Ecovyst Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ecovyst Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,064	1,472	1,229	533	496	611	820	585	598	724
Cost of revenue	810	1,095	926	366	345	435	596	418	435	565
Gross profit	254	377	303	167	151	177	225	166	163	158
Research and development	7.27	13.9	13.7	7.36	7.14	7.5	7.23	7.8	6.81
Selling, general and administrative	110	147	131	83.5	81.5	97.8	85.3	60.5	65.4	66
Operating income	81.5	166	156	66	51.6	54.6	104	89.6	85.1	64.9
Interest expense	140	179	90.8	66.9	50.4	37	37.2	44.7	36.5	34.2
Other non-operating income	6.05	-24.4	-10.6	1.92	5.02	-4.51	-0.16	-0.91	1.12	0.64
Pre-tax income	-69.1	-60.6	84	43.4	2.22	13.9	94.7	56.9	45.2	25.8
Income tax	10	-119	33.6	12.3	-52.1	12.1	24.9	8.73	-0.3	19.5
Income from continuing operations			49.3	31.1	54.3	1.79	69.8	48.2	45.5	6.29
Net income to minority interests	0.59	0.96	1.32	0.77
Net income	-79.7	57.6	58.3	79.5	-279	-140	73.7	71.2	-6.65	-71.1
EBITDA	210	343	309	141	128	134	184	174	174	133
EPS, basic	-1.02	0.52	0.44	0.59	-2.06	-1.03	0.55	0.60	-0.06	-0.62
EPS, diluted	-1.02	0.52	0.43	0.59	-2.04	-1.02	0.55	0.60	-0.06	-0.61
Shares, basic (weighted)	78	111	133	134	136	136	134	118	117	115
Shares, diluted (weighted)	78	112	135	136	136	138	135	119	117	116
Dividend per share					1.80	3.20

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	70.7	66.2	37.2	36.1	113	141	111	88.4	131	197
Receivables	161	193	197	140	45.9	80.8	74.8	81.3	53.2	85.3
Inventory	227	262	265	138	52.8	53.8	44.4	45.1	18	26.8
Other current assets	34.3	26.9	39.2	31.6	11.5	16.2	19.2	17.8	10.9	8.74
Total current assets	493	549	559	569	429	292	268	246	304	319
Property, plant and equipment	1,181	1,230	1,209	1,011	592	596	585	577	459	481
Lease right-of-use assets			0	48.4	28.9	30.1	28.3	24.3	33.1	37.9
Goodwill	1,241	1,306	970	391	392	406	403	404	327	327
Intangible assets	817	786	728	555	137	146	130	117	67.7	59.3
Other non-current assets	68.2	74.7	108	27.4	12.4	15.4	34.6	29.4	37.3	36.5
Total assets	4,260	4,415	4,327	4,322	3,198	1,931	1,885	1,838	1,802	1,261
Accounts payable	128	149	148	115	38.1	51.9	40	40.2	32.9	48
Accrued liabilities	99.4	93.9	100	85.4	48.5	75.9	72.2	61.7	39.8	63.3
Short-term debt	14.5	45.2	7.24	0	0	9	9	9	8.73	0
Total current liabilities	242	288	256	270	202	145	129	119	115	121
Long-term debt	2,548	2,185	2,107	1,843	1,400	873	866	859	852	393
Lease liabilities			0	34.9	22	21.7	20	16	23.9	28.7
Other non-current liabilities	123	120	105	91.3	15.4	24.1	25.8	22.4	3.15	2.19
Total liabilities	3,232	2,784	2,663	2,536	1,921	1,190	1,177	1,132	1,102	658
Total debt	2,562	2,230	2,114	1,843	1,400	882	875	868	861	393
Paid-in capital	1,167	1,655	1,675	1,697	1,478	1,073	1,091	1,103	1,107	1,109
Retained earnings	-90.4	-32.8	25.5	103	-176	-316	-242	-171	-178	-249
Treasury stock	-0.24	0	-2.92	-6.48	-11.1	-12.6	-150	-227	-223	-261
Other comprehensive income	-53.7	4.31	-39.1	-15.3	-15.3	-5.79	5.99	-0.96	-7.41	3.27
Shareholders' equity	1,023	1,628	1,660	1,779	1,277	741	707	705	700	603
Minority interests	5.06	3.92	4.59	5.87	0.05	0
Total equity	1,028	1,632	1,664	1,785	1,277	741	707	705	700	603
Total liabilities and equity	4,260	4,415	4,327	4,322	3,198	1,931	1,885	1,838	1,802	1,261
Shares outstanding	106	135	136	136	136	137	122	116	117	112

