YANSAB

Yanbu National Petrochemical Co.

34.36 SAR / Share

As of: Mar 26, 2026

244.3x P/E Ratio Trailing 12 Months

1.8x P/B Ratio Price to Book Value

5.8% Dividend Yield Annual Dividend / Share

19.33B SAR Market Cap Total Valuation

1.03 Beta Systematic Risk Index

1.4% Net Margin Net Profit / Revenue

The Story

YANSAB is a major Saudi petrochemical producer navigating a volatile global commodity cycle while maintaining a lean, SABIC-integrated operational model.

Source: Annual 2025 (2026-02-17)

Value Creation -6.2% Excess Return on Capital (Spread between ROIC/ROE and Cost of Capital)

Cash Flow Payback — Estimated years of operating cash flows required to cover Enterprise Value

Performance & Distributions

Dividend Yield Trailing annual dividends paid relative to share price

5.8%

Sustainable Growth Rate Rate at which company can grow internally using reinvested profits

+2.7%

Payout Ratio Percent of net profits distributed as dividends

1422.3%

Net Margin Net profit margin generated from total operational revenue

1.4%

ROIC Return on Invested Capital

2.7%

Market Pricing Multiples

P/E Ratio Market value compared to corporate net earnings

244.3x

P/B Ratio Market capitalization compared to corporate book value

1.8x

EV / EBITDA Operating multiple reflecting core operational leverage

16.9x

EV / SALES Asset pricing multiple relative to total topline revenue

3.5x

Growth Story

Revenue has shown significant volatility, climbing from 4.53 billion SAR in FY 2023 to 6.16 billion SAR in FY 2024, before receding to 5.60 billion SAR in the TTM period ending FY 2025. This fluctuation reflects the company's sensitivity to global petrochemical pricing and provisional pricing adjustments, which negatively impacted TTM revenue by 104.4 million SAR. The company’s Sustainable Growth Rate stands at -7.85%, driven by a negative five-year average reinvestment rate of -2.89%. This indicates that YANSAB is currently in a phase of capital preservation or distribution rather than aggressive expansion, focusing on operational reliability and workforce optimization rather than new large-scale capacity additions.

Profitability Dynamics

YANSAB is currently facing a challenging profitability environment where its five-year average ROIC of 2.71% falls significantly short of its 8.46% WACC, resulting in a value-creation gap of -5.75%. While the company returned to profitability with a TTM net income of 79.1 million SAR—a recovery from the net loss of 485.1 million SAR in FY 2023—margins remain thin, with a TTM profit margin of just 1.41%. Profitability in FY 2025 was further pressured by a 21.8 million SAR restructuring charge for workforce optimization. Despite these headwinds, the company maintains a disciplined approach to costs, though it remains highly dependent on the spread between feedstock costs and global product prices.

Risk & Capital Structure

Beta Systematic market risk indicator relative to the TASI index

1.03

Cost of Equity Minimum required rate of return demanded by shareholders

8.8%

WACC Weighted average cost of total debt and equity funding

9.0%

Debt-to-Equity Ratio Proportion of corporate funding financed by debt creditors

1.1%

Risk Factors

YANSAB’s financial risk profile is characterized by extremely low leverage, with total debt of 102.5 million SAR consisting entirely of lease liabilities. This conservative balance sheet provides a buffer against the inherent volatility of the petrochemical sector. However, the company faces significant operational risks, including a scheduled 25-day shutdown of its Ethylene Glycol plant in early 2026 for preventive maintenance. Market risk is also prominent; the company is exposed to commodity price fluctuations and currency risk, particularly the Euro, which impacted trade payables. With a relevered beta of 0.96, the stock's volatility is closely aligned with the broader market, reflecting its status as a mature, cyclical industrial player.