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Solvay SA (SOLB) Fair Value & Analysis

Basic Materials · BE · Market cap €2.8B · ISIN BE0003470755

What is Solvay SA really worth?

SS Solvay SA SOLB · BR
Price€26.18
Fair Value€14.02
Upside−46.5%
Quality52/100

A solid business, but trading 87% above our fair value of €14.02.

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Risks

!Weak Growth (revenue 5y −13.3 %/yr)
!Loss over the last twelve months · -0.6% net margin · fiscal year 2025 0.6%
!High debt · generates free cash flow
!Mixed vs. peers (6/15)
!Narrow moat 24/100
!Evidence only medium, so the estimate is less certain
!Weak on balance sheet: 10 out of 100

For context

·9.28% dividend yield
Evidence: Medium Range €14.02 – €14.02

Fair value as of: Sep 3, 2026

From 24 valuation models · updated yesterday

Fair value updated Sep 3, 2026, revised from €7.01 to €14.02 (+100.0%) since Aug 27, 2026. Share price −1.2% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (€14.02). The favourable scenario is already priced in.
  • Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

€33.03 €8.97 Fair Value €14.02 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range €8.97 – €33.03 · the €26.18 price screens above the €14.02 fair value. Dashed = 300-day average. As of Sep 3, 2026.

Full chart & analysis →

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Analysis

Solvay SA (SOLB) currently trades at €26.18, while our model-based Fair Value estimate is €14.02, implying the stock looks roughly 86.7% overvalued today. The Quality Score stands at 52/100 (solid quality), in the Basic Materials sector. Bull case: the Growth DCF group reads highest at a median of €37.48 per share, and 12 of the 24 models we run sit above the €26.18 price. Bear case: the Earnings-Based group reads lowest at €2.39, and 12 of the 24 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Solvay SA generated revenue of €4.6B at a net margin of −0.5%. Revenue declined 8.1% year over year. It earns a return on equity of −1.5%. Net debt stands at €1.6B. Fundamentals as of Sep 3, 2026

The share trades about 6% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −48% fair-value upside, at −46%, SOLB screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence €23.35 €36.45 €59.95 79
Growth DCF €24.86 €37.48 €58.39 77
Residual Income €7.02 €6.88 €5.78 76
All 24 models by family
DCF Models
FCF DCF best evidence €23.35 €36.45 €59.95 79
Owner Earnings €9.08 €16.96 €31.09 73
5Y Revenue Exit €25.40 €43.60 €70.07 71
5Y EBITDA Exit €34.87 €60.00 €93.28 74
5Y P/E Exit €3.71 €6.07 €9.02 70
10Y Revenue Exit €23.22 €36.47 €50.74 67
10Y EBITDA Exit €29.92 €46.38 €64.06 68
10Y P/E Exit €11.43 €13.79 €15.72 65
Earnings-Based
Graham-Dodd €1.95 €2.39 €2.68 67
EPV €19.82 €24.92 €29.31 74
Dividend Discount
Gordon GGM €21.35 €23.27 €26.17 69
DDM Multi-Stage €21.35 €26.38 €33.25 67
Multiples
P/E Multiple €3.66 €4.88 €6.10 63
P/S Multiple €3.66 €4.88 €6.10 58
P/B Multiple €3.66 €4.88 €6.10 55
EV/EBIT €36.88 €53.33 €69.78 65
EV/EBITDA €51.79 €73.20 €94.62 67
EV/Revenue €30.30 €48.63 €66.96 53
Asset-Based
NCAV (Graham) €4.88 €6.54 €9.76 54
Growth DCF
Growth DCF €24.86 €37.48 €58.39 77
Rev-Margin DCF €25.40 €44.46 €67.76 71
Economic Profit
Residual Income €7.02 €6.88 €5.78 76
ROIC Compounder €19.82 €26.20 €32.78 72
Growth Earnings
Growth-Adj P/E €2.61 €3.73 €4.84 67

Widest divergence: Growth DCF (€37.48) versus Earnings-Based (€2.39). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 872.7
P/S ratio 5.52 P/E × margin
EPS (TTM) €0.0300 price ÷ EPS = P/E 872.7
Dividend yield 9.3%
Net margin 0.6% FY2025
Return on equity −1.5% TTM
More key figures
Profitability
Return on assets (EBIT) 7.0% avg 5y
Operating margin 10.9% TTM
Growth
Revenue (TTM) €4.6B TTM
Revenue growth (YoY) −14.9% 3y avg −33.4%
EPS growth (YoY) +596%
Balance sheet & cash flow
Free cash flow €404M FY2025
Net debt €1.6B FY2025 · ≈ 4.0 yrs of FCF

