Balchem vs Ingevity
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The short version
- Ingevity is the larger business, with $1.2B of revenue in fiscal 2025 against $1.0B for Balchem.
- Balchem grew revenue faster (8.8%, against −2.7%).
- Ingevity kept more of each dollar of sales as operating profit (35.9% operating margin, against 20.2%).
- Ingevity turned more of its sales into free cash flow (23.4% FCF margin, against 16.7%).
- Investors pay more for each dollar of Ingevity’s earnings: a P/E of 46.4x against 33.3x for Balchem.
| Latest fiscal year | BCPC · FY25 | NGVT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.7B | $2.5B |
| Revenue | $1.0B | $1.2B |
| Free cash flow | $173M | $274M |
| Net income | $155M | −$167M |
| Growth | ||
| Revenue growth | 8.8% | −2.7% |
| 5-year growth | 8.1% | −0.8% |
| Share count change | −0.4% | −0.3% |
| Profitability | ||
| Gross margin | 35.7% | 39.5% |
| Operating margin | 20.2% | 35.9% |
| Net margin | 14.9% | −14.3% |
| FCF margin | 16.7% | 23.4% |
| Return on capital | — | 24.6% |
| Return on equity | 12.9% | −148.6% |
| Balance sheet | ||
| Net debt | — | $1.1B |
| Net debt / EBITDA | — | 2.2x |
| Dividends and buybacks | $136M | $56.3M |
| Valuation & quality | ||
| P/E | 33.3x | 46.4x |
| Piotroski F-score | — | 6 |
Revenue
FY16
BCPC $553M
NGVT $908M
FY17
BCPC $595M
NGVT $972M
FY18
BCPC $644M
NGVT $1.1B
FY19
BCPC $644M
NGVT $1.3B
FY20
BCPC $704M
NGVT $1.2B
FY21
BCPC $799M
NGVT $1.4B
FY22
BCPC $942M
NGVT $1.7B
FY23
BCPC $922M
NGVT $1.2B
FY24
BCPC $954M
NGVT $1.2B
FY25
BCPC $1.0B
NGVT $1.2B
BCPC
NGVT
Operating margin
FY16
BCPC 16.4%
NGVT 18.0%
FY17
BCPC 16.3%
NGVT 25.0%
FY18
BCPC 16.6%
NGVT 28.3%
FY19
BCPC 15.9%
NGVT 30.7%
FY20
BCPC 15.8%
NGVT 32.7%
FY21
BCPC 16.0%
NGVT 30.3%
FY22
BCPC 15.4%
NGVT 27.1%
FY23
BCPC 17.3%
NGVT 34.8%
FY24
BCPC 19.2%
NGVT 35.5%
FY25
BCPC 20.2%
NGVT 35.9%
BCPC
NGVT
Free cash flow
FY16
BCPC $84.6M
NGVT $71.2M
FY17
BCPC $83.1M
NGVT $122M
FY18
BCPC $99.5M
NGVT $158M
FY19
BCPC $98.7M
NGVT $161M
FY20
BCPC $118M
NGVT $270M
FY21
BCPC $124M
NGVT $190M
FY22
BCPC $89.5M
NGVT $171M
FY23
BCPC $146M
NGVT $95.3M
FY24
BCPC $146M
NGVT $51.0M
FY25
BCPC $173M
NGVT $274M
BCPC
NGVT
Return on capital
FY16
BCPC 8.9%
NGVT 14.4%
FY17
BCPC 14.3%
NGVT 32.6%
FY18
BCPC 12.1%
NGVT 31.7%
FY19
BCPC —
NGVT 23.4%
FY20
BCPC —
NGVT 18.0%
FY21
BCPC —
NGVT 18.3%
FY22
BCPC —
NGVT 18.9%
FY23
BCPC —
NGVT 16.8%
FY24
BCPC —
NGVT 19.1%
FY25
BCPC —
NGVT 24.6%
BCPC
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.