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Chemicals · Basic Materials · Fiscal year ends Dec 31
Ingevity reported revenue of $1.2B in the fiscal year ended Dec 2025, down 2.7% from the year before. Operating income was $419M, an operating margin of 35.9%, and net income was −$167M. Operating cash flow of $331M less capital expenditure of $58M left free cash flow of $274M. Net debt was $1.1B.
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 | 1,392 | 1,668 | 1,216 | 1,200 | 1,168 |
| Cost of revenue | 879 | 1,098 | 771 | 735 | 706 |
| Gross profit | 513 | 570 | 445 | 465 | 462 |
| Research & development | 26.3 | 30.3 | 25.4 | 24.5 | 28.4 |
| Selling, general & admin | 179 | 199 | 162 | 158 | 171 |
| Operating income | 422 | 453 | 423 | 426 | 419 |
| Interest expense | 51.7 | 61.8 | 93.3 | 97.8 | 78.3 |
| Pre-tax income | 163 | 270 | 130 | −141 | −142 |
| Income tax | 44.7 | 58.0 | 24.2 | −19.1 | 8.2 |
| Net income | 118 | 212 | −5.4 | −430 | −167 |
| Diluted EPS | 2.95 | 5.50 | −0.15 | −11.85 | −4.61 |
| Diluted shares | 40.1 | 38.5 | 36.7 | 36.3 | 36.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 275 | 76.7 | 95.9 | 68.0 | 78.1 |
| Inventory | 241 | 335 | 309 | 196 | 186 |
| Current assets | 725 | 683 | 659 | 493 | 454 |
| Net PP&E | 720 | 799 | 762 | 643 | 608 |
| Goodwill | 442 | 519 | 528 | 175 | 4.3 |
| Total assets | 2,469 | 2,737 | 2,623 | 2,023 | 1,651 |
| Payables | 126 | 175 | 158 | 94.5 | 92.0 |
| Deferred revenue | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Current liabilities | 269 | 304 | 363 | 264 | 341 |
| Short-term debt | 19.6 | 0.9 | 84.4 | 61.3 | 47.1 |
| Long-term debt | 1,250 | 1,473 | 1,383 | 1,340 | 1,161 |
| Total liabilities | 1,795 | 2,038 | 1,992 | 1,827 | 1,621 |
| Shareholders' equity | 674 | 698 | 631 | 195 | 29.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 293 | 313 | 205 | 129 | 331 |
| Capital expenditure | 104 | 143 | 110 | 77.6 | 57.7 |
| Free cash flow | 190 | 171 | 95.3 | 51.0 | 274 |
| Depreciation & amortisation | 110 | 109 | 123 | 108 | 106 |
| Stock-based compensation | 12.3 | 16.1 | 10.6 | 11.9 | 18.3 |
| Acquisitions | 0.0 | 345 | 0.0 | 0.0 | – |
| Share buybacks | 109 | 145 | 92.1 | 0.0 | 56.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 19.9% | −27.1% | −1.3% | −2.7% |
| Operating income growth (YoY) | – | 7.2% | −6.5% | 0.6% | −1.7% |
| EPS growth (YoY) | – | 86.4% | −102.7% | – | – |
| Gross margin | 36.9% | 34.2% | 36.6% | 38.7% | 39.5% |
| Operating margin | 30.3% | 27.1% | 34.8% | 35.5% | 35.9% |
| Net margin | 8.5% | 12.7% | −0.4% | −35.9% | −14.3% |
| Return on equityBlank when equity is negative | 17.5% | 30.3% | −0.9% | −220.4% | −562.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.2% | 18.6% | 18.7% | 24.2% | 32.0% |
| Free cash flow margin | 13.6% | 10.2% | 7.8% | 4.2% | 23.4% |
| Cash conversion (CFO ÷ net income) | 2.48x | 1.48x | −38.0x | −0.30x | −1.98x |
| Inventory days | 100 | 111 | 146 | 97 | 96 |
| Payable days | 52 | 58 | 75 | 47 | 48 |
| Interest cover | 8.17x | 7.32x | 4.54x | 4.35x | 5.35x |
| Debt ÷ equity | 1.88x | 2.11x | 2.32x | 7.18x | 40.7x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 994 | 1,397 | 1,371 | 1,333 | 1,130 |
| Current ratio | 2.70x | 2.25x | 1.81x | 1.87x | 1.33x |
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.