# Imerys (NK.PA)

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

Analysis as of: 2026-10-16T07:40:41.250Z. 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 22.18 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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 2

- Operating margin variation: 0.62×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.12×

- FY2018: -0.02×

- FY2019: 0.05×

- FY2020: 0.04×

- FY2021: 0.08×

- FY2022: 0.10×

- FY2023: 0.03×

- FY2024: 0.08×

- FY2025: 0.07×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 38.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.4%

- ROIC, second-lowest year: 2.9%

- Typical minus recent gross margin: 38.9 pp

- Typical gross margin (annual median): 65.8%

- Recent gross margin (lower of latest and 3-year median): 26.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.6%

- ROIC including acquisitions, ten-year median: 2.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.0%

- FY2017: 12.1%

- FY2018: -3.0%

- FY2019: 5.6%

- FY2020: 4.0%

- FY2021: 8.5%

- FY2022: 8.7%

- FY2023: 2.9%

- FY2024: 8.2%

- FY2025: 6.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -13.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -345M

- Net income, five-year total: EUR 25M

- Return on incremental invested capital: 34.2%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.7 pp

- Working capital / revenue, final three-year average: 25.7%

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

- FY2021: 0.69×

- FY2022: 0.88×

- FY2023: -1.49×

- FY2024: 2.04×

- FY2025: 1.10×

### 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: 12.1% vs 6.7%

- Per-share earnings: 3.45 to -1.12 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- 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: -0.0%

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

- Market cap gain: EUR -4.1B

- Cumulative retained earnings: EUR -702M

- Diluted shares, 10-year annual growth: -0.0%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -4.58

- Per-share value, starting three-year median: EUR 3.45

- Per-share value, ending three-year median: EUR -1.12

- Buybacks concentrated in cheaper years (correlation): -0.28

- Average buyback yield: 0.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 835M

- Cumulative net income, 10 years: EUR 1.4B

- ROIC, first three-year median: 12.1%

- ROIC, last three-year median: 6.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.45

- FY2017: EUR 4.34

- FY2018: EUR 6.60

- FY2019: EUR 1.43

- FY2020: EUR 0.36

- FY2021: EUR 2.98

- FY2022: EUR 2.78

- FY2023: EUR 0.61

- FY2024: EUR -1.12

- FY2025: EUR -4.83

### accounting: pass

- Sloan accruals: -12.6%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.66×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.1%

- FY2017: -3.4%

- FY2018: -0.7%

- FY2019: -5.3%

- FY2020: -7.3%

- FY2021: -4.1%

- FY2022: -2.7%

- FY2023: -8.1%

- FY2024: -8.6%

- FY2025: -12.6%

## Holders

## Price story

Down 47% since Feb 2023 · sales -6.1%

Story as of 2026-10-16T10:00:11.602Z; 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 4.2B 

- FY2017: EUR 4.3B 

- FY2018: EUR 4.6B 

- FY2019: EUR 4.4B 

- FY2020: EUR 3.8B 

- FY2021: EUR 3.7B 

- FY2022: EUR 4.3B 

- FY2023: EUR 3.8B 

- FY2024: EUR 3.6B 

- FY2025: EUR 3.4B 

### Gross margin · FY2025

gross margin 26.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 66.1% 

- FY2017: 65.7% 

- FY2018: 67.3% 

- FY2019: 65.8% 

- FY2020: 66.0% 

- FY2021: 64.9% 

- FY2022: 31.1% 

- FY2023: 61.5% 

- FY2024: 66.8% 

- FY2025: 26.9% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are EUR 3.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:41.250Z); FY2025: revenue 3383700000; grossProfit 908900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NK.PA: Imerys S.A. engages in the supply of specialty minerals for various industries across Europe, the Middle East, Africa, Asia Pacific, and America. The company offers performance minerals, such as additives for plastics, paints and coatings, filtration and life sciences, ceramics, and building products; specialty minerals used as processing aids for extreme work conditions, including refractory, foundry, abrasives, and building chemistry; and graphite and carbon minerals for energy transition and mobile energy markets. It also provides minerals, such as andalusite, ball clay, bentonite, calcium carbonate, carbon black, chamotte, diatomite, feldspar, fused alumina, graphite, halloysite, kaolin, lithium, mica, moler, mullite, perlite, quartz, talc, zeolite, zirconia, and wollastonite. The company serves various markets, such as abrasives, advanced ceramics, animal care, batteries and fuel cells, building materials, ceramics, component manufacturing, cosmetics and personal care, crop production, food and beverage, health, pharmaceuticals and biotechnology, home care, infrastructure and utilities, investment casting, pulp and packaging, and rubber markets. The company was incorporated in 1880 and is headquartered in Paris, France. Imerys S.A. is a subsidiary of Belgian Securities BV.

