olivLaw · US equity research
Orion S.A. OEC
Miscellaneous Chemical Products · SIC 2890 · Vertical: Miscellaneous Chemical Products (SIC 2890)
Orion S.A. is one of the largest global producers of carbon black, with Specialty and Rubber segments serving tires, coatings, inks and batteries. The company is under pressure: annual net sales fell to 1806.7 million USD in fiscal 2025, and second-quarter 2026 net sales reached 500.9 million USD amid oil price swings and cheap Asian tire imports.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Orion S.A. (OEC) stock was 4.17 USD (−28.96% on the day), with market capitalisation 235.7 m USD, dividend yield 1.92%, beta 1.16, 52-week range 4.17–8.31 USD. Latest reported quarter (Q3 2026): revenue of 472.8 m USD (+4.9% YoY), net income of -3.1 m USD, diluted EPS -0.05 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 26.4
- oversold (≤ 30)
- Bollinger (20, 2)
- 4.79 – 6.13
- below the lower band · %B -0.46 · band width 24.7%
- SMA 50 / 200
- 5.73 / 6.37
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.15 / -0.11
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −27.1% | −1.1% | −26.0 pp | — |
| 3 months | −45.1% | −0.5% | −44.7 pp | — |
| 6 months | −41.8% | +4.4% | −46.2 pp | — |
| Year to date | −21.0% | +12.3% | −33.3 pp | — |
| 1 year | −7.3% | +13.5% | −20.9 pp | +16.1% |
| 3 years | −79.2% | +76.4% | −155.6 pp | −3.9% |
| 5 years | −79.4% | +63.7% | −143.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 434.2 m | 477.7 m | 466.4 m | 450.9 m | 411.7 m | 459.5 m | 500.9 m | 472.8 m |
| Cost of revenue | 344.9 m | 379.6 m | 368.0 m | 365.3 m | 334.0 m | 380.3 m | 407.9 m | 382.0 m |
| Gross profit | 89.3 m | 98.1 m | 98.4 m | 85.6 m | 77.7 m | 79.2 m | 93.0 m | 90.8 m |
| Research & development | 7.0 m | 6.6 m | 6.5 m | 6.9 m | 7.5 m | 7.3 m | 7.2 m | 4.9 m |
| SG&A | 58.1 m | 58.4 m | 57.7 m | 57.5 m | 57.1 m | 59.1 m | 62.7 m | 59.9 m |
| Operating income | 23.6 m | 31.2 m | 32.1 m | -53.7 m | 17.9 m | 11.4 m | 21.3 m | 22.8 m |
| Depreciation & amortisation | 35.3 m | 31.5 m | 32.0 m | 33.7 m | 34.7 m | 32.7 m | 32.9 m | 39.6 m |
| Pre-tax income | 15.6 m | 17.5 m | 13.0 m | -68.1 m | 3.3 m | -3.3 m | 5.0 m | 5.0 m |
| Income tax | -2.1 m | 8.9 m | 4.6 m | -500.0 k | 22.8 m | 6.7 m | 3.4 m | 8.2 m |
| Net income | 17.2 m | 9.1 m | 9.0 m | -67.1 m | -21.1 m | -9.9 m | 1.8 m | -3.1 m |
| Diluted EPS | 0.30 ≈ | 0.16 | 0.16 | -1.20 | -0.38 ≈ | -0.18 | 0.03 | -0.05 |
| Operating cash flow | 94.5 m | 400.0 k | 53.7 m ≈ | 68.8 m ≈ | 92.9 m | -12.4 m | 27.3 m ≈ | 57.8 m ≈ |
| Capex | 71.0 m | 29.2 m | 42.2 m ≈ | 40.9 m ≈ | 48.7 m | 36.1 m | 25.4 m ≈ | 11.8 m ≈ |
| Dividends paid | 1.2 m | 1.2 m | 1.2 m ≈ | 1.1 m ≈ | 1.2 m | 1.2 m | 1.1 m ≈ | 1.2 m ≈ |
| Share repurchases | 8.7 m | 19.8 m | 5.0 m ≈ | 0 ≈ | 0 | 800.0 k | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.5 bn | 1.1 bn | 1.5 bn | 2.0 bn | 1.9 bn | 1.9 bn | 1.8 bn |
| Revenue YoY | +18.8% | −6.5% | −23.0% | +36.1% | +31.3% | −6.7% | −0.9% | −3.8% |
| Net income | 121.3 m | 86.9 m | 18.2 m | 134.7 m | 106.2 m | 103.5 m | 44.2 m | -70.1 m |
| Net income YoY | +87.0% | −28.4% | −79.1% | +640.1% | −21.2% | −2.5% | −57.3% | −258.6% |
| Diluted EPS | 1.99 | 1.42 | 0.30 | 2.21 | 1.73 | 1.73 | 0.76 | -1.24 |
| Diluted EPS YoY | +86.0% | −28.6% | −78.9% | +636.7% | −21.7% | 0.0% | −56.1% | −263.2% |
| net % | 7.7% | 5.9% | 1.6% | 8.7% | 5.2% | 5.5% | 2.4% | -3.9% |
| Free cash flow | 10.9 m | 72.8 m | -13.5 m | -69.5 m | -151.8 m | 173.1 m | -81.4 m | 54.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 60.7 m USD
- Financial debt
- 979.5 m USD
- Net debt
- 918.8 m USD
- Equity
- 384.6 m USD
- Total assets
- 1.9 bn USD
- Debt / equity
- 2.55x
- Current ratio
- 1.03x
- ROE
- -16.3%
- ROA
- -3.7%
- FCF margin
- 3.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.5 bn | 2.0 bn | 1.9 bn | 1.9 bn | 1.8 bn | SEC (XBRL)· 17 Feb 2026verified |
