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Ingevity
(NYSE:NGVT)
Ingevity (NGVT) vs. SPDR S&P 500 ETF (SPY)
Ingevity Business Overview & Revenue Model
Ingevity Earnings Call Summary
Ingevity Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.17B | 1.41B | 1.69B | 1.67B | 1.39B |
| Gross Profit | 461.50M | 454.70M | 471.90M | 570.10M | 512.80M |
| EBITDA | -150.30M | -329.50M | 206.00M | 440.20M | 324.40M |
| Net Income | -167.10M | -430.30M | -5.40M | 211.60M | 118.10M |
Balance Sheet | |||||
| Total Assets | 1.65B | 2.02B | 2.62B | 2.74B | 2.47B |
| Cash, Cash Equivalents and Short-Term Investments | 78.10M | 68.00M | 95.90M | 76.70M | 275.40M |
| Total Debt | 1.21B | 1.45B | 1.53B | 1.53B | 1.32B |
| Total Liabilities | 1.62B | 1.83B | 1.99B | 2.04B | 1.80B |
| Stockholders Equity | 29.70M | 195.20M | 631.40M | 698.30M | 673.80M |
Cash Flow | |||||
| Free Cash Flow | 273.50M | 51.00M | 95.30M | 170.90M | 189.50M |
| Operating Cash Flow | 331.20M | 128.60M | 205.10M | 313.40M | 293.30M |
| Investing Cash Flow | -57.50M | -79.50M | -77.30M | -551.90M | -138.60M |
| Financing Cash Flow | -252.20M | -70.20M | -99.90M | 48.10M | -133.10M |
Ingevity Technical Analysis
Ingevity Risk Analysis
Ingevity Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $1.96B | 17.00 | -0.09% | 2.19% | -4.49% | -100.80% | |
63 Neutral | $2.18B | -137.42 | -1.07% | 0.74% | -2.53% | -100.23% | |
62 Neutral | $2.74B | -1,239.74 | -0.64% | 1.37% | 0.08% | -107.33% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $1.19B | 25.63 | 3.67% | 3.33% | 5.35% | -1.43% | |
59 Neutral | $2.93B | -4.14 | -29.98% | 2.79% | -13.67% | -608.89% | |
56 Neutral | $2.56B | -38.07 | -38.91% | ― | -13.39% | 88.25% |
Ingevity Corporate Events
Ingevity said on Feb. 25, 2026, that it will change how it reports segment results beginning with its 2025 Form 10-K by removing corporate and other administrative costs from segment operating results to improve transparency. These costs, including executive, finance, legal and human resources functions and NYSE-related compliance expenses, are centrally managed and not directly tied to individual segments.
To support comparability, the company has recast and furnished unaudited segment operating results and adjusted EBITDA for continuing operations for full-year periods from 2023 through 2025 and for each quarter in 2024 and 2025, applying the new reporting treatment retrospectively. The change is intended to give investors and other stakeholders a clearer view of underlying segment performance and cost structure by separating corporate overhead from operating metrics.
In a separate Feb. 25, 2026, announcement, Ingevity reported 2025 results showing total net sales of $1.3 billion, including discontinued operations, down 8% year on year, with net sales from continuing operations of $1.2 billion, down 3%. The company posted a total net loss of $167.1 million, driven largely by $293.1 million in non-cash pre-tax special charges tied to Advanced Polymer Technologies and Road Markings, while total adjusted earnings reached $167.0 million and total adjusted EBITDA rose 10% to $397.5 million.
From continuing operations, Ingevity recorded a 2025 net loss of $150.3 million, including $336.8 million of pre-tax special charges, but maintained adjusted EBITDA at $373.0 million with margin expanding to 31.9% and lifted diluted adjusted EPS by 1.7% to $4.13. Robust operating cash flow of $331.2 million and free cash flow of $273.5 million enabled net leverage to improve to 2.6 times and supported $56 million of share repurchases during the year.
Fourth-quarter 2025 net sales from continuing operations fell 3.2% to $255.1 million, with a net loss of $78.8 million and diluted loss per share of $2.21 driven by $109.3 million of non-cash special charges in Road Markings. Adjusted EBITDA from continuing operations declined 12% to $70.3 million, but the adjusted EBITDA margin remained solid at 27.6%, with diluted adjusted EPS of $0.58 and free cash flow of $73.5 million.
Segment performance was mixed, with Performance Materials delivering essentially flat full-year sales of $606.9 million and segment EBITDA of $326.3 million amid auto industry tariff uncertainty and supply chain disruption. Performance Chemicals continuing operations generated flat full-year sales of $400.5 million and 12.3% higher segment EBITDA of $60.3 million, as stronger pricing and mix in Pavement Technologies and dispersants offset competitive pressure in Road Markings and higher SG&A.
