Tearsheet

Stepan (SCL)

Market Price (12/27/2025): $47.04 | Market Cap: $1.1 Bil
Sector: Materials | Industry: Specialty Chemicals

Stepan (SCL)

Market Price (12/27/2025): $47.04
Market Cap: $1.1 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 7.4%, Dividend Yield is 3.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.3%	Weak multi-year price returns 2Y Excs Rtn is -93%, 3Y Excs Rtn is -135%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 55%
1	Low stock price volatility Vol 12M is 34%		Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.5%
2	Megatrend and thematic drivers Megatrends include Advanced Materials, Sustainable Consumption, and Sustainable & Green Buildings. Themes include Specialty Chemicals for Performance, Show more.		Key risks SCL key risks include [1] high susceptibility to volatile raw material and energy costs, 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 7.4%, Dividend Yield is 3.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.3%
1	Low stock price volatility Vol 12M is 34%
2	Megatrend and thematic drivers Megatrends include Advanced Materials, Sustainable Consumption, and Sustainable & Green Buildings. Themes include Specialty Chemicals for Performance, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -93%, 3Y Excs Rtn is -135%
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 55%
5	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.5%
6	Key risks SCL key risks include [1] high susceptibility to volatile raw material and energy costs, Show more.

Valuation, Metrics & Events

	12/27/25	2024	2023	2022	2021
Share Price CYE	$47.04	$62.81	$90.10	$99.83	$114.63
Market Cap CYE ($ Bil)	1.1	1.4	2.1	2.3	2.6
Total Debt ($ Bil)	0.7	0.7	0.7	0.6	0.4
Total Cash ($ Bil)	0.1	0.1	0.1	0.2	0.2
Enterprise Value ($ Bil)	1.7	2.1	2.8	2.9	3.0
Valuation Ratios
P/S TTM	0.5	0.7	0.9	0.9	1.2
P/EBIT TTM	12.6	18.5	33.5	12.2	15.9
P/E TTM	23.8	29.3	53.6	16.5	20.7
P/FCF TTM	33.5	37.6	-25.2	-17.2	-23.3
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)	6.9	5.8	5.0	2.7	5.7

	12/27/25	2024	2023
Share Price CYE	$47.04	$62.81	$90.10
Market Cap CYE ($ Bil)	1.1	1.4	2.1
Total Debt ($ Bil)	0.7	0.7	0.7
Total Cash ($ Bil)	0.1	0.1	0.1
Enterprise Value ($ Bil)	1.7	2.1	2.8
Valuation Ratios
P/S TTM	0.5	0.7	0.9
P/EBIT TTM	12.6	18.5	33.5
P/E TTM	23.8	29.3	53.6
P/FCF TTM	33.5	37.6	-25.2
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)	6.9	5.8	5.0

	SCL	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	2.3
Rev Chg Q	7.9%	7.3%
Rev Chg LTM	5.4%	6.1%
Rev Chg 3Y Avg	-5.5%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	3.3%	18.8%
CFO/Rev LTM	6.8%	20.4%
Net Inc Mgn	2.0%	13.1%
VALUATION	MODERATE
P/S	0.5	3.3
P/CFO	6.9	15.8
P/FCF	33.5	20.7
P/E	23.8	23.7
STABILITY	POOR
Debt/Equity	0.66	0.21
Cash/Assets	0.05	0.07

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Metric	Value	Date	Source
Global Sales Volume Growth (Year-over-Year)	4%	3312025	Link
Surfactants Segment Sales Volume Growth (Year-over-Year)	3%	3312025	Link
Polymers Segment Sales Volume Growth (Year-over-Year)	7%	7302025	Link
Number of New Customers Added (Quarterly)	over 350	9302025	Link
Pasadena Alkoxylation Plant Annual Production Capacity	75,000 metric tons	512025	Link
Biosurfactants Production Capacity (planned)	20,000 metric tons per year	2192021	Link
Customer Retention Rate	94%	12312022	Link
Total Recordable Incident Rate (TRIR) - Employees and Temporary Workers	0.65	12312024	Link
Process Safety Total Incident Rate (PSTIR)	0.17	12312021	Link

Upcoming
2/18/2026	Earnings Release	Rev: - EPS: -

SCL Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. Stepan's Q2 2025 Earnings Miss and Market Reaction.

Stepan Company's stock experienced a significant negative reaction following its Q2 2025 earnings report on July 30, 2025. The company reported earnings per share (EPS) of $0.52, falling short of the forecasted $0.90, and revenue of $594.69 million, which was slightly below the expected $598.25 million. This resulted in shares dropping 8.8% in pre-market trading, setting a negative sentiment as the requested period began.

2. Challenging Macroeconomic Environment and Margin Compression.

Throughout the period, Stepan navigated a challenging macroeconomic environment characterized by high interest rates and fluctuating demand across various sectors. The company faced significant increases in oil chemical raw material prices, which negatively impacted surfactant margins. This led to overall margin contraction and a sharp decline in net income, with gross profits experiencing a reduction.

3. Mixed Q3 2025 Earnings Performance and Profitability Decline.

On October 29, 2025, Stepan reported its Q3 2025 earnings. While the EPS of $0.48 beat the consensus estimate of $0.36, the quarterly revenue of $590.28 million missed the consensus estimate of $593.65 million. More significantly, reported net income was down 54% compared to the prior year, primarily due to a higher effective tax rate and increased interest expense. Furthermore, surfactant adjusted EBITDA declined due to lower sales volume, reduced unit margins, and higher costs associated with the startup of a new alkoxylation site.

4. Negative Analyst Sentiment and Underperformance.

Analyst sentiment for Stepan was largely neutral to negative during this timeframe. As of December 2025, two Wall Street analysts held a "Reduce" consensus rating for SCL, with one analyst issuing a sell rating and another a hold rating. Additionally, other reports indicated a consensus of "Hold" ratings with no "Buy" or "Sell" ratings in the current month, suggesting a lack of strong positive catalysts. This general lack of bullish sentiment contributed to the stock's downward pressure.

