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NewMarket

NEU NYSE Specialty Chemicals Financials FY2016–FY2025

NewMarket's revenue fell 2.2% to $2.7 billion in fiscal 2025. Its operating margin was 19.9%, down from 21.2% a year earlier. Free cash flow was $491 million, up 6.3%. It paid out $183 million in dividends and buybacks, 37% of free cash flow. The diluted share count fell 1.8%.

Last close · Oct 23, 2026

$870.60

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$2.7B
2.2% vs prior year
Operating margin Operating income as a share of revenue.
20.0%
1.2 pts
Net income Profit after all expenses, interest and tax.
$419M
9.5%
Free cash flow Cash from operations minus capital spending.
$491M
6.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
16.3%
7.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$8.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
18.7x
On $46.49 EPS (TTM)

What NewMarket does

No business description yet.

Legal name
NEWMARKET CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001282637-26-000005
0001282637

Revenue and margins

NewMarket had $2.7B of revenue in fiscal 2025, down 2.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 9.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $491M in fiscal 2025, 18.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

NewMarket returned $183M to shareholders in fiscal 2025, 37% of free cash flow. The diluted share count fell 1.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value NewMarket yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$824M and divides by 9.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 18.7x · peers 22.2x · sector 20.6x.

Balance sheet

Cash, debt and the ratios that show how comfortably NewMarket can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $459M$68.7M$112M$77.5M$77.6M
Debt incl. finance leases $1.2B$1.0B$666M$992M$902M
Net debt / EBITDA 2.1x2.2x1.0x1.3x1.2x
Debt / equity 1.5x1.4x0.6x0.7x0.5x
Interest coverage 7.5x10.1x12.9x10.3x13.7x
Current ratio 1.9x2.8x2.9x2.8x2.5x
Quick ratio 1.2x1.3x1.6x1.4x1.3x
Total assets $2.6B$2.4B$2.3B$3.1B$3.5B
Total liabilities $1.8B$1.6B$1.2B$1.7B$1.7B
Shareholders' equity $762M$762M$1.1B$1.5B$1.8B
Net debt (− = net cash) $708M$960M$554M$914M$824M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.2M

1 insider

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
Feb 24, 2026 Ting XuDirector Bought 400 $619.21 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✓ ✕
F-score 9 / 97 / 95 / 9
Accruals ratio −8.0%−2.1%−4.5%
Altman Z'' 5.795.054.90

