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Ingevity Corporation provides products and technologies that purify, protect, and enhance the world around us. Through a diverse team of talented and experienced people, we develop, manufacture, and bring to market solutions that are largely renewably sourced and help customers solve complex problems while making the world more sustainable.
Margins and capital returns are both well above average: 35.86% operating margin, ROIC at 26.30%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue declined 2.7% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $1.26B represents 4.6x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.18B
▼ -2.7% YoY
Net Income (TTM)
-$128M
▲ +61.2% YoY
Op. Margin
36.06%
▲ +0.4pp YoY
ROIC
29.98%
▲ +9.6pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$274M
▲ +436.3% YoY
Op. Cash Flow (TTM)
$304M
▲ +157.5% YoY
Net Debt
$1.15B
Cash & Equiv.
$95M
5Y CAGR: -0.8%
5Y CAGR: +0.2%
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