Balchem vs Innospec
Add, change or remove companies; up to four.
The short version
- 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.
| 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 |
Revenue
FY16
BCPC $553M
IOSP $883M
FY17
BCPC $595M
IOSP $1.3B
FY18
BCPC $644M
IOSP $1.5B
FY19
BCPC $644M
IOSP $1.5B
FY20
BCPC $704M
IOSP $1.2B
FY21
BCPC $799M
IOSP $1.5B
FY22
BCPC $942M
IOSP $2.0B
FY23
BCPC $922M
IOSP $1.9B
FY24
BCPC $954M
IOSP $1.8B
FY25
BCPC $1.0B
IOSP $1.8B
BCPC
IOSP
Operating margin
FY16
BCPC 16.4%
IOSP 11.1%
FY17
BCPC 16.3%
IOSP 9.6%
FY18
BCPC 16.6%
IOSP 9.0%
FY19
BCPC 15.9%
IOSP 9.9%
FY20
BCPC 15.8%
IOSP 2.8%
FY21
BCPC 16.0%
IOSP 8.9%
FY22
BCPC 15.4%
IOSP 9.5%
FY23
BCPC 17.3%
IOSP 8.3%
FY24
BCPC 19.2%
IOSP 9.6%
FY25
BCPC 20.2%
IOSP 7.3%
BCPC
IOSP
Free cash flow
FY16
BCPC $84.6M
IOSP $89.0M
FY17
BCPC $83.1M
IOSP $59.4M
FY18
BCPC $99.5M
IOSP $76.0M
FY19
BCPC $98.7M
IOSP $132M
FY20
BCPC $118M
IOSP $116M
FY21
BCPC $124M
IOSP $54.1M
FY22
BCPC $89.5M
IOSP $42.1M
FY23
BCPC $146M
IOSP $145M
FY24
BCPC $146M
IOSP $143M
FY25
BCPC $173M
IOSP $88.0M
BCPC
IOSP
Return on capital
FY16
BCPC 8.9%
IOSP 10.9%
FY17
BCPC 14.3%
IOSP 7.2%
FY18
BCPC 12.1%
IOSP 9.4%
FY19
BCPC —
IOSP 12.3%
FY20
BCPC —
IOSP 2.8%
FY21
BCPC —
IOSP 10.6%
FY22
BCPC —
IOSP 15.1%
FY23
BCPC —
IOSP 14.0%
FY24
BCPC —
IOSP 16.4%
FY25
BCPC —
IOSP 11.1%
BCPC
IOSP
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.