Orion S.A.
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Range $7.5 – $7.5
Price Chart
About the company
Orion S. A. , together with its subsidiaries, engages in the manufacture and sale of carbon black products.
- CEO
- Corning F. Painter
- IPO
- 2014
- Employees
- 1,639
- HQ
- Senningerberg, LU, LU
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $343.41M
- P/E
- -3.52
- Fwd P/E
- 54.96
- PEG
- 0.05
- P/S
- 0.19
- P/B
- 0.90
- EV/EBITDA
- 8.82
- Div Yield
- 1.36%
- Gross Margin
- 18.40%
- Op Margin
- 3.75%
- Net Margin
- -5.28%
- ROE
- -24.91%
- ROIC
- 4.20%
Latest fiscal year · YoY change
- Revenue
- $1.81B-3.8%
- Gross Profit
- $359.80M-16.1%
- Op Income
- $101.60M
- Net Income
- $-70,100,000-258.6%
- EPS
- $-1.24-263.2%
- OCF Growth
- +68.6%
- FCF Growth
- +161.7%
- 52W High
- $10.89
- 52W Low
- $4.34
- 50D MA
- $6.76
- 200D MA
- $6.22
- Beta
- 1.00
- RSI (14)
- 41
- Avg Volume
- 585.62K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Orion posted a strong Specialty-driven Q2, lifted full-year free cash flow expectations, and reaffirmed adjusted EBITDA guidance despite continued uncertainty in Rubber and limited second-half visibility.· August 6, 2026
- Adjusted EBITDA rose 26% sequentially to $58 million, though it was down 15% year over year.
- Specialty was the standout: adjusted EBITDA was $39 million, up 96% year over year, helped by 5% volume growth, mix and pricing.
- Rubber adjusted EBITDA was $19 million, down 61% year over year, reflecting lower 2026 contractual pricing and mix pressure.
- Free cash flow was positive at $2 million in Q2, and management lifted full-year free cash flow guidance to a $5 million midpoint.
- Full-year adjusted EBITDA guidance was reaffirmed at $170 million to $210 million despite macro volatility and limited order visibility.
Second-quarter adjusted EBITDA was $58 million, up 26% sequentially and down 15% year over year. Specialty adjusted EBITDA was $39 million, up 96% year over year, on 5% higher specialty volumes; Rubber adjusted EBITDA was $19 million, down 61% year over year. Cash flow from operations was $27 million, capital expenditures were $25 million, and free cash flow was $2 million in Q2. Net debt ended the quarter at $961 million, with net debt-to-adjusted EBITDA of 4.4x and liquidity of $178 million. For 2026, Orion reaffirmed adjusted EBITDA guidance of $170 million to $210 million and raised free cash flow guidance to a $5 million midpoint, assuming Brent crude averages $80 per barrel in the second half.
Corning Painter framed the quarter as evidence that Orion is executing well in a volatile environment, emphasizing controllable levers like safety, reliability, working capital, and pricing. He highlighted strong Specialty demand, favorable local-for-local supply dynamics, and supportive trade and regulatory developments, including EU antidumping duties on Chinese tire exports. His tone was constructive and confident, but he repeatedly noted limited visibility and macro uncertainty.
Jon Puckett focused on the mechanics behind the quarter: $58 million of adjusted EBITDA, with Specialty offsetting Rubber weakness, and $2 million of free cash flow. He said working capital initiatives, especially inventory and accounts payable, generated $4 million of cash in the quarter and more than offset what would have been about a $60 million oil-feedstock headwind. He also noted capex fell by $11 million sequentially to $25 million, net debt was $961 million, leverage was 4.4x, and liquidity was $178 million.
Analysts pressed on contract negotiations, Specialty’s Q3 outlook, gross profit per ton durability, payment terms, and EU emissions credits. Management said negotiations have started with some customers and that the setup is somewhat better this year because of lower imports, regulatory actions, tight spot markets, and customers’ experience with reliability. On Specialty, management said Q3 is seasonally weaker, visibility is limited, some Q2 pricing/timing benefits may not repeat, and September is usually the biggest month, while EU emissions credits are now expected to hit in Q3 and are included in guidance.
The call showed clear evidence that Specialty demand is broadening across end markets, with strong growth in coatings, wire and cable, packaging, and battery markets. Management also sounded encouraged by improving trade dynamics, local supply preferences, and better working capital execution, which helped raise free cash flow guidance.
Rubber remains under pressure from lower contractual pricing, weaker local tire production, and limited visibility into second-half demand. Management also acknowledged that some Q2 pricing/timing benefits in Specialty may not recur, Q3 is seasonally softer, and customers’ forecasts are not very reliable right now.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 90.4%
- Shares Outstanding
- 56.39M
- Float Shares
- 50.96M
of shares held by institutions
185 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Pzena Investment Management LLC | 4.77M | ▲ 172.06K |
| Blackrock, Inc. | 4.21M | ▲ 245.53K |
| Divisar Capital Management LLC | 3.38M | ▼ 182.51K |
| American Century Companies Inc | 3.20M | ▲ 695.31K |
| Aqr Capital Management LLC | 2.47M | ▲ 516.82K |
| D. E. Shaw & Co., Inc. | 2.19M | ▼ 282.49K |
| Dimensional Fund Advisors LP | 1.97M | ▼ 86.84K |
| Vanguard Group Inc | 1.88M | ▼ 9.77K |
| Invesco Ltd. | 1.66M | ▼ 64.23K |
| Fuller & Thaler Asset Management, Inc. | 1.64M | ▲ 256.27K |
| Geode Capital Management, LLC | 1.45M | ▲ 166.83K |
| Morgan Stanley | 1.32M | ▼ 109.80K |
Held by 119 ETFs
Biggest fund positions in OEC by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jun 26, 26 | Hoogerbrugge Jacqueline | other | 19,150 |
| Jun 26, 26 | LINDSEY MARY A | other | 19,150 |
| Jun 26, 26 | PAIK YI HYON | other | 19,150 |
| Jun 26, 26 | HUCK PAUL E | other | 19,150 |
| Jun 26, 26 | Miraton Didier | other | 19,150 |
| Jun 26, 26 | GALVIN KERRY A | other | 19,150 |
| Jun 26, 26 | SMITH DAN F | other | 19,150 |
| Apr 29, 26 | Riveros Pedro | other | 24,898 |
| Apr 29, 26 | Quinones Carlos | other | 23,018 |
| Apr 29, 26 | Puckett Jonathan A. | other | 41,513 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our OEC coverage
Recent articles, reports, and earnings notes.
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Generate OEC report →Orion S.A. to Participate in Upcoming Investor Conferences
businesswire.com · Aug 19
OEC Q2 Earnings Beat on Specialty Strength, Sales Rise Y/Y
zacks.com · Aug 11
Orion S.A. $OEC Shares Sold by Dimensional Fund Advisors LP
defenseworld.net · Aug 9
Orion Q2 Earnings Call Highlights
marketbeat.com · Aug 8
Orion S.A. (OEC) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 6
Orion (OEC) Tops Q2 Earnings and Revenue Estimates
zacks.com · Aug 5
Orion S.A. Reports Second Quarter Earnings
businesswire.com · Aug 5
Orion S.A. to Participate in Upcoming Investor Conference
businesswire.com · Jul 27
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