Balchem Corporation BCPC

MaterialsChemicalsUnited States of America

Last close 175.51 USD on Nov 3, 2026, +14.4% year to date

Quant rating

Quant rating B Rank 42 of 151 in Materials

Growth B 39 of 151
Valuation C 80 of 151
Quality B 41 of 151
Revisions B 46 of 151
Momentum B 50 of 151

Wall Street consensus Buy (2.00)Average target 213.04 USD +21.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.6B
Enterprise value: 5.6B
52-week range: 147.19 – 183.63
3-year range: 117.45 – 183.63
Dividend yield: 0.55%
Beta (5 years): 0.85
Shares outstanding: 31.8M
Next earnings: Feb 18, 2027

About the company

Balchem Corporation develops, manufactures, distributes and markets specialty performance ingredients and products for nutritional, food, pharmaceutical, animal health, medical device sterilization, plant nutrition and industrial markets. Its segments include Human Nutrition and Health (HNH), Animal Nutrition and Health (ANH), and Specialty Products. The HNH segment provides human grade choline nutrients and mineral amino acid chelated products for nutrition and health applications. This segment also manufactures specialty vitamin K2, which plays a role in the human body for bone health, heart health and immunity, and methylsulfonylmethane (MSM). The ANH segment provides nutritional products derived from its microencapsulation and chelation technologies in addition to the nutrient choline chloride. The Specialty Products segment re-packages and distributes a number of gases and chemicals for various uses by its customers, notably ethylene oxide, propylene oxide, and ammonia.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,037	954	922	942	799	–
Revenue growth	8.8%	3.4%	−2.1%	17.9%	13.6%	8.1%
EPS (basic, normalized)	5.15	4.37	4.00	4.03	3.57	–
EPS growth	17.8%	9.3%	−0.7%	12.9%	–	–
Gross margin	35.7%	35.3%	32.7%	29.8%	30.4%	32.8%
Net margin	14.9%	13.5%	11.8%	11.2%	12.0%	12.7%
ROE	12.9%	11.7%	10.9%	11.6%	11.3%	11.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	66.3
Current ratio	2.47x
Long-term debt (mil)	125
Net debt (mil)	59.3
Total equity (mil)	1,327
Net debt / equity	0.04x
Net debt / EBITDA	0.22x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,037	+8.8%	5.4x	275	+10.2%	20.5x	5.15	+17.8%	34.1x
2026	1,132	+9.2%	5.0x	305	+11.1%	18.5x	5.87	+14.1%	29.9x
2027	1,199	+5.9%	4.7x	321	+5.2%	17.5x	6.36	+8.3%	27.6x
2028	1,263	+5.4%	4.5x	347	+7.9%	16.3x	6.83	+7.3%	25.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,132	+0.1%	+0.5%	+2.3%	5.87	+0.6%	+1.8%	+3.1%
2027	1,199	+0.2%	+0.6%	+3.0%	6.36	+1.5%	+2.5%	+6.1%
2028	1,263	+0.3%	+1.8%	+4.0%	6.83	−4.7%	−2.2%	+0.8%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	240	234	240	240	251	255	268	264	271	284
Sales mean (mil)	232	240	242	240	246	250	258	260	267	269
Surprise	+3.1%	−2.3%	−0.8%	0.0%	+2.0%	+2.1%	+3.6%	+1.6%	+1.6%	+5.8%
EPS reported	1.03	1.09	1.13	1.13	1.22	1.27	1.35	1.31	1.33	1.49
EPS mean	0.98	1.03	1.11	1.10	1.22	1.25	1.31	1.28	1.33	1.40
Surprise	+5.1%	+5.3%	+1.8%	+2.3%	+0.4%	+1.6%	+3.1%	+1.9%	0.0%	+6.8%

Peer comparison Chemicals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BCPC Balchem Corporation	5.6B	0.22x	14.9%	4.21x	29.9x	27.6x	18.5x	17.5x
NNUP Nocopi Technologies, Inc.	19M	–	−10.4%	1.32x	40.7x	14.8x	–	–
Mean		0.22x	2.3%	2.77x	35.3x	21.2x	18.5x	17.5x
Median		0.22x	2.3%	2.77x	35.3x	21.2x	18.5x	17.5x

