NewMarket Corporation NEU

MaterialsChemicalsUnited States of America

Last close 756.63 USD on Nov 2, 2026, +11.4% year to date

Quant rating

Quant rating D Rank 125 of 151 in Materials

Growth D 126 of 151
Valuation C 81 of 151
Quality C 93 of 151
Revisions D 133 of 151
Momentum C 77 of 151

Historical valuation

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

Key data

Market cap: 7.0B
Enterprise value: 7.7B
52-week range: 580.20 – 979.97
3-year range: 480.85 – 979.97
Dividend yield: 1.66%
Beta (5 years): 0.60
Shares outstanding: 9.2M
Next earnings: –

About the company

NewMarket Corporation is a holding company operating through its subsidiaries, Afton Chemical Corporation (Afton), Ethyl Corporation (Ethyl), American Pacific Corporation (AMPAC) and Calca Solutions, LLC (Calca). The Afton and Ethyl companies develop, manufacture, blend, and deliver chemical additives that enhance the performance of petroleum products. AMPAC is a manufacturer of specialty materials used in solid rocket motors for the aerospace and defense industries. Calca is a producer of UltraPure and high-purity hydrazine – essential, mission-critical propellants that enable advanced aerospace and defense applications. Its petroleum additives segment includes lubricant and fuel additives. Its specialty materials segment includes critical materials used in solid rocket motors for space launch and military defense applications as well as propellants that enable advanced aerospace and defense applications that are integral to in-space propulsion systems for satellites and space probes.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,725	2,787	2,698	2,765	2,356	–
Revenue growth	−2.2%	3.3%	−2.4%	17.3%	17.2%	6.3%
EPS (basic, normalized)	24.64	–	–	18.73	20.83	–
EPS growth	–	–	–	−10.1%	–	–
Gross margin	31.5%	31.8%	28.6%	23.2%	23.2%	27.7%
Net margin	15.3%	16.5%	14.4%	10.1%	8.1%	12.9%
ROE	25.8%	36.4%	42.3%	36.7%	25.1%	33.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	77.3
Current ratio	2.46x
Long-term debt (mil)	830
Net debt (mil)	753
Total equity (mil)	1,930
Net debt / equity	0.39x
Net debt / EBITDA	–

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	2,725	−2.2%	2.8x	–	–	–	24.64	–	30.7x

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	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	Mar 2019	Jun 2019	Sep 2019	FQ-4	FQ-3	Jun 2020	Sep 2020	Dec 2020
Sales reported (mil)	563	538	537	563	556	–	–	–	–	–
Sales mean (mil)	–	–	589	581	540	–	–	–	–	–
Surprise	–	–	−8.9%	−3.0%	+2.9%	–	–	–	–	–
EPS reported	–	–	5.57	6.63	6.06	–	–	2.05	8.77	6.12
EPS mean	–	–	5.81	5.16	5.93	–	–	–	–	–
Surprise	–	–	−4.1%	+28.5%	+2.2%	–	–	–	–	–

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
NEU NewMarket Corporation	7.0B	–	15.3%	3.61x	–	–	–	–
NNUP Nocopi Technologies, Inc.	19M	–	−10.4%	1.30x	40.0x	14.5x	–	–
Mean		–	2.5%	2.45x	40.0x	14.5x	–	–
Median		–	2.5%	2.45x	40.0x	14.5x	–	–

Technical analysis

1M−18.1%
3M−10.7%
1Y+0.1%
3Y+65.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, NewMarket Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,725	2,787	2,698	2,765	2,356	2,011
Cost of revenue	1,868	1,900	1,926	2,124	1,808	1,416
Gross profit	857	886	773	640	548	595
Selling, general & administrative expenses	182	171	151	145	146	143
Research & development	132	125	138	140	144	140
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	0	0	7.5	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	544	590	483	348	258	312
Net interest income (expense)	−39.7	−57.4	−37.4	−35.2	−34.2	−26.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	56.5	51.4	43.3	35.3	24.0	45.8
Net income before taxes	561	584	489	348	248	331
Provision for taxes	142	122	100	68.2	56.6	60.7
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	419	462	389	280	191	271
Extraordinary items	–	–	–	–	–	–
Net income	419	462	389	280	191	271
EBIT, normalized	544	590	483	355	258	312
EBITDA, normalized	666	707	561	437	342	396
Basic EPS, normalized	24.64	–	–	18.73	20.83	–

Balance sheet in millions of USD, fiscal years

Balance sheet, NewMarket Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	77.6	77.5	112	68.7	459	125
Receivables	422	395	432	454	392	336
Total inventory	502	505	456	631	499	401
Prepaid expenses	12.3	8.0	7.1	6.9	6.9	4.8
Other current assets	45.4	43.2	32.0	31.4	31.8	30.7
Total current assets	1,060	1,030	1,040	1,192	1,388	898
Property, plant & equipment	885	840	760	759	785	737
Goodwill	424	380	124	124	124	124
Intangibles	517	371	0.9	2.4	3.8	6.0
Long-term investments	–	–	–	–	–	–
Note receivable	2.8	2.7	2.9	3.0	3.4	2.9
Other long-term assets	604	507	381	326	254	166
Total assets	3,492	3,130	2,309	2,407	2,558	1,934
Liabilities
Accounts payable	238	226	231	273	246	190
Payable/accrued	–	–	–	–	–	–
Accrued expenses	126	105	91.6	105	101	91.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	3.1	2.9	2.8	2.7	352	2.1
Other current liabilities	51.8	41.1	38.7	42.8	25.9	28.5
Total current liabilities	419	374	364	424	725	312
Long-term debt	898	989	663	1,026	815	609
Minority interest	–	–	–	–	–	–
Other liabilities	396	305	204	194	256	253
Total liabilities	1,714	1,668	1,232	1,644	1,796	1,174
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.4	0	2.1	–	0	0.7
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,669	1,429	1,096	834	844	932
Treasury stock	–	–	–	–	–	–
Other equity	107	32.9	−21.1	−72.0	−82.2	−173
Total equity	1,778	1,462	1,077	762	762	760
Total liabilities & shareholders' equity	3,492	3,130	2,309	2,407	2,558	1,934

Cash flow statement in millions of USD, fiscal years

Cash flow statement, NewMarket Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	419	462	389	280	191	271
Depreciation, depletion & amortization	122	117	78.0	82.3	84.3	84.0
Deferred taxes	34.4	−12.8	−14.8	−42.6	2.0	7.6
Non-cash items	–	0	0	10.5	7.4	−16.5
Changes in working capital	−6.6	−47.0	125	−221	−119	−61.5
Cash from operations	569	520	577	109	165	284
Investing activities
Capital expenditures	−77.6	−57.3	−48.3	−56.2	−78.9	−93.3
Other investing cash flows	−213	−681	0	372	−382	19.1
Cash from investing	−291	−739	−48.3	316	−461	−74.2
Financing activities
Financing cash flow items	−7.0	−13.4	1.3	−10.6	−5.8	−1.9
Cash dividends paid	−106	−95.9	−85.0	−84.3	−85.9	−83.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−166	295	−404	−344	347	−146
Cash from financing	−279	186	−488	−439	255	−231
Foreign exchange effects	1.4	−1.1	2.3	0.3	−0.9	2.3
Net change in cash	0.1	−34.5	43.2	−14.6	−41.9	−19.2
Free cash flow	491	462	529	52.5	86.4	191

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 2, 2026 after market close.