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Element Solutions Inc (ESI)

適正価値
Basic MaterialsSpecialty ChemicalsUnited States

ファンダメンタル

56

株価

$37.26

時価総額

$8.41B

パート1 · 企業の価値

概要

Element Solutions makes the specialty chemicals other manufacturers use as production inputs, not branded end products. Its two segments sell process chemistries: Electronics supplies the assembly, circuitry and semiconductor materials used to build printed circuit boards and chips, while Specialties supplies industrial surface finishing, automotive and offshore energy chemistries. Customers are electronics assemblers, chipmakers, automotive suppliers and industrial platers who build these chemicals into their own manufacturing lines.

収益の仕組み

Revenue comes from repeat sales of proprietary chemical formulations consumed in customers' production lines, not from one-off equipment sales. Because a chemistry is qualified into a specific manufacturing process before use, switching suppliers means re-validating the whole line, which discourages customers from changing. Electronics, tied to semiconductor and AI-infrastructure build-outs, has grown fastest; Specialties, exposed to automotive and industrial cycles, was the weaker segment in 2025, which also included the divestiture of the Graphics business.

セグメント別売上高

Electronics70%

Assembly, circuitry and semiconductor process chemicals used to build printed circuit boards and chips, sold mainly into consumer electronics, data-centre and automotive electronics manufacturing.

Specialties30%

Industrial surface finishing, automotive systems and offshore energy chemistries; revenue declined in 2025, partly due to the divestiture of the Graphics business.

競争優位性(moat)

スイッチングコスト · 狭い

Element Solutions' chemistries are qualified into a customer's specific manufacturing process before use, and requalifying an alternative supplier's formulation means re-testing the whole production line. Legacy brands such as MacDermid Alpha and Enthone carry decades of qualification history with electronics and industrial customers, who weigh reliability and technical support alongside price when choosing a supplier.

需要を左右する要因

景気循環型

Electronics revenue tracks semiconductor and consumer-electronics production cycles, now lifted by AI-infrastructure and data-centre build-outs, while Specialties tracks automotive and industrial output. Both are inputs to someone else's manufacturing volume rather than steady end-consumer demand, so orders rise and fall with customers' own production schedules and capital spending.

主なリスク

  • Raw material and currency costs — The company sources chemical raw materials globally and states that price swings in these inputs and in currency exchange rates can pressure profitability if increases cannot be passed on to customers.
  • Environmental and remediation liabilities — Element Solutions has been named a potentially responsible party under federal and state Superfund-type laws at current and former plant and waste-management sites, and accrues for environmental liabilities when they are probable and estimable.
  • Competitive, technology-driven markets — The company operates in specialty chemicals markets it describes as highly competitive and subject to rapid technological change, where a customer can qualify a rival's formulation if performance or price falls behind.

強気材料

Buyers argue that Electronics' exposure to AI-infrastructure and data-centre build-outs supports above-market growth, that qualification-driven switching costs protect share once a chemistry is designed into a customer's line, and that the agreed merger with Solstice Advanced Materials would create a larger, more diversified platform.

弱気材料

Sellers worry that Specialties remains exposed to a softer automotive and industrial cycle, that raw-material and currency swings can compress margins the company cannot fully pass through, and that the pending Solstice merger introduces integration and approval risk before any benefits arrive.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users

P/E: 43.3Score: 75Market cap: $17.94B

Through its Atotech business MKS supplies plating and surface-finishing chemistry to both printed-circuit-board makers and general metal finishers, the two markets where Element Solutions earns most of its revenue.

Qnity Electronics, Inc.Q

Named first among Element Solutions' electronics competitors in its own 10-K, Qnity sells the same plating chemistries, IC-substrate and printed-circuit-board materials to the same board and semiconductor-packaging customers.

Henkel AG & Co. KGaAHEN3

Henkel's electronic-materials range — solder pastes, adhesives and thermal interface materials — competes head-on with Element Solutions' Alpha assembly products for the same electronics-assembly lines.