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
NewMarket NEU $8.0B −2.2% 20.0% 18.0% 16.3% 18.7x 5
Element Solutions ESI $8.1B 3.8% 13.4% 8.9% 6.5% 39.1x 7 Compare →
Stepan SCL $1.5B 7.0% 3.4% 1.1% 3.6% — 6 Compare →
Avient AVNT $3.8B 0.6% 6.2% 6.0% 4.0% 22.2x 6 Compare →
H.B. Fuller FUL $2.7B −2.7% — 3.5% 6.3% 13.8x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.0B $2.2B $2.3B $2.2B $2.0B $2.4B $2.8B $2.7B $2.8B $2.7B
Gross profit $677M $636M $585M $630M $595M $548M $641M $773M $886M $857M
Research and development $161M $146M $140M $145M $140M $144M $140M $138M $125M $132M
Operating income $355M $323M $293M $337M $312M $258M $355M $483M $590M $544M
Interest expense $16.8M $21.9M $26.7M $29.2M $26.3M $34.2M $35.2M $37.4M $57.4M $39.7M
Pretax income $343M $315M $290M $332M $331M $248M $348M $489M $584M $561M
Income tax $99.8M $125M $55.6M $77.3M $60.7M $56.6M $68.2M $100M $122M $142M
Net income $243M $191M $235M $254M $271M $191M $280M $389M $462M $419M
Diluted EPS $20.54 $16.08 $20.34 $22.73 $24.64 $17.71 $27.77 $40.44 $48.22 $44.44
Diluted shares 0.01B 0.01B 0.01B 0.01B 0.01B 0.01B 0.01B 0.01B 0.01B 0.01B
Cash flow
Cash from operations $353M $243M $198M $337M $284M $165M $109M $577M $520M $569M
Capital expenditure $143M $149M $74.6M $59.4M $93.3M $78.9M $56.2M $48.3M $57.3M $77.6M
Free cash flow $211M $94.1M $123M $278M $191M $86.4M $52.5M $529M $462M $491M
Depreciation and amortization $44.9M $55.3M $71.8M $87.6M $84.0M $84.3M $82.3M $78.0M $117M $122M
Acquisitions $0.0M $184M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $682M $213M
Share buybacks $35.8M $26.0M $232M $0.0M $101M $196M $208M $42.9M $31.9M $77.2M
Dividends paid $75.8M $82.9M $80.4M $81.7M $83.4M $85.9M $84.3M $85.0M $95.9M $106M
Dividends and buybacks $112M $109M $312M $81.7M $185M $282M $292M $128M $128M $183M
Balance sheet
Cash and short-term investments $192M $84.2M $73.0M $144M $125M $459M $68.7M $112M $77.5M $77.6M
Total debt $503M $597M $766M $643M $599M $1.1B $1.0B $644M $971M $883M
Finance lease liabilities $0.0M $0.0M $0.0M $14.1M $12.2M $27.9M $25.1M $22.6M $20.6M $18.1M
Current assets $837M $834M $813M $879M $898M $1.4B $1.2B $1.0B $1.0B $1.1B
Current liabilities $295M $317M $271M $309M $313M $725M $424M $364M $375M $419M
Inventory $312M $383M $396M $366M $401M $499M $631M $456M $505M $502M
Property and equipment, net $504M $652M $644M $635M $665M $677M $660M $655M $735M $776M
Total assets $1.4B $1.7B $1.7B $1.9B $1.9B $2.6B $2.4B $2.3B $3.1B $3.5B
Total liabilities $933M $1.1B $1.2B $1.2B $1.2B $1.8B $1.6B $1.2B $1.7B $1.7B
Shareholders' equity $483M $602M $490M $683M $760M $762M $762M $1.1B $1.5B $1.8B
Margins
Gross margin 33.0% 29.0% 25.6% 28.8% 29.6% 23.3% 23.2% 28.6% 31.8% 31.5%
Operating margin 17.3% 14.7% 12.8% 15.4% 15.5% 10.9% 12.9% 17.9% 21.2% 20.0%
EBITDA margin 19.5% 17.2% 15.9% 19.4% 19.7% 14.5% 15.8% 20.8% 25.4% 24.4%
Net margin 11.9% 8.7% 10.3% 11.6% 13.5% 8.1% 10.1% 14.4% 16.6% 15.4%
FCF margin 10.3% 4.3% 5.4% 12.7% 9.5% 3.7% 1.9% 19.6% 16.6% 18.0%
Returns
Return on capital 31.9% 20.4% 20.6% 21.8% 20.9% 14.6% 17.9% 22.9% 23.3% 16.3%
Return on capital employed 33.1% 25.6% 20.8% 22.5% 19.5% 14.9% 18.6% 24.6% 25.1% 18.7%
Return on equity 55.9% 35.1% 43.0% 43.4% 37.5% 25.1% 36.7% 42.3% 36.4% 25.9%
Return on assets 18.0% 12.2% 13.8% 14.2% 14.2% 8.5% 11.3% 16.5% 17.0% 12.7%
Growth
Revenue growth −4.3% 7.3% 4.2% −4.3% −8.2% 17.2% 17.4% −2.4% 3.3% −2.2%
Net income growth 2.0% −21.7% 23.2% 8.3% 6.4% −29.4% 46.4% 39.1% 18.9% −9.4%
EPS growth 5.6% −21.7% 26.5% 11.8% 8.4% −28.1% 56.8% 45.6% 19.2% −7.8%
FCF growth 48.8% −55.3% 31.0% 125.3% −31.3% −54.7% −39.3% 907.7% −12.5% 6.3%
Share count change −3.4% −0.0% −2.6% −3.0% −1.8% −1.9% −6.7% −4.5% −0.3% −1.8%
Financial health
Net debt / EBITDA 0.8x 1.4x 1.9x 1.2x 1.2x 2.1x 2.2x 1.0x 1.3x 1.2x
Debt / equity 1.0x 1.0x 1.6x 1.0x 0.8x 1.5x 1.4x 0.6x 0.7x 0.5x
Interest coverage 21.1x 14.8x 11.0x 11.5x 11.8x 7.5x 10.1x 12.9x 10.3x 13.7x
Current ratio 2.8x 2.6x 3.0x 2.9x 2.9x 1.9x 2.8x 2.9x 2.8x 2.5x
Quick ratio 1.8x 1.4x 1.5x 1.7x 1.6x 1.2x 1.3x 1.6x 1.4x 1.3x
Capital allocation
Capex / revenue 7.0% 6.8% 3.3% 2.7% 4.6% 3.4% 2.0% 1.8% 2.1% 2.9%
Payouts / FCF 53.0% 115.7% 253.5% 29.4% 96.9% 326.5% 556.2% 24.2% 27.7% 37.3%
Quality scores
Piotroski F-score 6.0 4.0 5.0 7.0 7.0 4.0 6.0 9.0 7.0 5.0
Altman Z'' 6.3 5.2 5.0 5.2 5.3 3.9 4.7 5.8 5.1 4.9
Accruals ratio −8.1% −3.3% 2.2% −4.6% −0.7% 1.1% 6.9% −8.0% −2.1% −4.5%

Source: SEC EDGAR XBRL filings (CIK 0001282637). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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