Koppers (KOP)
Market Price (11/3/2026): $41.25 | Market Cap: $780.1 MilSector: Materials | Industry: Commodity Chemicals
Koppers (KOP)
Market Price (11/3/2026): $41.25Market Cap: $780.1 MilSector: MaterialsIndustry: Commodity Chemicals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% Attractive yieldFCF Yield is 17% Low stock price volatilityVol 12M is 35% Megatrend and thematic driversMegatrends include Advanced Materials, Sustainable Infrastructure, and Water Infrastructure. Themes include Specialty Chemicals for Performance, Show more. | Weak multi-year price returns2Y Excs Rtn is -7.0%, 3Y Excs Rtn is -62% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 120% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.5% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% Key risksKOP key risks include [1] its heavy debt load and [2] losing margin and market share in its key Performance Chemicals segment due to intensifying competition. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Attractive yieldFCF Yield is 17% |
| Low stock price volatilityVol 12M is 35% |
| Megatrend and thematic driversMegatrends include Advanced Materials, Sustainable Infrastructure, and Water Infrastructure. Themes include Specialty Chemicals for Performance, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -7.0%, 3Y Excs Rtn is -62% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 120% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.5% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% |
| Key risksKOP key risks include [1] its heavy debt load and [2] losing margin and market share in its key Performance Chemicals segment due to intensifying competition. |
Qualitative Assessment
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Koppers (KOP) stock has lost about 15% since 7/31/2026 because of the following key factors:
1. Significant GAAP Net Loss Driven by Restructuring Charges in Fiscal Q2 2026.
Koppers reported a substantial GAAP net loss of $147.5 million for fiscal Q2 2026, which ended June 30, 2026. This loss was primarily a result of $215.8 million in impairment, restructuring, and plant closure costs. These costs were largely associated with the accelerated discontinuation of distillation and chemical manufacturing operations at the company's Stickney, Illinois facility. While this strategic restructuring is projected to yield annual adjusted EBITDA benefits of $15 million to $20 million starting in 2027 and improve adjusted earnings per share by approximately $1 to $1.20 annually over time, the immediate large non-cash charges negatively impacted investor sentiment.
2. Deterioration in Profitability and Cautious Full-Year Guidance for Key Segments.
Despite exceeding analyst estimates for adjusted EPS and revenue in fiscal Q2 2026, Koppers experienced a 7.9% year-over-year decline in adjusted EBITDA, falling to $71.0 million. This was driven by weaker profitability in the Railroad and Utility Products and Services (RUPS) segment due to higher raw material and freight costs, coupled with unfavorable pricing, and a 54.8% decrease in adjusted EBITDA for the Carbon Materials and Chemicals (CMC) segment because of increased raw material costs and global price declines for carbon pitch. Management subsequently narrowed its full-year fiscal 2026 adjusted EBITDA guidance, indicating that challenging margin conditions were expected to persist throughout the remainder of the year.
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Koppers (KOP) stock has lost about 15% since 7/31/2026 because of the following key factors:
1. Significant GAAP Net Loss Driven by Restructuring Charges in Fiscal Q2 2026.
Koppers reported a substantial GAAP net loss of $147.5 million for fiscal Q2 2026, which ended June 30, 2026. This loss was primarily a result of $215.8 million in impairment, restructuring, and plant closure costs. These costs were largely associated with the accelerated discontinuation of distillation and chemical manufacturing operations at the company's Stickney, Illinois facility. While this strategic restructuring is projected to yield annual adjusted EBITDA benefits of $15 million to $20 million starting in 2027 and improve adjusted earnings per share by approximately $1 to $1.20 annually over time, the immediate large non-cash charges negatively impacted investor sentiment.
2. Deterioration in Profitability and Cautious Full-Year Guidance for Key Segments.
Despite exceeding analyst estimates for adjusted EPS and revenue in fiscal Q2 2026, Koppers experienced a 7.9% year-over-year decline in adjusted EBITDA, falling to $71.0 million. This was driven by weaker profitability in the Railroad and Utility Products and Services (RUPS) segment due to higher raw material and freight costs, coupled with unfavorable pricing, and a 54.8% decrease in adjusted EBITDA for the Carbon Materials and Chemicals (CMC) segment because of increased raw material costs and global price declines for carbon pitch. Management subsequently narrowed its full-year fiscal 2026 adjusted EBITDA guidance, indicating that challenging margin conditions were expected to persist throughout the remainder of the year.
3. Analyst Downgrades and Revised Earnings Estimates.
Following the Q2 2026 earnings release, several financial analysts either downgraded their ratings or reduced their earnings expectations for Koppers. On August 11, 2026, Weiss Ratings lowered Koppers' stock from a "hold" rating to a "sell" rating. Similarly, Wall Street Zen downgraded the stock from a "strong-buy" to a "buy" rating on August 15, 2026. More recently, on November 2, 2026, Sidoti decreased its fiscal year 2026 earnings per share estimates for Koppers from $4.18 to $4.13. These analyst revisions contributed to a more conservative outlook from the investment community.
