# Umicore (UMI.BR)

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

Analysis as of: 2026-10-16T07:37:15.502Z. 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 20.58 per share; close as of 2026-10-15.

Estimated value: low EUR 22.77 per share, central EUR 25.10 per share, high EUR 28.21 per share. Buy at or below the central value EUR 25.10 per share. Valuation as of 2026-10-16T07:37:15.502Z; scenarios are not confidence intervals.

Expected annual return: 12.2% at the stated quote. About 12.2% 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)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 1.84×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.03×

- FY2018: 0.04×

- FY2019: 0.03×

- FY2020: 0.01×

- FY2021: 0.04×

- FY2022: 0.03×

- FY2023: 0.03×

- FY2024: -0.08×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 9.7%

- ROIC, second-lowest year: 5.6%

- Typical minus recent gross margin: 1.0 pp

- Typical gross margin (annual median): 8.3%

- Recent gross margin (lower of latest and 3-year median): 7.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 6.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.6%

- FY2017: 9.4%

- FY2018: 11.3%

- FY2019: 9.2%

- FY2020: 5.6%

- FY2021: 17.5%

- FY2022: 14.8%

- FY2023: 9.8%

- FY2024: -31.1%

- FY2025: 19.8%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -470M

- Net income, five-year total: EUR 479M

- Return on incremental invested capital: 23.1%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -4.2 pp

- Working capital / revenue, final three-year average: 8.3%

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

- FY2021: 0.98×

- FY2022: 0.88×

- FY2023: -0.56×

- FY2024: 1.17×

- FY2025: 0.97×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.6% vs 9.8%

- Per-share earnings: 0.78 to 1.59 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.0%

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

- Market cap gain: EUR -1.7B

- Cumulative retained earnings: EUR -202M

- Diluted shares, 10-year annual growth: 1.0%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.4%

- Per-share value change: EUR 0.82

- Per-share value, starting three-year median: EUR 0.78

- Per-share value, ending three-year median: EUR 1.59

- Buybacks concentrated in cheaper years (correlation): 0.07

- Average buyback yield: 1.1%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 192M

- Cumulative net income, 10 years: EUR 1.6B

- ROIC, first three-year median: 9.6%

- ROIC, last three-year median: 9.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.59

- FY2017: EUR 0.96

- FY2018: EUR 1.30

- FY2019: EUR 1.19

- FY2020: EUR 0.54

- FY2021: EUR 2.56

- FY2022: EUR 2.37

- FY2023: EUR 1.60

- FY2024: EUR -6.15

- FY2025: EUR 1.59

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 1.61×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.61×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.17×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.1%

- FY2017: 1.1%

- FY2018: 5.7%

- FY2019: -2.7%

- FY2020: -4.8%

- FY2021: -7.1%

- FY2022: -0.6%

- FY2023: -6.6%

- FY2024: -25.0%

- FY2025: -2.5%

## Holders

## Price story

Down 58% since Oct 2021 · sales +30.4%

Story as of 2026-10-16T10:00:08.899Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.5% a year for ten years

- 2025-10-08: Umicore launches sale and subsequent lease in of permanent gold inventories unlocking significant value ([finance.yahoo.com](https://finance.yahoo.com/news/umicore-launches-sale-subsequent-lease-053000706.html))

### Sales · FY2024–2025

sales +30.4%; source https://filings.xbrl.org/529900F3AIQECS8ZSV61/2024-12-31/ESEF/BE/0/UMIC-2024-12-31-nl/reports/UMIC-2024-12-31-nl.html; observed 2025-04-15.

- FY2016: EUR 10B 

- FY2017: EUR 12B 

- FY2018: EUR 14B 

- FY2019: EUR 17B 

- FY2020: EUR 21B 

- FY2021: EUR 24B 

- FY2022: EUR 25B 

- FY2023: EUR 18B 

- FY2024: EUR 15B 

- FY2025: EUR 19B 

### Gross margin · FY2025

gross margin 7.2%; source https://filings.xbrl.org/529900F3AIQECS8ZSV61/2024-12-31/ESEF/BE/0/UMIC-2024-12-31-nl/reports/UMIC-2024-12-31-nl.html; observed 2025-04-15.

