olivLaw · European equity research
OCI N.V. OCI.AS
Netherlands · Euronext Amsterdam · ISIN NL0010558797 · Vertical: Listed companies from Netherlands
The sources provided do not contain enough data for a full analysis. The 2025 annual report describes a company in a strategic review, with most divestments completed and a remaining portfolio centred on nitrogen production in the Netherlands.
At the close of 05 Nov 2026, OCI N.V. (OCI.AS) stock was 4.10 EUR (+0.00% on the day), with beta 0.16, 52-week range 2.65–4.17 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)
- 46.9
- neutral
- Bollinger (20, 2)
- 4.08 – 4.16
- in the lower half of the band · %B 0.27 · band width 2.0%
- SMA 50 / 200
- 4.11 / 3.83
- mixed trend
- MACD (12, 26, 9)
- -0.00 / 0.00
- 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 | −1.6% | −0.6% | −1.0 pp | — |
| 3 months | +1.1% | −4.2% | +5.3 pp | — |
| 6 months | +12.8% | +4.3% | +8.4 pp | — |
| Year to date | +34.1% | +7.5% | +26.5 pp | — |
| 1 year | +22.4% | +9.9% | +12.5 pp | −0.2% |
| 3 years | −81.6% | +49.8% | −131.4 pp | +2.2% |
| 5 years | −83.1% | +42.8% | −125.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 | 946.7 m | 975.1 m | 1.1 bn |
| Revenue YoY | unavailable | +3.0% | +11.4% |
| Net income | -392.0 m | 5.0 bn | 183.7 m |
| Net income YoY | unavailable | unavailable | −96.3% |
| Diluted EPS | -1.86 | 23.53 | 0.87 |
| Diluted EPS YoY | unavailable | unavailable | −96.3% |
| net % | -41.4% | 510.6% | 16.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 17.9 m USD
- Financial debt
- 62.0 m USD
- Net debt
- 44.1 m USD
- Equity
- 1.1 bn USD
- Total assets
- 1.8 bn USD
- Debt / equity
- 0.06x
- Current ratio
- 1.34x
- ROE
- 11.1%
- ROA
- 6.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 946.7 m | 975.1 m | 1.1 bn | esef· 15 Apr 2026verified |
| Cost of revenue | 1.0 bn | 973.1 m | 1.1 bn | esef· 15 Apr 2026verified |
| Gross profit | -87.6 m | 2.0 m | 23.7 m | esef· 15 Apr 2026verified |
| Operating income | -250.1 m | -232.6 m | -112.7 m | esef· 15 Apr 2026verified |
| Interest expense | 61.3 m | 100.4 m | 135.9 m | esef· 15 Apr 2026verified |
| Pre-tax income | -298.6 m | -157.5 m | -356.6 m | esef· 15 Apr 2026verified |
| Income tax | -37.4 m | 7.6 m | -12.9 m | esef· 15 Apr 2026verified |
| Net income | -392.0 m | 5.0 bn | 183.7 m | esef· 15 Apr 2026verified |
| Diluted EPS | -1.86 | 23.53 | 0.87 | esef· 15 Apr 2026verified |
| Dividend per share | — | 14.50 | 8.05 | esef· 15 Apr 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 156.9 m | 2.1 bn | 17.9 m | esef· 15 Apr 2026verified |
| Receivables | 365.5 m | 658.8 m | 671.6 m | esef· 15 Apr 2026verified |
| Inventories | 155.9 m | 138.0 m | 67.5 m | esef· 15 Apr 2026verified |
| Current assets | 7.1 bn | 3.8 bn | 896.4 m | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 1.2 bn | 387.9 m | 405.9 m | esef· 15 Apr 2026verified |
| Total assets | 9.0 bn | 4.3 bn | 1.8 bn | esef· 15 Apr 2026verified |
| Accounts payable | 671.3 m | 956.1 m | 521.1 m | esef· 15 Apr 2026verified |
| Short-term debt | 173.8 m | 682.1 m | 62.0 m | esef· 15 Apr 2026verified |
| Long-term debt | 2.0 bn | 0 | — | esef· 18 Mar 2025verified |
| Current liabilities | 4.8 bn | 1.9 bn | 670.7 m | esef· 15 Apr 2026verified |
| Total liabilities | 7.0 bn | 2.1 bn | 764.6 m | esef· 15 Apr 2026verified |
| Equity | 2.0 bn | 2.2 bn | 1.1 bn | esef· 15 Apr 2026verified |
| Shares outstanding at year end | 210.6 m | 211.0 m | 210.9 m | esef· 15 Apr 2026derived |
Cash flow · USD
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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
27% · 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: 9.19 – 142.26 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E9.19 – 22.36 (Mid 12.64)16 companies used · median multiple 14.5x · quartiles 10.6x – 25.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS
- Dividend discount (DDM)105.79 – 142.26 (Mid 121.34)
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
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -9.5% | 15 (vs peers) | 38% |