5. Strategic Divestment Amidst Broader Stock Plunge.

On November 25, 2025, Stepan completed the sale of its subsidiary, Stepan Philippines Quaternaries, Inc. (SPQI). While the company stated this move was to "sharpen the focus on core operations," the accompanying news highlighted that SCL's shares had plunged 40.7% over the past year, significantly underperforming the industry's 25.5% decline. This divestment, set against a backdrop of ongoing significant stock depreciation, likely contributed to investor concerns regarding the company's overall trajectory despite the stated strategic benefits.

Stock Movement Drivers

Fundamental Drivers

The 0.5% change in SCL stock from 9/26/2025 to 12/26/2025 was primarily driven by a 29.0% change in the company's P/E Multiple.

	9262025	12262025	Change
Stock Price ($)	46.82	47.07	0.54%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2260.39	2303.84	1.92%
Net Income Margin (%)	2.57%	1.96%	-23.48%
P/E Multiple	18.45	23.80	28.96%
Shares Outstanding (Mil)	22.86	22.88	-0.04%
Cumulative Contribution			0.54%

LTM = Last Twelve Months as of date shown

Market Drivers

9/26/2025 to 12/26/2025

	Return	Correlation
SCL	0.5%
Market (SPY)	4.3%	30.1%
Sector (XLB)	3.8%	56.2%

Fundamental Drivers

The -13.6% change in SCL stock from 6/27/2025 to 12/26/2025 was primarily driven by a -22.3% change in the company's Net Income Margin (%).

	6272025	12262025	Change
Stock Price ($)	54.51	47.07	-13.64%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2222.11	2303.84	3.68%
Net Income Margin (%)	2.53%	1.96%	-22.34%
P/E Multiple	22.18	23.80	7.29%
Shares Outstanding (Mil)	22.87	22.88	-0.03%
Cumulative Contribution			-13.64%

LTM = Last Twelve Months as of date shown

Market Drivers

6/27/2025 to 12/26/2025

	Return	Correlation
SCL	-13.6%
Market (SPY)	12.6%	29.9%
Sector (XLB)	5.4%	66.2%

Fundamental Drivers

The -27.7% change in SCL stock from 12/26/2024 to 12/26/2025 was primarily driven by a -26.7% change in the company's P/E Multiple.

	12262024	12262025	Change
Stock Price ($)	65.12	47.07	-27.72%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2186.80	2303.84	5.35%
Net Income Margin (%)	2.10%	1.96%	-6.29%
P/E Multiple	32.45	23.80	-26.66%
Shares Outstanding (Mil)	22.84	22.88	-0.17%
Cumulative Contribution			-27.72%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2024 to 12/26/2025

	Return	Correlation
SCL	-27.7%
Market (SPY)	15.8%	54.1%
Sector (XLB)	9.6%	70.9%

Fundamental Drivers

The -53.4% change in SCL stock from 12/27/2022 to 12/26/2025 was primarily driven by a -64.7% change in the company's Net Income Margin (%).

	12272022	12262025	Change
Stock Price ($)	101.05	47.07	-53.42%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2756.12	2303.84	-16.41%
Net Income Margin (%)	5.56%	1.96%	-64.70%
P/E Multiple	15.00	23.80	58.70%
Shares Outstanding (Mil)	22.75	22.88	-0.54%
Cumulative Contribution			-53.42%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2023 to 12/26/2025

	Return	Correlation
SCL	-47.6%
Market (SPY)	48.0%	52.3%
Sector (XLB)	10.5%	68.5%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
SCL Return	18%	5%	-13%	-10%	-30%	-25%	-49%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
SCL Win Rate	67%	50%	42%	50%	42%	33%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
SCL Max Drawdown	-30%	-7%	-24%	-40%	-30%	-33%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See SCL 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 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	SCL	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-53.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	116.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered 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	47.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	133 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-25.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	33.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	288 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-61.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	160.8%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	189 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Stepan's stock fell -53.9% during the 2022 Inflation Shock from a high on 5/6/2021. A -53.9% loss requires a 116.7% gain to breakeven.

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About Stepan (SCL)

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

Stepan Company, together with its subsidiaries, produces and sells specialty and intermediate chemicals to other manufacturers for use in various end products. It operates through three segments: Surfactants, Polymers, and Specialty Products. The Surfactants segment offers surfactants that are used as principal ingredients in consumer and industrial cleaning products, including detergents for washing clothes, dishes, carpets, and floors and walls, as well as shampoos and body washes; and other applications, such as fabric softeners, germicidal quaternary compounds, disinfectants, and lubricating ingredients. Its surfactants are also used in various applications, including emulsifiers for spreading agricultural products; and industrial applications comprising latex systems, plastics, and composites. The Polymers segment provides polyurethane polyols that are used in the manufacture of rigid foam for thermal insulation in the construction industry, as well as a base raw material for coatings, adhesives, sealants, and elastomers (CASE); polyester resins, including liquid and powdered products, which are used in CASE applications; and phthalic anhydride that is used in unsaturated polyester resins, alkyd resins, and plasticizers for applications in construction materials, as well as components of automotive, boating, and other consumer products. The Specialty Products segment offers flavors, emulsifiers, and solubilizers for use in food, flavoring, nutritional supplement, and pharmaceutical applications. It serves in the United States, France, Poland, the United Kingdom, Brazil, Mexico, and internationally. Stepan Company was founded in 1932 and is headquartered in Northbrook, Illinois.

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Here are 1-3 brief analogies for Stepan (SCL):

A specialty chemical company, much like a focused version of Dow or DuPont, providing essential ingredients for detergents, cosmetics, and industrial products.
The 'hidden ingredient' provider for many consumer and industrial products, similar to how International Flavors & Fragrances (IFF) supplies flavors and fragrances.
An essential ingredient supplier for various manufacturers, comparable to how Cargill provides ingredients for food, but for chemicals used in cleaning and personal care products.

