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Specialty chemicals · Basic Materials · Fiscal year ends Sep 30
CABOT reported revenue of $3.7B in the fiscal year ended Sep 2025, down 7.0% from the year before. Operating income was $621M, an operating margin of 16.7%, and net income was $331M. Operating cash flow of $665M less capital expenditure of $274M left free cash flow of $391M. Net debt was $858M.
Ranks among the 20 specialty chemicals companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 3,409 | 4,321 | 3,931 | 3,994 | 3,713 |
| Cost of revenue | 2,610 | 3,436 | 3,092 | 3,034 | 2,773 |
| Gross profit | 799 | 885 | 839 | 960 | 940 |
| Research & development | 56.0 | 55.0 | 57.0 | 63.0 | 59.0 |
| Selling, general & admin | 289 | 258 | 253 | 283 | 260 |
| Operating income | 454 | 389 | 526 | 614 | 621 |
| Interest expense | 49.0 | 56.0 | 90.0 | 81.0 | 76.0 |
| Pre-tax income | 406 | 335 | 451 | 529 | 565 |
| Income tax | 123 | 102 | −28.0 | 111 | 196 |
| Net income | 250 | 209 | 445 | 380 | 331 |
| Diluted EPS | 4.34 | 3.62 | 7.73 | 6.72 | 6.02 |
| Diluted shares | 56.8 | 56.9 | 56.5 | 55.7 | 54.2 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 168 | 206 | 238 | 223 | 258 |
| Receivables | 645 | 836 | 695 | 733 | 671 |
| Inventory | 523 | 664 | 585 | 552 | 504 |
| Current assets | 1,425 | 1,820 | 1,626 | 1,605 | 1,539 |
| Net PP&E | 1,376 | 1,270 | 1,412 | 1,534 | 1,711 |
| Goodwill | 140 | 129 | 134 | 133 | 134 |
| Total assets | 3,306 | 3,525 | 3,604 | 3,736 | 3,815 |
| Payables | 480 | 533 | 438 | 495 | 459 |
| Deferred revenue | – | – | – | – | 0.0 |
| Current liabilities | 1,147 | 1,105 | 822 | 772 | 957 |
| Short-term debt | 373 | 7.0 | 8.0 | 8.0 | 260 |
| Long-term debt | 717 | 1,089 | 1,094 | 1,087 | 856 |
| Total liabilities | 2,216 | 2,493 | 2,197 | 2,146 | 2,110 |
| Shareholders' equity | 947 | 898 | 1,264 | 1,425 | 1,550 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 257 | 100 | 595 | 692 | 665 |
| Capital expenditure | 195 | 211 | 244 | 241 | 274 |
| Free cash flow | 62.0 | −111 | 351 | 451 | 391 |
| Depreciation & amortisation | 160 | 146 | 144 | 151 | 154 |
| Stock-based compensation | 21.0 | 23.0 | 20.0 | 25.0 | 24.0 |
| Acquisitions | – | 9.0 | – | – | 27.0 |
| Share buybacks | 3.0 | 53.0 | 98.0 | 172 | 168 |
| Dividends paid | 80.0 | 84.0 | 88.0 | 93.0 | 96.0 |
| Dividend per share | 1.40 | 1.48 | 1.54 | 1.66 | 1.76 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 26.8% | −9.0% | 1.6% | −7.0% |
| Operating income growth (YoY) | – | −14.3% | 35.2% | 16.7% | 1.1% |
| EPS growth (YoY) | – | −16.6% | 113.5% | −13.1% | −10.4% |
| Gross margin | 23.4% | 20.5% | 21.3% | 24.0% | 25.3% |
| Operating margin | 13.3% | 9.0% | 13.4% | 15.4% | 16.7% |
| Net margin | 7.3% | 4.8% | 11.3% | 9.5% | 8.9% |
| Return on equityBlank when equity is negative | 26.4% | 23.3% | 35.2% | 26.7% | 21.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 21.0% | 16.1% | 18.9% | 20.7% | 21.7% |
| Free cash flow margin | 1.8% | −2.6% | 8.9% | 11.3% | 10.5% |
| Cash conversion (CFO ÷ net income) | 1.03x | 0.48x | 1.34x | 1.82x | 2.01x |
| Receivable days | 69 | 71 | 65 | 67 | 66 |
| Inventory days | 73 | 71 | 69 | 66 | 66 |
| Payable days | 67 | 57 | 52 | 60 | 60 |
| Interest cover | 9.27x | 6.95x | 5.84x | 7.58x | 8.17x |
| Debt ÷ equity | 1.15x | 1.22x | 0.87x | 0.77x | 0.72x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 922 | 890 | 864 | 872 | 858 |
| Current ratio | 1.24x | 1.65x | 1.98x | 2.08x | 1.61x |
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.