Element Solutions
ConvictionModerate
High-mix, consumable specialty chemistry sold into customer manufacturing lines (spec'd-in, per-use). Metals content (tin, gold, palladium, silver, copper) is largely a cost pass-through; value is in the formulation/process IP and technical service. Asset-light, cash-generative, roll-up growth via bolt-on M&A.
Revenue
$2.55B FY2025$840.0M Q1 2026 (~$3.36B annualized, but topline metals-inflated; TTM ~$2.80BRev growth
FY2025 +4% reported / +6% organicQ1 2026 +41% reported / +10% organic (Electronics +15% organic, Specialties +1%Gross margin
~40%est.; not separately broken out in releases - formulation-value modelOp margin
Adj EBITDA margin ~21.5% FY2025old total-net-sales basis, ~flat YoY). Beginning Q1 2026 ESI redefined the metric to EXCLUDE pass-through metals; on that new basis Q1 2026 was 27.8% (+170bps YoY, Q1 2025 restated ~26.1%) - not comparable to the FY2025 figure. GAAP operating margin is lower after D&A/amortization of acquired intangibles.Capex intensity
Low~2-3% of sales (asset-light specialty-chem modelMarket cap
~$11.0BNYSE: ESI, Jun 2026The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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