STEPAN CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data STEPAN CO 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	1,766	1,925	1,994	1,859	1,870	2,346	2,773	2,326	2,180	2,332
Cost of revenue	1,427	1,579	1,655	1,519	1,486	1,950	2,346	2,048	1,908	2,062
Gross profit	339	346	339	340	384	396	427	278	272	270
Research and development	34.9	33.2	33.5	34.1	36	38.8	40.9	35.7	33.5	34.8
Selling and marketing	56.9	54.1	56.3	57	55.5	59.2	59	48.4	45.6	48.8
General and administrative	74.9	75.6	79.2	82.6	87.4	92.9	102	93.2	98.3	90.8
Operating expenses	204	188	187	210	211	222	218	205	202	201
Operating income	128	155	149	127	172	171	207	58.6	70.5	78.5
Interest expense		14.4	13.4	12.7	9.86	10.1	17.9	29.4	33	30.8
Interest income	1.25	2.08	1.83	5.72	2.17	1.26	1.08	3.84	5.28	4.11
Other non-operating income	-14	-7.96	-11.5	-1.36	-0.46	1.76	-18.6	-10.2	-10	-18.6
Pre-tax income	114	147	138	126	171	173	189	48.4	60.4	59.9
Income tax	27.6	46.1	26.7	22.8	43.4	34.6	41.6	8.19	10.1	13
Net income to minority interests	0.01	-0.03	-0.01	-0.03	0.89	0.09
Net income	86.2	101	111	103	127	138	147	40.2	50.4	46.9
EBITDA	203	234	230	206	253	262	302	164	183	205
EPS, basic	4.16	4.39	4.83	4.47	5.52	6.01	6.46	1.77	2.21	2.05
EPS, diluted	4.10	4.31	4.76	4.42	5.45	5.92	6.38	1.75	2.20	2.05
Shares, basic (weighted)	20.7	22.9	23	23.1	22.9	22.9	22.8	22.8	22.8	22.9
Shares, diluted (weighted)	21	23.4	23.3	23.3	23.3	23.3	23.1	22.9	22.9	22.9
Dividend per share	0.86	0.86	0.93	1.03	1.13	1.25	1.37	1.47	1.51	1.55

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	226	299	300	315	350	159	174	130	99.7	133
Receivables	263	294	280	277	301	420	437	422	388	388
Inventory	174	173	232	204	219	306	403	266	289	299
Other current assets	22.7	23.6	22.1	22.9	35.6	29.1	31.6	34.5	34	39.5
Total current assets	686	789	834	819	906	913	1,045	852	810	859
Property, plant and equipment	583	598	609	639	683	851	1,073	1,207	1,198	1,220
Lease right-of-use assets				38.4	62.4	69.6	62.5	70.6	71.5	62.5
Goodwill	25.3	25.1	23	26.1	28	97.2	95.9	97.4	91.4	92.6
Intangible assets	22.3	18.5	14.2	15.4	24.1	60.8	58	52.6	42.7	39.5
Long-term investments	24.1	28.3	25.1	28.2	30.7	34.5	23.3	26.8	25.6	21.3
Other non-current assets	13.9	11.8	9.55	13.2	18.9	39.6	75.3	57.3	64.7	63.3
Total assets	1,354	1,503	1,515	1,579	1,752	2,066	2,433	2,363	2,305	2,358
Accounts payable	158	205	206	194	237	323	376	233	259	262
Accrued liabilities	111	92.8	95.6	121	142	136	163	122	117	119
Short-term debt	28.2	22.5	37.1	23.6	37.9	40.7	132	253	293	286
Total current liabilities	297	320	339	339	417	500	671	608	669	666
Long-term debt	289	268	239	199	161	323	455	401	333	341
Lease liabilities				29.7	51.6	56.7	50.6	58	57.4	49.3
Other non-current liabilities	119	130	104	96.2	114	98.9	80.7	69.3	66	45.4
Total liabilities	702	705	706	687	764	991	1,267	1,147	1,135	1,114
Total debt	317	291	276	222	199	364	587	654	625	627
Paid-in capital	158	170	183	193	207	221	237	247	254	260
Retained earnings	649	722	837	922	1,024	1,134	1,250	1,257	1,274	1,286
Treasury stock	-70.9	-78.6	-97.4	-114	-134	-154	-181	-184	-188	-190
Other comprehensive income	-127	-99.6	-141	-136	-137	-153	-168	-131	-197	-139
Shareholders' equity	635	740	807	892	987	1,074	1,166	1,216	1,170	1,244
Minority interests	1.31	0.82	0.76	0.71	1.67
Total equity	652	766	808	892	988	1,074	1,166	1,216	1,170	1,244
Total liabilities and equity	1,354	1,471	1,515	1,579	1,752	2,066	2,433	2,363	2,305	2,358

