Evonik Industries AG EVKIY

MaterialsChemicalsGermany

Last close 11.74 USD on Nov 1, 2026, +59.8% year to date

Quant rating

Quant rating B Rank 45 of 220 in Materials

Growth C 106 of 220
Valuation B 66 of 220
Quality B 54 of 220
Revisions C 127 of 220
Momentum A 23 of 220

Wall Street consensus Hold (2.80)Average target 21.84 USD +86.1%

Historical valuation

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

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	16,524	15,692	16,849	19,786	17,001	–
Revenue growth	5.3%	−6.9%	−14.8%	16.4%	14.1%	2.1%
EPS (basic, normalized)	1.60	1.80	0.86	2.39	2.35	–
EPS growth	−11.1%	110.1%	−64.2%	2.1%	–	–
Gross margin	24.6%	25.7%	22.2%	23.4%	27.5%	24.7%
Net margin	1.9%	1.5%	−3.0%	2.9%	5.0%	1.6%
ROE	3.1%	2.5%	−4.7%	5.3%	8.6%	3.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	670
Current ratio	1.50x
Long-term debt (mil)	4,245
Net debt (mil)	4,499
Total equity (mil)	8,991
Net debt / equity	0.50x
Net debt / EBITDA	2.04x

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	16,524	+5.3%	0.9x	2,208	+2.1%	7.0x	1.60	−11.1%	7.3x
2026	16,480	−0.3%	0.9x	2,440	+10.5%	6.3x	1.88	+17.4%	6.2x
2027	16,305	−1.1%	0.9x	2,278	−6.6%	6.7x	1.62	−13.8%	7.2x
2028	16,698	+2.4%	0.9x	2,352	+3.2%	6.5x	1.75	+8.1%	6.7x

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	16,480	+0.1%	+1.8%	+2.9%	1.88	−1.8%	+9.3%	+29.0%
2027	16,305	−0.2%	+0.9%	+0.4%	1.62	−1.2%	−0.9%	+4.9%
2028	16,698	+0.1%	+1.2%	+0.2%	1.75	−2.3%	−2.4%	+4.7%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	FQ-8	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,796	3,930	3,832	3,599	3,777	3,499	3,391	3,403	3,427	3,893
Sales mean (mil)	3,968	3,966	3,908	3,622	3,862	3,752	3,447	3,391	3,548	3,696
Surprise	−4.3%	−0.9%	−1.9%	−0.6%	−2.2%	−6.7%	−1.6%	+0.3%	−3.4%	+5.3%
EPS reported	0.42	–	0.58	0.16	0.59	0.34	0.27	0.15	0.34	0.65
EPS mean	0.27	0.43	0.47	0.16	0.43	0.41	0.31	0.14	0.28	0.54
Surprise	+53.8%	–	+23.4%	−1.4%	+38.1%	−17.1%	−12.5%	+10.3%	+20.0%	+20.4%

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
EVKIY Evonik Industries AG	10.9B	2.04x	1.9%	1.25x	6.2x	7.2x	6.3x	6.7x
SSL Sasol Limited	11.3B	–	4.5%	1.13x	4.8x	6.0x	2.9x	3.4x
TRYIY TORAY INDUSTRIES, INC.	11.2B	–	3.1%	0.95x	–	–	–	–
YARIY Yara International ASA	10.9B	–	–	–	8.5x	10.2x	3.5x	3.8x
ALB Albemarle Corp	10.7B	2.49x	−13.2%	1.04x	8.1x	8.9x	5.0x	5.1x
MTLHY Mitsubishi Chemical Group Corporation	10.7B	3.69x	−2.2%	0.87x	48.8x	47.6x	5.9x	5.8x
Mean		2.74x	−1.2%	1.05x	15.3x	16.0x	4.7x	5.0x
Median		2.49x	1.9%	1.04x	8.1x	8.9x	5.0x	5.1x

