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.
Mersen SA is a French multinational company specializing in electrical power and advanced materials for high-tech industries. Originally founded in the late 19th century as Carbone Lorraine, it rebranded to Mersen in 2010, honoring mathematician Marin Mersenne while acronymizing Material, Electrical, Research, Sustainable, Energy. The company operates through two main segments: Advanced Materials, which includes world-leading graphite anticorrosion equipment, brushes for industrial electric motors, and high-temperature isostatic graphite; and Electrical Power, offering solutions for energy management, power electronics components, industrial fuses, and rail current collection systems. Mersen serves critical sectors such as renewable energies including solar and wind, semiconductors, electric vehicles, railways, aerospace, and nuclear applications. With over 50 manufacturing sites and 21 R&D centers across 33 countries on five continents, it generates significant revenue from North America, Europe, and Asia-Pacific. Strategic acquisitions like Fusetech, GAB Neumann, and recent U.S. expansions in graphite and thermal technologies underscore its innovation-driven growth, holding leadership positions globally in key specialties. In 2024, it reported consolidated sales of €1,244 million, with more than 55% tied to sustainable development markets.
Operating margin is thin at 9.20%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 4.6% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from 7.72% to 4.16%, capital efficiency is deteriorating. Net debt of €359M represents 8.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
€1.19B
▼ -4.6% YoY
Net Income (TTM)
€13M
▼ -79.2% YoY
Op. Margin
9.20%
▼ -1.3pp YoY
ROIC
4.16%
▼ -3.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€43M
▲ +291.6% YoY
Op. Cash Flow (TTM)
€58M
▼ -47.7% YoY
Net Debt
€359M
Cash & Equiv.
€94M
3Y CAGR: +2.1%
3Y CAGR: +178.7%
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