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Surfactants: Chemical compounds used in a wide range of consumer products like detergents, shampoos, and cosmetics, as well as industrial applications such as oilfield and agricultural chemicals.
Polymers: Primarily used in the production of polyurethane foam for insulation, furniture, and automotive applications, and also in coatings, adhesives, and sealants.
Specialty Products: Diverse chemical intermediates including phthalic anhydride and medium-chain triglycerides (MCTs) for food, nutrition, and pharmaceutical industries.

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Major Customers of Stepan (SCL)

Stepan Company (SCL) primarily sells its specialty chemicals and intermediate products to other companies (Business-to-Business, or B2B), rather than directly to individual consumers.

According to its most recent 10-K filings, no single customer accounted for more than 10% of Stepan's consolidated net sales during the past three fiscal years. This indicates a diversified customer base, and Stepan does not publicly disclose the names of specific "major" customer companies.

Instead, Stepan serves a wide array of manufacturers across various industries. The primary categories of companies that utilize Stepan's products include:

Consumer Product Manufacturers: These companies produce everyday items such as laundry detergents, dishwashing liquids, shampoos, soaps, cosmetics, and other personal care products. They incorporate Stepan's surfactants and specialty ingredients into their final product formulations.
Industrial & Institutional (I&I) Product Manufacturers: Businesses that develop and supply cleaning products for commercial and industrial applications, disinfectants, oilfield chemicals, agricultural chemicals, and materials for construction, such as rigid polyurethane foam insulation.
Food, Flavor, Fragrance, and Pharmaceutical Manufacturers: Companies that utilize Stepan's specialty products (e.g., emulsifiers, flavor ingredients, solubilizers) in the production of food and beverage items, flavorings, fragrances, and pharmaceutical formulations.

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Luis E. Rojo, President and Chief Executive Officer

Luis E. Rojo was appointed President and Chief Executive Officer of Stepan Company on October 30, 2024, and also joined the Board of Directors at that time. Prior to this role, he served as Stepan's Vice President and Chief Financial Officer from April 2018. Before joining Stepan, Mr. Rojo had a 21-year career at Procter & Gamble Co., holding increasingly senior finance leadership positions. His experience at Stepan has been noted for his deep understanding of all aspects of the business, combining a strong financial mindset with strategic thinking and a focus on driving commercial and operational results.

Ruben Velasquez, Vice President and Chief Financial Officer

Ruben Velasquez was appointed Vice President and Chief Financial Officer of Stepan Company, effective July 15, 2025. He brings over two decades of global finance leadership experience across diverse industries. Most recently, he served as Vice President Global Finance Transformation at 3M Company from 2022 through 2024. Prior to that, Mr. Velasquez held several other senior finance roles at 3M, including Vice President Global Finance and CFO Manufacturing & Supply Chain Operations, and Vice President Global Finance and CFO Consumer Business. He also held positions as Finance Director and Country CFO at 3M Russia and 3M Colombia. Mr. Velasquez began his finance career at Ecopetrol in Colombia, where he held senior finance leadership roles such as Finance Director Corporate FP&A and Treasury, and Interim Vice President and Corporate Chief Financial Officer.

F. Quinn Stepan, Jr., Chairman of the Board

F. Quinn Stepan, Jr. has served as the Chairman of the Board of Stepan Company since January 2017. He previously held the positions of President and Chief Executive Officer of the Company from January 2006 until his retirement as CEO in April 2022, after which he continued as non-executive Chairman. Mr. Stepan joined the company in 1987, following four years with Monsanto Co. Over his career of more than 30 years with Stepan, he has held various positions of increasing responsibility across different functions, including serving as Vice President and General Manager of the surfactant department before becoming president in 1999. He is the son of F. Quinn Stepan, Sr., and the grandson of the company's founder, Alfred C. Stepan Jr.

Robert J. Haire, Jr., Executive Vice President, Supply Chain

Robert J. Haire, Jr. is the Executive Vice President of Supply Chain at Stepan Company. His specific background details regarding previous companies managed, company sales, or private equity involvement are not readily available in the provided search results.

Jason Scott Keiper, Vice President and Chief Technology and Sustainability Officer

Jason Scott Keiper is the Vice President and Chief Technology and Sustainability Officer at Stepan Company. Before joining Stepan, Mr. Keiper worked at Syngenta, where he held roles such as Head, Product Technology and Engineering; Head, Global Formulation and Analytical Development; Technology and Engineering; and Technology and Projects Manager, North America.

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The key risks to Stepan Company's business include:

Volatility of Raw Material and Energy Costs: Stepan's profitability is significantly influenced by the fluctuating costs of raw materials, such as petroleum-based products, and energy, particularly natural gas. Raw materials alone constitute approximately 60% of the company's annual revenues, making its margins highly susceptible to price instability. The company may not always be able to pass these increased costs on to customers due to existing arrangements and competitive market pressures.
Exposure to Cyclical Industries and Economic Downturns: A substantial portion of Stepan's sales, about 40%, is derived from cyclical industries like energy, construction, automotive, and industrial sectors. Consequently, the company's sales, earnings, and cash flow are prone to fluctuations with the broader global economy. Economic downturns or recessions in these industries can lead to significant reductions in product volumes, sales, and profit margins.
International Business Risks: With 40% of its sales generated overseas and significant exposure to emerging markets, Stepan faces considerable international business risks. These include currency exchange rate fluctuations, which can impact financial results, and changes in global trade policies, such as the imposition of tariffs. Geopolitical instability in regions where Stepan operates also poses a risk.

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The accelerated development and commercialization of cost-competitive, high-performance bio-based and circular economy chemical alternatives in Stepan's key markets (surfactants, polyols) by rival established chemical companies or disruptive startups. This trend, driven by increasing consumer demand, regulatory pressure, and investor focus on environmental, social, and governance (ESG) factors, represents a fundamental shift in feedstock sourcing and chemical manufacturing processes. While Stepan is investing in sustainable solutions, a competitor achieving a significant breakthrough in scalability, cost-effectiveness, or superior performance in these new chemical platforms could disrupt Stepan's traditional petrochemical-based product lines and erode market share.

