# Symrise AG (SY1.XETRA)

Canonical: https://gigainvestors.com/s/SY1.XETRA

Analysis as of: 2026-10-16T07:35:07.340Z. Financial observations: FY2005–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 99.40 per share; close as of 2026-10-15.

Estimated value: low EUR 42.79 per share, central EUR 49.04 per share, high EUR 56.64 per share. Buy at or below the central value EUR 49.04 per share. Valuation as of 2026-10-16T07:35:07.340Z; scenarios are not confidence intervals.

Expected annual return: 6.3% at the stated quote. About 6.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 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: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.14×

- FY2018: 0.14×

- FY2019: 0.14×

- FY2020: 0.14×

- FY2021: 0.15×

- FY2022: 0.11×

- FY2023: 0.12×

- FY2024: 0.14×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 14.9%

- ROIC, second-lowest year: 10.6%

- Typical minus recent gross margin: 1.7 pp

- Typical gross margin (annual median): 39.3%

- Recent gross margin (lower of latest and 3-year median): 37.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.3%

- ROIC including acquisitions, ten-year median: 8.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.2%

- FY2017: 16.6%

- FY2018: 15.2%

- FY2019: 15.8%

- FY2020: 16.1%

- FY2021: 14.7%

- FY2022: 8.8%

- FY2023: 10.6%

- FY2024: 13.7%

- FY2025: 11.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.10×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.9B

- Net income, five-year total: EUR 1.7B

- Return on incremental invested capital: 27.7%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.8 pp

- Working capital / revenue, final three-year average: 36.7%

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

- FY2021: 1.16×

- FY2022: 1.03×

- FY2023: 0.95×

- FY2024: 1.10×

- FY2025: 1.27×

### management: pass

- 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: 16.2% vs 11.3%

- Per-share earnings: 1.95 to 2.44 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: EUR 1.9B

- Cumulative retained earnings: EUR 1.5B

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.8%

- Per-share value change: EUR 0.49

- Per-share value, starting three-year median: EUR 1.95

- Per-share value, ending three-year median: EUR 2.44

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.4B

- Cumulative net income, 10 years: EUR 3.1B

- ROIC, first three-year median: 16.2%

- ROIC, last three-year median: 11.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.95

- FY2017: EUR 2.08

- FY2018: EUR 2.02

- FY2019: EUR 2.10

- FY2020: EUR 2.18

- FY2021: EUR 2.69

- FY2022: EUR 2.00

- FY2023: EUR 2.44

- FY2024: EUR 3.42

- FY2025: EUR 1.83

### accounting: pass

- Sloan accruals: -5.8%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.88×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.67×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.8%

- FY2017: -2.7%

- FY2018: -3.4%

- FY2019: -4.2%

- FY2020: -5.5%

- FY2021: -2.2%

- FY2022: -1.0%

- FY2023: -4.8%

- FY2024: -5.0%

- FY2025: -5.8%

## Holders

## Price story

Down 24% since Dec 2021 · sales -1.4%

Story as of 2026-10-16T10:00:03.710Z; price observation 2026-10-15.

Price needs cash profits to grow 10.4% a year for ten years

### Sales · FY2024–2025

sales -1.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.9B 

- FY2017: EUR 3.0B 

- FY2018: EUR 3.2B 

- FY2019: EUR 3.4B 

- FY2020: EUR 3.5B 

- FY2021: EUR 3.8B 

- FY2022: EUR 4.6B 

- FY2023: EUR 4.7B 

- FY2024: EUR 5.0B 

- FY2025: EUR 4.9B 

### Gross margin · FY2025

gross margin 37.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 40.8% 

- FY2017: 40.9% 

- FY2018: 39.4% 

- FY2019: 40.1% 

- FY2020: 39.5% 

- FY2021: 38.7% 

- FY2022: 36.9% 

- FY2023: 35.8% 

- FY2024: 39.3% 

- FY2025: 37.6% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are EUR 4.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); FY2025: revenue 4929300000; grossProfit 1854700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SY1.XETRA: Symrise AG operates as a supplier of fragrances, flavorings, cosmetic base materials and active ingredients, and functional ingredients and solutions in Europe, Africa, the Middle East, North America, the Asia Pacific, and Latin America. It operates in two segments, Taste, Nutrition & Health; and Scent & Care. The Taste, Nutrition & Health segment provides functional ingredients and product solutions used in the production of food and beverages; savory flavors; sweets, chocolate, chewing gum, baked goods, cereals, ice cream, milk, yogurt and milk alternatives; natural and sustainable ingredients for food and beverage manufacturers, baby food, and dietary supplements; product solutions and services for pet food manufacturers; sustainable ingredients and services for fish feed manufacturers to develop solutions for fish and shrimp farms; and probiotics for food supplements and functional foods. The Scent & Care segment develops, produces, and sells fragrance ingredients and compositions, aroma molecules, cosmetic ingredients, and mint flavors, as well as specific application processes for such substances. This segment's products are used by manufacturers of perfumes, personal care and cosmetic products, cleaning products, detergents, air fresheners, and oral care products. The company was founded in 1874 and is headquartered in Holzminden, Germany.