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Stock Movement Drivers
Fundamental Drivers
The -14.5% change in KOP stock from 7/31/2026 to 11/2/2026 was primarily driven by a -17.0% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.92 | 41.83 | -14.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,878 | 1,893 | 0.8% |
| P/S Multiple | 0.5 | 0.4 | -17.0% |
| Shares Outstanding (Mil) | 20 | 19 | 2.2% |
| Cumulative Contribution | -14.5% |
Market Drivers
7/31/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| KOP | -14.5% | |
| Market (SPY) | 0.7% | 23.4% |
| Sector (XLB) | 6.4% | 19.9% |
Fundamental Drivers
The 2.9% change in KOP stock from 4/30/2026 to 11/2/2026 was primarily driven by a 2.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.66 | 41.83 | 2.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,879 | 1,893 | 0.8% |
| P/S Multiple | 0.4 | 0.4 | 0.0% |
| Shares Outstanding (Mil) | 20 | 19 | 2.1% |
| Cumulative Contribution | 2.9% |
Market Drivers
4/30/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| KOP | 2.9% | |
| Market (SPY) | 4.9% | 33.3% |
| Sector (XLB) | 4.7% | 36.9% |
Fundamental Drivers
The 49.6% change in KOP stock from 10/31/2025 to 11/2/2026 was primarily driven by a 51.5% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.96 | 41.83 | 49.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,993 | 1,893 | -5.0% |
| P/S Multiple | 0.3 | 0.4 | 51.5% |
| Shares Outstanding (Mil) | 20 | 19 | 3.9% |
| Cumulative Contribution | 49.6% |
Market Drivers
10/31/2025 to 11/2/2026| Return | Correlation | |
|---|---|---|
| KOP | 49.6% | |
| Market (SPY) | 11.2% | 31.4% |
| Sector (XLB) | 27.0% | 39.7% |
Fundamental Drivers
The 17.3% change in KOP stock from 10/31/2023 to 11/2/2026 was primarily driven by a 19.9% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.66 | 41.83 | 17.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,109 | 1,893 | -10.2% |
| P/S Multiple | 0.4 | 0.4 | 19.9% |
| Shares Outstanding (Mil) | 21 | 19 | 9.0% |
| Cumulative Contribution | 17.3% |
Market Drivers
10/31/2023 to 11/2/2026| Return | Correlation | |
|---|---|---|
| KOP | 17.3% | |
| Market (SPY) | 86.0% | 39.4% |
| Sector (XLB) | 48.8% | 47.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KOP Return | 0% | -9% | 83% | -36% | -16% | 55% | 39% |
| Peers Return | 30% | 7% | -3% | 8% | 6% | 14% | 77% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| KOP Win Rate | 58% | 33% | 67% | 25% | 42% | 73% | |
| Peers Win Rate | 60% | 50% | 44% | 54% | 46% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| KOP Max Drawdown | -25% | -38% | -24% | -45% | -27% | -24% | |
| Peers Max Drawdown | -22% | -24% | -38% | -24% | -35% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CBT, WFG, NGVT, VMI.
[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 11/2/2026 (YTD)
How Low Can It Go
| Event | KOP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.5% | -18.8% |
| % Gain to Breakeven | 30.7% | 23.1% |
| Time to Breakeven | 37 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.9% | -6.7% |
| % Gain to Breakeven | 17.5% | 7.1% |
| Time to Breakeven | 15 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -36.1% | -24.5% |
| % Gain to Breakeven | 56.4% | 32.4% |
| Time to Breakeven | 108 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -70.8% | -33.7% |
| % Gain to Breakeven | 242.1% | 50.9% |
| Time to Breakeven | 245 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -49.1% | -19.2% |
| % Gain to Breakeven | 96.5% | 23.8% |
| Time to Breakeven | 308 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -33.6% | -12.2% |
| % Gain to Breakeven | 50.6% | 13.9% |
| Time to Breakeven | 58 days | 62 days |
In The Past
Koppers's stock fell -23.5% during the 2025 US Tariff Shock. Such a loss loss requires a 30.7% gain to breakeven.
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| Event | KOP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.5% | -18.8% |
| % Gain to Breakeven | 30.7% | 23.1% |
| Time to Breakeven | 37 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -36.1% | -24.5% |
| % Gain to Breakeven | 56.4% | 32.4% |
| Time to Breakeven | 108 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -70.8% | -33.7% |
| % Gain to Breakeven | 242.1% | 50.9% |
| Time to Breakeven | 245 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -49.1% | -19.2% |
| % Gain to Breakeven | 96.5% | 23.8% |
| Time to Breakeven | 308 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -33.6% | -12.2% |
| % Gain to Breakeven | 50.6% | 13.9% |
| Time to Breakeven | 58 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -61.3% | -6.8% |
| % Gain to Breakeven | 158.2% | 7.3% |
| Time to Breakeven | 300 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -35.7% | -17.9% |
| % Gain to Breakeven | 55.5% | 21.8% |
| Time to Breakeven | 123 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -26.3% | -15.4% |
| % Gain to Breakeven | 35.7% | 18.2% |
| Time to Breakeven | 119 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -77.3% | -53.4% |
| % Gain to Breakeven | 341.1% | 114.4% |
| Time to Breakeven | 676 days | 1085 days |
In The Past
Koppers's stock fell -23.5% during the 2025 US Tariff Shock. Such a loss loss requires a 30.7% 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 Koppers (KOP)
Koppers (KOP) is a global industrial company that specializes in extending the lifespan of wood products and manufacturing various carbon-based industrial chemicals. Operating across the United States, Australasia, and Europe, the company's business is organized into three main segments: Railroad and Utility Products and Services (RUPS), Performance Chemicals (PC), and Carbon Materials and Chemicals (CMC).
The RUPS segment focuses on providing treated wood products crucial for infrastructure, such as crossties, switch ties, and bridge lumber for railroads, along with rail joint bars and comprehensive railroad bridge services. It also supplies treated transmission and distribution poles to electric and telephone utilities. The PC segment develops and manufactures a range of advanced wood preservatives, including copper-based formulas, used to protect wood for decking, fencing, utility poles, and general construction. This segment also provides fire-retardant chemicals for commercial building applications.
Koppers' CMC segment produces a variety of essential carbon compounds that serve as raw materials for heavy industries. Key products include creosote, used for wood treatment or as a feedstock for carbon black; carbon pitch, a vital component in aluminum and steel production; and naphthalene, which is a feedstock for phthalic anhydride and a concrete additive. This segment also supplies phthalic anhydride for plasticizers and paints, and carbon black feedstock. Koppers collectively serves a diverse customer base, including the railroad, utility, construction, agriculture, specialty chemical, aluminum, steel, and rubber industries.
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Analogy 1: Koppers is like Vulcan Materials for the railroad and utility industries, specializing in treated wood products and services for infrastructure like railroad ties and utility poles.
Analogy 2: Koppers is like a specialized Eastman Chemical, focusing on wood preservation chemicals and essential carbon-based industrial materials for heavy industries like aluminum and steel.
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- Treated Wood Products: Provides treated timber products such as railroad crossties, utility poles, pilings, and lumber for various infrastructure applications.
- Railroad Services: Offers engineering, design, repair, and inspection services specifically for railroad bridges and infrastructure.
- Wood Preservation Chemicals: Develops and manufactures a range of copper-based and other chemicals used to preserve wood for decking, fencing, utility poles, and construction.
- Fire-retardant Chemicals: Supplies chemicals designed to impart fire resistance to pressure-treated wood, primarily for commercial construction.
- Creosote: Produces creosote, used for wood treatment and as a feedstock in carbon black manufacturing.
- Carbon Pitch: Manufactures carbon pitch, an essential raw material for the production of aluminum and steel.
- Naphthalene: Provides naphthalene, which serves as a feedstock for phthalic anhydride and a surfactant in concrete production.
- Phthalic Anhydride: Produces phthalic anhydride for use in plasticizers, polyester resins, and alkyd paints.
- Carbon Black Feedstock: Supplies specialized feedstock used in the production of carbon black.
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Koppers (KOP) primarily sells its products and services to other companies (B2B). Based on the provided background information, specific customer company names are not listed; however, its major customers can be categorized by the industries they serve:
- Railroad and Utility Companies: This category includes railroad operators, electric utilities, and telephone utilities, which purchase treated crossties, switch ties, rail joint bars, transmission and distribution poles, pilings, and utilize Koppers' railroad services.
- Wood Product Manufacturers and Treatment Companies: These customers utilize Koppers' performance chemicals, such as copper-based wood preservatives and fire-retardant chemicals, for products like decking, fencing, construction lumber, timbers, and utility poles, as well as for various agricultural uses. They also consume creosote for wood treatment.
- Heavy Industry and Chemical Manufacturers: This broad category encompasses aluminum and steel producers (who use carbon pitch), carbon black manufacturers (who use carbon black feedstock and creosote), concrete producers (who use naphthalene as a surfactant), and other chemical manufacturers that use naphthalene and phthalic anhydride for plasticizers, polyester resins, and alkyd paints.
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Leroy M. Ball
Chief Executive Officer
Leroy M. Ball joined Koppers in September 2010 as Vice President and Chief Financial Officer. He was elected Chief Operating Officer from May to December 2014 and then became President and Chief Executive Officer in January 2015. Prior to his tenure at Koppers, Mr. Ball spent 10 years with Calgon Carbon Corporation, an international chemical company, where he served as Controller and later as Senior Vice President and Chief Financial Officer. He also held various finance positions with Carmeuse Lime Co./Dravo Corporation. Mr. Ball currently serves on the Boards of Directors for ATI Inc. and Highmark Inc.
Bradley Pearce
Interim Chief Financial Officer
Bradley Pearce was elected by Koppers' Board of Directors to serve as interim Chief Financial Officer and Chief Accounting Officer, effective January 5, 2026, following the retirement of Jimmi Sue Smith. Mr. Pearce joined Koppers in 2006 and has served as Chief Accounting Officer since May 2019, overseeing the company’s accounting, tax, and external reporting functions. Before joining Koppers, he held finance positions in both the private sector and public accounting.
Jimmi Sue Smith
Treasurer and Advisor (formerly Chief Financial Officer)
Jimmi Sue Smith retired from her position as Chief Financial Officer effective January 5, 2026. She will continue to serve as Treasurer and in an advisory role through February 28, 2026, to ensure a smooth transition. Ms. Smith served as CFO since January 2022, leading the company's global finance and accounting operations, budgeting, forecasting, tax, and investor relations, and advising on key strategic growth initiatives. She joined Koppers in 2019 as Vice President of Finance and Treasurer.