| Cost of revenue | 844.1 m | 1.2 bn | 1.6 bn | 1.4 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Gross profit | 292.3 m | 386.6 m | 448.8 m | 451.0 m | 428.8 m | 359.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Research & development | 20.2 m | 22.0 m | 21.7 m | 24.5 m | 27.1 m | 27.5 m | SEC (XBRL)· 17 Feb 2026verified |
| SG&A | 176.1 m | 210.4 m | 227.1 m | 221.9 m | 237.8 m | 230.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | 74.4 m | 228.5 m | 197.1 m | 205.3 m | 102.7 m | 27.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 96.6 m | 104.1 m | 105.7 m | 113.0 m | 125.3 m | 131.9 m | SEC (XBRL)· 17 Feb 2026verified |
| EBITDA | 171.0 m ≈ | 332.6 m ≈ | 302.8 m ≈ | 318.3 m ≈ | 228.0 m ≈ | 159.4 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Interest expense | 38.7 m | 38.0 m | 39.9 m | 50.9 m | — | — | SEC (XBRL)· 15 Feb 2024verified |
| Pre-tax income | 26.3 m | 186.4 m | 157.7 m | 163.8 m | 53.9 m | -34.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 8.1 m | 51.7 m | 51.5 m | 60.3 m | 9.7 m | 35.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | 18.2 m | 134.7 m | 106.2 m | 103.5 m | 44.2 m | -70.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | 0.30 | 2.21 | 1.73 | 1.73 | 0.76 | -1.24 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 61.4 m | 61.0 m | 61.4 m | 60.0 m | 58.4 m | 56.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividend per share | 0.20 | 0.02 | 0.08 | 0.08 | 0.08 | 0.08 | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 64.9 m | 65.7 m | 60.8 m | 37.5 m | 44.2 m | 60.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Receivables | 234.8 m | 288.9 m | 367.8 m | 241.0 m | 211.9 m | 213.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Inventories | 141.5 m | 229.8 m | 277.9 m | 287.1 m | 290.4 m | 277.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 500.5 m | 665.0 m | 778.5 m | 646.1 m | 613.3 m | 643.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Goodwill | 84.5 m | 78.0 m | 73.4 m | 76.1 m | 71.5 m | 0 | SEC (XBRL)· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 46.8 m | 36.3 m | 27.8 m | 25.5 m | 18.5 m | 14.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 1.4 bn | 1.6 bn | 1.9 bn | 1.8 bn | 1.9 bn | 1.9 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 131.2 m | 195.1 m | 184.1 m | 183.7 m | 156.2 m | 197.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Short-term debt | 82.6 m | 151.7 m | 258.3 m | 137.0 m | 258.8 m | 305.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Long-term debt | 655.8 m | 631.2 m | 657.0 m | 677.3 m | 647.0 m | 674.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 324.7 m | 448.7 m | 552.8 m | 440.3 m | 516.7 m | 626.4 m | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 181.0 m † | 319.7 m † | 459.4 m † | 478.5 m † | 474.9 m † | 384.6 m † | SEC (XBRL)· 17 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 125.3 m | 145.2 m | 81.0 m | 345.9 m | 125.3 m | 215.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 138.8 m | 214.7 m | 232.8 m | 172.8 m | 206.7 m | 161.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | -13.5 m ≈ | -69.5 m ≈ | -151.8 m ≈ | 173.1 m ≈ | -81.4 m ≈ | 54.8 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | -144.9 m | -214.7 m | -232.8 m | -172.8 m | -206.7 m | -161.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | 13.5 m | 73.3 m | 149.3 m | -197.1 m | 89.3 m | -41.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividends paid | 12.0 m | 0 | 5.0 m | 4.9 m | 4.8 m | 4.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Share repurchases | 0 | 0 | 4.3 m | 65.6 m | 26.6 m | 24.8 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 45 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 235.7 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet6
- Growth0
- Quality37
- Returns60
