Orion S.A.
OEC Basic Materials Specialty Chemicals
Orion S.A.’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, down 3.77% from fiscal 2024. In the quarter to June 2026, revenue grew 7.40%, EPS fell 81.3%, free cash flow fell 83.5% and total debt fell 1.22%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Orion S.A. (OEC) Altman Z-score
Orion S.A.'s Altman Z-score for fiscal 2025 is 1.40, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.40 | (0.60) |
| FY2024 | 2.00 | (0.58) |
| FY2023 | 2.58 | 0.33 |
| FY2022 | 2.25 | (0.01) |
| FY2021 | 2.27 | 0.52 |
| FY2020 | 1.75 | (0.76) |
| FY2019 | 2.51 | (0.34) |
| FY2018 | 2.84 | 0.31 |
| FY2017 | 2.53 | 0.39 |
| FY2016 | 2.14 | 0.06 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.01 | — | 0.01 | |
| Retained earnings / total assets | 0.20 | — | 0.28 | |
| EBIT / total assets | 0.01 | — | 0.05 | |
| Market value of equity / total liabilities | 0.20 | — | 0.12 | |
| Sales / total assets | 0.95 | — | 0.95 | |
| Altman Z-score | Distress zone | 1.40 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 1.08 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| HDSN Hudson Technologies, Inc. compare | 4.6× |
| CMT Core Molding Technologies Inc compare | 4.1× |
| FF FutureFuel Corp. compare | 2.0× |
| MNTK Montauk Renewables, Inc. compare | 1.4× |
| OEC Orion S.A. | 1.4× |
| ALTO Alto Ingredients, Inc. compare | 0.7× |
| MATV Mativ Holdings, Inc. compare | 0.7× |
| GEVO Gevo, Inc. compare | −0.3× |
| FEAM 5E Advanced Materials, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets