Synthomer PLC SYHMY

MaterialsChemicalsUnited Kingdom

Last close 1.75 USD on Nov 1, 2026, +150.0% year to date

Quant rating

Quant rating C Rank 135 of 220 in Materials

Growth B 85 of 220
Valuation D 163 of 220
Quality D 180 of 220
Revisions C 131 of 220
Momentum B 79 of 220

Wall Street consensus Buy (2.50)Average target 1.83 USD +4.4%

Historical valuation

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

Key data

Market cap: 243M
Enterprise value: 1.2B
52-week range: 0.25 – 2.05
3-year range: 0.25 – 5.70
Dividend yield: –
Beta (5 years): –
Shares outstanding: 164M
Next earnings: Apr 28, 2027

About the company

Synthomer PLC is a United Kingdom-based supplier of specialized polymers and ingredients to sectors, such as coatings, construction, adhesives, and health and protection. The Company's segments include Coatings & Construction Solutions, Adhesive Solutions, and Health & Protection and Performance Materials (HPPM). The Coatings & Construction Solutions segment offers specialist polymers that enhance the sustainability and performance of a range of coating and construction products. It serves customers in applications, including architectural and masonry coatings, mortar modification, waterproofing and others. The Adhesive Solutions segment offers products that help its customers bond, modify and compatible surfaces and components for applications including tapes and labels, packaging, hygiene, tires and plastic modification. The HPPM segment enhances protection and performance in a range of industries including medical glove manufacture, and specialty paper, food packaging, and others.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,343	2,418	2,509	2,821	2,901	–
Revenue growth	−3.1%	−3.6%	−11.1%	−2.7%	29.0%	0.8%
EPS (basic, normalized)	−0.51	−0.03	−0.45	1.87	7.36	–
EPS growth	–	–	–	−74.6%	–	–
Gross margin	12.2%	12.2%	10.3%	14.1%	28.0%	15.3%
Net margin	−8.6%	−3.7%	−5.2%	−0.8%	9.2%	−1.8%
ROE	−15.1%	−6.5%	−9.5%	−1.8%	24.2%	−1.7%

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	2,343	−3.1%	0.5x	191	+3.5%	6.4x	−0.51	−1,463.2%	−3.5x
2026	2,472	+5.5%	0.5x	225	+18.0%	5.4x	0.05	+110.2%	34.0x
2027	2,519	+1.9%	0.5x	231	+2.8%	5.2x	0.04	−31.7%	49.7x
2028	2,589	+2.8%	0.5x	246	+6.1%	4.9x	0.10	+195.8%	16.8x

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	2,472	0.0%	−5.3%	+0.2%	0.05	0.0%	+332.5%	+237.8%
2027	2,519	0.0%	−4.6%	−2.7%	0.04	+1.2%	−67.1%	−71.4%
2028	2,589	−0.1%	−4.9%	−0.8%	0.10	0.0%	−20.9%	−28.2%

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)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
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
SYHMY Synthomer PLC	243M	–	−8.6%	0.20x	34.0x	49.7x	5.4x	5.2x
ASIX AdvanSix Inc.	415M	1.71x	3.2%	0.52x	83.0x	6.4x	6.9x	4.1x
VHI Valhi Inc	400M	–	−2.8%	0.39x	–	–	–	–
OEC Orion SA	317M	3.87x	−3.9%	0.83x	33.6x	16.9x	6.6x	6.1x
OPTX Syntec Optics Holdings, Inc	253M	–	−6.4%	8.31x	–	–	–	–
GRA NanoXplore Inc	166M	12.17x	−10.1%	2.05x	−32.9x	39.1x	34.4x	11.4x
Mean		5.91x	−4.8%	2.05x	29.4x	28.0x	13.3x	6.7x
Median		3.87x	−5.1%	0.68x	33.8x	28.0x	6.8x	5.7x

