Ingevity (NGVT)
Market Price (11/6/2026): $63.77 | Market Cap: $2.2 BilSector: Materials | Industry: Specialty Chemicals
Ingevity (NGVT)
Market Price (11/6/2026): $63.77Market Cap: $2.2 BilSector: MaterialsIndustry: Specialty 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 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% Attractive yieldFCF Yield is 7.0% Low stock price volatilityVol 12M is 38% Megatrend and thematic driversMegatrends include Advanced Materials, and Sustainable Resource Management. Themes include Specialty Chemicals for Performance, Resource Efficiency Solutions, Show more. | Weak multi-year price returns3Y Excs Rtn is -25% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 52% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 41x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -10%, Rev Chg QQuarterly Revenue Change % is -5.2% Key risksNGVT key risks include [1] the long-term challenge to its core automotive carbon business from the market's transition to electric vehicles, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Attractive yieldFCF Yield is 7.0% |
| Low stock price volatilityVol 12M is 38% |
| Megatrend and thematic driversMegatrends include Advanced Materials, and Sustainable Resource Management. Themes include Specialty Chemicals for Performance, Resource Efficiency Solutions, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -25% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 52% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 41x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -10%, Rev Chg QQuarterly Revenue Change % is -5.2% |
| Key risksNGVT key risks include [1] the long-term challenge to its core automotive carbon business from the market's transition to electric vehicles, Show more. |
Qualitative Assessment
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Ingevity (NGVT) stock has lost about 15% since 7/31/2026 because of the following key factors:
1. Reported net sales decline despite underlying core growth. Ingevity reported Q3 2026 net sales of $305.1 million, which, while slightly exceeding the consensus estimate of $304.6 million, represented an 8% decrease year-over-year from Q3 2025. This reported decline was primarily attributed to the divestiture of the Road Markings product line on April 15, 2026. However, excluding the divested Road Markings business, core sales demonstrated a 2% increase year-over-year, suggesting that the headline reported revenue contraction may have overshadowed the company's underlying growth in continuing operations.
2. Significant headwinds and cost pressures in the Pavement Technologies segment. The Pavement Technologies segment experienced a 24% decrease in net sales to $106.0 million in fiscal Q3 2026, largely due to the divestiture of the Road Markings product line. Even when excluding this divestiture, sales for the segment remained nearly flat as higher pricing was offset by softer market demand. This segment faced macroeconomic challenges, including persistently higher asphalt costs, driven by crude oil inflation, which increased project costs for customers and consequently suppressed demand. These factors contributed to a $7.3 million year-over-year decline in Segment EBITDA.
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Ingevity (NGVT) stock has lost about 15% since 7/31/2026 because of the following key factors:
1. Reported net sales decline despite underlying core growth. Ingevity reported Q3 2026 net sales of $305.1 million, which, while slightly exceeding the consensus estimate of $304.6 million, represented an 8% decrease year-over-year from Q3 2025. This reported decline was primarily attributed to the divestiture of the Road Markings product line on April 15, 2026. However, excluding the divested Road Markings business, core sales demonstrated a 2% increase year-over-year, suggesting that the headline reported revenue contraction may have overshadowed the company's underlying growth in continuing operations.
2. Significant headwinds and cost pressures in the Pavement Technologies segment. The Pavement Technologies segment experienced a 24% decrease in net sales to $106.0 million in fiscal Q3 2026, largely due to the divestiture of the Road Markings product line. Even when excluding this divestiture, sales for the segment remained nearly flat as higher pricing was offset by softer market demand. This segment faced macroeconomic challenges, including persistently higher asphalt costs, driven by crude oil inflation, which increased project costs for customers and consequently suppressed demand. These factors contributed to a $7.3 million year-over-year decline in Segment EBITDA.
3. Decrease in operating and free cash flow. Ingevity's operating cash flow for fiscal Q3 2026 decreased by $30.5 million year-over-year to $99.2 million. Concurrently, free cash flow saw a more substantial decline of $32.3 million compared to the same period in the prior year. This reduction in cash generation was partly influenced by working capital benefits recognized in Q3 2025 from divested businesses, but it signals a potential area of concern regarding the company's cash efficiency.
4. Prolonged uncertainty regarding the Advanced Polymer Technologies (APT) divestiture and softness in international automotive markets. The company continues to explore strategic alternatives for its Advanced Polymer Technologies (APT) segment, with a potential sale agreement now anticipated to extend into early 2027. This prolonged timeline for a significant portfolio realignment decision can contribute to investor uncertainty. Furthermore, while North American automotive demand remained resilient for Ingevity's Performance Materials unit, the segment experienced softness in automotive applications in key international markets, specifically China and Europe, impacting overall volumes.
