NewMarket vs Stepan
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The short version
- NewMarket is the larger business, with $2.7B of revenue in fiscal 2025 against $2.3B for Stepan.
- Stepan grew revenue faster (7.0%, against −2.2%).
- NewMarket kept more of each dollar of sales as operating profit (20.0% operating margin, against 3.4%).
- NewMarket turned more of its sales into free cash flow (18.0% FCF margin, against 1.1%).
- NewMarket earned a higher return on the capital invested in it (16.3%, against 3.6%).
| Latest fiscal year | NEU · FY25 | SCL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.0B | $1.5B |
| Revenue | $2.7B | $2.3B |
| Free cash flow | $491M | $25.4M |
| Net income | $419M | $46.9M |
| Growth | ||
| Revenue growth | −2.2% | 7.0% |
| 5-year growth | 6.3% | 4.5% |
| Share count change | −1.8% | −0.2% |
| Profitability | ||
| Gross margin | 31.5% | 11.6% |
| Operating margin | 20.0% | 3.4% |
| Net margin | 15.4% | 2.0% |
| FCF margin | 18.0% | 1.1% |
| Return on capital | 16.3% | 3.6% |
| Return on equity | 25.9% | 3.9% |
| Balance sheet | ||
| Net debt | $824M | $494M |
| Net debt / EBITDA | 1.2x | 2.4x |
| Dividends and buybacks | $183M | $35.0M |
| Valuation & quality | ||
| P/E | 18.7x | — |
| Piotroski F-score | 5 | 6 |
FY16
NEU $2.0B
SCL $1.8B
FY17
NEU $2.2B
SCL $1.9B
FY18
NEU $2.3B
SCL $2.0B
FY19
NEU $2.2B
SCL $1.9B
FY20
NEU $2.0B
SCL $1.9B
FY21
NEU $2.4B
SCL $2.3B
FY22
NEU $2.8B
SCL $2.8B
FY23
NEU $2.7B
SCL $2.3B
FY24
NEU $2.8B
SCL $2.2B
FY25
NEU $2.7B
SCL $2.3B
NEU
SCL
FY16
NEU 17.3%
SCL 7.2%
FY17
NEU 14.7%
SCL 8.0%
FY18
NEU 12.8%
SCL 7.5%
FY19
NEU 15.4%
SCL 6.9%
FY20
NEU 15.5%
SCL 9.2%
FY21
NEU 10.9%
SCL 7.3%
FY22
NEU 12.9%
SCL 7.5%
FY23
NEU 17.9%
SCL 2.5%
FY24
NEU 21.2%
SCL 3.2%
FY25
NEU 20.0%
SCL 3.4%
NEU
SCL
FY16
NEU $211M
SCL $109M
FY17
NEU $94.1M
SCL $120M
FY18
NEU $123M
SCL $84.5M
FY19
NEU $278M
SCL $113M
FY20
NEU $191M
SCL $109M
FY21
NEU $86.4M
SCL −$122M
FY22
NEU $52.5M
SCL −$141M
FY23
NEU $529M
SCL −$85.5M
FY24
NEU $462M
SCL $39.3M
FY25
NEU $491M
SCL $25.4M
NEU
SCL
FY16
NEU 31.9%
SCL 13.3%
FY17
NEU 20.4%
SCL 14.2%
FY18
NEU 20.6%
SCL 15.6%
FY19
NEU 21.8%
SCL 13.2%
FY20
NEU 20.9%
SCL 15.6%
FY21
NEU 14.6%
SCL 12.9%
FY22
NEU 17.9%
SCL 11.3%
FY23
NEU 22.9%
SCL 2.9%
FY24
NEU 23.3%
SCL 3.4%
FY25
NEU 16.3%
SCL 3.6%
NEU
SCL
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.