# Imcd NV (IMCD.AS)

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

Analysis as of: 2026-10-16T07:36:45.356Z. Financial observations: FY2011–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 103.35 per share; close as of 2026-10-15.

Estimated value: low EUR 59.48 per share, central EUR 77.89 per share, high EUR 90.73 per share. Buy at or below the central value EUR 77.89 per share. Valuation as of 2026-10-16T07:36:45.356Z; scenarios are not confidence intervals.

Expected annual return: 8.3% at the stated quote. About 8.3% 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: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.07×

- FY2020: 0.07×

- FY2021: 0.09×

- FY2022: 0.10×

- FY2023: 0.10×

- FY2024: 0.09×

- FY2025: 0.08×

### moat: fail

- Recent gross margin fell 13.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 20.7%

- ROIC, second-lowest year: 17.2%

- Typical minus recent gross margin: 13.1 pp

- Typical gross margin (annual median): 22.9%

- Recent gross margin (lower of latest and 3-year median): 9.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.6%

- ROIC including acquisitions, ten-year median: 9.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.3%

- FY2017: 18.8%

- FY2018: 22.5%

- FY2019: 21.2%

- FY2020: 18.5%

- FY2021: 51.3%

- FY2022: 42.2%

- FY2023: 31.3%

- FY2024: 20.2%

- FY2025: 17.2%

### economics: pass

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.3B

- Net income, five-year total: EUR 1.3B

- Return on incremental invested capital: 112.2%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.2 pp

- Working capital / revenue, final three-year average: 21.4%

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

- FY2021: 0.76×

- FY2022: 0.82×

- FY2023: 1.19×

- FY2024: 0.82×

- FY2025: 1.28×

### 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: 18.8% vs 20.2%

- Per-share earnings: 1.39 to 4.83 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.2%

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: EUR 2.4B

- Cumulative retained earnings: EUR 935M

- Diluted shares, 10-year annual growth: 1.2%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.8%

- Per-share value change: EUR 3.44

- Per-share value, starting three-year median: EUR 1.39

- Per-share value, ending three-year median: EUR 4.83

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 0.1%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.8B

- Cumulative net income, 10 years: EUR 1.8B

- ROIC, first three-year median: 18.8%

- ROIC, last three-year median: 20.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.39

- FY2017: EUR 1.47

- FY2018: EUR 1.91

- FY2019: EUR 2.06

- FY2020: EUR 2.11

- FY2021: EUR 3.64

- FY2022: EUR 5.48

- FY2023: EUR 5.12

- FY2024: EUR 4.83

- FY2025: EUR 3.68

### accounting: pass

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.48×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.30×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.8%

- FY2017: -2.2%

- FY2018: -0.7%

- FY2019: -3.0%

- FY2020: -4.5%

- FY2021: 0.3%

- FY2022: 0.4%

- FY2023: -3.1%

- FY2024: -0.0%

- FY2025: -2.3%

## Holders

## Price story

Down 47% since Nov 2021 · sales +1.1%

Story as of 2026-10-16T10:00:08.017Z; price observation 2026-10-15.

Price needs cash profits to grow 8.3% a year for ten years

### Sales · FY2024–2025

sales +1.1%; source https://filings.xbrl.org/724500NSJPNFJPDAUP02/2024-12-31/ESEF/NL/0/IMCD-2024-12-31-en/reports/IMCD-2024-12-31-en.html; observed 2025-03-06.

- FY2016: EUR 1.7B 

- FY2017: EUR 1.9B 

- FY2018: EUR 2.4B 

- FY2019: EUR 2.7B 

- FY2020: EUR 2.8B 

- FY2021: EUR 3.4B 

- FY2022: EUR 4.6B 

- FY2023: EUR 4.4B 

- FY2024: EUR 4.7B 

- FY2025: EUR 4.8B 

### Gross margin · FY2025

gross margin 9.9%; source https://filings.xbrl.org/724500NSJPNFJPDAUP02/2024-12-31/ESEF/NL/0/IMCD-2024-12-31-en/reports/IMCD-2024-12-31-en.html; observed 2025-03-06.