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Stock Movement Drivers
Fundamental Drivers
The -12.9% change in NGVT stock from 7/31/2026 to 11/5/2026 was primarily driven by a -12.9% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.11 | 63.71 | -12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,160 | 1,160 | 0.0% |
| Net Income Margin (%) | 4.7% | 4.7% | 0.0% |
| P/E Multiple | 47.0 | 40.9 | -12.9% |
| Shares Outstanding (Mil) | 35 | 35 | 0.0% |
| Cumulative Contribution | -12.9% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| NGVT | -12.9% | |
| Market (SPY) | -1.9% | 67.6% |
| Sector (XLB) | 3.8% | 49.9% |
Fundamental Drivers
The -16.4% change in NGVT stock from 4/30/2026 to 11/5/2026 was primarily driven by a -18.3% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 76.19 | 63.71 | -16.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,168 | 1,160 | -0.6% |
| P/S Multiple | 2.3 | 1.9 | -18.3% |
| Shares Outstanding (Mil) | 36 | 35 | 3.0% |
| Cumulative Contribution | -16.4% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| NGVT | -16.4% | |
| Market (SPY) | 2.3% | 52.3% |
| Sector (XLB) | 2.1% | 48.1% |
Fundamental Drivers
The 18.6% change in NGVT stock from 10/31/2025 to 11/5/2026 was primarily driven by a 14.4% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 53.72 | 63.71 | 18.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,176 | 1,160 | -1.4% |
| P/S Multiple | 1.7 | 1.9 | 14.4% |
| Shares Outstanding (Mil) | 36 | 35 | 5.1% |
| Cumulative Contribution | 18.6% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| NGVT | 18.6% | |
| Market (SPY) | 8.4% | 47.6% |
| Sector (XLB) | 23.8% | 54.8% |
Fundamental Drivers
The 58.2% change in NGVT stock from 10/31/2023 to 11/5/2026 was primarily driven by a 395.0% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.28 | 63.71 | 58.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,740 | 1,160 | -33.3% |
| Net Income Margin (%) | 10.2% | 4.7% | -54.3% |
| P/E Multiple | 8.3 | 40.9 | 395.0% |
| Shares Outstanding (Mil) | 36 | 35 | 4.9% |
| Cumulative Contribution | 58.2% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| NGVT | 58.2% | |
| Market (SPY) | 81.3% | 47.9% |
| Sector (XLB) | 45.1% | 57.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NGVT Return | -5% | -2% | -33% | -14% | 45% | 8% | -16% |
| Peers Return | 22% | -4% | 6% | -3% | -21% | 20% | 13% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| NGVT Win Rate | 50% | 50% | 50% | 50% | 50% | 55% | |
| Peers Win Rate | 55% | 43% | 45% | 48% | 35% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| NGVT Max Drawdown | -22% | -25% | -59% | -43% | -39% | -18% | |
| Peers Max Drawdown | -20% | -27% | -29% | -23% | -35% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CBT, EMN, ASH, SCL, RPM. See NGVT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)
How Low Can It Go
| Event | NGVT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.1% | -18.8% |
| % Gain to Breakeven | 61.5% | 23.1% |
| Time to Breakeven | 119 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -16.8% | -7.8% |
| % Gain to Breakeven | 20.2% | 8.5% |
| Time to Breakeven | 79 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -40.2% | -9.5% |
| % Gain to Breakeven | 67.3% | 10.5% |
| Time to Breakeven | 789 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.4% | -24.5% |
| % Gain to Breakeven | 32.3% | 32.4% |
| Time to Breakeven | 158 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.3% | -33.7% |
| % Gain to Breakeven | 134.1% | 50.9% |
| Time to Breakeven | 236 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.2% | -19.2% |
| % Gain to Breakeven | 30.2% | 23.8% |
| Time to Breakeven | 52 days | 105 days |
In The Past
Ingevity's stock fell -38.1% during the 2025 US Tariff Shock. Such a loss loss requires a 61.5% gain to breakeven.
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Asset Allocation
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| Event | NGVT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.1% | -18.8% |
| % Gain to Breakeven | 61.5% | 23.1% |
| Time to Breakeven | 119 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -40.2% | -9.5% |
| % Gain to Breakeven | 67.3% | 10.5% |
| Time to Breakeven | 789 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.4% | -24.5% |
| % Gain to Breakeven | 32.3% | 32.4% |
| Time to Breakeven | 158 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.3% | -33.7% |
| % Gain to Breakeven | 134.1% | 50.9% |
| Time to Breakeven | 236 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.2% | -19.2% |
| % Gain to Breakeven | 30.2% | 23.8% |
| Time to Breakeven | 52 days | 105 days |
In The Past
Ingevity's stock fell -38.1% during the 2025 US Tariff Shock. Such a loss loss requires a 61.5% 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 Ingevity (NGVT)
Ingevity Corporation (NGVT) is a global specialty chemicals and materials company that develops and manufactures high-performance products for a wide range of industrial and consumer applications. The company leverages both natural resources, such as hardwood and crude tall oil, and advanced chemical synthesis to create its diverse portfolio. Ingevity's operations are divided into two key segments: Performance Materials and Performance Chemicals.
The Performance Materials segment specializes in engineering and manufacturing activated carbon products. These products are predominantly utilized in gasoline vapor emission control systems for automotive and marine vehicles, helping meet stringent environmental regulations. Additionally, this segment supplies activated carbon for critical purification processes across various industries, including food, water, beverage, and general chemical purification.
The Performance Chemicals segment focuses on producing a broad array of chemicals, many derived from crude tall oil and lignin, byproducts of the kraft pulping process, as well as caprolactone monomers and derivatives. This segment's offerings include advanced pavement technologies used in road construction, preservation, and recycling; industrial specialties for applications like oil well services, adhesives, lubricants, and printing inks; and engineered polymers for high-value uses in coatings, resins, elastomers, bioplastics, and medical devices, serving a diverse global market.
AI Analysis | Feedback
- Ingevity is like Eastman Chemical for specialty materials, but with a unique focus on activated carbon for reducing car emissions and performance chemicals for making roads last longer.
- They're similar to Cabot Corporation, providing specialized carbon materials and performance chemicals that are essential for cleaning car emissions and creating more durable road infrastructure.
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- Activated Carbon for Emission Control: Hardwood-based and chemically activated carbon products primarily used in gasoline vapor emission control systems for vehicles.
- Activated Carbon for Purification: Activated carbon products utilized in food, water, beverage, and chemical purification applications.
- Pavement Technologies: Products derived from crude tall oil and lignin used in warm mix paving, pavement preservation, and reconstruction.
- Industrial Specialty Chemicals: Specialty chemicals used as oil well service additives, in adhesives, agrochemical dispersants, lubricants, and coatings.
- Engineered Polymers: Caprolactone monomers and derivatives used in the production of elastomers, bioplastics, and medical devices.
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Ingevity (NGVT) primarily sells its specialty chemicals and activated carbon materials to other companies (B2B) across a wide range of industries globally.
Based on Ingevity's public financial disclosures, the company does not have any single major customer that accounts for 10% or more of its net sales. This indicates a highly diversified customer base rather than reliance on a few dominant buyers.
While no individual major customer names are disclosed due to this diversification, Ingevity's products are integral to operations within the following broad categories of customer companies:
- Automotive Manufacturers and Suppliers: Utilizing activated carbon for gasoline vapor emission control systems in cars, motorcycles, trucks, and boats.
- Industrial and Purification Companies: Including those in food, water, beverage, and chemical purification, as well as manufacturers requiring industrial specialties like adhesives, agrochemical dispersants, lubricants, printing inks, and coatings.
- Infrastructure and Construction Firms: Using pavement technologies for applications such as warm mix paving, pavement preservation, reconstruction, and recycling.
- Oil and Gas Sector: Employing products for oil well service additives, oil production, and various downstream applications.
- Engineered Polymers and Medical Device Manufacturers: Utilizing caprolactone monomers and derivatives for resins, elastomers, bioplastics, and medical devices.
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- WestRock (WRK)
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David H. Li, President and CEO
David H. Li was appointed President and CEO of Ingevity, effective April 7, 2025. He brings over 25 years of experience in the specialty materials industry. Prior to joining Ingevity, he served as CEO, president, and a member of the board of CMC Materials, Inc. from January 2015 until its sale to Entegris, Inc. in 2022. During his tenure at CMC Materials, the company delivered a significant return to stockholders. He is recognized for his track record of repositioning businesses to achieve substantial growth, strong financial performance, and outstanding stockholder returns.