James A. Sullivan
President and Chief Transformation Officer
James A. Sullivan was appointed President and Chief Transformation Officer, effective June 1, 2025. In this newly created role, he leads the Koppers enterprise-wide transformation process known as "Catalyst," focusing on evaluating, scoping, quantifying, planning, and executing opportunities to maximize performance across the company. Prior to this, he served as President and Chief Operating Officer, effective January 1, 2024. Mr. Sullivan joined Koppers in June 2013 as Vice President of Business Development. He subsequently held roles as Senior Vice President, Global Carbon Materials and Chemicals (CMC), and later Senior Vice President, Railroad Products and Services and Global Carbon Materials and Chemicals. Before joining Koppers, he was Senior Vice President, Americas at Calgon Carbon Corporation, where he held various management positions in operations, marketing, sales, and research and development.
Leslie S. Hyde
Senior Vice President and Chief Sustainability Officer
Leslie S. Hyde serves as Senior Vice President and Chief Sustainability Officer at Koppers, a role she has held since January 2020. She is set to retire effective March 31, 2025. Over her 25-year career with Koppers, Ms. Hyde has held numerous key roles encompassing legal, environmental, risk management, safety and health, product stewardship, and strategic planning. She developed Koppers' environmental programs, implemented a global enterprise risk management system, and played a crucial role in achieving certifications for the ISO 14001 standard and the Responsible Care Management System. Ms. Hyde became the company's first Chief Sustainability Officer, developing a comprehensive sustainability program. Prior to Koppers, she held various manufacturing and consulting roles and served 10 years on active duty with the United States Army.
AI Analysis | Feedback
The key risks to Koppers (KOP) include:
- Regulatory and Environmental Risks Related to Wood Preservation Chemicals and Carbon Materials: Koppers' business heavily relies on chemicals for wood preservation (e.g., copper-based preservatives) and carbon materials like creosote. Many of these products, particularly creosote, are subject to stringent environmental and health regulations due to their chemical properties. The risk of new or stricter regulations, restrictions, or outright bans on the use of these chemicals, or increased costs associated with their production and disposal, could significantly impact Koppers' ability to manufacture and sell its key products across the Performance Chemicals (PC) and Carbon Materials and Chemicals (CMC) segments. This is comparable to a "patent cliff" for pharmaceutical companies, where regulatory changes rather than patent expiration could threaten the viability of core products.
- Sensitivity to Macroeconomic Conditions and Industrial Capital Spending: Koppers serves cyclical industries such as railroads, utilities, aluminum, steel, rubber, and construction. Demand for its products, including treated crossties, utility poles, carbon pitch, and naphthalene, is directly tied to the capital expenditure and maintenance budgets of these industries. Economic downturns, reduced infrastructure spending, or declines in industrial production can lead to decreased demand for Koppers' products and services, impacting revenue and profitability across its Railroad and Utility Products and Services (RUPS) and Carbon Materials and Chemicals (CMC) segments.
- Competition from Alternative Materials and Technologies: Koppers' traditional markets, particularly in the Railroad and Utility Products and Services (RUPS) segment, could face long-term challenges from alternative materials. For instance, the use of treated wood for railroad ties and utility poles could be impacted by the increasing adoption of concrete, steel, or composite materials. Similarly, evolving technologies and materials in industries served by the Performance Chemicals (PC) and Carbon Materials and Chemicals (CMC) segments could reduce the demand for Koppers' chemical solutions or carbon products over time.
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The increasing adoption of alternative materials such as concrete, steel, and advanced composites for railroad ties, utility poles, and other construction applications threatens Koppers' core treated wood products and associated wood preservation chemicals.
The development and increasing implementation of "green" production technologies in the aluminum and steel industries, such as inert anode technology and hydrogen-based direct reduced iron (DRI), threaten the demand for Koppers' carbon pitch, a critical raw material in traditional primary metals production.
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Koppers (KOP) operates in several addressable markets for its diverse range of products and services. The market sizes for its main offerings are as follows:
Railroad and Utility Products and Services (RUPS)
- Treated Wood Products: The global treated wood market size was estimated at USD 5.86 billion in 2023 and is projected to grow to USD 11.17 billion by 2033. Another estimate puts the global market at USD 6.21 billion in 2023, projected to reach USD 9.78 billion by 2032.
- Railroad Ties (Crossties, Switch Ties): The global railroad tie market size was valued at USD 6.11 billion in 2025 and is projected to grow to USD 9.81 billion by 2034. In 2025, the global railroad tie market size was approximately USD 6.85 billion, with North America holding over 37% of the global revenue. The wood tie segment specifically accounted for about USD 3.03 billion in 2023 and is expected to reach approximately USD 4.37 billion by 2032.
- Utility Poles: The global utility poles market size was valued at USD 37.17 billion in 2025 and is projected to grow to USD 56.72 billion by 2034. Another report estimated the market at USD 57.66 billion in 2023, projected to reach USD 75.88 billion by 2030. Asia Pacific dominated this market with a revenue share of 44.54% in 2023.
- Railroad Services (including engineering, design, repair, and inspection services for railroad bridges): The global railcar services market size is projected to grow from USD 11.04 billion in 2024 to USD 14.34 billion by 2030. More broadly, the global railway system market size is valued at USD 38.34 billion in 2025 and is projected to reach USD 49.75 billion by 2030. The global railroad market size, which includes services, was estimated at USD 314.84 billion in 2024 and is projected to reach USD 436.35 billion by 2030.
Performance Chemicals (PC)
- Wood Preservatives (Copper-based and general wood preservation chemicals): The global wood preservative market size was valued at USD 1.50 billion in 2023 and is projected to reach USD 2.1 billion by 2033. Another source valued the global market at USD 1.68 billion in 2024, poised to grow to USD 2.65 billion by 2033. Asia-Pacific held the largest revenue share in the global wood preservative market in 2023.
