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olivLaw · US equity research

Ingevity Corporation NGVT

Chemicals & Allied Products · SIC 2800 · Vertical: Chemicals & Allied Products (SIC 2800)

73.73USD+0.14% · 1 dayClose 04 Nov 2026

Ingevity (NGVT) makes specialty materials based on activated carbon and polymers, used in automotive emissions control, filtration and asphalt paving. The company is reshaping itself after its 2026 divestitures, with Performance Materials as the core segment, and it raised its 2026 adjusted EBITDA outlook to 380-400 million USD.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Ingevity Corporation (NGVT) stock was 73.73 USD (+0.14% on the day), with market capitalisation 2.5 bn USD, P/E 50.1 on diluted EPS of 1.47 USD over the last 12 months, beta 1.34, 52-week range 46.20–77.87 USD. Latest reported quarter (Q2 2026): revenue of 314.1 m USD (−5.2% YoY), net income of 35.3 m USD, diluted EPS 1.00 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
2.5 bn USD
shares as of 24 Jul 2026
P/E (TTM)
50.1
Diluted EPS TTM 1.47 · TTM to 30 Jun 2026
E/P (TTM)
2.00%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.34
Volatility (1y) 36%
52-week range
46.2077.87

Price history

Loading chart…

Technical reading

RSI (14)
58.8
strong (55–70)
Bollinger (20, 2)
67.67 – 75.54
in the upper half of the band · %B 0.77 · band width 11.0%
SMA 50 / 200
70.68 / 71.37
mixed trend
MACD (12, 26, 9)
0.89 / 0.58
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+0.8%−1.1%+1.9 pp—
3 months−4.4%−0.5%−3.9 pp—
6 months−5.3%+4.4%−9.7 pp—
Year to date+24.6%+12.3%+12.3 pp—
1 year+40.2%+13.5%+26.7 pp+0.8%
3 years+72.2%+76.4%−4.2 pp−49.7%
5 years−10.3%+63.7%−73.9 pp—
Max drawdown (1y)
−16.9%
13 Feb 2026 → 20 Mar 2026
Max drawdown (5y)
−67.1%
17 Feb 2023 → 08 Apr 2025
Compound annual growth (5y)
−2.1%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
314.1 m USD
−5.2% YoY
Net income
35.3 m USD
unavailable YoY
Diluted EPS
1.00
unavailable YoY
net / operating
11.2% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue333.8 m263.3 m247.9 m331.5 m333.1 m255.1 m258.0 m314.1 m
Cost of revenue202.2 m163.4 m136.0 m203.7 m199.2 m167.3 m141.6 m175.1 m
Gross profit131.6 m99.9 m111.9 m127.8 m133.9 m87.8 m116.4 m139.0 m
Research & development6.2 m6.5 m7.0 m7.0 m7.0 m7.4 m6.7 m6.1 m
SG&A37.9 m38.3 m41.9 m43.6 m44.1 m41.6 m40.7 m39.0 m
Operating income110.2 m137.5 m——————
Depreciation & amortisation26.2 m ≈25.2 m24.9 m25.6 m28.0 m ≈27.9 m22.7 m22.0 m ≈
Pre-tax income54.0 m24.1 m37.6 m-136.6 m62.2 m-105.4 m30.2 m50.7 m
Income tax6.5 m4.5 m8.5 m4.8 m21.4 m-26.6 m6.8 m10.9 m
Net income-107.2 m16.6 m20.5 m-146.5 m43.5 m-84.6 m59.8 m35.3 m
Diluted EPS-2.940.46 ≈0.56-4.021.18-2.37 ≈1.661.00
Operating cash flow46.5 m ≈64.5 m25.4 m79.0 m ≈129.7 m ≈97.1 m-2.0 m-13.8 m ≈
Capex18.0 m ≈24.9 m10.0 m12.2 m11.9 m ≈23.6 m10.3 m10.3 m ≈
Share repurchases0 ≈000 ≈25.2 m ≈31.1 m52.3 m34.5 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 90 percentile of its own 29-quarter history (min 7.2, median 20.1, max 65.3; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue1.1 bn1.3 bn1.2 bn1.4 bn1.7 bn1.2 bn1.2 bn1.2 bn
Revenue YoY+16.6%+14.1%−5.9%+14.4%+19.9%−27.1%−1.3%−2.7%
Net income169.1 m183.7 m181.4 m118.1 m211.6 m-5.4 m-430.3 m-167.1 m
Net income YoY+33.7%+8.6%−1.3%−34.9%+79.2%−102.6%unavailableunavailable
Diluted EPS3.974.354.372.955.50-0.15-11.85-4.61
Diluted EPS YoY+33.7%+9.6%+0.5%−32.5%+86.4%−102.7%unavailableunavailable
net %14.9%14.2%14.9%8.5%12.7%-0.4%-35.9%-14.3%
Free cash flow158.1 m160.9 m270.3 m189.5 m170.9 m95.3 m51.0 m273.5 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
78.1 m USD
Financial debt
47.1 m USD
Net debt
-31.0 m USD
Equity
29.7 m USD
Total assets
1.7 bn USD
Debt / equity
1.59x
Current ratio
1.33x
ROE
-148.6%
ROA
-9.1%
FCF margin
23.4%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
1.2 bn
2024
1.2 bn
2025
1.2 bn

