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Mines and processes industrial minerals, including kaolin, graphite and talc, for industrial customers.
Mines and processes industrial minerals, including kaolin, graphite and talc, for industrial customers.
Sells minerals by volume to makers of ceramics, paper, paints, plastics, building materials and steel refractories, where its own quarry supply and tailored grades bring repeat orders. In France it is developing a lithium mine project, Emili, to add a battery-materials line.
Moat: narrow (scale, installed base, process know-how). Owns geographically concentrated mineral deposits and processing know-how that are difficult to replicate.
Headquarters: Paris, France · Founded: 1880 · Employees: 12,445
Size Imerys (NK.PA) is a France Materials company (Construction Materials) with a market value of $2.41B, the 98th largest of 206 France companies the cockpit tracks. Shares closed at €25.40 on 6 Nov 2026.
Performance Over six months the shares gained 11.4%, against -20.0% for the median peer and -0.4% for the France market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue fell 2.2% over the last twelve months (peer median +0.6%); the operating margin is 6.3% (peer median 10.4%).
Valuation It trades at 15.4× forward earnings against a peer median of 12.5× (6th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +10 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 3.6 points below its cost of capital (7.4% WACC).
Credit Imerys has 5 bonds outstanding ($2.28B), rated BBB- by the agencies and trading like BBB at a weighted spread of 124 bp.
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €3.37B | €3.38B | €3.60B | €3.79B | €4.28B |
| Revenue growth | — | -6% | -5% | -11% | — |
| Gross profit | €886M | €909M | €1.04B | €966M | €1.33B |
| EBITDA | €522M | €529M | €574M | €571M | €721M |
| Net income | -€430M | -€409M | -€95.0M | €51.3M | €237M |
| Free cash flow | €204M | €118M | €156M | €282M | €95.8M |
| Capital expenditure | €297M | €320M | €368M | €399M | €406M |
| Total debt | n/a | €2.23B | €1.91B | €2.38B | €2.29B |
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 |
|---|---|---|---|---|---|---|
| Imerys NK.PA | $2.41B | +11% | -2% | 6% | 15.4× | 7.4% |
| Cabot CBT | $3.67B | -17% | +1% | 14% | 10.9× | -3.2% |
| Minerals Technologies MTX | $1.91B | -22% | +5% | 13% | 9.8× | 0.5% |
| Elementis ELM.L | $1.45B | +34% | -12% | 20% | 16.9× | 16.9% |
| RHI Magnesita RHIM.L | $1.74B | +2% | -1% | 11% | 6.9× | 3.0% |
| Vesuvius VSVS.L | $1.49B | +2% | +2% | 7% | 14.7× | 8.2% |
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 | NK.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.9% | +0.7% | 3rd highest of 21 |
| 6-month return | +11.4% | -20.0% | 4th highest of 20 |
| Distance from 52-week high | -11.0% | -36.7% | 3rd highest of 21 |
| Revenue growth (TTM) | -2.2% | +0.6% | 9th lowest of 21 |
| Operating margin | 6.3% | 10.4% | 6th lowest of 20 |
| Forward P/E | 15.4× | 12.5× | 6th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 7.4% | 5.6% | 8th most demanding of 16 |
| Growth delivered (Del g) | -2.3% | +6.0% | 6th lowest of 16 |
| Hurdle (Req g minus delivered) | +9.6 pp | -1.7 pp | 6th most demanding of 16 |
| ROIC minus cost of capital | -3.6 pp | -2.7 pp | 8th lowest of 20 |
| EV / EBITDA | 7.0× | 7.7× | 5th cheapest of 12 |
| Net debt / EBITDA | 2.8× | 1.8× | 4th most indebted of 12 |
| Bond spread | 124 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Imerys NK.PA | France | $2.41B | +11% | -2% | 6% | 15.4× | 7.4% | -2.3% |
| Cementos Molins CMO.MC | Spain | $2.70B | n/a | +14% | 12% | 13.6× | 8.9% | +12.5% |
| Cementir CEM.MI | Italy | $2.70B | +5% | -2% | 13% | 12.8× | 4.3% | +6.0% |
| FangDa Carbon New Material 600516.SS | China | $2.74B | -20% | +17% | -4% | 226.5× | n/a | n/a |
| China National Building Material 3323.HK | Hong Kong | $2.76B | -51% | 0% | 2% | 25.2× | 25.1% | -7.7% |
| Titan America TTAM | United States | $2.08B | -32% | +5% | 15% | 10.5× | 1.0% | +6.9% |
| YOUNGY 002192.SZ | China | $2.03B | -52% | +315% | 60% | n/a | 4.9% | +16.8% |
| Sichuan Hexie Shuangma 000935.SZ | China | $1.98B | -35% | -14% | 15% | 13.8× | n/a | n/a |
| SigmaRoc SRC.L | United Kingdom | $1.95B | +14% | +4% | 15% | 12.1× | 12.4% | +52.8% |
| Taiheiyo Cement 5233.T | Japan | $3.03B | +19% | +1% | 8% | 7.7× | 0.8% | +0.8% |
| Gansu Shangfeng Materials 000672.SZ | China | $1.88B | -6% | -23% | 7% | 4.5× | 10.2% | -6.1% |
| BBMG 2009.HK | Hong Kong | $1.87B | -20% | -22% | -4% | n/a | 42.3% | -4.0% |
| Knife River KNF | United States | $3.20B | -38% | +11% | 9% | 23.1× | n/a | n/a |
| Vicat VCT.PA | France | $3.29B | +6% | +5% | 11% | 10.2× | 0.2% | +6.6% |
| CCCC Design And Consulting 600720.SS | China | $1.73B | -24% | -10% | 12% | 9.7× | n/a | n/a |
| United States Lime & Minerals USLM | United States | $3.39B | +7% | +4% | 41% | 19.6× | 5.1% | +18.3% |
| Tianshan Material 000877.SZ | China | $3.47B | -30% | -17% | -13% | n/a | 5.6% | -14.5% |
| Breedon BREE.L | United Kingdom | $1.60B | +17% | +8% | 7% | 12.2× | 10.1% | +13.0% |
| Asia Cement 1102.TW | Taiwan | $3.92B | +5% | -10% | 10% | 11.0× | 5.6% | -1.9% |
| Fsilon Furnishing and Construction Materials 605318.SS | China | $1.36B | -29% | -15% | -5% | 3,613.5× | n/a | n/a |
| BBMG Jidong Cement 000401.SZ | China | $1.35B | -21% | -8% | n/a | n/a | 37.1% | -7.0% |
Imerys has 5 bonds outstanding with $2.28B face value. The agencies rate it BBB-; its bonds trade like BBB. Weighted yield 4.41%, a spread of 124 bp over government bonds.