- Fire-Retardant Chemicals for pressure treatment of wood (Fire-Retardant Treated Wood): The global fire-retardant treated wood market size is estimated at USD 1.67 billion in 2025 and is expected to reach USD 2.06 billion by 2030. Another estimate places the market at approximately USD 1.36 billion in 2025, projected to reach USD 1.88 billion by 2032. North America is the largest market, holding approximately 45% of the global market share.
Carbon Materials and Chemicals (CMC)
- Creosote: The global creosote oil market size was valued at USD 1.9 billion in 2024 and is projected to grow to USD 3.08 billion by 2033. North America held the largest creosote oil market share, accounting for 40% of the global market in 2024. The global coal tar creosote market size was USD 19.74 billion in 2025 and is expected to grow to USD 30.04 billion by 2032.
- Carbon Pitch (raw material used in the production of aluminum and steel): Null. A specific global addressable market size for "carbon pitch" as a standalone product was not readily available in the search results.
- Naphthalene: The global naphthalene market size was estimated at USD 5.31 billion in 2025 and is projected to reach USD 7.56 billion by 2033. Another report valued the global market at USD 2.4 billion in 2025, expected to grow to USD 3.7 billion by 2035. North America dominated the naphthalene market, accounting for approximately 45.6% of the global market value in 2025.
- Phthalic Anhydride: The global phthalic anhydride market size was valued at USD 4.52 billion in 2023 and is projected to reach USD 5.82 billion by 2030. Another source states the market was valued at USD 5.38 billion in 2025, projected to grow to USD 7.31 billion by 2034. Asia Pacific dominated the global market with a share of 61.4% in 2023.
- Carbon Black Feedstock: The global carbon black feedstock market size was estimated at USD 7.4 billion in 2023 and is projected to reach USD 9.97 billion by 2030. Another estimate puts the market size at USD 7.72 billion in 2024, projected to reach USD 9.97 billion by 2030. Asia Pacific dominated this market with a revenue share of 43% in 2023.
AI Analysis | Feedback
Koppers (KOP) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:
- Growth in Performance Chemicals (PC) from market share gains and new commercial wins: Koppers anticipates its Performance Chemicals segment to achieve approximately 11% top-line growth in 2026. This expansion is projected to come from gaining market share and securing new commercial opportunities, particularly in industrial markets, even without an expected improvement in U.S. housing activity.
- Increased demand in Railroad and Utility Products and Services (RUPS) due to utility infrastructure investments: The RUPS segment is expected to benefit from robust demand within the utility sector, especially from "grid hardening" initiatives. This demand is projected to contribute an additional $30-45 million in sales for RUPS in 2026. Furthermore, a recent acquisition of a Douglas fir procurement business is anticipated to secure a critical supply for this segment.
- Benefits from the "Catalyst" transformation program: While primarily focused on operational efficiencies and cost reductions, Koppers' Catalyst program is designed to deliver transformational change that will counteract various market and cost headwinds. This program is expected to contribute $20-40 million in benefits in 2026 and up to $75 million cumulatively through 2028, indirectly supporting revenue growth by enhancing competitiveness and profitability, and contributing to meaningful EPS growth.
- Strategic acquisitions expanding market presence: The acquisition of Brown Wood Preserving Company in April 2024 for approximately $100 million significantly enhances Koppers' utility pole treatment business and broadens its market reach. This acquisition is expected to contribute an additional $15-25 million in EBITDA in 2025, with its full revenue impact continuing into the next few years.
- Strategic price increases: Koppers has demonstrated the ability to implement strategic price increases in certain segments, which have partially offset volume declines. In its Performance Chemicals segment, net sales price increases helped to mitigate a decrease in sales. Additionally, the RUPS segment is expected to benefit from price increases in 2026, indicating that strategic pricing will be a factor in revenue growth where market conditions permit.
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Share Repurchases
- Koppers repurchased $38.2 million in shares during 2025.
- A new $100 million share repurchase program was approved in February 2025, succeeding a previous program from August 2021 that had approximately $11 million remaining.
- As of February 26, 2026, $66.5 million remained authorized under the current share repurchase program.
Outbound Investments
- Koppers allocated $20.7 million to acquisitions in 2025.
- The company completed the sale of its railroad structures business in August 2025 as part of its Catalyst transformation process.
- Koppers exited the phthalic anhydride business in 2025, which included closing its CMC phthalic anhydride plant in April 2025.
Capital Expenditures
- Capital expenditures, net of insurance proceeds and sale of assets, were $47.6 million in 2025, down from $74.0 million in 2024.
- Total capital expenditures for 2025 amounted to $55.0 million.
- For 2026, Koppers forecasts capital expenditures of $55 million, with most allocated to maintenance.
