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Specialty chemicals · Basic Materials · Fiscal year ends Dec 31
Newmarket reported revenue of $2.7B in the fiscal year ended Dec 2025, down 2.2% from the year before. Operating income was $544M, an operating margin of 20.0%, and net income was $419M. Operating cash flow of $569M less capital expenditure of $78M left free cash flow of $491M. Net debt was $806M.
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 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,356 | 2,765 | 2,698 | 2,787 | 2,725 |
| Cost of revenue | 1,808 | 2,124 | 1,926 | 1,900 | 1,868 |
| Gross profit | 548 | 640 | 773 | 886 | 857 |
| Research & development | 144 | 140 | 138 | 125 | 132 |
| Selling, general & admin | 146 | 145 | 151 | 171 | 182 |
| Operating income | 258 | 355 | 483 | 590 | 544 |
| Interest expense | 34.2 | 35.2 | 37.4 | 57.4 | 39.7 |
| Pre-tax income | 248 | 348 | 489 | 584 | 561 |
| Income tax | 56.6 | 68.2 | 100 | 122 | 142 |
| Net income | 191 | 280 | 389 | 462 | 419 |
| Diluted EPS | 17.71 | 27.77 | 40.44 | 48.22 | 44.44 |
| Diluted shares | 10.8 | 10.0 | 9.6 | 9.6 | 9.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 83.3 | 68.7 | 112 | 77.5 | 77.6 |
| Receivables | 392 | 454 | 432 | 395 | 422 |
| Inventory | 499 | 631 | 456 | 505 | 502 |
| Current assets | 1,388 | 1,192 | 1,040 | 1,030 | 1,060 |
| Net PP&E | 677 | 660 | 655 | 735 | 775 |
| Total assets | 2,558 | 2,407 | 2,309 | 3,130 | 3,492 |
| Payables | 246 | 273 | 231 | 226 | 238 |
| Deferred revenue | – | – | 0.3 | 0.1 | 18.4 |
| Current liabilities | 725 | 424 | 364 | 374 | 419 |
| Short-term debt | 349 | 0.0 | – | – | – |
| Long-term debt | 790 | 1,004 | 644 | 971 | 883 |
| Total liabilities | 1,796 | 1,644 | 1,232 | 1,668 | 1,714 |
| Shareholders' equity | 762 | 762 | 1,077 | 1,462 | 1,778 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 165 | 109 | 577 | 520 | 569 |
| Capital expenditure | 78.9 | 56.2 | 48.3 | 57.3 | 77.6 |
| Free cash flow | 86.4 | 52.5 | 529 | 462 | 491 |
| Depreciation & amortisation | 84.3 | 82.3 | 78.0 | 117 | 122 |
| Acquisitions | – | 0.0 | 0.0 | 681 | 213 |
| Share buybacks | 196 | 207 | 42.9 | 31.9 | 77.2 |
| Dividends paid | 85.9 | 84.3 | 85.0 | 95.9 | 106 |
| Dividend per share | 8.00 | 8.40 | 8.85 | 10.00 | 11.25 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.3% | −2.4% | 3.3% | −2.2% |
| Operating income growth (YoY) | – | 37.8% | 36.0% | 22.1% | −7.8% |
| EPS growth (YoY) | – | 56.8% | 45.6% | 19.2% | −7.8% |
| Gross margin | 23.2% | 23.2% | 28.6% | 31.8% | 31.5% |
| Operating margin | 10.9% | 12.8% | 17.9% | 21.2% | 20.0% |
| Net margin | 8.1% | 10.1% | 14.4% | 16.6% | 15.4% |
| Return on equityBlank when equity is negative | 25.0% | 36.7% | 36.1% | 31.6% | 23.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.1% | 17.9% | 24.8% | 21.4% | 17.7% |
| Free cash flow margin | 3.7% | 1.9% | 19.6% | 16.6% | 18.0% |
| Cash conversion (CFO ÷ net income) | 0.87x | 0.39x | 1.48x | 1.12x | 1.36x |
| Receivable days | 61 | 60 | 58 | 52 | 57 |
| Inventory days | 101 | 108 | 86 | 97 | 98 |
| Payable days | 50 | 47 | 44 | 43 | 47 |
| Interest cover | 7.53x | 10.1x | 12.9x | 10.3x | 13.7x |
| Debt ÷ equity | 1.49x | 1.32x | 0.60x | 0.66x | 0.50x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,056 | 935 | 532 | 894 | 806 |
| Current ratio | 1.91x | 2.81x | 2.85x | 2.75x | 2.53x |
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.