olivLaw · European equity research
Croda International Plc CRDA.L
United Kingdom · London Stock Exchange · ISIN GB00BJFFLV09 · Vertical: Listed companies from United Kingdom
Croda International is a UK-based producer of specialty ingredients for beauty, pharma, crop protection and home care, selling directly to customers from a range of about 6,000 ingredients. In 2025 the company entered a phase of growth and transformation, with margin targets set through 2028.
At the close of 05 Nov 2026, Croda International Plc (CRDA.L) stock was 36.51 GBP (+1.05% on the day), with market capitalisation 5.1 bn GBP, P/E 82.2 on diluted EPS of 0.44 GBP over the last 12 months, dividend yield 3.04%, beta 0.70, 52-week range 25.18–36.68 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 65.8
- strong (55–70)
- Bollinger (20, 2)
- 34.50 – 37.37
- in the upper half of the band · %B 0.70 · band width 8.0%
- SMA 50 / 200
- 34.02 / 30.76
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.74 / 0.82
- 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 | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.1% | −0.6% | +9.7 pp | — |
| 3 months | +11.3% | −4.2% | +15.4 pp | — |
| 6 months | +29.9% | +4.3% | +25.5 pp | — |
| Year to date | +35.5% | +7.5% | +28.0 pp | — |
| 1 year | +30.7% | +9.9% | +20.8 pp | +5.8% |
| 3 years | −17.8% | +49.8% | −67.6 pp | +26.3% |
| 5 years | −61.1% | +42.8% | −104.0 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 100 percentile of its own 3-quarter history (min 29.8, median 41.3, max 60.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.7 bn | 1.6 bn | 1.7 bn |
| Revenue YoY | unavailable | −3.9% | +4.4% |
| Net income | 171.0 m | 158.5 m | 62.0 m |
| Net income YoY | unavailable | −7.3% | −60.9% |
| Diluted EPS | 1.22 | 1.14 | 0.44 |
| Diluted EPS YoY | unavailable | −7.2% | −60.9% |
| net % | 10.1% | 9.7% | 3.6% |
| Free cash flow | 157.1 m | 141.0 m | 168.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 172.8 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 2.2 bn GBP
- Total assets
- 3.4 bn GBP
- Debt / equity
- unavailable
- Current ratio
- 1.99x
- ROE
- 2.8%
- ROA
- 1.8%
- FCF margin
- 9.9%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.7 bn | 1.6 bn | 1.7 bn | esef· 18 Mar 2026verified |
| Cost of revenue | 964.5 m | 894.2 m | 953.7 m | esef· 18 Mar 2026verified |
| Gross profit | 730.0 m | 733.9 m | 745.7 m | esef· 18 Mar 2026verified |
| Operating income | 247.5 m | 227.5 m | 110.1 m | esef· 18 Mar 2026verified |
| Interest expense | 26.0 m | 31.0 m | 28.3 m | esef· 18 Mar 2026verified |
| Pre-tax income | 236.3 m | 207.8 m | 91.0 m | esef· 18 Mar 2026verified |
| Income tax | 64.2 m | 48.2 m | 26.3 m | esef· 18 Mar 2026verified |
| Net income | 171.0 m | 158.5 m | 62.0 m | esef· 18 Mar 2026verified |
| Diluted EPS | 1.22 | 1.14 | 0.44 | esef· 18 Mar 2026verified |
| Dividend per share | — | 1.10 | 1.11 | esef· 18 Mar 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 172.5 m | 166.8 m | 172.8 m | esef· 18 Mar 2026verified |
| Receivables | 395.7 m | 349.5 m | 363.8 m | esef· 18 Mar 2026verified |
| Inventories | 341.2 m | 367.9 m | 370.5 m | esef· 18 Mar 2026verified |
| Current assets | 909.4 m | 884.2 m | 907.1 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 1.0 bn | 1.1 bn | 985.8 m | esef· 18 Mar 2026verified |
| Total assets | 3.6 bn | 3.5 bn | 3.4 bn | esef· 18 Mar 2026verified |
| Current liabilities | 320.2 m | 336.5 m | 456.6 m | esef· 18 Mar 2026verified |
| Equity | 2.4 bn | 2.3 bn | 2.2 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 139.6 m | 139.6 m | 139.6 m | esef· 18 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 337.5 m | 319.4 m | 286.5 m | esef· 18 Mar 2026verified |
| Capex | 180.4 m | 178.4 m | 117.7 m | esef· 18 Mar 2026verified |
| Free cash flow | 157.1 m ≈ | 141.0 m ≈ | 168.8 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -409.8 m | -139.1 m | -106.8 m | esef· 18 Mar 2026verified |
| Financing cash flow | -52.4 m | -182.6 m | -152.6 m | esef· 18 Mar 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
