CRBN Stock Analysis: Corbion | AS
Specialty Chemicals | AS, Netherlands | Market Cap: 1.161m EUR | 12M Return: 13% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.14M
Warnings
No concerns identified
Tailwinds
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: under 40 is mostly noise, over 50 gets interesting, and over 70 is strong.
Corbion N.V. (CRBN) is a Netherlands-based specialty ingredients company that produces lactic acid and its derivatives, food preservation solutions, functional ingredient systems, and algae-based nutritional ingredients for customers across the food, feed, personal care, pharmaceutical, and industrial markets. The business is organized into two reporting segments-Functional Ingredients & Solutions and Health & Nutrition-and serves clients globally, including the Netherlands, the United States, Asia, the Americas, Europe, the Middle East, and Africa. Originally established as CSM N.V., the company adopted the Corbion name in October 2013 and has been operating since its founding in 1903, with headquarters in Amsterdam.
Corbions product portfolio spans fermentation-derived ingredients such as antioxidants, antimicrobials, flavors, fortification blends, lactates, and solvents, alongside proprietary algae-based offerings like AlgaPrime DHA (an omega-3 source) and AlgaVia (a lipid ingredient for fat reduction). It also supplies specialized lines for adjacent markets, including PURASORB biodegradable polymers used in medical and pharmaceutical applications, personal care ingredients under brands such as PURAC and PURASAL, and feed additives like LAFEED and CALFEED for livestock and poultry.
The company sits within the specialty chemicals sub-industry of the broader Materials sector, where its business model is anchored in bio-based fermentation technology rather than petrochemical synthesis. Lactic acid functions as a platform molecule that Corbion converts into downstream derivatives for diverse end-markets, with the PURASORB polymer line linking its fermentation expertise to the bioplastics value chain used in medical implants and sustainable packaging.
- AlgaPrime DHA algae omega-3 expands amid volatile fish oil supply
- Functional Ingredients margins pressured by lactic acid commodity costs
- Clean label preservation trend accelerates lactic acid derivative demand
| Net Income: 74.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA 0.08 > 1.0 |
| NWC/Revenue: 21.57% < 20% (prev 5.82%; Δ 15.75% < -1%) |
| CFO/TA 0.11 > 3% & CFO 160.9m > Net Income 74.8m |
| Net Debt (483.3m) to EBITDA (202.9m): 2.38 < 3 |
| Current Ratio: 1.89 > 1.5 & < 3 |
| Outstanding Shares: last quarter (57.8m) vs 12m ago -3.15% < -2% |
| Gross Margin: 26.07% > 18% (prev 24.49%; Δ 1.58% > 0.5%) |
| Asset Turnover: 85.54% > 50% (prev 83.30%; Δ 2.24% > 0%) |
| Interest Coverage Ratio: 5.30 > 6 (EBIT TTM 117.1m / Interest Expense TTM 22.1m) |
| A: 0.19 (Total Current Assets 580.0m - Total Current Liabilities 306.6m) / Total Assets 1.42b |
| B: 0.50 (Retained Earnings 706.6m / Total Assets 1.42b) |
| C: 0.08 (EBIT TTM 117.1m / Avg Total Assets 1.48b) |
| D: 1.10 (Book Value of Equity 742.6m / Total Liabilities 674.3m) |
| Altman-Z'' = 4.58 = AA |
| DSRI: 1.12 (Receivables 224.9m/203.5m, Revenue 1.27b/1.29b) |
| GMI: 0.94 (GM 24.49% / 26.07%) |
| AQI: 0.54 (AQ_t 0.09 / AQ_t-1 0.17) |
| SGI: 0.98 (Revenue 1.27b / 1.29b) |
| TATA: -0.06 (NI 74.8m - CFO 160.9m) / TA 1.42b) |
| Beneish M = -3.27 (Cap -4..+1) = AA |
As of July 02, 2026, the stock is trading at EUR 20.14 with a total of 72,956 shares traded. Over the past week, the price has changed by -1.47%, over one month by +2.34%, over three months by +9.64% and over the past year by +13.03%.
