olivLaw · US equity research
Element Solutions Inc ESI
Miscellaneous Chemical Products · SIC 2890 · Vertical: Miscellaneous Chemical Products (SIC 2890)
Element Solutions is a global specialty chemicals technology company whose Electronics and Specialties segments supply materials and processes used in electronics, semiconductor and automotive manufacturing. In the third quarter of 2026 it reported record sales, with growth driven mainly by Electronics while recent acquisitions widen the portfolio.
At the close of 04 Nov 2026, Element Solutions Inc (ESI) stock was 33.44 USD (−4.65% on the day), with market capitalisation 8.1 bn USD, P/E 39.6 on diluted EPS of 0.85 USD over the last 12 months, dividend yield 0.96%, beta 1.62, 52-week range 22.99–49.09 USD. Latest reported quarter (Q3 2026): revenue of 995.3 m USD (+51.7% YoY), net income of 65.7 m USD (+67.2% YoY), diluted EPS 0.27 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)
- 42.1
- weak (30–45)
- Bollinger (20, 2)
- 32.82 – 37.56
- in the lower half of the band · %B 0.13 · band width 13.5%
- SMA 50 / 200
- 35.15 / 36.95
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.41 / -0.29
- 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 | −10.9% | −1.1% | −9.8 pp | — |
| 3 months | −12.8% | −0.5% | −12.3 pp | — |
| 6 months | −24.4% | +4.4% | −28.8 pp | — |
| Year to date | +33.8% | +12.3% | +21.5 pp | — |
| 1 year | +23.7% | +13.5% | +10.2 pp | +15.6% |
| 3 years | +72.4% | +76.4% | −4.0 pp | −1.1% |
| 5 years | +28.5% | +63.7% | −35.2 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 | 624.2 m | 593.7 m | 625.2 m | 656.1 m | 676.2 m | 840.0 m | 977.9 m | 995.3 m |
| Cost of revenue | 368.2 m | 343.2 m | 358.8 m | 379.1 m | 399.6 m | 517.3 m | 643.9 m | 652.9 m |
| Gross profit | 256.0 m | 250.5 m | 266.4 m | 277.0 m | 276.6 m | 322.7 m | 334.0 m | 342.4 m |
| Research & development | 14.4 m | 15.9 m | 16.2 m | 18.1 m | 17.4 m | 20.2 m | 19.5 m | 22.9 m |
| SG&A | 166.7 m | 157.2 m | 155.9 m | 158.1 m | 189.5 m | 191.1 m | 200.8 m | 205.6 m |
| Operating income | 74.9 m | 77.4 m | 94.3 m | 100.8 m | 69.7 m | 111.4 m | 113.7 m | 113.9 m |
| Depreciation & amortisation | 37.8 m | 37.2 m | 38.2 m ≈ | 38.6 m ≈ | 37.2 m | 42.5 m | 44.7 m ≈ | 45.1 m ≈ |
| Pre-tax income | 66.8 m | 115.8 m | 63.3 m | 55.5 m | 31.0 m | 82.7 m | 107.1 m | 93.3 m |
| Income tax | 12.0 m | 17.8 m | 15.8 m | 16.2 m | 24.8 m | 26.7 m | 29.8 m | 27.6 m |
| Net income | 54.7 m | 98.0 m | 47.4 m | 39.3 m | 6.1 m | 55.9 m | 77.3 m | 65.7 m |
| Diluted EPS | 0.23 ≈ | 0.40 | 0.20 | 0.16 | 0.03 ≈ | 0.23 | 0.32 | 0.27 |
| Operating cash flow | — | 26.0 m | 72.6 m ≈ | 100.1 m ≈ | — | -66.6 m | 99.6 m ≈ | 159.2 m ≈ |
| Capex | 22.3 m | 11.0 m | 17.7 m ≈ | 16.5 m ≈ | 17.0 m | 25.1 m | 27.9 m ≈ | 30.4 m ≈ |
| Dividends paid | 19.4 m | 19.8 m | 19.3 m ≈ | 19.3 m ≈ | 19.4 m | 20.2 m | 19.6 m ≈ | 19.5 m ≈ |
| Share repurchases | 0 | — | — | 0 ≈ | 5.6 m | — | — | 37.7 m ≈ |
≈ 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.
