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Specialty chemicals · Basic Materials · Fiscal year ends Dec 31
Element Solutions reported revenue of $2.6B in the fiscal year ended Dec 2025, up 3.8% from the year before. Operating income was $342M, an operating margin of 13.4%, and net income was $191M. Operating cash flow of $290M less capital expenditure of $62M left free cash flow of $228M. Net debt was $1B.
Ranks among the 20 specialty chemicals companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,400 | 2,549 | 2,333 | 2,457 | 2,551 |
| Cost of revenue | 1,439 | 1,597 | 1,415 | 1,421 | 1,481 |
| Gross profit | 961 | 953 | 919 | 1,036 | 1,071 |
| Research & development | 49.7 | 48.8 | 68.1 | 63.0 | 67.6 |
| Selling, general & admin | 611 | 579 | 597 | 629 | 661 |
| Operating income | 300 | 325 | 174 | 344 | 342 |
| Net interest incomeBanks | −54.2 | −51.2 | −49.3 | −56.3 | −53.4 |
| Pre-tax income | 252 | 272 | 129 | 288 | 266 |
| Income tax | 48.3 | 85.8 | 13.0 | 44.8 | 74.6 |
| Net income | 204 | 187 | 118 | 244 | 191 |
| Diluted EPS | 0.82 | 0.76 | 0.49 | 1.01 | 0.79 |
| Diluted shares | 248 | 246 | 242 | 243 | 242 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 330 | 266 | 289 | 359 | 627 |
| Receivables | 492 | 456 | 462 | 440 | 518 |
| Inventory | 274 | 291 | 299 | 246 | 295 |
| Current assets | 1,215 | 1,189 | 1,198 | 1,270 | 1,583 |
| Net PP&E | 278 | 277 | 297 | 277 | 320 |
| Goodwill | 2,526 | 2,413 | 2,337 | 2,132 | 2,242 |
| Total assets | 5,138 | 4,904 | 4,974 | 4,874 | 5,101 |
| Payables | 138 | 132 | 141 | 121 | 166 |
| Current liabilities | 415 | 344 | 369 | 380 | 430 |
| Long-term debt | 1,930 | 1,914 | 1,950 | 1,839 | 1,636 |
| Total liabilities | 2,638 | 2,555 | 2,630 | 2,476 | 2,412 |
| Shareholders' equity | 2,481 | 2,333 | 2,329 | 2,383 | 2,675 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 326 | 296 | 334 | 362 | 290 |
| Capital expenditure | 46.3 | 47.8 | 52.7 | 68.4 | 62.2 |
| Free cash flow | 280 | 248 | 281 | 294 | 228 |
| Depreciation & amortisation | 164 | 161 | 167 | 158 | 151 |
| Stock-based compensation | 40.1 | 17.7 | 9.4 | 14.8 | 59.1 |
| Acquisitions | 537 | 22.6 | 215 | 3.9 | – |
| Share buybacks | 19.6 | 151 | 0.0 | 0.0 | 25.0 |
| Dividends paid | 61.9 | 78.4 | 77.4 | 78.2 | 77.8 |
| Dividend per share | 0.25 | 0.32 | 0.32 | 0.32 | 0.32 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.2% | −8.5% | 5.3% | 3.8% |
| Operating income growth (YoY) | – | 8.5% | −46.6% | 98.1% | −0.5% |
| EPS growth (YoY) | – | −7.3% | −35.5% | 106.1% | −21.8% |
| Gross margin | 40.0% | 37.4% | 39.4% | 42.2% | 42.0% |
| Operating margin | 12.5% | 12.8% | 7.4% | 14.0% | 13.4% |
| Net margin | 8.5% | 7.3% | 5.1% | 9.9% | 7.5% |
| Return on equityBlank when equity is negative | 8.2% | 8.0% | 5.1% | 10.2% | 7.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.3% | 7.1% | 3.8% | 7.7% | 7.3% |
| Free cash flow margin | 11.7% | 9.7% | 12.0% | 12.0% | 8.9% |
| Cash conversion (CFO ÷ net income) | 1.60x | 1.58x | 2.82x | 1.48x | 1.52x |
| Receivable days | 75 | 65 | 72 | 65 | 74 |
| Inventory days | 70 | 66 | 77 | 63 | 73 |
| Payable days | 35 | 30 | 36 | 31 | 41 |
| Debt ÷ equity | 0.78x | 0.82x | 0.84x | 0.77x | 0.61x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,600 | 1,648 | 1,661 | 1,479 | 1,010 |
| Current ratio | 2.93x | 3.45x | 3.24x | 3.34x | 3.68x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.