Arkema SA ARKAY

MaterialsChemicalsFrance

Last close 63.62 USD on Nov 2, 2026, +10.6% year to date

Quant rating

Quant rating C Rank 133 of 220 in Materials

Growth D 161 of 220
Valuation B 75 of 220
Quality C 145 of 220
Revisions C 120 of 220
Momentum C 119 of 220

Wall Street consensus Strong Buy (1.50)Average target 93.50 USD +47.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.9B
Enterprise value: 8.2B
52-week range: 56.28 – 79.36
3-year range: 56.28 – 114.15
Dividend yield: 6.75%
Beta (5 years): 0.83
Shares outstanding: 77.1M
Next earnings: Nov 5, 2026

About the company

Arkema SA is a France-based chemical producer, which provides specialty chemicals and advanced materials. The Company manufactures a range of products for industries, including construction, packaging, chemical, automotive, electronics, food, and pharmaceutical industries. The Company operates through five business segments: Advanced materials that includes high performance polymers, specialty surfactants, molecular sieves, organic peroxides, oxygenates, and others; Adhesives that includes sealants, adhesives for floors and tiles, waterproofing products, and others; Coating solutions that include resins, emulsions for adhesives, surface coating products, absorbents, and others; Intermediate products that include thermoplastic polymers (PMMA) polymethyl methacrylate, acrylic products, fluorinated gases, and others. The Company has production centers located in Europe, North America and Asia. It operates through a network of subsidiaries, such as XL Brands.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	10,650	9,881	10,500	12,361	10,821	–
Revenue growth	7.8%	−5.9%	−15.1%	14.2%	–	–
EPS (basic, normalized)	4.87	8.86	9.41	16.47	13.96	–
EPS growth	−45.0%	−5.8%	−42.9%	18.0%	–	–
Gross margin	17.8%	20.3%	20.6%	22.3%	22.5%	20.7%
Net margin	0.4%	3.5%	4.2%	8.2%	13.6%	6.0%
ROE	0.9%	4.8%	5.8%	14.2%	–	6.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,698
Current ratio	1.52x
Long-term debt (mil)	3,319
Net debt (mil)	3,389
Total equity (mil)	7,744
Net debt / equity	0.44x
Net debt / EBITDA	2.40x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	10,650	+7.8%	0.8x	1,411	−13.0%	5.8x	4.87	−45.0%	13.1x
2026	10,570	−0.8%	0.8x	1,466	+3.9%	5.6x	4.51	−7.4%	14.1x
2027	10,864	+2.8%	0.8x	1,611	+9.9%	5.1x	5.98	+32.5%	10.6x
2028	11,149	+2.6%	0.7x	1,729	+7.4%	4.7x	8.00	+33.8%	8.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	10,570	0.0%	+0.2%	−6.1%	4.51	0.0%	−1.6%	−12.7%
2027	10,864	0.0%	−0.1%	−1.2%	5.98	0.0%	−1.0%	−2.1%
2028	11,149	0.0%	0.0%	−3.0%	8.00	0.0%	−1.6%	−4.0%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	2,553	2,822
Sales mean (mil)	–	–	–	–	–	2,776	2,541	2,483	2,592	2,799
Surprise	–	–	–	–	–	–	–	–	−1.5%	+0.8%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Chemicals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ARKAY Arkema SA	4.9B	2.40x	0.4%	0.63x	14.1x	10.6x	5.6x	5.1x
NNUP Nocopi Technologies, Inc.	19M	–	−10.4%	1.30x	40.0x	14.5x	–	–
Mean		2.40x	−5.0%	0.97x	27.0x	12.6x	5.6x	5.1x
Median		2.40x	−5.0%	0.97x	27.0x	12.6x	5.6x	5.1x