SEC (XBRL)· 26 Feb 2026verified

Cost of revenue
2023
770.5 m
2024
735.3 m
2025
706.1 m

SEC (XBRL)· 26 Feb 2026verified

Gross profit
2023
445.0 m
2024
464.8 m
2025
461.5 m

SEC (XBRL)· 26 Feb 2026verified

Research & development
2023
25.4 m
2024
24.5 m
2025
28.4 m

SEC (XBRL)· 26 Feb 2026verified

SG&A
2023
161.8 m
2024
157.8 m
2025
171.2 m

SEC (XBRL)· 26 Feb 2026verified

Operating income
2023
423.2 m
2024
425.9 m
2025
418.7 m

SEC (XBRL)· 26 Feb 2026verified

Depreciation & amortisation
2023
122.8 m
2024
108.3 m
2025
106.4 m

SEC (XBRL)· 26 Feb 2026verified

EBITDA
2023
546.0 m ≈
2024
534.2 m ≈
2025
525.1 m ≈

SEC (XBRL)· 26 Feb 2026derived

Interest expense
2023
93.3 m
2024
97.8 m
2025
78.3 m

SEC (XBRL)· 26 Feb 2026verified

Pre-tax income
2023
130.0 m
2024
-140.5 m
2025
-142.1 m

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
24.2 m
2024
-19.1 m
2025
8.2 m

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
-5.4 m
2024
-430.3 m
2025
-167.1 m

SEC (XBRL)· 26 Feb 2026verified

Diluted EPS
2023
-0.15
2024
-11.85
2025
-4.61

SEC (XBRL)· 26 Feb 2026verified

Weighted average diluted shares
2023
36.7 m
2024
36.3 m
2025
36.2 m

SEC (XBRL)· 26 Feb 2026verified

Balance sheet · USD

Cash
2023
95.9 m
2024
68.0 m
2025
78.1 m

SEC (XBRL)· 26 Feb 2026verified

Receivables
2023
—
2024
—
2025
—

SEC (XBRL)· 19 Feb 2021verified

Inventories
2023
308.8 m
2024
195.9 m
2025
186.0 m

SEC (XBRL)· 26 Feb 2026verified

Current assets
2023
658.6 m
2024
493.2 m
2025
454.2 m

SEC (XBRL)· 26 Feb 2026verified

Property, plant & equipment, net
2023
762.2 m
2024
642.9 m
2025
608.1 m

SEC (XBRL)· 26 Feb 2026verified

Goodwill
2023
527.5 m
2024
175.2 m
2025
4.3 m

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2023
336.1 m
2024
278.8 m
2025
176.1 m

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
2.6 bn
2024
2.0 bn
2025
1.7 bn

SEC (XBRL)· 26 Feb 2026verified

Accounts payable
2023
158.4 m
2024
94.5 m
2025
92.0 m

SEC (XBRL)· 26 Feb 2026verified

Short-term debt
2023
84.4 m
2024
61.3 m
2025
47.1 m

SEC (XBRL)· 26 Feb 2026verified

Current liabilities
2023
362.9 m
2024
264.1 m
2025
341.3 m

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
2.0 bn
2024
1.8 bn
2025
1.6 bn

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
631.4 m †
2024
195.2 m †
2025
29.7 m †

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
205.1 m
2024
128.6 m
2025
331.2 m

SEC (XBRL)· 26 Feb 2026verified

Capex
2023
109.8 m
2024
77.6 m
2025
57.7 m

SEC (XBRL)· 26 Feb 2026verified

Free cash flow
2023
95.3 m ≈
2024
51.0 m ≈
2025
273.5 m ≈

SEC (XBRL)· 26 Feb 2026derived

Investing cash flow
2023
-77.3 m
2024
-79.5 m
2025
-57.5 m

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2023
-99.9 m
2024
-70.2 m
2025
-252.2 m

SEC (XBRL)· 26 Feb 2026verified

Share repurchases
2023
92.1 m
2024
0
2025
56.3 m

SEC (XBRL)· 26 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-2.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
-11.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-0.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-1.7%
computed by olivLawFY 2025
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
436.3%
computed by olivLawFY 2025

Profitability

Gross margin
41.1%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
44.8%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
36.1%
computed by olivLawTTM to 30 Jun 2026
Net margin
4.7%
computed by olivLawTTM to 30 Jun 2026
FCF margin
13.3%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
64.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
3.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
241.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
34.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
46.6 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
0.1x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Debt / equity
3.1x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
5.3x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
1.6x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
1.2x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.3x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
211.0 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
56.1 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
154.9 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
286.9%
computed by olivLawTTM to 30 Jun 2026
Cash conversion
40.6%
computed by olivLawTTM to 30 Jun 2026