- FY2016: 22.3% 

- FY2017: 22.5% 

- FY2018: 22.5% 

- FY2019: 22.3% 

- FY2020: 23.3% 

- FY2021: 24.3% 

- FY2022: 24.9% 

- FY2023: 25.3% 

- FY2024: 25.4% 

- FY2025: 9.9% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are EUR 4.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-06); FY2025: revenue 4778874000; grossProfit 471804000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IMCD.AS: IMCD N.V. distributes, markets, and sells specialty chemicals and ingredients in the Netherlands, rest of Europe, the Middle East, Africa, North America, South America, and the Asia-Pacific. The company provides adhesives, core materials, filler reinforcements, flame retardants, masterbatch, modifiers, operating materials, pigments, plasticizers, processing aids, PUR raw materials, rubber elastomers, solvents, stabilizers, thermoplastic elastomers, thermoplastics, thermoplastics, and other additives. It offers actives, UV sunscreens, rheology modifiers, thickeners, surfactants, emulsifiers, emollients, film formers, humectants, waxes, conditioners, hair styling polymers, solvent, solubilizers, pigments, pearls, powders and colorants, opacifiers, pearlizers, preservatives, antioxidants, fragrances, and essential oils. In addition, the company provides functional fillers, pigments, resins, and specialty solvents; taste, texture, nutrition, and function; and abrasives, acids, alkalines, anti-soil redeposition and foam control systems, bio-actives, biocides, bittering and bleaching agents, builders, capsules, chelating agents, concentrates/ready-to-use, corrosion and dye transfer inhibitors, disintegrants, dispersants, emulsifiers, enzymes, fluorinated polymers, oleo chemicals, optical brighteners, perfumes, dyes, phosphates, plasticisers, proteins, rheology modifiers and thickeners, silicones, solvents/diluents, TAED, UV-filters, and waxes. Further, it offers base oils; lubricants addictive; lubricants finished fluids; fuel additives; solvents, degreasers, and fuel compounds; and upstream, midstream, and downstream oil, gas, and energy. IMCD N.V. was founded in 1995 and is headquartered in Rotterdam, the Netherlands.

### Why customers stay

Margins ranged from 9.9% to 25.4% during 2023–25; it earns 20.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-06); FY2023: grossProfit / revenue = 25.3%.

- Source: https://filings.xbrl.org/724500NSJPNFJPDAUP02/2024-12-31/ESEF/NL/0/IMCD-2024-12-31-en/reports/IMCD-2024-12-31-en.html (filed 2025-03-06); FY2024: grossProfit / revenue = 25.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-06); FY2025: grossProfit / revenue = 9.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-06); 10-year return on capital observations [[2016,0.15315012800577524],[2017,0.18784926639817665],[2018,0.22508849513393298],[2019,0.21227586718590433],[2020,0.18479157145421723],[2021,0.5132420167594406],[2022,0.4218614202660679],[2023,0.312807118003143],[2024,0.2016145371855236],[2025,0.17233836926482912]]; median 0.20694520218571397. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 25% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/724500NSJPNFJPDAUP02/2024-12-31/ESEF/NL/0/IMCD-2024-12-31-en/reports/IMCD-2024-12-31-en.html (filed 2025-03-06); Gross margin observations: [[2021,0.24345105696850505],[2022,0.24929908618789598],[2023,0.25268049957660327]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 6.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-06); FY2016: growth capex 0; upkeep 6457000; owner earnings 102826000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-06); FY2017: growth capex 0; upkeep 12814000; owner earnings 103043000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-06); FY2018: growth capex 0; upkeep 12735000; owner earnings 129995000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-06); FY2019: growth capex 0; upkeep 17722000; owner earnings 141476400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-06); FY2020: growth capex 0; upkeep 22325000; owner earnings 154696400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-06); FY2021: growth capex 0; upkeep 18717000; owner earnings 158105200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-06); FY2022: growth capex 0; upkeep 21259000; owner earnings 256098000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-06); FY2023: growth capex 0; upkeep 37473000; owner earnings 348372800. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/724500NSJPNFJPDAUP02/2024-12-31/ESEF/NL/0/IMCD-2024-12-31-en/reports/IMCD-2024-12-31-en.html (filed 2025-03-06); FY2024: growth capex 0; upkeep 26452000; owner earnings 227404400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-06); FY2025: growth capex 0; upkeep 20300000; owner earnings 278065200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-06); Dividend observations: [[2016,23097000],[2017,28840000],[2018,32607000],[2019,42074000],[2020,47333000],[2021,58128000],[2022,92229000],[2023,135061000],[2024,127653000],[2025,127025000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-06); FY2025: cash repurchases 6201000 EUR.