### Why customers stay

Margins ranged from 26.9% to 66.8% during 2023–25; it earns 7.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:41.250Z); FY2023: grossProfit / revenue = 61.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:41.250Z); FY2024: grossProfit / revenue = 66.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:41.250Z); FY2025: grossProfit / revenue = 26.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:41.250Z); 10-year return on capital observations [[2016,0.12973962395212363],[2017,0.12116707481559343],[2018,-0.029524685422850215],[2019,0.056074678143995166],[2020,0.039700805523590336],[2021,0.08459371778886964],[2022,0.08690115425126622],[2023,0.029125062406390415],[2024,0.08174438045699424],[2025,0.06657101756511205]]; median 0.07415769901105315. 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 10.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:41.250Z); FY2016: growth capex 40615870.64990726; upkeep 237784129.35009274; owner earnings 280615870.64990723. Growth capex / owner earnings = 0.14473832344493123.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:41.250Z); FY2017: growth capex 71619913.03200138; upkeep 269080086.9679986; owner earnings 364619913.0320014. Growth capex / owner earnings = 0.19642348229542678.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:41.250Z); FY2018: growth capex 70800000; upkeep 272800000; owner earnings 559600000. Growth capex / owner earnings = 0.12651894210150108.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:41.250Z); FY2019: growth capex 0; upkeep 312500000; owner earnings 109200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:41.250Z); FY2020: growth capex 0; upkeep 262100000; owner earnings 68420000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:41.250Z); FY2021: growth capex 0; upkeep 361300000; owner earnings 164960000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:41.250Z); FY2022: growth capex 89300000; upkeep 316900000; owner earnings 209160000. Growth capex / owner earnings = 0.4269458787531077.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:41.250Z); Dividend observations: [[2016,137500000],[2017,148200000],[2018,164600000],[2019,172600000],[2020,137400000],[2021,106500000],[2022,137500000],[2023,330300000],[2024,114500000],[2025,123300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:41.250Z); FY2025: cash repurchases 10100000 EUR.

### Are managers owners

Insiders own 7.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NK.PA SharesStats.PercentInsiders = 7.630000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:41.250Z); Closing price 22.18 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 40.0078036322361; price multiple 0.5543918432485149. FY2025 cash earnings/share -5.313327657964434. Closing-price date 2026-10-15.

