Cabot (CBT)
Market Price (4/30/2026): $75.81 | Market Cap: $4.0 BilSector: Materials | Industry: Diversified Chemicals
Cabot (CBT)
Market Price (4/30/2026): $75.81Market Cap: $4.0 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 10%, Dividend Yield is 2.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.1%, FCF Yield 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% 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 -56%, 3Y Excs Rtn is -64% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -9.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.7%, Rev Chg QQuarterly Revenue Change % 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. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 2.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.1%, FCF Yield 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% |
| 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 -56%, 3Y Excs Rtn is -64% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -9.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.7%, Rev Chg QQuarterly Revenue Change % 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. |
Qualitative Assessment
AI Analysis | Feedback
Cabot (CBT) stock has gained about 15% since 12/31/2025 because of the following key factors:
1. Strong Q1 Fiscal Year 2026 Adjusted EPS Beat: Cabot reported adjusted earnings per share of $1.53 for the first fiscal quarter ended December 31, 2025, significantly exceeding analysts' expectations of $1.39 to $1.42. This positive surprise directly contributed to a 10.44% stock price gain on the day of the announcement, adding approximately $400 million to its market capitalization.
2. Strategic Growth in Battery Materials: The Performance Chemicals segment demonstrated robust growth, with a 7% increase in EBIT year-over-year and an impressive 39% revenue growth in the Battery Materials product line, despite overall challenging demand environments. This strategic focus was further bolstered by a new multi-year supply agreement with PowerCo SE for conductive carbons for lithium-ion battery applications, signaling strong future prospects in the rapidly expanding electric vehicle and energy storage markets.
Show more
1. Strong Q1 Fiscal Year 2026 Adjusted EPS Beat: Cabot reported adjusted earnings per share of $1.53 for the first fiscal quarter ended December 31, 2025, significantly exceeding analysts' expectations of $1.39 to $1.42. This positive surprise directly contributed to a 10.44% stock price gain on the day of the announcement, adding approximately $400 million to its market capitalization.
2. Strategic Growth in Battery Materials: The Performance Chemicals segment demonstrated robust growth, with a 7% increase in EBIT year-over-year and an impressive 39% revenue growth in the Battery Materials product line, despite overall challenging demand environments. This strategic focus was further bolstered by a new multi-year supply agreement with PowerCo SE for conductive carbons for lithium-ion battery applications, signaling strong future prospects in the rapidly expanding electric vehicle and energy storage markets.
Show more
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The 15.0% change in CBT stock from 12/31/2025 to 4/29/2026 was primarily driven by a 21.5% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4292026 | Change |
|---|---|---|---|
| Stock Price ($) | 65.89 | 75.76 | 15.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,713 | 3,607 | -2.9% |
| Net Income Margin (%) | 8.9% | 8.6% | -3.3% |
| P/E Multiple | 10.6 | 12.8 | 21.5% |
| Shares Outstanding (Mil) | 53 | 53 | 0.8% |
| Cumulative Contribution | 15.0% |
Market Drivers
12/31/2025 to 4/29/2026| Return | Correlation | |
|---|---|---|
| CBT | 15.0% | |
| Market (SPY) | 5.2% | 13.3% |
| Sector (XLB) | 12.9% | 52.8% |
Fundamental Drivers
The 0.9% change in CBT stock from 9/30/2025 to 4/29/2026 was primarily driven by a 35.9% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4292026 | Change |
|---|---|---|---|
| Stock Price ($) | 75.07 | 75.76 | 0.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,815 | 3,607 | -5.5% |
| Net Income Margin (%) | 11.1% | 8.6% | -22.6% |
| P/E Multiple | 9.4 | 12.8 | 35.9% |
| Shares Outstanding (Mil) | 54 | 53 | 1.5% |
| Cumulative Contribution | 0.9% |
Market Drivers
9/30/2025 to 4/29/2026| Return | Correlation | |
|---|---|---|
| CBT | 0.9% | |
| Market (SPY) | 8.0% | 23.7% |
| Sector (XLB) | 14.8% | 53.4% |
Fundamental Drivers
The -6.6% change in CBT stock from 3/31/2025 to 4/29/2026 was primarily driven by a -18.7% change in the company's Net Income Margin (%).| (LTM values as of) | 3312025 | 4292026 | Change |
|---|---|---|---|
