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Chemicals · Basic Materials · Fiscal year ends Dec 31
Balchem reported revenue of $1B in the fiscal year ended Dec 2025, up 8.8% from the year before. Operating income was $209M, an operating margin of 20.2%, and net income was $155M.
Ranks among the 18 chemicals companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 799 | 942 | 922 | 954 | 1,037 |
| Cost of revenue | 556 | 662 | 620 | 617 | 667 |
| Gross profit | 243 | 280 | 302 | 336 | 371 |
| Research & development | 13.5 | 12.2 | 15.0 | 16.8 | 18.5 |
| Selling, general & admin | 102 | 123 | 128 | 137 | 143 |
| Operating income | 128 | 145 | 159 | 183 | 209 |
| Net interest incomeBanks | −2.5 | −10.3 | −22.6 | – | – |
| Pre-tax income | 125 | 134 | 137 | 166 | 199 |
| Income tax | 29.1 | 28.4 | 28.7 | 38.0 | 44.2 |
| Net income | 96.1 | 105 | 109 | 128 | 155 |
| Diluted EPS | 2.94 | 3.25 | 3.35 | 3.93 | 4.75 |
| Diluted shares | 32.7 | 32.4 | 32.4 | 32.7 | 32.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 103 | 66.6 | 64.4 | 49.5 | 74.6 |
| Receivables | 117 | 132 | 125 | 120 | 144 |
| Inventory | 91.1 | 120 | 110 | 131 | 131 |
| Current assets | 322 | 336 | 314 | 314 | 366 |
| Net PP&E | 238 | 271 | 276 | 282 | 307 |
| Goodwill | 524 | 770 | 779 | 780 | 816 |
| Total assets | 1,199 | 1,625 | 1,597 | 1,575 | 1,686 |
| Payables | 56.2 | 57.3 | 55.5 | 54.7 | 60.4 |
| Current liabilities | 144 | 140 | 148 | 158 | 176 |
| Total liabilities | 322 | 686 | 543 | 425 | 429 |
| Shareholders' equity | 877 | 938 | 1,054 | 1,150 | 1,257 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 161 | 139 | 184 | 182 | 217 |
| Capital expenditure | 36.1 | 49.1 | – | – | – |
| Free cash flow | 124 | 89.5 | – | – | – |
| Depreciation & amortisation | 48.9 | 51.8 | 54.9 | 48.0 | 45.7 |
| Stock-based compensation | 10.8 | 13.2 | 16.1 | 16.7 | 18.1 |
| Acquisitions | 0.0 | 366 | 1.3 | 24.2 | 0.3 |
| Share buybacks | 35.2 | 35.4 | 4.5 | 5.7 | 108 |
| Dividends paid | 18.7 | 20.7 | 22.9 | 25.6 | 28.3 |
| Dividend per share | – | 0.71 | 0.79 | 0.87 | 0.96 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.9% | −2.1% | 3.4% | 8.8% |
| Operating income growth (YoY) | – | 13.9% | 9.6% | 14.9% | 14.4% |
| EPS growth (YoY) | – | 10.5% | 3.1% | 17.3% | 20.9% |
| Gross margin | 30.4% | 29.8% | 32.7% | 35.3% | 35.7% |
| Operating margin | 16.0% | 15.4% | 17.3% | 19.2% | 20.2% |
| Net margin | 12.0% | 11.2% | 11.8% | 13.5% | 14.9% |
| Return on equityBlank when equity is negative | 11.0% | 11.2% | 10.3% | 11.2% | 12.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.1% | 9.8% | 11.0% | 12.9% | 13.9% |
| Free cash flow margin | 15.6% | 9.5% | – | – | – |
| Cash conversion (CFO ÷ net income) | 1.67x | 1.31x | 1.69x | 1.42x | 1.40x |
| Receivable days | 54 | 51 | 50 | 46 | 51 |
| Inventory days | 60 | 66 | 64 | 77 | 72 |
| Payable days | 37 | 32 | 33 | 32 | 33 |
| Current ratio | 2.24x | 2.40x | 2.12x | 1.99x | 2.07x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.