Cabot (CBT)
Market Price (12/26/2025): $66.09 | Market Cap: $3.5 BilSector: Materials | Industry: Diversified Chemicals
Cabot (CBT)
Market Price (12/26/2025): $66.09Market Cap: $3.5 BilSector: MaterialsIndustry: Diversified Chemicals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.0%, FCF Yield is 11% | Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -75% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.8%, Rev Chg QQuarterly Revenue Change % is -10% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% | Key risksCBT key risks include [1] volatility in raw material costs and fluctuating demand that directly impact profitability and [2] intense competitive pressure requiring continuous innovation to maintain market share. | |
| Low stock price volatilityVol 12M is 31% | ||
| Megatrend and thematic driversMegatrends include Advanced Materials, Battery Technology & Metals, and Electric Vehicles & Autonomous Driving. Themes include Specialty Chemicals for Performance, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.0%, FCF Yield is 11% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Advanced Materials, Battery Technology & Metals, and Electric Vehicles & Autonomous Driving. Themes include Specialty Chemicals for Performance, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -75% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.8%, Rev Chg QQuarterly Revenue Change % is -10% |
| Key risksCBT key risks include [1] volatility in raw material costs and fluctuating demand that directly impact profitability and [2] intense competitive pressure requiring continuous innovation to maintain market share. |
Why The Stock Moved
Qualitative Assessment
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Here are the key points for why Cabot (CBT) stock moved by -18.3% from approximately August 31, 2025, to December 26, 2025:1. Cabot missed Q4 Fiscal Year 2025 earnings and revenue estimates. The company reported Q4 2025 earnings per share (EPS) of $1.70, falling short of the consensus estimate of $1.72. Additionally, quarterly revenue decreased by 10.2% year-over-year to $899 million, missing analyst expectations of $967.02 million.
2. The Reinforcement Materials segment experienced weaker performance. During the fourth quarter of fiscal 2025, the Reinforcement Materials segment's EBIT (Earnings Before Interest and Taxes) declined by 5% year-over-year. This was primarily driven by a 5% year-over-year decrease in volumes, particularly in Europe and construction-related applications.
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Stock Movement Drivers
Fundamental Drivers
The -11.8% change in CBT stock from 9/25/2025 to 12/25/2025 was primarily driven by a -20.0% change in the company's Net Income Margin (%).| 9252025 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 74.98 | 66.14 | -11.79% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3815.00 | 3713.00 | -2.67% |
| Net Income Margin (%) | 11.14% | 8.91% | -19.98% |
| P/E Multiple | 9.44 | 10.61 | 12.42% |
| Shares Outstanding (Mil) | 53.50 | 53.10 | 0.75% |
| Cumulative Contribution | -11.79% |
Market Drivers
9/25/2025 to 12/25/2025| Return | Correlation | |
|---|---|---|
| CBT | -11.8% | |
| Market (SPY) | 4.9% | 40.8% |
| Sector (XLB) | 4.4% | 55.7% |
Fundamental Drivers
The -12.3% change in CBT stock from 6/26/2025 to 12/25/2025 was primarily driven by a -19.5% change in the company's Net Income Margin (%).| 6262025 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 75.43 | 66.14 | -12.32% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3908.00 | 3713.00 | -4.99% |
| Net Income Margin (%) | 11.08% | 8.91% | -19.54% |
| P/E Multiple | 9.41 | 10.61 | 12.79% |
| Shares Outstanding (Mil) | 54.00 | 53.10 | 1.67% |
| Cumulative Contribution | -12.34% |
Market Drivers
6/26/2025 to 12/25/2025| Return | Correlation | |
|---|---|---|
| CBT | -12.3% | |
| Market (SPY) | 13.1% | 33.8% |
| Sector (XLB) | 4.9% | 64.2% |
Fundamental Drivers
The -26.8% change in CBT stock from 12/25/2024 to 12/25/2025 was primarily driven by a -18.2% change in the company's P/E Multiple.| 12252024 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 90.39 | 66.14 | -26.83% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3994.00 | 3713.00 | -7.04% |