### Are managers owners

Insiders own 1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IMCD.AS SharesStats.PercentInsiders = 0.9809999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.3% yearly over ten years; actual growth was 10.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-06); Ten-year compound average after fade. Initial solved rate 0.10573812257858373. Price 103.35; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.710550602742072 → FY2025 4.704596903815244. Closing-price date 2026-10-15.

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

- 2016-10: EUR 39.41 per share

- 2016-11: EUR 38.17 per share

- 2016-12: EUR 40.49 per share

- 2017-01: EUR 41.57 per share

- 2017-02: EUR 44.78 per share

- 2017-03: EUR 46.08 per share

- 2017-04: EUR 49.45 per share

- 2017-05: EUR 48.98 per share

- 2017-06: EUR 47.46 per share

- 2017-07: EUR 47.34 per share

- 2017-08: EUR 49.41 per share

- 2017-09: EUR 51.88 per share

- 2017-10: EUR 54.00 per share

- 2017-11: EUR 51.94 per share

- 2017-12: EUR 52.43 per share

- 2018-01: EUR 53.80 per share

- 2018-02: EUR 52.70 per share

- 2018-03: EUR 49.92 per share

- 2018-04: EUR 51.05 per share

- 2018-05: EUR 53.05 per share

- 2018-06: EUR 57.50 per share

- 2018-07: EUR 62.15 per share

- 2018-08: EUR 64.40 per share

- 2018-09: EUR 67.05 per share

- 2018-10: EUR 59.95 per share

- 2018-11: EUR 58.40 per share

- 2018-12: EUR 56.00 per share

- 2019-01: EUR 63.90 per share

- 2019-02: EUR 69.00 per share

- 2019-03: EUR 67.85 per share

- 2019-04: EUR 72.00 per share

- 2019-05: EUR 73.05 per share

- 2019-06: EUR 80.60 per share

- 2019-07: EUR 79.90 per share

- 2019-08: EUR 63.80 per share

- 2019-09: EUR 67.85 per share

- 2019-10: EUR 69.90 per share

- 2019-11: EUR 75.50 per share

- 2019-12: EUR 77.80 per share

- 2020-01: EUR 78.05 per share

- 2020-02: EUR 73.95 per share

- 2020-03: EUR 64.75 per share

- 2020-04: EUR 80.72 per share

- 2020-05: EUR 84.82 per share

- 2020-06: EUR 83.68 per share

- 2020-07: EUR 87.56 per share

- 2020-08: EUR 89.48 per share

- 2020-09: EUR 101.60 per share

- 2020-10: EUR 99.46 per share

- 2020-11: EUR 104.90 per share

- 2020-12: EUR 104.25 per share

- 2021-01: EUR 102.25 per share

- 2021-02: EUR 101.95 per share

- 2021-03: EUR 118.50 per share

- 2021-04: EUR 120.95 per share

- 2021-05: EUR 132.30 per share

- 2021-06: EUR 134.10 per share

- 2021-07: EUR 146.00 per share

- 2021-08: EUR 166.85 per share

- 2021-09: EUR 165.25 per share

- 2021-10: EUR 192.05 per share

- 2021-11: EUR 196.10 per share

- 2021-12: EUR 194.70 per share

- 2022-01: EUR 152.20 per share

- 2022-02: EUR 144.70 per share

- 2022-03: EUR 155.25 per share

- 2022-04: EUR 152.70 per share

- 2022-05: EUR 139.70 per share

- 2022-06: EUR 130.95 per share

- 2022-07: EUR 155.80 per share

- 2022-08: EUR 137.80 per share

