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Dutch distributor of specialty chemicals and food ingredients, sourcing from producers and formulating for customers.
Dutch distributor of specialty chemicals and food ingredients, sourcing from producers and formulating for customers.
Takes a margin between what it pays chemical and ingredient makers and what it charges customers, and adds technical help in formulating products, which supports its margin beyond plain trading. Growth has come largely from buying local distributors, giving it reach across Europe, Asia and the Americas.
In one line: A Dutch Univar Solutions/Brenntag Specialties.
Moat: narrow (distribution, customer qualification, process know-how). Technical formulation expertise and supplier relationships make it a trusted intermediary, not just a reseller.
Headquarters: Rotterdam, Netherlands · Founded: 1995 · Employees: 5,246
Size Imcd (IMCD.AS) is a Netherlands Industrials company (Wholesale Distributors) with a market value of $6.80B, the 26th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €102.75 on 6 Nov 2026.
Performance Over six months the shares gained 6.6%, against -1.1% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 2.6% over the last twelve months (peer median +4.4%); the operating margin is 8.1% (peer median 10.6%).
Valuation It trades at 18.2× forward earnings against a peer median of 19.4× (10th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.0 points below its cost of capital (8.1% WACC).
Next results Next results expected around 19 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €4.94B | €4.78B | €4.73B | €4.44B | €4.60B |
| Revenue growth | — | +1% | +6% | -3% | — |
| Gross profit | €497M | €487M | €529M | €521M | €566M |
| EBITDA | €546M | €507M | €553M | €526M | €562M |
| Net income | €230M | €218M | €278M | €292M | €313M |
| Free cash flow | €370M | €309M | €265M | €399M | €288M |
| Capital expenditure | €21.8M | €20.3M | €26.5M | €37.5M | €21.3M |
| Total debt | n/a | €1.75B | €1.71B | €1.58B | €973M |
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 |
|---|---|---|---|---|---|---|
| Imcd IMCD.AS | $6.80B | +7% | +3% | 8% | 18.2× | 10.9% |
| Brenntag BNR.DE | $10.0B | 0% | -5% | 5% | 14.5× | 1.9% |
| DKSH DKSH.SW | $6.10B | +29% | -1% | 3% | 21.5× | -1.4% |
| Nagase & 8012.T | $2.96B | -9% | +8% | 5% | 10.9× | 3.5% |
| Hawkins HWKN | $3.14B | -10% | +9% | 11% | 33.9× | 15.2% |
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 | IMCD.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.8% | +3.6% | 10th highest of 21 |
| 6-month return | +6.6% | -1.1% | 9th highest of 21 |
| Distance from 52-week high | -2.6% | -17.5% | highest of 21 |
| Revenue growth (TTM) | +2.6% | +4.4% | 8th lowest of 21 |
| Operating margin | 8.1% | 10.6% | 7th lowest of 21 |
| Forward P/E | 18.2× | 19.4× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 10.9% | 9.7% | 9th most demanding of 20 |
| Growth delivered (Del g) | +11.5% | +9.9% | 8th highest of 19 |
| Hurdle (Req g minus delivered) | -0.6 pp | -1.0 pp | 9th most demanding of 19 |
| ROIC minus cost of capital | -0.0 pp | +2.5 pp | 8th lowest of 21 |
| EV / EBITDA | 14.0× | 12.6× | 8th most expensive of 18 |
| Net debt / EBITDA | 2.9× | 2.1× | 3rd most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Imcd IMCD.AS | Netherlands | $6.80B | +7% | +3% | 8% | 18.2× | 10.9% | +11.5% |
| MonotaRO 3064.T | Japan | $7.04B | +22% | +19% | 14% | 29.6× | 9.7% | +16.2% |
| Royal Vopak VPK.AS | Netherlands | $6.51B | +14% | +1% | 29% | 15.5× | 8.8% | +1.8% |
| MSC Industrial Direct MSM | United States | $6.33B | +9% | +6% | 9% | 20.1× | 9.0% | +4.3% |
| Reece REH.AX | Australia | $7.83B | +44% | +4% | 6% | 35.5× | 24.2% | +8.4% |
| Beijer Ref BEIJ-B.ST | Sweden | $8.09B | +27% | +4% | 10% | 28.0× | 14.0% | +21.4% |
| Finning International FTT.TO | Canada | $8.20B | -9% | 0% | 8% | 17.5× | 10.1% | +11.3% |
| Addtech ADDT-B.ST | Sweden | $8.66B | -2% | +4% | 13% | 30.7× | 19.3% | +14.9% |
| Core & Main CNM | United States | $8.76B | -6% | -1% | 10% | 14.3× | 5.3% | +16.0% |
| Hdhms 443060.KS | South Korea | $5.28B | -39% | +20% | 16% | 23.0× | 3.0% | +14.5% |
| Hotai Motor 2207.TW | Taiwan | $8.90B | +10% | +8% | 11% | 13.2× | 1.5% | +3.9% |
| SiteOne Landscape Supply SITE | United States | $4.86B | -7% | +3% | 5% | 24.4× | 18.4% | +11.7% |
| RS Group PLC RS1.L | United Kingdom | $4.85B | +33% | -1% | 8% | 18.6× | 15.1% | +7.5% |
| Groupe Dynamite GRGD.TO | Canada | $4.79B | -33% | +37% | 32% | 17.6× | 22.8% | n/a |
| Brenntag BNR.DE | Germany | $10.0B | 0% | -5% | 5% | 14.5× | 1.9% | +5.2% |
| Zhejiang China Commodities City 600415.SS | China | $10.0B | -7% | +22% | 22% | 14.4× | n/a | n/a |
| Applied Industrial Technologies AIT | United States | $10.3B | -8% | +8% | 11% | 23.0× | 8.6% | +8.9% |
| Toromont Industries TIH.TO | Canada | $10.7B | -15% | +16% | 15% | 20.2× | 7.6% | +8.4% |
| Rubis SCA RUI.PA | France | $4.10B | 0% | +11% | 7% | 10.3× | 3.1% | +10.9% |
| Bollore BOL.PA | France | $11.8B | -28% | -83% | -7% | 36.9× | 37.0% | -29.4% |
| SGH SGH.AX | Australia | $11.9B | +7% | -1% | 13% | 18.1× | 11.4% | +17.0% |