Orion S.A. (OEC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+219.2%

$18.18

vs $5.70 price

Levered DCF

$20.62

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.33

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-4.26×	20.78×	15.85×	10.24×	8.27×	57.13×	13.31×	12.39×
P/B	0.77×	1.94×	3.42×	2.36×	3.49×	5.72×	6.22×	9.48×
P/S	0.16×	0.49×	0.86×	0.53×	0.72×	0.91×	0.78×	0.95×
EV / EBITDA	7.61×	8.42×	7.77×	6.62×	5.86×	11.98×	7.45×	7.28×
Gross margin	19.9%	22.8%	23.8%	22.1%	25.0%	25.7%	26.4%	27.2%
Operating margin	5.6%	8.7%	10.8%	9.8%	10.0%	8.4%	11.0%	11.3%
Net margin	-3.9%	2.4%	5.5%	5.2%	8.7%	1.6%	5.9%	7.7%
Current ratio	1.03×	1.19×	1.47×	1.41×	1.48×	1.54×	1.78×	1.8×
Debt / equity	2.55×	2.16×	1.94×	2.21×	2.71×	4.56×	3.74×	4.31×
Interest coverage	1.63×	3.32×	4.02×	5.01×	4.06×	2.48×	6.8×	6.21×
Dividend yield	1.6%	0.5%	0.3%	0.5%	0.0%	1.2%	4.1%	3.2%
Payout ratio	-6.7%	10.9%	4.7%	4.7%	0.0%	66.3%	55.3%	39.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-18.2%	9.3%	21.6%	23.1%	42.1%	10.0%	46.7%	76.3%
Return on invested capital	6.4%	8.3%	8.4%	8.4%	8.3%	5.7%	11.6%	12.9%
Return on assets	-3.7%	2.4%	5.6%	5.6%	8.3%	1.3%	6.9%	9.5%
Free cash flow yield	16.9%	-8.9%	10.6%	-14.0%	-6.2%	-1.9%	6.5%	0.4%
Earnings yield	-23.6%	4.8%	6.3%	9.8%	12.1%	1.8%	7.5%	8.1%
Enterprise value	$1.2B	$1.9B	$2.5B	$2B	$1.9B	$1.8B	$1.8B	$2.1B
Net debt / EBITDA	5.75×	4.35×	2.74×	3.09×	2.45×	5.07×	2.63×	2.14×
Cash conversion cycle (days)	69	83	81	94	87	80	69	67