olivLaw · European equity research
Corbion N.V. CRBN.AS
Netherlands · Euronext Amsterdam · ISIN NL0010583399 · Vertical: Listed companies from Netherlands
Corbion N.V. is a global producer of lactic acid based ingredients and biochemicals, active in health, nutrition and functional food solutions. In 2024 the company simplified its structure into two business units, sold its non-core emulsifiers business and pursued leverage reduction. The topic matters now because the Advance 2025 strategy is nearing its end and the company is preparing its strategy for 2026-2030.
At the close of 03 Nov 2026, Corbion N.V. (CRBN.AS) stock was 26.86 EUR (−2.54% on the day), with market capitalisation 1.6 bn EUR, P/E 8.3 on diluted EPS of 3.24 EUR over the last 12 months, dividend yield 2.67%, beta 0.58, 52-week range 17.61–27.56 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 68.4
- strong (55–70)
- Bollinger (20, 2)
- 20.63 – 28.08
- in the upper half of the band · %B 0.84 · band width 30.6%
- SMA 50 / 200
- 22.76 / 20.43
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.31 / 1.03
- MACD above 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 | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +24.4% | −1.0% | +25.4 pp | — |
| 3 months | +37.0% | −3.9% | +40.9 pp | — |
| 6 months | +41.7% | +7.2% | +34.5 pp | — |
| Year to date | +44.6% | +6.6% | +38.1 pp | — |
| 1 year | +52.2% | +9.1% | +43.1 pp | −0.8% |
| 3 years | +55.3% | +47.9% | +7.3 pp | +0.5% |
| 5 years | −35.1% | +43.3% | −78.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
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.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 6.7, median 15.9, max 21.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 1.5 bn | 1.3 bn | 1.3 bn |
| Revenue YoY | unavailable | −13.3% | +1.9% |
| Net income | 90.0 m | 72.9 m | 192.2 m |
| Net income YoY | unavailable | −19.0% | +163.6% |
| Diluted EPS | 1.51 | 1.22 | 3.24 |
| Diluted EPS YoY | unavailable | −19.2% | +165.6% |
| net % | 6.2% | 5.8% | 14.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 49.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 772.5 m EUR
- Total assets
- 1.5 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.17x
- ROE
- 27.3%
- ROA
- 11.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.5 bn | 1.3 bn | 1.3 bn | esef· 15 Apr 2025verified |
| Cost of revenue | 1.1 bn | 958.7 m | 976.0 m | esef· 15 Apr 2025verified |
| Gross profit | 324.3 m | 305.4 m | 312.1 m | esef· 15 Apr 2025verified |
| Research & development | 47.2 m | 45.6 m | 48.0 m | esef· 15 Apr 2025verified |
| Operating income | 110.8 m | 77.3 m | 77.3 m | esef· 15 Apr 2025verified |
| Interest expense | 19.4 m | 34.8 m | 22.7 m | esef· 15 Apr 2025verified |
| Pre-tax income | 116.4 m | 45.4 m | 62.5 m | esef· 15 Apr 2025verified |
| Income tax | 26.4 m | 2.3 m | 16.6 m | esef· 15 Apr 2025verified |
| Net income | 90.0 m | 72.9 m | 192.2 m | esef· 15 Apr 2025verified |
| Diluted EPS | 1.51 | 1.22 | 3.24 | esef· 15 Apr 2025verified |
| Dividend per share | 0.56 | 0.56 | 0.72 | esef· 15 Apr 2025derived |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 58.2 m | 70.2 m | 49.3 m | esef· 15 Apr 2025verified |
| Current assets | 654.3 m | 579.7 m | 513.0 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 661.1 m | 739.4 m | 714.9 m | esef· 15 Apr 2025verified |
| Total assets | 1.7 bn | 1.7 bn | 1.5 bn | esef· 15 Apr 2025verified |
| Current liabilities | 592.7 m | 588.3 m | 438.0 m | esef· 15 Apr 2025verified |
| Total liabilities | 1.1 bn | 1.1 bn | 773.8 m | esef· 15 Apr 2025verified |
| Equity | 625.7 m | 636.2 m | 772.5 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 58.8 m | 59.3 m | 58.4 m | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 39.0 m | 165.4 m | 184.1 m | esef· 15 Apr 2025verified |
| Investing cash flow | -199.1 m | -146.8 m | 166.0 m | esef· 15 Apr 2025verified |
| Financing cash flow | 173.9 m | -5.3 m | -371.7 m | esef· 15 Apr 2025verified |
| Dividends paid | 33.0 m | 33.1 m | 41.9 m | esef· 15 Apr 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 1.6 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · Insufficient data
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: 33.88 – 72.58 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E33.88 – 72.58 (Mid 44.35)15 companies used · median multiple 13.7x · quartiles 10.5x – 22.4xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, AXS.AS, BAMNB.AS, BNJ.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)outside the aggregate9.75 – 13.30 (Mid 11.25)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 14.9% | 83 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.4x | 29 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.2x | 31 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 8.3x | 95 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.7% | 38 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial83/100 · 1/3 factors with a value
- Returns· partial38/100 · 1/2 factors with a value
- Valuation· partial95/100 · 1/3 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
Corbion N.V. (CRBN.AS). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 1.3 bn EUR in 2024; YoY growth 1.9%; net margin 14.9%; ROE 27.3%.