| Net Income Margin (%) | 9.51% | 8.91% | -6.30% |
| P/E Multiple | 12.96 | 10.61 | -18.15% |
| Shares Outstanding (Mil) | 54.50 | 53.10 | 2.57% |
| Cumulative Contribution | -26.87% |
Market Drivers
12/25/2024 to 12/25/2025| Return | Correlation | |
|---|---|---|
| CBT | -26.8% | |
| Market (SPY) | 15.8% | 50.6% |
| Sector (XLB) | 8.8% | 67.4% |
Fundamental Drivers
The 4.7% change in CBT stock from 12/26/2022 to 12/25/2025 was primarily driven by a 84.3% change in the company's Net Income Margin (%).| 12262022 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 63.19 | 66.14 | 4.67% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 4321.00 | 3713.00 | -14.07% |
| Net Income Margin (%) | 4.84% | 8.91% | 84.31% |
| P/E Multiple | 17.08 | 10.61 | -37.89% |
| Shares Outstanding (Mil) | 56.50 | 53.10 | 6.02% |
| Cumulative Contribution | 4.29% |
Market Drivers
12/26/2023 to 12/25/2025| Return | Correlation | |
|---|---|---|
| CBT | -20.1% | |
| Market (SPY) | 48.3% | 48.0% |
| Sector (XLB) | 10.1% | 64.5% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CBT Return | -2% | 28% | 21% | 28% | 11% | -27% | 59% |
| Peers Return | 9% | 22% | -22% | 35% | -22% | -39% | -33% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 115% |
Monthly Win Rates [3] | |||||||
| CBT Win Rate | 58% | 50% | 42% | 50% | 58% | 25% | |
| Peers Win Rate | 63% | 60% | 48% | 48% | 43% | 37% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| CBT Max Drawdown | -55% | -2% | -3% | -3% | -15% | -35% | |
| Peers Max Drawdown | -61% | -6% | -36% | -5% | -29% | -45% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: OEC, AVNT, LYB, EMN, CE. See CBT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)
How Low Can It Go
| Event | CBT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -25.8% | -25.4% |
| % Gain to Breakeven | 34.8% | 34.1% |
| Time to Breakeven | 140 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -55.6% | -33.9% |
| % Gain to Breakeven | 125.4% | 51.3% |
| Time to Breakeven | 292 days | 148 days |
| 2018 Correction | ||
| % Loss | -45.0% | -19.8% |
| % Gain to Breakeven | 81.7% | 24.7% |
| Time to Breakeven | 909 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.8% | -56.8% |
| % Gain to Breakeven | 519.0% | 131.3% |
| Time to Breakeven | 1,745 days | 1,480 days |
Compare to MEOH, TROX, KRO, TSE, CBT
In The Past
Cabot's stock fell -25.8% during the 2022 Inflation Shock from a high on 6/4/2021. A -25.8% loss requires a 34.8% gain to breakeven.
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Cabot Corporation operates as a specialty chemicals and performance materials company. It operates through three segments: Reinforcement Materials, Performance Chemicals, and Purification Solutions. The company offers reinforcing carbons used in tires as a rubber reinforcing agent and performance additive, as well as in industrial products, such as hoses, belts, extruded profiles, and molded goods; and engineered elastomer composites. It also provides specialty carbons used in inks, coatings, plastics, adhesives, toners, batteries, and displays applications; masterbatch and conductive compound products for use in automotive, industrial, packaging, infrastructure, agriculture, consumer products, and electronics industries; inkjet colorants used in the inkjet printing applications; fumed silica used in adhesives, sealants, cosmetics, batteries, inks, toners, silicone elastomers, coatings, polishing slurries, and pharmaceuticals; fumed alumina used in various products, including inkjet media, lighting, coatings, cosmetics, and polishing slurries; and aerogel, a hydrophobic, silica-based particle for use in various thermal insulation and specialty chemical applications. In addition, the company offers activated carbon products used for the purification of water, air, food and beverages, pharmaceuticals, and other liquids and gases; and activated carbon solutions for activated carbon injection in coal-fired utilities, mobile water filter units, and carbon reactivation services. The company sells its products through distributors and sales representatives in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Cabot Corporation was founded in 1882 and is headquartered in Boston, Massachusetts.