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	86.2	101	111	103	128	138	147	40.2	50.4	46.9
Depreciation and amortization	75	79	81.1	78.7	81.9	90.9	94.7	105	112	126
Stock-based compensation	12.6	7.15	6.84	8.87	10.1	11.7	13.9	5.74	5.35	6
Deferred income tax	-8.43	-1	10.4	-5.02	-4.51	-33.6	-27.5	18.3	-10.3	-1.4
Change in receivables	-17.2	-16.4	5.2	4.89	-23.4	-104	-26.2	32	9.04	23.7
Change in inventory	-3.77	-1.99	-24.7	28.5	-15.4	-79.3	-99.4	145	-37.2	0.5
Change in payables	38.3	30.5	-19	-15.1	55.7	44.4	54.2	-159	34	-32.7
Cash from operations	212	199	171	218	235	72.1	161	175	162	148
Capital expenditures	-103	-78.6	-86.6	-106	-126	-194	-302	-260	-123	-123
Acquisitions	-23.5	-4.34	-22.9	-9	-13.5	-184	-9.69
Cash from investing	-131	-82.7	-108	-113	-139	-377	-308	-259	-117	-89
Debt repaid	-15.1	-20.7	-20.7	-46.4	-23.6	-37.9	-37.9	-37.9	-48.6
Stock issued	4.02	3.37	4.16	3.04	2.93	1.37	0.78	2.8	1.11	0.1
Share buybacks	-2.41	-6	-15.5	-13.2	-15.3	-17	-24.9
Dividends paid	-17.3	-18.9	-20.9	-23.1	-25.4	-28.1	-30.6	-32.9	-34	-35
Cash from financing	-29.8	-50.5	-51.6	-90.5	-64.9	117	166	33.3	-64.5	-35.4
Exchange rate effect	-2.27	7.47	-10.4	-0.08	3.31	-3.39
Net change in cash	49.6	73.2	1.3	15.2	34.6	-191	14.6	-43.9	-30.2	33
Free cash flow	109	120	84.5	113	109	-122	-141	-85.5	39.3	25.4
Interest paid	14.7	13.9	12.8	12.3	9.33	9.54	16.5	28	29.8	28.7
Income taxes paid	30.6	25.7	33	29.3	39	92.9	41.6	29.6	-12.3	8.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $66.96 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	12.0%	Gross profit / revenue.
Operating margin	0.9%	Operating income / revenue.
EBITDA margin	6.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.1%	Pre-tax income / revenue.
Net margin	0.2%	Net income / revenue.
FCF margin	0.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.5%	Cash from operations / revenue.
Effective tax rate	-52.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	0.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.2%	Net income / average total assets.
Return on invested capital (ROIC)	1.1%	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%.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.3%	Capital expenditures / revenue.
D&A / revenue	5.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-14.2%	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	-6.8%	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	11.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-27.6%	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	-14.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-12.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-4.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-6.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-31.7%	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	-18.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-6.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-31.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-17.8%	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	-8.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-2.7%	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	-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	-35.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-25.3%	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	2.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.2%	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	6.5%	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	6.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.2%	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	4.7%	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	2.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.0%	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	6.1%	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	-0.2%	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	-0.3%	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	-0.3%	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	1.32x	Current assets / current liabilities.
Quick ratio	0.81x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.52x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.5%	Total debt / total assets.
Liabilities / assets	49.0%	Total liabilities / total assets.
Net debt	$536.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.53x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$239.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.09B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.06x	Revenue / average total assets.
Fixed asset turnover	2.24x	Revenue / average property, plant and equipment.
Inventory turnover	6.56x	Cost of revenue / average inventory.
Days inventory	56 days	365 x average inventory / cost of revenue.
Receivables turnover	5.05x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
Days payables	52 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	76 days	Days inventory + days sales outstanding - days payables.
FCF conversion	105.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	96.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.19	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	$110.31	Revenue / diluted weighted shares.
FCF per share	$0.20	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.99	Cash from operations / diluted weighted shares.
Book value per share	$53.04	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$47.58	Tangible book value / shares outstanding.
Cash per share	$4.27	(Cash + short-term investments) / shares outstanding.
Payout ratio	829.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	785.8%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.52B	Share price x shares outstanding.
Enterprise value	$2.06B	Market cap + total debt - cash - short-term investments.
P/E	352x	Market cap / net income. Only when net income is positive.
P/S	0.60x	Market cap / revenue.
P/B	1.25x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.39x	Market cap / tangible book value, when positive.
P/FCF	334x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.3x	Market cap / cash from operations, when positive.
EV/Sales	0.81x	Enterprise value / revenue.
EV/EBIT	85.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	451x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.3%	Free cash flow / market cap.
Earnings yield	0.3%	Net income / market cap (the inverse of P/E).
Dividend yield	2.4%	Dividends paid over the period / market cap.
Shareholder yield	2.4%	(Dividends paid + share buybacks) / market cap.

What was STEPAN CO's revenue in fiscal 2025?

STEPAN CO reported revenue of $2.33B for fiscal 2025, 7% higher than the year before.

Was STEPAN CO profitable in fiscal 2025?

Yes. Net income was $46.9M, a net margin of 2%.

How much free cash flow did STEPAN CO generate in fiscal 2025?

Cash from operations of $147.9M minus capital expenditures of $122.5M left free cash flow of $25.4M.

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 STEPAN CO