| Stock Price ($) | 81.12 | 75.76 | -6.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,991 | 3,607 | -9.6% |
| Net Income Margin (%) | 10.6% | 8.6% | -18.7% |
| P/E Multiple | 10.4 | 12.8 | 23.3% |
| Shares Outstanding (Mil) | 54 | 53 | 3.0% |
| Cumulative Contribution | -6.6% |
Market Drivers
3/31/2025 to 4/29/2026| Return | Correlation | |
|---|---|---|
| CBT | -6.6% | |
| Market (SPY) | 29.3% | 43.7% |
| Sector (XLB) | 20.9% | 64.6% |
Fundamental Drivers
The 5.3% change in CBT stock from 3/31/2023 to 4/29/2026 was primarily driven by a 11.6% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4292026 | Change |
|---|---|---|---|
| Stock Price ($) | 71.93 | 75.76 | 5.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,318 | 3,607 | -16.5% |
| Net Income Margin (%) | 8.2% | 8.6% | 5.8% |
| P/E Multiple | 11.5 | 12.8 | 11.6% |
| Shares Outstanding (Mil) | 56 | 53 | 6.8% |
| Cumulative Contribution | 5.3% |
Market Drivers
3/31/2023 to 4/29/2026| Return | Correlation | |
|---|---|---|
| CBT | 5.3% | |
| Market (SPY) | 81.5% | 45.1% |
| Sector (XLB) | 34.0% | 62.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CBT Return | 28% | 21% | 28% | 11% | -26% | 17% | 92% |
| Peers Return | 22% | -22% | 35% | -22% | -38% | 39% | -13% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 90% |
Monthly Win Rates [3] | |||||||
| CBT Win Rate | 50% | 42% | 50% | 58% | 25% | 75% | |
| Peers Win Rate | 60% | 48% | 48% | 43% | 37% | 75% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CBT Max Drawdown | -2% | -3% | -3% | -15% | -35% | 0% | |
| Peers Max Drawdown | -6% | -36% | -5% | -29% | -45% | -2% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 4/29/2026 (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 OEC, AVNT, LYB, EMN, CE
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.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Cabot (CBT)
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.
AI Analysis | Feedback
Cabot is like a specialized 'DuPont or BASF' focused on crucial chemical ingredients, particularly advanced carbons for stronger products and purification solutions for cleaner environments.
Imagine a '3M' dedicated to industrial materials, supplying specialty carbons that enhance product performance and activated carbons for critical purification needs.
AI Analysis | Feedback
- Reinforcing Carbons: Used as a rubber reinforcing agent in tires and various industrial products like hoses and belts.
- Engineered Elastomer Composites: Advanced composite materials designed for specific performance requirements.
- Specialty Carbons: Utilized in inks, coatings, plastics, adhesives, toners, batteries, and displays.
- Masterbatch and Conductive Compound Products: Materials that impart color, performance, or conductivity across many industries.
- Inkjet Colorants: Pigments specifically formulated for inkjet printing applications.
- Fumed Silica: A versatile additive for adhesives, sealants, cosmetics, batteries, and many other applications.
- Fumed Alumina: Used in products such as inkjet media, lighting, coatings, and cosmetics.
- Aerogel: A hydrophobic, silica-based particle used for thermal insulation and specialty chemical applications.
- Activated Carbon Products: Used for the purification of water, air, food, beverages, and pharmaceuticals.
Services:
- Activated Carbon Solutions: These services include activated carbon injection in utilities, mobile water filter units, and carbon reactivation.
AI Analysis | Feedback
Cabot Corporation (CBT) primarily sells its products to **other companies** (B2B model) across various industrial sectors. The provided background information describes the types of industries and applications that utilize Cabot's specialty chemicals and performance materials, rather than listing specific customer company names.
Based on the company description, Cabot's major customers are companies operating in the following categories:
- Tire and Rubber Product Manufacturers: Companies that produce tires, hoses, belts, extruded profiles, and molded goods, which use Cabot's reinforcing carbons as a key additive.
- Specialty Chemical, Plastics, Coatings, and Inks Manufacturers: Manufacturers that incorporate Cabot's specialty carbons, fumed silica, fumed alumina, and inkjet colorants into their products for applications such as inks, coatings, plastics, adhesives, toners, batteries, displays, cosmetics, and sealants.
- Industrial and Consumer Goods Manufacturers: Businesses in sectors like automotive, industrial, packaging, infrastructure, agriculture, consumer products, and electronics industries that use Cabot's masterbatch and conductive compound products.
