Tearsheet

NewMarket (NEU)

Market Price (12/24/2025): $708.65 | Market Cap: $6.6 Bil
Sector: Materials | Industry: Specialty Chemicals

NewMarket (NEU)

Market Price (12/24/2025): $708.65
Market Cap: $6.6 Bil
Sector: Materials
Industry: Specialty Chemicals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.4%, FCF Yield is 8.2%	Weak multi-year price returns 2Y Excs Rtn is -13%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.1%, Rev Chg QQuarterly Revenue Change % is -4.8%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%		Key risks NEU key risks include [1] declining shipments in its primary petroleum additives business, Show more.
2	Low stock price volatility Vol 12M is 26%
3	Megatrend and thematic drivers Megatrends include Advanced Materials, Electrification of Everything, and Renewable Energy Transition. Themes include Specialty Chemicals for Performance, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.4%, FCF Yield is 8.2%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%
2	Low stock price volatility Vol 12M is 26%
3	Megatrend and thematic drivers Megatrends include Advanced Materials, Electrification of Everything, and Renewable Energy Transition. Themes include Specialty Chemicals for Performance, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -13%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.1%, Rev Chg QQuarterly Revenue Change % is -4.8%
6	Key risks NEU key risks include [1] declining shipments in its primary petroleum additives business, Show more.

Valuation, Metrics & Events

	12/24/25	2024	2023	2022	2021
Share Price CYE	$708.65	$519.56	$527.23	$294.30	$315.42
Market Cap CYE ($ Bil)	6.6	5.0	5.0	2.9	3.3
Total Debt ($ Bil)	0.9	1.1	0.7	1.1	1.2
Total Cash ($ Bil)	0.1	0.1	0.1	0.1	0.5
Enterprise Value ($ Bil)	7.4	6.1	5.7	4.0	4.5
Valuation Ratios
P/S TTM	2.4	1.8	1.9	1.1	1.6
P/EBIT TTM	10.6	7.9	9.9	8.2	13.1
P/E TTM	14.8	10.9	13.5	11.2	19.3
P/FCF TTM	12.2	10.9	9.9	59.5	42.7
Sector Ratios
P/S TTM (Sector)	1.5	1.3	1.4	1.2	1.5
P/EBIT TTM (Sector)	8.1	6.8	6.6	5.1	5.8
P/E TTM (Sector)	-0.2	6.1	7.1	4.8	6.8
P/FCF TTM (Sector)	6.8	5.8	5.0	2.7	5.7

	12/24/25	2024	2023
Share Price CYE	$708.65	$519.56	$527.23
Market Cap CYE ($ Bil)	6.6	5.0	5.0
Total Debt ($ Bil)	0.9	1.1	0.7
Total Cash ($ Bil)	0.1	0.1	0.1
Enterprise Value ($ Bil)	7.4	6.1	5.7
Valuation Ratios
P/S TTM	2.4	1.8	1.9
P/EBIT TTM	10.6	7.9	9.9
P/E TTM	14.8	10.9	13.5
P/FCF TTM	12.2	10.9	9.9
Sector Ratios
P/S TTM (Sector)	1.5	1.3	1.4
P/EBIT TTM (Sector)	8.1	6.8	6.6
P/E TTM (Sector)	-0.2	6.1	7.1
P/FCF TTM (Sector)	6.8	5.8	5.0

	NEU	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	2.7
Rev Chg Q	-4.8%	7.3%
Rev Chg LTM	-1.1%	6.1%
Rev Chg 3Y Avg	1.1%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.6
CFO LTM ($ Bil)	0.6
Net Inc LTM ($ Bil)	0.4
Op Mgn LTM	20.6%	18.8%
CFO/Rev LTM	22.2%	20.4%
Net Inc Mgn	16.3%	13.1%
VALUATION	LOW
P/S	2.4	3.2
P/CFO	10.9	15.7
P/FCF	12.2	20.7
P/E	14.8	23.5
STABILITY	GOOD
Debt/Equity	0.13	0.21
Cash/Assets	0.03	0.07

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Metric	Value	Date	Source
Petroleum Additives Shipment Volume Change (Quarterly)	-4.1%	10302025	Link
Petroleum Additives Shipment Volume Change (First Nine Months)	-4.6%	10302025	Link
AMPAC Ammonium Perchlorate Production Capacity Expansion	more than 50%	6112025	Link
Number of Employees at Acquisition (AMPAC)	approximately 170	4212025	Link
Number of Employees at Acquisition (Calca Solutions)	approximately 30	10012025	Link
New Technology Platform Launch (Gasoline Direct Injection Engines)	Launched a new, more efficient and better-performing technology platform.	2152024	Link

Recent
12/15/2025	Dividend	Amount: $3.00 Payment On: 1/02/2026
Upcoming
2/02/2026	Earnings Release	Rev: - EPS: -
4/21/2026	Earnings Release	Rev: - EPS: -

NEU Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are key points explaining the stock movement for NewMarket (NEU) from August 31, 2025, to December 24, 2025: 1. Declining Performance in Petroleum Additives Segment: NewMarket's petroleum additives segment experienced a decrease in sales and operating profit in the second quarter of 2025 compared to the same period in 2024, with shipments down by 4.9% in the first half of 2025. These results, reported at the beginning of the requested timeframe, likely contributed to negative investor sentiment.

2. Bearish Market Sentiment and Technical Signals: Financial analyses and forecasts during late 2025 consistently indicated a bearish outlook for NewMarket stock, with "sell signals" from both short and long-term moving averages. This negative sentiment, coupled with predictions of weak performance, likely exerted downward pressure on the stock.

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Stock Movement Drivers

Fundamental Drivers

The -12.8% change in NEU stock from 9/23/2025 to 12/23/2025 was primarily driven by a -6.6% change in the company's P/E Multiple.

	9232025	12232025	Change
Stock Price ($)	812.10	708.14	-12.80%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2779.05	2744.41	-1.25%
Net Income Margin (%)	17.28%	16.33%	-5.50%
P/E Multiple	15.83	14.79	-6.59%
Shares Outstanding (Mil)	9.36	9.36	0.02%
Cumulative Contribution			-12.80%

LTM = Last Twelve Months as of date shown

Market Drivers

9/23/2025 to 12/23/2025

	Return	Correlation
NEU	-12.8%
Market (SPY)	3.7%	23.1%
Sector (XLB)	1.6%	32.0%

Fundamental Drivers

The 4.0% change in NEU stock from 6/24/2025 to 12/23/2025 was primarily driven by a 10.3% change in the company's P/E Multiple.