Senju Metal Industry Co., Ltd. (千住金属工業株式会社)Not tracked

This Japanese solder specialist sells solder pastes, bars and preforms to the same electronics assemblers and semiconductor packagers that buy Element Solutions' Alpha assembly materials, particularly in Asia.

C. Uyemura & Co., Ltd. (上村工業株式会社)Not tracked

Uyemura competes directly in electroless nickel and other plating chemistries for circuit boards and metal components, the core of Element Solutions' circuitry and surface-treatment lines.

Quaker Houghton (Quaker Chemical Corporation)KWR

Element Solutions names Quaker Houghton as a leading rival in its Specialties segment, where both sell process fluids and metal-treatment chemistry to industrial and automotive manufacturers.

貸借対照表と流動性

売上高

$2.80B

直近12か月(2026/3/31まで)

純利益

$149M

直近12か月(2026/3/31まで)

フリーキャッシュフロー

$228M

自己資本合計

$2.67B

負債合計

$2.41B

流動比率

2.68

利払い倍率

6.21

負債/EBITDA

4.37

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

景気循環株適正価値

適正価値

$35.37

現在株価

$37.26

安全マージン

-5.3%

適正価値レンジ

$23.71 - $47.03

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$46.73
ディスカウンテッド・キャッシュフロー(DCF):この種の企業には適用されません
利益倍率(P/E):$12.88
グレアムの成長公式:この種の企業には適用されません
収益力価値(EPV):$10.78
正当化されたP/B:この種の企業には適用されません
配当割引モデル(ゴードン):この種の企業には適用されません
P/FFO(運用から生まれる資金):この種の企業には適用されません
中間サイクル利益:$28.21
売上高倍率:この種の企業には適用されません
アナリスト・コンセンサス:強い買い (11B / 2H / 0S)
直近の決算サプライズ:+7.90%

バリュエーション指標

P/E レシオ

58.60

ROE

7.1%

P/B レシオ

3.24

P/FCF

73.20

粗利益率

40.8%

ROIC

5.7%

収益性レーダー

価値創造(経済的モート)

ROIC

5.7%

WACC

9.7%

ROIC − WACC

-4.0 pp

ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。

ファンダメンタル分析基準

合格(17)

  • EPS shows upward trend
  • Price CAGR 13.72%
  • ROIC 5.7%
  • Gross Margin 40.8%
  • Debt/Equity ratio
  • Operating Margin 13.4%
  • Positive Free Cash Flow
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • Revenue Growth 5Y 6.6%
  • Analyst Consensus 85% Buy
  • Earnings Surprise avg 4.6%
  • Earnings Quality (OCF/NI) 1.33
  • Share Dilution -0.1%
  • Piotroski F-Score 6/9

不合格(9)

  • P/FCF 73.20
  • P/B Ratio 3.24
  • CapEx intensity
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • ROE 6.6%
  • PEG Ratio 2.25
  • Net Margin Trend 5.3% vs 11.6%

データなし(1)

  • Dividend Payout NaN%

Piotroski F-スコア

6/9

まちまちのシグナル:一部の領域に注意が必要

score
criteria

利益の質

1.33

高品質:利益はキャッシュに裏付けられている

株式希薄化

-0.1%

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. Benjamin GliklichCEO & Director40
Mr. Carey James DormanPresident of Enterprise Operations & CFO36
Mr. Richard L. FrickePresident of Electronics53
Mr. Matthew LiebowitzPresident of Specialties36
Mr. Michael RussnokChief Accounting Officer49
Ms. Caroline Simonne LindGeneral Counsel & Company Secretary-
Ms. Claudia IweorahSenior VP & Head of Human Resources-
Tom HunsingerVice President of Assembly Solutions-
Mr. Varun GokarnVice President of Strategy & Integration-

監査リスク

9

取締役会リスク

3

報酬リスク

10

株主権利リスク

4

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-02-18

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-07-28

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-08-28

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

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