Innospec vs Minerals Technologies
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The short version
- Minerals Technologies is the larger business, with $2.1B of revenue in fiscal 2025 against $1.8B for Innospec.
- Minerals Technologies grew revenue faster (−2.2%, against −3.7%).
- Innospec kept more of each dollar of sales as operating profit (7.3% operating margin, against 2.3%).
- Innospec turned more of its sales into free cash flow (5.0% FCF margin, against 4.2%).
- Innospec earned a higher return on the capital invested in it (11.1%, against 1.6%).
| Latest fiscal year | IOSP · FY25 | MTX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.4B | $2.0B |
| Revenue | $1.8B | $2.1B |
| Free cash flow | $88.0M | $86.6M |
| Net income | $117M | −$18.4M |
| Growth | ||
| Revenue growth | −3.7% | −2.2% |
| 5-year growth | 8.3% | 5.4% |
| Share count change | −0.5% | −2.8% |
| Profitability | ||
| Gross margin | 27.7% | 25.0% |
| Operating margin | 7.3% | 2.3% |
| Net margin | 6.6% | −0.9% |
| FCF margin | 5.0% | 4.2% |
| Return on capital | 11.1% | 1.6% |
| Return on equity | 9.2% | −1.1% |
| Balance sheet | ||
| Net debt | −$293M | $629M |
| Net debt / EBITDA | −1.7x | — |
| Dividends and buybacks | $66.3M | $72.7M |
| Valuation & quality | ||
| P/E | 20.1x | — |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
IOSP $883M
MTX $1.6B
FY17
IOSP $1.3B
MTX $1.7B
FY18
IOSP $1.5B
MTX $1.8B
FY19
IOSP $1.5B
MTX $1.8B
FY20
IOSP $1.2B
MTX $1.6B
FY21
IOSP $1.5B
MTX $1.9B
FY22
IOSP $2.0B
MTX $2.1B
FY23
IOSP $1.9B
MTX $2.2B
FY24
IOSP $1.8B
MTX $2.1B
FY25
IOSP $1.8B
MTX $2.1B
IOSP
MTX
Operating margin
FY16
IOSP 11.1%
MTX 13.7%
FY17
IOSP 9.6%
MTX 14.6%
FY18
IOSP 9.0%
MTX 14.2%
FY19
IOSP 9.9%
MTX 11.7%
FY20
IOSP 2.8%
MTX 11.8%
FY21
IOSP 8.9%
MTX 12.7%
FY22
IOSP 9.5%
MTX 10.1%
FY23
IOSP 8.3%
MTX 7.9%
FY24
IOSP 9.6%
MTX 13.5%
FY25
IOSP 7.3%
MTX 2.3%
IOSP
MTX
Free cash flow
FY16
IOSP $89.0M
MTX $163M
FY17
IOSP $59.4M
MTX $131M
FY18
IOSP $76.0M
MTX $128M
FY19
IOSP $132M
MTX $173M
FY20
IOSP $116M
MTX $174M
FY21
IOSP $54.1M
MTX $146M
FY22
IOSP $42.1M
MTX $23.4M
FY23
IOSP $145M
MTX $140M
FY24
IOSP $143M
MTX $147M
FY25
IOSP $88.0M
MTX $86.6M
IOSP
MTX
Return on capital
FY16
IOSP 10.9%
MTX 9.1%
FY17
IOSP 7.2%
MTX 12.4%
FY18
IOSP 9.4%
MTX 10.1%
FY19
IOSP 12.3%
MTX 8.3%
FY20
IOSP 2.8%
MTX 7.4%
FY21
IOSP 10.6%
MTX 8.9%
FY22
IOSP 15.1%
MTX 7.3%
FY23
IOSP 14.0%
MTX 5.6%
FY24
IOSP 16.4%
MTX 8.8%
FY25
IOSP 11.1%
MTX 1.6%
IOSP
MTX
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.