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.1 bn GBP
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.6% | 34 (vs peers) | 15% |
| FCF conversion · Quality | 272.3% | 100 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.9x | 37 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 2.0x | 99 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 82.2x | 0 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.3% | 41 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet62/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality67/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation18/100 · 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
CRODA INTERNATIONAL PUBLIC LIMITED COMPANY (CRDA.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.7 bn GBP in 2025; YoY growth 4.4%; net margin 3.6%; ROE 2.8%.
The estimated value range is 7.95–10.59 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 9.22 GBP, the price of 36.51 GBP leaves a potential of -74.7% (value / price − 1) and a margin of safety of -296.0% (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 (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 272.3%
- Current ratio: 2.0x
What contradicts it
- P/E (TTM): 82.2x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · 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 | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| CRDA.LCroda International Public Limited Company | 5.1 bn | 82.2 | 2.8% | 3.6% | +4.4% | +34% / −19% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for CRDA.L 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 (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 21.55 Total return -40% · Per year -40% | 38.11 Total return 6% · Per year 6% | 57.41 Total return 59% · Per year 59% |
| 3 years | 20.87 Total return -40% · Per year -16% | 41.52 Total return 18% · Per year 6% | 68.68 Total return 93% · Per year 25% |
| 5 years | 20.20 Total return -40% · Per year -10% | 45.24 Total return 31% · Per year 6% | 82.17 Total return 134% · Per year 19% |
- Exit P/E± 10.38
- Net margin± 7.27
- Annual revenue growth± 5.97
- Annual dilution± 0.61
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
Croda International is a UK-based producer of specialty ingredients for beauty, pharma, crop protection and home care, selling directly to customers from a range of about 6,000 ingredients. In 2025 the company entered a phase of growth and transformation, with margin targets set through 2028 1.
SWOT
Strengths
- Direct selling model and close customer relationships, with a high retention rate among larger customers.
- Broad portfolio of specialty ingredients and a large patent base, with growing sales of patented products.
- High customer satisfaction scores, particularly for product quality.
Weaknesses
- Operating margins have been hit by a higher cost base, particularly operating costs.
- Heavy investment in recent years increased the invested capital base and lowered returns on invested capital.
- Performance has been inconsistent over the last three years, with a low point for sales and profit in 2023.
Opportunities
- Growth in Asia, the Middle East and Latin America could support sales.
- The transformation programme could improve profitability independently of a market recovery.
- Consumer health pharma ingredients and lipids could become a source of high-margin growth.
Threats
- Geopolitical tensions and demand volatility could affect revenue and profit conversion.
- The US regulatory environment could create uncertainty for some pharma customers.
- Currency fluctuations, mainly of the US dollar and euro, could affect reported profit.
Risks
- Revenue generation and profit conversionhigh
Failure to manage market challenges and the effects of geopolitical tensions could weigh on the growth objective.
- Innovation and intellectual property protectionmedium
Weak use of innovation teams or insufficient patent protection could reduce the competitive advantage.
