Umicore SA (UMICY) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Umicore SA $8.37, price $5.92, upside +41.4%, quality 65 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 $1.94 – $15.05 · fair‑value band $5.86 – $11.53 · the $5.92 price screens below the $8.37 fair value. Dashed = 300-day average. As of Sep 23, 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 SA ADR (UMICY) currently trades at $5.92, while our model-based Fair Value estimate is $8.37, implying the stock looks roughly 29.3% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $9.07 per share, and 20 of the 26 models we run sit above the $5.92 price.
Bear case: the Dividend Discount group reads lowest at $0.9900, and 6 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: $5.86 (bear) to $11.53 (bull), the price of $5.92 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 65/100 (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 SA ADR reported revenue of €18.6B in FY2025 versus €24.1B in FY2021, a compound −6.2%/yr. Reported net income was €369M in FY2025, compounding −12.1%/yr from FY2021.
Key figures
Market cap $5.7B · P/E ratio 12.8 · P/S ratio 0.25 · EPS (TTM) $0.4600 · Dividend yield 2.3% · Net margin 2.0% · Return on equity 18.6% · Return on assets (EBIT) 4.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 23% below its 52-week high and 47% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −15% fair-value upside, at 41%, UMICY screens cheaper than that median.
Fair Value models
Bear $5.86Fair Value $8.37Bull $11.53
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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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
+25.3%
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.
−9.9%
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.
−2.1%
Start year 2020 (pandemic). Over 10 years: +6.7% a year
Revenue growth 23 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.
+7.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.2%
Dividend (yield on the price)2.3%
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.5.2% vs 7.0%, 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).
+8.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +6.2% a year for the price.
News mood ⓘNews mood, the average tone of recent news (51 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 · 157 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+19.4% · Above median
Profitability
Return on equity (TTM)18.6% · Top 25%
Return on assets6.8% · Top 25%
Net margin (TTM)2.0% · Below median
Operating margin (TTM)6.8% · Below median
Growth and dividend
Revenue growth44.1% · Top 25%
Dividend yield (TTM)2.3% · Below 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 SA ADR Fair Value". https://www.fairvalue-calculator.com/stock/UMICY
Frequently asked questions
Is Umicore SA (UMICY) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $8.37 versus a price of $5.92, about +41% upside (undervalued).
What is the fair value of UMICY?
Our model-based fair value for Umicore SA ADR is $8.37 (as of Sep 23, 2026), built from audited fundamentals. The current price: $5.92.
What is the quality score of UMICY?
Umicore SA ADR has a Quality Score of 65/100. 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 SA (UMICY)?
Our model-based price target is the fair value of $8.37 (as of Sep 23, 2026) from 26 valuation models. Cautious scenario $5.86, optimistic scenario $11.53. It is a calculation from audited fundamentals, not an analyst target.
What is the Umicore SA ADR stock forecast for 2026?
Our models put fair value at $8.37, about +41% upside versus a price of $5.92 (undervalued). Cautious scenario $5.86, optimistic scenario $11.53. The calculation is refreshed regularly with new filings.
What is the revenue of Umicore SA (UMICY)?
Umicore SA ADR reported trailing-twelve-month revenue of about €19.4B (latest available figure, as of Sep 23, 2026).
Does Umicore SA ADR pay a dividend?
Umicore SA ADR currently shows a dividend yield of about 2.31% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Umicore SA (UMICY)?
For today's price to be fair in a discounted-cash-flow model, Umicore SA ADR would have to grow free cash flow by +8.5 % per year for five years (discount rate 9.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.1 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of UMICY use?
Our models discount Umicore SA ADR at 9.4 %: a base by market capitalisation (mid), damped by beta 0.88, 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 Umicore SA ADR that is +8.5 % per year a year over ten years, using the same discount rate (9.4 %) and the same formula as our fair value.
How much growth has Umicore SA (UMICY) delivered so far?
