Ingevity Corporation NGVT

MaterialsChemicalsUnited States of America

Last close 73.71 USD on Nov 2, 2026, +24.6% year to date

Quant rating

Quant rating B Rank 25 of 151 in Materials

Growth C 84 of 151
Valuation C 66 of 151
Quality B 38 of 151
Revisions B 31 of 151
Momentum B 30 of 151

Wall Street consensus Buy (1.67)Average target 90.67 USD +23.0%

Historical valuation

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

Key data

Market cap: 2.5B
Enterprise value: 3.6B
52-week range: 45.89 – 79.22
3-year range: 29.88 – 79.22
Dividend yield: –
Beta (5 years): 1.11
Shares outstanding: 34.4M
Next earnings: Nov 4, 2026

About the company

Ingevity Corporation is a global specialty materials company that develops carbon and engineered materials solutions that improve mobility, strengthen and extend the life of infrastructure and enhance industrial processes. The Company operates through three segments, which include Performance Materials, Pavement Technologies, and Advanced Polymer Technologies. The Performance Materials segment manufactures products in the form of powder, granular, extruded pellets, extruded honeycombs, and activated carbon sheets. The Pavement Technologies segment produces additives and technologies utilized globally in asphalt pavement construction, preservation, reconstruction and recycling, and agrochemical dispersants. The Advanced Polymer Technologies segment produces caprolactone and caprolactone-based specialty polymers for use in coatings, resins, elastomers, adhesives, bioplastics, and medical. The Company's products are used in automotive gasoline vapor emissions control systems and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,168	1,200	1,216	1,668	1,392	–
Revenue growth	−2.7%	−1.3%	−27.1%	19.9%	14.4%	−0.8%
EPS (basic, normalized)	4.55	3.51	3.94	6.01	5.23	–
EPS growth	29.6%	−10.9%	−34.4%	14.9%	–	–
Gross margin	39.5%	38.7%	36.6%	34.2%	36.9%	37.2%
Net margin	−12.9%	−10.1%	8.7%	12.7%	8.5%	1.4%
ROE	−133.7%	−29.4%	15.9%	30.8%	17.9%	−19.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	97.4
Current ratio	1.61x
Long-term debt (mil)	1,056
Net debt (mil)	1,103
Total equity (mil)	46.9
Net debt / equity	23.51x
Net debt / EBITDA	2.77x

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	1,168	−2.7%	3.1x	398	+12.5%	9.1x	4.55	+29.6%	16.2x
2026	1,114	−4.6%	3.3x	392	−1.3%	9.3x	5.36	+17.8%	13.8x
2027	1,130	+1.4%	3.2x	413	+5.4%	8.8x	6.05	+12.8%	12.2x
2028	1,153	+2.1%	3.2x	429	+3.8%	8.5x	6.82	+12.7%	10.8x

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	1,114	0.0%	0.0%	−6.2%	5.36	0.0%	0.0%	+11.7%
2027	1,130	0.0%	0.0%	−4.3%	6.05	0.0%	0.0%	+2.1%
2028	1,153	0.0%	0.0%	−4.4%	6.82	0.0%	0.0%	+3.6%

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)	340	391	377	299	284	365	333	255	258	314
Sales mean (mil)	319	408	384	311	285	379	360	257	255	312
Surprise	+6.6%	−4.2%	−1.9%	−3.9%	−0.5%	−3.6%	−7.6%	−0.8%	+1.3%	+0.6%
EPS reported	0.52	1.01	1.10	0.95	0.99	1.39	1.52	0.63	1.15	1.74
EPS mean	0.32	1.05	0.90	0.31	0.74	1.16	1.39	0.69	0.78	1.33
Surprise	+62.5%	−4.2%	+22.2%	+208.9%	+34.2%	+19.6%	+9.4%	−8.4%	+47.9%	+31.2%

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
NGVT Ingevity Corporation	2.5B	2.77x	−12.9%	54.20x	13.8x	12.2x	9.3x	8.8x
NNUP Nocopi Technologies, Inc.	19M	–	−10.4%	1.30x	40.0x	14.5x	–	–
Mean		2.77x	−11.6%	27.75x	26.9x	13.4x	9.3x	8.8x
Median		2.77x	−11.6%	27.75x	26.9x	13.4x	9.3x	8.8x

