Brenntag SE
5-year stock timeline
Brenntag has traced an uneven path since 2020, one worth unpacking because the narrative keeps shifting with the numbers.
Through 2020 and into 2021, the company proved it could weather disruption. COVID didn't break it—instead, Brenntag reported stronger operating EBITDA, solid free cash flow, and began executing efficiency improvements. The market took notice. By August 2021, the stock had climbed to around €138.29, a record close that felt like vindication of the resilience thesis.
2022 brought record operating EBITDA (roughly €1.8bn), and management launched "Strategy to Win" in November to push organic growth and margins higher. But the stock itself spent the year consolidating, digesting macro noise despite the operational strength. That disconnect—strong earnings, sideways price—should have been a signal.
Then came 2023 and early 2024, which looked like redemption. Record free cash flow in 2023, a €750m buyback program (€500m executed in 2023, another €250m in 2024), and the stock rallied hard into year-end, closing 2023 at €83.22. Early 2024 pushed higher still, peaking near €85.86 in March. The quality distributor narrative felt intact.
What followed was sharper than the setup suggested. From that March peak, the stock corrected materially. Through 2024 it fell roughly 31%, bottoming at €56.50 in mid-November as volumes and pricing softened and investors began asking harder questions about execution. The market had reframed Brenntag—no longer a compounder, now a potential value trap or at minimum a business that needed clearer operational discipline.
That prompted action. Management was reshuffled (new CEO effective September 2025), the Board model was streamlined, and the company continued portfolio work through disposals and selective acquisitions. Guidance was revised at points through 2025.
Today, at €59.76, the stock sits near the band established during the 2024–2025 correction and recovery phase. Technically it's testing, not trending. The fundamentals and governance moves are still being priced in. The name remains in a sideways recovery mode—not yet a clear signal, but also not the framing that worked in 2023.
Key risks and downside factors
Brenntag operates in a competitive global chemical distribution market. Listed peers like IMCD and Azelis compete directly, while regional and private players—Univar (now private), HELM, OQEMA, and Caldic—add pressure from below. Consolidation and targeted M&A keep margins thin and market share volatile. The business demands operational scale for logistics and regulatory compliance, sits exposed to raw material price swings, and faces the ongoing risk that producers or digital marketplaces might bypass distributors altogether.
- Margin compression from specialty distributors and ongoing consolidation among competitors like IMCD and Azelis, which can gradually wear down pricing power and compress spreads.
- Dependence on a small number of suppliers or customers creates material risk—the loss or non-renewal of a major contract could significantly reduce both volumes and profitability.
- Operational and logistics disruptions—whether in transport, warehousing, or health, safety and environmental incidents—can interrupt supply chains, drive costs higher, and expose the company to regulatory fines [7][6].
- Volatile raw-material and foreign-exchange movements across their global operations create both earnings swings and working-capital pressure [4][7].
Competitive landscape
Brenntag holds the global market leadership position in chemical distribution through a deliberate dual strategy: Essentials, which captures commodity scale, and Specialties, where higher margins live in formulation work. The competitive landscape is fragmented but pointed—IMCD and Azelis both lean hard into specialty formulations, run decentralized technical sales operations, and grow aggressively through acquisition, which creates real pressure on Brenntag's margin-rich segments. The headwinds are familiar but material. Commodity pricing cycles through demand, and industrial weakness hits harder than most realize. Competitors are hunting the same margin pools. Digital platforms threaten the distributor's traditional role. Regulatory and compliance costs keep rising. Supply-chain disruptions and currency swings have already shown up in guidance misses and earnings shortfalls, which suggests management isn't just flagging risks—they're living them.
| Company | Ticker |
|---|---|
| IMCD N.V. | IMCD.AS |
| Azelis Group N.V. | AZE.BR |
Private competitors
- Univar Solutions
- Caldic
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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 | -0.07% | -0.31% | -3.60% |
| 3M | +10.38% | +12.65% | +2.89% |
| 6M | +22.43% | +16.44% | +10.46% |
| 1Y | +3.54% | +1.71% | -21.64% |
| 3Y | -13.66% | -64.04% | -95.80% |
| 5Y | -10.20% | -68.75% | -99.53% |
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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 | 37.8 | 0.6 | 1.9 | 9.1 |
| 1Y ago | 16.4 | 0.5 | 1.8 | 9.6 |
| 3Y ago | 13.7 | 0.6 | 2.7 | 8.9 |
| 5Y ago | 25.7 | 1.0 | 3.1 | 10.6 |
Frequently Asked Questions
Where is the Brenntag SE stock traded?
What does Brenntag SE do?
What are the key metrics for BNR.XETRA?
How has Brenntag SE's stock price performed?
How is BNR.XETRA valued?
Does BNR.XETRA pay dividends?
What are the key risks when investing in BNR.XETRA?
- Margin compression from specialty distributors and ongoing consolidation among competitors like IMCD and Azelis, which can gradually wear down pricing power and compress spreads.
- Dependence on a small number of suppliers or customers creates material risk—the loss or non-renewal of a major contract could significantly reduce both volumes and profitability.
- Operational and logistics disruptions—whether in transport, warehousing, or health, safety and environmental incidents—can interrupt supply chains, drive costs higher, and expose the company to regulatory fines [web:7][web:6].
- Volatile raw-material and foreign-exchange movements across their global operations create both earnings swings and working-capital pressure [web:4][web:7].
Who are the main competitors of Brenntag SE?
- IMCD N.V. (IMCD.AS)
- Azelis Group N.V. (AZE.BR)
When does Brenntag SE report earnings?
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
Upcoming earnings report
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)
