olivLaw · European equity research
Imerys NK.PA
France · Euronext Paris · ISIN FR0000120859 · Vertical: Listed companies from France
Imerys is a group in the industrial minerals sector that extracts, processes and sells mineral materials for a range of markets. Its annual report for fiscal 2025 shows the group reshaping its sustainability strategy through a new 2026-2030 roadmap, which matters for investors focused on ESG.
At the close of 05 Nov 2026, Imerys (NK.PA) stock was 25.70 EUR (−0.39% on the day), with market capitalisation 2.2 bn EUR, dividend yield 5.64%, beta 0.89, 52-week range 19.84–27.94 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)
- 74.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 19.81 – 25.99
- in the upper half of the band · %B 0.95 · band width 27.0%
- SMA 50 / 200
- 23.08 / 22.92
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.74 / 0.25
- 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 | +15.0% | −0.6% | +15.7 pp | — |
| 3 months | +4.7% | −4.2% | +8.9 pp | — |
| 6 months | +12.8% | +4.3% | +8.5 pp | — |
| Year to date | +7.4% | +7.5% | −0.2 pp | — |
| 1 year | +20.0% | +9.9% | +10.1 pp | −6.8% |
| 3 years | +0.5% | +49.8% | −49.4 pp | −15.9% |
| 5 years | −30.4% | +42.8% | −73.2 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.8 bn | 3.6 bn | 3.4 bn |
| Revenue YoY | unavailable | −5.0% | −6.1% |
| Net income | 51.3 m | -95.0 m | -408.8 m |
| Net income YoY | unavailable | −285.2% | unavailable |
| Diluted EPS | 0.60 | -1.12 | -4.83 |
| Diluted EPS YoY | unavailable | −286.7% | unavailable |
| net % | 1.4% | -2.6% | -12.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 470.2 m EUR
- Financial debt
- 2.0 bn EUR
- Net debt
- 1.6 bn EUR
- Equity
- 2.6 bn EUR
- Total assets
- 6.2 bn EUR
- Debt / equity
- 0.78x
- Current ratio
- unavailable
- ROE
- -13.8%
- ROA
- -6.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.8 bn | 3.6 bn | 3.4 bn | esef· 24 Mar 2026verified |
| Operating income | 107.7 m | 19.6 m | — | esef· 15 Apr 2025verified |
| Income tax | 60.4 m | 61.5 m | 30.1 m | esef· 24 Mar 2026verified |
| Net income | 51.3 m | -95.0 m | -408.8 m | esef· 24 Mar 2026verified |
| Diluted EPS | 0.60 | -1.12 | -4.83 | esef· 24 Mar 2026verified |
| Dividend per share | 3.85 | 1.35 | 1.45 | esef· 24 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 585.0 m | 635.0 m | 470.2 m | esef· 24 Mar 2026verified |
| Inventories | 734.6 m | 724.7 m | 698.1 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 1.5 bn | 1.6 bn | 1.5 bn | esef· 24 Mar 2026verified |
| Goodwill | 1.8 bn | 1.9 bn | 1.3 bn | esef· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 333.3 m | 382.2 m | 368.4 m | esef· 24 Mar 2026verified |
| Total assets | 7.2 bn | 6.7 bn | 6.2 bn | esef· 24 Mar 2026verified |
| Long-term debt | 1.7 bn | 1.7 bn | 2.0 bn | esef· 24 Mar 2026verified |
| Equity | 3.2 bn | 3.3 bn | 2.6 bn | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 84.1 m | 84.8 m | 84.6 m | esef· 24 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 629.2 m | 478.1 m | 428.2 m | esef· 24 Mar 2026verified |
| Investing cash flow | 155.5 m | 297.0 m | -666.6 m | esef· 24 Mar 2026verified |
| Financing cash flow | -964.8 m | -748.8 m | 90.9 m | esef· 24 Mar 2026verified |
| Dividends paid | 330.3 m | 116.5 m | 123.3 m | esef· 24 Mar 2026verified |
| Share repurchases | 14.8 m | 14.5 m | 10.1 m | esef· 24 Mar 2026verified |
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: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.2 bn EUR
Key indicators
Coverage and freshness
Score by group
23% · 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: 19.72 – 26.89 EUR.
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 · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)19.72 – 26.89 (Mid 22.75)
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: 3 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.4% | 19 (vs peers) | 45% |
| Net margin · Quality | -12.1% | 26 (vs peers) | 27% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.1% | 88 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality22/100 · 2/3 factors with a value
- Returns· partial88/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
IMERYS (NK.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.4 bn EUR in 2025; YoY growth -6.1%; net margin -12.1%; ROE -13.9%.
The estimated value range is 19.72–26.89 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 22.75 EUR, the price of 25.70 EUR leaves a potential of -11.5% (value / price − 1) and a margin of safety of -12.9% (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: 3 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 6.1%
What contradicts it
- ROIC: 0.4%
- Net margin: -12.1%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · 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 | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| NK.PAImerys | 2.2 bn | — | -13.9% | -12.1% | −6.1% | +9% / −4% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for NK.PA 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 | 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.
In brief
Imerys is a group in the industrial minerals sector that extracts, processes and sells mineral materials for a range of markets. Its annual report for fiscal 2025 shows the group reshaping its sustainability strategy through a new 2026-2030 roadmap, which matters for investors focused on ESG.
SWOT
Strengths
- The group has an integrated value chain, from extraction to sales, which gives control over its core activities.
- Governance includes sustainability indicators in executive pay, linking ESG performance to leadership rewards.
- The report has received limited assurance, which supports the credibility of the published information.
Weaknesses
- Many data points on pollutants and waste recyclability are still published partially or are missing.