	6242025	12232025	Change
Stock Price ($)	680.95	708.14	3.99%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2790.77	2744.41	-1.66%
Net Income Margin (%)	17.22%	16.33%	-5.17%
P/E Multiple	13.40	14.79	10.34%
Shares Outstanding (Mil)	9.46	9.36	1.06%
Cumulative Contribution			3.98%

LTM = Last Twelve Months as of date shown

Market Drivers

6/24/2025 to 12/23/2025

	Return	Correlation
NEU	4.0%
Market (SPY)	13.7%	18.9%
Sector (XLB)	4.9%	32.4%

Fundamental Drivers

The 37.4% change in NEU stock from 12/23/2024 to 12/23/2025 was primarily driven by a 29.7% change in the company's P/E Multiple.

	12232024	12232025	Change
Stock Price ($)	515.33	708.14	37.42%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2775.26	2744.41	-1.11%
Net Income Margin (%)	15.57%	16.33%	4.90%
P/E Multiple	11.40	14.79	29.69%
Shares Outstanding (Mil)	9.56	9.36	2.10%
Cumulative Contribution			37.35%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2024 to 12/23/2025

	Return	Correlation
NEU	37.4%
Market (SPY)	16.7%	35.5%
Sector (XLB)	9.1%	47.2%

Fundamental Drivers

The 141.4% change in NEU stock from 12/24/2022 to 12/23/2025 was primarily driven by a 110.6% change in the company's Net Income Margin (%).

	12242022	12232025	Change
Stock Price ($)	293.31	708.14	141.43%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2658.81	2744.41	3.22%
Net Income Margin (%)	7.76%	16.33%	110.56%
P/E Multiple	14.17	14.79	4.34%
Shares Outstanding (Mil)	9.96	9.36	6.07%
Cumulative Contribution			140.54%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2023 to 12/23/2025

	Return	Correlation
NEU	31.7%
Market (SPY)	48.4%	36.8%
Sector (XLB)	10.4%	44.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
NEU Return	-16%	-12%	-7%	79%	-1%	37%	66%
Peers Return	9%	29%	-21%	9%	2%	18%	44%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	114%
Monthly Win Rates [3]
NEU Win Rate	42%	33%	58%	75%	50%	50%
Peers Win Rate	55%	65%	42%	50%	55%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
NEU Max Drawdown	-32%	-24%	-17%	0%	-6%	-9%
Peers Max Drawdown	-45%	-7%	-34%	-19%	-13%	-14%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: SXT, FUL, NGVT, SHW, ECL. See NEU 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 12/23/2025 (YTD)

How Low Can It Go

Unique Key	Event	NEU	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-34.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	52.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	311 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-32.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	47.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	1,316 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-24.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	31.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	475 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-73.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	275.1%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	301 days	1,480 days

Compare to SXT, FUL, NGVT, SHW, ECL

In The Past

NewMarket's stock fell -34.3% during the 2022 Inflation Shock from a high on 1/6/2021. A -34.3% loss requires a 52.3% gain to breakeven.

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About NewMarket (NEU)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

NewMarket Corporation, through its subsidiaries, engages in the petroleum additives business. The company offers lubricant additives for use in various vehicle and industrial applications, including engine oils, transmission fluids, off-road powertrain and hydraulic systems, gear oils, hydraulic oils, turbine oils, and other applications where metal-to-metal moving parts are utilized; engine oil additives designed for passenger cars, motorcycles, on and off-road heavy duty commercial equipment, locomotives, and engines in ocean-going vessels; driveline additives designed for products, such as transmission fluids, axle fluids, and off-road powertrain fluids; and industrial additives designed for products for industrial applications consisting of hydraulic fluids, grease, industrial gear fluids, and industrial specialty applications, such as turbine oils. It also provides fuel additives that are used to enhance the oil refining process and the performance of gasoline, diesel, biofuels, and other fuels to industry, government, original equipment manufacturers, and individual customers. In addition, the company engages in the antiknock compounds business, as well as contracted manufacturing and services activities; and owns and manages a real property in Virginia. It operates in North America, Latin America, the Asia Pacific, Europe, the Middle East, Africa, and India. NewMarket Corporation was founded in 1887 and is headquartered in Richmond, Virginia.

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Intel for fuels and lubricants

Gore-Tex for fuel and lubricant performance

Dolby for enhancing fuel and lubricant performance

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Lubricant Additives: Chemicals formulated to enhance the performance of lubricating oils for engines, drivelines, and industrial applications.
Fuel Additives: Chemical solutions designed to improve the performance, efficiency, and cleanliness of gasoline, diesel, and other fuels.

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NewMarket Corporation (Symbol: NEU)

NewMarket Corporation primarily sells its products to other companies (Business-to-Business, or B2B), not directly to individual consumers. Through its subsidiary Afton Chemical, NewMarket develops, manufactures, and sells petroleum additive products that are essential components in lubricants and fuels. NewMarket's public filings, such as its annual 10-K reports, describe its customer base broadly but do not typically disclose the names of specific major customers. This indicates that while they have a strong customer base, no single customer accounts for a material portion (e.g., 10% or more) of their consolidated revenue that would necessitate individual disclosure under SEC regulations. However, based on their business description, their customers fall into the following categories:

Major oil companies
National oil companies (government-owned or controlled oil companies)
Independent lubricant and fuel blenders globally

These companies then use NewMarket's additives in their final products, such as automotive engine oils, driveline fluids, industrial lubricants, and various types of gasoline and diesel fuels, which are then sold to consumers or other industrial clients. Since specific customer names are not disclosed by NewMarket, we cannot provide a list of named companies with their public symbols.

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Thomas E. Gottwald Chairman of the Board, President and Chief Executive Officer

Thomas E. Gottwald has served as the Chairman of NewMarket Corporation since 2014, and as Chief Executive Officer and President since 2004. He joined the company in 1984 and has held various positions in the petroleum additives and former plastics businesses. Mr. Gottwald represents the third generation of his family to lead NewMarket, with the family's relationship to the company dating back to 1918. Prior to his current role, he was the Chief Executive Officer and President of Ethyl Corp, a NewMarket subsidiary, from 2001 to 2004, and before that, he served as President and Chief Operating Officer of Ethyl Corp. He holds a degree in chemistry from Virginia Military Institute and an MBA from Harvard Business School.

