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Specialty chemicals · Basic Materials · Fiscal year ends Dec 31
Enpro reported revenue of $1.1B in the fiscal year ended Dec 2025, up 9.0% from the year before. Operating income was $162M, an operating margin of 14.1%, and net income was $41M. Operating cash flow of $201M less capital expenditure of $42M left free cash flow of $159M. Net debt was $541M.
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 | 840 | 1,099 | 1,059 | 1,049 | 1,143 |
| Cost of revenue | 512 | 676 | 633 | 604 | 656 |
| Gross profit | 328 | 423 | 427 | 445 | 488 |
| Research & development | 9.8 | 10.1 | 9.5 | 10.9 | 13.3 |
| Selling, general & admin | 260 | 283 | 284 | 296 | 323 |
| Operating income | 65.4 | 72.2 | 76.8 | 142 | 162 |
| Interest expense | 16.2 | 35.6 | 45.0 | 40.9 | 34.0 |
| Pre-tax income | 66.0 | 28.3 | 37.7 | 94.4 | 57.6 |
| Income tax | 8.7 | 24.4 | 30.8 | 21.5 | 17.1 |
| Net income | 178 | 205 | 22.2 | 72.9 | 40.5 |
| Diluted EPS | 8.57 | 9.83 | 1.05 | 3.45 | 1.91 |
| Diluted shares | 20.8 | 20.9 | 21.0 | 21.1 | 21.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 338 | 334 | 370 | 236 | 115 |
| Inventory | 136 | 152 | 143 | 139 | 154 |
| Current assets | 805 | 684 | 650 | 512 | 438 |
| Net PP&E | 184 | 185 | 194 | 193 | 222 |
| Goodwill | 948 | 864 | 808 | 896 | 1,065 |
| Total assets | 2,975 | 2,648 | 2,500 | 2,492 | 2,663 |
| Payables | 72.0 | 73.4 | 68.7 | 66.0 | 71.6 |
| Deferred revenue | 275 | 311 | – | – | – |
| Current liabilities | 386 | 212 | 196 | 198 | 189 |
| Short-term debt | 12.7 | 15.6 | 8.1 | 16.0 | 0.2 |
| Long-term debt | 964 | 775 | 639 | 624 | 655 |
| Total liabilities | 1,654 | 1,235 | 1,072 | 1,063 | 1,119 |
| Shareholders' equity | 1,270 | 1,395 | 1,410 | 1,429 | 1,544 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 124 | 106 | 208 | 163 | 201 |
| Capital expenditure | 14.9 | 29.4 | 33.9 | 29.1 | 42.0 |
| Free cash flow | 109 | 76.7 | 175 | 134 | 159 |
| Depreciation & amortisation | 63.8 | 103 | 94.5 | 100 | 103 |
| Stock-based compensation | 5.0 | 6.5 | 9.8 | 12.0 | 13.5 |
| Acquisitions | 857 | −2.9 | 0.0 | 209 | 274 |
| Share buybacks | 0.0 | – | – | – | – |
| Dividends paid | 22.4 | 23.4 | 24.3 | 25.3 | 26.2 |
| Dividend per share | 1.04 | 1.12 | 1.16 | 1.20 | 1.24 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 30.8% | −3.6% | −1.0% | 9.0% |
| Operating income growth (YoY) | – | 10.4% | 6.4% | 85.3% | 13.6% |
| EPS growth (YoY) | – | 14.7% | −89.3% | 228.6% | −44.6% |
| Gross margin | 39.0% | 38.5% | 40.3% | 42.4% | 42.6% |
| Operating margin | 7.8% | 6.6% | 7.3% | 13.6% | 14.1% |
| Net margin | 21.2% | 18.7% | 2.1% | 7.0% | 3.5% |
| Return on equityBlank when equity is negative | 14.0% | 14.7% | 1.6% | 5.1% | 2.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.5% | 3.0% | 3.3% | 6.2% | 6.5% |
| Free cash flow margin | 13.0% | 7.0% | 16.5% | 12.8% | 13.9% |
| Cash conversion (CFO ÷ net income) | 0.70x | 0.52x | 9.39x | 2.23x | 4.97x |
| Inventory days | 97 | 82 | 82 | 84 | 86 |
| Payable days | 51 | 40 | 40 | 40 | 40 |
| Interest cover | 4.04x | 2.03x | 1.71x | 3.48x | 4.75x |
| Debt ÷ equity | 0.77x | 0.57x | 0.46x | 0.45x | 0.42x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 639 | 456 | 277 | 404 | 541 |
| Current ratio | 2.08x | 3.23x | 3.31x | 2.59x | 2.32x |
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.