Eramet S.A. ERMAY

MaterialsMetals & MiningFrance

Last close 4.27 USD on Nov 1, 2026, −36.1% year to date

Quant rating

Quant rating D Rank 161 of 220 in Materials

Growth D 184 of 220
Valuation D 154 of 220
Quality D 185 of 220
Revisions B 37 of 220
Momentum D 174 of 220

Wall Street consensus Hold (2.57)Average target 53.58 USD +1,154.8%

Historical valuation

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

Key data

Market cap: 1.2B
Enterprise value: 4.4B
52-week range: 3.72 – 10.35
3-year range: 3.72 – 12.18
Dividend yield: 4.04%
Beta (5 years): 0.64
Shares outstanding: 28.8M
Next earnings: Feb 17, 2027

About the company

Eramet S.A. is a France-based company. The Company is engaged in mining and metals activities, focused on the extraction, processing, transformation and marketing of mineral resources used in industrial and energy transition applications. The company operates across four main business segments: manganese, nickel, mineral sands and lithium. Its activities include manganese ore mining and alloy production, nickel ore operations, mineral sands extraction and processing, and lithium production. ERAMET also conducts exploration activities, innovation and digital transformation programs, and integrated operational management. Through subsidiaries and mining operations including Comilog, Le Nickel-SLN, PT Weda Bay Nickel, Grande Cote Operations and Eramine, the company serves global markets that supply the steel, metallurgy, battery, electronics, agriculture and chemical industries.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,233	3,037	3,588	5,366	4,170	–
Revenue growth	6.5%	−15.4%	−33.1%	28.7%	−3.9%	−5.7%
EPS (basic, normalized)	−15.23	0.52	4.10	27.36	11.78	–
EPS growth	–	−87.3%	−85.0%	132.2%	–	–
Gross margin	63.2%	66.9%	66.1%	70.2%	73.8%	68.0%
Net margin	−17.3%	0.5%	3.2%	17.9%	19.7%	4.8%
ROE	−44.2%	0.9%	6.1%	64.2%	81.5%	21.7%

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	3,233	+6.5%	1.4x	438	−26.6%	10.1x	−15.23	−3,023.7%	−0.3x
2026	3,502	+8.3%	1.3x	520	+18.6%	8.6x	−6.55	+57.0%	−0.7x
2027	3,919	+11.9%	1.1x	747	+43.7%	6.0x	1.83	+127.9%	2.3x
2028	4,009	+2.3%	1.1x	787	+5.3%	5.7x	4.41	+140.9%	1.0x

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	3,502	+0.9%	+1.0%	+2.1%	−6.55	−0.7%	+2.0%	+6.9%
2027	3,919	+0.3%	+0.4%	+2.6%	1.83	+6.3%	+194.9%	+201.3%
2028	4,009	+0.2%	+0.3%	+2.2%	4.41	−5.3%	+23.5%	+21.3%

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)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	668	695	–	864	645	–	–	–	–	1,109
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

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

Peer comparison Metals & Mining

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
ERMAY Eramet S.A.	1.2B	–	−17.3%	2.48x	−0.7x	2.3x	8.6x	6.0x
FDY Faraday Copper Corp	1.2B	4.44x	–	8.34x	−29.6x	−40.7x	−29.7x	−36.8x
IE Ivanhoe Electric Inc.	1.2B	1.96x	−3,263.7%	2.34x	−55.0x	−13.4x	54.4x	−18.4x
ORE Orezone Gold Corporation	1.2B	0.08x	17.2%	2.07x	3.4x	2.1x	2.1x	1.6x
IAU I-80 Gold Corp	1.2B	0.43x	−208.9%	4.66x	−11.5x	276.9x	−10.7x	30.4x
ABRA AbraSilver Resource Corp	1.2B	–	–	30.68x	−35.6x	−97.3x	−28.7x	−58.7x
Mean		1.73x	−868.2%	8.43x	−21.5x	21.7x	−0.7x	−12.7x
Median		1.20x	−113.1%	3.57x	−20.6x	−5.7x	−4.3x	−8.4x