Timothy K. Fitzgerald Vice President and Chief Financial Officer

Timothy K. Fitzgerald became the Vice President and Chief Financial Officer of NewMarket Corporation on January 1, 2025. He joined NewMarket approximately 10 years ago as Operations Finance Director and has over 20 years of experience in finance and accounting. Before his appointment as CFO, he served as the company's Treasurer and Finance Director starting in January 2024. Mr. Fitzgerald has been noted for his focus on team building, talent development, and financial planning and analysis.

Bruce R. Hazelgrove, III Executive Vice President and Chief Administrative Officer

Bruce R. Hazelgrove, III has been the Executive Vice President and Chief Administrative Officer of NewMarket Corporation since 2016. He also serves as a Director of Ethyl Corp, a NewMarket subsidiary. Previously, he served as Director, Corporate Services of Ethyl Corporation starting in 1997. Before joining Ethyl, Mr. Hazelgrove was involved in a real estate development and management business and also worked for the United States Air Force.

Bryce D. Jewett III Executive Vice President and General Counsel

Bryce D. Jewett III was elected Executive Vice President and General Counsel for NewMarket Corp, effective January 1, 2025. He joined NewMarket in 2020 as Vice President and General Counsel. Before joining the company, Mr. Jewett was a Partner at McGuireWoods LLP, where he specialized in Mergers and Acquisitions.

Brian D. Paliotti President, Afton Chemical Corporation

Brian D. Paliotti is the President of Afton Chemical Corporation, a subsidiary of NewMarket Corporation.

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The key risks to NewMarket Corporation's business (NEU) include a softening market for its primary petroleum additives, a reliance on a concentrated customer base, and challenges associated with recent acquisitions.

Softening Market and Decline in Shipments for Petroleum Additives: NewMarket's core petroleum additives segment has experienced a softening market, leading to a 4.6% decline in shipments for the first nine months of 2025. This has contributed to lower selling prices and a decrease in operating profit for this segment.
Reliance on a Small Number of Significant Customers: The company faces a concentration risk due to its reliance on a small number of significant customers, particularly within the fuel and lubricant industries.
Acquisition and Integration Risks: NewMarket's recent acquisition of American Pacific Corporation (AMPAC) in January 2024 introduces integration risks, including the potential inability to realize expected benefits, difficulties in retaining key personnel, and challenges in maintaining supplier and customer relationships. The specialty materials segment, which includes AMPAC, is also noted for its high growth but volatile nature.

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The global acceleration in the adoption of electric vehicles (EVs). As EVs do not require traditional fuels or internal combustion engine lubricants, the increasing market share of EVs poses a long-term threat to the demand for NewMarket's core products, which are primarily fuel and lubricant additives for gasoline and diesel engines.

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NewMarket Corporation (NEU) primarily operates in the petroleum additives industry, with its main products being lubricant additives and fuel additives. The company also has a specialty materials segment through its subsidiary American Pacific Corporation (AMPAC).

Lubricant Additives: The global market size for lubricant additives was estimated at approximately USD 17.70 billion in 2023.
Fuel Additives: The global market size for fuel additives was approximately USD 9.15 billion in 2023.
Specialty Materials (Aerospace, Defense, and Fire Protection): null

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Expected Drivers of Future Revenue Growth for NewMarket (NEU) Over the Next 2-3 Years

Over the next two to three years, NewMarket Corporation (NEU) is expected to drive future revenue growth through several key initiatives and market dynamics, primarily focusing on its Specialty Materials segment and strategic operational improvements in its core Petroleum Additives business.

Expansion and Integration of Specialty Materials through Acquisitions: The acquisition of American Pacific Corporation (AMPAC) in January 2024 and Calca Solutions, LLC in October 2025 are significant drivers. AMPAC has substantially boosted sales and operating profit in the Specialty Materials segment, particularly in performance additives for space and defense sectors. NewMarket has committed approximately $1 billion since 2024 to this high-technology segment through these acquisitions and capacity expansions, with new capacity expected online in the second half of 2026. This strategic expansion into resilient, high-technology materials is anticipated to continue contributing significantly to revenue growth.
Increased Production Capacity in Specialty Materials: NewMarket is actively investing in expanding the production capacity of its Specialty Materials segment. For instance, a capital investment of up to $100 million was approved in Q1 2025 to expand ammonium perchlorate production capacity by over 50% at the AMPAC facility in Cedar City, Utah, with this new capacity expected to come online in the second half of 2026. This expansion is aimed at providing more capacity and a stronger supply chain for customers, directly supporting higher sales volumes and revenue in the coming years.
Operational Efficiencies and Margin Management in Petroleum Additives: Despite some recent market softness and lower selling prices impacting the Petroleum Additives segment, NewMarket is focused on cost control, margin management, and optimizing its global manufacturing network. These efforts aim to enhance operational efficiency and enable more efficient product delivery, which can support the competitiveness and profitability of this segment, thereby sustaining its revenue contribution amidst a challenging environment. While not a direct driver of *growth* in the same way as new market expansion, maintaining and improving profitability in its largest segment is crucial for overall financial health and can allow for strategic pricing that defends or grows market share.
Technology-Driven Product Offerings and Customer-Focused Solutions: NewMarket consistently emphasizes its long-term objectives, which include technology-driven product offerings and customer-focused solutions. Continued investment in research and development to support customer needs, even when it contributes to short-term operating cost increases, is a fundamental aspect of their strategy. These technology investments are critical for developing new products and improving existing ones, ensuring the company remains competitive and can command value-added pricing, fostering organic revenue growth across its segments.

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Share Repurchases

NewMarket Corporation authorized a new share repurchase program in December 2024, allowing for the repurchase of up to $500 million of outstanding common stock through December 31, 2027. This program replaced a prior authorization for the same amount that was set to expire at the end of 2024.
During the first nine months of 2025, the company repurchased common stock totaling $77.2 million.
In the first quarter of 2025, NewMarket repurchased $57.1 million of common stock.

Outbound Investments

In January 2024, NewMarket Corporation completed the acquisition of AMPAC Intermediate Holdings, LLC (American Pacific Corporation - AMPAC), a manufacturer of critical performance additives for solid rocket motors, for approximately $700 million.
NewMarket completed the acquisition of Calca Solutions, LLC, a leading U.S. manufacturer of UltraPure and high purity hydrazine used in aerospace and defense applications, in October 2025. The acquisition was funded by available cash and borrowings under its revolving credit facility.
Since 2024, NewMarket has committed approximately $1 billion to acquisitions and diversification strategies within its specialty materials segment, which includes the AMPAC and Calca acquisitions and investments to expand capacity at both operations.

