Orion S.A.
OEC · Miscellaneous Chemical Products · 56.4M shares · -1%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $50M (gross $66M, SBC $15M)
Reference price $11.08 · est. market cap ~$625M — last insider purchase, 2025-05-13 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C56Scaled global carbon-black producer ($1.8bn sales) that posted a loss year on a full goodwill write-off and the prior fraud, with very high leverage.
Strengths
- Positive operating cash flow (OCF margin 11.9%, 60th pct) despite the reported loss
- Established IP, long-standing customer qualification moat and global plant footprint
- Net loss largely non-cash (full $80.8m goodwill impairment)
Risks
- Debt-to-equity 2.55 (100th pct) — most leveraged in sector
- Net margin -3.9% and ROE -18% in a down year; weak liquidity (quick ratio 0.59, 11th pct)
- Cyclical demand pressured by low-cost Asian tire imports and soft industrial markets
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- High leverageHigh leverage (debt/equity 2.55)
- Net lossNet loss (net margin -3.9%)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
19.9%
Operating margin
1.5%
Net margin
-3.9%
Return on equity
-18.2%
Return on assets
-3.7%
ROIC
1.6%
Revenue growth (QoQ)
11.6%
Net-income growth
-258.6%
Debt / equity
2.5×
Net debt / EBITDA
5.8×
Current ratio
1.0×
EBITDA
$159M
Tangible book value
$370M
Cash & investments
$61M
Stock comp / revenue
0.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-29 | Riveros Pedro | Grant | 25K | — |
| 2026-04-29 | Quinones Carlos | Grant | 23K | — |
| 2026-04-29 | Puckett Jonathan A. | Grant | 42K | — |
| 2026-04-29 | Painter Corning F. | Grant | 221K | — |
| 2026-04-29 | Niewiem Sandra | Grant | 24K | — |
| 2026-02-19 | Riveros Pedro | Tax withheld | 2.7K | $6.27 |
| 2026-02-19 | Riveros Pedro | Grant | 7.0K | — |
| 2026-02-19 | Riveros Pedro | Tax withheld | 3.0K | $6.27 |
| 2026-02-19 | Quinones Carlos | Tax withheld | 1.8K | $6.27 |
| 2026-02-19 | Quinones Carlos | Grant | 6.5K | — |
| 2026-02-19 | Quinones Carlos | Tax withheld | 2.1K | $6.27 |
| 2026-02-19 | Painter Corning F. | Tax withheld | 24K | $6.27 |
| 2026-02-19 | Painter Corning F. | Grant | 84K | — |
| 2026-02-19 | Painter Corning F. | Tax withheld | 32K | $6.27 |
| 2026-02-19 | Niewiem Sandra | Tax withheld | 2.7K | $6.27 |
| 2026-02-19 | Niewiem Sandra | Grant | 6.0K | — |
| 2026-02-19 | Niewiem Sandra | Tax withheld | 2.8K | $6.27 |
| 2025-12-13 | Puckett Jonathan A. | Grant | 49K | — |
| 2025-06-27 | Hoogerbrugge Jacqueline | Grant | 13K | — |
| 2025-06-27 | Wurth Michel | Grant | 13K | — |
| 2025-06-27 | SMITH DAN F | Grant | 13K | — |
| 2025-06-27 | PAIK YI HYON | Grant | 13K | — |
| 2025-06-27 | Miraton Didier | Grant | 13K | — |
| 2025-06-27 | LINDSEY MARY A | Grant | 13K | — |
| 2025-06-27 | HUCK PAUL E | Grant | 13K | — |
| 2025-06-27 | GALVIN KERRY A | Grant | 13K | — |
| 2025-05-13 | Painter Corning F. | Buy | 20K | $11.08 |
| 2025-05-05 | Riveros Pedro | Grant | 8.0K | — |
| 2025-05-05 | Quinones Carlos | Grant | 7.4K | — |
| 2025-05-05 | Painter Corning F. | Grant | 71K | — |
| 2025-05-05 | Niewiem Sandra | Grant | 7.1K | — |
| 2025-05-05 | Glajch Jeffrey | Grant | 14K | — |
| 2025-03-12 | Quinones Carlos | Buy | 3.3K | $13.07 |
| 2025-02-20 | Riveros Pedro | Tax withheld | 2.8K | $15.15 |
| 2025-02-20 | Riveros Pedro | Grant | 7.2K | — |
| 2025-02-20 | Riveros Pedro | Tax withheld | 3.0K | $15.15 |
| 2025-02-20 | Quinones Carlos | Tax withheld | 1.9K | $15.15 |
| 2025-02-20 | Quinones Carlos | Grant | 6.9K | — |
| 2025-02-20 | Quinones Carlos | Tax withheld | 2.2K | $15.15 |
| 2025-02-20 | Painter Corning F. | Tax withheld | 41K | $15.15 |
| 2025-02-20 | Painter Corning F. | Grant | 134K | — |
| 2025-02-20 | Painter Corning F. | Tax withheld | 58K | $15.15 |
| 2025-02-20 | Niewiem Sandra | Tax withheld | 2.9K | $15.15 |
| 2025-02-20 | Niewiem Sandra | Grant | 6.8K | — |
| 2025-02-20 | Niewiem Sandra | Tax withheld | 3.2K | $15.15 |
| 2025-02-20 | Glajch Jeffrey | Tax withheld | 6.7K | $15.15 |
| 2025-02-20 | Glajch Jeffrey | Grant | 17K | — |
| 2025-02-20 | Glajch Jeffrey | Tax withheld | 7.8K | $15.15 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-25 | 2026-06-25 | 0001493152-26-030142 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001628280-26-031402 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001628280-26-031430 ↗ |
| 8-K | 2026-04-23 | 2026-04-23 | 0001493152-26-018739 ↗ |
| 8-K | 2026-04-10 | 2026-04-06 | 0001493152-26-016205 ↗ |
| 8-K | 2026-03-06 | 2026-03-06 | 0000950142-26-000640 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0000950142-26-000535 ↗ |
| 10-K | 2026-02-17 | 2025-12-31 | 0001628280-26-008601 ↗ |
| 8-K | 2026-02-17 | 2026-02-17 | 0001628280-26-008579 ↗ |
| 8-K | 2025-11-07 | 2025-11-03 | 0000950142-25-002903 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001628280-25-048952 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001628280-25-048963 ↗ |