Is Orion SA overvalued or undervalued?

As of 31 October 2025, the valuation grade for Orion SA has moved from attractive to very expensive, indicating a significant shift in its market perception. The company is currently considered overvalued. Key valuation ratios include a P/E ratio of 7, a Price to Book Value of 1.37, and an EV to EBITDA of 5.81. In comparison, peers such as Tronox Holdings Plc have a P/E of -3.44 and an EV to EBITDA of 10.37, while Green Plains, Inc. shows a P/E of -6.44 and an EV to EBITDA of 35.40, highlighting that Orion SA's valuation metrics are relatively high.
The stock has underperformed significantly against the S&P 500, with a year-to-date return of -66.43% compared to the index's 16.30%. This stark contrast reinforces the notion that Orion SA is overvalued in the current market environment.