Umicore S.A.

UMI.BR

Other Precious Metals · Basic Materials

Price

€23.82

+0.24 (+1.02%)

Market Cap

€5.73B

Exchange

Euronext Brussels

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Umicore is a Belgian materials technology company that turns metals and minerals into specialized products used in clean energy and electronics. Its main businesses include making battery materials for electric vehicles, refining precious metals like platinum and palladium, and recycling complex materials to recover valuable metals. It sells to automakers, battery manufacturers, and industrial customers around the world.

Umicore earns money by processing and selling advanced materials, charging for recycling services, and licensing technology. It operates globally, with major facilities in Europe, Asia, and North America, and generates several billion euros in revenue annually. Its recycling operations give it a competitive edge because it can recover rare and precious metals that few other companies can handle efficiently. The biggest risk the company faces is the slower-than-expected adoption of electric vehicles, which directly affects demand for its cathode materials — a segment Umicore has invested heavily in to drive future growth.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+220.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+257.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$206M/ year

↓ Declining (-10% vs prior year)

1.1% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

15.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$2.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Umicore S.A. grew revenue 220% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 242.0M (2021) → 241.3M (2025)

Score breakdown

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Quality

Gross Margin

4.9%

Thin — 4.9% gross margin

Operating Margin

3.0%

Thin — 3.0% operating margin

ROCE

7.3%

Weak — 7.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+146.3%

Fast-growing sales (+146.3% YoY)

EPS YoY

+721.2%

Earnings growing fast (+721.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

177%

Turns 177% of profit into real cash

FCF Margin

2.3%

Thin free cash flow (2.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.35

Elevated debt (1.35)

Interest Cover

8.70x

Comfortably covers interest (8.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

11.7x

Attractive valuation — P/E 11.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+0.3

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

2.16%

Moderate income — 2.16% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-3.4%

Dividend cut (-3.4% YoY) — warning sign

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