Over the past 5 years revenue at Umicore SA ADR grew -2.1 % a year. The price currently implies +8.5 % 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 Umicore SA (UMICY) growing?
The median revenue growth in the sector is +7.3 % a year. That is the yardstick for the growth priced into Umicore SA ADR (+8.5 % 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 Umicore SA (UMICY)?
The free-cash-flow yield on the price is 6.33 %: that much free cash flow Umicore SA ADR produces per unit of market value. When it exceeds the discount rate of our models (9.4 %), 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 SA (UMICY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Umicore SA ADR it is $8.37 per share (as of Sep 23, 2026), against a price of $5.92. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Umicore SA ADR stock overvalued or undervalued in 2026?
As of Sep 23, 2026, UMICY trades below its calculated fair value: price $5.92, fair value $8.37, a gap of about +41% (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 UMICY?
No. The price is what the market pays today ($5.92); the fair value is what the company's own numbers justify ($8.37). For Umicore SA ADR the two are $2.45 per share apart. That gap is exactly why we show both numbers side by side.
How much is Umicore SA ADR worth?
The market values Umicore SA ADR at about $5.7B (market capitalisation, as of Sep 23, 2026). Per share that is $5.92; our models calculate a fair value of $8.37 per share.
What do the bullish and bearish scenarios say about UMICY?
Our models span a range for Umicore SA ADR: cautious scenario $5.86, base $8.37, optimistic $11.53 per share (as of Sep 23, 2026, price $5.92). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of UMICY?
Umicore SA ADR trades at a price-to-earnings ratio of 12.8 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $8.37 is built from several models across several years. Other multiples: P/B 2.2, P/S 0.3, EV/EBITDA 4.4.
How solid is the balance sheet of Umicore SA (UMICY)?
Balance-sheet figures for Umicore SA ADR (as of Sep 23, 2026): return on equity 18.6%, debt of 0.99 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is UMICY from its 52-week high?
Umicore SA ADR trades at $5.92, about 23% below its 52-week high of $7.68 and 47% above the low of $4.03 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $8.37 is for.
Which stocks are comparable to Umicore SA ADR?
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 SA ADR stock attractive at the current price?
The data as of Sep 23, 2026: price $5.92, calculated fair value $8.37 (+41%), Quality Score 65/100, 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 UMICY calculated?
We run Umicore SA ADR 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 $8.37, 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 14.5 % above its aggregate fair value. Umicore SA ADR currently trades 29 % 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 SA (UMICY)?
The closing price on Oct 2, 2026 was $5.92. Our model-based fair value is $8.37, about +41% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Umicore SA ADR right now?
Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($5.86 to $11.53) leaves room in how you read the outcome.
Where does the earnings growth of Umicore SA (UMICY) come from?
Earnings per share at Umicore SA ADR grew +9.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.3 %, 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 SA ADR
How large is the market capitalisation of Umicore SA (UMICY)?
The market capitalisation of Umicore SA ADR is $5.7B. 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 SA (UMICY)?
The price-to-sales ratio of Umicore SA ADR is 0.25 (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 SA (UMICY)?
Earnings per share at Umicore SA ADR are $0.4600 (price ÷ EPS = P/E 12.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Umicore SA (UMICY)?
The dividend yield of Umicore SA ADR is 2.3% (payout 29.7%). 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 SA (UMICY)?
The net margin of Umicore SA ADR 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 SA (UMICY)?
The return on equity (ROE) of Umicore SA ADR is 18.6% (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 SA (UMICY)?
On an EBIT basis the return on assets of Umicore SA ADR is 4.2% (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 SA (UMICY)?
The operating margin of Umicore SA ADR is 6.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Umicore SA (UMICY)?
Revenue at Umicore SA ADR is growing +44.1% versus a year earlier (3y avg −9.9%). 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 SA (UMICY)?
Earnings per share at Umicore SA ADR are growing −38.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Umicore SA (UMICY) carry?
The net debt of Umicore SA ADR is €1.3B (fiscal year 2025, ≈ 4.0 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 23, 2026