| Net margin · Quality | 16.9% | 83 (vs peers) | 23% |
| 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 | -0.8x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.3x | 45 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet18/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality41/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 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
OCI N.V. (OCI.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.1 bn USD in 2025; YoY growth 11.4%; net margin 16.9%; ROE 11.1%.
The estimated value range is 57.49–82.31 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 16.9%
What contradicts it
- ROIC: -9.5%
- Interest coverage: -0.8x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), 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. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
| AJAX.ASAFC Ajax N.V. | 140.9 m | — | -18.0% | -21.0% | +17.2% | −15% / −29% |
1- and 3-year price returns: for OCI.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
Scenarios are not available. input data missing
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
The sources provided do not contain enough data for a full analysis. The 2025 annual report describes a company in a strategic review, with most divestments completed and a remaining portfolio centred on nitrogen production in the Netherlands.
SWOT
Strengths
- The Dutch nitrogen facility is described as a high-quality asset with a top-quartile cost position, providing a solid base for efficient operations 1.
- The premium product portfolio, including nitrates, low-carbon CAN, AdBlue and melamine, offers partial protection against energy price volatility 1.
- The company has completed major divestments and describes its balance sheet as efficient, with financing access maintained through control of capital expenditure 1.
Weaknesses
- The company is exposed to natural gas prices, whose volatility directly affects costs, and hedging through financial instruments is very limited 1.
- The operational footprint has shrunk after divestments, increasing concentration on a few plants and exposure to unplanned outages 1.
- Share-based incentive plans for executive directors were terminated in 2025, which may affect retention of key personnel 1.
Opportunities
- The EU CBAM introduced in 2026 and renewed anti-dumping duties could support European producers against imports 1.
- Rising fertilizer prices could generate additional revenue if the gap relative to costs remains favourable 1.
- The strategic review could lead to a transaction that unlocks value in the remaining business, if an agreement is reached 1.
Threats
- Tensions in the Middle East could keep gas prices high, which could compress margins for European nitrogen producers 1.
- Strict regulation, high energy costs and declining competitiveness could threaten the viability of domestic European production 1.
- Proceedings before the Enterprise Chamber and governance measures could extend decision timelines and limit strategic flexibility 1.
Risks
- Natural gas volatilityhigh
The price of natural gas affects production and profitability, and hedging through contracts and derivatives is very limited 1.
- Geopolitical uncertaintyhigh
Conflicts in the Middle East and Ukraine can disrupt energy markets, trade and supply chains 1.
- Strategic decision constraintsmedium
Enterprise Chamber measures and reserved-matter provisions in the agreement with Orascom Construction may slow the company's decisions 1.
- Asset concentrationmedium
After divestments, a single plant outage could have a larger impact on revenue 1.
- Retention of key stafflow
Prolonged organizational uncertainty can increase turnover in critical roles, which could disrupt essential operations 1.
Investment thesis
What would need to be true (bull case)
- If fertilizer prices stay high and gas costs stabilise, the top-quartile cost position could generate attractive margins for the Dutch facility 1.
- Protection from CBAM and anti-dumping duties could support European producers against imports 1.