- Water, Air, Food & Beverage Purification Industries and Utilities: Entities involved in the purification of water, air, food, beverages, and other liquids and gases, as well as coal-fired utilities utilizing activated carbon injection and mobile water filter units.
AI Analysis | Feedback
null
AI Analysis | Feedback
nullAI Analysis | Feedback
The key risks to Cabot Corporation's business include global economic fluctuations affecting demand, stringent environmental regulations and associated compliance costs, and volatility in raw material and energy prices coupled with supply chain disruptions.
- Global Economic Fluctuations and Demand Volatility: Cabot Corporation's performance is closely tied to global economic conditions, which can lead to reduced demand for its industrial products, impacting sales volumes and profitability. Economic downturns and trade tensions, particularly between the U.S. and China, pose a threat to the company's financial performance. The Reinforcement Materials segment, which produces carbon black for tires, is particularly susceptible to regional demand trends influenced by factors such as elevated Asian tire imports into Western markets. The Performance Chemicals segment also experiences soft demand across key end markets like construction and consumer applications during periods of economic uncertainty.
- Environmental Regulations and Compliance Costs: As a significant manufacturer of carbon black, Cabot Corporation faces strict and evolving environmental, health, and safety regulations. The company has a history of incurring substantial costs for compliance and has previously faced large fines and orders to invest heavily in pollution control equipment due to alleged violations of air quality standards. Ongoing investments in necessary technology controls to comply with enhanced environmental regulations contribute to increased operating costs. Additionally, regulatory and financial risks related to climate change developments are identified as important factors that could materially affect results.
- Raw Material and Energy Price Volatility, and Supply Chain Disruptions: Cabot's operations involve the purchase of commoditized raw materials and require significant energy. Consequently, the company is exposed to volatility in the price and availability of these inputs, as well as fluctuating energy costs. While Cabot benefits from long-term volume agreements with formula-based pricing mechanisms to help insulate its business from raw material volatility, these factors remain a significant concern. Supply chain disruptions, including those stemming from geopolitical conflicts such as the Middle East conflict and the Russian invasion of Ukraine, can also necessitate price increases and surcharges, affecting operational stability and costs.
AI Analysis | Feedback
The ongoing global energy transition away from coal-fired power generation poses a clear threat to Cabot's Purification Solutions segment, specifically its activated carbon solutions for activated carbon injection in coal-fired utilities, as demand for these products will diminish with the decommissioning of coal plants.AI Analysis | Feedback
The addressable markets for Cabot Corporation's main products and services are sized globally as follows:- Reinforcement Materials (Reinforcing Carbons/Carbon Black): The global carbon black market size was estimated at USD 24.5 billion in 2025.
- Performance Chemicals:
- Specialty Carbons (Specialty Carbon Black): The global specialty carbon black market size accounted for USD 3.52 billion in 2025.
- Masterbatch: The global masterbatch market size is projected to be USD 12.41 billion in 2025.
- Conductive Compound Products: The global conductive compounds market size is predicted to grow from US$ 10.94 billion in 2025.
- Inkjet Colorants: The global inkjet colorants market size is estimated at USD 4.87 billion in 2025.
- Fumed Silica: The global fumed silica market size is expected to be valued at USD 2.14 billion in 2025.
- Fumed Alumina: The global fumed alumina market size was valued at USD 1.6 billion in 2023.
- Aerogel: The global aerogel market size is projected to reach USD 1.3 billion in 2025.
- Purification Solutions (Activated Carbon): The global activated carbon market size was valued at USD 5.62 billion in 2025.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Cabot Corporation (CBT) over the next 2-3 years:
- Growth in Battery Materials: Cabot anticipates significant revenue growth from its Battery Materials product line, driven by the rapidly expanding electric vehicle (EV) market and Battery Energy Storage Systems (BESS) applications. The company's Battery Materials product line achieved 39% year-over-year revenue growth in Q1 fiscal 2026. The BESS market, fueled by the demand for clean energy and the proliferation of AI-enabled data centers, is projected to grow at a compound annual growth rate of approximately 26% through 2030 and is expected to account for 30% of global battery demand by then. Cabot has also secured a multi-year supply agreement with PowerCo SE for lithium-ion battery applications, further solidifying its position in the EV supply chain.
- Recovery in Reinforcement Materials (Tire Production): Cabot expects a return to growth for domestic tire production in western regions during calendar years 2026 and 2027. This recovery is anticipated to be bolstered by effective tariffs and anti-dumping duties, which aim to moderate import levels, as well as an improvement in demand from delayed tire replacement cycles. Efforts by global tire manufacturers to leverage their Tier 2 brands are also expected to support increased domestic tire production.