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

- 2016-10: EUR 63.36 per share

- 2016-11: EUR 65.75 per share

- 2016-12: EUR 72.07 per share

- 2017-01: EUR 74.31 per share

- 2017-02: EUR 76.22 per share

- 2017-03: EUR 79.57 per share

- 2017-04: EUR 78.99 per share

- 2017-05: EUR 77.22 per share

- 2017-06: EUR 76.15 per share

- 2017-07: EUR 73.21 per share

- 2017-08: EUR 73.90 per share

- 2017-09: EUR 76.45 per share

- 2017-10: EUR 78.19 per share

- 2017-11: EUR 77.03 per share

- 2017-12: EUR 78.54 per share

- 2018-01: EUR 86.30 per share

- 2018-02: EUR 83.80 per share

- 2018-03: EUR 78.90 per share

- 2018-04: EUR 75.60 per share

- 2018-05: EUR 72.90 per share

- 2018-06: EUR 69.25 per share

- 2018-07: EUR 66.40 per share

- 2018-08: EUR 61.90 per share

- 2018-09: EUR 63.60 per share

- 2018-10: EUR 54.50 per share

- 2018-11: EUR 47.40 per share

- 2018-12: EUR 41.98 per share

- 2019-01: EUR 46.00 per share

- 2019-02: EUR 49.98 per share

- 2019-03: EUR 44.44 per share

- 2019-04: EUR 47.48 per share

- 2019-05: EUR 38.84 per share

- 2019-06: EUR 46.62 per share

- 2019-07: EUR 37.84 per share

- 2019-08: EUR 37.10 per share

- 2019-09: EUR 36.88 per share

- 2019-10: EUR 34.62 per share

- 2019-11: EUR 36.00 per share

- 2019-12: EUR 37.68 per share

- 2020-01: EUR 39.08 per share

- 2020-02: EUR 35.08 per share

- 2020-03: EUR 22.92 per share

- 2020-04: EUR 28.62 per share

- 2020-05: EUR 31.04 per share

- 2020-06: EUR 30.34 per share

- 2020-07: EUR 31.12 per share

- 2020-08: EUR 34.02 per share

- 2020-09: EUR 31.76 per share

- 2020-10: EUR 25.64 per share

- 2020-11: EUR 34.40 per share

- 2020-12: EUR 38.66 per share

- 2021-01: EUR 39.04 per share

- 2021-02: EUR 42.74 per share

- 2021-03: EUR 41.52 per share

- 2021-04: EUR 43.24 per share

- 2021-05: EUR 42.58 per share

- 2021-06: EUR 39.40 per share

- 2021-07: EUR 39.04 per share

- 2021-08: EUR 39.20 per share

- 2021-09: EUR 37.48 per share

- 2021-10: EUR 37.48 per share

- 2021-11: EUR 34.52 per share

- 2021-12: EUR 36.54 per share

- 2022-01: EUR 40.52 per share

- 2022-02: EUR 38.20 per share

- 2022-03: EUR 39.00 per share

- 2022-04: EUR 37.74 per share

- 2022-05: EUR 34.40 per share

- 2022-06: EUR 29.06 per share

- 2022-07: EUR 32.98 per share

- 2022-08: EUR 28.90 per share

- 2022-09: EUR 31.06 per share

- 2022-10: EUR 41.46 per share

- 2022-11: EUR 37.66 per share

- 2022-12: EUR 36.34 per share

- 2023-01: EUR 38.02 per share

- 2023-02: EUR 42.06 per share

- 2023-03: EUR 39.80 per share

- 2023-04: EUR 37.24 per share

- 2023-05: EUR 33.26 per share

- 2023-06: EUR 35.70 per share

- 2023-07: EUR 31.58 per share

- 2023-08: EUR 31.46 per share

- 2023-09: EUR 28.00 per share

- 2023-10: EUR 25.02 per share

- 2023-11: EUR 26.72 per share

- 2023-12: EUR 28.48 per share

- 2024-01: EUR 30.88 per share

- 2024-02: EUR 29.24 per share

- 2024-03: EUR 31.58 per share

- 2024-04: EUR 30.28 per share

- 2024-05: EUR 35.76 per share

- 2024-06: EUR 33.58 per share

- 2024-07: EUR 31.44 per share

- 2024-08: EUR 30.30 per share

- 2024-09: EUR 29.78 per share

- 2024-10: EUR 29.68 per share

- 2024-11: EUR 28.30 per share

- 2024-12: EUR 28.20 per share

- 2025-01: EUR 26.70 per share

- 2025-02: EUR 31.16 per share

- 2025-03: EUR 29.94 per share

- 2025-04: EUR 29.28 per share

- 2025-05: EUR 29.40 per share

- 2025-06: EUR 27.94 per share

- 2025-07: EUR 21.66 per share

- 2025-08: EUR 21.84 per share

- 2025-09: EUR 22.44 per share

- 2025-10: EUR 21.38 per share

- 2025-11: EUR 23.62 per share

- 2025-12: EUR 23.94 per share

- 2026-01: EUR 26.24 per share

- 2026-02: EUR 24.50 per share

- 2026-03: EUR 21.40 per share

- 2026-04: EUR 22.24 per share

- 2026-05: EUR 22.94 per share

- 2026-06: EUR 21.08 per share

- 2026-07: EUR 23.54 per share

- 2026-08: EUR 24.90 per share

- 2026-09: EUR 22.60 per share

- 2026-10: EUR 21.98 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 43.84 per share, central EUR 49.03 per share, high EUR 55.56 per share

- FY2017: low EUR 39.78 per share, central EUR 45.02 per share, high EUR 51.72 per share

- FY2018: low EUR 48.92 per share, central EUR 54.42 per share, high EUR 61.74 per share

- FY2019: low EUR 45.89 per share, central EUR 52.70 per share, high EUR 60.18 per share

- FY2020: low EUR 39.87 per share, central EUR 44.43 per share, high EUR 50.48 per share

- FY2021: low EUR 28.75 per share, central EUR 31.84 per share, high EUR 35.95 per share

- FY2022: low EUR 30.97 per share, central EUR 34.37 per share, high EUR 38.90 per share

- FY2023: low EUR 26.33 per share, central EUR 28.02 per share, high EUR 30.28 per share

- FY2024: low EUR 15.13 per share, central EUR 16.29 per share, high EUR 17.83 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.

## Reported holder observations