Brenntag SE
5-year stock timeline
Brenntag weathered the COVID-19 shock in 2020 with relatively stable operating gross profit and rising free cash flow despite lower sales, keeping operations resilient through the pandemic period.
The company posted record-like financial performance in 2022 before volumes and prices normalized. Management emphasized cost measures and working-capital management into 2023.
From 2023–2025 Brenntag executed targeted M&A to expand specialties and regional footprint, including Colony Gums in 2023, Química Delta in Latin America in 2024, and North American deals such as Chem Tech in 2025. FY‑2025 preliminary results showed lower EBITA and a reduced dividend proposal as management cited a challenging macro/margin environment and guided a lower EBITDA range for 2026.
During 2020, investors increasingly saw Brenntag as a resilient distributor — a defensive, cash-generative business that held up through pandemic disruptions thanks to diversified end markets and supply-chain positioning.
After strong 2022 results the narrative shifted toward a high‑quality performance story. The 2023–2025 period reframed sentiment to one of normalization and management action, with investors treating the stock as a reliable compounder with cyclical exposure, emphasizing cash flow and margin recovery over pure growth.
By early 2026 the market narrative centered on margin resilience, selective growth in Specialties, and strong free cash flow despite top‑line pressure, which supported confidence in capital returns even as earnings stayed below prior peaks.
The stock rallied from pandemic lows into 2020–2021, reflecting recovery and favorable industry pricing. A sharp drawdown occurred in 2022 as commodity and price normalization hit results, followed by a sizable rebound in 2023 when results and cash‑flow metrics improved. In 2024 the stock corrected materially, then settled into mid‑range consolidation through 2025 with periodic breakouts tied to cash‑flow or guidance revisions. Current trading sits at 57.28.
Key risks and downside factors
Brenntag holds the global market leadership position in chemical distribution, though the competitive landscape is fragmented. Major rivals like IMCD, Azelis, and Nagase operate across different market segments. The competition splits along two distinct lines: broadline distributors competing primarily on volume and scale, which naturally compress margins, and specialty players that differentiate through technical expertise and formulation support. The business carries several material risks worth monitoring. Supply chain disruptions and commodity price swings can ripple through operations quickly. Regulatory and environmental compliance requirements continue to evolve and carry real cost implications. The company's growth strategy relies on acquisitions, which introduces execution risk during integration. Beyond that, the market structure itself presents challenges—customer and supplier concentration limits pricing power, while larger competitors constantly test margins through scale advantages.
- Supply-chain disruptions have tightened delivery windows while pushing up logistics and working-capital costs, creating a dual squeeze on operations [2][8].
- Swings in commodity and raw-material prices have a way of compressing gross margins and eating into profitability.
- Regulatory, environmental, and health and safety compliance requirements increase operating costs and can limit market access in certain jurisdictions.
- Specialty and regional distributors are intensifying competition, while integration risks from recent M&A could weigh on pricing power, margins, and the company's ability to execute its growth strategy.
Competitive landscape
Brenntag holds the position of world's largest third-party chemical distributor and ranks prominently in the ICIS Top 100, operating at multi-billion dollar scale. Its main public competitors include Univar Solutions, IMCD, Azelis and Nagase, while regional and private players like Helm and Barentz create competitive friction in specific markets. The company has deliberately separated its volume-driven Essentials business from higher-margin Specialties to preserve profitability, though it remains vulnerable to commodity price fluctuations, supply-chain disruptions and rising regulatory and compliance expenses across its key operating regions.
| Company | Ticker |
|---|---|
| Univar Solutions Inc. [web:14] | UNVR.NYSE |
Private competitors
- Helm AG
- Barentz International
- Biesterfeld AG
- Manuchar
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Start Free TrialPerformance Figures of Brenntag SE
Relative Performance vs Benchmarks
| Period | Brenntag SE | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | +12.31% | +18.28% | +17.30% |
| 3M | +15.58% | +20.98% | +19.95% |
| 6M | +7.51% | +12.48% | +9.78% |
| 1Y | +0.69% | -2.09% | -16.57% |
| 3Y | -8.92% | -57.15% | -74.00% |
| 5Y | -11.03% | -64.38% | -84.85% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 31.3 | 0.5 | 1.9 | 8.6 |
| 1Y ago | 16.3 | 0.5 | 1.8 | 9.6 |
| 3Y ago | 12.5 | 0.5 | 2.4 | 8.1 |
| 5Y ago | 25.0 | 1.0 | 3.0 | 10.3 |
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 1.90 EUR | — | 2.35% |
| 2025 | 2.10 EUR | 3.54% | |
| 2024 | 2.10 EUR | 3.12% | |
| 2023 | 2.00 EUR | 2.75% | |
| 2022 | 1.45 EUR | 2.05% | |
| 2021 | 1.35 EUR | 1.76% | |
| 2020 | 1.25 EUR | 2.51% | |
| 2019 | 1.20 EUR | 2.75% | |
| 2018 | 1.10 EUR | 2.21% | |
| 2017 | 1.05 EUR | 2.02% | |
| 2016 | 1.00 EUR | 2.28% | |
| 2015 | 0.90 EUR | 1.75% | |
| 2014 | 0.87 EUR | 1.90% | |
| 2013 | 0.80 EUR | 2.01% | |
| 2012 | 0.67 EUR | 2.21% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 15.17B | 16.24B | 16.82B | 19.43B | 14.38B |
| Operating income (EBIT) | 733.20M | 915.40M | 1.12B | 1.38B | 742.40M |
| Net income | 264.60M | 536.20M | 714.90M | 886.80M | 448.30M |
| Free cash flow | 673.70M | 564.40M | 1.34B | 689.50M | 189.30M |
| Total assets | 10.84B | 11.67B | 10.34B | 11.37B | 10.20B |
| Equity | 4.31B | 4.73B | 4.30B | 4.75B | 3.91B |
| Net debt | 2.46B | 2.61B | 1.82B | 1.88B | 1.96B |
PWP Leeway UG (haftungsbeschränkt)
