Orion Engineered Carbons SA (OEC) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Orion Engineered Carbons SA $9.70, price $6.01, upside +61.3%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $4.30 – $27.74 · fair‑value band $2.85 – $12.56 · the $6.01 price screens below the $9.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Orion S.A., together with its subsidiaries, engages in the manufacture and sale of carbon black products. The company operates in two segments, Specialty Carbon Black and Rubber Carbon Black.
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Orion S.A., together with its subsidiaries, engages in the manufacture and sale of carbon black products. The company operates in two segments, Specialty Carbon Black and Rubber Carbon Black. It offers post-treated specialty carbon black grades for coatings and printing applications, as well as high purity carbon black grades for the fiber industry; and conductive carbon black grades for batteries, polymers, and coatings. The company also provides rubber carbon black products for tires, such as high-reinforcing grades and semi-reinforcing grades under the ECORAX brand, as well as for mechanical rubber goods end users, including automotive production, construction, as well as certain food, consumer, and medical applications. It operates in the United States, Brazil, rest of the Americas, Germany, South Africa, Italy, Spain, Czech republic, Poland, Italy, Turkey, France, Rest of EMEA, China, the Republic of Korea, and rest of Asia. The company was formerly known as Orion Engineered Carbons S.A. and changed its name to Orion S.A. in June 2023. Orion S.A. was founded in 1862 and is headquartered in Senningerberg, Luxembourg.
Stock analysis
Orion Engineered Carbons SA (OEC) currently trades at $6.01, while our model-based Fair Value estimate is $9.70, implying the stock looks roughly 38.0% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $14.34 per share, and 10 of the 13 models we run sit above the $6.01 price.
Bear case: the Asset-Based group reads lowest at $4.57, and 3 of the 13 models stay below the price. Evidence for this calculation is medium.
Scenario range: $2.85 (bear) to $12.56 (bull), the price of $6.01 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 40/100 (below-average quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Orion Engineered Carbons SA reported revenue of $1.8B in FY2025 versus $1.5B in FY2021, a compound +4.0%/yr. Reported net income was −$70.1M in FY2025.
Key figures
Market cap $420M · P/S ratio 0.23 · EPS (TTM) $−1.58 · Dividend yield 1.4% · Net margin −3.9% · Return on equity −21.1% · Return on assets (EBIT) 9.1% · Operating margin 2.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 27% below its 52-week high and 40% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −40% fair-value upside, at 61%, OEC screens cheaper than that median.
Fair Value models
Bear $2.85Fair Value $9.70Bull $12.56
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−3.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.7%
Start year 2020 (pandemic). Over 10 years: +4.0% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.2%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
8.4% (2020) → 5.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+17.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+0.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +14.7% a year for the price and −2.2% for the forecasts.
Compare Orion Engineered Carbons SA with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 711 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside+61% · Top 25%
Profitability
Return on assets3% · Below median
Net margin (TTM)−5% · Bottom 25%
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth−4% · Below median
Dividend yield (TTM)1.4% · Below median
Balance sheet
Debt / equity1.75× · Highest 25%
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Orion Engineered Carbons SA Fair Value". https://www.fairvalue-calculator.com/stock/OEC
Frequently asked questions
Is Orion Engineered Carbons SA (OEC) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $9.70 versus a price of $6.01, about +61% upside (undervalued).
What is the fair value of OEC?
Our model-based fair value for Orion Engineered Carbons SA is $9.70 (as of Sep 23, 2026), built from audited fundamentals. The current price: $6.01.
What is the quality score of OEC?
Orion Engineered Carbons SA has a Quality Score of 40/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Orion Engineered Carbons SA (OEC)?
Our model-based price target is the fair value of $9.70 (as of Sep 23, 2026) from 15 valuation models. Cautious scenario $2.85, optimistic scenario $12.56. It is a calculation from audited fundamentals, not an analyst target.
What is the Orion Engineered Carbons SA stock forecast for 2026?
Our models put fair value at $9.70, about +61% upside versus a price of $6.01 (undervalued). Cautious scenario $2.85, optimistic scenario $12.56. The calculation is refreshed regularly with new filings.
What is the revenue of Orion Engineered Carbons SA (OEC)?
Orion Engineered Carbons SA reported trailing-twelve-month revenue of about $1.8B (latest available figure, as of Sep 23, 2026).
Does Orion Engineered Carbons SA pay a dividend?
Orion Engineered Carbons SA currently shows a dividend yield of about 1.38% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Orion Engineered Carbons SA (OEC)?
