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 appears to be overvalued based on its P/E ratio of 7, which is below the peer average of 8.01, and an EV to EBITDA ratio of 5.81, which is also lower than the industry benchmark. Additionally, the Price to Book Value stands at 1.37, further suggesting that the stock may not be justified at its current price level.
In comparison to peers, Tronox Holdings Plc has a P/E ratio 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 more favorable, yet still indicate overvaluation. The company's stock has significantly underperformed against the S&P 500, with a year-to-date return of -68.97% compared to the index's 16.30%, reinforcing the conclusion that Orion SA is currently overvalued.