- Information securitymedium
Cyber threats have increased in likelihood, and an incident could affect operations and customer data.
- Management of business transformationmedium
If the transformation is not managed properly, organisational change could affect staff and delivery of the strategy.
- Currency movementslow
Exchange rate movements could reduce reported operating profit, according to the company's estimates.
Investment thesis
What would need to be true (bull case)
- If local and regional customers keep growing and the transformation lowers costs, margins could reach the company's 2028 targets.
- A strong position in innovation and direct customer relationships could support revenue even during volatile periods.
- Recent investments in Asia and lipids could add further growth if demand recovers.
What would break the thesis
- If profitability does not improve as planned, margin and return targets could remain unmet.
- Geopolitical tensions and demand volatility could keep sales below expectations.
- Large investments in recent years and recent impairments could continue to weigh on returns on capital.
What to watch
- Sales performance against 2026 guidance and the first quarter comparisonQ1 2026
- Progress of the transformation programme and cost savings2026
- Delivery of the operating margin and return on invested capital targets2028
- Effect of the US regulatory environment on pharma customersnext annual report
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
Croda's business model is built on direct selling and customer-focused innovation, using mainly natural raw materials and proprietary processes in derivatisation, refinement and purification. The company provides about 6,000 specialty ingredients to more than 17,000 customers, and its direct sales team works closely with R&D to tailor ingredients to specific applications 1. About 60% of sales come from shared manufacturing facilities serving several business units 1.
Croda has refocused its portfolio on higher-growth markets, with 48% of sales now coming from outside Europe and North America, compared with 37% in 2019 1. The company describes 2025 as the end of a period of heightened investment, and says its transformation programme is designed to improve profitability 1.
Croda's management has set a financial framework to 2028 that targets organic sales growth, higher margins and improved returns on capital, with progress reported on a constant currency basis 1.
Segments
Beauty (Beauty Care and Beauty Actives)
The beauty units supply ingredients and solutions for premium skin, hair and solar protection. The company describes this area as one to reinvigorate, with strong growth in Asia, the fastest-growing region for Croda Beauty over the last three years 1.
Life Sciences (Pharma and lipids)
The pharma segment focuses on core consumer health ingredients and excipients, which represent 70% of pharma sales and grow at high margins, while large-scale lipid investments have partly been put on standby 1.
Crop Protection and Industrial Specialties
The crop protection and industrial units supply ingredients and systems for agriculture, and local and regional customers are growing faster than multinationals, representing 56% of crop protection sales in 2025 1.
Market context
The company has shifted its portfolio towards higher-growth markets, with 89% of sales in 2025 coming from consumer, pharma and agriculture markets, compared with 73% in 2019 1. Market dynamics depend on volatile post-pandemic demand and geopolitical tensions, which the company says have increased uncertainty 1.
Croda expects its organic sales growth to be within 3-6% for full year 2026 at constant currency, and its guidance assumes current economic conditions continue 1.
Trends
- Growth of local and regional customerstailwind
Local and regional customers are growing more strongly than multinationals and bringing more products to market, which could support growth if the trend continues 1.
- Expansion in Asiatailwind
Expansion in Asia, where Croda is investing in new plants, could accelerate growth, although it requires capital and carries execution risk 1.
- Geopolitical tensions and demand volatilityheadwind
Geopolitical tensions have increased market uncertainty and the risk of converting revenue into profit, which could weigh on demand 1.
- Cost pressure and transformationmixed
The transformation programme aims to reduce costs and working capital; if it succeeds it could support margins, but implementation remains a challenge 1.
Competitive position
Croda builds its competitive advantage on direct selling, close links between sales and R&D, and patented innovation, with a diversified customer base 1. The sources do not explicitly name direct competitors, so comparative positioning is outside the supplied text.
- Competitors not named in the source
The reviewed sources do not name direct competitors of Croda, so none can be listed here.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Croda International Plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.