Technical analysis

1M+5.4%
3M+1.1%
1Y+15.8%
3Y+47.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Balchem Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,037	954	922	942	799	704
Cost of revenue	667	617	620	662	556	480
Gross profit	371	336	302	280	243	224
Selling, general & administrative expenses	143	135	130	120	102	100
Research & development	18.5	16.8	15.0	12.2	13.5	10.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	1.1	−2.3	2.8	0.4	2.0
Other operating expenses	0	0	0	0	0	0
Operating income	209	183	159	145	128	111
Net interest income (expense)	−10.7	−17.0	−23.1	−10.8	−3.0	−5.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.4	0.6	1.2	−0.6	0.7	0.3
Net income before taxes	199	166	137	134	125	106
Provision for taxes	44.2	38.0	28.7	28.4	29.1	21.8
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	155	128	109	105	96.1	84.6
Extraordinary items	–	–	–	–	–	0
Net income	155	128	109	105	96.1	84.6
EBIT, normalized	211	184	157	148	129	114
EBITDA, normalized	256	232	212	200	178	166
Basic EPS, normalized	5.15	4.37	4.00	4.03	3.57	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Balchem Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	74.6	49.5	64.4	66.6	103	84.6
Receivables	144	120	125	132	117	98.2
Total inventory	131	131	110	120	91.1	70.6
Prepaid expenses	9.8	8.1	7.8	4.9	6.1	10.0
Other current assets	6.2	5.7	7.2	13.1	4.4	3.4
Total current assets	366	314	314	336	322	267
Property, plant & equipment	323	299	296	291	247	237
Goodwill	816	780	779	770	524	529
Intangibles	163	165	191	213	94.7	122
Long-term investments	8.3	3.9	4.1	4.3	4.5	5.0
Note receivable	–	–	–	–	–	–
Other long-term assets	9.8	13.5	12.9	10.8	7.2	6.4
Total assets	1,686	1,575	1,597	1,625	1,199	1,166
Liabilities
Accounts payable	60.4	54.7	55.5	57.3	56.2	23.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	80.8	69.8	62.0	57.1	65.2	51.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0.2	0.2	0.3	0.2	0.2	0.2
Other current liabilities	35.0	33.0	30.7	25.4	22.2	18.9
Total current liabilities	176	158	148	140	144	94.4
Long-term debt	166	192	312	443	111	166
Minority interest	–	–	–	–	–	–
Other liabilities	86.9	76.0	83.2	103	67.6	77.1
Total liabilities	429	425	543	686	322	338
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	2.1	2.2	2.2	2.1	2.2	2.2
Additional paid-in capital	92.3	174	146	129	148	173
Retained earnings (accumulated deficit)	1,121	997	897	814	732	657
Treasury stock	–	–	–	–	–	−7.9
Other equity	41.5	−23.7	8.7	−7.2	−5.0	4.2
Total equity	1,257	1,150	1,054	938	877	828
Total liabilities & shareholders' equity	1,686	1,575	1,597	1,625	1,199	1,166

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Balchem Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	155	128	109	105	96.1	84.6
Depreciation, depletion & amortization	45.7	48.0	54.9	51.8	48.9	51.3
Deferred taxes	6.3	−6.8	−10.8	−8.4	−5.9	−4.6
Non-cash items	17.2	18.4	11.1	14.9	10.5	10.7
Changes in working capital	−7.5	−6.1	20.0	−25.2	10.9	8.5
Cash from operations	217	182	184	139	161	150
Investing activities
Capital expenditures	−43.5	−35.7	−37.9	−50.3	−37.4	−33.8
Other investing cash flows	−0.4	−24.1	3.1	−366	2.1	−0.8
Cash from investing	−43.9	−59.7	−34.8	−416	−35.3	−34.6
Financing activities
Financing cash flow items	–	0	0	−1.2	–	0
Cash dividends paid	−28.3	−25.6	−22.9	−20.7	−18.7	−16.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−125	−108	−130	269	−83.5	−84.5
Cash from financing	−153	−134	−153	247	−102	−101
Foreign exchange effects	5.2	−3.4	2.3	−5.9	−4.4	4.2
Net change in cash	25.1	−14.9	−2.1	−36.7	18.7	18.9
Free cash flow	173	146	146	88.2	123	117

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.