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Chemicals · Basic Materials · Fiscal year ends Dec 31
Innospec reported revenue of $1.8B in the fiscal year ended Dec 2025, down 3.7% from the year before. Operating income was $130M, an operating margin of 7.3%, and net income was $117M. Operating cash flow of $138M less capital expenditure of $50M left free cash flow of $88M.
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 | 1,483 | 1,964 | 1,949 | 1,845 | 1,778 |
| Cost of revenue | 1,049 | 1,377 | 1,358 | 1,303 | 1,286 |
| Gross profit | 435 | 587 | 591 | 543 | 492 |
| Research & development | 37.4 | 38.7 | 49.0 | 56.5 | 51.0 |
| Selling, general & admin | 267 | 361 | 381 | 305 | 285 |
| Operating income | 132 | 187 | 162 | 178 | 130 |
| Interest expense | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Pre-tax income | 134 | 185 | 174 | 41.2 | 138 |
| Income tax | 41.3 | 51.6 | 35.3 | 5.6 | 21.5 |
| Net income | 93.1 | 133 | 139 | 35.6 | 117 |
| Diluted EPS | 3.75 | 5.32 | 5.56 | 1.42 | 4.67 |
| Diluted shares | 24.9 | 25.0 | 25.0 | 25.1 | 25.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 142 | 147 | 204 | 289 | 293 |
| Receivables | 285 | 335 | 360 | 342 | 342 |
| Inventory | 278 | 373 | 300 | 301 | 329 |
| Current assets | 728 | 873 | 886 | 957 | 1,005 |
| Net PP&E | 214 | 221 | 268 | 270 | 286 |
| Goodwill | 364 | 359 | 399 | 383 | 399 |
| Total assets | 1,571 | 1,604 | 1,707 | 1,735 | 1,832 |
| Payables | 149 | 165 | 164 | 164 | 175 |
| Current liabilities | 337 | 406 | 372 | 371 | 360 |
| Total liabilities | 538 | 563 | 558 | 519 | 500 |
| Shareholders' equity | 1,032 | 1,038 | 1,147 | 1,211 | 1,326 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 93.2 | 81.7 | 207 | 185 | 138 |
| Capital expenditure | 39.1 | 39.6 | 62.1 | 41.4 | 50.3 |
| Free cash flow | 54.1 | 42.1 | 145 | 143 | 88.0 |
| Depreciation & amortisation | 42.7 | 40.1 | 39.3 | 43.5 | 43.6 |
| Stock-based compensation | 4.4 | 6.7 | 8.0 | 8.5 | 8.1 |
| Acquisitions | 0.0 | 0.0 | 34.7 | 0.2 | 0.7 |
| Share buybacks | 0.8 | 5.9 | 1.1 | 0.7 | 23.9 |
| Dividends paid | 28.8 | 31.7 | 35.1 | 38.8 | 42.4 |
| Dividend per share | 1.16 | 1.28 | 1.41 | 1.55 | 1.71 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 32.4% | −0.8% | −5.3% | −3.7% |
| Operating income growth (YoY) | – | 41.8% | −13.7% | 10.1% | −27.2% |
| EPS growth (YoY) | – | 41.9% | 4.5% | −74.5% | 228.9% |
| Gross margin | 29.3% | 29.9% | 30.3% | 29.4% | 27.7% |
| Operating margin | 8.9% | 9.5% | 8.3% | 9.6% | 7.3% |
| Net margin | 6.3% | 6.8% | 7.1% | 1.9% | 6.6% |
| Return on equityBlank when equity is negative | 9.0% | 12.8% | 12.1% | 2.9% | 8.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.7% | 15.6% | 12.1% | 13.0% | 8.8% |
| Free cash flow margin | 3.6% | 2.1% | 7.5% | 7.8% | 4.9% |
| Cash conversion (CFO ÷ net income) | 1.00x | 0.61x | 1.49x | 5.18x | 1.19x |
| Receivable days | 70 | 62 | 67 | 68 | 70 |
| Inventory days | 97 | 99 | 81 | 84 | 93 |
| Payable days | 52 | 44 | 44 | 46 | 50 |
| Current ratio | 2.16x | 2.15x | 2.38x | 2.58x | 2.79x |
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.