Balchem vs Quaker Chemical
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KIRA’s take AI analyst
I put Balchem and Quaker Chemical 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 $1.0B for Balchem, about 1.8 times as much.
- Balchem grew revenue faster (8.8%, against 2.7%).
- Balchem kept more of each dollar of sales as operating profit (20.2% operating margin, against 2.8%).
- Balchem turned more of its sales into free cash flow (16.7% FCF margin, against 4.3%).
- Investors pay more for each dollar of Balchem’s earnings: a P/E of 33.3x against 27.6x for Quaker Chemical.
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 growth5-year growthOperating marginNet marginFCF marginReturn on equity
Quaker Chemical
KWR
2/8
Gross marginShare count change
Side by side
Best in the row
| Latest fiscal year | BCPC FY25 | KWR FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.7B | $2.7B |
| Revenue | $1.0B | $1.9B |
| Free cash flow | $173M | $80.6M |
| Net income | $155M | −$2.5M |
| Growth | ||
| Revenue growth | 8.8% | 2.7% |
| 5-year growth | 8.1% | 5.9% |
| Share count change | −0.4% | −2.2% |
| Profitability | ||
| Gross margin | 35.7% | 36.0% |
| Operating margin | 20.2% | 2.8% |
| Net margin | 14.9% | −0.1% |
| FCF margin | 16.7% | 4.3% |
| Return on capital | — | 1.3% |
| Return on equity | 12.9% | −0.2% |
| Balance sheet | ||
| Net debt | — | $726M |
| Net debt / EBITDA | — | 6.1x |
| Dividends and buybacks | $136M | $75.9M |
| Valuation & quality | ||
| P/E | 33.3x | 27.6x |
| Piotroski F-score | — | 5 |
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.