- FY2016: 10.1% 

- FY2017: 10.2% 

- FY2018: 10.6% 

- FY2019: 8.1% 

- FY2020: 7.3% 

- FY2021: 8.3% 

- FY2022: 7.9% 

- FY2023: 8.2% 

- FY2024: 14.9% 

- FY2025: 7.2% 

## Owner memo

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

### How it makes money

Operates in waste management; annual sales are EUR 19.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: revenue 19374100000; grossProfit 1397700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UMI.BR: Umicore SA operates as a materials technology and recycling company in Belgium, Europe, the Asia-Pacific, North America, South America, and Africa. It operates through Battery Material, Catalysis, Recycling, and Specialty Materials segments. The Battery Material segment develops, manufactures, and markets cathode materials and its precursors for lithium-ion batteries, as well as related refining activities of cobalt and nickel chemical refining activities; and offers integrated, circular and sustainable battery materials. Its Catalysis segment provides automotive catalysts for light-duty gasoline and diesel light, and heavy-duty diesel applications, including on-road and off-road vehicles; stationary catalysts for industrial emissions control; and produces precious metals-based compounds and catalysts for use in the pharmaceutical and fine chemicals industries, as well as fuel cell applications. The Recyling segment is involved in precious metals refining and management, jewelry and industrial metals; and treating complex waste streams containing precious and other specialty metals. This segment also produces precious metals-based materials for high-tech glass production and electronics; and offers products for chemical, electric, electronic, automotive and special glass applications. Its Specialty Materials segments offers cobalt and specialty materials, electro-optic materials, and metal deposition solutions; produces and distributes cobalt and nickel products; and supplies products for precious and non-precious metal-based electroplating and PVD coating, as well as germanium-based material solutions for the space, optics and electronics sectors. The company was formerly known as Union Minière du Haut Katanga and changed its name to Umicore SA in 2001. Umicore SA was founded in 1805 and is headquartered in Brussels, Belgium.

### Why customers stay

Margins ranged from 7.2% to 14.9% during 2023–25; it earns 9.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2023: grossProfit / revenue = 8.2%.

- Source: https://filings.xbrl.org/529900F3AIQECS8ZSV61/2024-12-31/ESEF/BE/0/UMIC-2024-12-31-nl/reports/UMIC-2024-12-31-nl.html (filed 2025-04-15); FY2024: grossProfit / revenue = 14.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: grossProfit / revenue = 7.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); 10-year return on capital observations [[2016,0.09628213111239829],[2017,0.09398950760002757],[2018,0.11273475763623507],[2019,0.09163191929008141],[2020,0.055634133296564296],[2021,0.17464486387666062],[2022,0.14792945921398934],[2023,0.09758120022327811],[2024,-0.31086524228224566],[2025,0.1982128256945837]]; median 0.0969316656678382. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 8% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/529900F3AIQECS8ZSV61/2024-12-31/ESEF/BE/0/UMIC-2024-12-31-nl/reports/UMIC-2024-12-31-nl.html (filed 2025-04-15); Gross margin observations: [[2021,0.08261655987903106],[2022,0.07911730378022894],[2023,0.08242517477923343]]; range within 2 percentage points.