Mary Dean Hall, Executive Vice President and Chief Financial Officer
Mary Dean Hall joined Ingevity in April 2021 as Executive Vice President and Chief Financial Officer. She will transition from her current role effective May 1, 2026, and will continue in an advisory capacity for one year. Before Ingevity, she was CFO and Treasurer at Quaker Houghton from 2015 to April 2021. Her earlier career includes a 20-year tenure at Eastman Chemical Company, where she held various senior-level financial positions, including Vice President and Treasurer. She also held financial and banking positions at Nalco Chemical Company and with banks such as Citibank and First Chicago (now J.P. Morgan). Ms. Hall serves on the board of directors for Applied Industrial Technologies.
Phillip J. Platt, Senior Vice President, Finance and Chief Accounting Officer (Incoming Chief Financial Officer)
Phillip J. Platt is currently Ingevity's Senior Vice President, Finance and Chief Accounting Officer, and is appointed to succeed Mary Dean Hall as Senior Vice President and CFO, effective May 1, 2026. He joined Ingevity in 2015 as Chief Accounting Officer and Corporate Controller. Since then, he has held key finance leadership roles, including Vice President of Financial Planning and Business Transformation Lead, and has overseen Financial Reporting and Analysis, Treasury, Investor Relations, and Business Transformation.
Ruth Castillo, Senior Vice President and President, Performance Materials
Ruth Castillo serves as Senior Vice President and President of Performance Materials at Ingevity. Additional specific background details were not available in the provided search results.
Reid Clontz, Senior Vice President, Operations
Reid Clontz was appointed Senior Vice President, Operations, and a member of Ingevity's executive leadership team, effective December 8, 2025. He previously served as Vice President, Global Operations at Ingevity. Mr. Clontz brings more than two decades of experience in the chemical industry to his role, leading operations across multiple manufacturing sites, improving process efficiency, and aligning production with sustainability goals. In his current position, he also oversees the company's supply chain, procurement, and safety functions.
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Here are the key risks to Ingevity's business:
-
Transition to Electric Vehicles (EVs): A significant portion of Ingevity's Performance Materials segment relies on producing activated carbon for gasoline vapor emission control systems in traditional internal combustion engine vehicles. The accelerating global shift toward electric vehicles (EVs), which do not require these systems, presents a fundamental long-term threat to demand in this core business area. While Ingevity is exploring opportunities related to EV battery systems and advanced filtration technologies for electric vehicles, this is an evolving market, and its growth may not fully offset the decline in demand from gasoline-powered vehicles.
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Raw Material Volatility and Supply Chain Disruptions: Ingevity's Performance Chemicals segment, and its overall operations, are heavily dependent on specific bio-based raw materials, particularly crude tall oil (CTO), a byproduct of the pulp and paper industry. The company has experienced significant increases in CTO costs in the past, which negatively impacted its financial results. The limited supply or lack of access to sufficient raw materials, coupled with price volatility, especially with rising demand for CTO in the biofuel industry, poses an ongoing risk to production costs and profitability.
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Regulatory Changes and Environmental Scrutiny: As a manufacturer of specialty chemicals and activated carbon, Ingevity operates in a highly regulated industry. The company is exposed to risks associated with evolving environmental laws, air quality standards, and other regulations, including those related to greenhouse gas emissions. Compliance with these changing regulations can lead to increased operational costs, necessitate significant capital expenditures for facility upgrades, or require costly adaptations of its products and manufacturing processes.
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Ingevity Corporation operates in several addressable markets for its specialty chemicals and activated carbon materials. The market sizes for its main products and services are as follows:
Performance Materials Segment
- Automotive Activated Carbon Canisters: The global market for activated carbon for automotive applications, primarily for gasoline vapor emission control systems, was valued at approximately USD 291.12 million in 2024 and is projected to reach USD 514.5 million by 2034. North America holds the largest market share, at approximately 45%.
- Activated Carbon for Purification (Food, Water, Beverage, and Chemical Purification): The global activated carbon market size was estimated at USD 4,068.8 million in 2025 and is projected to reach USD 5,497.3 million by 2033. Another source indicates a global market size of USD 4.9 billion in 2024, expected to reach USD 8.8 billion in 2032. The water treatment segment accounted for the largest revenue share of 42.5% in 2025. The Asia Pacific region dominated the overall activated carbon industry with a 48.9% share in 2025.
Performance Chemicals Segment
- Crude Tall Oil (CTO) Derivatives: The global crude tall oil derivative market size reached USD 2.1 billion in 2024 and is expected to reach USD 3.0 billion by 2033. Another report estimates the market at USD 3.27 billion in 2024, projected to reach USD 5.00 billion by 2035. North America is the largest market for crude tall oil derivatives, holding approximately 45% of the global market share.
- Warm Mix Asphalt (Pavement Technologies): The global warm mix asphalt market size was estimated at USD 8.257 billion in 2024 and is projected to grow to USD 10.2 billion by 2035. North America held a majority share, valued at USD 3.0 billion in 2024, and is expected to reach USD 3.7 billion by 2035.
- Pavement Rejuvenators (Pavement Preservation): The global pavement rejuvenators market size reached USD 5.2 billion in 2024 and is projected to expand to USD 8.6 billion by 2033. North America remains the dominant regional market, accounting for approximately USD 2.1 billion in 2024.
- Caprolactone (Engineered Polymers): The global caprolactone market size was over USD 329.55 million in 2025 and is anticipated to cross USD 630.33 million by 2035. Another estimate places the global caprolactone market size at USD 256.69 million in 2024, anticipated to reach USD 289.159 million by 2032. The Asia Pacific region holds the largest revenue share in the caprolactone market.
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- Price Increases in Performance Materials: Ingevity anticipates low single-digit sales growth in its Performance Materials segment for 2026, primarily supported by disciplined price increases in its automotive product lines. This segment manufactures activated carbon products used in gasoline vapor emission control systems.
- Growth in Performance Chemicals Core Businesses: The company projects mid-single-digit sales growth for its Performance Chemicals segment in 2026, which includes its Pavement Technologies product line. This growth is expected to stem from focusing on core, higher-value applications within this segment, following recent strategic repositioning actions such as the sale of its Industrial Specialties product line.
- Recovery in Global Automotive Production: While 2025 experienced volatility and lower auto production impacting volumes, the Performance Materials segment demonstrated resilience through pricing actions. A potential recovery and stabilization in global automotive manufacturing volumes in the coming years would provide an additional tailwind for this segment, complementing the expected growth from price increases.
- Benefits from Strategic Portfolio Optimization: Ingevity's ongoing efforts to optimize its portfolio through divestitures of non-core assets, such as the North Charleston crude tall oil refinery and the majority of its Industrial Specialties product line, are aimed at creating a more focused and agile enterprise. Although these actions may initially impact top-line revenue, they are expected to enhance the company's position in higher-margin, specialized markets, ultimately supporting more sustainable and profitable revenue growth in its core businesses over the next 2-3 years.
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Share Repurchases
- Ingevity deployed $56 million to repurchase approximately 1 million shares in 2025.
- As of year-end 2025, the company had a remaining share repurchase authorization of just under $300 million.
- Ingevity plans to complete $300 million in share repurchases through 2027, including almost $20 million already repurchased in the first quarter of 2026.
Share Issuance
- Ingevity granted 3,688 shares of common stock as restricted stock units to a senior executive in March 2026, vesting in equal installments from 2027 to 2029.
Capital Expenditures
- Capital expenditures were $54 million in 2025, $78 million in 2024, $110 million in 2023, $143 million in 2022, and $104 million in 2021.
- Capital expenditures for 2026 are expected to be consistent with 2025, in the range of $40 million to $60 million.
Peer Outperformance in Specialty Chemicals
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 33.8% | 90.2% | 137.1% | SCCO 246% · TGB 220% · HBM 206% |
| Steel | 14 | 19.0% | 32.9% | 116.2% | HCC 293% · STLD 267% · RS 175% |