- Valuation93
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.05 – 55.89 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA20.20 – 55.89 (Mid 31.21)3 companies used · median multiple 12.6x · quartiles 9.6x – 19.1xCBT, ESI, WDFC
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)1.05 – 1.41 (Mid 1.21)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 45/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.6% | 33 (vs peers) | 15% |
| Net margin · Quality | -1.8% | 43 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -3.8% | 0 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 4.3x | 0 (on a fixed band) | 15% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 22 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 5.4x | 87 (on a fixed band) | 15% |
| FCF yield · Valuation | 18.5% | 100 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 2.3% | 33 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 10.8% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet6/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality37/100 · 2/3 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation93/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ORION S.A. (OEC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.8 bn USD in 2025; YoY growth -3.8%; net margin -1.8%; ROE -8.1%; net debt/EBITDA 4.3x.
The estimated value range is 10.62–28.65 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 16.21 USD, the price of 4.17 USD leaves a potential of 288.6% (value / price − 1) and a margin of safety of 74.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 45/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/EBITDA: 5.4x
- FCF yield: 18.5%
- Payout ratio (FCF): 10.8%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -3.8%
- Net debt / EBITDA: 4.3x
- Current ratio: 1.1x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Interest coverage, P/E (TTM).
Versus the vertical median
Miscellaneous Chemical Products (SIC 2890) · same industry (4-digit SIC) · compared with 7 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ESIElement Solutions Inc | 7.5 bn | 36.4 | 7.4% | 5.9% | +3.8% | +19% / +47% |
| CBTCabot Corp | 3.8 bn | 20.5 | 12.1% | 5.2% | −7.0% | +17% / −4% |
| WDFCWd-40 Company | 3.0 bn | 37.4 | 30.4% | 12.0% | +11.0% | +16% / −6% |
| FTKFlotek Industries Inc | 802.6 m | 22.4 | 37.8% | 13.0% | +26.9% | +55% / +603% |
| ASPIASP Isotopes Inc. | 263.7 m | — | -80.9% | -380.3% | +475.5% | −72% / −10% |
| OECOrion S.A. | 235.7 m | — | -8.1% | -1.8% | −3.8% | −7% / −79% |
| ARQArq, Inc. | 106.1 m | — | -25.0% | -38.5% | +10.4% | −35% / −11% |
| FSIFlexible Solutions International, Inc | 78.4 m | — | -8.2% | -8.8% | +0.7% | −10% / +304% |
1- and 3-year price returns: for OEC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Orion S.A. is one of the largest global producers of carbon black, with Specialty and Rubber segments serving tires, coatings, inks and batteries. The company is under pressure: annual net sales fell to 1806.7 million USD in fiscal 2025, and second-quarter 2026 net sales reached 500.9 million USD amid oil price swings and cheap Asian tire imports.
SWOT
Strengths
- The company has a diversified process technology base, several innovation centers and long-term customer contracts that add stability.
- Its presence on three continents and plant network allow local supply, an advantage management highlighted in the second quarter of 2026.
- The Specialty segment showed strong recovery in Europe, the Middle East and Africa, where premium products are valued.
Weaknesses
- High net debt relative to Adjusted EBITDA limits financial flexibility.
- Dependence on carbon black oil prices leaves margins exposed to cost shocks, even with pass-through mechanisms.
- Customer concentration in the tire industry exposes the company to volume losses if a major customer reduces orders.