### Where the cash goes

Spends 4.9% of cash earnings on expansion; earns 23.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2016: growth capex 74973413.87576503; upkeep 212807586.12423497; owner earnings 93860413.87576503. Growth capex / owner earnings = 0.7987756582343745.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2017: growth capex 162049381.08391166; upkeep 214627618.91608834; owner earnings 187809381.08391166. Growth capex / owner earnings = 0.8628396523574579.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2018: growth capex 196027989.55636322; upkeep 301719010.4436368; owner earnings 221841989.55636322. Growth capex / owner earnings = 0.8836378989765531.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2019: growth capex 343811000; upkeep 244038000; owner earnings 278538800. Growth capex / owner earnings = 1.23433790911715.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2020: growth capex 167594000; upkeep 267941000; owner earnings 119957000. Growth capex / owner earnings = 1.3971173003659645.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2021: growth capex 136900000; upkeep 279526000; owner earnings 606380600. Growth capex / owner earnings = 0.22576579791635815.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2022: growth capex 148702649.77286798; upkeep 342587350.227132; owner earnings 501852849.772868. Growth capex / owner earnings = 0.29630727381575866.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: growth capex 18091000; upkeep 267709000; owner earnings 372256000. Growth capex / owner earnings = 0.04859827645491275.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Incremental return on capital 0.23139563171699482, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Dividend observations: [[2016,138266000],[2017,150682000],[2018,175347000],[2019,186387000],[2020,60141000],[2021,180537000],[2022,192053000],[2023,192300000],[2024,192380000],[2025,60100000]]. 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); UMI.BR SharesStats.PercentInsiders = 5 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.5% yearly over ten years; actual growth was 7.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Ten-year compound average after fade. Initial solved rate -0.047523726893650864. Price 20.58; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.7755503096014251 → FY2025 1.5425818238928295. Closing-price date 2026-10-15.

