Ingevity Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ingevity 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	908	972	1,134	1,293	1,216	1,392	1,668	1,216	1,200	1,168
Cost of revenue	634	643	717	811	751	879	1,098	771	735	706
Gross profit	274	329	417	482	466	513	570	445	465	462
Research and development	17.6	19.8	21.5	19.7	22.6	26.3	30.3	25.4	24.5	28.4
Selling, general and administrative	96.4	106	132	163	149	179	199	162	158	171
Operating income	164	243	321	397	398	422	453	423	426	419
Interest expense	19.3	18.1	33.2	54.6	47.1	51.7	61.8	93.3	97.8	78.3
Interest income		2.3	3.4	7.7	4.9	4	7.5	6.3	7.7	5.2
Other non-operating income	3.2	-0.5	-1	4.3	4.1	-79.9	1.7	16.2	-7.9	-25
Pre-tax income	87	175	222	228	235	163	270	130	-141	-142
Income tax	42.6	29.6	40	44.2	53.7	44.7	58	24.2	-19.1	8.2
Income from continuing operations								106	-121	-150
Net income to minority interests	9.2	18.7	12.7	0	0
Net income	35.2	127	169	184	181	118	212	-5.4	-430	-167
EBITDA	202	283	378	482	498	532	561	546	534	525
EPS, basic	0.83	3.00	4.02	4.39	4.39	2.97	5.54	-0.15	-11.85	-4.61
EPS, diluted	0.83	2.97	3.97	4.35	4.37	2.95	5.50	-0.15	-11.85	-4.61
Shares, basic (weighted)	42.1	42.1	42	41.8	41.3	39.8	38.2	36.5	36.3	36.2
Shares, diluted (weighted)	42.3	42.5	42.6	42.2	41.5	40.1	38.5	36.7	36.3	36.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	30.5	87.9	77.5	56.5	258	275	76.7	95.9	68	78.1
Receivables	89.8	100	119	150	148
Inventory	151	160	191	213	189	241	335	309	196	186
Other current assets	4.3	5.5	6.4	5.4	6.1	6.5	7.6	5.6	5.3	4.3
Total current assets	295	369	423	463	629	725	683	659	493	454
Property, plant and equipment	423	439	524	665	704	720	799	762	643	608
Lease right-of-use assets			0	53.4	49.1	52.4	56.6	67.1	44.7	29.5
Goodwill	12.4	12.4	131	436	445	442	519	528	175	4.3
Intangible assets	7.3	4.9	126	396	373	338	405	336	279	176
Long-term investments					0	35.3
Other non-current assets	22	30.4	38.3	50.2	52.8	74.2	81.2	81.9	79.2	74.9
Total assets	833	930	1,315	2,142	2,335	2,469	2,737	2,623	2,023	1,651
Accounts payable	79.2	83.1	92.9	99.1	104	126	175	158	94.5	92
Accrued liabilities	19.3	20	36.7	33.3	46.6	51.7	54.4	72.3	58.1	148
Short-term debt	7.5	9.4	11.2	22.5	26	19.6	0.9	84.4	61.3	47.1
Total current liabilities	137	153	183	216	223	269	304	363	264	341
Long-term debt	481	444	741	1,228	1,267	1,250	1,473	1,383	1,340	1,161
Lease liabilities			0	36.7	34.7	36.2	40.8	48.6	33.6	22.4
Other non-current liabilities	10.2	13.2	15.1	30	49.9	126	115	127	131	40.5
Total liabilities	698	652	977	1,611	1,692	1,795	2,038	1,992	1,827	1,621
Total debt	7.5	9.4	11.2	22.5	26	19.6	0.9	84.4	61.3	47.1
Paid-in capital	130	140	98.3	113	121	136	153	165	177	196
Retained earnings	16	143	314	497	678	796	1,008	1,002	572	405
Treasury stock	-0.3	-7.7	-55.8	-74.6	-162	-272	-416	-510	-513	-572
Other comprehensive income	-19	-11.7	-17.7	-5	4.7	13.1	-46.8	-26.7	-41.4	0.5
Shareholders' equity	127	278	339	531	642	674	698	631	195	29.7
Minority interests	7.6	14	0
Total equity	135	278	339	531	642	674	698	631	195	29.7
Total liabilities and equity	833	930	1,315	2,142	2,335	2,469	2,737	2,623	2,023	1,651
Shares outstanding	42.1	42.1	41.7	41.8	40.5	39.3	37.3	36.2	36.4	35.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	44.4	145	182	184	181	118	212	-5.4	-430	-167
Depreciation and amortization	38.8	40.4	57	85	100	110	109	123	108	106
Stock-based compensation	4.7	10.1	12.5	12.3	8.4	12.3	16.1	10.6	11.9	18.3
Deferred income tax	-1.9	-25.7	0.9	14.8	16.2	-4.6	-5	-15.6	-66.2	-4.9
Change in receivables	5.7	-9.5	-3	-15.3	2.8	-13.8	-42.1	42.7	38.2	12.2
Change in inventory	-2.2	-6.6	-26.9	-2.5	22.3	-55.8	-63.7	25.8	73.3	40.2
Change in payables							42.7	-14.6	-63.4	-2.6
Cash from operations	128	174	252	276	352	293	313	205	129	331
Capital expenditures	-56.7	-52.6	-93.9	-115	-82.1	-104	-143	-110	-77.6	-57.7
Acquisitions		0	-316	-538	0	0	-345	0	0
Purchases of investments	0	-2.4	0	0			-77.4	-2.4	-0.3
Sales and maturities of investments	0	1	1.1	0	0
Cash from investing	-126	-58.6	-414	-658	-111	-139	-552	-77.3	-79.5	-57.5
Debt issued	300	75	300				1,165	376	405	291
Debt repaid	0	0	0	-123	-389	-23.4	-628	0	0
Stock issued	0	0.5	2.1	4.1	3.6	4.7	4.1	4.7	0	1.4
Share buybacks	0	-6.6	-47.4	-6.4	-88	-109	-145	-92.1	0	-56.3
Cash from financing	-3.4	-57.8	154	369	-50.2	-133	48.1	-99.9	-70.2	-252
Exchange rate effect	0.4	-0.5	-1.4	0.2	2.2	-1.7	-6	-0.3	-4.2	4.5
Net change in cash	-1.5	57.4	-10.1	-13.2	194	19.9	-196	27.6	-25.3	26
Free cash flow	71.2	122	158	161	270	190	171	95.3	51	274
Interest paid	15.1	16	26	48	39.6	47.5	54.8	82.7	85.4	70.4
Income taxes paid	22.4	61.9	34.8	14.9	46.6	53.7	54.8	29.7	26.9	10.9