Opportunities
- EU and US tariff measures could encourage local tire production and support Rubber segment volumes.
- Demand for specialty carbon black in batteries, especially for electric vehicles, could grow over the long term.
- Cost savings and better working capital could strengthen free cash flow and reduce debt.
Threats
- Low-cost Asian tire imports could keep reducing European production and Western demand for carbon black.
- Substitution by precipitated silica in passenger car tires could increase if technology advances.
- Geopolitical tensions and tariff policy could raise costs and disrupt supply chains.
Risks
- Raw material cost volatilityhigh
Prices of carbon black oil and natural gas can directly affect volumes and margins, and cost pass-through is not instantaneous 1. If prices rise sharply, margins could be compressed.
- High leveragehigh
Net debt and the ratio to Adjusted EBITDA raise questions about refinancing capacity, especially if operating results remain weak 3.
- Customer concentrationmedium
A small number of large customers account for a significant share of sales, and losing one could materially affect revenue 1.
- Asian tire importsmedium
Pressure from low-cost imports on Western tire markets could persist and reduce demand for the Rubber segment 1.
- Goodwill impairmentlow
The company impaired all of its existing goodwill in 2025, a sign that profitability expectations were revised down 1.
Investment thesis
What would need to be true (bull case)
- If the second-quarter 2026 recovery strengthens and Specialty keeps growing in high-margin regions, the company could reach its reaffirmed Adjusted EBITDA range 3.
- If EU and US tariff measures slow tire imports, the Rubber segment could recover lost volume 3.
- If cost reduction and working capital management hold, free cash flow could turn positive and support debt reduction 3.
What would break the thesis
- If Asian imports stay high, the Rubber segment could keep reporting declines in Adjusted EBITDA and contractual pricing.
- If net debt stays high relative to EBITDA, financial flexibility for investment and shareholder returns could remain limited.
- If silica substitution accelerates, demand for carbon black in tires could decline over time.
What to watch
- Whether results reach the reaffirmed 2026 Adjusted EBITDA range2026
- Rubber segment margin trends and contractual pricingQ3 2026
- Trend in net debt and the ratio to Adjusted EBITDAnext 10-K
- Effect of EU and US tariff measures on tire production2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Orion S.A. is a Luxembourg joint stock corporation with its principal executive office in Spring, Texas, and a corporate lineage going back more than 160 years to Germany. The company produces carbon black, a powdered form of carbon used to give materials color, reinforcement, conductivity and UV protection 1. It operates 14 wholly owned production facilities plus one jointly owned plant in Dortmund, Germany, and reports about 1,639 employees 1.
The company runs two reportable segments and sells mostly under long-term contracts with formula-driven price adjustments for raw material and energy costs 1. Because most volume is tied to carbon black oil prices, revenue and margins react quickly to oil price moves 1. Orion also reports non-GAAP measures such as Adjusted EBITDA, which management uses to evaluate operating performance 1.
From the second quarter of 2026, Orion reports cost savings and working capital gains that helped cash flow, with a target of 20 million USD of full-year benefit 3. The company reaffirmed a 2026 Adjusted EBITDA guidance range of 170 to 210 million USD 3.
Segments
Specialty Carbon Black
The Specialty segment supplies carbon black for coatings, polymers, printing inks and lithium-ion batteries, where product specifications are demanding 1. In the second quarter of 2026, segment net sales rose 17% year over year and Adjusted EBITDA rose 96%, supported by better pricing and higher volumes in high-margin regions 3.
Rubber Carbon Black
The Rubber segment supplies carbon black for tires and mechanical rubber goods, and is the larger segment by revenue and volume 1. In the second quarter of 2026, segment Adjusted EBITDA fell 61%, driven by lower contractual pricing, unfavorable customer mix and low-value tire imports from Asia 3.
Market context
Demand for carbon black depends on automotive production, construction and general industrial activity, and the market is served by a few large global producers 1. The company notes that tire production volumes and consumer replacement spending directly drive volumes, while pressure in Europe comes from Asian imports 1.
In Specialty, demand from polymers and inks was soft in 2025 but strengthened in key western regions in 2026 3. For Rubber, management hopes that recently implemented EU duties and US tariffs could support local tire production, though no clear effect was visible yet 3.
