Quaker Chemical vs Ingevity
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KIRA’s take AI analyst
I put Quaker Chemical and Ingevity side by side, using each one’s latest annual report. Here is what stands out:
- 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 27.6x for Quaker Chemical.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Quaker Chemical
KWR
5/11
Revenue growth5-year growthNet marginReturn on equityShare count change
Ingevity
NGVT
6/11
Gross marginOperating marginFCF marginReturn on capitalPiotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| 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 | 27.6x | 46.4x |
| Piotroski F-score | 5 | 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.