- 2022-09: EUR 122.60 per share

- 2022-10: EUR 131.30 per share

- 2022-11: EUR 139.25 per share

- 2022-12: EUR 133.15 per share

- 2023-01: EUR 145.05 per share

- 2023-02: EUR 149.90 per share

- 2023-03: EUR 150.40 per share

- 2023-04: EUR 136.20 per share

- 2023-05: EUR 140.55 per share

- 2023-06: EUR 131.70 per share

- 2023-07: EUR 137.95 per share

- 2023-08: EUR 127.25 per share

- 2023-09: EUR 120.00 per share

- 2023-10: EUR 113.50 per share

- 2023-11: EUR 141.55 per share

- 2023-12: EUR 157.55 per share

- 2024-01: EUR 142.00 per share

- 2024-02: EUR 140.90 per share

- 2024-03: EUR 163.35 per share

- 2024-04: EUR 142.25 per share

- 2024-05: EUR 139.40 per share

- 2024-06: EUR 129.30 per share

- 2024-07: EUR 133.00 per share

- 2024-08: EUR 147.80 per share

- 2024-09: EUR 155.90 per share

- 2024-10: EUR 146.05 per share

- 2024-11: EUR 142.10 per share

- 2024-12: EUR 143.50 per share

- 2025-01: EUR 151.40 per share

- 2025-02: EUR 142.85 per share

- 2025-03: EUR 122.65 per share

- 2025-04: EUR 116.85 per share

- 2025-05: EUR 119.50 per share

- 2025-06: EUR 114.05 per share

- 2025-07: EUR 96.32 per share

- 2025-08: EUR 95.98 per share

- 2025-09: EUR 88.00 per share

- 2025-10: EUR 89.98 per share

- 2025-11: EUR 77.28 per share

- 2025-12: EUR 77.34 per share

- 2026-01: EUR 78.78 per share

- 2026-02: EUR 81.40 per share

- 2026-03: EUR 89.50 per share

- 2026-04: EUR 100.15 per share

- 2026-05: EUR 88.34 per share

- 2026-06: EUR 79.00 per share

- 2026-07: EUR 94.78 per share

- 2026-08: EUR 100.10 per share

- 2026-09: EUR 96.62 per share

- 2026-10: EUR 103.25 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 10.58 per share, central EUR 11.98 per share, high EUR 13.85 per share

- FY2017: low EUR 21.93 per share, central EUR 24.90 per share, high EUR 28.84 per share

- FY2018: low EUR 27.81 per share, central EUR 31.54 per share, high EUR 36.52 per share

- FY2019: low EUR 31.57 per share, central EUR 35.79 per share, high EUR 41.41 per share

- FY2020: low EUR 31.12 per share, central EUR 35.14 per share, high EUR 40.48 per share

- FY2021: low EUR 39.64 per share, central EUR 46.97 per share, high EUR 54.38 per share

- FY2022: low EUR 53.97 per share, central EUR 64.41 per share, high EUR 74.65 per share

- FY2023: low EUR 73.63 per share, central EUR 85.63 per share, high EUR 98.74 per share

- FY2024: low EUR 65.64 per share, central EUR 85.22 per share, high EUR 98.52 per share

- FY2025: low EUR 59.25 per share, central EUR 77.64 per share, high EUR 90.47 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 2026-10-15T06:42:26.996Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/724500NSJPNFJPDAUP02/2024-12-31/ESEF/NL/0/IMCD-2024-12-31-en/reports/IMCD-2024-12-31-en.html); period 2024-12-31, filed 2025-03-06.

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.