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Dutch specialty ingredients maker of lactic acid, bioplastics precursors, food-preservation ingredients and biomedical polymers.
Dutch specialty ingredients maker of lactic acid, bioplastics precursors, food-preservation ingredients and biomedical polymers.
Sells ingredients that food makers add to keep bread, meat and snacks fresh, charged by volume and tailored to each recipe, with the lactic-acid chain that underpins them also feeding bioplastics. The PLA bioplastic is made in a 50-50 joint venture with TotalEnergies, so it earns a share of that venture's profit rather than direct sales.
In one line: A specialty biochemicals maker of lactic acid and food-preservative ingredients.
Moat: narrow (process know-how, IP / patents). Fermentation process know-how and a bioplastics joint venture with TotalEnergies.
Headquarters: Amsterdam, Netherlands · Founded: 1919 · Employees: 2,408
Size Corbion (CRBN.AS) is a Netherlands Consumer Staples company (Food: Specialty/Candy) with a market value of $1.73B, the 43rd largest of 61 Netherlands companies the cockpit tracks. Shares closed at €26.84 on 6 Nov 2026.
Performance Over six months the shares gained 37.4%, against -9.9% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue fell 3.4% over the last twelve months (peer median +3.0%); the operating margin is 7.6% (peer median 6.2%).
Valuation It trades at 19.6× forward earnings against a peer median of 18.2× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.6 points below its cost of capital (7.3% WACC).
Next results Next results expected around 26 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.25B | €1.27B | €1.29B | €1.26B | €1.46B |
| Revenue growth | — | -2% | +2% | -13% | — |
| Gross profit | €310M | €330M | €312M | €305M | €324M |
| EBITDA | €181M | €203M | €170M | €168M | €176M |
| Net income | €62.2M | €74.8M | €54.4M | €72.9M | €90.0M |
| Free cash flow | €75.6M | €92.7M | €99.9M | €20.7M | -€183M |
| Capital expenditure | €68.6M | €68.2M | €84.2M | €149M | €236M |
| Total debt | n/a | €447M | €509M | €786M | €759M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Corbion CRBN.AS | $1.73B | +37% | -3% | 8% | 19.6× | 11.5% |
| DSM-Firmenich DSFIR.AS | $29.5B | +62% | -45% | 8% | 30.1× | 24.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CRBN.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +21.9% | +3.1% | highest of 21 |
| 6-month return | +37.4% | -9.9% | 2nd highest of 21 |
| Distance from 52-week high | -3.3% | -21.7% | 3rd highest of 21 |
| Revenue growth (TTM) | -3.4% | +3.0% | 4th lowest of 21 |
| Operating margin | 7.6% | 6.2% | 9th highest of 21 |
| Forward P/E | 19.6× | 18.2× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 11.5% | 2.2% | 5th most demanding of 18 |
| Growth delivered (Del g) | +5.1% | +8.3% | 7th lowest of 18 |
| Hurdle (Req g minus delivered) | +6.4 pp | -7.7 pp | 4th most demanding of 18 |
| ROIC minus cost of capital | -1.6 pp | +1.5 pp | 3rd lowest of 21 |
| EV / EBITDA | 11.2× | 10.1× | 5th most expensive of 14 |
| Net debt / EBITDA | 2.7× | 0.8× | 5th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Corbion CRBN.AS | Netherlands | $1.73B | +37% | -3% | 8% | 19.6× | 11.5% | +5.1% |
| Nongshim 004370.KS | South Korea | $1.74B | +8% | +5% | 6% | 11.8× | -16.1% | +5.9% |
| J & J Snack Foods JJSF | United States | $1.68B | +18% | -5% | 6% | 24.1× | 6.8% | +9.1% |
| Three Squirrels 300783.SZ | China | $1.66B | -12% | -13% | 2% | 21.5× | 19.5% | +0.8% |
| Cloetta CLA-B.ST | Sweden | $1.82B | +16% | 0% | 14% | 20.9× | -0.3% | +8.4% |
| Anhui Jinhe Industrial 002597.SZ | China | $1.83B | -8% | +22% | 4% | 19.4× | 10.3% | +6.0% |
| Nomad Foods NOMD | United States | $1.64B | +24% | +3% | 13% | 7.3× | -4.1% | +3.6% |
| Robertet RBT.PA | France | $1.84B | +4% | 0% | 15% | 18.3× | -0.4% | +9.4% |
| Sanquan Foods 002216.SZ | China | $1.56B | -18% | +7% | 5% | 18.1× | 2.6% | -1.1% |
| Nissui 1332.T | Japan | $1.97B | -16% | +8% | 4% | 10.8× | 0.9% | +8.7% |
| Kagome 2811.T | Japan | $1.51B | +3% | +3% | 7% | 24.0× | 2.2% | +10.0% |
| NIPPN 2001.T | Japan | $1.50B | +8% | +2% | 5% | 11.3× | n/a | n/a |
| Chongqing Fuling Zhacai 002507.SZ | China | $2.04B | -6% | +3% | 28% | 18.0× | -0.9% | +1.4% |
| UTZ Brands UTZ | United States | $2.05B | +90% | +2% | 4% | 17.9× | 31.8% | +8.3% |
| Chacha Food 002557.SZ | China | $1.46B | -17% | +8% | 8% | 15.8× | n/a | n/a |
| Qianhe Condiment & Food 603027.SS | China | $1.43B | -21% | -6% | 14% | 23.9× | 3.1% | +8.8% |
| Flowers Foods FLO | United States | $1.42B | -20% | +2% | 6% | 8.8× | -7.6% | +3.7% |
| Yantai China Pet Foods 002891.SZ | China | $1.39B | -15% | +21% | 4% | 32.6× | n/a | n/a |
| CCL Products (India) CCL.NS | India | $1.37B | -20% | +24% | 13% | 25.8× | 17.9% | +29.1% |
| Weilong Delicious Global 9985.HK | Hong Kong | $2.22B | -20% | +13% | 25% | 9.6× | -6.3% | +11.1% |
| Huabao International 0336.HK | Hong Kong | $1.34B | -25% | +13% | 3% | 25.3× | 16.2% | -2.7% |