Technical analysis

1M−14.6%
3M0.0%
1Y+130.3%
3Y−86.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Synthomer PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,343	2,418	2,509	2,821	2,901	2,248
Cost of revenue	2,058	2,124	2,250	2,423	2,089	1,650
Gross profit	285	295	258	398	811	598
Selling, general & administrative expenses	237	236	212	195	229	245
Research & development	–	–	–	–	–	–
Depreciation/amortization	59.8	56.4	62.8	54.2	40.7	42.2
Interest expense (income), operating	−1.9	−1.6	−1.8	−2.1	−3.5	−1.6
Unusual expense (income)	54.2	32.4	36.3	167	144	144
Other operating expenses	4.3	5.5	0	0	0	95.4
Operating income	−67.6	−34.5	−51.0	−16.3	401	73.2
Net interest income (expense)	−84.2	−72.9	−81.5	−23.6	−30.0	−40.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.9	−2.1	−3.4	−1.5	−2.7	−5.1
Net income before taxes	−154	−110	−136	−41.4	368	27.8
Provision for taxes	48.5	−23.3	−5.7	−18.5	99.2	29.8
Minority interest	−0.1	−4.1	−0.3	0.6	−1.8	6.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−202	−90.5	−130	−22.3	267	4.2
Extraordinary items	−9.2	−0.4	45.2	−17.1	14.9	–
Net income	−212	−90.8	−85.3	−39.3	282	4.2
EBIT, normalized	−15.4	−3.8	−16.5	149	541	215
EBITDA, normalized	178	172	179	305	678	353
Basic EPS, normalized	−0.51	−0.03	−0.45	1.87	7.36	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Synthomer PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	256	282	473	275	684	276
Receivables	202	293	275	361	407	346
Total inventory	454	436	438	493	343	233
Prepaid expenses	8.8	11.0	7.1	9.2	16.6	13.0
Other current assets	8.9	11.6	17.4	270	4.3	1.9
Total current assets	929	1,034	1,210	1,409	1,454	869
Property, plant & equipment	884	861	898	912	688	713
Goodwill	597	569	593	582	659	675
Intangibles	562	598	666	707	465	516
Long-term investments	11.7	10.1	9.5	9.8	10.0	9.0
Note receivable	–	–	–	–	–	–
Other long-term assets	88.5	102	67.8	68.0	39.5	32.5
Total assets	3,072	3,174	3,445	3,687	3,316	2,815
Liabilities
Accounts payable	355	328	346	307	357	280
Payable/accrued	–	–	–	–	–	–
Accrued expenses	126	129	116	117	134	122
Short-term debt	0	0.4	0.9	22.4	0	0
Current portion of long-term debt	25.3	170	17.6	12.8	11.9	42.0
Other current liabilities	83.9	67.1	141	246	259	197
Total current liabilities	590	694	621	705	762	640
Long-term debt	1,077	929	1,161	1,535	885	941
Minority interest	18.5	19.3	17.1	16.9	18.5	17.9
Other liabilities	173	165	184	199	271	375
Total liabilities	1,859	1,808	1,983	2,456	1,937	1,975
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.2	2.0	2.0	56.5	63.2	58.1
Additional paid-in capital	1,247	1,158	1,179	750	839	576
Retained earnings (accumulated deficit)	−9.8	172	268	332	520	264
Treasury stock	–	–	–	–	–	–
Other equity	−26.1	34.0	13.2	91.8	−43.4	−57.3
Total equity	1,214	1,367	1,462	1,230	1,379	841
Total liabilities & shareholders' equity	3,072	3,174	3,445	3,687	3,316	2,815

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Synthomer PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−75.9	−32.4	22.5	−32.1	417	79.9
Depreciation, depletion & amortization	134	121	134	114	96.5	95.4
Deferred taxes	–	–	–	–	–	–
Non-cash items	93.6	−8.0	−10.9	183	122	110
Changes in working capital	15.8	−122	45.3	−102	−266	−29.9
Cash from operations	167	−41.9	191	162	370	255
Investing activities
Capital expenditures	−118	−113	−107	−110	−111	−73.6
Other investing cash flows	30.6	36.2	244	−916	4.9	−427
Cash from investing	−87.6	−77.2	137	−1,026	−106	−500
Financing activities
Financing cash flow items	−2.8	−0.9	−0.5	−1.8	−1.9	−4.5
Cash dividends paid	–	0	0	−120	−99.4	−17.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−128	−56.5	−115	624	262	396
Cash from financing	−130	−57.4	−116	501	160	374
Foreign exchange effects	2.6	−5.0	−6.9	4.5	0.8	−8.9
Net change in cash	−48.0	−182	205	−358	425	120
Free cash flow	49.3	−155	84.0	52.1	259	182

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.