| Gold | 37 | 13.5% | 181.6% | 86.0% | IAG 478% · OGC 377% · AGI 306% |
| Silver | 6 | 38.2% | 249.7% | 74.4% | AYA 273% · HL 146% · EXK 46% |
| Construction Materials | 6 | -13.1% | 23.7% | 41.8% | USLM 355% · CRH 105% · VMC 52% |
| Aluminum | 3 | 8.3% | 92.4% | 15.6% | CENX 129% · AA -15% |
| Metal, Glass & Plastic Containers | 11 | 12.3% | 19.2% | 5.5% | GEF 27% · ATR 17% · SLGN 10% |
| Paper & Plastic Packaging Products & Materials | 7 | 23.0% | 13.8% | -3.0% | PKG 113% · CCK 21% · SON 2% |
| Diversified Metals & Mining | 23 | -55.7% | -9.8% | -7.8% | SKE 166% · MTRN 94% · MP -8% |
| Diversified Chemicals | 3 | 23.6% | 6.2% | -14.0% | CBT 39% · ASH -14% |
| Specialty Chemicals ← | 41 | 12.6% | 0.9% | -22.5% | NEU 127% · ECL 40% · SXT 35% |
| Precious Metals & Minerals | 7 | -2.6% | 132.4% | -31.9% | PPTA 253% |
| Commodity Chemicals | 13 | 19.9% | -23.0% | -36.8% | HWKN 319% · MEOH 51% · DOW -28% |
| Fertilizers & Agricultural Chemicals | 10 | 4.1% | 8.9% | -41.6% | CF 122% · CTVA 78% · NTR 28% |
| Paper Products | 4 | -38.4% | -62.4% | -80.6% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 70.37 |
| Mkt Cap | 3.6 |
| Rev LTM | 3,084 |
| Op Inc LTM | 389 |
| FCF LTM | 244 |
| FCF 3Y Avg | 261 |
| CFO LTM | 394 |
| CFO 3Y Avg | 444 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.6% |
| Rev Chg 3Y Avg | -2.5% |
| Rev Chg Q | 6.9% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 5.3% |
| Op Inc Chg 3Y Avg | 3.2% |
| Op Mgn LTM | 11.7% |
| Op Mgn 3Y Avg | 12.3% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 12.6% |
| CFO/Rev 3Y Avg | 13.4% |
| FCF/Rev LTM | 8.3% |
| FCF/Rev 3Y Avg | 8.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.6 |
| P/S | 1.4 |
| P/Op Inc | 10.6 |
| P/EBIT | 13.8 |
| P/E | 30.4 |
| P/CFO | 11.3 |
| Total Yield | 5.4% |
| Dividend Yield | 2.2% |
| FCF Yield 3Y Avg | 5.2% |
| D/E | 0.4 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.0% |
| 3M Rtn | -8.9% |
| 6M Rtn | -1.8% |
| 12M Rtn | 20.3% |
| 3Y Rtn | 11.0% |
| 1M Excs Rtn | 7.3% |
| 3M Excs Rtn | -8.8% |
| 6M Excs Rtn | -6.6% |
| 12M Excs Rtn | 8.1% |
| 3Y Excs Rtn | -71.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Performance Materials (PM) | 607 | 610 | 586 | 548 | 517 |
| Performance Chemicals (PC) | 400 | 402 | 426 | 875 | 689 |
| Advanced Polymer Technologies (APT) | 160 | 189 | 204 | 245 | 186 |
| Total | 1,168 | 1,200 | 1,216 | 1,668 | 1,392 |
| $ Mil | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|
| Performance Materials (PM) | 189 | 147 | 122 | 107 |
| Performance Chemicals (PC) | 123 | 116 | 80 | 57 |
| Total | 312 | 264 | 202 | 164 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Performance Materials (PM) | 823 | 824 | 738 | 785 | 474 |
| Advanced Polymer Technologies (APT) | 381 | 568 | 598 | ||
| Performance Chemicals (PC) | 358 | 499 | 1,218 | 1,877 | 1,930 |
| Corporate and other | 54 | 63 | 69 | 74 | 65 |
| Assets of discontinued operations | 35 | 68 | |||
| Total | 1,651 | 2,023 | 2,623 | 2,736 | 2,469 |
Price Behavior
| Market Price | $63.71 | |
| Market Cap ($ Bil) | 2.2 | |
| First Trading Date | 05/02/2016 | |
| Distance from 52W High | -18.2% | |
| 50 Days | 200 Days | |
| DMA Price | $70.56 | $71.36 |
| DMA Trend | down | up |
| Distance from DMA | -9.7% | -10.7% |
| 3M | 1YR | |
| Volatility | 36.5% | 37.9% |
| Downside Capture | 99.50 | 116.96 |
| Upside Capture | 71.43 | 139.58 |
| Correlation (S&P 500) | 26.8% | 39.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.93 | 1.04 | 1.03 | 0.95 | 1.14 | 1.41 |
| Up Beta | 2.02 | 0.66 | 1.36 | 0.83 | 1.03 | 1.36 |
| Down Beta | 0.79 | 0.97 | 1.29 | 0.70 | 0.90 | 1.52 |
| Up Capture | 148% | 147% | 89% | 98% | 165% | 272% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 13 | 24 | 35 | 63 | 132 | 382 |
| Down Capture | 55% | 74% | 87% | 115% | 109% | 108% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 9 | 19 | 29 | 63 | 119 | 367 |