Peer Outperformance in Commodity Chemicals
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Steel | 14 | 21.4% | 46.4% | 148.8% | STLD 332% · HCC 262% · RS 222% |
| Copper | 7 | 36.2% | 100.8% | 141.1% | SCCO 265% · TGB 237% · HBM 226% |
| Gold | 36 | 3.3% | 154.6% | 91.8% | IAG 476% · OGC 350% · AGI 280% |
| Silver | 6 | 19.2% | 217.7% | 72.7% | AYA 245% · HL 135% · EXK 45% |
| Construction Materials | 6 | -7.5% | 26.8% | 47.0% | USLM 380% · CRH 110% · VMC 54% |
| Aluminum | 3 | 13.2% | 118.4% | 42.1% | CENX 154% · AA -11% |
| Metal, Glass & Plastic Containers | 11 | 12.7% | 18.9% | 12.5% | GEF 51% · ATR 20% · SLGN 13% |
| Paper & Plastic Packaging Products & Materials | 7 | 25.5% | 20.9% | 3.5% | PKG 124% · CCK 23% · AMCR 4% |
| Diversified Metals & Mining | 24 | -54.5% | -6.8% | -8.7% | USAR 29615% · MTRN 157% · SKE 157% |
| Specialty Chemicals | 41 | 14.3% | 1.2% | -15.0% | NEU 147% · ESI 49% · ECL 44% |
| Diversified Chemicals | 3 | 14.9% | 2.8% | -15.4% | CBT 51% · ASH -15% |
| Commodity Chemicals ← | 13 | 9.2% | -18.3% | -30.7% | HWKN 341% · MEOH 64% · DOW -23% |
| Precious Metals & Minerals | 8 | -14.6% | 130.3% | -50.0% | PPTA 260% |
| Fertilizers & Agricultural Chemicals | 10 | -41.6% | -54.9% | -58.4% | CF 137% · NTR 23% · MOS -43% |
| Paper Products | 4 | -37.3% | -61.7% | -81.8% |
Latest Trefis Analyses
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| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 73.68 |
| Mkt Cap | 3.8 |
| Rev LTM | 3,634 |
| Op Inc LTM | 284 |
| FCF LTM | 155 |
| FCF 3Y Avg | 126 |
| CFO LTM | 211 |
| CFO 3Y Avg | 315 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -4.7% |
| Rev Chg 3Y Avg | -3.8% |
| Rev Chg Q | 4.3% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | 0.6% |
| Op Inc Chg 3Y Avg | -0.1% |
| Op Mgn LTM | 13.6% |
| Op Mgn 3Y Avg | 13.1% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 10.8% |
| CFO/Rev 3Y Avg | 12.0% |
| FCF/Rev LTM | 7.3% |
| FCF/Rev 3Y Avg | 9.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Railroad and Utility Products and Services | 927 | 943 | 898 | 788 | 730 |
| Performance Chemicals | 575 | 683 | 700 | 602 | 503 |
| Carbon Materials and Chemicals | 499 | 592 | 672 | 687 | 445 |
| Intersegment revenues | -122 | -125 | -116 | -96 | |
| Total | 1,879 | 2,092 | 2,154 | 1,980 | 1,679 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2020 |
|---|---|---|---|---|---|
| Performance Chemicals | 87 | 128 | 109 | 60 | 89 |
| Railroad and Utility Products and Services | 75 | 50 | 59 | 31 | 47 |
| Carbon Materials and Chemicals | 22 | 16 | 31 | 80 | 23 |
| Last-in, first-out (LIFO) benefit (expense) | 11 | -6 | -6 | -26 | |
| Amortization of cloud-based software implementation costs | 1 | ||||
| Gain on sale of assets | 0 | -11 | 2 | 2 | |
| Pension settlement and expense | -28 | -4 | 0 | 0 | |
| Impairment, restructuring and plant closure costs | -17 | 0 | -1 | ||
| Mark-to-market commodity hedging gains | -8 | 0 | -6 | ||
| Corporate | -2 | ||||
| Total | 167 | 148 | 196 | 141 | 157 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Railroad and Utility Products and Services | 828 | 839 | 744 | 661 | 594 |
| Performance Chemicals | 537 | 500 | 521 | 517 | 587 |
| Carbon Materials and Chemicals | 487 | 506 | 539 | 500 | 447 |
| Corporate | 36 | 45 | |||
| Operating lease right-of-use assets | 8 | 10 | 11 | ||
| Prepaid insurance and other assets | 15 | 16 | 8 | ||
| Property, plant and equipment, net | 10 | 7 | 7 | ||
| Income tax receivable | 9 | ||||
| Total | 1,887 | 1,890 | 1,836 | 1,711 | 1,662 |
Price Behavior
| Market Price | $41.83 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 02/01/2006 | |
| Distance from 52W High | -19.9% | |
| 50 Days | 200 Days | |
| DMA Price | $44.74 | $41.51 |
| DMA Trend | down | up |
| Distance from DMA | -6.5% | 0.8% |
| 3M | 1YR | |
| Volatility | 31.7% | 34.9% |
| Downside Capture | 95.48 | 55.66 |
| Upside Capture | -33.69 | 99.98 |
| Correlation (S&P 500) | 12.5% | 31.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.67 | 0.45 | 0.74 | 0.95 | 0.86 | 0.98 |
| Up Beta | 3.54 | 0.60 | 1.65 | 0.81 | 1.17 | 1.16 |
| Down Beta | 0.61 | 0.56 | 0.42 | 1.37 | 0.96 | 1.06 |