Trends
- Oil price pass-throughmixed
Raw material costs depend on carbon black oil derived from petroleum, and price changes flow into sales through formula mechanisms with a lag 1. Higher oil prices in 2026 raised both sales and cost of sales, but could compress margins if adjustments are delayed 2.
- Asian tire importsheadwind
Low-cost tire imports from Asia have hurt demand for rubber carbon black in Western markets, and the company says they have reduced its profitability 1. If trade policies in the EU and US changed import flows, pressure on the Rubber segment could ease 3.
- Cost reduction and working capitaltailwind
The company launched cost saving and working capital initiatives that contributed to second-quarter 2026 cash flow 3. If these efforts are sustained, they could support debt reduction 3.
- Geopolitical and tariff uncertaintyheadwind
The Middle East conflict, US tariff policy and EU climate rules affect both costs and demand, and the company treats them as sources of volatility 12. This uncertainty could affect demand across all segments.
Competitive position
Orion is one of the largest global producers of specialty carbon black, alongside two other large global producers, plus regional producers and technology specialists 1. In rubber carbon black there are two other global companies and several regional ones, and competition rests on quality, supply reliability and innovation 1.
The company says it differentiates itself through the broadest process technology and specialty product portfolio in the industry 1. A key threat is substitution by precipitated silica in tires, which could grow if technology advances 1.
- Cabot CorporationCBT
Large global carbon black producer, one of the two other large global specialty competitors, though not named in the source.
- Cabot Corporation (Rubber segment)CBT
Global rubber carbon black competitor, one of the two other global players in the Rubber segment.
- Regional carbon black producers
Regional suppliers that mainly serve standard and mechanical rubber goods applications rather than the most specialized products.
- Precipitated silica producers
Suppliers of an alternative material that competes with carbon black in certain tire rolling-resistance applications.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- ORION a obținut autorizația de construire pentru o nouă platformă industrială la Ciulnița. Prima etapă prevede peste 4.400 mp de construcțiiFinancial Intelligence (RO) · 27 Oct 2026 · RO
- Stellar collision may explain why Orion Nebula's planet-forming disks appear younger than its starsPhys.org · 23 Oct 2026 · EN
- Orion expands Custard cream cake production in Korea, Vietnam, India as global demand surgesKorea Times — Business · 22 Oct 2026 · EN
- Kagi Ends Orion Browser Development for Linux, Will Open-Source ItHacker News · 05 Oct 2026 · EN
- Development has ended on Orion for LinuxOMG! Ubuntu · 03 Oct 2026 · EN
- An Update on Orion for Linux and WindowsHacker News · 03 Oct 2026 · EN
- Orion Energy (OESX) Raises Guidance. How Firm is the Retailer Opportunity?Yahoo Finance — News · 20 Sept 2026 · EN
- Ukraine Says It Hit Russian Orion Drone Control Station in CrimeaKyiv Post · 18 Sept 2026 · EN
- Ukrainian forces strike control station for Russian Orion drones in CrimeaUkrainska Pravda (UA, EN) · 18 Sept 2026 · EN
- Orion for Linux beta update now lets you customise the toolbarOMG! Ubuntu · 15 Sept 2026 · EN
- Orion Adds BlackRock, Fidelity, Vanguard to its Tailored Allocation PortfoliosYahoo Finance — News · 01 Sept 2026 · EN
- Un „fluviu” de gaz cosmic a determinat planetele din constelația Orion să intre pe orbite înclinateG4Media · 17 Aug 2026 · RO
- Ukraine's General Staff: defence forces strike attack UAV storage site and Orion control station in CrimeaUkrainska Pravda (UA, EN) · 17 Aug 2026 · EN
- Orion Browser by KagiHacker News · 19 Jul 2026 · EN
- Astronauții misiunii Artemis II s-au reîntâlnit cu capsula Orion după zborul istoric în jurul Lunii. Ce urmează pentru programul NASAMediafax · 09 Jul 2026 · RO
- Artemis II astronauts reunite with Orion after record-breaking Moon missionEuronews Next · 09 Jul 2026 · RO
- Over 60 targets hit overnight: Ukrainian forces strike Russian air defences and rare Orion UAVs in Crimea – videoUkrainska Pravda (UA, EN) · 23 Jun 2026 · RO
The latest news item in our archive is from 27 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report17 Sept 2026Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report29 Jun 2026Shareholder vote
- Current report25 Jun 2026Other events · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement24 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Orion S.A. · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Orion S.A. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Orion S.A. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.