Umicore S.A. (UMI) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Umicore S.A. €25.28, price €21.04, upside +20.2%, quality 66 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 24, 2026.
How to read this chart
60‑month range €7.03 – €51.01 · fair‑value band €17.69 – €33.95 · the €21.04 price screens below the €25.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Umicore SA operates as a materials technology and recycling company in Belgium, Europe, the Asia-Pacific, North America, South America, and Africa. It operates through Battery Material, Catalysis, Recycling, and Specialty Materials segments.
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Umicore SA operates as a materials technology and recycling company in Belgium, Europe, the Asia-Pacific, North America, South America, and Africa. It operates through Battery Material, Catalysis, Recycling, and Specialty Materials segments. The Battery Material segment develops, manufactures, and markets cathode materials and its precursors for lithium-ion batteries, as well as related refining activities of cobalt and nickel chemical refining activities; and offers integrated, circular and sustainable battery materials. Its Catalysis segment provides automotive catalysts for light-duty gasoline and diesel light, and heavy-duty diesel applications, including on-road and off-road vehicles; stationary catalysts for industrial emissions control; and produces precious metals-based compounds and catalysts for use in the pharmaceutical and fine chemicals industries, as well as fuel cell applications. The Recyling segment is involved in precious metals refining and management, jewelry and industrial metals; and treating complex waste streams containing precious and other specialty metals. This segment also produces precious metals-based materials for high-tech glass production and electronics; and offers products for chemical, electric, electronic, automotive and special glass applications. Its Specialty Materials segments offers cobalt and specialty materials, electro-optic materials, and metal deposition solutions; produces and distributes cobalt and nickel products; and supplies products for precious and non-precious metal-based electroplating and PVD coating, as well as germanium-based material solutions for the space, optics and electronics sectors. The company was formerly known as Union Minière du Haut Katanga and changed its name to Umicore SA in 2001. Umicore SA was founded in 1805 and is headquartered in Brussels, Belgium.
Stock analysis
Umicore S.A. (UMI) currently trades at €21.04, while our model-based Fair Value estimate is €25.28, implying the stock looks roughly 16.8% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €31.95 per share, and 20 of the 26 models we run sit above the €21.04 price.
Bear case: the Dividend Discount group reads lowest at €3.67, and 6 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: €17.69 (bear) to €33.95 (bull), the price of €21.04 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 66/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Umicore S.A. reported revenue of €19.4B in FY2025 versus €24.1B in FY2021, a compound −5.3%/yr. Reported net income was €385M in FY2025, compounding −11.2%/yr from FY2021.
Key figures
Market cap €5.1B · P/E ratio 10.5 · P/S ratio 0.21 · EPS (TTM) €2.01 · Dividend yield 2.4% · Net margin 2.0% · Return on equity 22.9% · Return on assets (EBIT) 4.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 57% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −18% fair-value upside, at 20%, UMI screens cheaper than that median.
Fair Value models
Bear €17.69Fair Value €25.28Bull €33.95
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€1.11 per share) are deliberately not added.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
+30.4%
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.
−8.7%
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.
−1.3%
Start year 2020 (pandemic). Over 10 years: +7.2% a year
Revenue growth 25 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.
−8.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+8.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.0%
Dividend (yield on the price)2.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6% vs 7%, steady
Profit margin 2020 to 2025 ⓘ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.2% → 5%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+9.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +6.9% a year for the price.
News mood ⓘNews mood, the average tone of recent news (50 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
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.Waste Management · 167 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+20% · Above median
Profitability
Return on equity (TTM)23% · Top 25%
Return on assets8% · Top 25%
Net margin (TTM)2% · Below median
Operating margin (TTM)3% · Below median
Growth and dividend
Revenue growth60% · Top 25%
Dividend yield (TTM)2.4% · Above median
Balance sheet
Debt / equity0.99× · Highest 25%
Valuation Multiplesvs Waste Management median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Umicore S.A. Fair Value". https://www.fairvalue-calculator.com/stock/UMI
Frequently asked questions
Is Umicore S.A. (UMI) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €25.28 versus a price of €21.04, about +20% upside (undervalued).
What is the fair value of UMI?
Our model-based fair value for Umicore S.A. is €25.28 (as of Sep 24, 2026), built from audited fundamentals. The current price: €21.04.
What is the quality score of UMI?
Umicore S.A. has a Quality Score of 66/100. 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 Umicore S.A. (UMI)?
Our model-based price target is the fair value of €25.28 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario €17.69, optimistic scenario €33.95. It is a calculation from audited fundamentals, not an analyst target.
What is the Umicore S.A. stock forecast for 2026?
Our models put fair value at €25.28, about +20% upside versus a price of €21.04 (undervalued). Cautious scenario €17.69, optimistic scenario €33.95. The calculation is refreshed regularly with new filings.
What is the revenue of Umicore S.A. (UMI)?
Umicore S.A. reported trailing-twelve-month revenue of about €24.6B (latest available figure, as of Sep 24, 2026).
