18 per share. Buy at or below the central value EUR 32.37 per share. Valuation as of 2026-10-16T07:33:25.316Z; scenarios are not confidence intervals.

Expected annual return: 4.6% at the stated quote. About 4.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NL 10-year bond 3.5% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.39×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.09×

- FY2018: 0.13×

- FY2019: 0.10×

- FY2020: 0.08×

- FY2021: 0.07×

- FY2022: 0.09×

- FY2023: 0.00×

- FY2024: 0.07×

- FY2025: 0.08×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.1%

- ROIC, second-lowest year: 4.1%

- Typical minus recent gross margin: -4.7 pp

- Typical gross margin (annual median): 34.4%

- Recent gross margin (lower of latest and 3-year median): 39.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.9%

- ROIC including acquisitions, ten-year median: 7.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.1%

- FY2017: 12.9%

- FY2018: 17.2%

- FY2019: 10.1%

- FY2020: 7.1%

- FY2021: 8.9%

- FY2022: 7.2%

- FY2023: 0.0%

- FY2024: 4.1%

- FY2025: 4.2%

### economics: fail

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

- Owner earnings / net income, 5-yr: 1.34×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.5B

- Net income, five-year total: EUR 2.6B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.5 pp

- Working capital / revenue, change between three-year averages: 12.7 pp

- Working capital / revenue, final three-year average: 36.0%

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

- FY2021: 1.19×

- FY2022: 0.94×

- FY2023: 1.31×

- FY2024: 1.25×

- FY2025: 0.96×

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 12.9% vs 4.1%

- Per-share earnings: 3.67 to 0.95 (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: 4.1%

- Ordinary dilution, 5-year annual growth: 8.7%

- Diluted shares, 10-year annual growth: 4.1%

- Diluted shares, 5-year annual growth: 8.7%

- Per-share value growth: -15.6%

- Per-share value change: EUR -2.72

- Per-share value, starting three-year median: EUR 3.67

- Per-share value, ending three-year median: EUR 0.95

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 3.5%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 16B

- Cumulative net income, 10 years: EUR 7.2B

- ROIC, first three-year median: 12.9%

- ROIC, last three-year median: 4.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.67

- FY2017: EUR 10.09

- FY2018: EUR 6.09

- FY2019: EUR 3.83

- FY2020: EUR 2.61

- FY2021: EUR 5.05

- FY2022: EUR 2.65

- FY2023: EUR 8.04

- FY2024: EUR 0.95

- FY2025: EUR -4.15

### accounting: pass

- Sloan accruals: -8.4%

- Receivables to sales index (DSRI): 0.77×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.7%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.84×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.9%

- FY2017: 6.0%

- FY2018: -2.4%

- FY2019: -5.3%

- FY2020: -7.3%

- FY2021: -3.5%

- FY2022: -2.7%

- FY2023: 2.5%

- FY2024: -4.5%

- FY2025: -8.4%

## Holders

## Price story

Price needs cash profits to grow 19.1% a year for ten years · sales -0.2%

Story as of 2026-10-16T09:59:56.114Z; price observation 2026-10-15.

Price needs cash profits to grow 19.1% a year for ten years

### Sales · FY2024–2025

sales -0.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 7.9B 

- FY2017: EUR 8.6B 

- FY2018: EUR 9.3B 

- FY2019: EUR 8.0B 

- FY2020: EUR 8.1B 

- FY2021: EUR 11B 

- FY2022: EUR 8.4B 

- FY2023: EUR 11B 

- FY2024: EUR 9.1B 

- FY2025: EUR 9.0B 

### Gross margin · FY2025

gross margin 39.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 33.6% 

- FY2017: 34.0% 

- FY2018: 36.7% 

- FY2019: 34.6% 

- FY2020: 34.2% 

- FY2021: 36.6% 

- FY2022: 32.1% 

- FY2023: 24.6% 

- FY2024: 39.2% 

- FY2025: 39.1% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are EUR 9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); FY2025: revenue 9034000000; grossProfit 3530000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DSFIR.AS: DSM-Firmenich AG provides nutrition, health, and beauty solutions in Switzerland, the Netherlands, rest of Europe, the Middle East and Africa, North America, Latin America, China, and rest of Asia. The company operates through Perfumery & Beauty; Taste, Texture & Health; and Health, Nutrition & Care segments. The Perfumery & Beauty creates scents using natural, synthetic, and biotech ingredients. The Taste, Texture & Health segment provides food and beverages solutions, including flavors, natural extracts, and sugar reduction; and food enzymes, hydrocolloids, cultures, natural colorants, nutritional ingredients, and plant-based proteins. The Health, Nutrition & Care segment provides solutions for the early life nutrition, dietary supplement, pharmaceutical, medical nutrition, biomedical materials, and nutrition improvement markets. This segment also offers vitamins, nutritional lipids, minerals, carotenoids, botanical nutraceuticals, digestive enzymes, postbiotics, probiotics and prebiotics, and active pharmaceutical ingredients; biomedical solutions; and premix, market-ready, and personalized nutrition solutions, as well as expert services in regulatory affairs and nutrition. DSM-Firmenich AG was founded in 1902 and is based in Kaiseraugst, Switzerland.

