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Umicore SA
(OTC:UMICY)
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Rating:62Neutral
Price Target:
$6.50
▼(-4.69% Downside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by improving operating performance and cash generation, supported by a positive earnings update and upgraded 2026 EBITDA guidance. The main constraint is balance-sheet pressure (still-elevated leverage and declining equity), while technical signals are mixed and not yet strongly bullish. Valuation helps with a moderate P/E and a modest dividend yield.
Positive Factors
Cash generation recovery
Umicore’s materially improved cash generation and positive free cash flow provide durable financial flexibility to fund capex, deleveraging and strategic investments. Strong operating cash flow relative to prior year reduces reliance on external funding and supports ongoing circular-materials projects.
Negative Factors
Elevated leverage and weaker equity
Relative to historical norms, elevated leverage and a marked drop in equity materially reduce financial flexibility. Higher debt levels increase refinancing and interest-rate sensitivity, constraining the company’s capacity to invest through cycles or absorb prolonged commodity-price weakness without further balance-sheet action.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation recovery
Umicore’s materially improved cash generation and positive free cash flow provide durable financial flexibility to fund capex, deleveraging and strategic investments. Strong operating cash flow relative to prior year reduces reliance on external funding and supports ongoing circular-materials projects.
Read all positive factors
Umicore SA (UMICY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.41B
Dividend Yield2.2%
Average Volume (3M)9.52K
Price to Earnings (P/E)11.3
Beta (1Y)1.07
Revenue Growth63.84%
EPS Growth303.96%
CountryUS
Employees11,230
SectorIndustrials
Sector Strength72
IndustryOther Precious Metals
Share Statistics
EPS (TTM)0.51
Shares Outstanding985,600,000
10 Day Avg. Volume11,105
30 Day Avg. Volume9,517
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)1.91
Price to Sales (P/S)0.23
P/FCF Ratio13.27
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.51
Revenue Forecast (FY)$4.32B
Umicore SA Business Overview & Revenue Model
Company Description
Umicore SA engages in the materials technology business. It operates through the following business segments: Catalysis, Energy & Surface Technologies, Recycling, and Corporate. The Catalysis segment is composed of automotive catalysts for gasolin...
How the Company Makes Money
Umicore makes money primarily by selling specialty materials and services tied to its core business areas: (1) Battery materials: Umicore supplies cathode active materials and related products used by battery and automotive supply chains (e.g., fo...
Umicore SA Earnings Call Summary
Earnings Call Date:Jul 31, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 19, 2027
Earnings Call Sentiment Positive
The call presented strong, broad‑based H1 2026 financial and operational results — revenue growth (+7%), large EBITDA and margin expansion (+33% EBITDA; margin +~600 bps to 30.2%), improved returns (ROCE to 23%), substantial cash generation (operating cash flow EUR 565m, FOCF EUR 295m) and an upgraded full‑year EBITDA guidance (>EUR 1bn). Segment highlights include an outstanding Recycling margin (~52%), Specialty Materials double‑digit growth, and a Battery Cathode EBITDA turnaround (EUR 90m) though volumes remain flat. Key risks and offsets are that H1 benefited from exceptional metal‑price tailwinds (especially Q1) that are expected to moderate, H2 is guided to be lower than H1, certain areas remain loss‑making or negative (Battery Recycling, fuel cell catalysts in China), and some performance depends on contractual take‑or‑pay protections. On balance the strong operational execution, improved cash generation, upgraded guidance and robust balance sheet outweigh the transitory headwinds and execution‑timing risks.Positive Updates
Revenue Growth
Group revenues grew 7% year‑on‑year to EUR 1.9 billion in H1 2026.
Negative Updates
H1 Tailwind May Not Persist into H2 / 2027
Management warned that H1 benefited from a pronounced metal‑price tailwind (especially Q1) and exceptional conditions that are not expected to continue; they expect H2 to be lower than H1 and normalization into 2027.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Group revenues grew 7% year‑on‑year to EUR 1.9 billion in H1 2026.