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- DuPont for carbon black and fumed silica.
- Corning for industrial performance materials.
- International Flavors & Fragrances (IFF) for industrial ingredients.
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```htmlCabot Corporation (CBT) primarily produces specialty chemicals and performance materials. Its major products include:
- Carbon Black: A reinforcing agent in tires and other rubber products, and a pigment in plastics, inks, and coatings.
- Fumed Silica: An ultrafine, high-purity material used as a thickening, thixotropic, and anti-settling agent in various applications.
- Specialty Compounds & Masterbatches: Concentrated mixtures of pigments or additives in a polymer carrier, used to color or enhance the properties of plastics and fibers.
- Aerogels: Extremely lightweight, porous materials known for their excellent thermal insulation properties and used in high-performance applications.
- Battery Materials: Conductive carbon additives and dispersions specifically designed to improve the performance and longevity of lithium-ion batteries.
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Cabot Corporation (CBT) - Major Customers
Cabot Corporation (symbol: CBT) is a global specialty chemicals and performance materials company that primarily sells its products to other businesses (B2B).
Based on their latest annual report (10-K filing), Cabot Corporation explicitly states that no single customer accounted for more than 10% of their net sales for the fiscal years ended September 30, 2023, 2022, and 2021. This means that Cabot does not have any individually disclosed "major customers" by name that meet the U.S. Securities and Exchange Commission's reporting threshold.
However, based on their diverse product portfolio and the industries they serve, Cabot supplies a broad range of industrial customers. These customers are typically large global manufacturers and specialized producers who integrate Cabot's materials into their own products. The primary categories of companies that are Cabot's customers include:
- Tire and Rubber Products Manufacturers: These companies are significant consumers of Cabot's carbon black, which is critical for enhancing the strength, durability, and performance of tires (for automotive, aerospace, and industrial uses) and other industrial rubber products like belts, hoses, and seals.
- Plastics and Masterbatch Manufacturers: Customers in this sector utilize Cabot's carbon black and other performance additives for coloration, UV protection, antistatic properties, and conductivity in various plastic applications, ranging from automotive parts to packaging and electronics.
- Coatings, Inks, Adhesives, and Sealants Producers: These manufacturers incorporate Cabot's fumed silica and specialty carbon blacks into their formulations for rheology control, thickening, anti-settling, and pigmentation in paints, printing inks, sealants, and adhesive systems.
- Battery and Energy Storage Manufacturers: With their advanced materials, including carbon additives, Cabot supplies companies developing and producing lithium-ion batteries and other energy storage solutions for electric vehicles, consumer electronics, and grid storage.
- Other Specialty Applications: This broad category includes manufacturers in diverse industries such as building & construction (e.g., using aerogels for insulation), health and environmental (e.g., using activated carbon for purification), and various consumer goods applications.
While specific customer names are not publicly disclosed by Cabot, their clientele consists of leading global players within these industrial segments who require high-performance specialty chemicals and materials for their end products.
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Sean Keohane, President & Chief Executive Officer
Sean Keohane became President and Chief Executive Officer of Cabot Corporation in March 2016. He joined Cabot in 2002 and has held numerous key management positions within the company, including president of the Reinforcement Materials segment, president of the Performance Chemicals segment, and president of the Asia Pacific region. Before joining Cabot, Keohane worked for Pratt & Whitney, a division of United Technologies, in various general management positions. He also serves on the Board of Directors of The Chemours Company and the American Chemistry Council.