Today's P/E sits at the 72 percentile of its own 29-quarter history (min 19.1, median 30.0, max 88.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.0 bn | 1.8 bn | 1.9 bn | 2.4 bn | 2.5 bn | 2.3 bn | 2.5 bn | 2.6 bn |
| Revenue YoY | +4.4% | −6.4% | +1.0% | +29.5% | +6.2% | −8.5% | +5.3% | +3.8% |
| Net income | -324.4 m | 92.9 m | 75.7 m | 203.7 m | 187.2 m | 118.1 m | 244.2 m | 190.8 m |
| Net income YoY | unavailable | unavailable | −18.5% | +169.1% | −8.1% | −36.9% | +106.8% | −21.9% |
| Diluted EPS | -1.13 | 0.35 | 0.30 | 0.82 | 0.76 | 0.49 | 1.01 | 0.79 |
| Diluted EPS YoY | unavailable | unavailable | −14.3% | +173.3% | −7.3% | −35.5% | +106.1% | −21.8% |
| net % | -16.5% | 5.1% | 4.1% | 8.5% | 7.3% | 5.1% | 9.9% | 7.5% |
| Free cash flow | unavailable | unavailable | 247.2 m | 279.7 m | 248.1 m | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 626.5 m USD
- Financial debt
- 1.6 bn USD
- Net debt
- 1.0 bn USD
- Equity
- 2.7 bn USD
- Total assets
- 5.1 bn USD
- Debt / equity
- 0.61x
- Current ratio
- 3.68x
- ROE
- 7.5%
- ROA
- 3.8%
- FCF margin
- unavailable
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 | 1.9 bn | 2.4 bn | 2.5 bn | 2.3 bn | 2.5 bn | 2.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 1.1 bn | 1.4 bn | 1.6 bn | 1.4 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 786.0 m | 960.8 m | 952.7 m | 918.5 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Research & development | 48.6 m | 49.7 m | 48.8 m | 68.1 m | 63.0 m | 67.6 m | SEC (XBRL)· 18 Feb 2026verified |
| SG&A | 504.7 m | 611.2 m | 578.6 m | 596.8 m | 628.8 m | 660.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | 232.7 m | 299.9 m | 325.3 m | 173.6 m | 343.9 m | 342.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 161.4 m | 163.9 m | 161.3 m | 166.7 m | 157.6 m | 151.2 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | 394.1 m ≈ | 463.8 m ≈ | 486.6 m ≈ | 340.3 m ≈ | 501.5 m ≈ | 493.4 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Pre-tax income | 81.1 m | 251.7 m | 272.0 m | 129.1 m | 287.7 m | 265.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | 4.3 m | 48.3 m | 85.8 m | 13.0 m | 44.8 m | 74.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | 75.7 m | 203.7 m | 187.2 m | 118.1 m | 244.2 m | 190.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | 0.30 | 0.82 | 0.76 | 0.49 | 1.01 | 0.79 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 249.9 m | 247.9 m | 245.8 m | 241.8 m | 242.6 m | 242.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividend per share | 0.05 | 0.25 | 0.32 | 0.32 | 0.32 | 0.32 | SEC (XBRL)· 18 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 | 291.9 m | 330.1 m | 265.6 m | 289.3 m | 359.4 m | 626.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 403.4 m | 492.2 m | 455.8 m | 461.8 m | 439.6 m | 517.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Inventories | 203.1 m | 274.4 m | 290.7 m | 298.9 m | 246.2 m | 294.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 989.9 m | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 240.4 m | 278.1 m | 277.2 m | 296.9 m | 276.8 m | 319.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 2.3 bn | 2.5 bn | 2.4 bn | 2.3 bn | 2.1 bn | 2.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | 855.9 m | 956.7 m | 805.5 m | 879.3 m | 732.0 m | 657.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 4.5 bn | 5.1 bn | 4.9 bn | 5.0 bn | 4.9 bn | 5.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 95.6 m | 138.4 m | 132.2 m | 140.6 m | 121.3 m | 165.