# Syensqo (SYENS.BR)

Canonical: https://gigainvestors.com/s/SYENS.BR

Analysis as of: 2026-10-16T07:36:00.948Z. Financial observations: FY2020–FY2026.

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

Estimated value: low EUR 24.77 per share, central EUR 27.08 per share, high EUR 30.16 per share. Buy at or below the central value EUR 27.08 per share. Valuation as of 2026-10-16T07:36:00.948Z; scenarios are not confidence intervals.

Expected annual return: 4.7% at the stated quote. About 4.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; BE 10-year bond 4.3% + 4 points).

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 2

- Years with a net loss: 5

- Operating margin variation: 1.83×

Chart: Operating margin; fiscal year observations.

- FY2020: -0.17×

- FY2021: 0.08×

- FY2022: 0.12×

- FY2023: 0.08×

- FY2024: 0.07×

- FY2025: 0.10×

- FY2026: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.8%

- ROIC, second-lowest year: 4.9%

- Typical minus recent gross margin: 2.8 pp

- Typical gross margin (annual median): 31.2%

- Recent gross margin (lower of latest and 3-year median): 28.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.5%

- ROIC including acquisitions, ten-year median: 1.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2021: 5.9%

- FY2022: 9.6%

- FY2023: 5.8%

- FY2024: 4.9%

- FY2025: 7.5%

- FY2026: 4.9%

### economics: pass

- Owner earnings / net income, 5-yr: 2.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.1B

- Net income, five-year total: EUR 565M

- Working capital / revenue, annual change: -5.1 pp

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

- FY2022: 1.41×

- FY2023: 1.00×

- FY2024: -20.60×

- FY2025: -11.40×

- FY2026: -2.58×

### management: unclear

- buybacks leaned toward cheaper years (informational)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: -0.6%

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 1.9%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 4.9%

Chart: Earnings per share; fiscal year observations.

- FY2021: EUR -12.14

- FY2022: EUR 4.19

- FY2023: EUR 1.82

- FY2024: EUR -0.05

- FY2025: EUR -0.05

- FY2026: EUR -0.60

### accounting: pass

- Sloan accruals: -6.6%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.64×

Chart: Sloan accruals; fiscal year observations.

- FY2021: -20.9%

- FY2022: -1.8%

- FY2023: -8.4%

- FY2024: -6.8%

- FY2025: -6.8%

- FY2026: -6.6%

## Holders

## Price story

Down 12% since Dec 2023 · sales -15.8%

Story as of 2026-10-16T10:00:06.547Z; price observation 2026-10-15.

Price needs cash profits to grow 18.3% a year for ten years

### Sales · FY2025–2026

sales -15.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2020: EUR 5.4B 

- FY2021: EUR 5.4B 

- FY2022: EUR 6.0B 

- FY2023: EUR 7.1B 

- FY2024: EUR 6.8B 

- FY2025: EUR 6.8B 

- FY2026: EUR 5.8B 

### Gross margin · FY2026

gross margin 28.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2020: 29.0% 

- FY2021: 29.0% 

- FY2022: 31.2% 

- FY2023: 33.6% 

- FY2024: 32.4% 

- FY2025: 32.4% 

- FY2026: 28.4% 

## Owner memo

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

### How it makes money

Operates in chemicals; annual sales are EUR 5.8 billion.

