# Eramet (ERA.PA)

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

Analysis as of: 2026-10-16T07:43:19.933Z. Financial observations: FY2001–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

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

Share price: EUR 36.54 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 4

- Operating margin variation: 1.39×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.01×

- FY2017: 0.15×

- FY2018: 0.13×

- FY2019: 0.08×

- FY2020: 0.01×

- FY2021: 0.24×

- FY2022: 0.20×

- FY2023: -0.06×

- FY2024: 0.02×

- FY2025: -0.05×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 28.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.5%

- ROIC, second-lowest year: -4.2%

- Typical minus recent gross margin: 28.2 pp

- Typical gross margin (annual median): 22.6%

- Recent gross margin (lower of latest and 3-year median): -5.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.4%

- ROIC including acquisitions, ten-year median: -8.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -0.7%

- FY2017: 19.3%

- FY2018: 15.1%

- FY2019: 7.7%

- FY2020: 1.0%

- FY2021: 44.9%

- FY2022: 41.6%

- FY2023: -6.2%

- FY2024: 1.3%

- FY2025: -4.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.57×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -391M

- Net income, five-year total: EUR 684M

- Return on incremental invested capital: 11.4%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 4.1 pp

- Working capital / revenue, final three-year average: 30.2%

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

- FY2021: 0.95×

- FY2022: 0.98×

- FY2023: -2.41×

- FY2024: -31.40×

- FY2025: 1.45×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 15.1% vs -4.2%

- Per-share earnings: -6.78 to 0.49 (three-year endpoint medians)

- 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: 0.9%

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

- Market cap gain: EUR 153M

- Cumulative retained earnings: EUR -274M

- Diluted shares, 10-year annual growth: 0.9%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR 7.27

- Per-share value, starting three-year median: EUR -6.78

- Per-share value, ending three-year median: EUR 0.49

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.4%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 456M

- Cumulative net income, 10 years: EUR -98M

- ROIC, first three-year median: 15.1%

- ROIC, last three-year median: -4.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -6.78

- FY2017: EUR 6.95

- FY2018: EUR 1.84

- FY2019: EUR -6.94

- FY2020: EUR -25.50

- FY2021: EUR 10.43

- FY2022: EUR 25.90

- FY2023: EUR 3.63

- FY2024: EUR 0.49

- FY2025: EUR -16.66

### accounting: pass

- Sloan accruals: -3.4%

- Receivables to sales index (DSRI): 0.62×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.24×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.7%

- FY2017: -7.9%

- FY2018: -6.4%

- FY2019: -4.4%

- FY2020: -14.9%

- FY2021: -5.4%

- FY2022: -3.4%

- FY2023: -1.0%

- FY2024: 2.2%

- FY2025: -3.4%

## Holders

## Price story

Down 76% since Mar 2022 · sales -6.1%

Story as of 2026-10-16T10:00:12.666Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -6.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 3.0B 

- FY2017: EUR 3.6B 

- FY2018: EUR 3.7B 

- FY2019: EUR 3.7B 

- FY2020: EUR 2.8B 

- FY2021: EUR 3.7B 

- FY2022: EUR 5.0B 

- FY2023: EUR 3.3B 

- FY2024: EUR 2.9B 

- FY2025: EUR 2.8B 

### Gross margin · FY2024

gross margin 58.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 19.1% 

- FY2017: 29.1% 

- FY2018: 27.4% 

- FY2019: 14.7% 

- FY2020: 9.1% 

- FY2021: 20.5% 

- FY2022: 24.6% 

- FY2023: 59.9% 

- FY2024: 58.4% 

## Owner memo

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

### How it makes money

Operates in other industrial metals & mining; annual sales are EUR 2.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:19.933Z); FY2025: revenue 2753000000; grossProfit -154000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ERA.PA: ERAMET S.A. produces and sells manganese and nickel metals in Asia, Europe, North America, and internationally. It extracts and processes manganese and nickel ores; extracts and develops mineral sands; and mines and processes lithium deposits. The company also offers manganese alloys, including silicomanganese, low-carbon silicomanganese, and manganese dioxide, as well as medium, low, and high carbon ferromanganese; manganese ores; ferronickel, nickel pig iron, briquettes, nickel salts, nickel ferroalloys, ferronickel slag, and other nickel products; and mineral sands, ilmenite, rutile, and leucoxene, such as zircon and titanium dioxide, and abrasives. In addition, it operates Moanda mine in Gabon; nickel mines in New Caledonia and Indonesia; and mineral sand mine in Senegal. The company was incorporated in 1880 and is headquartered in Paris, France.