Technical analysis

1M+4.8%
3M−6.3%
1Y+13.7%
3Y−22.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Arkema SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	10,650	9,881	10,500	12,361	10,821	–
Cost of revenue	8,755	7,873	8,337	9,600	8,385	–
Gross profit	1,896	2,007	2,163	2,761	2,436	–
Selling, general & administrative expenses	1,069	952	965	929	891	–
Research & development	334	288	303	289	276	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	152	108	69.5	131	−701	–
Other operating expenses	3.5	52.8	73.9	35.3	0	–
Operating income	338	607	752	1,377	1,970	–
Net interest income (expense)	−106	−52.8	−57.4	−42.8	−61.4	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−42.3	−29.0	−29.8	−28.9	−3.4	–
Net income before taxes	190	525	664	1,306	1,905	–
Provision for taxes	117	155	195	272	419	–
Minority interest	1.2	−3.1	−7.7	−1.1	2.3	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	74.0	366	461	1,033	1,488	–
Extraordinary items	–	–	–	–	–	–
Net income	74.0	366	461	1,033	1,488	–
EBIT, normalized	490	736	823	1,518	1,319	–
EBITDA, normalized	1,472	1,532	1,583	2,231	2,005	–
Basic EPS, normalized	4.87	8.86	9.41	16.47	13.96	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Arkema SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,570	2,084	2,257	1,704	2,598	–
Receivables	1,746	1,671	1,736	1,811	1,937	–
Total inventory	1,341	1,396	1,333	1,497	1,459	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	9.4	20.7	35.3	84.5	128	–
Total current assets	5,667	5,171	5,361	5,096	6,122	–
Property, plant & equipment	4,622	4,376	4,116	3,670	3,446	–
Goodwill	3,365	3,179	3,355	2,841	2,188	–
Intangibles	2,516	2,457	2,666	2,331	1,725	–
Long-term investments	49.3	138	139	137	150	–
Note receivable	–	260	207	205	177	–
Other long-term assets	512	165	175	179	176	–
Total assets	16,731	15,746	16,021	14,460	13,984	–
Liabilities
Accounts payable	1,140	1,112	1,143	1,230	1,448	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	328	295	288	300	313	–
Short-term debt	0	0	429	473	0	–
Current portion of long-term debt	888	905	168	274	93.2	–
Other current liabilities	298	262	266	303	412	–
Total current liabilities	2,654	2,574	2,294	2,579	2,266	–
Long-term debt	4,465	3,810	4,121	2,740	3,047	–
Minority interest	222	243	278	41.7	53.4	–
Other liabilities	1,352	1,327	1,378	1,286	1,453	–
Total liabilities	8,694	7,954	8,072	6,647	6,819	–
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	894	788	828	803	872	–
Additional paid-in capital	1,312	1,156	1,178	1,142	1,446	–
Retained earnings (accumulated deficit)	5,138	4,785	5,007	4,763	4,122	–
Treasury stock	−35.2	−22.8	−23.2	−21.4	−347	–
Other equity	728	1,085	960	1,126	1,072	–
Total equity	8,037	7,792	7,949	7,812	7,165	–
Total liabilities & shareholders' equity	16,731	15,746	16,021	14,460	13,984	–

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Arkema SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	72.8	370	469	1,034	–	–
Depreciation, depletion & amortization	984	830	792	757	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	−85.7	8.3	−59.6	−82.4	–	–
Changes in working capital	200	−47.6	202	−107	–	–
Cash from operations	1,171	1,161	1,404	1,601	–	–
Investing activities
Capital expenditures	−785	−788	−748	−781	–	–
Other investing cash flows	61.1	−185	−747	−1,724	–	–
Cash from investing	−723	−973	−1,495	−2,505	–	–
Financing activities
Financing cash flow items	436	−19.7	−21.0	−21.4	–	–
Cash dividends paid	−319	−270	−279	−238	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−452	75.6	870	439	–	–
Cash from financing	−336	−214	569	180	–	–
Foreign exchange effects	94.0	−6.2	22.1	−17.1	–	–
Net change in cash	206	−33.1	500	−742	–	–
Free cash flow	386	373	656	820	–	–

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.