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Stepan Company (SCL) operates primarily in three business segments: Surfactants, Polymers, and Specialty Products. The addressable markets for these main product categories are detailed below.

Surfactants

Surfactants constitute the largest segment of Stepan's business, with applications spanning household and personal care products, industrial and institutional cleaning, agricultural chemicals, and oilfield solutions.

The global surfactants market size was valued at approximately USD 47.36 billion in 2024 and is projected to reach USD 70.13 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 4.9% during the forecast period. Another estimate indicates a global market size of USD 51.9 billion in 2025, expected to reach USD 82.1 billion by 2035.
In North America, the surfactants market is projected to reach approximately 25% of the global market by 2025. The U.S. surfactants market is specifically projected to reach USD 12.82 billion by 2032.
The Asia Pacific region is a dominant market, holding approximately 40.31% of the global surfactants market in 2023. This region's market size was exhibited at USD 17.28 billion in 2025 and is projected to be worth around USD 28.04 billion by 2034.

Polymers

Stepan's Polymers segment focuses on producing polyurethane polyols, polyester resins, and phthalic anhydride, which are used in construction materials, automotive, marine, and other consumer products.

The global specialty polymer market size, which encompasses Stepan's polymer offerings, was estimated at USD 88.55 billion in 2024 and is anticipated to reach approximately USD 170.96 billion by 2034, growing at a CAGR of 6.80%. Other analyses suggest a global market size of USD 199.5 billion in 2025, expected to reach USD 422.9 billion by 2035 with a CAGR of 7.8%.
North America is a significant market for specialty polymers, holding approximately 40% of the global share. The Asia Pacific region is also a dominant market for specialty polymers, with a market share of over 40% in 2023. The Asia Pacific specialty polymer market size was USD 35.42 billion in 2024 and is expected to reach around USD 69.24 billion by 2034.

Specialty Products

Stepan's Specialty Products segment includes chemicals used in food, flavoring, nutritional supplements, and pharmaceutical applications, such as esters, fats, and oils used as emulsifiers and solubilizers.

While a comprehensive market size for all of Stepan's diverse specialty products is not readily available as a single figure, a key component within this segment is Active Pharmaceutical Ingredients (API). The global active pharmaceutical ingredients market size was estimated at USD 255.01 billion in 2024 and is projected to reach USD 359.45 billion by 2030, with a CAGR of 5.8%. Another source values the global API market at USD 253.27 million in 2024, expected to reach USD 419.16 million by 2032 at a CAGR of 6.50%.
North America holds a substantial share in the active pharmaceutical ingredients market, with a revenue share of 38.04% in 2024. The U.S. active pharmaceutical ingredients market alone was valued at USD 87.50 billion in 2024 and is estimated to reach USD 123.25 billion by 2033.

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Stepan Company (SCL) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

Volume Growth in Key End Markets: Stepan anticipates continued volume expansion across several of its core businesses. This includes double-digit volume growth in Surfactants within the Personal Care, Oil Field, Agricultural, and Construction and Industrial Solutions end markets. Growth is also expected with its distribution partners and in Latin America, particularly in Mexico and Brazil due to strong agricultural demand and new contracted business. The Polymers segment also saw volume growth in North American and European Rigid Polyols and Phthalic Anhydride products.
Pasadena Facility Contribution: The new Pasadena, Texas alkoxylation facility, which became operational in late 2025 and is expected to reach full contribution in 2026, is a significant driver. This facility is designed to support the growth of Stepan's specialty alkoxylation business, increase overall volumes, and enhance supply chain leverage, contributing to margin recovery.
Improved Product Mix and High-Margin Offerings: The company is focusing on a more profitable product mix, particularly within the Surfactants segment, by targeting high-margin new customers and leveraging strong growth in specialty alkoxylation. Specialty Products, including the medium chain triglycerides (MCT) product line, have also shown robust volume and margin growth.
Rebounding Polymer Demand: Stepan expects an improvement in Polymer demand, especially Rigid Polyols, contingent on macroeconomic clarity and a favorable interest rate environment that could stimulate construction activity. Growth in Rigid Polyols has been observed across all global regions.
Cost Reduction and Operational Efficiency: While primarily impacting profitability, ongoing cost reduction programs and productivity improvements are expected to support overall financial health and can indirectly contribute to revenue growth by allowing for competitive pricing and freeing up resources for strategic investments.

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Capital Allocation Decisions (2020-2025)

Share Repurchases

Stepan Company completed the repurchase of 251,120 shares for $25.06 million under an equity buyback plan announced on October 20, 2021.
No shares were repurchased for $0 million between October 1, 2024, and December 31, 2024, as part of the aforementioned buyback plan.

Outbound Investments

In the second quarter of 2024, Stepan's pre-tax earnings were negatively impacted by $3.5 million due to expenses related to a criminal social engineering scheme at a subsidiary in Asia, which resulted in fraudulently induced outbound payments.

Capital Expenditures

Capital expenditures were $126 million in 2020, $190 million in 2021, $302 million in 2022, $260 million in 2023, and $123 million in 2024.
For the full year 2025, Stepan forecasts capital expenditures to be between $120 million and $125 million.
A primary focus of capital expenditures has been the new alkoxylation capacity in Pasadena, Texas, which had an estimated CapEx of $265 million and was expected to begin operations in the first quarter of 2025. This investment is strategic for growing the alkoxylation business in ethoxylates and propoxylates.