Current recommended Stop Loss: 19.20 (which is 4.7% or 1.9 ATR below the current price).
Corbion has no consensus analysts rating.
P/E Trailing = 15.8583
P/E Forward = 13.9665
P/S = 0.9157
P/B = 1.5707
P/EG = 1.2623
Revenue TTM = 1.27b EUR
EBIT TTM = 117.1m EUR
EBITDA TTM = 202.9m EUR
Long Term Debt = 313.1m EUR (from longTermDebt, last quarter)
Short Term Debt = 99.0m EUR (from shortTermDebt, last quarter)
Debt = 528.0m EUR (from shortLongTermDebtTotal, last quarter) + Leases 46.9m
Net Debt = 483.3m EUR (calculated: Debt 528.0m - CCE 44.7m)
Enterprise Value = 1.64b EUR (1.16b + Debt 528.0m - CCE 44.7m)
Interest Coverage Ratio = 5.30 (Ebit TTM 117.1m / Interest Expense TTM 22.1m)
EV/FCF = 17.73x (Enterprise Value 1.64b / FCF TTM 92.7m)
FCF Yield = 5.64% (FCF TTM 92.7m / Enterprise Value 1.64b)
FCF Margin = 7.31% (FCF TTM 92.7m / Revenue TTM 1.27b)
Net Margin = 5.90% (Net Income TTM 74.8m / Revenue TTM 1.27b)
Gross Margin = 26.07% ((Revenue TTM 1.27b - Cost of Revenue TTM 937.0m) / Revenue TTM)
Gross Margin QoQ = 24.96% (prev 27.14%)
Tobins Q-Ratio = 1.16 (Enterprise Value 1.64b / Total Assets 1.42b)
Interest Expense / Debt = 4.19% (Interest Expense 22.1m / Debt 528.0m)
Taxrate = 21.18% (20.1m / 94.9m)
NOPAT = 92.3m (EBIT 117.1m * (1 - 21.18%))
Current Ratio = 1.89 (Total Current Assets 580.0m / Total Current Liabilities 306.6m)
Debt / Equity = 0.71 (Debt 528.0m / totalStockholderEquity, last quarter 742.6m)
Debt / EBITDA = 2.38 (Net Debt 483.3m / EBITDA 202.9m)
Debt / FCF = 5.21 (Net Debt 483.3m / FCF TTM 92.7m)
Total Stockholder Equity = 749.8m (last 4 quarters mean from totalStockholderEquity)
RoA = 5.05% (Net Income 74.8m / Total Assets 1.42b)
RoE = 9.98% (Net Income TTM 74.8m / Total Stockholder Equity 749.8m)
RoCE = 11.02% (EBIT 117.1m / Capital Employed (Equity 749.8m + L.T.Debt 313.1m))
RoIC = 7.93% (NOPAT 92.3m / Invested Capital 1.16b)
WACC = 6.06% (E(1.16b)/V(1.69b) * Re(7.32%) + D(528.0m)/V(1.69b) * Rd(4.19%) * (1-Tc(0.21)))
Discount Rate = 7.32% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -51.11 | Cagr: -1.23%
[DCF] Terminal Value 74.40% ; FCFF base≈95.6m ; Y1≈90.2m ; Y5≈84.3m
[DCF] Fair Price = 14.69 (EV 1.33b - Net Debt 483.3m = Equity 846.5m / Shares 57.6m; r=8.35% [WACC [floored]]; 5y FCF grow -7.21% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.0 | # QB: 0
Revenue Correlation: -94.12 | Revenue CAGR: -6.81% | SUE: -0.00 | # QB: 0
EPS current Year (2026-12-31): EPS=1.37 | Chg30d=-1.90% | Revisions=-60% | GrowthEPS=+3.9% | GrowthRev=+0.6%
EPS next Year (2027-12-31): EPS=1.56 | Chg30d=-0.69% | Revisions=-27% | GrowthEPS=+14.4% | GrowthRev=+4.0%
[Analyst] Revisions Ratio: -60%