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 52/100

Of which business quality 50 · Market factors (momentum, volatility) 61

Profitability 29
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 63
Earnings quality: real cash, not paper profit
Fin. Strength 22
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 53
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Solvay SA provides basic and performance chemicals worldwide. The company engages in the production of sodium carbonate or soda ash and its derivatives used by customers in glass for building, solar panels, glass containers, and packaging; in lithium-ion batteries for electric vehicles; and for detergents and chemicals, as well as sodium bicarbonate for …

Full company description

Solvay SA provides basic and performance chemicals worldwide. The company engages in the production of sodium carbonate or soda ash and its derivatives used by customers in glass for building, solar panels, glass containers, and packaging; in lithium-ion batteries for electric vehicles; and for detergents and chemicals, as well as sodium bicarbonate for food and animal feed, and flue gas treatment or healthcare applications. It also offers hydrogen peroxide for use in bleaching, decontamination, disinfection, and antiseptic applications in the pulp and paper, textile, water, and food industries; and as an intermediate to produce propylene oxide and caprolactam chemicals, as well as used in semiconductors, photovoltaic, urban mining, and battery sectors. In addition, the company provides precipitated silica, a component in applications in the tire, home and personal care, and feed and food industries; highly dispersible silica used in various tire parts; and oxygenated solvents and polyamides for use in paintings, hygiene, and home care applications, as well as for the production of phenol and derivatives used as intermediates to produce synthetic resins in foundries, construction, and abrasives. Further, it produces fluorine and rare-earth formulations for automotive, electronics, and various chemical and industrial applications. The company was founded in 1863 and is headquartered in Brussels, Belgium.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Solvay SA reported revenue of €4.7B in FY2025 versus €11.4B in FY2021, a compound −19.7%/yr. Reported net income was €30.0M in FY2025, compounding −57.8%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€4.7B
Latest YoY
−7.5%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−33.4%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−13.3%
Avg. revenue growth/yr (25Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−2.5%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−40.7% (−50.0 + 9.3)
Revenue −19.7%/yr
FY21 €11.4B
FY22 €16.1B
FY23 €6.0B
FY24 €5.1B
FY25 €4.7B
Net income −57.8%/yr
FY21 €948M
FY22 €1.9B
FY23 €2.1B
FY24 €223M
FY25 €30.0M
Character of growth · EPS growth decomposed (2014-2025) −12.1 % p.a.
Revenue per share −9.6 %

of which total revenue −8.1 % · buybacks/dilution −1.6 %

EBIT margin +2.5 %
Tax rate −5.0 %
Residual (interest, one-offs) −0.1 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

SOLB screens 87% overvalued. Compare with Saudi Basic Industries Corporation →

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Cite: Fair Value Calculator (2026). "Solvay SA Fair Value". https://www.fairvalue-calculator.com/stock/SOLB

Peer Group

Chemicals · 339 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 52 · Below median
Fair Value upside −46% · Below median
Return on assets 4% · Above median
Net margin (TTM) −1% · Bottom 25%
Operating margin (TTM) 11% · Above median
Revenue growth −15% · Bottom 25%
Dividend yield (TTM) 9.3% · Top 25%
Debt / equity 1.80× · Higher than 75% of peers

Valuation Multiples vs Chemicals median · lower = cheaper

P/E (TTM) 872.7× · Pricier than 75% of peers
P/B 3.16× · Pricier than 75% of peers
P/S (TTM) 0.71× · Cheaper than median
P/FCF 8.0× · Pricier than 75% of peers
EV/EBITDA 7.8× · Cheaper than median
PEG 0.29× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE0 · sector 22
PAST0 · sector 20
HEALTH10 · sector 94
DIVIDEND100 · sector 32

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Chemicals stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

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Dow Inc DOW $30.51 $21.03 −31%
Zhejiang Juhua Co 600160 ¥41.32 ¥21.62 −48%
Rongsheng Petrochemical Co 002493 ¥13.76 ¥2.39 −83%
Zangge Mining Company 000408 ¥78.04 ¥20.99 −73%
Ganfeng Lithium Group 002460 ¥52.53 ¥16.17 −69%
PT Barito Pacific Tbk, BRPT 1,855 IDR 1,584 IDR −15%
Hengli Petrochemical Co 600346 ¥18.87 ¥17.09 −9%

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Frequently asked questions

Is Solvay SA (SOLB) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of €14.02 versus a price of €26.18, about −46% upside (overvalued).
What is the fair value of SOLB?
Our model-based fair value for Solvay SA is €14.02 (as of Sep 3, 2026), built from audited fundamentals. The current price: €26.18.
What is the quality score of SOLB?
Solvay SA has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Solvay SA (SOLB)?
Solvay SA reported trailing-twelve-month revenue of about €4.6B (latest available figure, as of Sep 3, 2026).
What is the net profit margin of SOLB?
The net profit margin of Solvay SA is about −0.5%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Solvay SA pay a dividend?
Solvay SA currently shows a dividend yield of about 9.28% relative to its recent price (as of Sep 3, 2026).
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