# Origin Enterprises (OIZ.IR)

Canonical: https://gigainvestors.com/s/OIZ.IR

Analysis as of: 2026-10-16T07:47:05.164Z. Financial observations: FY2005–FY2024.

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 3.91 per share; close as of 2026-10-15.

Estimated value: low EUR 5.05 per share, central EUR 5.71 per share, high EUR 6.60 per share. Buy at or below the central value EUR 5.71 per share. Valuation as of 2026-10-16T07:47:05.164Z; scenarios are not confidence intervals.

Expected annual return: 13.6% at the stated quote. About 13.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; IE 10-year bond 3.6% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2015: 0.05×

- FY2016: 0.04×

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.02×

- FY2021: 0.03×

- FY2022: 0.04×

- FY2023: 0.03×

- FY2024: 0.03×

### moat: pass

- ROIC, median of available years: 27.6%

- ROIC, second-lowest year: 16.7%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 14.9%

- Recent gross margin (lower of latest and 3-year median): 15.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.9%

- ROIC including acquisitions, ten-year median: 13.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2015: 51.6%

- FY2016: 32.8%

- FY2017: 31.4%

- FY2018: 24.7%

- FY2019: 25.7%

- FY2020: 12.2%

- FY2021: 16.7%

- FY2022: 34.9%

- FY2023: 29.5%

- FY2024: 17.3%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.07×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 245M

- Net income, five-year total: EUR 229M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -3.0 pp

- Working capital / revenue, final three-year average: -0.7%

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

- FY2020: 1.36×

- FY2021: 1.10×

- FY2022: 1.21×

- FY2023: 1.12×

- FY2024: 0.57×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2024 (7 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 32.8% vs 29.5%

- Per-share earnings: 0.49 to 0.46 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.0%

- Ordinary dilution, 5-year annual growth: -3.4%

- Market cap gain: EUR -497M

- Cumulative retained earnings: EUR 419M

- Diluted shares, 10-year annual growth: -2.0%

- Diluted shares, 5-year annual growth: -3.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2024

- Per-share value growth: -0.8%

- Per-share value change: EUR -0.03

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

- Per-share value, ending three-year median: EUR 0.46

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 6.3%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 193M

- Cumulative net income, 10 years: EUR 520M

- ROIC, first three-year median: 32.8%

- ROIC, last three-year median: 29.5%

Chart: Earnings per share; fiscal year observations.

- FY2015: EUR 0.62

- FY2016: EUR 0.46

- FY2017: EUR 0.36

- FY2018: EUR 0.45

- FY2019: EUR 0.42

- FY2020: EUR 0.16

- FY2021: EUR 0.30

- FY2022: EUR 0.63

- FY2023: EUR 0.46

- FY2024: EUR 0.38

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 2.8%

- Receivables to sales index (DSRI): 1.31×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 428.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.01×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.76×

Chart: Sloan accruals; fiscal year observations.

- FY2015: 2.2%

- FY2016: 3.8%

- FY2017: 1.8%

- FY2018: 0.0%

- FY2019: -0.0%

- FY2020: -4.5%

- FY2021: -1.8%

- FY2022: -3.2%

- FY2023: -5.4%

- FY2024: 2.8%

## Holders

## Price story

Price needs cash profits to shrink 4.1% a year for ten years · sales -16.7%

Story as of 2026-10-16T10:00:13.649Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.1% a year for ten years

