Corbion NV CSNVY

MaterialsChemicalsNetherlands

Last close 29.70 USD on Nov 2, 2026, +50.3% year to date

Quant rating

Quant rating B Rank 58 of 220 in Materials

Growth D 158 of 220
Valuation D 173 of 220
Quality C 133 of 220
Revisions A 10 of 220
Momentum A 4 of 220

Wall Street consensus Buy (2.12)Average target 31.40 USD +5.7%

Historical valuation

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

Key data

Market cap: 1.8B
Enterprise value: 2.3B
52-week range: 20.06 – 30.31
3-year range: 17.49 – 30.31
Dividend yield: 2.49%
Beta (5 years): 0.70
Shares outstanding: 58.3M
Next earnings: Feb 26, 2027

About the company

Corbion NV, formerly known as CSM NV, is a company based in the Netherlands that is active in the field of food ingredients and biochemicals. It operates through two segments: Biobased Ingredients and Biobased Innovations. The Biobased Ingredients segment comprises the Food business division and the Biochemicals business division. The Food business division develops preservation ingredients and microbial spoilage prevention products for the baking, meat, dairy, confectionery and beverage industries, and the Biochemicals business division produces bio-based chemicals derived from renewable resources such as sugar or starch. The Biobased Innovations segment creates new biotechnology business platforms, such aspoly lactic acid (PLA). The Company operates production sites in the United States, Brazil, Spain, the Netherlands and Thailand, and markets its products through a global network of retail offices.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,489	1,334	1,395	1,560	1,217	–
Revenue growth	11.6%	−4.4%	−10.6%	28.2%	1.0%	4.3%
EPS (basic, normalized)	1.53	1.00	1.25	1.59	1.13	–
EPS growth	52.9%	−19.5%	−21.9%	41.0%	–	–
Gross margin	26.4%	24.8%	22.5%	22.4%	25.1%	24.2%
Net margin	5.9%	3.6%	3.4%	6.2%	7.3%	5.3%
ROE	9.9%	6.5%	6.8%	15.3%	14.6%	10.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

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	1,489	+11.6%	1.6x	241	+32.3%	9.7x	1.53	+52.9%	19.4x
2026	1,450	−2.6%	1.6x	234	−3.0%	10.0x	1.53	0.0%	19.4x
2027	1,539	+6.1%	1.5x	265	+13.3%	8.8x	1.90	+23.9%	15.6x
2028	1,593	+3.5%	1.5x	279	+5.4%	8.4x	2.08	+9.5%	14.3x

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	1,450	+1.0%	+1.7%	+1.4%	1.53	+3.5%	+3.2%	−2.9%
2027	1,539	+2.5%	+3.7%	+3.7%	1.90	+8.5%	+8.8%	+5.8%
2028	1,593	+2.3%	+3.5%	+3.3%	2.08	+5.9%	+6.4%	+2.6%

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)	301	337	336	315	330	316	312	311	294	337
Sales mean (mil)	306	–	323	323	322	332	328	322	294	323
Surprise	−1.7%	–	+4.0%	−2.4%	+2.6%	−4.8%	−5.1%	−3.5%	−0.3%	+4.5%
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
CSNVY Corbion NV	1.8B	–	5.9%	2.10x	19.4x	15.6x	10.0x	8.8x
NPKYY Nippon Kayaku Co Ltd	1.9B	0.43x	10.2%	1.05x	12.5x	12.3x	7.3x	6.5x
AKCLY Aica Kogyo Co Ltd	1.9B	0.54x	7.4%	1.42x	5.6x	5.3x	7.1x	6.8x
STDN Standard Nuclear Inc	1.9B	–	−494.9%	14.47x	−47.4x	−110.5x	−129.1x	302.4x
TKYMY Tokuyama Corporation	1.8B	2.40x	6.4%	0.98x	3.5x	4.5x	6.7x	6.0x
HUN Huntsman Corp	1.7B	7.26x	−4.8%	0.65x	−41.0x	100.3x	9.7x	8.5x
Mean		2.66x	−78.3%	3.44x	−7.9x	4.6x	−14.7x	56.5x
Median		1.47x	6.1%	1.24x	4.6x	8.8x	7.2x	7.7x

