The company's financial position appears increasingly vulnerable as the debt-to-equity ratio reached 2.55 in 2025Q4, while the current ratio has tightened to 1.00 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 661.5M | 643.8M | 613.3M | 646.1M | 778.5M | 665M | 500.46M | 507.72M | 575.32M | 521.2M | 435.1M | 409.65M | 526.62M | 615.83M | 673.88M |
| Cash & Short-Term Investments | 50.5M | 60.7M | 54.1M | 37.5M | 60.8M | 65.7M | 68.5M | 75.07M | 69.59M | 75.27M | 83.26M | 74.77M | 87M | 97.58M | 99.37M |
| Cash Only | 50.5M | 60.7M | 44.2M | 37.5M | 60.8M | 65.7M | 64.87M | 63.73M | 57.02M | 72.28M | 77.73M | 71.35M | 85.78M | 97.32M | 99.01M |
| Short-Term Investments | 0 | 0 | 9.9M | 0 | 0 | 0 | 3.63M | 11.35M | 12.57M | 2.98M | 5.54M | 3.42M | 1.22M | 254.08K | 359.72K |
| Accounts Receivable | 270.5M | 238.9M | 253.5M | 284.4M | 404.3M | 324.4M | 234.8M | 266.68M | 262.82M | 285.19M | 224.69M | 197.75M | 284.3M | 341.94M | 353.37M |
| Days Sales Outstanding | 54.83 | 48.26 | 49.28 | 54.81 | 72.66 | 76.55 | 75.42 | 65.93 | 60.78 | 78.37 | 75.7 | 59.38 | 64.73 | 67.47 | 69.79 |
| Inventory | 251M | 277.3M | 290.4M | 287.1M | 277.9M | 229.8M | 141.46M | 164.8M | 183.63M | 159.33M | 120.26M | 114.92M | 152.36M | 170.08M | 202.96M |
| Days Inventory Outstanding | 68.89 | 69.95 | 73.17 | 72.63 | 64.11 | 72.3 | 61.17 | 55.36 | 58.37 | 61.17 | 60.33 | 48.47 | 44.95 | 41.98 | 50.19 |
| Other Current Assets | 89.5M | 66.9M | 5.4M | 21.5M | 16.8M | 27.6M | 44.45M | 0 | 58.09M | 3.89M | 33.11M | 22.22M | 1.56M | 2.98M | 12.46M |
| Total Non-Current Assets | 1.27B | 1.26B | 1.24B | 1.19B | 1.11B | 966M | 889.34M | 749.68M | 697.7M | 647.61M | 615.11M | 651.42M | 716.36M | 774.65M | 771.21M |
| Property, Plant & Equipment | 1.19B | 1.2B | 1.08B | 935.8M | 812M | 792.5M | 696.17M | 561.59M | 483.53M | 462.13M | 407.77M | 421.86M | 435.6M | 460.46M | 442.52M |
| Fixed Asset Turnover | 1.52x | 1.51x | 1.73x | 2.02x | 2.50x | 1.95x | 1.63x | 2.63x | 3.26x | 2.87x | 2.66x | 2.88x | 3.68x | 4.02x | 4.18x |
| Goodwill | 0 | 0 | 71.5M | 76.1M | 73.4M | 78M | 84.48M | 77.34M | 55.55M | 58.18M | 51.02M | 53.04M | 58.99M | 66.99M | 64.16M |
| Intangible Assets | 11.9M | 14.2M | 18.5M | 100.6M | 131.9M | 36.3M | 46.77M | 50.6M | 95.25M | 70.72M | 82.02M | 103.65M | 134.92M | 173.3M | 186.53M |
| Long-Term Investments | 50.1M | 13.1M | 8M | 41.6M | 61.9M | 6M | 6.4M | 7.73M | 8.05M | 5.81M | 7.19M | 8.42M | 12.88M | 6.6M | 6.19M |
| Other Non-Current Assets | 42.2M | 20.6M | 41.5M | 3.4M | 1.9M | 2.8M | 2.96M | 3.7M | 2.93M | 7.22M | 3.01M | 4.04M | 4.56M | 7.78M | 9.52M |
| Total Assets | 1.93B | 1.91B | 1.86B | 1.83B | 1.89B | 1.63B | 1.39B | 1.26B | 1.27B | 1.17B | 1.05B | 1.06B | 1.24B | 1.39B | 1.45B |
| Asset Turnover | 0.91x | 0.95x | 1.01x | 1.03x | 1.08x | 0.95x | 0.82x | 1.17x | 1.24x | 1.14x | 1.03x | 1.15x | 1.29x | 1.33x | 1.28x |
| Asset Growth % | 5.26% | 2.71% | 1.3% | -2.93% | 15.8% | 17.36% | 10.53% | -1.23% | 8.92% | 11.29% | -1.02% | -14.63% | -10.61% | -3.78% | - |
| Total Current Liabilities | 659.7M | 626.4M | 516.7M | 440.3M | 552.8M | 448.7M | 324.75M | 285.21M | 320.34M | 284.39M | 229.88M | 185.22M | 228.05M | 263.41M | 214.55M |
| Accounts Payable | 168M | 197M | 156.2M | 183.7M | 184.1M | 195.1M | 131.25M | 156.3M | 163.59M | 169.62M | 129.27M | 102.32M | 127.19M | 137.04M | 130.16M |
| Days Payables Outstanding | 45.37 | 49.7 | 39.35 | 46.47 | 42.47 | 61.38 | 56.76 | 52.5 | 52 | 65.12 | 64.85 | 43.16 | 37.53 | 33.83 | 32.19 |
