Innospec
IOSP · Specialty Chemicals
$98.64
0.0%Quaker Chemical
KWR · Specialty Chemicals
$155.91
0.4%The short version
- Quaker Chemical is the larger business, with $1.9B of revenue in fiscal 2025 against $1.8B for Innospec.
- Quaker Chemical grew revenue faster (2.7%, against −3.7%).
- Innospec kept more of each dollar of sales as operating profit (7.3% operating margin, against 2.8% operating margin).
- Innospec turned more of its sales into free cash flow (5.0% FCF margin, against 4.3% FCF margin).
- Innospec earned a higher return on the capital invested in it (11.1%, against 1.3%).
- Investors pay more for each dollar of Quaker Chemical’s earnings: a P/E of 27.8x against 20.1x for Innospec.
| Latest fiscal year | IOSP · FY25 | KWR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.4B | $2.7B |
| Revenue | $1.8B | $1.9B |
| Free cash flow | $88.0M | $80.6M |
| Net income | $117M | −$2.5M |
| Growth | ||
| Revenue growth | −3.7% | 2.7% |
| 5-year growth | 8.3% | 5.9% |
| Share count change | −0.5% | −2.2% |
| Profitability | ||
| Gross margin | 27.7% | 36.0% |
| Operating margin | 7.3% | 2.8% |
| Net margin | 6.6% | −0.1% |
| FCF margin | 5.0% | 4.3% |
| Return on capital | 11.1% | 1.3% |
| Return on equity | 9.2% | −0.2% |
| Balance sheet | ||
| Net debt | −$293M | $726M |
| Net debt / EBITDA | −1.7x | 6.1x |
| Dividends and buybacks | $66.3M | $75.9M |
| Valuation & quality | ||
| P/E | 20.1x | 27.8x |
| Piotroski F-score | 6 | 5 |
FY16
IOSP $883M
KWR $747M
FY17
IOSP $1.3B
KWR $820M
FY18
IOSP $1.5B
KWR $868M
FY19
IOSP $1.5B
KWR $1.1B
FY20
IOSP $1.2B
KWR $1.4B
FY21
IOSP $1.5B
KWR $1.8B
FY22
IOSP $2.0B
KWR $1.9B
FY23
IOSP $1.9B
KWR $2.0B
FY24
IOSP $1.8B
KWR $1.8B
FY25
IOSP $1.8B
KWR $1.9B
IOSP
KWR
FY16
IOSP 11.1%
KWR 11.4%
FY17
IOSP 9.6%
KWR 7.7%
FY18
IOSP 9.0%
KWR 10.1%
FY19
IOSP 9.9%
KWR 4.1%
FY20
IOSP 2.8%
KWR 4.2%
FY21
IOSP 8.9%
KWR 8.5%
FY22
IOSP 9.5%
KWR 2.7%
FY23
IOSP 8.3%
KWR 11.0%
FY24
IOSP 9.6%
KWR 10.6%
FY25
IOSP 7.3%
KWR 2.8%
IOSP
KWR
FY16
IOSP $89.0M
KWR $63.8M
FY17
IOSP $59.4M
KWR $53.9M
FY18
IOSP $76.0M
KWR $65.9M
FY19
IOSP $132M
KWR $66.8M
FY20
IOSP $116M
KWR $160M
FY21
IOSP $54.1M
KWR $27.5M
FY22
IOSP $42.1M
KWR $13.3M
FY23
IOSP $145M
KWR $240M
FY24
IOSP $143M
KWR $163M
FY25
IOSP $88.0M
KWR $80.6M
IOSP
KWR
FY16
IOSP 10.9%
KWR 16.0%
FY17
IOSP 7.2%
KWR 8.1%
FY18
IOSP 9.4%
KWR 16.4%
FY19
IOSP 12.3%
KWR 3.6%
FY20
IOSP 2.8%
KWR 2.9%
FY21
IOSP 10.6%
KWR 5.5%
FY22
IOSP 15.1%
KWR 1.3%
FY23
IOSP 14.0%
KWR 6.8%
FY24
IOSP 16.4%
KWR 6.9%
FY25
IOSP 11.1%
KWR 1.3%
IOSP
KWR
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