olivLaw · European equity research
dsm-firmenich AG DSFIR.AS
Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands
dsm-firmenich is a global group in nutrition, health and beauty that announced in 2024 the separation of its Animal Nutrition & Health business and a focus on higher-growth, higher-margin segments. Its investment in science and research, above 796 million euros in 2024, sits at the centre of its 'Category of One' strategy.
At the close of 03 Nov 2026, dsm-firmenich AG (DSFIR.AS) stock was 105.65 EUR (−1.68% on the day), with market capitalisation 31.5 bn EUR, P/E 112.4 on diluted EPS of 0.94 EUR over the last 12 months, dividend yield 2.12%, beta 0.47, 52-week range 55.42–109.75 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)
- 55.6
- strong (55–70)
- Bollinger (20, 2)
- 98.85 – 112.47
- in the lower half of the band · %B 0.50 · band width 12.9%
- SMA 50 / 200
- 99.00 / 78.45
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.48 / 3.02
- 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 | +9.9% | −1.0% | +10.9 pp | — |
| 3 months | +15.1% | −3.9% | +19.0 pp | — |
| 6 months | +65.0% | +7.2% | +57.8 pp | — |
| Year to date | +53.7% | +6.6% | +47.1 pp | — |
| 1 year | +51.4% | +9.1% | +42.3 pp | −0.8% |
| 3 years | +17.8% | +47.9% | −30.1 pp | +0.5% |
| 5 years | unavailable | +43.3% | unavailable | — |
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 2-quarter history (min 10.1, median 57.0, max 104.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 8.4 bn | 10.6 bn | 12.8 bn |
| Revenue YoY | unavailable | +26.7% | +20.4% |
| Net income | 1.7 bn | 2.2 bn | 280.0 m |
| Net income YoY | unavailable | +25.5% | −87.0% |
| Diluted EPS | 9.77 | 9.13 | 0.94 |
| Diluted EPS YoY | unavailable | −6.6% | −89.7% |
| net % | 20.4% | 20.3% | 2.2% |
| Free cash flow | unavailable | 710.0 m | 1.1 bn |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 2.7 bn EUR
- Financial debt
- 5.3 bn EUR
- Net debt
- 2.6 bn EUR
- Equity
- 22.7 bn EUR
- Total assets
- 33.7 bn EUR
- Debt / equity
- 0.23x
- Current ratio
- 2.02x
- ROE
- 1.2%
- ROA
- 0.8%
- FCF margin
- 8.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 8.4 bn | 10.6 bn | 12.8 bn | esef· 11 Mar 2025verified |
| Cost of revenue | 5.7 bn | 8.0 bn | 8.6 bn | esef· 11 Mar 2025verified |
| Gross profit | 2.7 bn | 2.6 bn | 4.2 bn | esef· 11 Mar 2025verified |
| Research & development | 295.0 m | 652.0 m | 888.0 m | esef· 11 Mar 2025verified |
| Operating income | 682.0 m | -497.0 m | 561.0 m | esef· 11 Mar 2025verified |
| Interest expense | 159.0 m | 283.0 m | 225.0 m | esef· 11 Mar 2025verified |
| Pre-tax income | 594.0 m | -647.0 m | 427.0 m | esef· 11 Mar 2025verified |
| Income tax | 124.0 m | -18.0 m | 147.0 m | esef· 11 Mar 2025verified |
| Net income | 1.7 bn | 2.2 bn | 280.0 m | esef· 11 Mar 2025verified |
| Diluted EPS | 9.77 | 9.13 | 0.94 | esef· 11 Mar 2025verified |
| Dividend per share | — | 2.47 | 2.24 | esef· 11 Mar 2025derived |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.8 bn | 2.5 bn | 2.7 bn | esef· 11 Mar 2025verified |
| Inventories | 2.3 bn | 3.4 bn | 3.3 bn | esef· 11 Mar 2025verified |
| Current assets | 8.1 bn | 8.8 bn | 8.8 bn | esef· 11 Mar 2025verified |
| Property, plant & equipment, net | 3.6 bn | 5.5 bn | 5.7 bn | esef· 11 Mar 2025verified |
| Total assets | 17.4 bn | 34.3 bn | 33.7 bn | esef· 11 Mar 2025verified |
| Short-term debt | 86.0 m | 716.0 m | 836.0 m | esef· 11 Mar 2025verified |
| Long-term debt | 3.0 bn | 4.1 bn | 4.4 bn | esef· 11 Mar 2025verified |
| Current liabilities | 2.6 bn | 4.5 bn | 4.4 bn | esef· 11 Mar 2025verified |
| Equity | 10.8 bn | 23.1 bn | 22.7 bn | esef· 11 Mar 2025verified |
| Shares outstanding at year end | 175.0 m | 235.6 m | 297.9 m | esef· 11 Mar 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | — | 1.3 bn | 1.8 bn | esef· 11 Mar 2025verified |
| Capex | — | 555.0 m | 645.0 m | esef· 11 Mar 2025verified |
| Free cash flow | — | 710.0 m ≈ | 1.1 bn ≈ | esef· 11 Mar 2025derived |
| Investing cash flow | — | -726.0 m | -252.0 m | esef· 11 Mar 2025verified |
| Financing cash flow | — | -820.0 m | -1.3 bn | esef· 11 Mar 2025verified |
| Dividends paid | — | 582.0 m | 667.0 m | esef· 11 Mar 2025verified |
| Share repurchases | — | 256.0 m | 706.0 m | esef· 11 Mar 2025verified |
