Innospec vs Materion
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The short version
- Materion is the larger business, with $1.8B of revenue in fiscal 2025 against $1.8B for Innospec.
- Materion grew revenue faster (6.0%, against −3.7%).
- Innospec kept more of each dollar of sales as operating profit (7.3% operating margin, against 6.2%).
- Innospec turned more of its sales into free cash flow (5.0% FCF margin, against 2.8%).
- Innospec earned a higher return on the capital invested in it (11.1%, against 7.3%).
- Investors pay more for each dollar of Materion’s earnings: a P/E of 51.5x against 20.1x for Innospec.
| Latest fiscal year | IOSP · FY25 | MTRN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.4B | $4.7B |
| Revenue | $1.8B | $1.8B |
| Free cash flow | $88.0M | $50.0M |
| Net income | $117M | $74.8M |
| Growth | ||
| Revenue growth | −3.7% | 6.0% |
| 5-year growth | 8.3% | 8.7% |
| Share count change | −0.5% | −0.1% |
| Profitability | ||
| Gross margin | 27.7% | 17.3% |
| Operating margin | 7.3% | 6.2% |
| Net margin | 6.6% | 4.2% |
| FCF margin | 5.0% | 2.8% |
| Return on capital | 11.1% | 7.3% |
| Return on equity | 9.2% | 8.3% |
| Balance sheet | ||
| Net debt | −$293M | $483M |
| Net debt / EBITDA | −1.7x | 2.7x |
| Dividends and buybacks | $66.3M | $19.3M |
| Valuation & quality | ||
| P/E | 20.1x | 51.5x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
IOSP $883M
MTRN $969M
FY17
IOSP $1.3B
MTRN $1.1B
FY18
IOSP $1.5B
MTRN $1.2B
FY19
IOSP $1.5B
MTRN $1.2B
FY20
IOSP $1.2B
MTRN $1.2B
FY21
IOSP $1.5B
MTRN $1.5B
FY22
IOSP $2.0B
MTRN $1.8B
FY23
IOSP $1.9B
MTRN $1.7B
FY24
IOSP $1.8B
MTRN $1.7B
FY25
IOSP $1.8B
MTRN $1.8B
IOSP
MTRN
Operating margin
FY16
IOSP 11.1%
MTRN 3.0%
FY17
IOSP 9.6%
MTRN 3.5%
FY18
IOSP 9.0%
MTRN 5.1%
FY19
IOSP 9.9%
MTRN 6.0%
FY20
IOSP 2.8%
MTRN 0.7%
FY21
IOSP 8.9%
MTRN 5.1%
FY22
IOSP 9.5%
MTRN 6.8%
FY23
IOSP 8.3%
MTRN 8.2%
FY24
IOSP 9.6%
MTRN 2.8%
FY25
IOSP 7.3%
MTRN 6.2%
IOSP
MTRN
Free cash flow
FY16
IOSP $89.0M
MTRN $41.0M
FY17
IOSP $59.4M
MTRN $40.3M
FY18
IOSP $76.0M
MTRN $48.7M
FY19
IOSP $132M
MTRN $75.0M
FY20
IOSP $116M
MTRN $33.8M
FY21
IOSP $54.1M
MTRN −$12.7M
FY22
IOSP $42.1M
MTRN $38.4M
FY23
IOSP $145M
MTRN $33.9M
FY24
IOSP $143M
MTRN $19.2M
FY25
IOSP $88.0M
MTRN $50.0M
IOSP
MTRN
Return on capital
FY16
IOSP 10.9%
MTRN 6.1%
FY17
IOSP 7.2%
MTRN 4.2%
FY18
IOSP 9.4%
MTRN 12.2%
FY19
IOSP 12.3%
MTRN 10.8%
FY20
IOSP 2.8%
MTRN 1.3%
FY21
IOSP 10.6%
MTRN 7.7%
FY22
IOSP 15.1%
MTRN 8.1%
FY23
IOSP 14.0%
MTRN 9.3%
FY24
IOSP 16.4%
MTRN 1.8%
FY25
IOSP 11.1%
MTRN 7.3%
IOSP
MTRN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.