Technical analysis

1M+1.8%
3M+0.8%
1Y+37.2%
3Y+74.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ingevity Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,168	1,200	1,216	1,668	1,392	1,216
Cost of revenue	706	735	770	1,098	879	751
Gross profit	461	465	445	570	513	465
Selling, general & administrative expenses	139	124	118	164	144	116
Research & development	28.4	24.5	25.4	30.3	26.3	22.6
Depreciation/amortization	32.2	33.8	43.5	35.2	34.8	33.3
Interest expense (income), operating	90.9	95.2	70.8	56.6	50.6	35.8
Unusual expense (income)	317	330	57.0	18.8	102	21.7
Other operating expenses	−4.1	−2.0	0	−4.0	−8.0	1.3
Operating income	−142	−140	130	270	163	235
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0.4
Net income before taxes	−142	−140	130	270	163	235
Provision for taxes	8.2	−19.1	24.2	58.0	44.7	53.7
Minority interest	–	–	–	–	–	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−150	−121	106	212	118	181
Extraordinary items	−16.8	−309	−111	–	–	–
Net income	−167	−430	−5.4	212	118	181
EBIT, normalized	266	284	258	345	315	292
EBITDA, normalized	372	393	381	454	425	392
Basic EPS, normalized	4.55	3.51	3.94	6.01	5.23	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ingevity Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	78.1	68.0	95.9	76.7	275	258
Receivables	158	172	211	249	191	167
Total inventory	186	227	309	335	241	189
Prepaid expenses	8.7	7.8	9.5	9.8	9.8	8.5
Other current assets	23.6	18.6	33.4	8.2	7.1	6.8
Total current assets	454	493	659	679	725	629
Property, plant & equipment	638	709	829	855	772	754
Goodwill	4.3	175	528	518	442	445
Intangibles	216	324	385	456	379	397
Long-term investments	83.1	87.3	99.2	110	35.3	–
Note receivable	–	–	–	–	–	–
Other long-term assets	256	234	123	118	116	110
Total assets	1,651	2,023	2,623	2,736	2,469	2,334
Liabilities
Accounts payable	92.0	94.5	158	175	126	104
Payable/accrued	–	–	–	–	–	–
Accrued expenses	181	92.4	93.8	116	108	80.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	47.1	61.3	84.4	0.9	19.6	26.0
Other current liabilities	20.9	15.9	26.3	11.5	15.5	12.6
Total current liabilities	341	264	363	304	269	223
Long-term debt	1,161	1,340	1,383	1,472	1,250	1,267
Minority interest	–	–	–	–	–	–
Other liabilities	119	224	246	262	276	202
Total liabilities	1,621	1,827	1,992	2,038	1,795	1,692
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0.4	0.4	0.4	0.4	0.4	0.4
Additional paid-in capital	196	177	165	153	136	121
Retained earnings (accumulated deficit)	405	572	1,002	1,008	796	678
Treasury stock	−572	−513	−510	−416	−272	−162
Other equity	0.5	−41.4	−26.7	−46.8	13.1	4.7
Total equity	29.7	195	631	698	674	642
Total liabilities & shareholders' equity	1,651	2,023	2,623	2,736	2,469	2,334

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ingevity Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−167	−430	−5.4	212	118	181
Depreciation, depletion & amortization	106	108	123	109	110	100
Deferred taxes	−4.7	−121	−44.7	−5.0	−4.6	16.2
Non-cash items	413	632	288	78.3	149	45.9
Changes in working capital	−16.6	−59.5	−155	−80.3	−79.3	8.7
Cash from operations	331	129	205	313	293	352
Investing activities
Capital expenditures	−57.7	−77.6	−110	−142	−104	−82.1
Other investing cash flows	0.2	−1.9	32.5	−409	−34.8	−28.5
Cash from investing	−57.5	−79.5	−77.3	−552	−139	−111
Financing activities
Financing cash flow items	−2.3	−3.1	−0.5	−5.7	2.3	−10.6
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−250	−67.1	−99.4	53.8	−135	−39.6
Cash from financing	−252	−70.2	−99.9	48.1	−133	−50.2
Foreign exchange effects	4.5	−4.2	−0.3	−6.0	−1.7	2.2
Net change in cash	26.0	−25.3	27.6	−196	19.9	194
Free cash flow	274	51.0	95.3	171	190	270

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.