### Why customers stay

It earns 4.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:19.933Z); FY2023: grossProfit / revenue = 59.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:19.933Z); FY2024: grossProfit / revenue = 58.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:19.933Z); FY2025: grossProfit / revenue = -5.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:19.933Z); 10-year return on capital observations [[2016,-0.0065995085995085995],[2017,0.19251126126126125],[2018,0.15090952608903782],[2019,0.077374749498998],[2020,0.00996845425867508],[2021,0.4489054209203463],[2022,0.4164667888215202],[2023,-0.061646191646191645],[2024,0.012923976608187135],[2025,-0.042287104622871045]]; median 0.045149363053592566. 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 8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:19.933Z); FY2017: growth capex 0; upkeep 236000000; owner earnings 210000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:19.933Z); FY2018: growth capex 41000000; upkeep 258000000; owner earnings 53000000. Growth capex / owner earnings = 0.7735849056603774.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:19.933Z); FY2021: growth capex 53000000; upkeep 259000000; owner earnings 282200000. Growth capex / owner earnings = 0.18781006378454995.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:19.933Z); FY2022: growth capex 259000000; upkeep 271000000; owner earnings 721800000. Growth capex / owner earnings = 0.35882515932391246.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:19.933Z); Dividend observations: [[2016,4000000],[2017,4000000],[2018,65000000],[2019,20000000],[2020,4000000],[2021,4000000],[2022,72000000],[2023,100000000],[2024,43000000],[2025,43000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:19.933Z); FY2025: cash repurchases 8000000 EUR.

### Are managers owners

Insiders own 69.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ERA.PA SharesStats.PercentInsiders = 69.795 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:19.933Z); Closing price 36.54 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 96.15451783032377; price multiple 0.38001334544133675. FY2025 cash earnings/share -24.20453354755335. Closing-price date 2026-10-15.