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | 7.4 m | 12.7 m | 11.5 m | 11.5 m | 10.4 m | 0 | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | 1.5 bn | 1.9 bn | 1.9 bn | 2.0 bn | 1.8 bn | 1.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 314.3 m | 415.2 m | 344.4 m | 369.4 m | 379.7 m | 429.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 2.2 bn | 2.6 bn | 2.6 bn | 2.6 bn | 2.5 bn | 2.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 2.3 bn | 2.5 bn | 2.3 bn | 2.3 bn | 2.4 bn | 2.7 bn | SEC (XBRL)· 18 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 276.0 m | 326.0 m | 295.9 m | — | — | — | SEC (XBRL)· 22 Feb 2023verified |
| Capex | 28.8 m | 46.3 m | 47.8 m | 52.7 m | 68.4 m | 62.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | 247.2 m ≈ | 279.7 m ≈ | 248.1 m ≈ | — | — | — | SEC (XBRL)· 22 Feb 2023derived |
| Investing cash flow | -39.9 m | -568.9 m | -75.2 m | -250.2 m | -73.8 m | 286.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | -123.6 m | 290.0 m | -275.6 m | -58.7 m | -206.6 m | -320.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividends paid | 12.4 m | 61.9 m | 78.4 m | 77.4 m | 78.2 m | 77.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | 55.7 m | 19.6 m | 151.0 m | 0 | 0 | 25.0 m | SEC (XBRL)· 18 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: 39 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Valuation6
- Quality68
- Growth4
- Returns21
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: 4.21 – 40.35 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 input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDA16.00 – 40.35 (Mid 17.24)3 companies used · median multiple 6.9x · quartiles 6.4x – 16.6xCBT, OEC, WDFC
- Peers: P/E19.47 – 26.76 (Mid 21.13)3 companies used · median multiple 25.0x · quartiles 23.0x – 31.7xCBT, FTK, WDFC
- Dividend discount (DDM)4.21 – 5.66 (Mid 4.82)
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
Unattractive profile · Score 39/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.2% | 67 (vs peers) | 14% |
| Net margin · Quality | 5.9% | 71 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 0.0% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 1.3% | 9 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | -0.3x | 100 (on a fixed band) | 14% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.8x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 39.6x | 0 (on a fixed band) | 14% |
| EV/EBITDA · Valuation | 13.7x | 12 (on a fixed band) | 14% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.5% | 21 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth4/100 · 2/2 factors with a value
- Quality68/100 · 2/3 factors with a value
- Returns· partial21/100 · 1/2 factors with a value
- Valuation6/100 · 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
Element Solutions Inc (ESI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.6 bn USD in 2025; YoY growth 3.8%; net margin 5.9%; ROE 7.4%; net debt/EBITDA -0.3x.
The estimated value range is 16.00–26.76 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 17.24 USD, the price of 33.44 USD leaves a potential of -48.4% (value / price − 1) and a margin of safety of -93.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 39/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 5.9%
- Net debt / EBITDA: -0.3x
- Current ratio: 2.8x
What contradicts it
- Revenue CAGR 3Y: 0.0%
- EPS CAGR 3Y: 1.3%
- P/E (TTM): 39.6x
- EV/EBITDA: 13.7x
- Shareholder yield (distributions): 1.5%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Interest coverage, FCF yield, Payout ratio (FCF).