For today's price to be fair in a discounted-cash-flow model, Orion Engineered Carbons SA would have to grow free cash flow by +17.5 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.7 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of OEC use?
Our models discount Orion Engineered Carbons SA at 11.2 %: a base by market capitalisation (small), damped by beta 0.98, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Orion Engineered Carbons SA that is +17.5 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Orion Engineered Carbons SA (OEC) delivered so far?
Over the past 5 years revenue at Orion Engineered Carbons SA grew +9.7 % a year. The price currently implies +17.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Orion Engineered Carbons SA (OEC) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Orion Engineered Carbons SA (+17.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Orion Engineered Carbons SA (OEC)?
The free-cash-flow yield on the price is 14.83 %: that much free cash flow Orion Engineered Carbons SA produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Orion Engineered Carbons SA (OEC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Orion Engineered Carbons SA it is $9.70 per share (as of Sep 23, 2026), against a price of $6.01. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Orion Engineered Carbons SA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, OEC trades below its calculated fair value: price $6.01, fair value $9.70, a gap of about +61% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of OEC?
No. The price is what the market pays today ($6.01); the fair value is what the company's own numbers justify ($9.70). For Orion Engineered Carbons SA the two are $3.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is Orion Engineered Carbons SA worth?
The market values Orion Engineered Carbons SA at about $420M (market capitalisation, as of Sep 23, 2026). Per share that is $6.01; our models calculate a fair value of $9.70 per share.
What do the bullish and bearish scenarios say about OEC?
Our models span a range for Orion Engineered Carbons SA: cautious scenario $2.85, base $9.70, optimistic $12.56 per share (as of Sep 23, 2026, price $6.01). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of OEC?
The PEG ratio of Orion Engineered Carbons SA is 1.25 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Orion Engineered Carbons SA (OEC)?
Balance-sheet figures for Orion Engineered Carbons SA (as of Sep 23, 2026): return on equity −21.1%, debt of 1.75 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is OEC from its 52-week high?
Orion Engineered Carbons SA trades at $6.01, about 27% below its 52-week high of $8.29 and 40% above the low of $4.30 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $9.70 is for.
Which stocks are comparable to Orion Engineered Carbons SA?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Orion Engineered Carbons SA stock attractive at the current price?
The data as of Sep 23, 2026: price $6.01, calculated fair value $9.70 (+61%), Quality Score 40/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of OEC calculated?
We run Orion Engineered Carbons SA through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $9.70, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.2 % above its aggregate fair value. Orion Engineered Carbons SA currently trades 61 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Orion Engineered Carbons SA (OEC)?
The closing price on Sep 23, 2026 was $6.01. Our model-based fair value is $9.70, about +61% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Orion Engineered Carbons SA right now?
The large discount to fair value meets weak quality (40/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide ($2.85 to $12.56). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Where does the earnings growth of Orion Engineered Carbons SA (OEC) come from?
Earnings per share at Orion Engineered Carbons SA grew +5.6 % a year from 2015 to 2025. Broken into its drivers: revenue per share +6.6 %, EBIT margin −3.9 %, tax rate +0.5 %, residual (interest, one-offs) +2.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Orion Engineered Carbons SA
How large is the market capitalisation of Orion Engineered Carbons SA (OEC)?
The market capitalisation of Orion Engineered Carbons SA is $420M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Orion Engineered Carbons SA (OEC)?
The price-to-sales ratio of Orion Engineered Carbons SA is 0.23 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Orion Engineered Carbons SA (OEC)?
Earnings per share at Orion Engineered Carbons SA are $−1.58. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Orion Engineered Carbons SA (OEC)?
The dividend yield of Orion Engineered Carbons SA is 1.4%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Orion Engineered Carbons SA (OEC)?
The net margin of Orion Engineered Carbons SA is −3.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Orion Engineered Carbons SA (OEC)?
The return on equity (ROE) of Orion Engineered Carbons SA is −21.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Orion Engineered Carbons SA (OEC)?
On an EBIT basis the return on assets of Orion Engineered Carbons SA is 9.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Orion Engineered Carbons SA (OEC)?
The operating margin of Orion Engineered Carbons SA is 2.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Orion Engineered Carbons SA (OEC)?
Revenue at Orion Engineered Carbons SA is growing −3.8% versus a year earlier (3y avg −3.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Orion Engineered Carbons SA (OEC)?
Earnings per share at Orion Engineered Carbons SA are growing −54.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Orion Engineered Carbons SA (OEC) carry?
The net debt of Orion Engineered Carbons SA is $919M (fiscal year 2025, ≈ 18.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Sep 23, 2026