### Why customers stay

Margins ranged from 24.6% to 39.2% during 2023–25; it earns 8.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); FY2023: grossProfit / revenue = 24.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); FY2024: grossProfit / revenue = 39.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); FY2025: grossProfit / revenue = 39.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); 10-year return on capital observations [[2016,0.09123747005411258],[2017,0.12856925215082632],[2018,0.17162172811427004],[2019,0.10073953529832524],[2020,0.07064956197523783],[2021,0.08929833356078591],[2022,0.07238027540550293],[2023,0.0003983575853623397],[2024,0.04094038781491176],[2025,0.04209708078985911]]; median 0.08083930448314441. 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 EUR 1.2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); FY2016: growth capex 0; upkeep 413000000; owner earnings 687000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); FY2017: growth capex 0; upkeep 449000000; owner earnings 1769000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); FY2018: growth capex 107000000; upkeep 458000000; owner earnings 1069000000. Growth capex / owner earnings = 0.10009354536950421.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); FY2019: growth capex 0; upkeep 520000000; owner earnings 633000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); FY2020: growth capex 0; upkeep 458000000; owner earnings 527000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); FY2021: growth capex 0; upkeep 433000000; owner earnings 1034000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); FY2022: growth capex 0; upkeep 644000000; owner earnings 432200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); FY2023: growth capex 0; upkeep 555000000; owner earnings 2806000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); FY2024: growth capex 0; upkeep 764000000; owner earnings 312200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); Dividend observations: [[2016,190000000],[2017,200000000],[2018,225000000],[2019,291000000],[2020,289000000],[2021,266000000],[2022,345000000],[2023,582000000],[2024,667000000],[2025,718000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); FY2025: cash repurchases 1181000000 EUR.

### Are managers owners

Insiders own 9.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DSFIR.AS SharesStats.PercentInsiders = 9.486 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 19.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.316Z); Ten-year compound average after fade. Initial solved rate 0.2644221121509086. Price 107.45; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0945558739255015 → FY2025 -3.984928941956475. Closing-price date 2026-10-15.

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

- 2023-04: EUR 118.76 per share

- 2023-05: EUR 104.04 per share

- 2023-06: EUR 98.62 per share

- 2023-07: EUR 100.50 per share

- 2023-08: EUR 85.15 per share

- 2023-09: EUR 80.13 per share

- 2023-10: EUR 85.59 per share

- 2023-11: EUR 86.87 per share

- 2023-12: EUR 92.00 per share

- 2024-01: EUR 98.08 per share

- 2024-02: EUR 99.00 per share

- 2024-03: EUR 105.40 per share

- 2024-04: EUR 105.70 per share

- 2024-05: EUR 105.65 per share

- 2024-06: EUR 105.60 per share

- 2024-07: EUR 118.05 per share

- 2024-08: EUR 123.00 per share

- 2024-09: EUR 123.65 per share

- 2024-10: EUR 109.10 per share

- 2024-11: EUR 103.95 per share

- 2024-12: EUR 97.72 per share

- 2025-01: EUR 98.82 per share

- 2025-02: EUR 103.00 per share

- 2025-03: EUR 91.36 per share

- 2025-04: EUR 95.32 per share

- 2025-05: EUR 98.02 per share

- 2025-06: EUR 90.26 per share

- 2025-07: EUR 84.52 per share

- 2025-08: EUR 83.50 per share

- 2025-09: EUR 72.52 per share

- 2025-10: EUR 70.70 per share

- 2025-11: EUR 70.76 per share

- 2025-12: EUR 68.76 per share

- 2026-01: EUR 66.20 per share

- 2026-02: EUR 60.44 per share

- 2026-03: EUR 61.44 per share

- 2026-04: EUR 63.56 per share

- 2026-05: EUR 72.16 per share

- 2026-06: EUR 83.00 per share

- 2026-07: EUR 93.38 per share

- 2026-08: EUR 95.74 per share

- 2026-09: EUR 97.58 per share

- 2026-10: EUR 107.45 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 23.00 per share, central EUR 24.85 per share, high EUR 27.30 per share

- FY2018: low EUR 63.55 per share, central EUR 70.45 per share, high EUR 79.63 per share

- FY2019: low EUR 50.57 per share, central EUR 56.51 per share, high EUR 64.41 per share

- FY2020: low EUR 49.11 per share, central EUR 55.28 per share, high EUR 63.49 per share

- FY2021: low EUR 75.99 per share, central EUR 85.01 per share, high EUR 97.02 per share

- FY2022: low EUR 57.49 per share, central EUR 63.26 per share, high EUR 70.94 per share

- FY2023: low EUR 43.43 per share, central EUR 48.20 per share, high EUR 54.55 per share

- FY2024: low EUR 33.95 per share, central EUR 37.31 per share, high EUR 41.78 per share

- FY2025: low EUR 26.12 per share, central EUR 28.82 per share, high EUR 32.40 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 2026-10-15T06:39:10.944Z 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.