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 | 8.1 bn | 39.6 | 7.4% | 5.9% | +3.8% | +24% / +72% |
| CBTCabot Corp | 3.9 bn | 21.1 | 12.1% | 5.2% | −7.0% | +20% / −1% |
| WDFCWd-40 Company | 3.1 bn | 38.3 | 30.4% | 12.0% | +11.0% | +19% / −4% |
| FTKFlotek Industries Inc | 895.4 m | 25.0 | 37.8% | 13.0% | +26.9% | +73% / +685% |
| OECOrion S.A. | 331.8 m | — | -8.1% | -1.8% | −3.8% | +16% / −75% |
| ASPIASP Isotopes Inc. | 292.8 m | — | -80.9% | -380.3% | +475.5% | −69% / −1% |
| ARQArq, Inc. | 81.8 m | — | -25.0% | -38.5% | +10.4% | −50% / −31% |
| FSIFlexible Solutions International, Inc | 80.1 m | — | -8.2% | -8.8% | +0.7% | −8% / +313% |
1- and 3-year price returns: for ESI 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 | 18.87 Total return -43% · Per year -43% | 33.44 Total return 1% · Per year 1% | 50.48 Total return 52% · Per year 52% |
| 3 years | 16.71 Total return -48% · Per year -20% | 33.46 Total return 3% · Per year 1% | 55.67 Total return 70% · Per year 19% |
| 5 years | 14.79 Total return -53% · Per year -14% | 33.47 Total return 5% · Per year 1% | 61.41 Total return 90% · Per year 14% |
- Exit P/E± 8.36
- Net margin± 5.86
- Annual revenue growth± 5.02
- Annual dilution± 0.49
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
Element Solutions is a global specialty chemicals technology company whose Electronics and Specialties segments supply materials and processes used in electronics, semiconductor and automotive manufacturing. In the third quarter of 2026 it reported record sales, with growth driven mainly by Electronics while recent acquisitions widen the portfolio. 13
SWOT
Strengths
- Strong market positions in fast-growing niches, supported by technical expertise, an intellectual property portfolio and close relationships with customers and OEMs. 1
- Recurring revenue, since products are consumed in customers' production processes and replenished continuously. 1
- Strong growth in the third quarter of 2026, with rising profitability and positive cash generation. 3
Weaknesses
Opportunities
- Demand for AI and advanced semiconductor packaging could generate further growth in the Electronics segment. 3
- Integrating Micromax and EFC could extend the product range and access to new supply chains. 23
- Investment in capacity and innovation could strengthen the company's position in its highest-value segments. 3
Risks
- Competition and loss of market sharemedium
If competitors sign exclusive arrangements with customers or suppliers, the company could lose sales and margins.
- International exposurehigh
Most sales come from outside the United States, so currency risks, tariffs and regulatory changes could have a material impact.
- Metal and raw material pricesmedium
Price swings in metals and other raw materials can affect costs and the ability to pass them on to customers.
- Acquisition integrationmedium
Difficulties integrating acquired businesses or possible goodwill impairments could reduce the expected benefits.
- Dependence on key personnellow
Losing senior executives or technical specialists could affect strategy execution and innovation.
Investment thesis
What would need to be true (bull case)
- If demand in high-performance electronics stays strong, the organic growth reported in 2026 could continue and support the adjusted EBITDA guidance.
- Recent acquisitions could add further revenue and profitability, particularly if synergies are captured on time.
- Cash generation and niche market positions could allow the company to fund investment while keeping a solid cash flow.
What would break the thesis
- If the electronics cycle slows, the accelerated growth of 2026 could return to a more moderate pace.
- Higher debt after the 2026 acquisitions could limit financial flexibility if profitability does not follow guidance.
- Tariffs, geopolitical tensions and metal price volatility could reduce margins more than currently expected.