- Source: https://eodhd.com/api/fundamentals/SYENS.BR.json#2026-06-30 (filed 2026-10-16T07:36:00.948Z); FY2026: revenue 5762000000; grossProfit 1639000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SYENS.BR: Syensqo SA/NV, a chemical company, engages in the research, development, and production of advanced materials for industrial and consumer applications worldwide. The company operates through the Materials, Performance & Care, and Other Solutions segments. It offers amine ether, amines, fatty amines, and specialty amines; antioxidants and stabilizers; composites; flavors and fragrances, including vanillin, ethylvanillin, natural vanillin, and cyclopentanone; lithium derivatives; diphenols and hydrocarbon monomers; and phosphorus specialties. The company also provides biobased polymers, inverse emlusion polymers, monomers, specialty monomers, and synthetic polymers; solvents comprising green solvents, flame retardants, and hydrocarbon; specialty chemicals, such as nitric acid; specialty polymers that include aromatic polyamides, aromatics, sulfones, fluorinated fluids, fluoropolymers, high performance polyester, polyethylene, polyolefin, and polyvinylidene chloride; and amphoteric, anionic, blend, cationic, and non-ionic surfactants. It serves the aerospace, automotive, agriculture, batteries, building, consumer goods, electronics, food, green hydrogen, healthcare, industrial, resources, environment, and energy sectors, as well as renewable materials and biotechnology markets. Syensqo SA/NV was founded in 1863 and is headquartered in Brussels, Belgium.

### Why customers stay

Margins ranged from 28.4% to 32.4% during 2024–26; it earns 5.8% on its capital.

- Source: https://filings.xbrl.org/549300060XNJ90PLNS10/2024-12-31/ESEF/BE/2/549300060XNJ90PLNS10-2024-12-31-0-en.json (filed 2026-10-16T07:36:00.948Z); FY2024: grossProfit / revenue = 32.4%.

- Source: https://eodhd.com/api/fundamentals/SYENS.BR.json#2025-06-30 (filed 2026-10-16T07:36:00.948Z); FY2025: grossProfit / revenue = 32.4%.

- Source: https://eodhd.com/api/fundamentals/SYENS.BR.json#2026-06-30 (filed 2026-10-16T07:36:00.948Z); FY2026: grossProfit / revenue = 28.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:00.948Z); 7-year return on capital observations [[2021,0.05860996874485935],[2022,0.09616765858581659],[2023,0.057916598794591954],[2024,0.04915703275529865],[2025,0.0751585623678647],[2026,0.049340698503207416]]; median 0.05826328376972566. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 6 years; bought back EUR 117 million of shares.

- Source: https://www.syensqo.com/sites/g/files/alwlxe161/files/2023-11/_SpecialtyCo%20Registration%20Document.pdf#page=186 (filed 2026-10-16T07:36:00.948Z); FY2020: growth capex 0; upkeep 317000000; owner earnings 720000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SYENS.BR.json#2022-06-30 (filed 2026-10-16T07:36:00.948Z); FY2022: growth capex 0; upkeep 402000000; owner earnings 625000000. Growth capex / owner earnings = 0.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/SYENS.BR?type=annualTotalRevenue%2CannualCostOfRevenue%2CannualGrossProfit%2CannualOperatingIncome%2CannualOperatingExpense%2CannualNetIncome%2CannualPretaxIncome%2CannualTaxProvision%2CannualDepreciationAndAmortization%2CannualStockBasedCompensation%2CannualOperatingCashFlow%2CannualCapitalExpenditure%2CannualCashDividendsPaid%2CannualRepurchaseOfCapitalStock%2CannualIssuanceOfCapitalStock%2CannualNetBusinessPurchaseAndSale%2CannualReceivables%2CannualInventory%2CannualAccountsPayable%2CannualCashCashEquivalentsAndShortTermInvestments%2CannualTotalDebt%2CannualCurrentDebt%2CannualStockholdersEquity%2CannualGoodwill%2CannualOtherIntangibleAssets%2CannualNetPPE%2CannualTotalAssets%2CannualTotalLiabilitiesNetMinorityInterest%2CannualCurrentAssets%2CannualCurrentLiabilities%2CannualDilutedAverageShares%2CannualDilutedEPS%2CannualRetainedEarnings&period1=1262304000&period2=1790802519 (filed 2026-10-16T07:36:00.948Z); FY2023: growth capex 111000000; upkeep 739000000; owner earnings 193000000. Growth capex / owner earnings = 0.5751295336787565.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/SYENS.BR?type=annualTotalRevenue%2CannualCostOfRevenue%2CannualGrossProfit%2CannualOperatingIncome%2CannualOperatingExpense%2CannualNetIncome%2CannualPretaxIncome%2CannualTaxProvision%2CannualDepreciationAndAmortization%2CannualStockBasedCompensation%2CannualOperatingCashFlow%2CannualCapitalExpenditure%2CannualCashDividendsPaid%2CannualRepurchaseOfCapitalStock%2CannualIssuanceOfCapitalStock%2CannualNetBusinessPurchaseAndSale%2CannualReceivables%2CannualInventory%2CannualAccountsPayable%2CannualCashCashEquivalentsAndShortTermInvestments%2CannualTotalDebt%2CannualCurrentDebt%2CannualStockholdersEquity%2CannualGoodwill%2CannualOtherIntangibleAssets%2CannualNetPPE%2CannualTotalAssets%2CannualTotalLiabilitiesNetMinorityInterest%2CannualCurrentAssets%2CannualCurrentLiabilities%2CannualDilutedAverageShares%2CannualDilutedEPS%2CannualRetainedEarnings&period1=1262304000&period2=1790802519 (filed 2026-10-16T07:36:00.948Z); FY2024: growth capex 0; upkeep 624000000; owner earnings 103000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SYENS.BR.json#2025-06-30 (filed 2026-10-16T07:36:00.948Z); FY2025: growth capex 0; upkeep 624000000; owner earnings 57000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SYENS.BR.json#2026-06-30 (filed 2026-10-16T07:36:00.948Z); FY2026: growth capex 0; upkeep 431000000; owner earnings 160200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:00.948Z); Dividend observations: [[2021,338000000],[2022,271000000],[2023,0],[2024,170000000],[2025,170000000],[2026,166000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SYENS.BR.json#2026-06-30 (filed 2026-10-16T07:36:00.948Z); FY2026: cash repurchases 117000000 EUR.