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KRO (-2.3% | 0.3x)

Kronos Worldwide

OEC (-2.3% | 0.2x)

Orion

AMTX (0.2% | 0.4x)

Aemetis

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SCL: -5.5% | 14.1x)

PPG (-3.5% | 10.8x)

PPG Industries

DD (1.3% | 8.1x)

DuPont de Nemours

AXTA (2.7% | 9.2x)

Axalta Coating Systems

NEU (1.1% | 11.7x)

NewMarket

CE (0.7% | 5.5x)

Celanese

Higher Rev Chg LTM (Value for SCL: 5.4%)

ECVT (22.7%)

Ecovyst

PRM (19.1%)

Perimeter Solutions

DD (14.0%)

DuPont de Nemours

PPG (8.5%)

PPG Industries

BCPC (7.6%)

Balchem

Higher Rev Chg 3Y Avg (Value for SCL: -5.5%)

ALB (6.2%)

Albemarle

ECL (5.2%)

Ecolab

SHW (2.4%)

Sherwin-Williams

DD (1.3%)

DuPont de Nemours

PPG (-3.5%)

PPG Industries

Higher Op Mgn LTM (Value for SCL: 3.3%)

ECL (17.3%)

Ecolab

DD (15.9%)

DuPont de Nemours

SHW (15.8%)

Sherwin-Williams

PPG (13.8%)

PPG Industries

IFF (7.9%)

International Flavors & Fragrances

Higher CFO/Rev LTM (Value for SCL: 6.8%)

ALB (18.3%)

Albemarle

ECL (16.7%)

Ecolab

DD (15.3%)

DuPont de Nemours

SHW (14.2%)

Sherwin-Williams

PPG (8.9%)

PPG Industries

Higher FCF/Rev LTM (Value for SCL: 1.4%)

SHW (10.4%)

Sherwin-Williams

ECL (10.0%)

Ecolab

DD (9.7%)

DuPont de Nemours

PPG (4.6%)

PPG Industries

ALB (2.4%)

Albemarle

Higher Total Yield (Value for SCL: 7.4%)

LYB (14.5%)

LyondellBasell Industries

EMN (12.2%)

Eastman Chemical

ODC (9.0%)

Oil-Dri of America

NEU (7.5%)

NewMarket

HDSN (7.4%)

Hudson Technologies

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for SCL: -5.5% | 0.5x)

CSTM (-1.4% | 0.3x)

Constellium

AMBP (4.5% | 0.5x)

Ardagh Metal Packaging

OI (-1.3% | 0.4x)

O-I Glass

CLMT (-3.8% | 0.4x)

Calumet

MATV (20.1% | 0.3x)

Mativ

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SCL: -5.5% | 14.1x)

NEM (23.9% | 12.4x)

Newmont

B (8.5% | 12.4x)

Barrick Mining

FCX (4.1% | 11.0x)

Freeport-McMoRan

AU (30.1% | 13.5x)

Anglogold Ashanti

KGC (29.5% | 13.8x)

Kinross Gold

Higher Rev Chg LTM (Value for SCL: 5.4%)

AU (61.8%)

Anglogold Ashanti

AEM (35.2%)

Agnico Eagle Mines

NEM (26.6%)

Newmont

B (18.4%)

Barrick Mining

SCCO (12.7%)

Southern Copper

Higher Rev Chg 3Y Avg (Value for SCL: -5.5%)

AEM (26.0%)

Agnico Eagle Mines

NEM (23.9%)

Newmont

SCCO (7.1%)

Southern Copper

CRH (5.7%)

CRH

LIN (0.6%)

Linde

Higher Op Mgn LTM (Value for SCL: 3.3%)

SCCO (50.3%)

Southern Copper

AEM (49.4%)

Agnico Eagle Mines

NEM (43.5%)

Newmont

LIN (26.9%)

Linde

CRH (13.8%)

CRH

Higher CFO/Rev LTM (Value for SCL: 6.8%)

AEM (55.2%)

Agnico Eagle Mines

NEM (42.9%)

Newmont

SCCO (37.4%)

Southern Copper

LIN (29.8%)

Linde

CRH (14.7%)

CRH

Higher FCF/Rev LTM (Value for SCL: 1.4%)

AEM (34.5%)

Agnico Eagle Mines

NEM (28.5%)

Newmont

SCCO (28.2%)

Southern Copper

LIN (15.2%)

Linde

CRH (7.1%)

CRH

Higher Total Yield (Value for SCL: 7.4%)

NTR (9.4%)

Nutrien

AA (8.9%)

Alcoa

AMCR (8.0%)

Amcor

SW (7.8%)

Smurfit WestRock

AU (7.6%)

Anglogold Ashanti

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SCL: -5.5% | 0.5x)

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

GM (8.6% | 0.4x)

General Motors

ELV (8.4% | 0.4x)

Elevance Health

CI (13.6% | 0.3x)

Cigna

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SCL: -5.5% | 14.1x)

UNH (11.4% | 11.4x)

UnitedHealth

MRK (2.9% | 11.9x)

Merck

TMUS (2.4% | 11.6x)

T-Mobile US

T (1.1% | 7.3x)

AT&T

VZ (0.5% | 5.4x)

Verizon Communications

Higher Rev Chg LTM (Value for SCL: 5.4%)

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 SCL: -5.5%)

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 SCL: 3.3%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for SCL: 6.8%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for SCL: 1.4%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

AMZN (2.0%)

Amazon.com

Higher Total Yield (Value for SCL: 7.4%)

XOM (9.2%)

Exxon Mobil

WFC (8.7%)

Wells Fargo

CVX (8.6%)

Chevron

UNH (8.5%)

UnitedHealth

JNJ (7.5%)

Johnson & Johnson

		Best Bets In Materials Sector
	SCL	SCCO	USLM	CF	NEU	EXP	LIN	NEM	SMG	CBT	B
What You Pay
P/E	23.8	32.2	27.8	9.0	14.8	15.5	29.8	16.1	23.1	10.7	22.0
P/EBIT	12.6	19.4	23.7	5.6	10.7	11.4	21.4	11.1	9.6	5.5	11.3
What You Get
Rev Chg Q	7.9%	15.2%	14.1%	21.1%	-4.8%	2.5%	2.8%	20.0%	-6.6%	-10.2%	23.2%
Rev Chg LTM	5.4%	12.7%	20.3%	12.6%	-1.1%	1.5%	1.3%	26.6%	-3.9%	-7.0%	18.4%
Rev Chg 3Y Avg	-5.5%	7.1%	17.8%	-13.5%	1.1%	4.1%	0.6%	23.9%	-4.5%	-4.8%	8.5%
FCF/Rev 3Y Avg	-0.7%	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	Stepan Earnings Notes
2	With Stepan Stock Surging, Have You Considered The Downside?	Return
3	SCL Dip Buy Analysis
4	Stepan Total Shareholder Return (TSR): -26.9% in 2024 and -15.6% 3-yr compounded annual returns (below peer average)
5	Stepan (SCL) Operating Cash Flow Comparison	Financials
6	Stepan (SCL) Net Income Comparison	Financials
7	Stepan (SCL) Operating Income Comparison	Financials
8	Stepan (SCL) Revenue Comparison	Financials
9	Stepan vs. S&P500 Correlation	Correlation
10	Stepan Price Volatility	Volatility

