OCI N.V.

OCI.AS

Chemicals - Specialty · Basic Materials

Price

€4.04

-0.02 (-0.39%)

Market Cap

€853.2M

Exchange

Euronext Amsterdam

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Dividends

Good

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Winston Score History

The full picture

OCI N.V. is a chemicals company that makes nitrogen-based fertilizers and industrial chemicals. Its main products include ammonia, urea, and methanol, which are sold to farmers, agricultural distributors, and industrial buyers around the world. OCI has historically been one of the larger independent producers of nitrogen fertilizers globally, with production facilities in the United States, Europe, and the Middle East.

The company earns money by selling these chemicals at market prices, which means its revenue rises and falls with commodity cycles. OCI has been restructuring significantly in recent years, selling off major assets including its U.S. fertilizer business, which explains the currently negative margins shown in its financials. The key risk facing OCI is that nitrogen fertilizer prices are tied closely to natural gas costs — its main input — and prolonged low fertilizer prices or high energy costs can quickly erode profitability, as the current margins reflect.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-151.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

58.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~8 months

$463M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

OCI N.V. grew revenue 1683% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 211.0M (2021) → 210.9M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

10.7%

Thin — 10.7% gross margin

Profit after running costs

Operating Margin

-21.7%

Losing money on operations — -21.7%

Return on the money invested

ROCE

-20.9%

Weak — -20.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+11.4%

Steady sales growth (+11.4% YoY)

Profit growth

EPS YoY

<−1,000%

Earnings shrinking (<−1,000% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

-45%

Weak — only -45% of profit becomes cash

Spare cash per sale

FCF Margin

-45.6%

Burning cash (-45.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.06

Conservative — low debt load (0.06)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

70.19%

Healthy income — 70.19% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

N/A

Data not available

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