The estimated value range is 33.88–72.58 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 44.35 EUR, the price of 26.86 EUR leaves a potential of 65.1% (value / price − 1) and a margin of safety of 39.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 14.9%
- P/E (TTM): 8.3x
- The price is below the estimated value range
What contradicts it
- Interest coverage: 3.4x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 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 | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 538.0 bn | 52.7 | 44.2% | 31.3% | +15.6% | +53% / +122% |
| ASM.ASASM International N.V. | 35.3 bn | 49.0 | 18.7% | 22.8% | +8.2% | +52% / +53% |
| DSFIR.ASDSM-Firmenich AG | 31.5 bn | 112.4 | 1.2% | 2.2% | +20.4% | +49% / +22% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 29.0 bn | 12.9 | 15.3% | 2.5% | +3.4% | −10% / +21% |
| ADYEN.ASAdyen N.V. | 26.1 bn | 24.6 | 22.3% | 40.1% | +18.9% | −38% / −23% |
| HAL.ASHAL Trust | 15.3 bn | 9.6 | 10.5% | 12.8% | +1.2% | +21% / +46% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 12.4 bn | 94.0 | 28.7% | 22.3% | −2.7% | +20% / +22% |
| AKZA.ASAkzo Nobel N.V. | 10.5 bn | 16.6 | 13.8% | 6.3% | −5.2% | +9% / −13% |
| AALB.ASAalberts N.V. | 4.7 bn | 26.1 | 7.2% | 5.7% | −5.3% | +53% / +17% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +23% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.7 | 343.8% | 5.1% | +1.6% | −12% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.4 bn | 42.4 | 9.1% | 1.3% | +2.9% | +49% / +407% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 136.8 | 3.6% | 1.0% | +16.9% | +6% / +15% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.4 | 10.2% | 6.5% | +1.7% | +23% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +39% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.0 | 5.9% | 45.4% | +4.2% | −6% / +17% |
| FUR.ASFugro N.V. | 940.4 m | — | -1.5% | -1.1% | −18.8% | −5% / −51% |
| ACOMO.ASAcomo N.V. | 677.0 m | 15.0 | 10.7% | 3.3% | +7.6% | −4% / +35% |
| FAST.ASFastned B.V. | 647.4 m | — | -28.2% | -21.7% | +66.1% | +56% / +22% |
| FFARM.ASForFarmers N.V. | 502.6 m | 10.1 | 14.5% | 1.6% | +14.8% | +28% / +134% |
| BRNL.ASBrunel International N.V. | 380.6 m | 124.7 | 1.0% | 0.3% | −10.8% | −7% / −30% |
| ALFEN.ASAlfen N.V. | 227.0 m | — | -0.1% | -0.0% | −10.7% | −1% / −77% |
| ENVI.ASEnvipco Holding N.V. | 220.8 m | — | -12.7% | -11.9% | −20.8% | −26% / +45% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for CRBN.AS 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 (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 15.70 Total return -39% · Per year -39% | 27.79 Total return 6% · Per year 6% | 41.91 Total return 59% · Per year 59% |
| 3 years | 14.45 Total return -40% · Per year -16% | 28.86 Total return 16% · Per year 5% | 47.89 Total return 89% · Per year 24% |
| 5 years | 13.30 Total return -41% · Per year -10% | 29.96 Total return 26% · Per year 5% | 54.73 Total return 123% · Per year 17% |
- Exit P/E± 7.21
- Net margin± 5.05
- Annual revenue growth± 4.25
- Annual dilution± 0.42
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.
In brief
Corbion N.V. is a global producer of lactic acid based ingredients and biochemicals, active in health, nutrition and functional food solutions. In 2024 the company simplified its structure into two business units, sold its non-core emulsifiers business and pursued leverage reduction. The topic matters now because the Advance 2025 strategy is nearing its end and the company is preparing its strategy for 2026-2030.
SWOT
Strengths
- A diversified portfolio across regions and industries, with a strong position in both low-cost-in-use and premium solutions.