Erica McLaughlin, Executive Vice President, Chief Financial Officer and Head of Corporate Strategy
Erica McLaughlin joined Cabot in 2002 and was appointed Executive Vice President, Chief Financial Officer and Head of Corporate Strategy in 2022. She has held a variety of roles within Cabot's finance organization and global businesses, including vice president of business operations for the Reinforcement Materials segment and general manager of the tire business, vice president of investor relations and corporate communications, and global director of strategy, planning and finance for Cabot’s core segment. Prior to joining Cabot, McLaughlin worked for KPMG, LLP in their audit services division. She also serves on the Board of Directors of Azenta Life Sciences and the Advisory Board of FM Global.
Patricia Hubbard, Senior Vice President & Chief Technology Officer
Patricia Hubbard has been the Senior Vice President and Chief Technology Officer of Cabot Corporation since February 2018.
Arthur T. Wood, Senior Vice President, Chief Human Resources Officer and President of Americas Region
Arthur T. Wood has been the Senior Vice President, Chief Human Resources Officer, and President of Americas Region of Cabot Corporation since 2017. Prior to joining Cabot, he held several senior human resources leadership roles, including Vice President of Human Resources, Specialty Diagnostics Group for Thermo Fisher Scientific, and also worked at Progress Software and Sun Microsystems.
Bart Kalkstein, Senior Vice President & President, Reinforcement Materials Segment; President, Americas Region
Bart Kalkstein serves as Senior Vice President and President of the Reinforcement Materials Segment, and President, Americas Region, at Cabot Corporation.
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Cabot Corporation (CBT) faces several key risks inherent to its operations in the specialty chemicals and performance materials industry.Key Risks to Cabot Corporation (CBT)
- Market Volatility, Raw Material Costs, and Fluctuating Demand: Cabot's financial performance is significantly impacted by volatile market conditions, changes in raw material costs, and fluctuating demand across its product segments. These factors can directly affect the company's revenue growth and profitability. Global economic uncertainties, such as recessions, trade disputes, and shifts in environmental regulations, can also reduce demand for industrial products, thereby adversely affecting Cabot's business.
- Operational Risks from Global Operations: As a global company, Cabot is exposed to various operational risks. These include currency fluctuations, geopolitical tensions, and potential disruptions to its supply chains. Operating in regions with complex regulatory environments or economic instability can also lead to unforeseen costs and operational challenges for the company.
- Intense Competitive Pressure: The chemical and materials industry, in which Cabot operates, is highly competitive. Numerous players vie for market share, requiring Cabot to continuously innovate and enhance its product offerings to maintain a competitive edge. The company faces significant threats from price competition, technological advancements by rivals, and potential shifts in customer loyalty, which can impact its market position and profitability.
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The emergence and increasing adoption of Recycled Carbon Black (rCB) derived from end-of-life tires (ELT) via pyrolysis technology. This represents a direct, more sustainable alternative to virgin carbon black, which is Cabot's largest product segment. Major tire manufacturers and other industrial customers are actively pursuing circular economy solutions and setting ambitious targets for incorporating recycled and sustainable materials into their products. The scaling of rCB production capacity and improvements in its quality make it a viable substitute, potentially impacting demand, pricing, and market share for Cabot's virgin carbon black products.
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Cabot Corporation (CBT) operates in several specialty chemical markets. The addressable market sizes for its main products are as follows:
- Carbon Black: The global carbon black market is projected to grow from USD 27.88 billion in 2024 to USD 44.77 billion by 2034, expanding at a compound annual growth rate (CAGR) of 4.85% between 2025 and 2034. In terms of volume, the global carbon black market stood at approximately 14 million tonnes in 2024 and is expected to reach approximately 22 million tonnes by 2035, growing at a CAGR of 4.10%. The North American carbon black market is expected to reach USD 3.97 billion in 2025 and grow at a CAGR of 4.33% to reach USD 4.90 billion by 2030. For specialty carbon black, the global market size was estimated at USD 3.0 billion in 2024 and is projected to reach USD 5.40 billion by 2030, growing at a CAGR of 10.3% from 2025 to 2030.