Read all positive updates
Company Guidance
Umicore upgraded full‑year 2026 adjusted EBITDA guidance to slightly above EUR 1.0 billion (previously to approach EUR 1.0 billion), supported by a strong H1 with revenues up 7% to EUR 1.9 billion, adjusted EBITDA up 33% to EUR 577 million and an adjusted EBITDA margin of ~30.2%; ROCE improved to 23%, free operating cash flow was EUR 295 million, cash on hand EUR 1.8 billion with EUR 1.1 billion undrawn facilities and net debt around EUR 1.5 billion (leverage ~1.5x). Management’s upgrade assumes stable metal prices vs June 2026 and no major macro deterioration; segment guidance: Catalysis EBITDA expected in line with 2025’s record, Recycling FY EBITDA likely significantly above 2025 (H2 to be lower than H1), Specialty Materials materially above last year (slowing in H2), Battery Materials volumes stable YoY with growing reliance on take‑or‑pay; CapEx expected to be in line with 2025 and hedges in place for key metals up to 2029–2030.Umicore SA Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
44
Neutral
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 24.80B | 18.61B | 14.85B | 18.27B | 25.44B | 24.05B |
| Gross Profit | -5.26B | 1.34B | 2.21B | 1.52B | 1.67B | 1.57B |
| EBITDA | 1.42B | 1.17B | 432.60M | 1.05B | 1.08B | 1.15B |
| Net Income | 477.19M | 369.32M | -1.48B | 385.07M | 569.88M | 618.96M |
Balance Sheet | ||||||
| Total Assets | 10.06B | 9.46B | 9.41B | 9.97B | 9.94B | 9.05B |
| Cash, Cash Equivalents and Short-Term Investments | 1.80B | 1.56B | 2.01B | 1.52B | 1.24B | 1.19B |
| Total Debt | 3.25B | 2.84B | 3.45B | 2.75B | 2.35B | 2.16B |
| Total Liabilities | 7.61B | 7.18B | 7.49B | 6.27B | 6.38B | 5.88B |
| Stockholders Equity | 2.41B | 2.24B | 1.94B | 3.66B | 3.52B | 3.11B |
Cash Flow | ||||||
| Free Cash Flow | 664.88M | 321.49M | 286.50M | 157.92M | 142.88M | 842.15M |
| Operating Cash Flow | 979.18M | 596.01M | 868.70M | 1.04B | 634.17M | 1.26B |
| Investing Cash Flow | -562.96M | -542.99M | -775.70M | -948.70M | -480.77M | -471.45M |
| Financing Cash Flow | 272.98M | -568.83M | 413.50M | 129.28M | -112.53M | -602.37M |
Umicore SA Technical Analysis
Neutral
6.82
Price Trends
6.27
Positive
6.31
Positive
5.70
Positive
Market Momentum
0.10
Positive
51.24
Neutral
8.64
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UMICY, the sentiment is Neutral. The current price of 6.82 is above the 20-day moving average (MA) of 6.79, above the 50-day MA of 6.27, and above the 200-day MA of 5.70, indicating a neutral trend. The MACD of 0.10 indicates Positive momentum. The RSI at 51.24 is Neutral, neither overbought nor oversold. The STOCH value of 8.64 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for UMICY.
Umicore SA Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $389.47M | 26.05 | 8.25% | ― | -14.95% | -31.61% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $6.41B | 11.29 | 23.93% | 2.20% | 63.84% | 303.96% | |
53 Neutral | $4.34B | -127.36 | -3.60% | 2.96% | 37.64% | -145.85% | |
53 Neutral | $48.39M | -13.79 | -8.88% | ― | 8.89% | -6.47% | |
48 Neutral | $58.82M | -2.63 | -401.94% | ― | ― | ― | |
48 Neutral | $1.28B | -5.11 | -196.94% | ― | 326.13% | 20.03% |
* Industrials Sector Average
UMICY
Umicore SA
6.66
2.73
69.41%
CECO
Ceco Environmental
74.10
28.98
64.23%
ERII
Energy Recovery
7.63
-6.95
-47.67%
FTEK
Fuel Tech
1.55
-1.32
-45.99%
SCWO
374Water
3.32
-0.74
-18.23%
PCT
PureCycle Technologies
6.39
-7.00
-52.28%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.