### Why customers stay

Margins ranged from 35.8% to 39.3% during 2023–25; it earns 14.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); FY2023: grossProfit / revenue = 35.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); FY2024: grossProfit / revenue = 39.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); FY2025: grossProfit / revenue = 37.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); 10-year return on capital observations [[2016,0.16184532475741636],[2017,0.16639698346823834],[2018,0.15161187607013504],[2019,0.1576098095266558],[2020,0.16093006405354218],[2021,0.1471481539655607],[2022,0.08754262573699532],[2023,0.10601856141638603],[2024,0.1373276848636474],[2025,0.11278252539378919]]; median 0.14938001501784787. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); FY2016: growth capex 0; upkeep 165616000; owner earnings 287565000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); FY2017: growth capex 4591000; upkeep 198576000; owner earnings 270270000. Growth capex / owner earnings = 0.01698671698671699.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); FY2018: growth capex 31575000; upkeep 196549000; owner earnings 275330000. Growth capex / owner earnings = 0.1146805651400138.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); FY2019: growth capex 0; upkeep 174405000; owner earnings 334337800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); FY2020: growth capex 0; upkeep 144041000; owner earnings 397514600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); FY2021: growth capex 0; upkeep 174156000; owner earnings 433476000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); FY2022: growth capex 0; upkeep 250169000; owner earnings 289349600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); FY2023: growth capex 0; upkeep 270202000; owner earnings 322354600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); FY2024: growth capex 0; upkeep 227423000; owner earnings 527966800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); FY2025: growth capex 0; upkeep 196775000; owner earnings 317413400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); Dividend observations: [[2016,108118000],[2017,113427000],[2018,116955000],[2019,121884000],[2020,128655000],[2021,131364000],[2022,142567000],[2023,146761000],[2024,153749000],[2025,167726000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SY1.XETRA SharesStats.PercentInsiders = 5.024 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.4% yearly over ten years; actual growth was 0.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.340Z); Ten-year compound average after fade. Initial solved rate 0.13716914911771394. Price 99.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.2205012898091723 → FY2025 2.3325156890698255. Closing-price date 2026-10-15.

