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Italian maker of electrochemical technology such as electrodes and electrolyzers used in chlor-alkali production, water treatment and green hydrogen.
Italian maker of electrochemical technology such as electrodes and electrolyzers used in chlor-alkali production, water treatment and green hydrogen.
Electrodes for chlor-alkali plants wear out and are recoated or replaced every few years, giving repeat revenue from an installed base, while new-plant equipment and hydrogen electrolyzers (machines that split water) are project-based and lumpier.
In one line: An Italian electrochemical-technology peer to thyssenkrupp nucera.
Moat: narrow (process know-how, IP / patents, installed base). Long-standing proprietary electrode/coating technology used across chlor-alkali and now hydrogen electrolysis, but hydrogen demand remains early-stage.
Headquarters: Milan, Italy · Founded: 1923 · Employees: 2,081
Size Industrie De Nora (DNR.MI) is an Italy Materials company (Chemicals: Specialty) with a market value of $1.31B, the 73rd largest of 123 Italy companies the cockpit tracks. Shares closed at €5.50 on 6 Nov 2026.
Performance Over six months the shares fell 22.8%, against -21.6% for the median peer and +3.1% for the Italy market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 1.8% over the last twelve months (peer median +10.7%); the operating margin is 13.7% (peer median 5.9%).
Valuation It trades at 16.0× forward earnings against a peer median of 19.2× (7th cheapest of 16).
Capital Return on invested capital runs 2.1 points below its cost of capital (10.4% WACC).
Next results Next results expected around 24 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €862M | €875M | €863M | €856M | €853M |
| Revenue growth | — | +1% | +1% | 0% | — |
| Gross profit | €257M | €256M | €237M | €253M | €251M |
| EBITDA | €154M | €151M | €134M | €163M | €157M |
| Net income | €75.9M | €82.3M | €83.4M | €230M | €89.6M |
| Free cash flow | -€11.6M | €51.4M | €51.5M | €59.2M | €74.9M |
| Capital expenditure | €73.3M | €73.3M | €63.9M | €88.5M | €46.1M |
| Total debt | €175M | €37.0M | €159M | €144M | €281M |
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 |
|---|---|---|---|---|---|---|
| Industrie De Nora DNR.MI | $1.31B | -23% | -2% | 14% | 16.0× | n/a |
| thyssenkrupp nucera AG & Co. KGaA NCH2.DE | $1.09B | -13% | -42% | -13% | n/a | n/a |
| Nel NEL.OL | $393M | -34% | -29% | -191% | n/a | n/a |
| Plug Power PLUG | $2.03B | -54% | +11% | -68% | n/a | n/a |
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 | DNR.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.2% | -12.2% | 4th highest of 21 |
| 6-month return | -22.8% | -21.6% | 10th lowest of 21 |
| Distance from 52-week high | -33.1% | -48.3% | 5th highest of 21 |
| Revenue growth (TTM) | -1.8% | +10.7% | 4th lowest of 21 |
| Operating margin | 13.7% | 5.9% | 6th highest of 21 |
| Forward P/E | 16.0× | 19.2× | 7th cheapest of 16 |
| ROIC minus cost of capital | -2.1 pp | -2.0 pp | 10th lowest of 21 |
| EV / EBITDA | 7.9× | 12.2× | cheapest of 6 |
| Net debt / EBITDA | 0.2× | -0.4× | 3rd most indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Industrie De Nora DNR.MI | Italy | $1.31B | -23% | -2% | 14% | 16.0× | n/a | n/a |
| REX American Resources REX | United States | $1.31B | -21% | +6% | 15% | 26.2× | -3.8% | +11.7% |
| Dawei Technology (Guangdong) 600589.SS | China | $1.32B | -38% | +29% | -10% | n/a | n/a | n/a |
| Beijing Haixin Energy Technology 300072.SZ | China | $1.30B | -20% | +61% | -9% | 121.7× | n/a | n/a |
| Global New Material International 6616.HK | Hong Kong | $1.32B | -3% | +165% | 0% | 14.1× | n/a | n/a |
| Shiny Chemical Industrial 1773.TW | Taiwan | $1.29B | -20% | +20% | 22% | 15.1× | 5.5% | +8.1% |
| COFCO Biotechnology 000930.SZ | China | $1.32B | -21% | -9% | -2% | n/a | n/a | n/a |
| Chengzhi 000990.SZ | China | $1.29B | -43% | -7% | 7% | 10.6× | -2.8% | +2.2% |
| Shandong Kaisheng New Materials 301069.SZ | China | $1.28B | -19% | +20% | 13% | 47.0× | 29.2% | +10.4% |
| Jiangyin Jianghua Micro-electronics Materials 603078.SS | China | $1.33B | -7% | +18% | 7% | 79.3× | 32.0% | +17.0% |
| Wankai New Materials 301216.SZ | China | $1.35B | -48% | +5% | 4% | 8.3× | n/a | n/a |
| BASF India BASF.NS | India | $1.35B | -23% | +13% | 4% | 17.4× | n/a | n/a |
| Guizhou Redstar Developing 600367.SS | China | $1.25B | +14% | +1% | 7% | n/a | 26.8% | +9.1% |
| Anhui Shenjian New Materials 002361.SZ | China | $1.25B | -54% | -4% | -3% | n/a | n/a | n/a |
| Shanghai Chlor-Alkali Chemical 600618.SS | China | $1.24B | -29% | +2% | 6% | n/a | -0.4% | +9.9% |
| GCH Technology 688625.SS | China | $1.38B | -32% | +8% | 18% | 19.2× | 27.6% | +16.3% |
| Nan Pao Resins Chemical 4766.TW | Taiwan | $1.24B | -6% | +3% | 16% | 13.3× | -8.7% | +8.3% |
| Zhejiang Jiahua Energy Chemical Industry 600273.SS | China | $1.23B | -22% | +4% | 5% | 7.8× | -6.3% | +12.9% |
| Guangdong Guanghua Sci-Tech 002741.SZ | China | $1.40B | -9% | +61% | 4% | 58.4× | n/a | n/a |
| Shandong Dawn Polymer 002838.SZ | China | $1.40B | -35% | +31% | 6% | 19.3× | n/a | n/a |
| Shanghai Skychem Technology 688603.SS | China | $1.22B | -29% | +38% | 19% | 44.6× | n/a | n/a |