Capital Expenditures

For the first nine months of 2025, NewMarket funded capital expenditures amounting to $49.6 million.
In June 2025, the company announced a $100 million investment to expand AMPAC's ammonium perchlorate production capacity, with completion targeted for 2026, aimed at meeting increased demand in the aerospace and defense sectors.
The company's capital allocation also focuses on reinvestment in businesses for growth and efficiency, and strategic capacity expansion, particularly within the specialty materials segment, with new capacity expected to come online in the second half of 2026.

Better Bets than NewMarket (NEU)

INDUSTRY: Specialty Chemicals

Higher Rev Chg 3Y Avg | Lower P/S (Values for NEU: 1.1% | 2.4x)

DD (1.3% | 1.3x)

DuPont de Nemours

RPM (2.5% | 1.8x)

RPM International

AXTA (2.7% | 1.3x)

Axalta Coating Systems

ECVT (1.7% | 1.3x)

Ecovyst

ODC (9.6% | 1.4x)

Oil-Dri of America

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NEU: 1.1% | 11.7x)

DD (1.3% | 8.0x)

DuPont de Nemours

AXTA (2.7% | 9.1x)

Axalta Coating Systems

ECVT (1.7% | 11.1x)

Ecovyst

ODC (9.6% | 10.8x)

Oil-Dri of America

Higher Rev Chg LTM (Value for NEU: -1.1%)

DD (14.0%)

DuPont de Nemours

PPG (8.5%)

PPG Industries

RPM (3.1%)

RPM International

SHW (1.0%)

Sherwin-Williams

ECL (0.6%)

Ecolab

Higher Rev Chg 3Y Avg (Value for NEU: 1.1%)

ALB (6.2%)

Albemarle

ECL (5.2%)

Ecolab

RPM (2.5%)

RPM International

SHW (2.4%)

Sherwin-Williams

DD (1.3%)

DuPont de Nemours

Higher CFO/Rev LTM (Value for NEU: 22.2%)

PRM (33.6%)

Perimeter Solutions

Higher FCF/Rev LTM (Value for NEU: 19.9%)

PRM (26.6%)

Perimeter Solutions

Higher Total Yield (Value for NEU: 7.5%)

LYB (14.7%)

LyondellBasell Industries

EMN (12.4%)

Eastman Chemical

ODC (9.0%)

Oil-Dri of America

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for NEU: 1.1% | 2.4x)

CRH (5.7% | 2.3x)

CRH

IP (9.0% | 0.8x)

International Paper

SW (55.9% | 0.6x)

Smurfit WestRock

AMCR (6.5% | 1.1x)

Amcor

PKG (1.1% | 2.1x)

Packaging of America

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NEU: 1.1% | 11.7x)

FCX (4.1% | 10.8x)

Freeport-McMoRan

SW (55.9% | 9.2x)

Smurfit WestRock

DD (1.3% | 8.0x)

DuPont de Nemours

EGO (24.9% | 11.5x)

Eldorado Gold

AXTA (2.7% | 9.1x)

Axalta Coating Systems

Higher Rev Chg LTM (Value for NEU: -1.1%)

AEM (35.2%)

Agnico Eagle Mines

NEM (26.6%)

Newmont

SCCO (12.7%)

Southern Copper

CRH (4.3%)

CRH

LIN (1.3%)

Linde

Higher Rev Chg 3Y Avg (Value for NEU: 1.1%)

AEM (26.0%)

Agnico Eagle Mines

NEM (23.9%)

Newmont

SCCO (7.1%)

Southern Copper

CRH (5.7%)

CRH

SHW (2.4%)

Sherwin-Williams

Higher Op Mgn LTM (Value for NEU: 20.6%)

SCCO (50.3%)

Southern Copper

AEM (49.4%)

Agnico Eagle Mines

NEM (43.5%)

Newmont

B (43.3%)

Barrick Mining

LIN (26.9%)

Linde

Higher CFO/Rev LTM (Value for NEU: 22.2%)

AEM (55.2%)

Agnico Eagle Mines

B (43.5%)

Barrick Mining

NEM (42.9%)

Newmont

SCCO (37.4%)

Southern Copper

LIN (29.8%)

Linde

Higher FCF/Rev LTM (Value for NEU: 19.9%)

KGC (34.8%)

Kinross Gold

AEM (34.5%)

Agnico Eagle Mines

AU (29.4%)

Anglogold Ashanti

NEM (28.5%)

Newmont

SCCO (28.2%)

Southern Copper

Higher Total Yield (Value for NEU: 7.5%)

NTR (9.3%)

Nutrien

AA (9.0%)

Alcoa

AMCR (8.1%)

Amcor

SW (7.9%)

Smurfit WestRock

AU (7.7%)

Anglogold Ashanti

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for NEU: 1.1% | 2.4x)

WMT (5.4% | 1.3x)

Walmart

COST (6.7% | 1.4x)

Costco Wholesale

HD (1.9% | 2.1x)

Home Depot

UNH (11.4% | 0.7x)

UnitedHealth

DIS (4.5% | 2.2x)

Walt Disney

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NEU: 1.1% | 11.7x)

UNH (11.4% | 11.2x)

UnitedHealth

TMUS (2.4% | 11.4x)

T-Mobile US

T (1.1% | 7.2x)

AT&T

HCA (6.6% | 10.2x)

HCA Healthcare

ENB (8.6% | 9.2x)

Enbridge

Higher Rev Chg LTM (Value for NEU: -1.1%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for NEU: 1.1%)

NVDA (91.6%)

NVIDIA

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for NEU: 20.6%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for NEU: 22.2%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for NEU: 19.9%)

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

Higher Total Yield (Value for NEU: 7.5%)

XOM (9.2%)

Exxon Mobil

WFC (8.8%)

Wells Fargo

UNH (8.6%)

UnitedHealth

CVX (8.6%)

Chevron

JNJ (7.5%)