Technical analysis

1M−14.5%
3M−10.1%
1Y−37.5%
3Y−30.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Eramet S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,233	3,037	3,588	5,366	4,170	4,339
Cost of revenue	1,191	1,005	1,215	1,600	1,094	1,595
Gross profit	2,042	2,031	2,373	3,766	3,076	2,744
Selling, general & administrative expenses	720	625	684	668	622	948
Research & development	–	–	–	–	–	–
Depreciation/amortization	317	257	265	290	294	343
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	325	36.2	551	270	−101	723
Other operating expenses	1,160	1,050	1,285	1,438	1,269	1,324
Operating income	−480	63.2	−412	1,100	992	−594
Net interest income (expense)	−108	3.1	551	189	43.2	−63.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−30.5	−22.8	−28.7	−11.8	−25.0	−20.8
Net income before taxes	−619	43.5	110	1,278	1,011	−678
Provision for taxes	50.5	97.3	97.1	283	111	148
Minority interest	109	68.3	100	−36.4	−76.2	1.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−560	14.5	114	959	823	−824
Extraordinary items	–	0	6.6	−167	−484	–
Net income	−560	14.5	120	792	339	−824
EBIT, normalized	−155	99.4	139	1,370	891	129
EBITDA, normalized	162	356	404	1,660	1,202	1,050
Basic EPS, normalized	−15.23	0.52	4.10	27.36	11.78	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Eramet S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	694	945	1,772	1,777	1,337	2,267
Receivables	307	273	255	401	441	442
Total inventory	761	716	683	775	656	1,106
Prepaid expenses	–	–	–	–	–	–
Other current assets	559	562	569	1,309	1,108	430
Total current assets	2,321	2,497	3,280	4,262	3,542	4,245
Property, plant & equipment	3,522	3,003	2,545	2,459	2,639	2,695
Goodwill	175	194	205	223	234	245
Intangibles	235	260	274	298	308	341
Long-term investments	457	553	452	323	117	143
Note receivable	82.2	72.5	90.5	38.5	207	242
Other long-term assets	115	113	79.5	58.9	50.0	4.9
Total assets	6,907	6,692	6,926	7,662	7,097	7,916
Liabilities
Accounts payable	436	398	491	454	458	661
Payable/accrued	–	–	–	–	–	–
Accrued expenses	301	296	306	386	284	410
Short-term debt	197	70.4	107	209	115	74.5
Current portion of long-term debt	384	283	578	365	417	271
Other current liabilities	375	476	451	1,279	1,169	426
Total current liabilities	1,692	1,523	1,933	2,693	2,443	1,843
Long-term debt	2,384	1,949	1,772	1,571	1,869	3,549
Minority interest	913	723	435	497	367	285
Other liabilities	1,075	1,005	1,020	995	1,268	1,307
Total liabilities	6,064	5,200	5,160	5,756	5,947	6,983
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	103	91.1	97.1	94.2	100	98.9
Additional paid-in capital	541	482	514	499	530	460
Retained earnings (accumulated deficit)	953	1,368	1,762	1,663	790	620
Treasury stock	–	–	–	–	–	–
Other equity	−754	−449	−608	−350	−269	−247
Total equity	843	1,492	1,766	1,906	1,150	933
Total liabilities & shareholders' equity	6,907	6,692	6,926	7,662	7,097	7,916

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Eramet S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−669	−53.8	19.9	828	415	−826
Depreciation, depletion & amortization	547	156	358	523	161	921
Deferred taxes	18.8	116	−3.3	19.3	1.1	2.4
Non-cash items	−135	−156	−228	−213	233	−79.4
Changes in working capital	−129	−192	79.5	−119	−94.4	359
Cash from operations	−368	−129	225	1,039	716	377
Investing activities
Capital expenditures	−554	−711	−779	−567	−355	−418
Other investing cash flows	395	394	164	18.2	38.7	−40.3
Cash from investing	−160	−317	−615	−549	−316	−458
Financing activities
Financing cash flow items	−81.0	−744	−173	−33.2	−28.4	6.1
Cash dividends paid	−50.5	−44.5	−110	−77.1	0	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	645	776	580	46.0	−1,139	1,177
Cash from financing	513	−12.4	297	−64.2	−1,167	1,183
Foreign exchange effects	−58.7	−10.4	49.7	−68.5	3.4	2.4
Net change in cash	−72.8	−469	−43.0	357	−764	1,105
Free cash flow	−922	−841	−554	472	362	−40.3

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 1, 2026 after market close.