NGVT

MKT CAP:$3B

Ingevity Corporation

Market Cap

$3B

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

Materials·Chemicals·🇺🇸·NYSE

Stock Price

$74.62+$14.53 (+24.18%)

Apr 22, 2026

Company Details

Ingevity Corporation manufactures and sells specialty chemicals and activated carbon materials in North America, the Asia Pacific, Europe, the Middle East, Africa, and South America. The company operates through two segments, Performance Ma...

CEO

David H. Li

IPO Date

May 3, 2016

Website

www.ingevity.com

Key Metrics TTM

Revenue

$1.2B

-18.7% YoY

Net Income

-$194M

EPS (Diluted)

-$5.38

Free Cash Flow

$195M

Revenue / Share

$33.70

Gross Margin

36.7%

Operating Margin

20.2%

Net Margin

-16.1%

FCF Margin

16.2%

P/S

2.2x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 26, 2026

$1.2B-17.0%EPS -$4.61

Q4 2025

Feb 26, 2026

$255M-14.6%EPS -$2.37

Q2 2025

Aug 5, 2025

$365M-6.5%EPS -$4.02

Q1 2025

May 6, 2025

$284M-16.5%EPS $0.56

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$336M	$98M	$50M
Q1 22	$383M	$129M	$89M
Q2 22	$420M	$151M	$94M
Q3 22	$483M	$167M	$113M
Q4 22	$384M	$106M	$35M
Q1 23	$393M	$130M	$73M
Q2 23	$482M	$141M	$92M
Q3 23	$446M	$129M	$0
Q4 23	$372M	$60M	$9M
Q1 24	$340M	$100M	$46M
Q2 24	$391M	$123M	$75M
Q3 24	$377M	$130M	$85M
Q4 24	$299M	$102M	$55M
Q1 25	$284M	$113M	$63M
Q2 25	$365M	$138M	$86M
Q4 25	$255M	$88M	$39M

Valuation

Quarter	P/S	P/E
Q4 21	1.9x	22.8x
Q1 22	1.9x	20.7x
Q2 22	1.8x	18.5x
Q3 22	1.7x	11.9x
Q4 22	1.6x	12.7x
Q1 23	1.6x	13.4x
Q2 23	1.5x	15.2x
Q3 23	1.6x	21.2x
Q4 23	1.6x	—
Q1 24	1.6x	—
Q2 24	1.7x	—
Q3 24	1.8x	—
Q4 24	1.9x	—
Q1 25	2.0x	—
Q2 25	2.0x	—
Q4 25	2.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$76M	$39M
Q1 22	$24M	-$3M
Q2 22	$91M	$61M
Q3 22	$100M	$64M
Q4 22	$98M	$49M
Q1 23	$5M	-$20M
Q2 23	$48M	$27M
Q3 23	$105M	$72M
Q4 23	$45M	$15M
Q1 24	-$12M	-$29M
Q2 24	$30M	$12M
Q3 24	$47M	$29M
Q4 24	$65M	$40M
Q1 25	$25M	$15M
Q2 25	$79M	$67M
Q4 25	$97M	$74M

Capital Expenditures

Quarter	CapEx
Q4 21	$37M
Q1 22	$28M
Q2 22	$30M
Q3 22	$36M
Q4 22	$49M
Q1 23	$25M
Q2 23	$22M
Q3 23	$34M
Q4 23	$29M
Q1 24	$17M
Q2 24	$18M
Q3 24	$18M
Q4 24	$25M
Q1 25	$10M
Q2 25	$12M
Q4 25	$24M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+1.3%	+23.0%
Q1 22	+19.6%	+22.0%
Q2 22	+17.2%	+19.9%
Q3 22	+28.1%	+29.6%
Q4 22	+14.1%	+22.2%
Q1 23	+2.5%	+8.9%
Q2 23	+14.8%	+19.6%
Q3 23	-7.6%	+20.6%
Q4 23	-3.1%	+4.0%
Q1 24	-13.4%	-7.9%
Q2 24	-19.0%	-18.9%
Q3 24	-15.5%	-34.4%
Q4 24	-19.6%	-32.9%
Q1 25	-16.5%	-24.8%
Q2 25	-6.5%	-11.7%
Q4 25	-32.3%	-26.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$3M	0.7%
Q1 22	$3M	0.8%
Q2 22	$4M	0.9%
Q3 22	$4M	0.9%
Q4 22	$5M	1.3%
Q1 23	$4M	1.0%
Q2 23	$5M	1.0%
Q3 23	-$600.0K	-0.1%
Q4 23	$0	0.0%
Q1 24	$4M	1.3%
Q2 24	$2M	0.6%
Q3 24	$3M	0.8%
Q4 24	$2M	0.7%
Q1 25	$4M	1.4%
Q2 25	$4M	1.2%
Q4 25	$800.0K	0.3%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 21	$7M	$40M
Q1 22	$7M	$32M
Q2 22	$8M	$49M
Q3 22	$8M	$46M
Q4 22	$16M	$55M
Q1 23	$9M	$49M
Q2 23	$8M	$41M
Q3 23	$8M	$40M
Q4 23	$7M	$43M
Q1 24	$7M	$47M
Q2 24	$7M	$41M
Q3 24	$7M	$39M
Q4 24	$7M	$39M
Q1 25	$8M	$43M
Q2 25	$8M	$44M
Q4 25	$7M	$42M

