Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Eramet SA is a French multinational mining and metallurgy company specializing in the production of essential metals like manganese, nickel, mineral sands, and lithium. Founded in 1880 and headquartered in Paris, it operates top-tier mining deposits and industrial sites across 16 countries on five continents, employing over 10,000 people. The company extracts high-grade manganese ore from the Moanda mine in Gabon, making it the world's number one producer; nickel from major operations in New Caledonia and the largest nickel mine by volume in Indonesia; mineral sands including zircon and titanium minerals from Senegal; and lithium via innovative direct extraction processes in Argentina. Eramet SA also produces manganese alloys, nickel products, and high-performance alloys and special steels for sectors such as aeronautics, energy, construction, and the energy transition. Organized into manganese, alloys, and nickel divisions, it emphasizes responsible mining practices, CSR excellence, and innovation to meet global demand for sustainable metals critical to urban infrastructure and ecological advancements.
The business is unprofitable at the operating level (-7.08% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 6.1% YoY. Margins deteriorated 9.5pp alongside, both lines moving the wrong way.
ROIC dropped from 0.93% to -4.20%, capital efficiency is deteriorating. Negative free cash flow of -€742M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
€2.75B
▼ -6.1% YoY
Net Income (TTM)
-€570M
▼ -996.2% YoY
Op. Margin
-7.08%
▼ -9.5pp YoY
ROIC
-4.20%
▼ -5.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-€742M
▼ -2.1% YoY
Op. Cash Flow (TTM)
-€661M
▼ -1639.5% YoY
Net Debt
€1.93B
Cash & Equiv.
€591M
3Y CAGR: -18.6%
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