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

- 2016-10: EUR 42.76 per share

- 2016-11: EUR 59.50 per share

- 2016-12: EUR 56.74 per share

- 2017-01: EUR 53.20 per share

- 2017-02: EUR 51.10 per share

- 2017-03: EUR 40.12 per share

- 2017-04: EUR 44.25 per share

- 2017-05: EUR 43.49 per share

- 2017-06: EUR 42.96 per share

- 2017-07: EUR 53.35 per share

- 2017-08: EUR 55.61 per share

- 2017-09: EUR 57.48 per share

- 2017-10: EUR 70.74 per share

- 2017-11: EUR 84.83 per share

- 2017-12: EUR 99.03 per share

- 2018-01: EUR 113.60 per share

- 2018-02: EUR 129.40 per share

- 2018-03: EUR 111.80 per share

- 2018-04: EUR 144.10 per share

- 2018-05: EUR 150.10 per share

- 2018-06: EUR 112.70 per share

- 2018-07: EUR 84.90 per share

- 2018-08: EUR 73.70 per share

- 2018-09: EUR 91.05 per share

- 2018-10: EUR 81.45 per share

- 2018-11: EUR 71.25 per share

- 2018-12: EUR 60.35 per share

- 2019-01: EUR 60.85 per share

- 2019-02: EUR 52.75 per share

- 2019-03: EUR 49.56 per share

- 2019-04: EUR 62.32 per share

- 2019-05: EUR 50.62 per share

- 2019-06: EUR 58.46 per share

- 2019-07: EUR 43.65 per share

- 2019-08: EUR 45.12 per share

- 2019-09: EUR 45.43 per share

- 2019-10: EUR 44.74 per share

- 2019-11: EUR 40.58 per share

- 2019-12: EUR 45.84 per share

- 2020-01: EUR 38.13 per share

- 2020-02: EUR 29.42 per share

- 2020-03: EUR 29.12 per share

- 2020-04: EUR 29.00 per share

- 2020-05: EUR 31.27 per share

- 2020-06: EUR 31.92 per share

- 2020-07: EUR 23.11 per share

- 2020-08: EUR 28.52 per share

- 2020-09: EUR 21.60 per share

- 2020-10: EUR 22.78 per share

- 2020-11: EUR 36.53 per share

- 2020-12: EUR 42.92 per share

- 2021-01: EUR 44.45 per share

- 2021-02: EUR 61.36 per share

- 2021-03: EUR 60.54 per share

- 2021-04: EUR 59.95 per share

- 2021-05: EUR 59.55 per share

- 2021-06: EUR 55.05 per share

- 2021-07: EUR 67.35 per share

- 2021-08: EUR 68.75 per share

- 2021-09: EUR 65.75 per share

- 2021-10: EUR 72.30 per share

- 2021-11: EUR 68.95 per share

- 2021-12: EUR 71.95 per share

- 2022-01: EUR 91.00 per share

- 2022-02: EUR 118.00 per share

- 2022-03: EUR 149.60 per share

- 2022-04: EUR 128.10 per share

- 2022-05: EUR 140.60 per share

- 2022-06: EUR 99.15 per share

- 2022-07: EUR 102.90 per share

- 2022-08: EUR 84.85 per share

- 2022-09: EUR 81.40 per share

- 2022-10: EUR 66.35 per share

- 2022-11: EUR 80.70 per share

- 2022-12: EUR 83.85 per share

- 2023-01: EUR 91.50 per share

- 2023-02: EUR 101.80 per share

- 2023-03: EUR 96.20 per share

- 2023-04: EUR 88.10 per share

- 2023-05: EUR 81.10 per share

- 2023-06: EUR 83.65 per share

- 2023-07: EUR 76.50 per share

- 2023-08: EUR 70.85 per share

- 2023-09: EUR 72.25 per share

- 2023-10: EUR 65.25 per share

- 2023-11: EUR 70.60 per share

- 2023-12: EUR 71.50 per share

- 2024-01: EUR 64.20 per share

- 2024-02: EUR 62.45 per share

- 2024-03: EUR 70.45 per share

- 2024-04: EUR 91.35 per share

- 2024-05: EUR 105.40 per share

- 2024-06: EUR 94.15 per share

- 2024-07: EUR 78.55 per share

- 2024-08: EUR 71.10 per share

- 2024-09: EUR 70.80 per share

- 2024-10: EUR 54.05 per share

- 2024-11: EUR 50.65 per share

- 2024-12: EUR 54.15 per share

- 2025-01: EUR 54.05 per share

- 2025-02: EUR 52.15 per share

- 2025-03: EUR 49.80 per share

- 2025-04: EUR 48.60 per share

- 2025-05: EUR 51.80 per share

- 2025-06: EUR 45.90 per share

- 2025-07: EUR 48.58 per share

- 2025-08: EUR 51.00 per share

- 2025-09: EUR 55.80 per share

- 2025-10: EUR 59.40 per share

- 2025-11: EUR 53.60 per share

- 2025-12: EUR 57.65 per share

- 2026-01: EUR 73.80 per share

- 2026-02: EUR 59.20 per share

- 2026-03: EUR 50.50 per share

- 2026-04: EUR 58.50 per share

- 2026-05: EUR 54.90 per share

- 2026-06: EUR 44.94 per share

- 2026-07: EUR 43.12 per share

- 2026-08: EUR 45.32 per share

- 2026-09: EUR 44.12 per share

- 2026-10: EUR 37.24 per share

## Annual estimated value (EUR per share)

- FY2021: low EUR 58.63 per share, central EUR 61.39 per share, high EUR 65.08 per share

- FY2022: low EUR 72.36 per share, central EUR 78.86 per share, high EUR 84.75 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

## 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.