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Ingevity

NGVT NYSE Specialty Chemicals Financials FY2016–FY2025

Ingevity's revenue fell 2.7% to $1.2 billion in fiscal 2025. Its operating margin was 35.9%, up from 35.5% a year earlier. Free cash flow was $274 million, up 436.3%. It paid out $56 million in dividends and buybacks, 21% of free cash flow. The diluted share count fell 0.3%.

Last close · Oct 23, 2026

$69.64

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$1.2B
2.7% vs prior year
Operating margin Operating income as a share of revenue.
35.9%
0.4 pts
Net income Profit after all expenses, interest and tax.
−$167M
Free cash flow Cash from operations minus capital spending.
$274M
436.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
24.6%
5.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
46.4x
On $1.50 EPS (TTM)

What Ingevity does

No business description yet.

Legal name
INGEVITY CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001653477-26-000014
0001653477

Revenue and margins

Ingevity had $1.2B of revenue in fiscal 2025, down 2.7% 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

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 $274M in fiscal 2025, 23.4% 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

Ingevity returned $56.3M to shareholders in fiscal 2025, 21% of free cash flow. The diluted share count fell 0.3%.

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

Value Ingevity 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 −$1.1B and divides by 36.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 46.4x · peers 30.6x · sector 20.1x.

Balance sheet

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

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $275M$76.7M$95.9M$68.0M$78.1M
Debt incl. finance leases $1.3B$1.5B$1.5B$1.4B$1.2B
Net debt / EBITDA 1.9x2.5x2.5x2.5x2.2x
Debt / equity 1.9x2.1x2.3x7.2x—
Interest coverage 8.2x7.3x4.5x4.4x5.4x
Current ratio 2.7x2.3x1.8x1.9x1.3x
Quick ratio 1.8x1.2x1.0x1.1x0.8x
Total assets $2.5B$2.7B$2.6B$2.0B$1.7B
Total liabilities $1.8B$2.0B$2.0B$1.8B$1.6B
Shareholders' equity $674M$698M$631M$195M$29.7M
Net debt (− = net cash) $994M$1.4B$1.4B$1.3B$1.1B

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

$0.0M

0 insiders

Sold, 12 months

$1.8M

3 insiders

Of sales under plans

87%

$1.5M

DateInsiderTradeSharesPriceValueFiling
Aug 18, 2026 David H LiPresident & CEO, Director Sold plan 92 $74.71 $0.0M Form 4
Aug 17, 2026 David H LiPresident & CEO, Director Sold plan 5,000 $75.83 $0.4M Form 4
Aug 14, 2026 David H LiPresident & CEO, Director Sold plan 5,000 $75.73 $0.4M Form 4
Aug 13, 2026 David H LiPresident & CEO, Director Sold plan 5,000 $75.73 $0.4M Form 4
Aug 12, 2026 David H LiPresident & CEO, Director Sold plan 5,000 $76.62 $0.4M Form 4
Aug 3, 2026 Ryan C. FisherSVP, Gen. Counsel & Secretary Sold 2,709 $73.72 $0.2M Form 4
May 28, 2026 Terrance M DyerSVP, Chief HR Officer Sold 496 $68.49 $0.0M 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 5 / 96 / 96 / 9
Accruals ratio −7.9%−24.1%−27.1%
Altman Z'' 3.403.192.97

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
Ingevity NGVT $2.5B −2.7% 35.9% 23.4% 24.6% 46.4x 6
Balchem BCPC $5.7B 8.8% 20.2% 16.7% — 33.3x — Compare →
Sensient Technologies SXT $5.7B 3.5% 12.9% 2.4% 8.9% 35.8x 6 Compare →
Innospec IOSP $2.4B −3.7% 7.3% 5.0% 11.1% 20.1x 6 Compare →
Quaker Chemical KWR $2.7B 2.7% 2.8% 4.3% 1.3% 27.8x 5 Compare →

