NEWMARKET CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NEWMARKET CORP 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,049	2,198	2,290	2,190	2,011	2,356	2,765	2,698	2,787	2,725
Cost of revenue	1,372	1,562	1,704	1,560	1,416	1,808	2,124	1,926	1,900	1,868
Gross profit	677	636	585	630	595	548	640	773	886	857
Research and development	161	146	140	144	140	144	140	138	125	132
Selling, general and administrative	162	168	152	148	143	146	145	151	171	182
Operating income	355	323	293	337	312	258	355	483	590	544
Interest expense	16.8	21.9	26.7	29.2	26.3	34.2	35.2	37.4	57.4	39.7
Other non-operating income	5.23	14.6	24.3	23.5	45.8	24	35.3	43.3	51.4	56.5
Pre-tax income	343	315	290	332	331	248	348	489	584	561
Income tax	99.8	125	55.6	77.3	60.7	56.6	68.2	100	122	142
Net income	243	191	235	254	271	191	280	389	462	419
EBITDA	400	378	364	425	396	342	437	561	707	666
EPS, basic	20.54	16.08	20.34	22.73	24.64	17.71	27.77	40.44	48.22	44.44
EPS, diluted	20.54	16.08	20.34	22.73	24.64	17.71	27.77	40.44	48.22	44.44
Shares, basic (weighted)	11.8	11.8	11.5	11.2	11	10.8	10	9.58	9.56	9.39
Shares, diluted (weighted)	11.8	11.8	11.5	11.2	11	10.8	10	9.58	9.56	9.39
Dividend per share	6.40	7.00	7.00	7.30	7.60	8.00	8.40	8.85	10.00	11.25

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	192	84.2	73	144	125	83.3	68.7	112	77.5	77.6
Short-term investments					0	376	0
Receivables	307	335	315	336	336	392	454	432	395	422
Inventory	312	383	396	366	401	499	631	456	505	502
Other current assets	4.87	5.15	4.83	8.26	15.5	15.1	13.6	12.8	21.2	21.6
Total current assets	837	834	813	879	898	1,388	1,192	1,040	1,030	1,060
Property, plant and equipment	504	652	644	635	665	677	660	655	735	775
Lease right-of-use assets			0	60.5	61.3	68.4	62.4	70.8	71.3	78.3
Other non-current assets	10.5	11	9.88	44.1	42.3	54.7	63.6	48.2	52.5	51.8
Total assets	1,416	1,712	1,697	1,885	1,934	2,558	2,407	2,309	3,130	3,492
Accounts payable	142	159	152	179	190	246	273	231	226	238
Accrued liabilities	104	108	91.2	77.4	78.4	85.1	89.5	76.5	89.3	110
Deferred revenue								0.3	0.1	18.4
Short-term debt					0	349	0
Total current liabilities	295	317	271	309	312	725	424	364	374	419
Long-term debt	507	603	771	643	599	790	1,004	644	971	883
Lease liabilities			0	46.8	48.3	52.6	47	55.1	54.8	62
Other non-current liabilities	131	191	165	203	214	229	170	169	267	350
Total liabilities	933	1,111	1,207	1,202	1,174	1,796	1,644	1,232	1,668	1,714
Total debt	503	597	766	643	599	1,139	1,004	644	971	883
Paid-in capital	1.6	0	0	1.97	0.72	0	0	2.13	0	2.39
Retained earnings	664	748	671	844	932	844	834	1,096	1,429	1,669
Other comprehensive income	-183	-146	-181	-163	-173	-82.2	-72	-21.1	32.9	107
Shareholders' equity	483	602	490	683	760	762	762	1,077	1,462	1,778
Total equity	483	602	490	683	760	762	762	1,077	1,462	1,778
Total liabilities and equity	1,416	1,712	1,697	1,885	1,934	2,558	2,407	2,309	3,130	3,492
Shares outstanding	11.8	11.8	11.2	11.2	10.9	10.4	9.7	9.59	9.52	9.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	243	191	235	254	271	191	280	389	462	419
Depreciation and amortization	44.9	55.3	71.8	87.6	84	84.3	82.3	78	117	122
Deferred income tax	19.2	27.4	14.5	7.38	7.55	1.98	-42.6	-14.8	-12.8	34.4
Change in inventory	14.5	-44.9	-29.7	31.9	-33.1	-96.2	-167	192	-36.5	32.8
Change in payables	18.5	18	-19.6	8.86	7.08	60.4	35.5	-59.2	-7.64	16
Cash from operations	353	243	198	337	284	165	109	577	520	569
Capital expenditures	-143	-149	-74.6	-59.4	-93.3	-78.9	-56.2	-48.3	-57.3	-77.6
Acquisitions	0	-184	0	0			0	0	-681	-213
Purchases of investments				0	0	-393	-0.79	0	0
Cash from investing	-143	-335	-60	-59.4	-74.2	-461	316	-48.3	-739	-291
Debt issued	0	250	0	0	0	395	0	0
Debt repaid					0	0	-350	0	0	-50
Share buybacks	-35.8	-26	-232	0	-101	-196	-207	-42.9	-31.9	-77.2
Dividends paid	-75.8	-82.9	-80.4	-81.7	-83.4	-85.9	-84.3	-85	-95.9	-106
Cash from financing	-103	-19	-145	-208	-231	255	-439	-488	186	-279
Exchange rate effect	-7.97	2.84	-3.58	1.66	2.33	-0.93
Net change in cash	98.7	-108	-11.1	71.4	-19.2	-41.9	-14.6	43.2	-34.5	0.12
Free cash flow	211	94.1	123	278	191	86.4	52.5	529	462	491
Interest paid	18.8	20.4	28.9	28.5	26.1	30.5	40.5	36.6	55.9	38.8
Income taxes paid	61	59	76.9	64.9	62.3	67.9	88.9	133	120	133