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 $73.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	41.1%	Gross profit / revenue.
Pre-tax margin	3.2%	Pre-tax income / revenue.
Net margin	4.7%	Net income / revenue.
FCF margin	13.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.2%	Cash from operations / revenue.
Effective tax rate	33.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	115.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.5%	Net income / average total assets.
R&D / revenue	2.3%	Research and development expense / revenue.
SG&A / revenue	14.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.8%	Capital expenditures / revenue.
D&A / revenue	8.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-11.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-0.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-6.8%	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	-0.2%	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	-1.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-2.6%	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	1.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-1.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-2.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	1.1%	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	157.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.9%	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	-1.2%	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	436.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	17.0%	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	0.2%	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	-84.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-65.1%	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	-45.9%	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	-18.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-15.5%	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	-6.7%	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	-0.3%	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	-2.0%	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	-2.7%	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	1.61x	Current assets / current liabilities.
Quick ratio	0.29x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.29x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.07x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.4%	Total debt / total assets.
Liabilities / assets	96.9%	Total liabilities / total assets.
Net debt	$46.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$206.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	9.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$94.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.75x	Revenue / average total assets.
Fixed asset turnover	2.02x	Revenue / average property, plant and equipment.
Inventory turnover	4.44x	Cost of revenue / average inventory.
Days inventory	82 days	365 x average inventory / cost of revenue.
Days payables	47 days	365 x average accounts payable / cost of revenue.
FCF conversion	286.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	26.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.53	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	$32.89	Revenue / diluted weighted shares.
FCF per share	$4.39	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.98	Cash from operations / diluted weighted shares.
Book value per share	$1.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.75	Tangible book value / shares outstanding.
Cash per share	$2.82	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	92.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.51B	Share price x shares outstanding.
Enterprise value	$2.56B	Market cap + total debt - cash - short-term investments.
P/E	46.5x	Market cap / net income. Only when net income is positive.
P/S	2.16x	Market cap / revenue.
P/B	53.5x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	16.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.9x	Market cap / cash from operations, when positive.
EV/Sales	2.20x	Enterprise value / revenue.
EV/FCF	16.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.2%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.7%	(Dividends paid + share buybacks) / market cap.

What was Ingevity Corp's revenue in fiscal 2025?

Ingevity Corp reported revenue of $1.17B for fiscal 2025, 2.7% lower than the year before.

Was Ingevity Corp profitable in fiscal 2025?

No. It reported a net loss of $167.1M.

How much free cash flow did Ingevity Corp generate in fiscal 2025?

Cash from operations of $331.2M minus capital expenditures of $57.7M left free cash flow of $273.5M.

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.

Open interactive statements, quarterly figures and charts

Back to Ingevity Corp