| Short-Term Debt | 351.2M | 305M | 258.8M | 137M | 258.3M | 151.7M | 94.69M | 36.41M | 41.02M | 6.02M | 4.76M | 4.95M | 5.09M | 2.9M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 8.03M | 1.02M | 31.94M | 75.01M | 80.79M | 59.58M | 63.67M | 69.37M | 0 |
| Other Current Liabilities | 140.5M | 104.2M | 38.1M | 49.8M | 50.7M | 52M | 37.53M | 42.75M | 60.07M | 53.14M | 52.36M | 31.04M | 81.84M | 115.16M | 82.04M |
| Current Ratio | 1.00x | 1.03x | 1.19x | 1.47x | 1.41x | 1.48x | 1.54x | 1.78x | 1.80x | 1.83x | 1.89x | 2.21x | 2.31x | 2.34x | 3.14x |
| Quick Ratio | 0.62x | 0.59x | 0.62x | 0.82x | 0.91x | 0.97x | 1.11x | 1.20x | 1.22x | 1.27x | 1.37x | 1.59x | 1.64x | 1.69x | 2.19x |
| Cash Conversion Cycle | 78.35 | 68.52 | 83.09 | 80.97 | 94.3 | 87.47 | 79.83 | 68.79 | 67.16 | 74.42 | 71.18 | 64.69 | 72.16 | 75.63 | 87.79 |
| Total Non-Current Liabilities | 891.5M | 896.6M | 865.7M | 914.6M | 876.5M | 862.6M | 884.1M | 786.17M | 793.79M | 784.56M | 764.72M | 821.53M | 947.72M | 1.23B | 1.23B |
| Long-Term Debt | 0 | 674.5M | 647M | 677.3M | 657M | 631.2M | 655.83M | 630.26M | 643.75M | 681.14M | 645.25M | 711.26M | 814.54M | 1.09B | 346.88M |
| Capital Lease Obligations | 0 | 0 | 106.5M | 100.3M | 87.9M | 73M | 74.53M | 21.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 170M | 28M | 36.5M | 66.3M | 70M | 61.8M | 38.8M | 43.31M | 45.5M | 25.12M | 46.86M | 43.79M | 53.85M | 60.48M | 79.01M |
| Other Non-Current Liabilities | 853.1M | 194.1M | 75.7M | 70.7M | 61.6M | 96.6M | 115M | 91.14M | 150.04M | 102.77M | 75.46M | 61.05M | 2.97M | 6.87M | 716.88M |
| Total Liabilities | 1.55B | 1.52B | 1.38B | 1.35B | 1.43B | 1.31B | 1.21B | 1.07B | 1.11B | 1.07B | 994.6M | 1.01B | 1.18B | 1.49B | 1.44B |
| Total Debt | 351.2M | 979.5M | 1.03B | 927.2M | 1.01B | 867.5M | 825.05M | 695.73M | 684.77M | 682.4M | 651.13M | 716.69M | 819.63M | 356.63M | 346.88M |
| Net Debt | 300.7M | 918.8M | 983.3M | 889.7M | 952.8M | 801.8M | 760.18M | 632.01M | 627.75M | 610.12M | 573.41M | 645.34M | 733.85M | 259.31M | 247.88M |
| Debt / Equity | 0.93x | 2.55x | 2.16x | 1.94x | 2.21x | 2.71x | 4.56x | 3.74x | 4.31x | 6.83x | 11.71x | 13.19x | 12.20x | - | 81.13x |
| Debt / EBITDA | 1.95x | 4.19x | 3.55x | 2.92x | 3.32x | 3.36x | 4.29x | 2.68x | 2.48x | 2.73x | 2.58x | 3.22x | 3.24x | 1.52x | 1.65x |
| Net Debt / EBITDA | 1.67x | 3.93x | 3.40x | 2.80x | 3.12x | 3.10x | 3.95x | 2.43x | 2.28x | 2.44x | 2.27x | 2.90x | 2.90x | 1.11x | 1.18x |
| Interest Coverage | -0.14x | 1.63x | 2.04x | 4.16x | 5.07x | 5.87x | 1.38x | 5.99x | 6.81x | 4.19x | 2.77x | 2.48x | 0.47x | 0.84x | 0.87x |
| Total Equity | 379.5M | 384.6M | 474.9M | 478.5M | 459.4M | 319.7M | 181.01M | 186.01M | 158.9M | 99.86M | 55.62M | 54.32M | 67.2M | -102.53M | 4.28M |
| Equity Growth % | -60.66% | -19.01% | -0.75% | 4.16% | 43.7% | 76.62% | -2.69% | 17.07% | 59.13% | 79.55% | 2.38% | -19.17% | 165.54% | -2498.02% | - |
| Book Value per Share | 6.73 | 6.83 | 8.14 | 7.98 | 7.48 | 5.25 | 2.95 | 3.03 | 2.60 | 1.65 | 0.92 | 0.91 | 1.33 | -1.72 | 0.07 |
| Total Shareholders' Equity | 379.5M | 384.6M | 474.9M | 478.5M | 459.4M | 319.7M | 181.01M | 186.01M | 158.9M | 99.86M | 55.62M | 54.32M | 67.2M | -102.53M | 4.28M |
| Common Stock | 0 | 85.3M | 85.3M | 85.3M | 85.3M | 85.3M | 85.32M | 85.03M | 84.25M | 83.77M | 62.72M | 65.2M | 72.52M | 60.41M | 57.86M |