Technical analysis

1M+14.2%
3M+35.6%
1Y+55.0%
3Y+85.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Corbion NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,489	1,334	1,395	1,560	1,217	1,205
Cost of revenue	1,095	1,003	1,081	1,211	911	868
Gross profit	393	331	314	349	306	337
Selling, general & administrative expenses	204	189	194	183	176	171
Research & development	49.9	47.9	50.3	50.5	48.4	45.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2.3	13.9	−16.1	−3.0	−11.7	−6.8
Other operating expenses	0	0	0	0	0	0
Operating income	137	80.0	85.3	119	93.2	127
Net interest income (expense)	−21.8	−12.5	−31.0	6.4	7.0	−18.6
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−3.5	−2.8	−4.2	−0.4	−1.9	−1.5
Net income before taxes	111	64.7	50.1	125	98.3	107
Provision for taxes	23.6	17.2	2.5	28.3	9.3	17.8
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	87.9	47.5	47.6	96.3	89.0	89.3
Extraordinary items	0	151	32.9	–	–	–
Net income	87.9	199	80.5	96.3	89.0	89.3
EBIT, normalized	142	94.8	45.2	116	114	124
EBITDA, normalized	243	185	139	197	187	198
Basic EPS, normalized	1.53	1.00	1.25	1.59	1.13	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Corbion NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	52.5	51.0	77.5	62.3	48.0	63.0
Receivables	253	202	256	267	241	176
Total inventory	283	267	290	354	261	201
Prepaid expenses	10.1	10.0	15.7	12.8	9.9	7.9
Other current assets	81.9	0.5	0.4	4.0	12.7	22.5
Total current assets	681	531	640	700	574	470
Property, plant & equipment	828	796	881	781	606	496
Goodwill	33.7	31.2	89.7	89.4	88.3	85.6
Intangibles	70.9	71.3	82.9	85.7	91.2	117
Long-term investments	8.9	95.6	93.5	136	134	109
Note receivable	13.2	34.4	40.4	–	–	–
Other long-term assets	28.0	41.2	34.2	32.9	31.6	34.4
Total assets	1,664	1,601	1,862	1,825	1,525	1,312
Liabilities
Accounts payable	128	109	115	159	146	121
Payable/accrued	–	–	–	–	–	–
Accrued expenses	43.7	57.4	31.0	57.6	49.8	45.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	116	208	407	345	96.2	62.8
Other current liabilities	71.8	78.7	96.5	73.4	73.4	55.8
Total current liabilities	360	453	649	634	365	286
Long-term debt	408	319	460	468	476	347
Minority interest	–	–	–	–	–	–
Other liabilities	23.6	28.9	50.0	53.3	53.9	49.1
Total liabilities	792	801	1,159	1,156	895	682
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	17.4	15.3	16.3	15.8	16.8	18.1
Additional paid-in capital	64.8	57.1	60.9	59.1	62.8	67.4
Retained earnings (accumulated deficit)	867	731	631	566	531	539
Treasury stock	–	–	–	–	–	–
Other equity	−76.9	−3.9	−6.0	28.9	19.2	5.4
Total equity	872	800	702	670	630	630
Total liabilities & shareholders' equity	1,664	1,601	1,862	1,825	1,525	1,312

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Corbion NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	137	80.0	129	119	93.2	127
Depreciation, depletion & amortization	101	89.9	93.4	81.8	72.9	73.6
Deferred taxes	–	–	–	–	–	–
Non-cash items	5.9	17.3	−23.8	−3.6	−8.3	−10.6
Changes in working capital	−54.5	3.4	−16.3	−155	−132	−57.0
Cash from operations	189	191	183	41.7	25.5	133
Investing activities
Capital expenditures	−80.1	−87.2	−165	−252	−169	−109
Other investing cash flows	−2.2	259	2.8	39.3	33.3	14.7
Cash from investing	−82.3	172	−162	−213	−136	−93.9
Financing activities
Financing cash flow items	–	–	–	−15.9	–	–
Cash dividends paid	−43.7	−43.4	−36.5	−35.3	−37.5	−40.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−66.5	−341	30.7	237	135	11.1
Cash from financing	−110	−385	−5.8	186	97.7	−29.2
Foreign exchange effects	−1.9	0.7	−1.4	2.4	1.9	−2.8
Net change in cash	−5.4	−21.6	13.2	17.1	−10.7	7.2
Free cash flow	109	103	17.8	−211	−144	24.5

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.