- GDP-Plus Growth in Performance Chemicals for Consumer and Infrastructure Applications: The Performance Chemicals segment is projected to experience growth driven by GDP-plus increases in consumer and infrastructure applications, as demand recovers from previous lows. Factors such as potential interest rate cuts, easing inflation, and improving consumer confidence could stimulate pent-up demand in consumer durables, benefiting Cabot's specialty carbons, specialty compounds, fumed silicas, and aerogel materials used in these markets.
- Strategic Investments and Innovation: Cabot's "Creating for Tomorrow" strategy emphasizes strategic investments and innovation in product and process development to foster advantaged growth. The company is making strategic investments in key regions like Indonesia and China, which are expected to contribute to future growth. This focus on high-growth vectors and differentiated technology is a core component of Cabot's long-term value creation strategy.
AI Analysis | Feedback
Share Repurchases
- Cabot repurchased $168 million of shares in fiscal year 2025, $172 million in fiscal year 2024, and $98 million in fiscal year 2023.
- In December 2024, the Board of Directors authorized the repurchase of up to ten million additional shares, increasing the total available for repurchase to approximately eleven million shares with no time limit.
- The company has steadily reduced its shares outstanding from approximately 57 million in fiscal year 2021 to 54 million in fiscal year 2025.
Share Issuance
- The number of issued shares was approximately 53.0 million in fiscal year 2025 and 54.4 million in fiscal year 2024.
- The weighted-average number of shares of common stock outstanding for equity awards was 56.5 million in fiscal 2022, 56.1 million in fiscal 2023, and 55.1 million in fiscal 2024.
Outbound Investments
- In March 2022, Cabot completed the acquisition of Tokai Carbon (Tianjin) Co., Ltd in China for $9 million, expanding its manufacturing capacity for battery materials and carbon black.
- Cabot announced and completed the acquisition of Bridgestone Corporation's reinforcing carbons plant in Mexico (completed in February 2026), enhancing its Reinforcement Materials segment and regional presence.
Capital Expenditures
- Capital expenditures were $274 million in fiscal year 2025, $241 million in 2024, and $244 million in 2023.
- Cabot anticipates capital expenditures of $200-$250 million for fiscal year 2026, focusing on strategic initiatives including growth investments for new capacity in Indonesia (Reinforcement Materials) and battery materials.
- The company invests to enhance the reliability, efficiency, and sustainability of its asset base.
Latest Trefis Analyses
Trade Ideas
Select ideas related to CBT.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03272026 | AXTA | Axalta Coating Systems | 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 | 3.2% | 3.2% | -0.6% |
| 03272026 | IFF | International Flavors & Fragrances | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 2.2% | 2.2% | -0.1% |
| 03132026 | IP | International Paper | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -4.2% | -4.2% | -9.4% |
| 03062026 | ARIS | Aris Mining | 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 | -3.9% | -3.9% | -16.7% |
| 03062026 | EMN | Eastman Chemical | 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 | 9.8% | 9.8% | -6.0% |
| 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 | 10.3% | 10.3% | -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
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 67.75 |
| Mkt Cap | 5.6 |
| Rev LTM | 6,180 |
| Op Inc LTM | 682 |
| FCF LTM | 392 |
| FCF 3Y Avg | 482 |
| CFO LTM | 818 |
| CFO 3Y Avg | 943 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -6.9% |
| Rev Chg 3Y Avg | -4.7% |
| Rev Chg Q | -7.9% |
| QoQ Delta Rev Chg LTM | -2.0% |
| Op Inc Chg LTM | -34.2% |
| Op Inc Chg 3Y Avg | -11.7% |
| Op Mgn LTM | 7.1% |
| Op Mgn 3Y Avg | 9.0% |
| QoQ Delta Op Mgn LTM | -0.9% |
| CFO/Rev LTM | 11.5% |
