Innospec
IOSP · Specialty Chemicals
$98.64
0.0%Ingevity
NGVT · Specialty Chemicals
$69.64
0.3%The short version
- Innospec is the larger business, with $1.8B of revenue in fiscal 2025 against $1.2B for Ingevity, about 1.5 times as much.
- Ingevity grew revenue faster (−2.7%, against −3.7%).
- Ingevity kept more of each dollar of sales as operating profit (35.9% operating margin, against 7.3% operating margin).
- Ingevity turned more of its sales into free cash flow (23.4% FCF margin, against 5.0% FCF margin).
- Ingevity earned a higher return on the capital invested in it (24.6%, against 11.1%).
- Investors pay more for each dollar of Ingevity’s earnings: a P/E of 46.4x against 20.1x for Innospec.
| Latest fiscal year | IOSP · FY25 | NGVT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.4B | $2.5B |
| Revenue | $1.8B | $1.2B |
| Free cash flow | $88.0M | $274M |
| Net income | $117M | −$167M |
| Growth | ||
| Revenue growth | −3.7% | −2.7% |
| 5-year growth | 8.3% | −0.8% |
| Share count change | −0.5% | −0.3% |
| Profitability | ||
| Gross margin | 27.7% | 39.5% |
| Operating margin | 7.3% | 35.9% |
| Net margin | 6.6% | −14.3% |
| FCF margin | 5.0% | 23.4% |
| Return on capital | 11.1% | 24.6% |
| Return on equity | 9.2% | −148.6% |
| Balance sheet | ||
| Net debt | −$293M | $1.1B |
| Net debt / EBITDA | −1.7x | 2.2x |
| Dividends and buybacks | $66.3M | $56.3M |
| Valuation & quality | ||
| P/E | 20.1x | 46.4x |
| Piotroski F-score | 6 | 6 |
FY16
IOSP $883M
NGVT $908M
FY17
IOSP $1.3B
NGVT $972M
FY18
IOSP $1.5B
NGVT $1.1B
FY19
IOSP $1.5B
NGVT $1.3B
FY20
IOSP $1.2B
NGVT $1.2B
FY21
IOSP $1.5B
NGVT $1.4B
FY22
IOSP $2.0B
NGVT $1.7B
FY23
IOSP $1.9B
NGVT $1.2B
FY24
IOSP $1.8B
NGVT $1.2B
FY25
IOSP $1.8B
NGVT $1.2B
IOSP
NGVT
FY16
IOSP 11.1%
NGVT 18.0%
FY17
IOSP 9.6%
NGVT 25.0%
FY18
IOSP 9.0%
NGVT 28.3%
FY19
IOSP 9.9%
NGVT 30.7%
FY20
IOSP 2.8%
NGVT 32.7%
FY21
IOSP 8.9%
NGVT 30.3%
FY22
IOSP 9.5%
NGVT 27.1%
FY23
IOSP 8.3%
NGVT 34.8%
FY24
IOSP 9.6%
NGVT 35.5%
FY25
IOSP 7.3%
NGVT 35.9%
IOSP
NGVT
FY16
IOSP $89.0M
NGVT $71.2M
FY17
IOSP $59.4M
NGVT $122M
FY18
IOSP $76.0M
NGVT $158M
FY19
IOSP $132M
NGVT $161M
FY20
IOSP $116M
NGVT $270M
FY21
IOSP $54.1M
NGVT $190M
FY22
IOSP $42.1M
NGVT $171M
FY23
IOSP $145M
NGVT $95.3M
FY24
IOSP $143M
NGVT $51.0M
FY25
IOSP $88.0M
NGVT $274M
IOSP
NGVT
FY16
IOSP 10.9%
NGVT 14.4%
FY17
IOSP 7.2%
NGVT 32.6%
FY18
IOSP 9.4%
NGVT 31.7%
FY19
IOSP 12.3%
NGVT 23.4%
FY20
IOSP 2.8%
NGVT 18.0%
FY21
IOSP 10.6%
NGVT 18.3%
FY22
IOSP 15.1%
NGVT 18.9%
FY23
IOSP 14.0%
NGVT 16.8%
FY24
IOSP 16.4%
NGVT 19.1%
FY25
IOSP 11.1%
NGVT 24.6%
IOSP
NGVT
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