≈ 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: 48 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 31.5 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Balance sheet49
- Quality55
- Returns72
- Valuation25
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: 9.35 – 127.10 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)73.08 – 127.10 (Mid 93.08)WACC 7.7% · starting FCFF 1.3 bn EUR · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 20.5%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E9.35 – 20.01 (Mid 12.48)16 companies used · median multiple 13.3x · quartiles 10.0x – 21.3xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)30.45 – 41.53 (Mid 35.14)
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
Neutral profile · Score 48/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.4% | 31 (vs peers) | 17% |
| Net margin · Quality | 2.2% | 50 (vs peers) | 10% |
| FCF conversion · Quality | 404.6% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.5x | 15 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 112.4x | 10 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.6% | 45 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.4% | 62 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 58.9% | 87 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet49/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality55/100 · 3/3 factors with a value
- Returns72/100 · 2/2 factors with a value
- Valuation25/100 · 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
DSM-Firmenich AG (DSFIR.AS). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 12.8 bn EUR in 2024; YoY growth 20.4%; net margin 2.2%; ROE 1.2%.
The estimated value range is 30.45–41.53 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 35.14 EUR, the price of 105.65 EUR leaves a potential of -66.7% (value / price − 1) and a margin of safety of -200.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 48/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 404.6%
- Current ratio: 2.0x
- Payout ratio (FCF): 58.9%
What contradicts it
- Interest coverage: 2.5x
- P/E (TTM): 112.4x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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 DSFIR.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 | 69.04 Total return -34% · Per year -34% | 121.50 Total return 16% · Per year 16% | 182.25 Total return 74% · Per year 74% |
| 3 years | 81.89 Total return -20% · Per year -7% | 160.68 Total return 56% · Per year 16% | 262.43 Total return 153% · Per year 36% |
| 5 years | 97.14 Total return -3% · Per year -1% | 212.50 Total return 108% · Per year 16% | 377.91 Total return 267% · Per year 30% |
- Exit P/E± 40.17
- Net margin± 28.12
- Annual revenue growth± 20.97
- Annual dilution± 2.36
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
dsm-firmenich is a global group in nutrition, health and beauty that announced in 2024 the separation of its Animal Nutrition & Health business and a focus on higher-growth, higher-margin segments. Its investment in science and research, above 796 million euros in 2024, sits at the centre of its 'Category of One' strategy.
SWOT
Strengths
- Broad portfolio of synthetic, biotech and natural ingredients supported by strong research and a large patent base.
- Close customer relationships with major global brands and local co-creation capability.
- Vertically integrated supply chain in fragrance and ingredients.
Weaknesses
- Post-merger reorganisation and the separation of a business unit have required considerable resources.
- The vitamins segment has been hit by low prices and a less differentiated portfolio.
- High autonomy of business units may lead to uneven performance across them.
Opportunities
- Demand for preventative nutrition, longevity and well-being could support growth in higher-margin segments.
- AI use in research could accelerate the launch of new products.
- Selling non-core assets could free capital for priority segments.
Threats
- Price pressure in commodity segments and competition from specialised companies.
- Regulatory changes in nutrition, supplements and sustainability could raise costs.
- Difficult macroeconomic conditions could reduce consumer spending on premium products.
Risks
- ANH separation executionmedium
Completing the separation of the Animal Nutrition & Health unit could delay or change financial results if the transaction does not close as planned.