Technical analysis

1M+4.9%
3M+18.3%
1Y+44.6%
3Y+61.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Evonik Industries AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	16,524	15,692	16,849	19,786	17,001	14,899
Cost of revenue	12,466	11,653	13,106	15,156	12,330	10,827
Gross profit	4,058	4,039	3,742	4,630	4,671	4,072
Selling, general & administrative expenses	2,594	2,486	2,556	2,746	2,562	2,482
Research & development	492	463	478	492	527	529
Interest expense (income), operating	4.7	5.2	68.4	15.0	−12.5	−13.4
Unusual expense (income)	336	427	894	472	188	25.6
Other operating expenses	−48.2	61.1	14.3	−104	72.8	48.9
Operating income	679	597	−268	1,008	1,333	1,000
Net interest income (expense)	−119	−65.2	−91.6	−64.2	−61.4	−9.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−64.6	−82.8	−27.6	43.9	−38.7	−155
Net income before taxes	496	449	−387	988	1,233	835
Provision for taxes	170	201	111	395	359	221
Minority interest	−14.1	−18.6	−14.3	−16.1	−23.9	−17.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	311	230	−513	577	850	597
Extraordinary items	0	0	0	1.1	−2.3	−29.3
Net income	311	230	−513	578	848	568
EBIT, normalized	1,010	1,032	694	1,495	1,509	1,115
EBITDA, normalized	2,173	2,096	1,906	2,672	2,671	2,333
Basic EPS, normalized	1.60	1.80	0.86	2.39	2.35	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Evonik Industries AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	732	640	1,247	1,312	1,167	1,539
Receivables	2,186	2,145	2,004	2,136	2,448	2,035
Total inventory	2,701	2,756	2,592	3,018	2,897	2,206
Prepaid expenses	42.3	44.5	–	–	–	–
Other current assets	173	117	672	666	434	282
Total current assets	5,834	5,702	6,516	7,132	6,946	6,061
Property, plant & equipment	8,102	7,658	8,011	8,491	8,607	8,862
Goodwill	5,181	4,873	5,056	4,889	5,440	5,551
Intangibles	806	895	1,042	1,222	1,432	1,627
Long-term investments	530	527	543	523	738	821
Note receivable	102	70.4	113	42.8	29.6	22.0
Other long-term assets	565	722	726	1,041	2,141	2,578
Total assets	21,119	20,447	22,006	23,341	25,333	25,521
Liabilities
Accounts payable	1,645	1,656	1,679	1,857	2,299	1,555
Payable/accrued	–	–	–	–	–	–
Accrued expenses	556	632	338	423	687	489
Short-term debt	94.0	51.8	0	2.1	0	55.0
Current portion of long-term debt	583	815	1,052	195	189	308
Other current liabilities	1,031	1,048	1,399	1,427	1,364	1,168
Total current liabilities	3,909	4,202	4,467	3,903	4,538	3,574
Long-term debt	3,870	3,048	3,636	4,329	3,954	4,325
Minority interest	75.2	82.8	83.9	87.8	94.4	106
Other liabilities	3,740	3,776	3,985	3,277	6,186	7,732
Total liabilities	11,593	11,109	12,173	11,597	14,773	15,736
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	547	482	514	499	530	569
Additional paid-in capital	1,372	1,209	1,289	1,250	1,328	1,425
Retained earnings (accumulated deficit)	8,425	7,688	8,338	10,001	8,830	8,398
Treasury stock	–	–	–	–	–	–
Other equity	−819	−41.4	−308	−5.4	−127	−607
Total equity	9,525	9,338	9,833	11,744	10,560	9,785
Total liabilities & shareholders' equity	21,119	20,447	22,006	23,341	25,333	25,521

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Evonik Industries AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	679	597	−268	1,008	1,333	1,000
Depreciation, depletion & amortization	1,413	1,156	2,032	1,678	1,220	1,243
Deferred taxes	–	–	–	–	–	–
Non-cash items	−3.5	1.0	−12.1	−66.4	39.8	−41.5
Changes in working capital	−393	18.6	7.7	−854	−530	−92.8
Cash from operations	1,695	1,773	1,759	1,766	2,063	2,109
Investing activities
Capital expenditures	−879	−870	−875	−926	−997	−1,168
Other investing cash flows	113	183	155	94.2	−219	471
Cash from investing	−766	−686	−721	−832	−1,216	−696
Financing activities
Financing cash flow items	−129	−141	−107	−209	−27.3	−94.0
Cash dividends paid	−640	−564	−601	−583	−609	−655
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−89.3	−672	−200	72.8	−336	−1,369
Cash from financing	−859	−1,377	−908	−719	−973	−2,118
Foreign exchange effects	−30.5	−8.3	−15.5	−12.8	4.5	−30.5
Net change in cash	39.9	−298	115	202	−122	−735
Free cash flow	816	904	884	840	1,066	942

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.

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Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.