- Fumed Silica: The global fumed silica market was valued at USD 2 billion in 2024 and is estimated to grow at a CAGR of over 5.4% from 2025 to 2034. Another report estimates the global fumed silica market size to be valued at USD 1.22 billion in 2025 and expected to reach USD 1.77 billion by 2032, growing at a CAGR of 5.5% from 2025 to 2032. The demand for fumed silica has risen exponentially to over 285 thousand tonnes in 2024 and is expected to reach approximately 485 thousand tonnes by 2035, growing at a CAGR of 5.01%. North America is expected to hold the largest share of 37.8% in the global fumed silica market outlook in 2025.
- Aerogel Products: The global aerogel market size was estimated at USD 1.38 billion in 2024 and is projected to reach USD 3.49 billion by 2030, growing at a CAGR of 17.0% from 2025 to 2030. Another source indicates the global aerogel market size was valued at USD 1.12 billion in 2024 and is projected to grow from USD 1.27 billion in 2025 to USD 3.03 billion by 2032, exhibiting a CAGR of 13.30% during the forecast period. North America dominated the aerogel market in 2024 with a 42.86% share.
- Inkjet Colorants: The global inkjet colorants market is projected to reach a market value of 3.36 USD billion in 2024 and an anticipated increase to 5.78 USD billion by 2035, with a compound annual growth rate of 5.05% from 2025 to 2035. Another report states the global inkjet colorant market size was valued at USD 3.8 billion in 2022 and is projected to reach a value of USD 6.7 billion by 2031, registering a CAGR of 6.6% during the forecast period (2023-2031). North America is anticipated to exhibit a CAGR of 6.9% over the forecast period for inkjet colorants.
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Here are 3-5 expected drivers of future revenue growth for Cabot (CBT) over the next 2-3 years:
- Volume Growth Across Segments: Cabot anticipates continued volume growth, particularly in its Reinforcement Materials segment, driven by increases in Asia Pacific and Europe. The Performance Chemicals segment is also expected to see improved volumes as it reconnects with underlying demand drivers in key end markets.
- Improved Pricing and Product Mix: The company expects to benefit from improved pricing and a favorable product mix, especially within its Reinforcement Materials segment, based on customer agreements. In Performance Chemicals, a more favorable product mix from higher sales into automotive and electronics end markets is also a growth factor.
- Expansion in Battery Materials: Cabot is strategically investing in high-growth areas such as battery materials. This includes new capacity to meet growing customer demand and a significant $50 million award from the U.S. Department of Energy (DOE) to establish the first commercial-scale facility for battery-grade carbon nanotubes (CNTs) and conductive additive dispersions in the U.S., with final terms expected by January 2025. This initiative is considered a significant growth driver.
- Strategic Investments and Innovation ("Creating for Tomorrow" Strategy): Cabot's overarching "Creating for Tomorrow" strategy emphasizes strategic investments to achieve advantaged growth and the development of innovative products and processes. This strategic pillar is expected to drive overall revenue by focusing on sustainable solutions and operational excellence.
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Share Repurchases
- Cabot Corporation executed $168 million in share repurchases during fiscal year 2025.
- In fiscal year 2024, the company repurchased $172 million of shares.
- For fiscal year 2025, Cabot plans $150 million to $200 million in share repurchases.
Outbound Investments
- Cabot Corporation announced an agreement to acquire Bridgestone Corporation's reinforcing carbons plant in Mexico in fiscal year 2025.
Capital Expenditures
- Capital expenditures totaled $274 million in fiscal year 2025. The company expects capital expenditures to be between $200 million and $250 million for fiscal year 2026.
- In fiscal year 2024, capital investments were $241 million, including $156 million for sustaining and compliance projects and $85 million for growth-related investments.
- The primary focus of capital expenditures includes investing in high-growth areas such as battery materials, expanding capacity to meet customer demand, and supporting sustainability initiatives.