- Vitamin segment recoveryhigh
If the vitamin transformation programme does not deliver the expected effects, margin pressure could continue.
- Regulation in nutrition and healthmedium
Changes to rules on supplements, food and pharmaceuticals could affect product launches.
- Research cost burdenmedium
Sustaining high research spending could weigh on short-term margins if innovation does not yield commercial results.
- Supply chain riskslow
Dependence on natural raw materials and production capacity could expose the group to disruption or cost increases.
Investment thesis
What would need to be true (bull case)
- Focus on higher-growth, higher-margin segments could improve profitability if the strategy is executed as planned.
- The research base and patent portfolio could support a leading position in differentiated ingredients.
- Growing demand for preventative health solutions could open new avenues for organic growth.
What would break the thesis
- Pressure in the vitamins segment could persist and limit margin improvement.
- Separating a business unit could reduce scale and generate unforeseen transition costs.
- Competition from specialised companies could limit the ability to sustain premium pricing.
What to watch
- Completion of the Feed Enzymes Alliance stake sale and the ANH separation2025
- Performance of the vitamins segment after the transformation programme2025
- Level of research spending and innovation launchesnext 10-K
- Regulatory changes in nutrition and sustainability2026
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 group is organised into four business units: Perfumery & Beauty, Taste, Texture & Health, Health, Nutrition & Care, and Animal Nutrition & Health. Its model combines synthetic, biotech and natural ingredients with a research network built on eight platforms and close customer collaboration. The annual report states the group has almost 30,000 employees.
Business units have high autonomy over cash generation and financial results, while innovation is delivered through Group Science & Research. Sustainability is built into how products are designed and delivered, with the stated aim of bringing progress to both people and the planet.
In 2024 the group sold its marine lipids, yeast extracts and minority stake in Robertet, and in February 2025 it announced the sale of its Feed Enzymes Alliance stake to Novonesis for 1.5 billion euros, reflecting a concentration on nutrition, health and beauty.
Segments
Perfumery & Beauty
The unit creates fragrances, ingredients and personal care solutions for global and local consumer, lifestyle and luxury beauty brands. It relies on a vertically integrated supply chain and a broad palette of ingredients, including captives.
Taste, Texture & Health
The unit provides healthier and more sustainable food and beverage solutions, including flavors, natural extracts, sugar reduction and ingredients such as food enzymes, hydrocolloids, cultures and plant-based proteins. It aims to reduce food loss and waste.
Health, Nutrition & Care
The unit delivers nutrition and care solutions for early life nutrition, dietary supplements, pharmaceutical, medical nutrition and biomedical materials, along with regulatory affairs services.
Market context
The group operates in nutrition, health and beauty markets where demand for long-term well-being and prevention is rising. Management points to three macro-trends: lifespan vitality, preventative healthcare and rising expectations around well-being.
R&D spending equalled 6% of net sales in 2024, placing the group in an innovation-intensive sector. Access to innovation and protection of its patent portfolio could shape its competitive position in higher-margin segments.
Trends
- Growing demand for preventative well-beingtailwind
Rising interest in prevention and longevity could support the group's nutrition and supplement segments if demand persists.
- Digitalisation and AI in researchtailwind
Use of AI and data science in formulation and ingredient discovery could speed up product development, but requires ongoing investment.
- Pressure on vitamin pricesheadwind
Low vitamin prices weighed on results in 2023, and the vitamin transformation programme may not fully offset the pressure.
- Sustainability and regulatory requirementsmixed
Reporting and sustainability requirements may raise compliance costs, but could also open opportunities for lower-impact solutions.
Competitive position
The group competes in fragrance ingredients, flavors, nutrition and biotech solutions with large companies in the chemical and food industries. Its differentiation rests on proprietary science, creation capabilities and sustainability credentials.
Competitive pressure is higher in undifferentiated segments, where the group has reduced its exposure. Focus on nutrition, health and beauty could give it an edge if its innovation remains superior.
- Givaudan
Major competitor in flavors and fragrance with similar global activity.
- IFFIFF
Competitor in flavors, ingredients and solutions for food and beauty.
- Kerry Group
Competitor in food ingredients and nutrition solutions.
- Novonesis
Partner and buyer of the Feed Enzymes Alliance stake, active in biosolutions.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202411 Mar 2025
- Annual report 202411 Mar 2025
- Annual report 202305 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / dsm-firmenich AG · 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.