Balchem vs Ingevity
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KIRA’s take AI analyst
I put Balchem and Ingevity side by side, using each one’s latest annual report. Here is what stands out:
- 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.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Balchem
BCPC
5/8
Revenue growth5-year growthNet marginReturn on equityShare count change
Ingevity
NGVT
3/8
Gross marginOperating marginFCF margin
Side by side
Best in the row
| 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 |
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.