Ingevity vs Sensient Technologies
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KIRA’s take AI analyst
I put Ingevity and Sensient Technologies side by side, using each one’s latest annual report. Here is what stands out:
- Sensient Technologies is the larger business, with $1.6B of revenue in fiscal 2025 against $1.2B for Ingevity.
- Sensient Technologies grew revenue faster (3.5%, against −2.7%).
- Ingevity kept more of each dollar of sales as operating profit (35.9% operating margin, against 12.9%).
- Ingevity turned more of its sales into free cash flow (23.4% FCF margin, against 2.4%).
- Ingevity earned a higher return on the capital invested in it (24.6%, against 8.9%).
- Investors pay more for each dollar of Ingevity’s earnings: a P/E of 46.4x against 35.8x for Sensient Technologies.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Ingevity
NGVT
6/11
Gross marginOperating marginFCF marginReturn on capitalNet debt / EBITDAShare count change
Sensient Technologies
SXT
4/11
Revenue growth5-year growthNet marginReturn on equity
Side by side
Best in the row
| Latest fiscal year | NGVT FY25 | SXT FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.5B | $5.7B |
| Revenue | $1.2B | $1.6B |
| Free cash flow | $274M | $38.4M |
| Net income | −$167M | $135M |
| Growth | ||
| Revenue growth | −2.7% | 3.5% |
| 5-year growth | −0.8% | 3.9% |
| Share count change | −0.3% | 0.5% |
| Profitability | ||
| Gross margin | 39.5% | 33.5% |
| Operating margin | 35.9% | 12.9% |
| Net margin | −14.3% | 8.3% |
| FCF margin | 23.4% | 2.4% |
| Return on capital | 24.6% | 8.9% |
| Return on equity | −148.6% | 11.9% |
| Balance sheet | ||
| Net debt | $1.1B | $673M |
| Net debt / EBITDA | 2.2x | 2.5x |
| Dividends and buybacks | $56.3M | $69.6M |
| Valuation & quality | ||
| P/E | 46.4x | 35.8x |
| Piotroski F-score | 6 | 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.