Umicore S.A. (UMICF) Stock Analysis & Winston Score

Umicore is a Belgian materials technology company that specializes in turning metals and minerals into high-value products. Its main businesses include making battery materials for electric vehicles, recycling precious metals from old electronics and catalysts, and producing materials used in car exhaust systems to reduce pollution. It sells to automakers, battery manufacturers, and industrial customers around the world.

Umicore earns money by processing and refining materials, selling specialty chemicals and coatings, and charging fees for recycling services. The company operates globally, with a strong presence in Europe, Asia, and North America, and generates several billion euros in revenue annually. Its recycling business gives it a competitive edge because it can recover rare and expensive metals that few other companies can process efficiently. The key growth driver is demand for electric vehicle battery materials, but Umicore faces real risk from slower-than-expected EV adoption and intense competition from Asian battery material suppliers.

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

+44.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$206M/ year

↓ Declining (-14% vs prior year)

1.1% of revenue

Below sector average (3%)

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

Insider Activity

15.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$2.3B 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 44% 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

7.2%

Thin — 7.2% gross margin

Operating Margin

6.8%

Modest — 6.8% operating margin

ROCE

14.3%

Good — 14.3% 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

+30.4%

Fast-growing sales (30.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

174%

Turns 174% of profit into real cash

FCF Margin

2.0%

Thin free cash flow (2.0%)

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

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Stability

Debt / Equity

1.25

Elevated debt (1.25)

Interest Cover

7.61x

Adequate interest coverage (7.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

13.6x

Attractive valuation — P/E 13.6

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

P/E vs Forward

+0.5

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

2.59%

Moderate income — 2.59% yield

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

Dividend Growth

+2.0%

Dividend flat

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