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Select ideas related to CBT. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | DD | DuPont de Nemours | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 7.1% | 7.1% | -0.2% |
| 11212025 | CF | CF Industries | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.2% | -1.2% | -3.1% |
| 11212025 | HL | Hecla Mining | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 48.2% | 48.2% | 0.0% |
| 11072025 | CDE | Coeur Mining | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 27.4% | 27.4% | -5.7% |
| 10312025 | ATR | AptarGroup | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.8% | 5.8% | -2.5% |
| 10102025 | CBT | Cabot | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -3.7% | -3.7% | -15.1% |
| 01312020 | CBT | Cabot | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -6.8% | 14.1% | -46.6% |
Research & Analysis
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Peer Comparisons for Cabot
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 42.52 |
| Mkt Cap | 4.1 |
| Rev LTM | 6,368 |
| Op Inc LTM | 738 |
| FCF LTM | 393 |
| FCF 3Y Avg | 454 |
| CFO LTM | 836 |
| CFO 3Y Avg | 923 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -5.3% |
| Rev Chg 3Y Avg | -3.5% |
| Rev Chg Q | -9.4% |
| QoQ Delta Rev Chg LTM | -2.5% |
| Op Mgn LTM | 8.3% |
| Op Mgn 3Y Avg | 9.1% |
| QoQ Delta Op Mgn LTM | -0.9% |
| CFO/Rev LTM | 11.5% |
| CFO/Rev 3Y Avg | 12.6% |
| FCF/Rev LTM | 4.5% |
| FCF/Rev 3Y Avg | 5.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.1 |
| P/S | 0.6 |
| P/EBIT | 7.7 |
| P/E | 10.4 |
| P/CFO | 5.6 |
| Total Yield | 9.8% |
| Dividend Yield | 2.7% |
| FCF Yield 3Y Avg | 6.3% |
| D/E | 0.8 |
| Net D/E | 0.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.2% |
| 3M Rtn | -6.4% |
| 6M Rtn | -19.0% |
| 12M Rtn | -32.3% |
| 3Y Rtn | -25.4% |
| 1M Excs Rtn | 4.8% |
| 3M Excs Rtn | -11.4% |
| 6M Excs Rtn | -31.9% |
| 12M Excs Rtn | -49.0% |
| 3Y Excs Rtn | -105.1% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Reinforcement Materials | 2,610 | 2,563 | 2,673 | 1,781 | 1,256 |
| Performance Chemicals | 1,250 | 1,225 | 1,388 | 1,148 | 933 |
| Unallocated and other | 134 | 143 | 163 | 223 | 172 |
| Purification Solutions | 0 | 97 | 257 | 253 | |
| Total | 3,994 | 3,931 | 4,321 | 3,409 | 2,614 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Reinforcement Materials | 1,751 | 1,632 | 1,691 | 1,421 | 1,077 |
| Performance Chemicals | 1,494 | 1,473 | 1,458 | 1,325 | 1,145 |
| Unallocated and other | 491 | 499 | 376 | 277 | 263 |
| Purification Solutions | 0 | 0 | 283 | 296 | |
| Total | 3,736 | 3,604 | 3,525 | 3,306 | 2,781 |
Price Behavior
Price Behavior
| Market Price | $66.14 | |
| Market Cap ($ Bil) | 3.5 | |
| First Trading Date | 11/05/1980 | |
| Distance from 52W High | -27.0% | |
| 50 Days | 200 Days | |
| DMA Price | $65.09 | $73.61 |
| DMA Trend | down | down |
| Distance from DMA | 1.6% | -10.2% |
| 3M | 1YR | |
| Volatility | 30.2% | 31.0% |
| Downside Capture | 147.13 | 109.77 |
| Upside Capture | 55.54 | 62.88 |
| Correlation (SPY) | 40.2% | 50.5% |
CBT Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.17 | 1.04 | 1.06 | 1.11 | 0.82 | 1.06 |