Johnson & Johnson

		Best Bets In Materials Sector
	NEU	SCCO	USLM	CF	NEU	EXP	LIN	NEM	SMG	CBT	B
What You Pay
P/E	14.8	31.9	28.4	9.1	14.8	15.4	29.8	16.1	23.3	10.5	21.7
P/EBIT	10.6	19.2	24.3	5.7	10.6	11.3	21.5	11.1	9.6	5.4	11.2
What You Get
Rev Chg Q	-4.8%	15.2%	14.1%	21.1%	-4.8%	2.5%	2.8%	20.0%	-6.6%	-10.2%	23.2%
Rev Chg LTM	-1.1%	12.7%	20.3%	12.6%	-1.1%	1.5%	1.3%	26.6%	-3.9%	-7.0%	18.4%
Rev Chg 3Y Avg	1.1%	7.1%	17.8%	-13.5%	1.1%	4.1%	0.6%	23.9%	-4.5%	-4.8%	8.5%
FCF/Rev 3Y Avg	17.5%	27.0%	25.6%	22.3%	17.5%	16.7%	15.4%	13.8%	12.3%	10.3%	10.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	NewMarket Earnings Notes
2	Is NewMarket Stock Built to Withstand More Downside?	Return
3	10 Materials Stocks Set to Outpace the Market	Actionable
4	NewMarket vs Merck: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	NewMarket vs Newmont: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	How Does NewMarket Stock Stack Up Against Its Peers?	Peer Comparison
7	Better Bet Than NEU Stock: Pay Less Than NewMarket To Get More From MRK, CCL
8	NEU Dip Buy Analysis
9	NewMarket Total Shareholder Return (TSR): -0.1% in 2024 and 19.7% 3-yr compounded annual returns (above peer average)
10	NewMarket (NEU) Operating Cash Flow Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to NEU. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	7.0%	7.0%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.5%	-0.5%	-3.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	51.7%	51.7%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	30.0%	30.0%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	5.3%	5.3%	-2.5%
NEU_9302020_Dip_Buyer_ValueBuy	09302020	NEU	NewMarket	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.1%	1.1%	-10.9%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RZLT	Rezolute	0.3	18.0%	-50.6%
WW	WW International	2.4	14.2%
NRGV	Energy Vault	0.8	10.4%	122.8%
METC	Ramaco Resources	1.0	8.5%	67.0%
UAMY	United States Antimony	0.7	7.9%	240.7%
LION	Lionsgate Studios	2.6	7.4%	-71.0%
GHM	Graham	0.8	7.3%	56.3%
VG	Venture Global	17.0	6.4%
CRK	Comstock Resources	6.7	5.7%	26.6%
SSII	SS Innovations International	1.1	5.5%	-25.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	6.8	-67.3%	-18.9%
GOSS	Gossamer Bio	0.7	-12.9%	263.1%
CSIQ	Canadian Solar	1.6	-11.8%	115.2%
TDUP	ThredUp	0.8	-11.7%	363.3%
LAB	Standard BioTools	0.6	-11.0%	-14.6%
INBX	Inhibrx Biosciences	1.2	-10.8%	407.0%
QBTS	D-Wave Quantum	10.0	-9.5%	246.7%
FDMT	4D Molecular Therapeutics	0.4	-9.3%	41.8%
FBYD	Falcons Beyond Global	0.6	-8.5%	109.8%
PVLA	Palvella Therapeutics	1.1	-8.1%	735.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	1.9	53.2%	-9.1%
HUT	Hut 8	5.5	42.4%	156.1%
AAOI	Applied Optoelectronics	2.6	40.3%	10.3%
FBYD	Falcons Beyond Global	0.6	39.8%	109.8%
RKLB	Rocket Lab	39.8	39.1%	203.0%
DJT	Trump Media & Technology	3.9	31.9%	-58.5%
SGML	Sigma Lithium	1.5	31.9%	20.2%
ADEA	Adeia	1.9	31.0%	23.9%
TE	T1 Energy	1.1	30.7%
FOLD	Amicus Therapeutics	4.4	30.5%	50.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.0	-80.2%	-27.2%
TPL	Texas Pacific Land	6.8	-63.8%	-18.9%
FDMT	4D Molecular Therapeutics	0.4	-31.4%	41.8%
LW	Lamb Weston	5.9	-30.1%	-35.8%
TLRY	Tilray Brands	11.2	-24.5%	-20.8%
OLMA	Olema Pharmaceuticals	2.4	-19.3%	374.6%
INSP	Inspire Medical Systems	2.8	-17.8%	-48.8%
GETY	Getty Images	0.5	-17.6%	-41.7%
TDUP	ThredUp	0.8	-16.4%	363.3%
FRMI	Fermi	5.8	-15.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	161.4%
WVE	WAVE Life Sciences	2.9	147.9%	41.3%
AAOI	Applied Optoelectronics	2.6	97.5%	10.3%
LUNR	Intuitive Machines	1.9	91.5%	-9.1%
RKLB	Rocket Lab	39.8	91.5%	203.0%
VERA	Vera Therapeutics	3.4	89.4%	27.5%
PL	Planet Labs PBC	6.3	85.8%	413.1%
ANF	Abercrombie & Fitch	5.9	77.2%	-17.2%
ARWR	Arrowhead Pharmaceuticals	9.7	72.6%	271.4%
NRGV	Energy Vault	0.8	68.8%	122.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-75.4%	-50.6%
JANX	Janux Therapeutics	0.9	-51.0%	-73.6%
LENZ	LENZ Therapeutics	0.5	-42.9%	-41.5%
FRMI	Fermi	5.8	-42.5%
GOGO	Gogo	0.6	-35.0%	-43.3%
HPK	HighPeak Energy	0.5	-29.7%	-70.1%
UP	Wheels Up Experience	0.4	-29.2%	-61.8%
ORIC	ORIC Pharmaceuticals	0.6	-28.8%	2.5%
LW	Lamb Weston	5.9	-27.5%	-35.8%
ACLX	Arcellx	3.7	-27.4%	-14.6%

Peer Comparisons for NewMarket

Peers to compare with:

Financials

	NEU	SXT	FUL	NGVT	SHW	ECL	Median
Name	NewMarket	Sensient.	H.B. Ful.	Ingevity	Sherwin-.	Ecolab
Mkt Price	708.14	96.36	60.19	59.51	324.05	264.74	180.55
Mkt Cap	6.6	4.1	3.3	2.2	79.8	75.1	5.3
Rev LTM	2,744	1,595	3,502	1,452	23,276	15,724	3,123
Op Inc LTM	566	211	349	264	3,680	2,718	458
FCF LTM	545	24	121	240	2,426	1,574	392
FCF 3Y Avg	481	58	220	132	2,305	1,658	350
CFO LTM	609	105	242	299	3,294	2,625	454
CFO 3Y Avg	538	136	348	222	3,225	2,531	443