| Up Capture | -25% | 5% | 17% | 76% | 91% | 46% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 6 | 16 | 27 | 63 | 135 | 389 |
| Down Capture | 115% | 83% | 116% | 93% | 60% | 96% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 16 | 26 | 36 | 62 | 115 | 358 |
[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 KOP | |
|---|---|---|---|---|
| KOP | 53.2% | 34.9% | 1.26 | - |
| Sector ETF (XLB) | 26.4% | 17.7% | 1.16 | 39.4% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | 31.5% |
| Gold (GLD) | -2.3% | 28.6% | -0.09 | 11.0% |
| Commodities (DBC) | 43.1% | 20.9% | 1.60 | -14.3% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.50 | 23.4% |
| Bitcoin (BTCUSD) | -28.8% | 43.6% | -0.66 | 9.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KOP | |
|---|---|---|---|---|
| KOP | 4.4% | 38.1% | 0.20 | - |
| Sector ETF (XLB) | 6.6% | 19.1% | 0.23 | 54.9% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 45.7% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | 5.1% |
| Commodities (DBC) | 8.4% | 19.6% | 0.31 | 13.1% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 39.9% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 18.1% |
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 KOP | |
|---|---|---|---|---|
| KOP | 2.5% | 48.6% | 0.23 | - |
| Sector ETF (XLB) | 10.7% | 20.7% | 0.46 | 59.1% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 51.3% |
| Gold (GLD) | 11.6% | 16.5% | 0.57 | 2.0% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 22.1% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 46.8% |
| Bitcoin (BTCUSD) | 61.7% | 66.3% | 1.01 | 15.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 2.5% | -11.2% | -8.0% |
| 5/8/2026 | 6.9% | 3.0% | 0.4% |
| 2/26/2026 | 7.9% | 11.7% | 12.6% |
| 11/7/2025 | -4.1% | 5.6% | 0.1% |
| 8/8/2025 | -13.3% | -7.9% | -13.6% |
| 5/9/2025 | 3.4% | 20.1% | 26.0% |
| 2/27/2025 | -9.4% | -11.5% | -9.5% |
| 11/8/2024 | -2.1% | -1.2% | -7.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 13 |
| # Negative | 10 | 10 | 11 |
| Median Positive | 4.2% | 5.0% | 10.0% |
| Median Negative | -4.7% | -7.0% | -8.0% |
| Max Positive | 14.8% | 20.1% | 26.0% |
| Max Negative | -16.9% | -17.8% | -16.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 2.5% | -11.2% | -8.0% |
| 5/8/2026 | 6.9% | 3.0% | 0.4% |
| 2/26/2026 | 7.9% | 11.7% | 12.6% |
| 11/7/2025 | -4.1% | 5.6% | 0.1% |
| 8/8/2025 | -13.3% | -7.9% | -13.6% |
| 5/9/2025 | 3.4% | 20.1% | 26.0% |
| 2/27/2025 | -9.4% | -11.5% | -9.5% |
| 11/8/2024 | -2.1% | -1.2% | -7.9% |
| 8/8/2024 | 0.7% | 4.4% | 3.9% |
| 5/3/2024 | -16.9% | -17.8% | -16.0% |
| 2/28/2024 | 7.6% | 0.9% | 3.3% |
| 11/3/2023 | 1.4% | 6.4% | 22.6% |
| 8/3/2023 | 1.3% | 2.1% | 1.2% |
| 5/5/2023 | 5.9% | -0.2% | -1.2% |
| 2/27/2023 | 2.5% | 9.3% | -2.9% |
| 11/4/2022 | 14.8% | 15.9% | 25.8% |
| 8/4/2022 | -3.4% | 3.8% | -6.9% |
| 5/6/2022 | -5.0% | -5.9% | 11.2% |
| 2/23/2022 | 4.9% | 1.5% | 3.1% |
| 11/4/2021 | -13.1% | -8.6% | -16.5% |
| 8/6/2021 | 2.1% | 3.1% | 10.0% |
| 5/7/2021 | 6.9% | -4.9% | -6.2% |
| 2/24/2021 | -3.8% | -6.2% | -11.9% |
| 11/4/2020 | -4.5% | 7.9% | 14.4% |
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 13 |
| # Negative | 10 | 10 | 11 |
| Median Positive | 4.2% | 5.0% | 10.0% |
| Median Negative | -4.7% | -7.0% | -8.0% |
| Max Positive | 14.8% | 20.1% | 26.0% |
| Max Negative | -16.9% | -17.8% | -16.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 11/2/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Operating cash flow | Reported | 165.00 Mil | 175.00 Mil | 185.00 Mil | 0 | Affirmed | Guidance: 175.00 Mil for 2026 | |
| 2026 Net sales | Reported | 1.90 Bil | 1.95 Bil | 2.00 Bil | 0 | Affirmed | Guidance: 1.95 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 240.00 Mil | 245.00 Mil | 250.00 Mil | -2.0% | Lowered | Guidance: 250.00 Mil for 2026 | |
| 2026 Effective tax rate on adjusted net income | Reported | 28.0% | 0 | Affirmed | Guidance: 28.0% for 2026 | |||
| 2026 Adjusted EPS | Reported | 3.8 | 4 | 4.2 | -4.8% | Lowered | Guidance: 4.2 for 2026 | |
| 2026 Capital expenditures | Reported | 55.00 Mil | 0 | Affirmed | Guidance: 55.00 Mil for 2026 | |||
| 2026 Free cash flow | Reported | 110.00 Mil | 120.00 Mil | 130.00 Mil | ||||