[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 NGVT | |
|---|---|---|---|---|
| NGVT | 21.3% | 37.9% | 0.58 | - |
| Sector ETF (XLB) | 25.3% | 18.2% | 1.08 | 54.8% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 47.3% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | 18.5% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -24.0% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | 29.1% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 14.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NGVT | |
|---|---|---|---|---|
| NGVT | -4.0% | 43.7% | 0.03 | - |
| Sector ETF (XLB) | 6.1% | 19.2% | 0.20 | 57.2% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 48.9% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 11.4% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 7.2% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 43.1% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 22.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NGVT | |
|---|---|---|---|---|
| NGVT | 4.1% | 43.7% | 0.24 | - |
| Sector ETF (XLB) | 10.5% | 20.7% | 0.45 | 60.5% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 54.2% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | 3.9% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 20.5% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 44.6% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 14.1% |
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Returns Analyses
Earnings Returns History
Updated 11/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | -13.6% | ||
| 7/29/2026 | -0.6% | 9.2% | -1.2% |
| 5/6/2026 | -4.9% | -8.5% | -15.3% |
| 2/25/2026 | 1.3% | 0.4% | 2.5% |
| 11/5/2025 | -15.2% | -9.8% | -0.9% |
| 8/4/2025 | 21.3% | 27.8% | 41.7% |
| 5/5/2025 | 10.4% | 21.2% | 16.7% |
| 2/18/2025 | 5.3% | 4.8% | -3.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 11 |
| # Negative | 9 | 9 | 12 |
| Median Positive | 5.4% | 4.4% | 9.8% |
| Median Negative | -7.1% | -8.5% | -5.3% |
| Max Positive | 21.3% | 27.8% | 41.7% |
| Max Negative | -15.2% | -24.1% | -26.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | -13.6% | ||
| 7/29/2026 | -0.6% | 9.2% | -1.2% |
| 5/6/2026 | -4.9% | -8.5% | -15.3% |
| 2/25/2026 | 1.3% | 0.4% | 2.5% |
| 11/5/2025 | -15.2% | -9.8% | -0.9% |
| 8/4/2025 | 21.3% | 27.8% | 41.7% |
| 5/5/2025 | 10.4% | 21.2% | 16.7% |
| 2/18/2025 | 5.3% | 4.8% | -3.5% |
| 10/29/2024 | 17.9% | 22.8% | 35.1% |
| 7/31/2024 | -7.1% | -24.1% | -14.0% |
| 5/1/2024 | 5.6% | 4.1% | -5.9% |
| 2/21/2024 | 5.4% | 0.7% | 6.2% |
| 11/1/2023 | 7.7% | -0.8% | 3.7% |
| 8/2/2023 | -9.8% | -12.1% | -12.2% |
| 5/3/2023 | -8.6% | -19.8% | -26.4% |
| 2/27/2023 | -6.0% | -7.5% | -21.8% |
| 11/2/2022 | 8.2% | 11.7% | 19.2% |
| 8/2/2022 | 6.1% | 3.9% | 6.2% |
| 5/4/2022 | 5.3% | 1.8% | 15.1% |
| 2/23/2022 | 0.4% | 2.1% | -0.9% |
| 10/27/2021 | 2.5% | 4.0% | -2.6% |
| 7/28/2021 | 4.9% | -3.5% | -4.8% |
| 4/28/2021 | 2.8% | 14.0% | 9.8% |
| 2/10/2021 | -6.3% | -5.4% | 6.7% |
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 11 |
| # Negative | 9 | 9 | 12 |
| Median Positive | 5.4% | 4.4% | 9.8% |
| Median Negative | -7.1% | -8.5% | -5.3% |
| Max Positive | 21.3% | 27.8% | 41.7% |
| Max Negative | -15.2% | -24.1% | -26.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 11/5/2026Latest: Q3 2026 Earnings Reported 11/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Sales | Reported | 1.10 Bil | 0.0% | Affirmed | Guidance: 1.10 Bil for 2026 | |||
| 2026 Adjusted EBITDA | Reported | 385.00 Mil | 390.00 Mil | 395.00 Mil | 0.0% | Affirmed | Guidance: 390.00 Mil for 2026 | |
| 2026 Diluted Adjusted EPS | Reported | 5.25 | 5.35 | 5.45 | 2.4% | Raised | Guidance: 5.23 for 2026 | |
| 2026 Free Cash Flow | Reported | 220.00 Mil | 225.00 Mil | 230.00 Mil | -3.2% | Lowered | Guidance: 232.50 Mil for 2026 | |
