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Swiss-Dutch maker of flavors, fragrances, and nutrition/health ingredients used by food, beverage, and personal-care brands worldwide.
Swiss-Dutch maker of flavors, fragrances, and nutrition/health ingredients used by food, beverage, and personal-care brands worldwide.
Sells ingredients that go into customers' recipes and formulas, such as flavors, fragrance oils and vitamins, so a product specified once is typically reordered for years. Formed by the 2023 merger of Dutch DSM and Swiss Firmenich, it has been separating off its animal-nutrition business to concentrate on perfumery, taste and health ingredients.
In one line: A larger International Flavors & Fragrances.
Moat: narrow (scale, IP / patents, switching costs). Formulations are embedded in customers' recipes; reformulation is costly, but the category has scaled peers.
Headquarters: Kaiseraugst, Switzerland / Netherlands (dual) · Founded: 2023 · Employees: 28,550
Size DSM-Firmenich (DSFIR.AS) is a Netherlands Consumer Staples company (Household/Personal Care) with a market value of $29.5B, the 11th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €109.80 on 6 Nov 2026.
Performance Over six months the shares gained 62.0%, against +16.2% for the median peer and +0.4% for the Netherlands market (cap-weighted) — highest of 17 in its peer set.
Growth Revenue fell 44.8% over the last twelve months (peer median +4.3%); the operating margin is 7.9% (peer median 15.2%).
Valuation It trades at 30.1× forward earnings against a peer median of 24.5× (7th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +22 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 4.6 points below its cost of capital (6.5% WACC).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €7.19B | €9.03B | €9.05B | €10.6B | €8.39B |
| Revenue growth | — | 0% | -15% | +27% | — |
| Gross profit | €3.29B | €3.63B | €3.69B | €3.21B | €2.78B |
| EBITDA | €1.34B | €1.61B | €1.60B | €1.31B | €1.38B |
| Net income | -€1.38B | -€1.08B | €250M | -€652M | €460M |
| Free cash flow | €913M | €790M | €1.11B | €719M | €417M |
| Capital expenditure | €689M | €764M | €764M | €684M | €644M |
| Total debt | n/a | €5.28B | €5.28B | €4.83B | €3.06B |
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 |
|---|---|---|---|---|---|---|
| DSM-Firmenich DSFIR.AS | $29.5B | +62% | -45% | 8% | 30.1× | 24.3% |
| Givaudan GIVN.SW | $45.8B | +47% | -2% | 18% | 34.0× | 10.6% |
| International Flavors & Fragrances IFF | $20.7B | +2% | -17% | 11% | 23.4× | 17.9% |
| Symrise SY1.DE | $15.1B | +30% | -1% | 12% | 24.8× | 8.1% |
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 | DSFIR.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.2% | +10.8% | 6th highest of 17 |
| 6-month return | +62.0% | +16.2% | highest of 17 |
| Distance from 52-week high | -3.2% | -6.2% | 5th highest of 17 |
| Revenue growth (TTM) | -44.8% | +4.3% | lowest of 17 |
| Operating margin | 7.9% | 15.2% | 2nd lowest of 17 |
| Forward P/E | 30.1× | 24.5× | 7th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 24.3% | 3.4% | 4th most demanding of 17 |
| Growth delivered (Del g) | +2.5% | +4.2% | 6th lowest of 17 |
| Hurdle (Req g minus delivered) | +21.8 pp | +3.2 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | -4.6 pp | +6.7 pp | lowest of 17 |
| EV / EBITDA | 23.1× | 15.8× | 6th most expensive of 17 |
| Net debt / EBITDA | 3.3× | 1.4× | 2nd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| DSM-Firmenich DSFIR.AS | Netherlands | $29.5B | +62% | -45% | 8% | 30.1× | 24.3% | +2.5% |
| Church & Dwight CHD | United States | $25.8B | +17% | +2% | 18% | 27.4× | 6.9% | +4.8% |
| Estée Lauder Companies (The) EL | United States | $39.9B | +28% | +6% | 13% | 31.1× | 16.8% | -1.5% |
| Kao 4452.T | Japan | $21.8B | +33% | +6% | 10% | 24.4× | 1.5% | +4.1% |
| Beiersdorf BEI.DE | Germany | $20.4B | +21% | -2% | 12% | 22.6× | -2.3% | +7.0% |
| Essity ESSITY-A.ST | Sweden | $19.9B | +17% | -2% | 12% | 15.4× | -3.3% | +2.6% |
| Givaudan GIVN.SW | Switzerland | $45.8B | +47% | -2% | 18% | 34.0× | 10.6% | +3.4% |
| Reckitt Benckiser RKT.L | United Kingdom | $47.6B | +22% | -2% | 28% | 16.4× | 1.6% | +0.3% |
| Hindustan Unilever HINDUNILVR.NS | India | $49.6B | -12% | +6% | 21% | 41.5× | 27.2% | +6.5% |
| Kimberly-Clark KMB | United States | $66.5B | +12% | -12% | 14% | 15.3× | 4.1% | -3.0% |
| Puig Brands PUIG.MC | Spain | $12.5B | +16% | +4% | 16% | 17.9× | -3.0% | +11.7% |
| Marico MARICO.NS | India | $12.3B | +8% | +20% | 16% | 51.8× | 28.0% | +11.1% |
| Unicharm 8113.T | Japan | $12.1B | +15% | 0% | 12% | 24.5× | -2.0% | +5.4% |
| Clorox CLX | United States | $12.1B | +8% | +6% | 14% | 17.4× | 2.7% | -1.8% |
| Colgate-Palmolive CL | United States | $76.8B | +10% | +6% | 22% | 24.2× | -5.5% | +4.4% |
| Shiseido 4911.T | Japan | $9.52B | +20% | +5% | 4% | 32.8× | 17.5% | +1.0% |
| Godrej Consumer Products GODREJCP.NS | India | $9.19B | -18% | +12% | 18% | 37.0× | 31.7% | +6.6% |