What to watch
- Delivery of the adjusted EBITDA guidance and the adjusted EPS growth outlook2026
- Contribution of Micromax and EFC to sales and profitabilityQ4 2026
- Development of organic growth in the Electronics segmentQ4 2026
- Debt and cash levels after the recent acquisitionsnext 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
Element Solutions, incorporated in Delaware in January 2014, describes its core activity as supplying specialty chemical solutions that enhance the performance of products in high-value industries such as consumer electronics, power electronics, semiconductor fabrication, high-performance computing, automotive systems, industrial surface finishing and offshore energy. Its products are consumed in customers' production processes, which generates recurring revenue as materials are replenished. 1
The company organizes its operations into two reportable segments, renamed in the fourth quarter of 2025: Electronics (formerly MacDermid Alpha Electronics Solutions) and Specialties (formerly Industrial & Specialty, now Element Specialties). Customers operate in fast-paced innovation cycles, and the company argues that its market positions, switching costs and technical service help it retain customers. 1
Recent events include the sale of the flexographic printing plate business MacDermid Graphics Solutions on February 28, 2025 for about 320 million dollars, the acquisition of EFC Gases & Advanced Materials on January 2, 2026 and the acquisition of Micromax on February 2, 2026. The company also entered into a merger agreement with Solstice in July 2026, which was terminated in August 2026. 123
Segments
Electronics
The Electronics segment, about 70% of 2025 sales, covers assembly, circuitry and semiconductor solutions. Assembly Solutions, roughly 51% of segment sales in 2025, includes SMT pastes and thermal materials, Circuitry Solutions covers wet chemistries for printed circuit boards, and Semiconductor Solutions includes copper interconnects and sintered materials. Micromax, added in 2026, extends the range with thick film pastes for passive components and electronics inks. 12
Specialties
The Specialties segment supplies chemistry for metal and plastic finishing as well as water-based hydraulic fluids for offshore energy. Industrial Solutions, about 85% of segment sales in 2025, is the largest business, and Energy Solutions makes up the rest. High-purity gases from EFC, acquired in 2026, are reported in this segment. 12
Market context
The markets served are shaped by demand for artificial intelligence infrastructure, data centers, automotive electronics and advanced semiconductor packaging. Demand in high-performance electronics produced double-digit organic growth in each Electronics vertical in the third quarter of 2026. The sector is nonetheless exposed to rapid technological change and price pressure, which can affect volumes and margins. 13
International activity is significant, since a large part of sales comes from outside the United States, exposing the company to currency movements, tariffs and geopolitical risks. Metal prices, particularly for the metal content of assembly materials, directly affect revenue and are partly passed through to customers. 13
Trends
- Demand for AI and advanced electronicstailwind
Rising investment in AI infrastructure and advanced semiconductor packaging could support Electronics volumes over the medium term, and the company already reports strong organic growth in this area. 3
- Acquisitions and their integrationmixed
The contribution of recent acquisitions to 2026 revenue and profitability is growing quickly, but integration and the ability to capture expected synergies remain a point of attention. 23
- Tariffs and trade policyheadwind
Tariffs and changes in trade policy in the United States and other countries could raise costs and reduce demand, as the risks reported in earlier filings describe. 13
- Metal and raw material pricesheadwind
Volatility in metal and raw material prices may change cost of sales and margins, although part of the variation is passed on to customers. 13
Competitive position
The company operates in globally fragmented markets where competitors include larger firms with greater resources and brand recognition. Consolidation among competitors could weaken its positions in some markets. The advantage it declares lies in end-to-end offerings from circuit formation through assembly and in close technical relationships with customers. 1
The risk of losing market share rises if competitors sign exclusive arrangements with customers or suppliers. The company aims to stay competitive through constant innovation and research spending, but the effectiveness of this approach depends on anticipating shifts in demand. 1
- Global specialty chemicals suppliers for electronics
The sources do not name individual competitors but describe larger, better-funded rivals in the company's markets.
- Assembly materials and solder paste suppliers
Companies in this group compete directly in the Assembly Solutions business, where the company holds an important position.
- Metal finishing chemistry producers
Competition in Industrial Solutions comes from global suppliers offering similar surface protection and decoration solutions.
- High-purity gas suppliers
In the EFC business, competition comes from producers specialized in gases for semiconductors and electrical infrastructure.
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
- Solstice (SOLS) and Element Solutions (ESI) Call Off Their $14.5 Billion CombinationYahoo Finance — News · 06 Sept 2026 · EN
- Honeywell ar putea crea un gigant de 27 de miliarde de dolari: Solstice negociază fuziunea cu Element SolutionsZiarul Financiar · 06 Jul 2026 · RO
The latest news item in our archive is from 06 Sept 2026; the newest SEC filing is from 22 Oct 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 report22 Oct 2026
- Current report21 Oct 2026Results of operations · Financial statements and exhibits
- Current report28 Aug 2026Material agreement · Termination of a material agreement · Other events · Financial statements and exhibits
- Quarterly report28 Jul 2026
- Current report27 Jul 2026Results of operations
- Current report20 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)09 Jul 2026Financial statements and exhibits
- Current report06 Jul 2026Material agreement · Departure or appointment of officers · Financial statements and exhibits
- Current report06 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report05 May 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Element Solutions Inc · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Element Solutions Inc · 22 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Element Solutions Inc · 21 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.