	Title
0	ARTICLES

Trade Ideas

Select ideas related to SCL. 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	7.6%	7.6%	-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	-1.4%	-1.4%	-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	51.0%	51.0%	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	30.6%	30.6%	-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	6.2%	6.2%	-2.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Stepan

Peers to compare with:

Financials

	SCL	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Stepan	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	47.07	23.26	24.49	305.09	78.16	273.40	62.61
Mkt Cap	1.1	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	2,304	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	76	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	32	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	-19	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	156	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	170	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	SCL	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Stepan	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	5.4%	3.2%	13.8%	4.5%	8.9%	6.0%	5.7%
Rev Chg 3Y Avg	-5.5%	-3.9%	6.5%	2.6%	3.7%	1.8%	2.2%
Rev Chg Q	7.9%	4.2%	14.4%	9.1%	7.5%	9.6%	8.5%
QoQ Delta Rev Chg LTM	1.9%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	3.3%	6.6%	4.8%	17.7%	22.5%	31.9%	12.1%
Op Mgn 3Y Avg	3.2%	7.4%	7.2%	16.4%	24.2%	30.8%	11.9%
QoQ Delta Op Mgn LTM	-0.2%	-0.2%	-1.4%	0.6%	0.4%	0.1%	-0.1%
CFO/Rev LTM	6.8%	6.7%	8.5%	20.6%	23.8%	26.6%	14.6%
CFO/Rev 3Y Avg	7.4%	6.8%	12.7%	21.4%	26.1%	28.4%	17.1%
FCF/Rev LTM	1.4%	5.1%	1.8%	18.1%	22.1%	23.5%	11.6%
FCF/Rev 3Y Avg	-0.7%	5.5%	4.6%	18.6%	24.6%	25.6%	12.1%

Valuation

	SCL	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Stepan	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	1.1	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	0.5	0.4	1.0	4.4	5.4	10.0	2.7
P/EBIT	12.6	6.8	19.9	25.1	22.5	31.3	21.2
P/E	23.8	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	6.9	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	7.4%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	3.2%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	-0.8%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.7	0.5	0.7	0.2	0.1	0.0	0.4
Net D/E	0.5	0.3	0.6	0.2	0.0	0.0	0.3

Returns

	SCL	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Stepan	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	4.6%	-1.8%	14.4%	0.6%	2.7%	-1.5%	1.7%
3M Rtn	0.5%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	-13.6%	-4.0%	34.5%	6.6%	15.2%	36.3%	10.9%
12M Rtn	-27.7%	-27.3%	14.2%	39.2%	33.7%	6.0%	10.1%
3Y Rtn	-53.4%	-3.8%	67.7%	139.0%	79.5%	113.4%	73.6%
1M Excs Rtn	2.1%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-1.1%
3M Excs Rtn	-3.8%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	-25.9%	-16.3%	22.3%	-5.7%	3.0%	24.0%	-1.3%
12M Excs Rtn	-43.4%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	-4.6%
3Y Excs Rtn	-134.6%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

Comparison Analyses

	Title
0	Why COTY With 5.0% Upside May Beat SCL?
1	Stepan Company vs. LCI Industries: With Return Forecast Of 39%, LCI Industries Is A Better Bet
2	Stepan Company vs. CommVault Systems: With Return Forecast Of 8.6%, Stepan Company Is A Better Bet
3	Stepan Company vs. World Wrestling Entertainment: With Return Forecast Of 23%, World Wrestling Entertainment Is A Better Bet
4	Stepan Company vs. Veeva Systems: With Return Forecast Of 54%, Veeva Systems Is A Better Bet
5	Stepan Company vs. MSCI: With Return Forecast Of 16%, MSCI Is A Better Bet
6	Stepan Company vs. DexCom: With Return Forecast Of 58%, DexCom Is A Better Bet
7	Stepan Company vs. Owens & Minor: Similar Market Cap, But Owens & Minor Is A Better Bet
8	Stepan Company vs. Tripadvisor: Similar Market Cap, But Tripadvisor Is A Better Bet
9	Stepan Company vs ACADIA Pharmaceuticals: Similar Market Cap; 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

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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	11/5/2025	2/27/2025	2/29/2024	2/28/2023	2/25/2022	2/26/2021	2/27/2020
Key Financials
Total Revenue	2,304	2,180	2,326	2,773	2,346	1,870	1,859
EBITDA	207	192	170	294	270	261	216
Operating Income	76	71	73	208	175	172	129
Net Income	45	50	40	147	138	127	103
EPS	1.98	2.21	1.77	6.46	6.01	5.52	4.47
Growth Rates
Total Revenue Growth	5.4%	-6.3%	-16.1%	18.2%	25.5%	0.6%	-6.8%
EBITDA Growth	19.2%	13.2%	-42.3%	8.8%	3.8%	20.5%	-6.6%
Operating Income Growth	6.3%	-3.0%	-65.0%	19.3%	1.3%	33.3%	-14.8%
Net Income Growth	-1.3%	25.3%	-72.7%	6.8%	8.7%	22.9%	-7.2%
Margins
EBITDA Margin	9.0%	8.8%	7.3%	10.6%	11.5%	13.9%	11.6%
Operating Income Margin	3.3%	3.2%	3.1%	7.5%	7.4%	9.2%	7.0%
Net Income Margin	2.0%	2.3%	1.7%	5.3%	5.9%	6.8%	5.5%
Cash & Debt
Total Cash	119	100	130	174	159	350	315
Total Debt	708	683	712	638	420	250	252
Net Debt / (Cash)	589	583	582	464	261	-100	-64
Cash Flows
Net Cash from Operations	156	162	175	161	72	235	218
Free Cash from Operations	32	39	-85	-141	-122	109	113
Returns to Shareholders
Dividends	35	34	33	31	28	25	23
Share Repurchases	-0	-0	-0	25	17	15	13

