BCPC

MKT CAP:$6B

Balchem Corporation

Market Cap

$6B

Basic Materials·Chemicals - Specialty·🇺🇸 United States·NASDAQ

Materials·Chemicals·🇺🇸·NASDAQ

Stock Price

$173.78+$19.76 (+12.83%)

Apr 24, 2026

Company Details

Balchem Corporation develops, manufactures, and markets specialty performance ingredients and products for the nutritional, food, pharmaceutical, animal health, medical device sterilization, plant nutrition, and industrial markets in the Un...

CEO

Theodore Lee Harris

IPO Date

Jun 3, 1986

Website

www.balchem.com

Key Metrics TTM

Revenue

$1.0B

+8.8% YoY

Net Income

$155M

EPS (Diluted)

$4.75

Free Cash Flow

$173M

Revenue / Share

$32.09

Gross Margin

35.7%

Operating Margin

20.9%

Net Margin

14.9%

FCF Margin

16.7%

P/S

5.4x

P/E

36.1x

Earnings Reports

FY 2025

Feb 20, 2026

$1.0B+8.8%EPS $4.75

Q4 2025

Feb 20, 2026

$264M+9.8%EPS $1.21

Q3 2025

Oct 21, 2025

$268M+11.5%EPS $1.24

Q2 2025

Jul 31, 2025

$255M+9.1%EPS $1.17

Q1 2025

Apr 24, 2025

$251M+4.5%EPS $1.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$229M	$72M	$38M
Q2 22	$237M	$72M	$40M
Q3 22	$244M	$68M	$34M
Q4 22	$233M	$69M	$33M
Q1 23	$233M	$73M	$34M
Q2 23	$231M	$77M	$43M
Q3 23	$230M	$77M	$44M
Q4 23	$229M	$75M	$38M
Q1 24	$240M	$82M	$42M
Q2 24	$234M	$83M	$46M
Q3 24	$240M	$85M	$48M
Q4 24	$240M	$86M	$47M
Q1 25	$251M	$88M	$51M
Q2 25	$255M	$93M	$51M
Q3 25	$268M	$95M	$55M
Q4 25	$264M	$94M	$60M

Valuation

Quarter	P/S	P/E
Q1 22	6.6x	55.0x
Q2 22	6.4x	51.5x
Q3 22	6.1x	51.4x
Q4 22	5.9x	53.1x
Q1 23	5.9x	56.4x
Q2 23	5.9x	56.2x
Q3 23	6.0x	54.1x
Q4 23	6.1x	51.5x
Q1 24	6.0x	48.7x
Q2 24	6.0x	47.9x
Q3 24	5.9x	46.0x
Q4 24	5.9x	43.5x
Q1 25	5.8x	41.0x
Q2 25	5.7x	39.2x
Q3 25	5.5x	37.5x
Q4 25	5.4x	36.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$7M	-$3M
Q2 22	$48M	$38M
Q3 22	$42M	$27M
Q4 22	$42M	$27M
Q1 23	$35M	$25M
Q2 23	$35M	$27M
Q3 23	$47M	$38M
Q4 23	$67M	$56M
Q1 24	$33M	$26M
Q2 24	$45M	$38M
Q3 24	$51M	$42M
Q4 24	$52M	$40M
Q1 25	$36M	$31M
Q2 25	$47M	$40M
Q3 25	$66M	$51M
Q4 25	$67M	$51M

Capital Expenditures

Quarter	CapEx
Q1 22	$10M
Q2 22	$11M
Q3 22	$15M
Q4 22	$14M
Q1 23	$10M
Q2 23	$8M
Q3 23	$8M
Q4 23	$12M
Q1 24	$7M
Q2 24	$7M
Q3 24	$9M
Q4 24	$13M
Q1 25	$6M
Q2 25	$7M
Q3 25	$15M
Q4 25	$16M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+23.3%	+22.9%
Q2 22	+17.0%	+14.6%
Q3 22	+23.4%	+27.4%
Q4 22	+9.1%	+11.1%
Q1 23	+1.6%	+4.0%
Q2 23	-2.3%	-4.2%
Q3 23	-5.9%	-11.5%
Q4 23	-1.6%	-4.4%
Q1 24	+3.1%	-0.1%
Q2 24	+1.2%	-0.1%
Q3 24	+4.3%	+3.0%
Q4 24	+4.9%	+1.2%
Q1 25	+4.5%	+0.8%
Q2 25	+9.1%	+8.4%
Q3 25	+11.5%	+11.0%
Q4 25	+9.8%	+5.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	1.3%
Q2 22	$4M	1.6%
Q3 22	$3M	1.2%
Q4 22	$3M	1.5%
Q1 23	$5M	2.1%
Q2 23	$4M	1.6%
Q3 23	$4M	1.6%
Q4 23	$4M	1.7%
Q1 24	$5M	2.0%
Q2 24	$4M	1.7%
Q3 24	$4M	1.7%
Q4 24	$4M	1.6%
Q1 25	$4M	1.5%
Q2 25	$6M	2.3%
Q3 25	$5M	1.7%
Q4 25	$4M	1.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$3M	$13M	$17M
Q2 22	$3M	$13M	$16M
Q3 22	$3M	$15M	$17M
Q4 22	$3M	$14M	$18M
Q1 23	$3M	$17M	$18M
Q2 23	$4M	$12M	$19M
Q3 23	$4M	$11M	$18M
Q4 23	$4M	$13M	$19M
Q1 24	$4M	$18M	$18M
Q2 24	$4M	$15M	$18M
Q3 24	$4M	$17M	$16M
Q4 24	$5M	$17M	$17M
Q1 25	$5M	$15M	$17M
Q2 25	$5M	$18M	$19M
Q3 25	$9M	$33M	$36M
Q4 25	$5M	$1M	$3M