- Proprietary circular lactic acid production technology, already implemented at industrial scale.
- A simplified structure with two business units, which speeds up decisions and concentrates focus.
Weaknesses
- Dependence on agricultural raw materials and energy, whose prices are volatile and hard to pass fully on to customers.
- A global production network that exposes the company to supply chain disruptions.
- The need for continued investment in capacity and talent in a competitive international labor market.
Opportunities
- Demand for sustainable ingredients and circular solutions could grow if customers keep preferring them.
- New solutions from research and innovation could open new markets for functional ingredients.
- The strategy for 2026-2030 could provide a framework for new growth directions.
Threats
- Geopolitical tensions and import tariffs could reduce market conditions and pressure margins.
- Extreme weather events could affect transport, water used in production and raw material supply.
- New competitors or price wars could erode market position if overcapacity emerges.
Risks
- Production capacity riskmedium
Demand is hard to forecast in some markets, and capacity investments must rest on long-term forecasts, which could create periods of overcapacity or undercapacity.
- Raw material and energy price volatilityhigh
If costs cannot be passed on to customers, profitability and gross margins could be negatively affected.
- Supply chain disruptionmedium
Geopolitical tensions and climate events could block transport routes or affect utilities used in production.
- Cybersecurity breachmedium
A breach of IT systems could lead to data loss, business disruption or unauthorized access.
- Food safety and safety incidentshigh
A food safety issue could seriously damage reputation and generate large costs, including through product recalls.
Investment thesis
What would need to be true (bull case)
- If the 2026-2030 strategy captures circular technology and demand for sustainable solutions, the company could strengthen its market position.
- Meeting or exceeding 2024 targets for volume growth and adjusted EBITDA could indicate solid execution.
- Simplifying the structure and selling the non-core business could sharpen focus and improve free cash flow.
What would break the thesis
- Volatile raw material prices could compress margins if they cannot be passed on to customers.
- If overcapacity emerges in lactic acid, price pressure could increase significantly.
- Geopolitical tensions and tariffs could affect sales and costs, especially in export markets.
What to watch
- Evolution of the global balance between lactic acid demand and supply2025
- The 2026-2030 strategy and its new financial targets2025
- Progress of the investment program and leverage reduction2025
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.
The business
Corbion operates through two business units, Health & Nutrition and Functional Ingredients & Solutions, after moving from three units in January 2024 to reduce complexity and speed up decisions. The company produces lactic acid based ingredients and biochemical solutions, including its circular lactic acid production technology, whose first industrial scale plant is in Thailand. In April 2024 the sale of the non-core emulsifiers business to Kingswood Capital Management was completed 1.
Segments
Health & Nutrition
The Health & Nutrition unit covers nutrition and food preservation solutions, and the sources mention a preservation portfolio within its research and innovation work 1.
Functional Ingredients & Solutions
The Functional Ingredients & Solutions unit covers functional ingredients and solutions built on lactic acid, with a focus on sustainable customer solutions and lactic acid supply for PLA production 1.
Market context
The company notes that global lactic acid demand and supply are imbalanced, which could attract new entrants if there is undercapacity or price pressure if there is overcapacity 1. Revenue sensitivity to pricing is significant: a 1% change in net sales would move EBITDA by about 5.6 million EUR in 2024 1.
Trends
- Demand for sustainable ingredientstailwind
Customers are looking for sustainable solutions, and innovation in circular production technologies could support pricing and differentiation if demand keeps growing.
- Geopolitical tensions and tariffsheadwind
Geopolitical tensions could lead to import tariffs, high inflation and supply disruptions, which could weigh on sales and margins.
- Raw material and energy price volatilitymixed
Sugar, corn, energy and carbon prices are volatile, and the company manages this through contracts and financial instruments, although costs may be hard to pass on to customers.
- Sustainability reporting regulationmixed
New climate and sustainability disclosure requirements raise compliance costs, but could strengthen investor confidence if met consistently.
Competitive position
The sources flag the risk that new entrants or price competitors gain ground, especially depending on the global balance between lactic acid demand and supply. The company responds through investment in R&D and sustainable solutions rather than price alone 1. The sources do not name specific competitors.
- New entrants in lactic acid
The sources warn that global undercapacity could attract new competitors; their names are not given in the report.
- Price-focused competitors
If overcapacity emerges, price pressure could increase, according to the risks the company describes.
- Sustainable ingredient producers
The company aims to reduce the risk of price-only competition through sustainable solutions and innovation, but the sources do not identify specific firms.
- Alternative lactic acid technology producers
The risk arises if other production technologies become competitive; the report does not describe such alternatives.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202318 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Corbion N.V. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.