Quaker Chemical vs Ingevity
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The short version
- Quaker Chemical is the larger business, with $1.9B of revenue in fiscal 2025 against $1.2B for Ingevity, about 1.6 times as much.
- Quaker Chemical grew revenue faster (2.7%, against −2.7%).
- Ingevity kept more of each dollar of sales as operating profit (35.9% operating margin, against 2.8%).
- Ingevity turned more of its sales into free cash flow (23.4% FCF margin, against 4.3%).
- Ingevity earned a higher return on the capital invested in it (24.6%, against 1.3%).
- Investors pay more for each dollar of Ingevity’s earnings: a P/E of 46.4x against 27.8x for Quaker Chemical.
| Latest fiscal year | KWR · FY25 | NGVT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.7B | $2.5B |
| Revenue | $1.9B | $1.2B |
| Free cash flow | $80.6M | $274M |
| Net income | −$2.5M | −$167M |
| Growth | ||
| Revenue growth | 2.7% | −2.7% |
| 5-year growth | 5.9% | −0.8% |
| Share count change | −2.2% | −0.3% |
| Profitability | ||
| Gross margin | 36.0% | 39.5% |
| Operating margin | 2.8% | 35.9% |
| Net margin | −0.1% | −14.3% |
| FCF margin | 4.3% | 23.4% |
| Return on capital | 1.3% | 24.6% |
| Return on equity | −0.2% | −148.6% |
| Balance sheet | ||
| Net debt | $726M | $1.1B |
| Net debt / EBITDA | 6.1x | 2.2x |
| Dividends and buybacks | $75.9M | $56.3M |
| Valuation & quality | ||
| P/E | 27.8x | 46.4x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
KWR $747M
NGVT $908M
FY17
KWR $820M
NGVT $972M
FY18
KWR $868M
NGVT $1.1B
FY19
KWR $1.1B
NGVT $1.3B
FY20
KWR $1.4B
NGVT $1.2B
FY21
KWR $1.8B
NGVT $1.4B
FY22
KWR $1.9B
NGVT $1.7B
FY23
KWR $2.0B
NGVT $1.2B
FY24
KWR $1.8B
NGVT $1.2B
FY25
KWR $1.9B
NGVT $1.2B
KWR
NGVT
Operating margin
FY16
KWR 11.4%
NGVT 18.0%
FY17
KWR 7.7%
NGVT 25.0%
FY18
KWR 10.1%
NGVT 28.3%
FY19
KWR 4.1%
NGVT 30.7%
FY20
KWR 4.2%
NGVT 32.7%
FY21
KWR 8.5%
NGVT 30.3%
FY22
KWR 2.7%
NGVT 27.1%
FY23
KWR 11.0%
NGVT 34.8%
FY24
KWR 10.6%
NGVT 35.5%
FY25
KWR 2.8%
NGVT 35.9%
KWR
NGVT
Free cash flow
FY16
KWR $63.8M
NGVT $71.2M
FY17
KWR $53.9M
NGVT $122M
FY18
KWR $65.9M
NGVT $158M
FY19
KWR $66.8M
NGVT $161M
FY20
KWR $160M
NGVT $270M
FY21
KWR $27.5M
NGVT $190M
FY22
KWR $13.3M
NGVT $171M
FY23
KWR $240M
NGVT $95.3M
FY24
KWR $163M
NGVT $51.0M
FY25
KWR $80.6M
NGVT $274M
KWR
NGVT
Return on capital
FY16
KWR 16.0%
NGVT 14.4%
FY17
KWR 8.1%
NGVT 32.6%
FY18
KWR 16.4%
NGVT 31.7%
FY19
KWR 3.6%
NGVT 23.4%
FY20
KWR 2.9%
NGVT 18.0%
FY21
KWR 5.5%
NGVT 18.3%
FY22
KWR 1.3%
NGVT 18.9%
FY23
KWR 6.8%
NGVT 16.8%
FY24
KWR 6.9%
NGVT 19.1%
FY25
KWR 1.3%
NGVT 24.6%
KWR
NGVT
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.