Growth & Margins

	NEU	SXT	FUL	NGVT	SHW	ECL	Median
Name	NewMarket	Sensient.	H.B. Ful.	Ingevity	Sherwin-.	Ecolab
Rev Chg LTM	-1.1%	4.2%	-1.3%	1.1%	1.0%	0.6%	0.8%
Rev Chg 3Y Avg	1.1%	3.7%	-1.7%	-3.2%	2.4%	5.2%	1.8%
Rev Chg Q	-4.8%	5.0%	-2.8%	-0.2%	3.2%	1.0%	0.4%
QoQ Delta Rev Chg LTM	-1.2%	1.2%	-0.7%	-0.0%	0.8%	0.3%	0.1%
Op Mgn LTM	20.6%	13.2%	10.0%	18.2%	15.8%	17.3%	16.5%
Op Mgn 3Y Avg	19.6%	12.2%	10.5%	16.8%	15.8%	15.2%	15.5%
QoQ Delta Op Mgn LTM	-1.1%	0.3%	0.2%	-0.3%	-0.0%	0.4%	0.1%
CFO/Rev LTM	22.2%	6.6%	6.9%	20.6%	14.2%	16.7%	15.4%
CFO/Rev 3Y Avg	19.5%	8.9%	9.8%	14.5%	13.9%	16.4%	14.2%
FCF/Rev LTM	19.9%	1.5%	3.5%	16.5%	10.4%	10.0%	10.2%
FCF/Rev 3Y Avg	17.5%	3.8%	6.2%	8.7%	10.0%	10.8%	9.3%

Valuation

	NEU	SXT	FUL	NGVT	SHW	ECL	Median
Name	NewMarket	Sensient.	H.B. Ful.	Ingevity	Sherwin-.	Ecolab
Mkt Cap	6.6	4.1	3.3	2.2	79.8	75.1	5.3
P/S	2.4	2.6	0.9	1.5	3.4	4.8	2.5
P/EBIT	10.6	19.3	10.6	-6.4	21.3	25.0	15.0
P/E	14.8	29.3	28.5	-32.8	31.0	35.1	28.9
P/CFO	10.9	38.9	13.5	7.2	24.2	28.6	18.9
Total Yield	7.5%	3.4%	4.7%	-3.0%	4.2%	3.8%	4.0%
Dividend Yield	0.8%	0.0%	1.1%	0.0%	1.0%	0.9%	0.8%
FCF Yield 3Y Avg	8.6%	1.7%	5.7%	7.1%	2.9%	2.5%	4.3%
D/E	0.1	0.2	0.6	0.6	0.2	0.1	0.2
Net D/E	0.1	0.2	0.6	0.6	0.2	0.1	0.2

Returns

	NEU	SXT	FUL	NGVT	SHW	ECL	Median
Name	NewMarket	Sensient.	H.B. Ful.	Ingevity	Sherwin-.	Ecolab
1M Rtn	-4.3%	1.6%	5.0%	20.1%	-3.9%	-0.6%	0.5%
3M Rtn	-12.8%	-3.6%	1.4%	6.0%	-5.7%	-0.1%	-1.9%
6M Rtn	4.0%	-0.7%	6.7%	41.9%	-5.8%	-0.3%	1.9%
12M Rtn	37.4%	34.4%	-10.0%	44.7%	-5.2%	11.9%	23.1%
3Y Rtn	141.4%	41.1%	-15.0%	-15.7%	37.2%	89.2%	39.1%
1M Excs Rtn	-8.9%	-3.1%	0.3%	15.4%	-8.5%	-5.2%	-4.2%
3M Excs Rtn	-17.2%	-6.5%	-2.1%	3.5%	-9.4%	-4.7%	-5.6%
6M Excs Rtn	-7.6%	-14.9%	-5.0%	27.7%	-18.7%	-13.5%	-10.6%
12M Excs Rtn	19.6%	16.6%	-29.2%	28.3%	-22.3%	-4.2%	6.2%
3Y Excs Rtn	67.3%	-37.7%	-96.9%	-93.7%	-40.9%	11.1%	-39.3%