### Are managers owners

Insiders own 31.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SYENS.BR SharesStats.PercentInsiders = 31.583 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 18.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:00.948Z); Ten-year compound average after fade. Initial solved rate 0.2526467052916227. Price 83; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2023-12: EUR 94.26 per share

- 2024-01: EUR 82.49 per share

- 2024-02: EUR 82.61 per share

- 2024-03: EUR 87.78 per share

- 2024-04: EUR 87.19 per share

- 2024-05: EUR 91.42 per share

- 2024-06: EUR 83.57 per share

- 2024-07: EUR 81.73 per share

- 2024-08: EUR 74.40 per share

- 2024-09: EUR 79.61 per share

- 2024-10: EUR 71.03 per share

- 2024-11: EUR 70.26 per share

- 2024-12: EUR 70.56 per share

- 2025-01: EUR 76.50 per share

- 2025-02: EUR 70.32 per share

- 2025-03: EUR 62.77 per share

- 2025-04: EUR 62.62 per share

- 2025-05: EUR 67.50 per share

- 2025-06: EUR 65.48 per share

- 2025-07: EUR 69.96 per share

- 2025-08: EUR 75.48 per share

- 2025-09: EUR 68.70 per share

- 2025-10: EUR 71.64 per share

- 2025-11: EUR 70.26 per share

- 2025-12: EUR 68.56 per share

- 2026-01: EUR 71.02 per share

- 2026-02: EUR 48.37 per share

- 2026-03: EUR 49.48 per share

- 2026-04: EUR 56.35 per share

- 2026-05: EUR 67.20 per share

- 2026-06: EUR 64.60 per share

- 2026-07: EUR 76.85 per share

- 2026-08: EUR 81.20 per share

- 2026-09: EUR 78.05 per share

- 2026-10: EUR 80.25 per share

## Annual estimated value (EUR per share)

- FY2024: low EUR 24.34 per share, central EUR 27.02 per share, high EUR 30.57 per share

- FY2025: low EUR 16.93 per share, central EUR 18.45 per share, high EUR 20.47 per share

- FY2026: low EUR 24.77 per share, central EUR 27.08 per share, high EUR 30.16 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