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-79.2	58.6	59.6	80.3	-282	-140	73.7	71.2	-6.65	-71.1
Depreciation and amortization	128	177	154	74.8	76.9	79.7	79.2	84.6	89.4	67.8
Stock-based compensation	5.43	8.8	18.4	13.3	17.2	31.8	20.6	13	11.1	9.75
Deferred income tax	-0.14	-140	4.07	3.9	-60.1	4.55	1.65	-10.4	-5.01	32.2
Change in receivables	27.8	-11.5	-4.19	4.49	6.97	-33.5	5.5	-2.43	6.24	-22.1
Change in inventory	-2.31	-21.2	-7.17	-4.23	-2.98	0.63	9.9	-0.11	-4.54	-5.57
Change in payables	11.9	4.34	-3.49	0.54	6.87	10	-10.1	1.71	1.16	15.5
Cash from operations	123	165	249	268	224	130	187	138	150	140
Capital expenditures	-121	-140	-112	-55.3	-54.8	-60	-58.9	-59	-55.6	-70.4
Acquisitions	-1,778	-41.6	-1.01	0	0	-42.6	-0.49	0	0	-41.5
Sales and maturities of investments			0	0	1.76
Cash from investing	-1,916	-196	-119	-35.4	551	836	-63	-65.3	-73.5	435
Debt issued	1,133	0	0
Debt repaid	-479	-739	-1,370	-217	-1,091	-1,431
Stock issued	6.6	0	0	3.98	0.37	0.75	0.61
Share buybacks	-2.54	0	-2.92	0	-2.06	0	-137	-78.7	-5.01	-46.9
Dividends paid			0	0	-244	-436	0	0
Cash from financing	1,858	19.8	-137	-216	-723	-964	-148	-93.5	-17.8	-525
Exchange rate effect	-5.89	-6.86	0.35	-2.12
Net change in cash	59.5	-17.8	-7.52	14.2	63.3	3.67	-30	-22.6	57.6	51.2
Free cash flow	1.29	24.7	137	213	169	69.9	128	78.6	94.3	69.9
Interest paid	133	170	111	118	90.3	59	35.4	42.1	49	50.8
Income taxes paid	17	29.2	23.8	17.4	35	11.8	25.6	22.4	26.3	11

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $10.14 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	21.3%	Gross profit / revenue.
Operating margin	9.4%	Operating income / revenue.
EBITDA margin	17.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.1%	Pre-tax income / revenue.
Net margin	-7.1%	Net income / revenue.
FCF margin	8.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.1%	Cash from operations / revenue.
Effective tax rate	51.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-10.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-4.3%	Net income / average total assets.
Return on invested capital (ROIC)	6.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	7.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	8.8%	Capital expenditures / revenue.
D&A / revenue	8.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	20.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-11.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	0.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-23.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-14.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-24.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-10.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-6.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-9.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-8.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-25.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-18.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-16.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-13.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-13.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-30.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-12.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-17.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-5.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.70x	Current assets / current liabilities.
Quick ratio	1.31x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.57x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.84x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	34.7%	Total debt / total assets.
Liabilities / assets	58.7%	Total liabilities / total assets.
Net debt	$405.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.66x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.36x	Operating income / interest expense.
Working capital	$107.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	37.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$53.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.61x	Revenue / average total assets.
Fixed asset turnover	1.63x	Revenue / average property, plant and equipment.
Inventory turnover	17.1x	Cost of revenue / average inventory.
Days inventory	21 days	365 x average inventory / cost of revenue.
Receivables turnover	7.70x	Revenue / average receivables.
Days sales outstanding	47 days	365 x average receivables / revenue.
Days payables	40 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	29 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	51.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.53	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$7.84	Revenue / diluted weighted shares.
FCF per share	$0.65	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.34	Cash from operations / diluted weighted shares.
Book value per share	$5.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.49	Tangible book value / shares outstanding.
Cash per share	$0.80	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	85.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.11B	Share price x shares outstanding.
Enterprise value	$1.52B	Market cap + total debt - cash - short-term investments.
P/S	1.28x	Market cap / revenue.
P/B	1.89x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	20.9x	Market cap / tangible book value, when positive.
P/FCF	15.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.48x	Market cap / cash from operations, when positive.
EV/Sales	1.74x	Enterprise value / revenue.
EV/EBIT	18.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.93x	Enterprise value / EBITDA, when both are positive.
EV/FCF	21.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.5%	Free cash flow / market cap.
Earnings yield	-5.5%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.5%	(Dividends paid + share buybacks) / market cap.

What was Ecovyst Inc.'s revenue in fiscal 2025?

Ecovyst Inc. reported revenue of $723.5M for fiscal 2025, 20.9% higher than the year before.

Was Ecovyst Inc. profitable in fiscal 2025?

No. It reported a net loss of $71.1M.

How much free cash flow did Ecovyst Inc. generate in fiscal 2025?

Cash from operations of $140.3M minus capital expenditures of $70.4M left free cash flow of $69.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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