ECVT

MKT CAP:$2B

Ecovyst Inc.

Market Cap

$2B

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

Materials·Chemicals·🇺🇸·NYSE

Stock Price

$13.75+$3.84 (+38.75%)

Apr 22, 2026

Company Details

Ecovyst Inc. provides specialty catalysts and services in the United States, the Netherlands, the United Kingdom, and internationally. The company operates through two segments, Ecoservices and Catalyst Technologies. The Ecoservices segment...

CEO

Kurt J. Bitting

IPO Date

Sep 29, 2017

Website

www.ecovyst.com

Key Metrics TTM

Revenue

$723M

+4.9% YoY

Net Income

-$14M

EPS (Diluted)

-$0.12

Free Cash Flow

$65M

Revenue / Share

$6.21

Gross Margin

25.4%

Operating Margin

10.1%

Net Margin

-1.9%

FCF Margin

9.0%

P/S

2.1x

P/E

—

Earnings Reports

Q3 2025

May 7, 2026

PENDING

FY 2025

Feb 27, 2026

$724M+2.7%EPS -$0.61

Q2 2025

Aug 7, 2025

$200M+9.5%EPS $0.05

Q1 2025

May 2, 2025

$162M+1.0%EPS -$0.03

FY 2024

Feb 28, 2025

$704M+1.9%EPS -$0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 16	$278M	$80M	$38M
Q2 19	$432M	$115M	$70M
Q3 19	$424M	$113M	$58M
Q1 22	$180M	$48M	$16M
Q2 22	$225M	$60M	$27M
Q3 22	$233M	$68M	$39M
Q1 23	$161M	$36M	$9M
Q2 23	$184M	$61M	$33M
Q3 23	$173M	$53M	$32M
Q4 23	$173M	$47M	$23M
Q1 24	$161M	$39M	$14M
Q2 24	$183M	$54M	$28M
Q3 24	$179M	$55M	$32M
Q4 24	$182M	$54M	$25M
Q1 25	$162M	$26M	-$912.0K
Q2 25	$200M	$50M	$18M

Valuation

Quarter	P/S	P/E
Q2 16	—	—
Q2 19	—	—
Q3 19	1.8x	—
Q1 22	1.2x	—
Q2 22	1.1x	16.6x
Q3 22	1.0x	14.8x
Q1 23	1.6x	27.7x
Q2 23	1.7x	20.6x
Q3 23	1.5x	17.9x
Q4 23	1.6x	15.4x
Q1 24	1.9x	17.3x
Q2 24	1.5x	18.2x
Q3 24	1.2x	14.9x
Q4 24	1.2x	—
Q1 25	1.0x	—
Q2 25	1.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 16	-$22M	-$52M
Q2 19	$33M	$1M
Q3 19	$122M	$96M
Q1 22	$6M	-$4M
Q2 22	$46M	$31M
Q3 22	$56M	$43M
Q1 23	$4M	-$15M
Q2 23	$37M	$16M
Q3 23	$32M	$18M
Q4 23	$64M	$52M
Q1 24	$37M	$19M
Q2 24	$10M	-$9M
Q3 24	$60M	$45M
Q4 24	$43M	$26M
Q1 25	$10M	-$14M
Q2 25	$33M	$8M

Capital Expenditures

Quarter	CapEx
Q2 16	$30M
Q2 19	$32M
Q3 19	$26M
Q1 22	$11M
Q2 22	$15M
Q3 22	$14M
Q1 23	$19M
Q2 23	$21M
Q3 23	$14M
Q4 23	$12M
Q1 24	$17M
Q2 24	$19M
Q3 24	$15M
Q4 24	$17M
Q1 25	$24M
Q2 25	$25M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+91.4%	+109.9%
Q2 22	-18.9%	-17.4%
Q3 22	-46.1%	-46.3%
Q1 23	-62.0%	-58.4%
Q2 23	+2.4%	-7.6%
Q3 23	-23.0%	-28.5%
Q4 23	-25.7%	-22.6%
Q1 24	-0.2%	-3.7%
Q2 24	-0.7%	+2.8%
Q3 24	+3.4%	+4.4%
Q4 24	+5.3%	+4.8%
Q1 25	+1.0%	+11.3%
Q2 25	+9.5%	+17.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 16	$3M	1.2%
Q2 19	$5M	1.2%
Q3 19	$5M	1.1%
Q1 22	$7M	4.1%
Q2 22	$5M	2.4%
Q3 22	$5M	2.0%
Q1 23	$4M	2.5%
Q2 23	$5M	2.7%
Q3 23	$3M	2.0%
Q4 23	$3M	2.0%
Q1 24	$4M	2.3%
Q2 24	$4M	2.1%
Q3 24	$3M	1.6%
Q4 24	$4M	2.0%
Q1 25	$3M	1.9%
Q2 25	$3M	1.7%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 16	—	—	$30M
Q2 19	$43M	$11M	—
Q3 19	$40M	$12M	—
Q1 22	—	—	$24M
Q2 22	—	—	$23M
Q3 22	—	—	$21M
Q1 23	—	—	$21M
Q2 23	—	—	$21M
Q3 23	—	—	$17M
Q4 23	—	—	$20M
Q1 24	—	—	$22M
Q2 24	—	—	$23M
Q3 24	—	—	$20M
Q4 24	—	—	$20M
Q1 25	—	—	$21M
Q2 25	—	—	$23M

Revenue Segments

Quarter	Catalyst Technologies	Ecoservices
Q3 22	$37M	$196M
Q1 23	$23M	$138M
Q2 23	$26M	$158M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$130M	$0	$130M
Q2 22	$151M	$0	$151M
Q3 22	$121M	$0	$121M
Q4 22	$111M	$0	$111M
Q1 23	$62M	$0	$62M
Q2 23	$29M	$0	$29M
Q3 23	$38M	$0	$38M
Q4 23	$88M	$0	$88M
Q1 24	$103M	$0	$103M
Q2 24	$83M	$0	$83M
Q3 24	$123M	$0	$123M
Q4 24	$146M	$0	$146M
Q1 25	$127M	$0	$127M
Q2 25	$70M	$0	$70M
Q3 25	$82M	$0	$82M
Q4 25	$197M	$0	$197M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 16	104M	0.0%	—
Q2 19	135M	+30.1%	—
Q3 19	136M	+0.2%	—
Q1 22	139M	+2.3%	+33.4%
Q2 22	139M	+0.3%	+33.8%
Q3 22	134M	-3.6%	-0.9%
Q1 23	122M	-8.9%	-9.9%
Q2 23	120M	-1.8%	-13.6%
Q3 23	117M	-2.1%	-15.6%
Q4 23	117M	-0.2%	-12.6%
Q1 24	117M	+0.2%	-3.9%
Q2 24	118M	+0.2%	-1.9%
Q3 24	117M	-0.4%	-0.2%
Q4 24	117M	-0.6%	-0.6%
Q1 25	117M	+0.6%	-0.2%
Q2 25	117M	-0.6%	-0.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 16	—	—
Q2 19	$135.4K	3K
Q3 19	$132.9K	3K
Q1 22	$203.5K	883
Q2 22	$255.0K	883
Q3 22	$263.3K	883
Q1 23	$180.8K	890
Q2 23	$206.9K	890
Q3 23	$194.7K	890
Q4 23	$189.7K	911
Q1 24	$176.2K	911
Q2 24	$200.7K	911
Q3 24	$196.7K	911
Q4 24	$197.8K	920
Q1 25	$176.3K	920
Q2 25	$217.5K	920

Revenue / Employee