Prior: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Sales | Reported | 1.05 Bil | 1.10 Bil | 1.15 Bil | 0 | Affirmed | Guidance: 1.10 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 380.00 Mil | 390.00 Mil | 400.00 Mil | 2.0% | Raised | Guidance: 382.50 Mil for 2026 | |
| 2026 Diluted Adjusted EPS | Reported | 5 | 5.23 | 5.45 | 5.6% | Raised | Guidance: 4.95 for 2026 | |
| 2026 Free Cash Flow | Reported | 220.00 Mil | 232.50 Mil | 245.00 Mil | 1.1% | Raised | Guidance: 230.00 Mil for 2026 | |
Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Sales | Reported | 1.05 Bil | 1.10 Bil | 1.15 Bil | -4.3% | Lowered | Guidance: 1.15 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 370.00 Mil | 382.50 Mil | 395.00 Mil | -1.9% | Lowered | Guidance: 390.00 Mil for 2026 | |
| 2026 Adjusted EPS | Reported | 4.7 | 4.95 | 5.2 | -1.0% | Lowered | Guidance: 5 for 2026 | |
| 2026 Free Cash Flow | Reported | 215.00 Mil | 230.00 Mil | 245.00 Mil | -3.2% | Lowered | Guidance: 237.50 Mil for 2026 | |
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 1.10 Bil | 1.15 Bil | 1.20 Bil | -11.5% | Lower New | Guidance: 1.30 Bil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 380.00 Mil | 390.00 Mil | 400.00 Mil | -1.9% | Lower New | Guidance: 397.50 Mil for 2025 | |
| 2026 Adjusted EPS | Reported | 4.8 | 5 | 5.2 | ||||
| 2026 Free Cash Flow | Reported | 225.00 Mil | 237.50 Mil | 250.00 Mil | ||||
Insider Activity
Updated 10/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Li, David H | President & CEO | Direct | Sell | 8182026 | 74.71 | 92 | 6,873 | 9,005,842 | Form |
| 2 | Li, David H | President & CEO | Direct | Sell | 8182026 | 75.83 | 5,000 | 379,150 | 9,147,828 | Form |
| 3 | Li, David H | President & CEO | Direct | Sell | 8182026 | 75.73 | 5,000 | 378,650 | 9,514,414 | Form |
| 4 | Li, David H | President & CEO | Direct | Sell | 8142026 | 75.73 | 5,000 | 378,650 | 9,893,064 | Form |
| 5 | Li, David H | President & CEO | Direct | Sell | 8142026 | 76.62 | 5,000 | 383,100 | 10,392,430 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Li, David H | President & CEO | Direct | Sell | 8182026 | 74.71 | 92 | 6,873 | 9,005,842 | Form |
| 2 | Li, David H | President & CEO | Direct | Sell | 8182026 | 75.83 | 5,000 | 379,150 | 9,147,828 | Form |
| 3 | Li, David H | President & CEO | Direct | Sell | 8182026 | 75.73 | 5,000 | 378,650 | 9,514,414 | Form |
| 4 | Li, David H | President & CEO | Direct | Sell | 8142026 | 75.73 | 5,000 | 378,650 | 9,893,064 | Form |
| 5 | Li, David H | President & CEO | Direct | Sell | 8142026 | 76.62 | 5,000 | 383,100 | 10,392,430 | Form |
| 6 | Fisher, Ryan C | SVP, Gen. Counsel & Secretary | Direct | Sell | 8042026 | 73.72 | 2,709 | 199,698 | 1,158,969 | Form |
| 7 | Dyer, Terrance M | SVP, Chief HR Officer | Direct | Sell | 6012026 | 68.49 | 496 | 33,971 | 493,261 | Form |
Investor Activity (13F)
Updated Nov 6, 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 | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Simcoe Capital Management, LLC | $69.9 Mil | 13.0% | 14 | Hold | 13F |
| Harvey Partners, LLC | $53.0 Mil | 4.3% | 45 | ADD +18.1% | 13F |
| Southernsun Asset Management, LLC | $17.9 Mil | 2.6% | 31 | TRIM -8.0% | 13F |
| Maple Rock Capital Partners Inc. | $43.0 Mil | 1.4% | 44 | TRIM -10.6% | 13F |
| Alpha Wave Global, LP | $6.1 Mil | 0.8% | 20 | TRIM -55.2% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Simcoe Capital Management, LLC | $69.9 Mil | 13.0% | 14 | Hold | 13F |
| Harvey Partners, LLC | $53.0 Mil | 4.3% | 45 | ADD +18.1% | 13F |
| Maple Rock Capital Partners Inc. | $43.0 Mil | 1.4% | 44 | TRIM -10.6% | 13F |
| Southernsun Asset Management, LLC | $17.9 Mil | 2.6% | 31 | TRIM -8.0% | 13F |
| Alpha Wave Global, LP | $6.1 Mil | 0.8% | 20 | TRIM -55.2% | 13F |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Specialty Chemicals Resources |
| SpecialChem |
| Chemical Week |
| ICIS |
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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