Revenue Segments

Quarter	Performance Chemicals	Performance Materials
Q4 21	$204M	$132M
Q1 22	$234M	$148M
Q2 22	$298M	$122M
Q3 22	$337M	$145M
Q4 22	$251M	$133M

Revenue by Geography

Quarter	Asia Pacific	Europe, Middle East, and Africa	North America	South America
Q4 21	$101M	$47M	$183M	$6M
Q1 22	$98M	$63M	$213M	$10M
Q2 22	$86M	$69M	$255M	$10M
Q3 22	$114M	$63M	$292M	$14M
Q4 22	$101M	$48M	$224M	$11M
Q1 23	$86M	$63M	$235M	$10M
Q2 23	$86M	$56M	$327M	$12M
Q3 23	$92M	$49M	$292M	$13M
Q4 23	$100M	$48M	$215M	$9M
Q1 24	$78M	$48M	$203M	$11M
Q2 24	$87M	$55M	$236M	$13M
Q3 24	$87M	$45M	$228M	$17M
Q4 24	$94M	$38M	$155M	$12M
Q1 25	$72M	$44M	$158M	$10M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$223M	$0	$223M
Q2 22	$131M	$0	$131M
Q3 22	$72M	$0	$72M
Q4 22	$77M	$0	$77M
Q1 23	$78M	$0	$78M
Q2 23	$68M	$0	$68M
Q3 23	$85M	$0	$85M
Q4 23	$96M	$0	$96M
Q1 24	$89M	$0	$89M
Q2 24	$107M	$0	$107M
Q3 24	$136M	$0	$136M
Q4 24	$68M	$0	$68M
Q1 25	$72M	$0	$72M
Q2 25	$77M	$0	$77M
Q3 25	$83M	$0	$83M
Q4 25	$78M	$0	$78M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	40M	+0.2%	-4.5%
Q1 22	39M	-0.8%	-3.5%
Q2 22	39M	-1.3%	-3.9%
Q3 22	38M	-1.6%	-3.5%
Q4 22	38M	-1.1%	-4.8%
Q1 23	38M	-0.4%	-4.4%
Q2 23	37M	-2.5%	-5.5%
Q3 23	36M	-0.6%	-4.6%
Q4 23	36M	-0.5%	-4.0%
Q1 24	36M	+0.2%	-3.4%
Q2 24	36M	+0.2%	-0.7%
Q3 24	36M	+0.0%	-0.1%
Q4 24	37M	+0.7%	+1.1%
Q1 25	37M	+0.2%	+1.1%
Q2 25	36M	-0.7%	+0.2%
Q4 25	36M	-1.9%	-1.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$181.7K	2K
Q1 22	$207.0K	2K
Q2 22	$227.0K	2K
Q3 22	$261.0K	2K
Q4 22	$187.1K	2K
Q1 23	$191.5K	2K
Q2 23	$235.2K	2K
Q3 23	$217.6K	2K
Q4 23	$218.6K	2K
Q1 24	$200.1K	2K
Q2 24	$229.8K	2K
Q3 24	$221.7K	2K
Q4 24	$186.8K	2K
Q1 25	$177.5K	2K
Q2 25	$228.2K	2K
Q4 25	$170.1K	2K

Revenue / Employee