$ 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	11/5/2025	8/6/2025	5/7/2025	2/27/2025	11/6/2024	8/8/2024	5/8/2024	2/29/2024	11/2/2023	8/3/2023	5/4/2023	2/28/2023
Key Financials Quarterly
Total Revenue	590	595	593	526	547	556	551	532	562	580	651	627
Ebitda	55	49	58	46	52	47	48	27	51	45	47	27
Operating Income	22	18	28	8	24	19	20	9	25	18	21	12
Net Income	11	11	20	3	24	10	14	-1	13	13	16	11
EPS	0.47	0.50	0.86	0.15	1.03	0.42	0.61	-0.05	0.55	0.56	0.71	0.48
Key Financials TTM
Total Revenue TTM	2,304	2,260	2,222	2,180	2,187	2,202	2,226	2,326	2,421	2,578	2,749	2,773
Ebitda TTM	207	204	202	192	174	173	171	170	170	197	255	294
Operating Income TTM	76	78	79	71	72	73	72	73	76	106	166	208
Net Income TTM	45	58	56	50	46	35	38	40	52	79	118	147
Growth Rates Quarterly
Total Revenue Growth	7.9%	6.9%	7.6%	-1.2%	-2.7%	-4.1%	-15.4%	-15.2%	-21.8%	-22.8%	-3.5%	2.8%
EBITDA Growth	4.9%	5.5%	20.5%	68.1%	1.1%	4.5%	2.2%	-1.0%	-34.4%	-56.2%	-45.8%	-46.6%
Operating Income Growth	-9.0%	-3.8%	40.3%	-8.5%	-4.8%	2.7%	-4.9%	-24.0%	-54.1%	-76.9%	-66.5%	-51.1%
Net Income Growth	-54.1%	19.1%	41.9%	380.8%	87.8%	-24.9%	-13.9%	-111.0%	-68.1%	-75.7%	-64.0%	-36.3%
Margins Quarterly
EBITDA Margin	9.2%	8.3%	9.7%	8.7%	9.5%	8.4%	8.7%	5.1%	9.2%	7.7%	7.2%	4.4%
Operating Income Margin	3.7%	3.0%	4.8%	1.5%	4.4%	3.4%	3.7%	1.7%	4.5%	3.1%	3.3%	1.8%
Net Income Margin	1.8%	1.9%	3.3%	0.6%	4.3%	1.7%	2.5%	-0.2%	2.2%	2.2%	2.5%	1.7%
Cash & Debt
Total Cash	119	89	107	100	147	125	126	130	106	134	127	174
Total Debt	708	708	716	683	744	714	705	712	703	739	765	638
Net Debt / (Cash)	589	619	609	583	597	589	579	582	598	605	638	464
Cash Flows Quarterly
FCF from Operations	70	11	7	68	23	30	42	69	70	108	-72	86
Cash Flows TTM
FCF from Operations TTM	156	109	127	162	163	210	288	175	192	158	110	161
Returns to Shareholders Quarterly
Dividends	9	9	9	9	8	8	8	8	8	8	8	8
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	3
Return on Invested Capital (ROIC) Quarterly
ROIC	9.7%	9.5%	14.9%	5.5%	16.0%	7.0%	9.9%	2.0%	13.4%	9.4%	10.8%	10.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	10.2%	11.8%	11.1%	10.1%	10.1%	8.8%	9.9%	10.5%	10.8%	14.4%	20.7%	35.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Surfactants	1,603	1,883	1,563	1,352	1,273
Polymers	642	789	713	452	512
Specialty Products	80	101	70	66	74
Total	2,326	2,773	2,346	1,870	1,859

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Surfactants	72	163	166	169	123
Polymers	61	83	74	68	70
Specialty Products	11	30	14	14	16
Unallocated Corporate Expenses	-86	-68	-80	-79	-79
Business restructuring		-0	-3	-1	-3
Total	59	207	171	172	127

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Surfactants	1,586	1,579	1,245	1,019	907
Polymers	537	566	557	361	338
Unallocated Assets	170	192	186	280	247
Specialty Products	71	96	78	93	87
Total	2,363	2,433	2,066	1,752	1,579

Price Behavior

Price Behavior

Market Price	$47.07
Market Cap ($ Bil)	1.1
First Trading Date	03/17/1992
Distance from 52W High	-27.7%
	50 Days	200 Days
DMA Price	$45.00	$49.92
DMA Trend	down	down
Distance from DMA	4.6%	-5.7%
	3M	1YR
Volatility	26.2%	34.1%
Downside Capture	82.53	125.68
Upside Capture	68.27	75.38
Correlation (SPY)	30.8%	54.0%

SCL Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.67	0.70	0.84	1.02	0.96	0.99
Up Beta	1.08	0.52	1.12	1.33	0.99	1.02
Down Beta	-1.47	0.19	0.27	0.48	0.79	0.87
Up Capture	139%	67%	56%	62%	59%	46%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	19	30	65	118	361
Down Capture	60%	113%	133%	154%	120%	106%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	23	33	61	131	390

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

Based On 1-Year Data

		Comparison of SCL With Other Asset Classes (Last 1Y)
	SCL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-27.8%	9.9%	17.8%	72.1%	8.6%	4.4%	-8.3%
Annualized Volatility	33.9%	19.9%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	-0.91	0.36	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		71.0%	54.1%	-4.1%	13.9%	57.3%	32.5%

ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of SCL With Other Asset Classes (Last 5Y)
	SCL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-15.5%	7.2%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	28.5%	18.9%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	-0.56	0.29	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		63.9%	52.1%	8.4%	15.3%	49.8%	23.5%

Based On 10-Year Data

		Comparison of SCL With Other Asset Classes (Last 10Y)
	SCL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	0.6%	10.1%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	31.1%	20.7%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.09	0.44	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		60.5%	55.1%	0.9%	19.6%	45.3%	14.6%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	354,562
Short Interest: % Change Since 11302025	-3.4%
Average Daily Volume	173,100
Days-to-Cover Short Interest	2.05
Basic Shares Quantity	22,875,000
Short % of Basic Shares	1.5%

Returns Analyses

	Title
0	With Stepan Stock Surging, Have You Considered The Downside?
1	Stepan Stock Return Comparison
2	[9/29/2021] Stepan Company (SCL) Stock Price Forecast: AI Forecasts SCL Stock Price To Be Around $117 In A Month (Up 2%)
3	Stepan Total Shareholder Return (TSR): -13.3% in 2022 and 2.4% 3-yr returns (above peer average)
4	Stepan Company (SCL) Stock Return: AI Predicts SCL 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
7/30/2025	-9.7%	-8.2%	-7.0%
2/19/2025	0.1%	1.4%	-5.6%
10/30/2024	2.0%	1.9%	4.3%
7/31/2024	-6.0%	-18.6%	-14.1%
4/30/2024	-1.8%	2.6%	-1.9%
2/20/2024	-2.3%	-3.3%	-6.4%
10/18/2023	6.2%	8.8%	18.0%
7/26/2023	-3.2%	-1.8%	-11.4%
...
SUMMARY STATS
# Positive	9	11	9
# Negative	10	8	10
Median Positive	3.2%	2.5%	5.8%
Median Negative	-2.6%	-5.8%	-6.7%
Max Positive	6.2%	8.8%	18.0%
Max Negative	-9.7%	-18.6%	-14.1%

	Forward Returns
7/30/2025	-9.7%	-8.2%	-7.0%
2/19/2025	0.1%	1.4%	-5.6%
10/30/2024	2.0%	1.9%	4.3%
7/31/2024	-6.0%	-18.6%	-14.1%
4/30/2024	-1.8%	2.6%	-1.9%
2/20/2024	-2.3%	-3.3%	-6.4%
10/18/2023	6.2%	8.8%	18.0%
7/26/2023	-3.2%	-1.8%	-11.4%
2/16/2023	-5.0%	-4.6%	-12.9%
10/19/2022	3.6%	1.8%	11.1%
7/27/2022	5.1%	3.0%	3.7%
2/17/2022	-1.1%	-6.9%	-9.4%
10/20/2021	3.4%	2.5%	2.8%
7/28/2021	-0.3%	0.7%	-1.6%
2/18/2021	-3.0%	-0.3%	5.8%
10/21/2020	0.3%	0.9%	7.4%
7/22/2020	3.2%	6.0%	15.4%
2/20/2020	-0.1%	-9.5%	-3.6%
10/23/2019	0.7%	4.5%	2.5%
SUMMARY STATS
# Positive	9	11	9
# Negative	10	8	10
Median Positive	3.2%	2.5%	5.8%
Median Negative	-2.6%	-5.8%	-6.7%
Max Positive	6.2%	8.8%	18.0%
Max Negative	-9.7%	-18.6%	-14.1%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	11062024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5082024	10-Q 3/31/2024
12312023	2292024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2282023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2252022	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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Stepan (SCL)

Market Price (12/27/2025): $47.04 | Market Cap: $1.1 BilSector: Materials | Industry: Specialty Chemicals

Stepan (SCL)

Market Price (12/27/2025): $47.04Market Cap: $1.1 BilSector: MaterialsIndustry: Specialty Chemicals

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

Valuation, Metrics & Events

SCL Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Stepan (SCL)

Major Customers of Stepan (SCL)

Surfactants

Polymers

Specialty Products

Capital Allocation Decisions (2020-2025)

Share Repurchases

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Stepan (SCL)

INDUSTRY: Specialty Chemicals

Higher Rev Chg 3Y Avg | Lower P/S (Values for SCL: -5.5% | 0.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SCL: -5.5% | 14.1x)

Higher Rev Chg LTM (Value for SCL: 5.4%)

Higher Rev Chg 3Y Avg (Value for SCL: -5.5%)

Higher Op Mgn LTM (Value for SCL: 3.3%)

Higher CFO/Rev LTM (Value for SCL: 6.8%)

Higher FCF/Rev LTM (Value for SCL: 1.4%)

Higher Total Yield (Value for SCL: 7.4%)

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for SCL: -5.5% | 0.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SCL: -5.5% | 14.1x)

Higher Rev Chg LTM (Value for SCL: 5.4%)

Higher Rev Chg 3Y Avg (Value for SCL: -5.5%)

Higher Op Mgn LTM (Value for SCL: 3.3%)

Higher CFO/Rev LTM (Value for SCL: 6.8%)

Higher FCF/Rev LTM (Value for SCL: 1.4%)

Higher Total Yield (Value for SCL: 7.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SCL: -5.5% | 0.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SCL: -5.5% | 14.1x)

Higher Rev Chg LTM (Value for SCL: 5.4%)

Higher Rev Chg 3Y Avg (Value for SCL: -5.5%)

Higher Op Mgn LTM (Value for SCL: 3.3%)

Higher CFO/Rev LTM (Value for SCL: 6.8%)

Higher FCF/Rev LTM (Value for SCL: 1.4%)

Higher Total Yield (Value for SCL: 7.4%)

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Market Price (12/27/2025): $47.04 | Market Cap: $1.1 Bil
Sector: Materials | Industry: Specialty Chemicals

Market Price (12/27/2025): $47.04
Market Cap: $1.1 Bil
Sector: Materials
Industry: Specialty Chemicals