### Sales · FY2023–2024

sales -16.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2015: EUR 1.5B 

- FY2016: EUR 1.5B 

- FY2017: EUR 1.5B 

- FY2018: EUR 1.6B 

- FY2019: EUR 1.8B 

- FY2020: EUR 1.6B 

- FY2021: EUR 1.7B 

- FY2022: EUR 2.3B 

- FY2023: EUR 2.5B 

- FY2024: EUR 2.0B 

### Gross margin · FY2024

gross margin 16.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2015: 15.5% 

- FY2016: 14.5% 

- FY2017: 15.1% 

- FY2018: 14.6% 

- FY2019: 15.1% 

- FY2020: 14.4% 

- FY2021: 14.8% 

- FY2022: 15.8% 

- FY2023: 13.6% 

- FY2024: 16.8% 

## Owner memo

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

### How it makes money

Operates in agricultural inputs; annual sales are EUR 2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); FY2024: revenue 2045701000; grossProfit 344036000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OIZ.IR: Origin Enterprises plc provides agronomy services company in Ireland, the United Kingdom, Brazil, Poland, Romania, Latin America, and internationally. It operates through two segments: Agriculture and Living Landscapes. The company provides integrated agronomy and on-farm services comprising agronomy advice, services, and inputs to arable, livestock, and fruit and vegetable growers; and seed, nutrition, biologicals, crop protection products; and digital tools and lab testing. It blends and distributes various fertilizers and nutrition products; and animal feed ingredients. In addition, the company offers a range of consultancy services; inputs and technical solutions in sports turf management, landscaping, and environmental conservation; advice, seeds, irrigation systems, nutrition, protection for sports professionals to protect their turf; line marking paint and equipment, and support for parking and recreation spaces for sports; and ecological and environmental services, such as planning consultancy, habitat management, and ecological assessments to organizations. Further, it engages in supply of professional-grade landscaping materials, including ground materials, reinforcement systems, drainage solutions, plants, trees, shrubs, and wholesale and B2C garden supplies to developers, construction contractors, architects, and landowners. Additionally, the company is involved in provender milling; manufacture and distribution of landscaping, forestry, and maintenance equipment; grain handling; ecology solutions; digital agricultural services group; property trading; IT implementation, maintaining, and licensing of software; grain and feed trading; and silo operation; as well as provides sports and amenities, turf management services, agricultural and construction inputs, and finance facilities and funding. The company was incorporated in 2006 and is based in Dublin, Ireland.

### Why customers stay

Margins ranged from 13.6% to 16.8% during 2022–24; it earns 27.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); FY2022: grossProfit / revenue = 15.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); FY2023: grossProfit / revenue = 13.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); FY2024: grossProfit / revenue = 16.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); 10-year return on capital observations [[2015,0.5158284327525038],[2016,0.3276537502541924],[2017,0.31412699854633885],[2018,0.24657706862418963],[2019,0.2573931481692026],[2020,0.12243737634012067],[2021,0.16731237701817359],[2022,0.34900249717346327],[2023,0.2948067061686389],[2024,0.17334375166042088]]; median 0.27609992716892073. 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 18.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); FY2015: growth capex 0; upkeep 11356000; owner earnings 82310000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); FY2016: growth capex 0; upkeep 8429000; owner earnings 63245000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); FY2017: growth capex 467831.91761166416; upkeep 14304168.082388336; owner earnings 45132831.917611666. Growth capex / owner earnings = 0.01036566724786236.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); FY2018: growth capex 1850000; upkeep 15397000; owner earnings 56785000. Growth capex / owner earnings = 0.032579026151272346.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); FY2019: growth capex 0; upkeep 750000; owner earnings 71147000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); FY2020: growth capex 0; upkeep 15726000; owner earnings 27034800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); FY2021: growth capex 0; upkeep 18228000; owner earnings 42027800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); FY2022: growth capex 0; upkeep 13128000; owner earnings 96349800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); FY2023: growth capex 0; upkeep 18567000; owner earnings 57187800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); FY2024: growth capex 0; upkeep 43373000; owner earnings 22892600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); Dividend observations: [[2015,25033000],[2016,30327000],[2017,26371000],[2018,26371000],[2019,26371000],[2020,26780000],[2021,3956000],[2022,13449000],[2023,17990000],[2024,18540000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); FY2024: cash repurchases 18150000 EUR.

### 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); OIZ.IR SharesStats.PercentInsiders = 0.737 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4.1% yearly over ten years; actual decline was 7.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:05.164Z); Ten-year compound average after fade. Initial solved rate -0.07027117418282985. Price 3.91; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2014 owner earnings/share 0.4796764811958532 → FY2024 0.21469043542228067. Closing-price date 2026-10-15.