| CFO/Rev 3Y Avg | 12.6% |
| FCF/Rev LTM | 5.4% |
| FCF/Rev 3Y Avg | 5.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.6 |
| P/S | 0.9 |
| P/Op Inc | 8.8 |
| P/EBIT | 8.4 |
| P/E | 3.4 |
| P/CFO | 7.3 |
| Total Yield | 4.9% |
| Dividend Yield | 2.4% |
| FCF Yield 3Y Avg | 7.1% |
| D/E | 0.6 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.8% |
| 3M Rtn | 13.0% |
| 6M Rtn | 30.0% |
| 12M Rtn | 5.1% |
| 3Y Rtn | -5.5% |
| 1M Excs Rtn | -11.6% |
| 3M Excs Rtn | 10.7% |
| 6M Excs Rtn | 19.9% |
| 12M Excs Rtn | -23.8% |
| 3Y Excs Rtn | -77.1% |
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 | $75.76 | |
| Market Cap ($ Bil) | 4.0 | |
| First Trading Date | 11/05/1980 | |
| Distance from 52W High | -6.9% | |
| 50 Days | 200 Days | |
| DMA Price | $73.48 | $71.76 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 3.1% | 5.6% |
| 3M | 1YR | |
| Volatility | 31.7% | 31.0% |
| Downside Capture | -0.13 | 0.48 |
| Upside Capture | 9.23 | 59.28 |
| Correlation (SPY) | 5.3% | 30.4% |
CBT Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.55 | 0.27 | 0.57 | 0.72 | 0.80 | 0.96 |
| Up Beta | -0.76 | -0.71 | 0.05 | 0.37 | 0.84 | 0.92 |
| Down Beta | 0.40 | 1.10 | 0.91 | 0.94 | 0.72 | 0.72 |
| Up Capture | 77% | 29% | 95% | 67% | 60% | 102% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 12 | 23 | 36 | 64 | 119 | 360 |
| Down Capture | 62% | 2% | 16% | 75% | 97% | 105% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 10 | 19 | 27 | 62 | 131 | 387 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBT | |
|---|---|---|---|---|
| CBT | -1.7% | 30.9% | -0.04 | - |
| Sector ETF (XLB) | 25.7% | 16.4% | 1.21 | 60.0% |
| Equity (SPY) | 31.5% | 12.5% | 1.93 | 30.4% |
| Gold (GLD) | 35.2% | 27.2% | 1.09 | -2.0% |
| Commodities (DBC) | 46.7% | 18.1% | 1.99 | -8.7% |
| Real Estate (VNQ) | 12.8% | 13.4% | 0.65 | 39.4% |
| Bitcoin (BTCUSD) | -19.6% | 42.1% | -0.40 | 13.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBT | |
|---|---|---|---|---|
| CBT | 9.2% | 33.3% | 0.32 | - |
| Sector ETF (XLB) | 6.7% | 18.9% | 0.25 | 69.5% |
| Equity (SPY) | 13.1% | 17.1% | 0.60 | 55.6% |
| Gold (GLD) | 20.1% | 17.8% | 0.92 | 7.3% |
| Commodities (DBC) | 14.6% | 19.1% | 0.63 | 17.3% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 50.2% |
| Bitcoin (BTCUSD) | 8.1% | 56.2% | 0.36 | 22.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBT | |
|---|---|---|---|---|
| CBT | 7.1% | 35.2% | 0.29 | - |
| Sector ETF (XLB) | 10.2% | 20.6% | 0.44 | 73.0% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 62.3% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 2.8% |
| Commodities (DBC) | 9.6% | 17.7% | 0.45 | 27.1% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 53.2% |
| Bitcoin (BTCUSD) | 67.5% | 66.9% | 1.07 | 14.5% |
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 |
| 2/3/2026 | 10.4% | 6.3% | 4.4% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 19 | 18 |
| # Negative | 8 | 5 | 6 |
| Median Positive | 5.7% | 6.3% | 9.2% |
| Median Negative | -3.4% | -1.8% | -3.0% |
| 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 |
|---|---|---|
| 12/31/2025 | 02/04/2026 | 10-Q |
| 09/30/2025 | 11/24/2025 | 10-K |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/20/2024 | 10-K |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/22/2023 | 10-K |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/23/2022 | 10-K |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 2/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | 6 | 6.25 | 6.5 | -3.8% | Lowered | Guidance: 6.5 for 2026 | |
| 2026 Operating Tax Rate | 27.0% | 28.0% | 29.0% | 0 | 0 | Affirmed | Guidance: 28.0% for 2026 |
Prior: Q4 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | 6 | 6.5 | 7 | -11.3% | Lowered | Guidance: 7.33 for 2025 | |
| 2026 Operating Tax Rate | 27.0% | 28.0% | 29.0% | 0.0% | 0.0% | Affirmed | Guidance: 28.0% for 2025 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Keohane, Sean D | President and CEO | Direct | Sell | 8152025 | 79.28 | 114,436 | 9,072,094 | 28,659,909 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.