| Retained Earnings | 371.1M | 382.2M | 457M | 417.6M | 319M | 217.8M | 84.41M | 78.3M | 39.41M | 75.26M | 46.93M | 46.87M | -68.02M | -26.17M | -24.75M |
| Treasury Stock | 0 | -90.8M | -82.2M | -70.1M | -8.8M | -6.3M | -8.52M | -8.52M | -8.68M | -3.77M | -3.59M | 0 | 0 | -128.46M | 0 |
| Accumulated OCI | -67.1M | -72.3M | -69.9M | -39.9M | -12.5M | -48.5M | -48.7M | -34.36M | -19.63M | -55.4M | -50.44M | -57.75M | 62.71M | -136.77M | -28.83M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and liquidity
As reported in financial statements, Orion's equity base has contracted significantly from $503.9 million in 2024Q2 to $379.5 million by 2026Q1, signaling a weakening financial position driven by persistent operational losses and the inability to retain earnings during a period of sustained industrial demand contraction.
The erosion of equity suggests that the company is struggling to maintain its capital base while navigating cyclical headwinds. Investors should monitor whether this downward trajectory in net assets reflects structural impairment or merely temporary volatility in the valuation of its global manufacturing footprint.
Based on recent SEC filings, the company's debt-to-equity ratio spiked to 2.55 in 2025Q4 from 1.66 in 2024Q2, indicating that management has relied increasingly on external financing to bridge operational gaps, which may limit future strategic flexibility in a high-interest rate environment.
The reliance on debt to sustain operations during periods of negative net margins appears to be a significant risk factor. This leverage profile warrants further investigation into the maturity schedule of these obligations and the potential for covenant breaches if profitability does not recover.
According to quarterly data, the current ratio has compressed from 1.45 in 2024Q1 to 1.00 in 2026Q1, suggesting that the company's ability to cover short-term liabilities with existing liquid assets is becoming increasingly precarious as cash reserves remain stagnant near $50 million.
A current ratio hovering at parity implies that the company has virtually no margin for error regarding working capital management. Any further disruption in cash conversion cycles could force the company to seek additional liquidity, potentially at unfavorable terms given the current earnings profile.
As indicated by the balance sheet, net property, plant, and equipment remains the dominant asset class at $1.2 billion, reflecting a capital-heavy business model that requires continuous, high-cost maintenance to sustain production capacity in the specialized carbon black market.
The concentration of assets in fixed infrastructure suggests that the company is highly sensitive to capacity utilization rates. If demand continues to soften, the risk of asset impairment may increase, as the current book value of these facilities may not be supported by future cash flow projections.
Quick answers to the most common questions about buying OEC stock.
As of 2025, Orion Engineered Carbons S.A. (OEC) had total assets of $1.91B including $643.8M in current assets.
Orion Engineered Carbons S.A. (OEC) carries total debt of $979.5M, offset by $60.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Orion Engineered Carbons S.A. (OEC) has total shareholders' equity (book value) of $384.6M ($6.83 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Orion Engineered Carbons S.A. (OEC) reported a current ratio of 1.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.