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

- 2016-10: EUR 5.65 per share

- 2016-11: EUR 6.02 per share

- 2016-12: EUR 6.18 per share

- 2017-01: EUR 6.35 per share

- 2017-02: EUR 6.36 per share

- 2017-03: EUR 6.66 per share

- 2017-04: EUR 7.45 per share

- 2017-05: EUR 6.73 per share

- 2017-06: EUR 6.38 per share

- 2017-07: EUR 6.58 per share

- 2017-08: EUR 6.42 per share

- 2017-09: EUR 6.66 per share

- 2017-10: EUR 6.80 per share

- 2017-11: EUR 6.82 per share

- 2017-12: EUR 6.34 per share

- 2018-01: EUR 6.05 per share

- 2018-02: EUR 5.70 per share

- 2018-03: EUR 5.35 per share

- 2018-04: EUR 5.34 per share

- 2018-05: EUR 5.40 per share

- 2018-06: EUR 6.17 per share

- 2018-07: EUR 6.04 per share

- 2018-08: EUR 5.60 per share

- 2018-09: EUR 5.67 per share

- 2018-10: EUR 5.67 per share

- 2018-11: EUR 5.90 per share

- 2018-12: EUR 5.73 per share

- 2019-01: EUR 5.73 per share

- 2019-02: EUR 5.42 per share

- 2019-03: EUR 5.27 per share

- 2019-04: EUR 5.51 per share

- 2019-05: EUR 5.36 per share

- 2019-06: EUR 5.12 per share

- 2019-07: EUR 4.95 per share

- 2019-08: EUR 4.85 per share

- 2019-09: EUR 5.12 per share

- 2019-10: EUR 4.70 per share

- 2019-11: EUR 3.75 per share

- 2019-12: EUR 3.71 per share

- 2020-01: EUR 3.73 per share

- 2020-02: EUR 2.80 per share

- 2020-03: EUR 2.00 per share

- 2020-04: EUR 2.67 per share

- 2020-05: EUR 2.78 per share

- 2020-06: EUR 2.70 per share

- 2020-07: EUR 3.17 per share

- 2020-08: EUR 3.44 per share

- 2020-09: EUR 3.35 per share

- 2020-10: EUR 3.27 per share

- 2020-11: EUR 3.59 per share

- 2020-12: EUR 3.10 per share

- 2021-01: EUR 3.28 per share

- 2021-02: EUR 3.48 per share

- 2021-03: EUR 3.90 per share

- 2021-04: EUR 3.88 per share

- 2021-05: EUR 3.75 per share

- 2021-06: EUR 3.30 per share

- 2021-07: EUR 3.44 per share

- 2021-08: EUR 3.35 per share

- 2021-09: EUR 3.22 per share

- 2021-10: EUR 3.35 per share

- 2021-11: EUR 3.48 per share

- 2021-12: EUR 3.30 per share

- 2022-01: EUR 3.40 per share

- 2022-02: EUR 3.62 per share

- 2022-03: EUR 4.00 per share

- 2022-04: EUR 4.28 per share

- 2022-05: EUR 4.49 per share

- 2022-06: EUR 4.11 per share

- 2022-07: EUR 3.96 per share

- 2022-08: EUR 3.73 per share

- 2022-09: EUR 3.63 per share

- 2022-10: EUR 3.75 per share

- 2022-11: EUR 3.91 per share

- 2022-12: EUR 4.31 per share

- 2023-01: EUR 4.17 per share

- 2023-02: EUR 4.23 per share

- 2023-03: EUR 4.13 per share

- 2023-04: EUR 3.96 per share

- 2023-05: EUR 3.50 per share

- 2023-06: EUR 3.34 per share

- 2023-07: EUR 3.20 per share

- 2023-08: EUR 3.28 per share

- 2023-09: EUR 3.26 per share

- 2023-10: EUR 3.14 per share

- 2023-11: EUR 3.47 per share

- 2023-12: EUR 3.44 per share

- 2024-01: EUR 3.40 per share

- 2024-02: EUR 3.17 per share

- 2024-03: EUR 3.15 per share

- 2024-04: EUR 3.35 per share

- 2024-05: EUR 3.08 per share

- 2024-06: EUR 3.24 per share

- 2024-07: EUR 3.13 per share

- 2024-08: EUR 3.29 per share

- 2024-09: EUR 3.35 per share

- 2024-10: EUR 3.18 per share

- 2024-11: EUR 3.07 per share

- 2024-12: EUR 2.75 per share

- 2025-01: EUR 2.77 per share

- 2025-02: EUR 2.97 per share

- 2025-03: EUR 3.13 per share

- 2025-04: EUR 3.52 per share

- 2025-05: EUR 3.53 per share

- 2025-06: EUR 3.70 per share

- 2025-07: EUR 3.73 per share

- 2025-08: EUR 3.80 per share

- 2025-09: EUR 3.90 per share

- 2025-10: EUR 3.75 per share

- 2025-11: EUR 3.80 per share

- 2025-12: EUR 4.09 per share

- 2026-01: EUR 4.17 per share

- 2026-02: EUR 4.24 per share

- 2026-03: EUR 4.49 per share

- 2026-04: EUR 4.66 per share

- 2026-05: EUR 4.53 per share

- 2026-06: EUR 4.16 per share

- 2026-07: EUR 4.15 per share

- 2026-08: EUR 4.61 per share

- 2026-09: EUR 4.00 per share

- 2026-10: EUR 4.04 per share

## Annual estimated value (EUR per share)

- FY2015: low EUR 6.96 per share, central EUR 7.73 per share, high EUR 8.76 per share

- FY2016: low EUR 7.78 per share, central EUR 9.89 per share, high EUR 11.38 per share

- FY2017: low EUR 7.48 per share, central EUR 9.12 per share, high EUR 10.47 per share

- FY2018: low EUR 6.84 per share, central EUR 7.75 per share, high EUR 8.86 per share

- FY2019: low EUR 6.74 per share, central EUR 7.60 per share, high EUR 8.73 per share

- FY2020: low EUR 5.94 per share, central EUR 6.61 per share, high EUR 7.50 per share

- FY2021: low EUR 5.31 per share, central EUR 5.89 per share, high EUR 6.67 per share

- FY2022: low EUR 9.29 per share, central EUR 11.89 per share, high EUR 13.72 per share

- FY2023: low EUR 7.00 per share, central EUR 7.84 per share, high EUR 8.96 per share

- FY2024: low EUR 5.67 per share, central EUR 6.34 per share, high EUR 7.24 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 2026-10-15T06:52:51.731Z 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.

## Reported holder observations