Comparison Analyses

	Title
0	How Does NewMarket Stock Stack Up Against Its Peers?
1	NewMarket vs. H.B. Fuller: With Return Forecast Of 16%, H.B. Fuller Is A Better Bet
2	NGVT Could Deliver 2.1% Returns And Outperform NEU
3	NewMarket vs. Alkermes: Similar Market Cap, But Alkermes Is A Better Bet
4	NewMarket vs. Insperity: Similar Market Cap, But Insperity Is A Better Bet
5	NewMarket vs. Diodes: Similar Market Cap, Similar Bets
6	NewMarket vs ConMed: Similar Market Cap; Which Stock Is A Better Bet?
7	NewMarket vs Coterra Energy: Similar Income; Which Stock Is A Better Bet?
8	NewMarket vs Kansas City Southern: Similar Income; Which Stock Is A Better Bet?
9	NewMarket vs Quaker Chemical: Industry Peers; Which Stock Is A Better Bet?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/31/2025	2/14/2025	2/15/2024	2/15/2023	2/15/2022	2/16/2021	2/18/2020
Key Financials
Total Revenue	2,744	2,787	2,698	2,765	2,356	2,011	2,190
EBITDA	746	758	604	465	366	442	448
Operating Income	566	590	483	355	258	312	337
Net Income	448	462	389	280	191	271	254
EPS	47.33	48.22	40.44	27.77	17.71	24.64	22.73
Growth Rates
Total Revenue Growth	-1.1%	3.3%	-2.4%	17.3%	17.2%	-8.2%	-4.3%
EBITDA Growth	4.6%	25.5%	29.9%	27.1%	-17.1%	-1.5%	15.3%
Operating Income Growth	1.4%	22.1%	36.0%	37.8%	-17.3%	-7.6%	15.3%
Net Income Growth	3.7%	18.9%	39.1%	46.4%	-29.4%	6.4%	8.3%
Margins
EBITDA Margin	27.2%	27.2%	22.4%	16.8%	15.5%	22.0%	20.5%
Operating Income Margin	20.6%	21.2%	17.9%	12.8%	10.9%	15.5%	15.4%
Net Income Margin	16.3%	16.6%	14.4%	10.1%	8.1%	13.5%	11.6%
Cash & Debt
Total Cash	102	77	112	69	459	125	144
Total Debt	862	1,059	734	1,089	1,233	671	715
Net Debt / (Cash)	759	982	622	1,020	773	545	570
Cash Flows
Net Cash from Operations	609	520	577	109	165	284	337
Free Cash from Operations	545	462	529	52	86	191	278
Returns to Shareholders
Dividends	102	96	85	84	86	83	82
Share Repurchases	109	32	43	207	196	101	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/31/2025	7/31/2025	4/24/2025	2/14/2025	10/24/2024	7/30/2024	4/25/2024	2/15/2024	10/26/2023	7/27/2023	4/27/2023	2/15/2023
Key Financials Quarterly
Total Revenue	690	699	701	655	725	710	697	643	667	685	703	683
Ebitda	177	187	204	178	213	188	179	132	161	155	156	139
Operating Income	131	143	160	133	170	147	141	101	132	124	125	110
Net Income	100	111	126	111	132	112	108	80	111	100	98	91
EPS	10.67	11.84	13.26	11.56	13.79	11.63	11.23	8.38	11.60	10.36	10.09	9.26
Key Financials TTM
Total Revenue TTM	2,744	2,779	2,791	2,787	2,775	2,717	2,692	2,698	2,738	2,767	2,805	2,765
Ebitda TTM	746	782	783	758	713	660	627	604	611	559	517	465
Operating Income TTM	566	605	609	590	559	522	499	483	491	438	397	355
Net Income TTM	448	480	481	462	432	411	399	389	399	351	318	280
Growth Rates Quarterly
Total Revenue Growth	-4.8%	-1.7%	0.6%	1.8%	8.7%	3.7%	-0.9%	-5.7%	-4.2%	-5.3%	6.1%	18.4%
EBITDA Growth	-16.9%	-0.7%	13.6%	34.7%	32.5%	21.3%	14.7%	-4.8%	47.3%	37.0%	50.2%	127.9%
Operating Income Growth	-22.9%	-2.6%	13.5%	31.0%	28.0%	18.3%	12.6%	-7.5%	68.2%	48.6%	50.1%	209.2%
Net Income Growth	-24.2%	-0.3%	16.9%	37.7%	18.9%	12.0%	10.4%	-11.2%	76.0%	49.9%	64.5%	426.1%
Margins Quarterly
EBITDA Margin	25.7%	26.8%	29.0%	27.2%	29.4%	26.5%	25.7%	20.5%	24.1%	22.7%	22.2%	20.3%
Operating Income Margin	18.9%	20.5%	22.8%	20.3%	23.4%	20.7%	20.2%	15.8%	19.8%	18.1%	17.8%	16.0%
Net Income Margin	14.5%	15.9%	18.0%	16.9%	18.3%	15.7%	15.5%	12.5%	16.7%	14.5%	13.9%	13.3%
Cash & Debt
Total Cash	102	70	118	77	80	88	117	112	103	131	70	69
Total Debt	862	918	1,065	1,059	1,158	1,246	1,355	734	842	978	1,018	1,089
Net Debt / (Cash)	759	848	947	982	1,078	1,158	1,238	622	740	847	948	1,020
Cash Flows Quarterly
FCF from Operations	142	161	120	185	117	115	103	172	143	152	110	93
Cash Flows TTM
FCF from Operations TTM	609	583	537	520	506	532	570	577	498	347	212	109
Returns to Shareholders Quarterly
Dividends	26	26	26	24	24	24	24	22	22	22	20	20
Share Repurchases	-0	20	57	32	-0	-0	-0	-0	-0	14	28	57
Return on Invested Capital (ROIC) Quarterly
ROIC	46.3%	47.0%	49.5%	43.2%	49.2%	39.6%	35.6%	50.1%	59.2%	46.8%	41.1%	35.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	52.3%	51.5%	48.4%	46.0%	40.4%	35.6%	32.1%	61.8%	53.8%	41.3%	33.3%	28.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Petroleum additives	2,690	2,754	2,344	2,002	2,176
All other	9	10	12	9	14
Specialty materials	0
Total	2,698	2,765	2,356	2,011	2,190

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Petroleum additives	514	378	281	333	359
Specialty materials	0
All other		-2	-2	-0	-2
Total	514	376	280	333	358

Price Behavior

Price Behavior

Market Price	$708.14
Market Cap ($ Bil)	6.6
First Trading Date	08/06/1985
Distance from 52W High	-18.6%
	50 Days	200 Days
DMA Price	$755.37	$701.25
DMA Trend	up	down
Distance from DMA	-6.3%	1.0%
	3M	1YR
Volatility	31.2%	26.2%
Downside Capture	155.22	53.03
Upside Capture	63.16	76.04
Correlation (SPY)	22.6%	35.7%

NEU Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.85	0.52	0.48	0.42	0.48	0.57
Up Beta	-0.19	-0.11	0.09	0.49	0.51	0.67
Down Beta	0.21	-0.46	-0.17	0.08	0.27	0.37
Up Capture	135%	66%	50%	65%	68%	43%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	23	34	74	145	399
Down Capture	114%	139%	119%	44%	57%	74%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	19	29	52	104	350

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of NEU With Other Asset Classes (Last 1Y)
	NEU	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	37.9%	9.2%	18.8%	72.9%	9.0%	3.7%	-11.4%
Annualized Volatility	26.0%	20.0%	19.5%	19.2%	15.3%	17.2%	35.0%
Sharpe Ratio	1.20	0.33	0.76	2.72	0.36	0.05	-0.14
Correlation With Other Assets		46.9%	35.4%	8.3%	12.4%	40.6%	15.1%

ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of NEU With Other Asset Classes (Last 5Y)
	NEU	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	14.5%	7.2%	14.8%	18.9%	11.8%	4.7%	35.5%
Annualized Volatility	25.0%	18.9%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	0.54	0.29	0.70	0.98	0.51	0.16	0.62
Correlation With Other Assets		47.6%	40.4%	9.8%	4.5%	37.5%	17.6%