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 $898.04 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.5%	Gross profit / revenue.
Operating margin	20.0%	Operating income / revenue.
EBITDA margin	24.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	20.8%	Pre-tax income / revenue.
Net margin	15.8%	Net income / revenue.
FCF margin	16.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.9%	Cash from operations / revenue.
Effective tax rate	24.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	23.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	12.0%	Net income / average total assets.
Return on invested capital (ROIC)	16.0%	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%.
R&D / revenue	4.7%	Research and development expense / revenue.
SG&A / revenue	6.8%	Selling, general and administrative expense / revenue.
Capex / revenue	4.0%	Capital expenditures / revenue.
D&A / revenue	4.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.2%	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	7.6%	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	-7.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	15.3%	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	11.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-5.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-9.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	14.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-7.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	17.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	9.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	73.7%	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	14.9%	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	6.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	110.8%	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	20.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	12.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	21.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	32.6%	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	18.5%	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	11.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.2%	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	12.5%	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	-1.8%	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	-2.2%	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	-3.1%	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	2.25x	Current assets / current liabilities.
Quick ratio	1.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.47x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	23.6%	Total debt / total assets.
Liabilities / assets	49.2%	Total liabilities / total assets.
Net debt	$761.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.13x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	15.3x	Operating income / interest expense.
Working capital	$639.6M	Current assets - current liabilities.
Tangible book value	$1.84B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.76x	Revenue / average total assets.
Fixed asset turnover	3.46x	Revenue / average property, plant and equipment.
Inventory turnover	3.59x	Cost of revenue / average inventory.
Days inventory	102 days	365 x average inventory / cost of revenue.
Receivables turnover	5.70x	Revenue / average receivables.
Days sales outstanding	64 days	365 x average receivables / revenue.
Days payables	66 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	99 days	Days inventory + days sales outstanding - days payables.
FCF conversion	107.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	19.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$47.32	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	$299.44	Revenue / diluted weighted shares.
FCF per share	$50.64	Free cash flow / diluted weighted shares.
Operating cash flow per share	$62.64	Cash from operations / diluted weighted shares.
Book value per share	$199.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$199.90	Tangible book value / shares outstanding.
Cash per share	$10.18	(Cash + short-term investments) / shares outstanding.
Payout ratio	25.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	23.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	27.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.26B	Share price x shares outstanding.
Enterprise value	$9.02B	Market cap + total debt - cash - short-term investments.
P/E	19.1x	Market cap / net income. Only when net income is positive.
P/S	3.01x	Market cap / revenue.
P/B	4.49x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.49x	Market cap / tangible book value, when positive.
P/FCF	17.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.4x	Market cap / cash from operations, when positive.
EV/Sales	3.29x	Enterprise value / revenue.
EV/EBIT	16.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	19.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.6%	Free cash flow / market cap.
Earnings yield	5.2%	Net income / market cap (the inverse of P/E).
Dividend yield	1.3%	Dividends paid over the period / market cap.
Shareholder yield	2.9%	(Dividends paid + share buybacks) / market cap.
PEG	1.12x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NEWMARKET CORP's revenue in fiscal 2025?

NEWMARKET CORP reported revenue of $2.73B for fiscal 2025, 2.2% lower than the year before.

Was NEWMARKET CORP profitable in fiscal 2025?

Yes. Net income was $418.7M, a net margin of 15.4%.

How much free cash flow did NEWMARKET CORP generate in fiscal 2025?

Cash from operations of $569.0M minus capital expenditures of $77.6M left free cash flow of $491.3M.

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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