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $908M $972M $1.1B $1.3B $1.2B $1.4B $1.7B $1.2B $1.2B $1.2B
Gross profit $274M $329M $417M $482M $466M $513M $570M $445M $465M $462M
Research and development $17.6M $19.8M $21.5M $19.7M $22.6M $26.3M $30.3M $25.4M $24.5M $28.4M
Operating income $164M $243M $321M $397M $398M $422M $453M $423M $426M $419M
Interest expense $19.3M $18.1M $33.2M $54.6M $47.1M $51.7M $61.8M $93.3M $97.8M $78.3M
Pretax income $87.0M $175M $222M $228M $235M $163M $270M $130M −$141M −$142M
Income tax $42.6M $29.6M $40.0M $44.2M $53.7M $44.7M $58.0M $24.2M −$19.1M $8.2M
Net income $35.2M $127M $169M $184M $181M $118M $212M −$5.4M −$430M −$167M
Diluted EPS $0.83 $2.97 $3.97 $4.35 $4.37 $2.95 $5.50 −$0.15 −$11.85 −$4.61
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $128M $174M $252M $276M $352M $293M $313M $205M $129M $331M
Capital expenditure $56.7M $52.6M $93.9M $115M $82.1M $104M $143M $110M $77.6M $57.7M
Free cash flow $71.2M $122M $158M $161M $270M $190M $171M $95.3M $51.0M $274M
Depreciation and amortization $38.8M $40.4M $57.0M $85.0M $100M $110M $109M $123M $108M $106M
Stock-based compensation $4.7M $10.1M $12.5M $12.3M $8.4M $12.3M $16.1M $10.6M $11.9M $18.3M
Acquisitions $0.0M $0.0M $316M $538M $0.0M $0.0M $345M $0.0M $0.0M $0.0M
Share buybacks $0.0M $6.6M $47.4M $6.4M $88.0M $109M $145M $92.1M $0.0M $56.3M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $6.6M $47.4M $6.4M $88.0M $109M $145M $92.1M $0.0M $56.3M
Balance sheet
Cash and short-term investments $30.5M $87.9M $77.5M $56.5M $258M $275M $76.7M $95.9M $68.0M $78.1M
Total debt $489M $453M $752M $1.3B $1.3B $1.3B $1.5B $1.5B $1.4B $1.2B
Finance lease liabilities $0.0M $0.0M $0.0M $80.0M $103M $102M $102M $101M $100M $98.8M
Current assets $295M $369M $423M $463M $629M $725M $683M $659M $493M $454M
Current liabilities $137M $153M $183M $216M $223M $269M $304M $363M $264M $341M
Inventory $151M $160M $191M $213M $189M $241M $335M $309M $196M $186M
Property and equipment, net $423M $439M $524M $665M $704M $720M $799M $762M $643M $608M
Total assets $833M $930M $1.3B $2.1B $2.3B $2.5B $2.7B $2.6B $2.0B $1.7B
Total liabilities $698M $652M $977M $1.6B $1.7B $1.8B $2.0B $2.0B $1.8B $1.6B
Shareholders' equity $127M $264M $339M $531M $642M $674M $698M $631M $195M $29.7M
Margins
Gross margin 30.2% 33.8% 36.8% 37.3% 38.3% 36.9% 34.2% 36.6% 38.7% 39.5%
Operating margin 18.0% 25.0% 28.3% 30.7% 32.7% 30.3% 27.1% 34.8% 35.5% 35.9%
EBITDA margin 22.3% 29.1% 33.3% 37.3% 41.0% 38.2% 33.7% 44.9% 44.5% 45.0%
Net margin 3.9% 13.0% 14.9% 14.2% 14.9% 8.5% 12.7% −0.4% −35.9% −14.3%
FCF margin 7.8% 12.5% 14.0% 12.4% 22.2% 13.6% 10.2% 7.8% 4.3% 23.4%
Returns
Return on capital 14.4% 32.6% 31.7% 23.4% 18.0% 18.3% 18.9% 16.8% 19.1% 24.6%
Return on capital employed 23.8% 33.0% 33.6% 26.0% 19.7% 19.6% 19.5% 18.0% 21.2% 27.3%
Return on equity 11.0% 64.7% 56.1% 42.3% 30.9% 18.0% 30.8% −0.8% −104.1% −148.6%
Return on assets 4.4% 14.4% 15.1% 10.6% 8.1% 4.9% 8.1% −0.2% −18.5% −9.1%
Growth
Revenue growth −5.2% 7.1% 16.6% 14.1% −5.9% 14.4% 19.9% −27.1% −1.3% −2.7%
Net income growth −55.8% 259.4% 33.7% 8.6% −1.3% −34.9% 79.2% −102.6% — —
EPS growth −56.1% 257.8% 33.7% 9.6% 0.5% −32.5% 86.4% −102.7% — —
FCF growth — 70.9% 29.9% 1.8% 68.0% −29.9% −9.8% −44.2% −46.5% 436.3%
Share count change 0.4% 0.6% 0.2% −0.9% −1.6% −3.6% −4.0% −4.6% −1.0% −0.3%
Financial health
Net debt / EBITDA 2.3x 1.3x 1.8x 2.5x 2.1x 1.9x 2.5x 2.5x 2.5x 2.2x
Debt / equity 3.9x 1.7x 2.2x 2.4x 2.0x 1.9x 2.1x 2.3x 7.2x —
Interest coverage 8.5x 13.4x 9.7x 7.3x 8.5x 8.2x 7.3x 4.5x 4.4x 5.4x
Current ratio 2.2x 2.4x 2.3x 2.2x 2.8x 2.7x 2.3x 1.8x 1.9x 1.3x
Quick ratio 1.1x 1.4x 1.3x 1.2x 2.0x 1.8x 1.2x 1.0x 1.1x 0.8x
Capital allocation
Capex / revenue 6.2% 5.4% 8.3% 8.9% 6.8% 7.5% 8.5% 9.0% 6.5% 4.9%
Stock comp / revenue 0.5% 1.0% 1.1% 1.0% 0.7% 0.9% 1.0% 0.9% 1.0% 1.6%
Payouts / FCF 0.0% 5.4% 30.0% 4.0% 32.6% 57.7% 85.0% 96.6% 0.0% 20.6%
Quality scores
Piotroski F-score 4.0 8.0 6.0 5.0 7.0 6.0 6.0 5.0 6.0 6.0
Altman Z'' 2.8 4.2 4.0 3.1 3.6 3.8 3.6 3.4 3.2 3.0
Accruals ratio −11.5% −5.4% −7.4% −5.3% −7.6% −7.3% −3.9% −7.9% −24.1% −27.1%

Source: SEC EDGAR XBRL filings (CIK 0001653477). Data updated October 21, 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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