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

- 2016-10: EUR 62.51 per share

- 2016-11: EUR 57.11 per share

- 2016-12: EUR 57.83 per share

- 2017-01: EUR 55.65 per share

- 2017-02: EUR 58.71 per share

- 2017-03: EUR 62.34 per share

- 2017-04: EUR 64.27 per share

- 2017-05: EUR 63.97 per share

- 2017-06: EUR 62.02 per share

- 2017-07: EUR 59.23 per share

- 2017-08: EUR 61.40 per share

- 2017-09: EUR 64.27 per share

- 2017-10: EUR 66.81 per share

- 2017-11: EUR 71.41 per share

- 2017-12: EUR 71.62 per share

- 2018-01: EUR 67.36 per share

- 2018-02: EUR 66.88 per share

- 2018-03: EUR 65.36 per share

- 2018-04: EUR 67.10 per share

- 2018-05: EUR 69.46 per share

- 2018-06: EUR 75.10 per share

- 2018-07: EUR 77.28 per share

- 2018-08: EUR 80.46 per share

- 2018-09: EUR 78.62 per share

- 2018-10: EUR 74.16 per share

- 2018-11: EUR 71.30 per share

- 2018-12: EUR 64.50 per share

- 2019-01: EUR 72.60 per share

- 2019-02: EUR 77.48 per share

- 2019-03: EUR 80.32 per share

- 2019-04: EUR 85.70 per share

- 2019-05: EUR 83.86 per share

- 2019-06: EUR 84.64 per share

- 2019-07: EUR 83.64 per share

- 2019-08: EUR 84.92 per share

- 2019-09: EUR 89.16 per share

- 2019-10: EUR 86.28 per share

- 2019-11: EUR 88.04 per share

- 2019-12: EUR 93.80 per share

- 2020-01: EUR 92.94 per share

- 2020-02: EUR 88.14 per share

- 2020-03: EUR 85.00 per share

- 2020-04: EUR 92.32 per share

- 2020-05: EUR 98.40 per share

- 2020-06: EUR 103.50 per share

- 2020-07: EUR 106.05 per share

- 2020-08: EUR 115.55 per share

- 2020-09: EUR 118.00 per share

- 2020-10: EUR 105.85 per share

- 2020-11: EUR 105.00 per share

- 2020-12: EUR 108.40 per share

- 2021-01: EUR 102.70 per share

- 2021-02: EUR 96.72 per share

- 2021-03: EUR 103.40 per share

- 2021-04: EUR 107.40 per share

- 2021-05: EUR 108.50 per share

- 2021-06: EUR 117.50 per share

- 2021-07: EUR 124.30 per share

- 2021-08: EUR 120.60 per share

- 2021-09: EUR 113.65 per share

- 2021-10: EUR 119.55 per share

- 2021-11: EUR 124.50 per share

- 2021-12: EUR 130.30 per share

- 2022-01: EUR 105.95 per share

- 2022-02: EUR 106.50 per share

- 2022-03: EUR 108.85 per share

- 2022-04: EUR 113.45 per share

- 2022-05: EUR 102.75 per share

- 2022-06: EUR 103.85 per share

- 2022-07: EUR 113.60 per share

- 2022-08: EUR 104.35 per share

- 2022-09: EUR 100.45 per share

- 2022-10: EUR 103.35 per share

- 2022-11: EUR 108.95 per share

- 2022-12: EUR 101.65 per share

- 2023-01: EUR 97.48 per share

- 2023-02: EUR 96.80 per share

- 2023-03: EUR 100.20 per share

- 2023-04: EUR 109.45 per share

- 2023-05: EUR 99.98 per share

- 2023-06: EUR 96.02 per share

- 2023-07: EUR 99.38 per share

- 2023-08: EUR 96.16 per share

- 2023-09: EUR 90.32 per share

- 2023-10: EUR 96.20 per share

- 2023-11: EUR 103.20 per share

- 2023-12: EUR 99.64 per share

- 2024-01: EUR 95.94 per share

- 2024-02: EUR 94.56 per share

- 2024-03: EUR 110.95 per share

- 2024-04: EUR 100.70 per share

- 2024-05: EUR 109.35 per share

- 2024-06: EUR 114.30 per share

- 2024-07: EUR 116.75 per share

- 2024-08: EUR 119.05 per share

- 2024-09: EUR 124.10 per share

- 2024-10: EUR 110.60 per share

- 2024-11: EUR 104.50 per share

- 2024-12: EUR 102.65 per share

- 2025-01: EUR 98.72 per share

- 2025-02: EUR 97.12 per share

- 2025-03: EUR 95.70 per share

- 2025-04: EUR 101.55 per share

- 2025-05: EUR 105.05 per share

- 2025-06: EUR 89.14 per share

- 2025-07: EUR 79.50 per share

- 2025-08: EUR 82.78 per share

- 2025-09: EUR 74.04 per share

- 2025-10: EUR 71.78 per share

- 2025-11: EUR 71.44 per share

- 2025-12: EUR 68.88 per share

- 2026-01: EUR 71.06 per share

- 2026-02: EUR 77.58 per share

- 2026-03: EUR 73.24 per share

- 2026-04: EUR 75.24 per share

- 2026-05: EUR 79.10 per share

- 2026-06: EUR 87.82 per share

- 2026-07: EUR 89.10 per share

- 2026-08: EUR 92.20 per share

- 2026-09: EUR 91.76 per share

- 2026-10: EUR 96.14 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 29.67 per share, central EUR 35.97 per share, high EUR 41.59 per share

- FY2017: low EUR 30.64 per share, central EUR 38.33 per share, high EUR 44.52 per share

- FY2018: low EUR 29.71 per share, central EUR 37.69 per share, high EUR 43.77 per share

- FY2019: low EUR 31.51 per share, central EUR 39.48 per share, high EUR 45.67 per share

- FY2020: low EUR 34.12 per share, central EUR 41.55 per share, high EUR 47.71 per share

- FY2021: low EUR 35.46 per share, central EUR 44.34 per share, high EUR 51.33 per share

- FY2022: low EUR 40.31 per share, central EUR 50.04 per share, high EUR 58.14 per share

- FY2023: low EUR 42.19 per share, central EUR 52.63 per share, high EUR 61.09 per share

- FY2024: low EUR 52.42 per share, central EUR 68.48 per share, high EUR 79.44 per share

- FY2025: low EUR 34.04 per share, central EUR 38.26 per share, high EUR 43.38 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 2026-10-15T06:40:55.029Z 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.