Balchem vs Innospec
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KIRA’s take AI analyst
I put Balchem and Innospec side by side, using each one’s latest annual report. Here is what stands out:
- Innospec is the larger business, with $1.8B of revenue in fiscal 2025 against $1.0B for Balchem, about 1.7 times as much.
- Balchem grew revenue faster (8.8%, against −3.7%).
- Balchem kept more of each dollar of sales as operating profit (20.2% operating margin, against 7.3%).
- Balchem turned more of its sales into free cash flow (16.7% FCF margin, against 5.0%).
- Investors pay more for each dollar of Balchem’s earnings: a P/E of 33.3x against 20.1x for Innospec.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Balchem
BCPC
6/8
Revenue growthGross marginOperating marginNet marginFCF marginReturn on equity
Innospec
IOSP
2/8
5-year growthShare count change
Side by side
Best in the row
| Latest fiscal year | BCPC FY25 | IOSP FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.7B | $2.4B |
| Revenue | $1.0B | $1.8B |
| Free cash flow | $173M | $88.0M |
| Net income | $155M | $117M |
| Growth | ||
| Revenue growth | 8.8% | −3.7% |
| 5-year growth | 8.1% | 8.3% |
| Share count change | −0.4% | −0.5% |
| Profitability | ||
| Gross margin | 35.7% | 27.7% |
| Operating margin | 20.2% | 7.3% |
| Net margin | 14.9% | 6.6% |
| FCF margin | 16.7% | 5.0% |
| Return on capital | — | 11.1% |
| Return on equity | 12.9% | 9.2% |
| Balance sheet | ||
| Net debt | — | −$293M |
| Net debt / EBITDA | — | −1.7x |
| Dividends and buybacks | $136M | $66.3M |
| Valuation & quality | ||
| P/E | 33.3x | 20.1x |
| Piotroski F-score | — | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.