- Completing the strategic review with a favourable transaction could unlock the value of the remaining assets 1.
What would break the thesis
- If geopolitical tensions persist, gas prices could remain high and erode the producer's margins 1.
- Regulatory structure and energy costs could lead to further capacity closures in Europe, with uncertain effects on the company 1.
- Legal proceedings and governance measures could prolong uncertainty and limit the company's ability to respond quickly to the market 1.
What to watch
- Evolution of European natural gas prices and their effect on production costs2026
- Outcome of the strategic review and of the possible sale of the remaining business2026
- Application of the EU CBAM and of the anti-dumping duties2026
- Enterprise Chamber rulings and their implications for governance decisionsnext 10-K
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
Source 1 is an annual report for the year ended 31 December 2025 and describes OCI N.V. as a nitrogen producer with European facilities, whose remaining portfolio includes nitrates, low-carbon CAN, AdBlue and melamine 1. Revenue figures do not appear in the fragments provided, so I cannot present them.
After year-end 2025 the company completed the sale of several strategic assets, including the handover of the Beaumont New Ammonia facility to Woodside and the sale of OCI Ammonia Holding B.V. to AGROFERT 1. The strategic review continues, and a possible sale of the remaining business to Orascom Construction was previously announced 1.
The main remaining activity is the nitrogen facility in the Netherlands, described in the report as a high-quality, strategically critical asset within the European nitrogen supply chain 1. The company also mentions preserved flexibility to import ammonia through a dedicated throughput agreement after the sale of the Rotterdam terminal 1.
Segments
Nitrates and low-carbon products
The premium nitrogen portfolio includes nitrates, low-carbon CAN, AdBlue and melamine, which the report describes as increasingly diversified and as providing some protection against volatile natural gas costs 1.
Ammonia and imports
The company preserved its flexibility to import ammonia through a dedicated throughput agreement after selling the Rotterdam terminal 1. The relevance of this segment depends on demand and energy cost developments.
Market context
The company's products are global commodities whose demand and prices depend on population growth, agricultural prices and global production capacity 1. Volatility in natural gas, the main feedstock, directly affects profitability and production 1.
The European chemical sector faces structural pressure from regulation, high energy costs and declining competitiveness, which has led to capacity curtailments in Europe 1. The EU CBAM introduced in 2026 and renewed anti-dumping duties may change market conditions 1.
Trends
- Natural gas price shockheadwind
After the 2025 year-end, tensions in the Middle East led to a significant rise in European natural gas prices, raising production costs for nitrogen producers 1. If the period of high prices is prolonged, margins could be affected.
- Rising fertilizer pricestailwind
Fertilizer prices, including nitrates, have increased, and AdBlue prices track urea, though there is typically a lag between feedstock costs and selling prices 1. This could support revenue if the favourable gap persists.
- Regulation and CBAMmixed
The introduction of the EU CBAM in 2026 and renewed anti-dumping duties could protect European producers from imports, but international policies such as the ETS and US tariffs add uncertainty 1.
- Closure of European capacitymixed
High ammonia production costs have threatened the viability of some European capacity, leading to production cuts in the region 1. If closures increase, competitive pressure on remaining plants could ease.
Competitive position
The sources describe competition in general terms, through pressure from similar products and key customer relationships, without naming direct competitors 1. The company says its policies for responding to competitive dynamics aim at mutually beneficial customer relationships 1.
The company cites a top-quartile cost position as an advantage over European peers, supported by investments made in recent years 1. A detailed competitive analysis cannot be completed from the annual report alone.
- European nitrogen producers
The sources do not name direct competitors; the report mentions only the presence of other European nitrogen producers and general competitive pressure 1.
- European ammonia producers
The report describes capacity reductions among European ammonia producers without naming companies 1.
- Buyer of the remaining business
A possible sale of the remaining business to Orascom Construction is mentioned in the report as one of the strategic options 1.
- Fertilizer importers
The report notes that international imports and tariffs may influence customer purchasing, without identifying specific entities 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / OCI N.V. · 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.