Advanced Polymer Technologies was the weakest segment, with full-year sales down 15% to $160.2 million and segment EBITDA down 18% to $32.1 million on softer demand from indirect tariff impacts, though operational efficiencies and favorable foreign exchange partially cushioned the decline. Strategically, Ingevity completed the sale of its North Charleston crude tall oil refinery and most of its Industrial Specialties product line, concluded a portfolio review, and began exploring strategic alternatives for Advanced Polymer Technologies and the Road Markings business line.
Management said the combination of disciplined execution, portfolio reshaping and strong free cash flow positions the company to enter 2026 with improved financial flexibility despite ongoing macro volatility. For 2026, Ingevity guided to net sales between $1.1 billion and $1.2 billion and adjusted EBITDA of about $380 million, underscoring a continued focus on building the business as a “premier specialty materials company” while navigating tariff and competitive headwinds.
The most recent analyst rating on (NGVT) stock is a Hold with a $65.00 price target. To see the full list of analyst forecasts on Ingevity stock, see the NGVT Stock Forecast page.
Ingevity Corporation announced on Feb. 23, 2026, that founding directors Daniel F. Sansone and Jean S. Blackwell will conclude their board service at the 2026 Annual Meeting of Stockholders, with Sansone retiring under the company’s age policy and Blackwell stepping down after a decade that included a stint as chair. The company emphasized that the departures are part of normal board refreshment, involve no disagreements, and that the board will be reduced from 11 to nine members after the meeting to better align governance with its streamlined organizational structure and portfolio optimization strategy.
Company leaders highlighted the pivotal roles Sansone and Blackwell played in guiding Ingevity since it went public in 2016, particularly through a period of significant transformation. The planned board resizing underscores management’s push for focus, discipline and long-term value creation, signaling tighter governance in step with recent operational streamlining and reinforcing confidence in the strategic foundation established under the departing directors’ oversight.
The most recent analyst rating on (NGVT) stock is a Hold with a $65.00 price target. To see the full list of analyst forecasts on Ingevity stock, see the NGVT Stock Forecast page.
On January 1, 2026, Ingevity amended its asset purchase agreement related to the sale of certain businesses by excluding non-lignin dispersant products sold for agricultural chemical applications from the asset package. On the same date, the buyer acquired substantially all assets and certain rights and liabilities tied to Ingevity’s industrial specialties product line—excluding specified businesses—and its North Charleston, South Carolina crude tall oil (CTO) refinery and related operations. On January 5, 2026, Ingevity announced it had completed the all-cash sale of its North Charleston CTO refinery assets and the majority of its Performance Chemicals Industrial Specialties product line to Mainstream Pine Products, LLC for $110 million at closing plus up to $19 million in contingent consideration, subject to post-closing adjustments. Management framed the divestiture as a pivotal move to simplify and streamline the portfolio, reduce earnings volatility, and strengthen margins and cash flow, while sharpening the company’s focus on higher-margin specialty applications in activated carbon and pavement technologies and retaining its Pavement Technologies business and other lignin-based dispersant products.
The most recent analyst rating on (NGVT) stock is a Hold with a $60.00 price target. To see the full list of analyst forecasts on Ingevity stock, see the NGVT Stock Forecast page.
On December 8, 2025, Ingevity Corporation announced the completion of its portfolio review and the exploration of strategic alternatives for its Advanced Polymer Technologies segment and Performance Chemicals Road Markings business. The company aims to enhance its portfolio by potentially divesting these segments to focus on core businesses with superior margins and cash flow. Ingevity has also completed over $30 million in stock repurchases in the fourth quarter of 2025, reflecting its commitment to returning capital to shareholders. The strategic review is part of Ingevity’s efforts to build a more agile enterprise and maximize shareholder value, although it is uncertain if it will result in any transactions.
The most recent analyst rating on (NGVT) stock is a Hold with a $53.00 price target. To see the full list of analyst forecasts on Ingevity stock, see the NGVT Stock Forecast page.
On December 8, 2025, Ingevity Corporation announced significant leadership changes as part of its strategic portfolio review. Mary Dean Hall will transition from her role as CFO on May 1, 2026, with Phillip J. Platt appointed as her successor. Rich White, President of Performance Chemicals, will move to a special projects role before departing on May 1, 2026. Additionally, Reid Clontz has been appointed as Senior Vice President of Operations. These transitions are aimed at supporting Ingevity’s long-term growth and strategic priorities.
The most recent analyst rating on (NGVT) stock is a Hold with a $53.00 price target. To see the full list of analyst forecasts on Ingevity stock, see the NGVT Stock Forecast page.
On September 3, 2025, Ingevity Corporation announced an Asset Purchase Agreement with Mainstream Pine Products, LLC to sell its industrial specialties product line and North Charleston crude tall oil refinery, marking a strategic shift for the company. This divestiture, expected to close by early 2026, will significantly impact Ingevity’s operations and financial results, as these assets are now classified as discontinued operations.
The most recent analyst rating on (NGVT) stock is a Hold with a $55.00 price target. To see the full list of analyst forecasts on Ingevity stock, see the NGVT Stock Forecast page.