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

- 2016-10: EUR 27.70 per share

- 2016-11: EUR 28.27 per share

- 2016-12: EUR 27.08 per share

- 2017-01: EUR 25.90 per share

- 2017-02: EUR 24.86 per share

- 2017-03: EUR 26.70 per share

- 2017-04: EUR 26.88 per share

- 2017-05: EUR 29.48 per share

- 2017-06: EUR 30.45 per share

- 2017-07: EUR 33.94 per share

- 2017-08: EUR 31.38 per share

- 2017-09: EUR 35.00 per share

- 2017-10: EUR 38.37 per share

- 2017-11: EUR 39.21 per share

- 2017-12: EUR 39.46 per share

- 2018-01: EUR 42.36 per share

- 2018-02: EUR 46.52 per share

- 2018-03: EUR 42.93 per share

- 2018-04: EUR 46.26 per share

- 2018-05: EUR 48.40 per share

- 2018-06: EUR 49.15 per share

- 2018-07: EUR 50.00 per share

- 2018-08: EUR 48.04 per share

- 2018-09: EUR 48.17 per share

- 2018-10: EUR 41.59 per share

- 2018-11: EUR 38.32 per share

- 2018-12: EUR 34.86 per share

- 2019-01: EUR 36.85 per share

- 2019-02: EUR 38.00 per share

- 2019-03: EUR 39.59 per share

- 2019-04: EUR 34.50 per share

- 2019-05: EUR 26.70 per share

- 2019-06: EUR 28.20 per share

- 2019-07: EUR 28.44 per share

- 2019-08: EUR 28.97 per share

- 2019-09: EUR 34.63 per share

- 2019-10: EUR 36.97 per share

- 2019-11: EUR 38.98 per share

- 2019-12: EUR 43.36 per share

- 2020-01: EUR 41.57 per share

- 2020-02: EUR 37.77 per share

- 2020-03: EUR 31.85 per share

- 2020-04: EUR 39.41 per share

- 2020-05: EUR 39.84 per share

- 2020-06: EUR 41.91 per share

- 2020-07: EUR 39.94 per share

- 2020-08: EUR 38.49 per share

- 2020-09: EUR 35.55 per share

- 2020-10: EUR 33.04 per share

- 2020-11: EUR 37.57 per share

- 2020-12: EUR 39.29 per share

- 2021-01: EUR 46.77 per share

- 2021-02: EUR 48.66 per share

- 2021-03: EUR 45.23 per share

- 2021-04: EUR 50.56 per share

- 2021-05: EUR 49.07 per share

- 2021-06: EUR 51.50 per share

- 2021-07: EUR 52.28 per share

- 2021-08: EUR 55.74 per share

- 2021-09: EUR 51.24 per share

- 2021-10: EUR 49.58 per share

- 2021-11: EUR 43.01 per share

- 2021-12: EUR 35.75 per share

- 2022-01: EUR 33.42 per share

- 2022-02: EUR 36.69 per share

- 2022-03: EUR 39.36 per share

- 2022-04: EUR 36.93 per share

- 2022-05: EUR 41.39 per share

- 2022-06: EUR 33.32 per share

- 2022-07: EUR 35.36 per share

- 2022-08: EUR 31.75 per share

- 2022-09: EUR 30.13 per share

- 2022-10: EUR 33.35 per share

- 2022-11: EUR 34.20 per share

- 2022-12: EUR 34.32 per share

- 2023-01: EUR 34.63 per share

- 2023-02: EUR 31.57 per share

- 2023-03: EUR 31.21 per share

- 2023-04: EUR 29.76 per share

- 2023-05: EUR 26.00 per share

- 2023-06: EUR 25.59 per share

- 2023-07: EUR 26.92 per share

- 2023-08: EUR 24.47 per share

- 2023-09: EUR 22.45 per share

- 2023-10: EUR 22.45 per share

- 2023-11: EUR 24.53 per share

- 2023-12: EUR 24.90 per share

- 2024-01: EUR 21.17 per share

- 2024-02: EUR 19.29 per share

- 2024-03: EUR 20.00 per share

- 2024-04: EUR 20.86 per share

- 2024-05: EUR 18.13 per share

- 2024-06: EUR 14.03 per share

- 2024-07: EUR 12.69 per share

- 2024-08: EUR 11.40 per share

- 2024-09: EUR 11.66 per share

- 2024-10: EUR 10.97 per share

- 2024-11: EUR 10.20 per share

- 2024-12: EUR 9.96 per share

- 2025-01: EUR 9.79 per share

- 2025-02: EUR 8.76 per share

- 2025-03: EUR 9.55 per share

- 2025-04: EUR 8.00 per share

- 2025-05: EUR 9.65 per share

- 2025-06: EUR 12.48 per share

- 2025-07: EUR 13.95 per share

- 2025-08: EUR 13.34 per share

- 2025-09: EUR 15.11 per share

- 2025-10: EUR 16.54 per share

- 2025-11: EUR 15.15 per share

- 2025-12: EUR 17.90 per share

- 2026-01: EUR 20.10 per share

- 2026-02: EUR 18.02 per share

- 2026-03: EUR 16.18 per share

- 2026-04: EUR 17.18 per share

- 2026-05: EUR 25.28 per share

- 2026-06: EUR 20.24 per share

- 2026-07: EUR 21.60 per share

- 2026-08: EUR 23.66 per share

- 2026-09: EUR 21.12 per share

- 2026-10: EUR 20.86 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 5.44 per share, central EUR 6.19 per share, high EUR 7.19 per share

- FY2017: low EUR 8.33 per share, central EUR 9.48 per share, high EUR 11.01 per share

- FY2018: low EUR 10.67 per share, central EUR 13.38 per share, high EUR 15.61 per share

- FY2019: low EUR 15.66 per share, central EUR 22.37 per share, high EUR 26.28 per share

- FY2020: low EUR 17.18 per share, central EUR 19.21 per share, high EUR 21.91 per share

- FY2021: low EUR 22.50 per share, central EUR 28.24 per share, high EUR 32.52 per share

- FY2022: low EUR 25.35 per share, central EUR 33.54 per share, high EUR 38.80 per share

- FY2023: low EUR 18.01 per share, central EUR 19.84 per share, high EUR 22.27 per share

- FY2024: low EUR 11.04 per share, central EUR 11.58 per share, high EUR 12.30 per share

- FY2025: low EUR 21.71 per share, central EUR 24.04 per share, high EUR 27.13 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 2026-10-15T06:42:56.004Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900F3AIQECS8ZSV61/2024-12-31/ESEF/BE/0/UMIC-2024-12-31-nl/reports/UMIC-2024-12-31-nl.html); period 2024-12-31, filed 2025-04-15.

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