Revenue Segments

Quarter	Co-manufacturing	Consignment	Product Sales	Royalty
Q1 22	$8M	$2M	$218M	$916.0K
Q2 22	$10M	$989.0K	$225M	$625.0K
Q3 22	$8M	$1M	$234M	$851.0K
Q4 22	$14M	$163.0K	$217M	$800.0K
Q1 23	$7M	$2M	$223M	$780.0K
Q2 23	$7M	$3M	$220M	$779.0K
Q3 23	$7M	$4M	$218M	$674.0K
Q1 24	—	—	$239M	$533.0K
Q2 24	—	—	$234M	$355.0K
Q3 24	—	—	$240M	$418.0K
Q4 24	—	—	$240M	$431.0K
Q1 25	—	—	$250M	$458.0K
Q2 25	—	—	$255M	$426.0K
Q3 25	—	—	$267M	$480.0K
Q4 25	—	—	$263M	$525.0K

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$54M	$174M
Q2 22	$68M	$169M
Q3 22	$70M	$175M
Q4 22	$68M	$164M
Q1 23	$66M	$167M
Q2 23	$60M	$171M
Q3 23	$53M	$177M
Q4 23	$54M	$175M
Q1 24	$58M	$182M
Q2 24	$56M	$178M
Q3 24	$58M	$182M
Q4 24	$58M	$182M
Q1 25	$65M	$186M
Q2 25	$69M	$187M
Q3 25	$69M	$198M
Q4 25	$75M	$189M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$64M	$0	$64M
Q2 22	$76M	$0	$76M
Q3 22	$56M	$0	$56M
Q4 22	$67M	$0	$67M
Q1 23	$60M	$0	$60M
Q2 23	$67M	$0	$67M
Q3 23	$77M	$0	$77M
Q4 23	$64M	$0	$64M
Q1 24	$60M	$0	$60M
Q2 24	$64M	$0	$64M
Q3 24	$74M	$0	$74M
Q4 24	$50M	$0	$50M
Q1 25	$50M	$0	$50M
Q2 25	$65M	$0	$65M
Q3 25	$65M	$0	$65M
Q4 25	$75M	$0	$75M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	32M	-0.7%	-0.6%
Q2 22	32M	-0.5%	-1.0%
Q3 22	32M	+0.2%	-0.8%
Q4 22	32M	+0.1%	-1.0%
Q1 23	32M	+0.1%	-0.2%
Q2 23	32M	+0.1%	+0.4%
Q3 23	32M	+0.1%	+0.3%
Q4 23	32M	+0.0%	+0.2%
Q1 24	33M	+0.5%	+0.7%
Q2 24	33M	+0.1%	+0.7%
Q3 24	33M	+0.4%	+0.9%
Q4 24	33M	-0.7%	+0.2%
Q1 25	33M	+0.8%	+0.6%
Q2 25	33M	-0.2%	+0.3%
Q3 25	33M	-0.1%	-0.2%
Q4 25	32M	-1.2%	-0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$173.8K	1K
Q2 22	$179.7K	1K
Q3 22	$185.5K	1K
Q4 22	$173.5K	1K
Q1 23	$173.5K	1K
Q2 23	$172.6K	1K
Q3 23	$171.6K	1K
Q4 23	$175.7K	1K
Q1 24	$184.1K	1K
Q2 24	$179.8K	1K
Q3 24	$184.3K	1K
Q4 24	$176.3K	1K
Q1 25	$184.1K	1K
Q2 25	$187.7K	1K
Q3 25	$196.6K	1K
Q4 25	$195.0K	1K

Revenue / Employee