Does Umicore S.A. pay a dividend?
Umicore S.A. currently shows a dividend yield of about 2.38% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Umicore S.A. (UMI)?
For today's price to be fair in a discounted-cash-flow model, Umicore S.A. would have to grow free cash flow by +9.2 % per year for five years (discount rate 10.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of UMI use?
Our models discount Umicore S.A. at 10.0 %: a base by market capitalisation (mid), damped by beta 0.90, country premium for Belgium. 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 Umicore S.A. that is +9.2 % per year a year over ten years, using the same discount rate (10.0 %) and the same formula as our fair value.
How much growth has Umicore S.A. (UMI) delivered so far?
Over the past 5 years revenue at Umicore S.A. grew -1.3 % a year. The price currently implies +9.2 % 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 Umicore S.A. (UMI) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Umicore S.A. (+9.2 % 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 Umicore S.A. (UMI)?
The free-cash-flow yield on the price is 6.59 %: that much free cash flow Umicore S.A. produces per unit of market value. When it exceeds the discount rate of our models (10.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Umicore S.A. (UMI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Umicore S.A. it is €25.28 per share (as of Sep 24, 2026), against a price of €21.04. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Umicore S.A. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, UMI trades below its calculated fair value: price €21.04, fair value €25.28, a gap of about +20% (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 UMI?
No. The price is what the market pays today (€21.04); the fair value is what the company's own numbers justify (€25.28). For Umicore S.A. the two are €4.24 per share apart. That gap is exactly why we show both numbers side by side.
How much is Umicore S.A. worth?
The market values Umicore S.A. at about €5.1B (market capitalisation, as of Sep 24, 2026). Per share that is €21.04; our models calculate a fair value of €25.28 per share.
What do the bullish and bearish scenarios say about UMI?
Our models span a range for Umicore S.A.: cautious scenario €17.69, base €25.28, optimistic €33.95 per share (as of Sep 24, 2026, price €21.04). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of UMI?
Umicore S.A. trades at a price-to-earnings ratio of 10.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €25.28 is built from several models across several years. Other multiples: PEG 2.6, P/B 2.6, P/S 0.2, EV/EBITDA 4.7.
What is the PEG ratio of UMI?
The PEG ratio of Umicore S.A. is 2.62 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Umicore S.A. (UMI)?
Balance-sheet figures for Umicore S.A. (as of Sep 24, 2026): return on equity 22.9%, debt of 0.99 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is UMI from its 52-week high?
Umicore S.A. trades at €21.04, about 21% below its 52-week high of €26.50 and 57% above the low of €13.36 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €25.28 is for.
Which stocks are comparable to Umicore S.A.?
From the same area (Industrials) we also value Waste Management, Inc, Republic Services, Inc, Waste Connections, Inc, Veolia Environnement SA, 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 Umicore S.A. stock attractive at the current price?
The data as of Sep 24, 2026: price €21.04, calculated fair value €25.28 (+20%), Quality Score 66/100, from 26 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 UMI calculated?
We run Umicore S.A. through 26 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 €25.28, 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 14.0 % above its aggregate fair value. Umicore S.A. currently trades 20 % 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 Umicore S.A. (UMI)?
The closing price on Sep 24, 2026 was €21.04. Our model-based fair value is €25.28, about +20% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Umicore S.A. right now?
Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€17.69 to €33.95) leaves room in how you read the outcome.
Where does the earnings growth of Umicore S.A. (UMI) come from?
Earnings per share at Umicore S.A. grew +9.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.5 %, EBIT margin +6.6 %, tax rate −2.3 %, residual (interest, one-offs) −1.5 %. 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 Umicore S.A.
How large is the market capitalisation of Umicore S.A. (UMI)?
The market capitalisation of Umicore S.A. is €5.1B. 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 Umicore S.A. (UMI)?
The price-to-sales ratio of Umicore S.A. is 0.21 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Umicore S.A. (UMI)?
Earnings per share at Umicore S.A. are €2.01 (price ÷ EPS = P/E 10.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Umicore S.A. (UMI)?
The dividend yield of Umicore S.A. is 2.4% (payout 24.9%). 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 Umicore S.A. (UMI)?
The net margin of Umicore S.A. is 2.0% (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 Umicore S.A. (UMI)?
The return on equity (ROE) of Umicore S.A. is 22.9% (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 Umicore S.A. (UMI)?
On an EBIT basis the return on assets of Umicore S.A. is 4.3% (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 Umicore S.A. (UMI)?
The operating margin of Umicore S.A. is 3.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Umicore S.A. (UMI)?
Revenue at Umicore S.A. is growing +60.1% versus a year earlier (3y avg −8.7%). 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 Umicore S.A. (UMI)?
Earnings per share at Umicore S.A. are growing +74.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Umicore S.A. (UMI) carry?
The net debt of Umicore S.A. is €1.3B (fiscal year 2025, ≈ 3.8 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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Broad data
Sep 24, 2026