- Comparability with the previous year is difficult because of the disposals and acquisitions in 2024.
- Estimates of Scope 3 emissions and water use carry a high degree of uncertainty.
Opportunities
- The new 2026-2030 roadmap could anchor medium-term quantitative targets and attract sustainability-focused investors.
- Developing the circular economy and valorising mining waste could create new revenue streams.
- Water treatment activities, expanded through the Chemviron acquisition, may benefit from demand for purification solutions.
Threats
- Changes in ESG reporting rules can create uncertainty and require additional adaptation costs.
- Rules on emissions and water quality could become stricter, which might raise operating costs.
- Dependence on customers' industrial cycles can reduce demand for certain mineral materials.
Risks
- Incomplete pollutant datahigh
Monitoring of pollutants in the European PRTR register does not cover all sites, and some data is published only partially. This could weaken confidence in environmental reporting.
- Uncertainty in Scope 3 estimatesmedium
Calculating value-chain emissions relies on estimation methods and third-party data. Methodological changes can alter conclusions on climate performance.
- Changes to the reporting frameworkmedium
Applying the Quick fix amendments and revising ESRS standards may change disclosure requirements over the coming years.
- Effects of acquisitions and disposalslow
The 2024 transactions make performance comparisons difficult, which can complicate the assessment of the group's real trends.
- Management of mining wastemedium
The lack of harmonised data on the recyclability of waste and mineral products may hide risks of insufficient valorisation.
Investment thesis
What would need to be true (bull case)
- If the new 2026-2030 roadmap turns into measurable targets, the group could show clear progress on sustainability.
- Linking sustainability indicators to executive pay can support execution of the long-term strategy.
- Limited assurance on the report and the gradual extension of data could strengthen investor confidence.
What would break the thesis
- If data on pollutants and waste remain incomplete, the assessment of environmental risks could stay uncertain.
- Methodology changes and recent disposals can make it hard to compare trends across several years.
- Tighter emissions and water rules could add costs that are not yet fully quantified.
What to watch
- Progress against the 2026-2030 roadmap and the quantitative targets published2027
- Impact of the Chemviron acquisition on revenue and segment margins2026
- Evolution of the CSRD framework and the revised ESRS standards2027
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
The Imerys group defines its activity around the extraction and production of minerals and mineral materials, with an industrial footprint at international level. According to the report, the environmental reporting scope covers all assets the group operates for extraction and production, but excludes commercial activities at customer sites. The 2025 annual report also includes information on the business model and value chain, presented in chapter 1 of the registration document.
The group's governance structure includes a Board of Directors that takes sustainability matters into account when setting and reviewing strategy. The Board includes sustainability indicators in the performance criteria for the chief executive's annual variable pay, and some of these indicators also appear in the long-term incentive plan.
On reporting, the group applied in 2025 a set of adjustments from the Omnibus I package, and comparability with 2024 is limited by the disposal of paper-market assets in June 2024 and the acquisition of Chemviron in December 2024. These events change the comparison base for 2025 performance.
Segments
Mineral extraction and production
The group's core segment focuses on extracting and processing minerals, which forms the operational base of the company. The annual report stresses that the environmental scope fully covers these assets, which makes this segment the centre of assessments on emissions and water impact.
Adsorbents and water treatment activities
The Chemviron acquisition in December 2024 extended the group's activities in the treatment and adsorption area, changing the comparability of 2025 figures. The report cites this acquisition as a significant event affecting the year-on-year analysis.
Materials for industrial markets
The group sells mineral materials to industrial customers, while commercial activity at customer sites falls outside the environmental reporting scope. The June 2024 disposal of paper-market assets partly reduced the group's exposure to that market.
Market context
The market Imerys serves is tied to industrial demand for specialty minerals and materials, and its development depends on cycles in customer industries. The annual report does not give quantitative data on market size, so the analysis remains qualitative.
Regulatory pressure on sustainability reporting, including the CSRD framework and ESRS standards, shapes how the group communicates its performance and risks. If these rules keep changing, comparability of data across years could remain limited.
Trends
- Climate transition and emissions reductionmixed
The group updated its emissions calculation methodology, including by integrating forest, land and agriculture emissions into Scope 1. These changes could alter the reported emissions trajectory against reference years.
- Sustainability reporting regulationmixed
The CSRD framework is still maturing, and the Quick fix amendments simplified some disclosure requirements. This simplification reduces the reporting burden but could create uncertainty about omitted data points.
- Recovery and valorisation of mining wastetailwind
The group acknowledges that data on the recyclability of mining waste and mineral products remains incomplete. Developing the circular economy could open new opportunities if data and stakeholder partnerships improve.
- Pressure on water and air qualityheadwind
The report shows that monitoring of pollutants in the European PRTR register is still partial, and the group is working to extend reporting on air and water emissions. These requirements may raise compliance costs and influence operational decisions.
Competitive position
The annual report does not explicitly name competitors, so this analysis cannot be completed from the given source. The group's competitive position needs to be assessed using additional sources on industrial mineral markets.
The group's differentiation rests mainly on the scale of its extraction assets, its integrated value chain and its capacity to manage environmental impact. These elements are described in the report, but without direct comparisons with other producers.
- Competitors not named in the source
The annual report does not name competitors, so no companies or tickers can be drawn from the given source.
- Adsorbent and water treatment producers
The Chemviron-related activity belongs to a competitive area, but the source does not name its competitors.
- Suppliers of industrial mineral materials
Competition in this segment is not detailed in the report, so no ticker can be assigned.
- Other mineral extractors
The source gives no list of peers the group is directly compared with, and identifying them requires external data.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Imerys · 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.