| Up Beta | 0.69 | 0.85 | 1.20 | 1.68 | 0.89 | 1.00 |
| Down Beta | 0.09 | 0.64 | 0.58 | 0.82 | 0.57 | 0.80 |
| Up Capture | 91% | 40% | 30% | 55% | 43% | 126% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 8 | 18 | 25 | 54 | 103 | 358 |
| Down Capture | 174% | 178% | 188% | 144% | 114% | 107% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 11 | 23 | 37 | 70 | 143 | 387 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of CBT With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| CBT | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -27.0% | 10.6% | 19.2% | 71.9% | 8.9% | 6.0% | -10.1% |
| Annualized Volatility | 30.7% | 20.0% | 19.5% | 19.3% | 15.3% | 17.1% | 35.0% |
| Sharpe Ratio | -1.01 | 0.39 | 0.78 | 2.69 | 0.36 | 0.18 | -0.12 |
| Correlation With Other Assets | 67.2% | 50.5% | 0.8% | 12.0% | 49.6% | 26.2% | |
ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of CBT With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| CBT | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 11.7% | 7.3% | 14.9% | 18.7% | 11.7% | 4.8% | 32.7% |
| Annualized Volatility | 33.2% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.7% |
| Sharpe Ratio | 0.40 | 0.29 | 0.70 | 0.97 | 0.51 | 0.17 | 0.60 |
| Correlation With Other Assets | 71.4% | 57.6% | 9.6% | 20.4% | 50.7% | 26.3% | |
ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of CBT With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| CBT | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 7.5% | 9.8% | 14.7% | 14.9% | 6.9% | 5.2% | 69.3% |
| Annualized Volatility | 35.1% | 20.8% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.31 | 0.43 | 0.70 | 0.83 | 0.31 | 0.22 | 0.90 |
| Correlation With Other Assets | 73.6% | 63.6% | 2.4% | 29.0% | 53.7% | 16.5% | |
ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/3/2025 | -7.1% | -7.3% | -2.0% |
| 8/4/2025 | 8.7% | 2.8% | 9.7% |
| 5/6/2025 | 0.7% | 5.4% | 4.0% |
| 2/4/2025 | -1.1% | -2.5% | -4.2% |
| 11/4/2024 | -1.1% | 5.8% | -1.9% |
| 8/5/2024 | 16.4% | 9.5% | 16.9% |
| 5/6/2024 | 5.3% | 6.5% | 3.1% |
| 2/5/2024 | 7.9% | 15.0% | 21.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 19 | 17 |
| # Negative | 8 | 5 | 7 |
| Median Positive | 5.2% | 5.8% | 9.7% |
| Median Negative | -3.4% | -1.8% | -3.3% |
| Max Positive | 16.4% | 16.0% | 33.9% |
| Max Negative | -7.4% | -7.3% | -4.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11242025 | 10-K 9/30/2025 |
| 6302025 | 8052025 | 10-Q 6/30/2025 |
| 3312025 | 5072025 | 10-Q 3/31/2025 |
| 12312024 | 2062025 | 10-Q 12/31/2024 |
| 9302024 | 11202024 | 10-K 9/30/2024 |
| 6302024 | 8062024 | 10-Q 6/30/2024 |
| 3312024 | 5092024 | 10-Q 3/31/2024 |
| 12312023 | 2082024 | 10-Q 12/31/2023 |
| 9302023 | 11222023 | 10-K 9/30/2023 |
| 6302023 | 8082023 | 10-Q 6/30/2023 |
| 3312023 | 5092023 | 10-Q 3/31/2023 |
| 12312022 | 2092023 | 10-Q 12/31/2022 |
| 9302022 | 11232022 | 10-K 9/30/2022 |
| 6302022 | 8082022 | 10-Q 6/30/2022 |
| 3312022 | 5092022 | 10-Q 3/31/2022 |
| 12312021 | 2042022 | 10-Q 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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