Prior: Q1 2026 Earnings Reported 5/8/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Operating cash flow | Reported | 165.00 Mil | 175.00 Mil | 185.00 Mil | 9.4% | Raised | Guidance: 160.00 Mil for 2026 | |
| 2026 Net sales | Reported | 1.90 Bil | 1.95 Bil | 2.00 Bil | 0 | Affirmed | Guidance: 1.95 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 240.00 Mil | 250.00 Mil | 260.00 Mil | -3.8% | Lowered | Guidance: 260.00 Mil for 2026 | |
| 2026 Effective tax rate on adjusted net income | Reported | 28.0% | 0 | Affirmed | Guidance: 28.0% for 2026 | |||
| 2026 Adjusted EPS | Reported | 3.8 | 4.2 | 4.6 | -8.7% | Lowered | Guidance: 4.6 for 2026 | |
| 2026 Capital expenditures | Reported | 55.00 Mil | 0 | Affirmed | Guidance: 55.00 Mil for 2026 | |||
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Operating cash flow | Reported | 150.00 Mil | 160.00 Mil | 170.00 Mil | 18.5% | Higher New | Actual: 135.00 Mil for 2025 | |
| 2026 Net sales | Reported | 1.90 Bil | 1.95 Bil | 2.00 Bil | 2.6% | Higher New | Actual: 1.90 Bil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 250.00 Mil | 260.00 Mil | 270.00 Mil | 1.0% | Higher New | Actual: 257.50 Mil for 2025 | |
| 2026 Effective tax rate on adjusted net income | Reported | 28.0% | ||||||
| 2026 Adjusted EPS | Reported | 4.2 | 4.6 | 5 | 12.9% | Higher New | Actual: 4.08 for 2025 | |
| 2026 Capital expenditures | Reported | 55.00 Mil | 2.8% | Higher New | Actual: 53.50 Mil for 2025 | |||
Q3 2025 Earnings Reported 11/7/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Operating cash flow | Reported | 135.00 Mil | -10.0% | Lowered | Guidance: 150.00 Mil for 2025 | |||
| 2025 Revenue | Reported | 1.90 Bil | -2.6% | Lowered | Guidance: 1.95 Bil for 2025 | |||
| 2025 Adjusted EBITDA | Reported | 257.50 Mil | -1.0% | Lowered | Guidance: 260.00 Mil for 2025 | |||
| 2025 Adjusted EPS | Reported | 4.08 | -5.2% | Lowered | Guidance: 4.3 for 2025 | |||
| 2025 Capital expenditures | Reported | 53.50 Mil | -2.7% | Lowered | Guidance: 55.00 Mil for 2025 | |||
| 2028 EPS Growth | Reported | 10.0% | ||||||
Insider Activity
Updated 9/15/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ball, M Leroy | CEO | Direct | Sell | 9012026 | 45.96 | 4,000 | 183,840 | 19,742,366 | Form |
| 2 | Ball, M Leroy | CEO | Direct | Sell | 8202026 | 45.84 | 3,000 | 137,520 | 19,874,180 | Form |
| 3 | Lucas, Stephen G | SVP, Culture and Engagement | Direct | Sell | 8132026 | 44.55 | 1,308 | 58,271 | 1,530,070 | Form |
| 4 | Sullivan, James A | President and CTO | Direct | Sell | 8122026 | 50.00 | 7,500 | 375,000 | 4,144,887 | Form |
| 5 | Pearce, Bradley A | CAO | Direct | Sell | 8112026 | 51.01 | 2,000 | 102,020 | 2,093,297 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ball, M Leroy | CEO | Direct | Sell | 9012026 | 45.96 | 4,000 | 183,840 | 19,742,366 | Form |
| 2 | Ball, M Leroy | CEO | Direct | Sell | 8202026 | 45.84 | 3,000 | 137,520 | 19,874,180 | Form |
| 3 | Lucas, Stephen G | SVP, Culture and Engagement | Direct | Sell | 8132026 | 44.55 | 1,308 | 58,271 | 1,530,070 | Form |
| 4 | Sullivan, James A | President and CTO | Direct | Sell | 8122026 | 50.00 | 7,500 | 375,000 | 4,144,887 | Form |
| 5 | Pearce, Bradley A | CAO | Direct | Sell | 8112026 | 51.01 | 2,000 | 102,020 | 2,093,297 | Form |
| 6 | Sullivan, James A | President and CTO | Direct | Sell | 8112026 | 50.01 | 80,000 | 4,000,921 | 4,520,928 | Form |
| 7 | Ball, M Leroy | CEO | Direct | Sell | 6232026 | 43.90 | 3,412 | 149,787 | 19,151,085 | Form |
| 8 | Ball, M Leroy | CEO | Direct | Sell | 6152026 | 41.34 | 4,141 | 171,189 | 18,187,756 | Form |
| 9 | Ball, M Leroy | CEO | Direct | Sell | 5142026 | 42.55 | 2,659 | 113,140 | 18,896,302 | Form |
| 10 | Ball, M Leroy | CEO | Direct | Sell | 3182026 | 37.91 | 2,489 | 94,358 | 16,963,186 | Form |
| 11 | Ball, M Leroy | CEO | Direct | Sell | 3042026 | 36.87 | 6,275 | 231,371 | 16,602,451 | Form |
Investor Activity (13F)
Updated Nov 3, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Commodity Chemicals Resources |
| ChemAnalyst |
| S&P Global Commodity Insights - Chemicals |
| Reuters Events: Downstream |
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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