Based On 10-Year Data

		Comparison of NEU With Other Asset Classes (Last 10Y)
	NEU	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	8.6%	9.9%	14.8%	15.1%	6.8%	5.4%	69.1%
Annualized Volatility	24.4%	20.8%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.35	0.43	0.71	0.85	0.31	0.23	0.90
Correlation With Other Assets		49.5%	44.2%	4.9%	10.7%	37.4%	10.3%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	146,204
Short Interest: % Change Since 11152025	-9.3%
Average Daily Volume	59,308
Days-to-Cover Short Interest	2.47
Basic Shares Quantity	9,360,000
Short % of Basic Shares	1.6%

Returns Analyses

	Title
0	Is NewMarket Stock Built to Withstand More Downside?
1	NewMarket Stock Return Comparison
2	NewMarket (NEU) Stock Return: AI Predicts NEU Average and Excess Return After a Fall or Rise

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/30/2025	2.7%	2.1%	0.7%
7/30/2025	1.0%	6.1%	21.1%
4/23/2025	5.4%	6.8%	12.3%
2/3/2025	5.0%	8.6%	15.1%
10/23/2024	4.2%	2.5%	3.4%
7/29/2024	1.6%	-4.2%	-0.4%
4/24/2024	-8.5%	-9.1%	-7.0%
1/31/2024	6.4%	5.5%	15.4%
...
SUMMARY STATS
# Positive	14	13	15
# Negative	10	11	9
Median Positive	4.6%	6.1%	8.9%
Median Negative	-4.7%	-4.2%	-6.2%
Max Positive	9.2%	11.6%	21.1%
Max Negative	-11.8%	-11.1%	-10.2%

	Forward Returns
10/30/2025	2.7%	2.1%	0.7%
7/30/2025	1.0%	6.1%	21.1%
4/23/2025	5.4%	6.8%	12.3%
2/3/2025	5.0%	8.6%	15.1%
10/23/2024	4.2%	2.5%	3.4%
7/29/2024	1.6%	-4.2%	-0.4%
4/24/2024	-8.5%	-9.1%	-7.0%
1/31/2024	6.4%	5.5%	15.4%
10/26/2023	-1.9%	-0.3%	9.7%
7/26/2023	1.9%	4.2%	4.3%
4/26/2023	9.2%	9.6%	9.5%
1/31/2023	6.8%	3.8%	1.6%
10/24/2022	-5.2%	-2.2%	0.7%
8/2/2022	-2.2%	-2.6%	-7.1%
4/27/2022	5.6%	11.6%	6.4%
2/2/2022	-11.1%	-11.1%	-2.7%
10/25/2021	-11.8%	-11.0%	-7.6%
7/28/2021	1.7%	1.4%	8.9%
4/21/2021	-6.8%	-8.9%	-10.2%
2/3/2021	-3.6%	-2.5%	-4.8%
10/28/2020	6.0%	7.1%	11.5%
7/30/2020	-0.2%	-3.6%	-2.0%
4/22/2020	4.0%	6.2%	7.7%
2/3/2020	-4.2%	-6.1%	-6.2%
SUMMARY STATS
# Positive	14	13	15
# Negative	10	11	9
Median Positive	4.6%	6.1%	8.9%
Median Negative	-4.7%	-4.2%	-6.2%
Max Positive	9.2%	11.6%	21.1%
Max Negative	-11.8%	-11.1%	-10.2%

SEC Filings

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Report Date	Filing Date	Filing
9302025	10312025	10-Q 9/30/2025
6302025	7312025	10-Q 6/30/2025
3312025	4242025	10-Q 3/31/2025
12312024	2142025	10-K 12/31/2024
9302024	10242024	10-Q 9/30/2024
6302024	7302024	10-Q 6/30/2024
3312024	4252024	10-Q 3/31/2024
12312023	2152024	10-K 12/31/2023
9302023	10262023	10-Q 9/30/2023
6302023	7272023	10-Q 6/30/2023
3312023	4272023	10-Q 3/31/2023
12312022	2152023	10-K 12/31/2022
9302022	10252022	10-Q 9/30/2022
6302022	8032022	10-Q 6/30/2022
3312022	4282022	10-Q 3/31/2022
12312021	2152022	10-K 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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NewMarket (NEU)

Market Price (12/24/2025): $708.65 | Market Cap: $6.6 BilSector: Materials | Industry: Specialty Chemicals

NewMarket (NEU)

Market Price (12/24/2025): $708.65Market Cap: $6.6 BilSector: MaterialsIndustry: Specialty Chemicals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

NEU Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

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In The Past

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About NewMarket (NEU)

NewMarket Corporation (Symbol: NEU)

Expected Drivers of Future Revenue Growth for NewMarket (NEU) Over the Next 2-3 Years

Share Repurchases

Outbound Investments

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Interactive Breakdown

Better Bets than NewMarket (NEU)

INDUSTRY: Specialty Chemicals

Higher Rev Chg 3Y Avg | Lower P/S (Values for NEU: 1.1% | 2.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NEU: 1.1% | 11.7x)

Higher Rev Chg LTM (Value for NEU: -1.1%)

Higher Rev Chg 3Y Avg (Value for NEU: 1.1%)

Higher CFO/Rev LTM (Value for NEU: 22.2%)

Higher FCF/Rev LTM (Value for NEU: 19.9%)

Higher Total Yield (Value for NEU: 7.5%)

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for NEU: 1.1% | 2.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NEU: 1.1% | 11.7x)

Higher Rev Chg LTM (Value for NEU: -1.1%)

Higher Rev Chg 3Y Avg (Value for NEU: 1.1%)

Higher Op Mgn LTM (Value for NEU: 20.6%)

Higher CFO/Rev LTM (Value for NEU: 22.2%)

Higher FCF/Rev LTM (Value for NEU: 19.9%)

Higher Total Yield (Value for NEU: 7.5%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for NEU: 1.1% | 2.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NEU: 1.1% | 11.7x)

Higher Rev Chg LTM (Value for NEU: -1.1%)

Higher Rev Chg 3Y Avg (Value for NEU: 1.1%)

Higher Op Mgn LTM (Value for NEU: 20.6%)

Higher CFO/Rev LTM (Value for NEU: 22.2%)

Higher FCF/Rev LTM (Value for NEU: 19.9%)

Higher Total Yield (Value for NEU: 7.5%)

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Market Price (12/24/2025): $708.65 | Market Cap: $6.6 Bil
Sector: Materials | Industry: Specialty Chemicals

Market Price (12/24/2025): $708.65
Market Cap: $6.6 Bil
Sector: Materials
Industry: Specialty Chemicals