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
100 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
51 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
2.5 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
2.6 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
46.9x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
50.1x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
2.0%
computed by olivLawTTM to 30 Jun 2026
P/B
54.0x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
2.2x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
5.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBIT
6.2x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/Sales
2.2x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
16.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
6.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
5.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Risk

Altman Z
3.29
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Neutral profile

Score: 68 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

73.73 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 2.5 bn USD

Key indicators

Market capitalisation
2.5 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
50.1x
computed by olivLawTTM to 30 Jun 2026
P/B
54.0x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
5.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROE
64.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
4.7%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-2.7%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

33/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 24 Jul 2026
Source: SEC (XBRL)published 30 Jul 2026
verified 1886derived 138

Score by group

  • Valuation54
  • Returns81
  • Quality94
  • Balance sheet81
  • Growth0

Estimated value range

Low
64.43
USD per share
Mid
78.10
USD per share
High
99.86
USD per share
Price: 73.73 USD
The price is within the range
Potential to the central value: 5.9% (value / price − 1)
Margin of safety: 5.6% (1 − price / value)
Agreement between methods: low · 3 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 31.34 – 282.86 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)64.43 – 99.86 (Mid 78.10)
    WACC 9.0% · starting FCFF 207.2 m USD · terminal value share of EV 73%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -7.3%
  • Peers: EV/EBITDA96.25 – 282.86 (Mid 168.06)
    4 companies used · median multiple 11.2x · quartiles 6.5x – 18.8x
    ECVT, GURE, HUN, OLN
  • Peers: P/E31.34 – 46.19 (Mid 41.72)
    3 companies used · median multiple 28.3x · quartiles 21.3x – 31.4x
    BCPC, IOSP, SOLS
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Chemicals & Allied Products (SIC 2800)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 68/100

FactorValueScoreWeight used
ROIC · Quality241.3%100 (vs peers)12%
Net margin · Quality4.7%79 (vs peers)7%
FCF conversion · Quality286.9%100 (on a fixed band)7%
Revenue CAGR 3Y · Growth-11.2%0 (on a fixed band)10%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet0.1x100 (on a fixed band)12%
Interest coverage · Balance sheet5.3x59 (on a fixed band)7%
Current ratio · Balance sheet1.6x68 (on a fixed band)5%
P/E (TTM) · Valuation50.1x0 (on a fixed band)12%
EV/EBITDA · Valuation5.0x91 (on a fixed band)12%
FCF yield · Valuation6.1%76 (on a fixed band)10%
Shareholder yield (distributions) · Returns5.6%81 (on a fixed band)7%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet81/100 · 3/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality94/100 · 3/3 factors with a value
  • Returns· partial81/100 · 1/2 factors with a value
  • Valuation54/100 · 3/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

INGEVITY CORPORATION (NGVT). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 1.2 bn USD in 2025; YoY growth -2.7%; net margin 4.7%; ROE 64.4%; net debt/EBITDA 0.1x.

The estimated value range is 64.43–99.86 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 78.10 USD, the price of 73.73 USD leaves a potential of 5.9% (value / price − 1) and a margin of safety of 5.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 68/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 241.3%
  • Net margin: 4.7%
  • FCF conversion: 286.9%
  • Net debt / EBITDA: 0.1x
  • EV/EBITDA: 5.0x
  • FCF yield: 6.1%
  • Shareholder yield (distributions): 5.6%

What contradicts it

  • Revenue CAGR 3Y: -11.2%
  • P/E (TTM): 50.1x
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Payout ratio (FCF).

Versus the vertical median

Chemicals & Allied Products (SIC 2800) · same industry (4-digit SIC) · compared with 14 companies

Multiples and returns vs the median

P/E
50.1x
vertical median 28.3x
above median (+76.7%)
EV/EBITDA
5.0x
vertical median 11.2x
below median (−55.7%)
P/S
2.2x
vertical median 1.3x
above median (+74.0%)
P/B
54.0x
vertical median 1.7x
above median (+3,094.4%)
ROE
64.4%
vertical median -12.2%
above median
Net margin
4.7%
vertical median -6.4%
above median
EBIT margin
36.1%
vertical median -3.3%
above median
Revenue YoY
-2.7%
vertical median 1.8%
below median (−253.6%)
Net debt/EBITDA
0.1x
vertical median 5.2x
below median (−98.3%)
Dividend yield
—
vertical median 4.4%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
SOLSSolstice Advanced Materials Inc.9.1 bn28.313.6%7.8%+3.1%+21% / unavailable
BCPCBalchem Corporation5.8 bn34.413.0%15.4%+8.8%+17% / +46%
PRMPerimeter Solutions, Inc.4.6 bn—-30.9%-44.9%+16.4%+1% / +575%
NGVTIngevity Corporation2.5 bn50.164.4%4.7%−2.7%+40% / +72%
CCThe Chemours Company2.1 bn—-339.7%-5.2%+0.4%+8% / −50%
OLNOlin Corporation2.1 bn—-12.2%-3.3%+3.7%−14% / −62%
IOSPInnospec Inc.2.0 bn14.210.5%7.5%−3.7%+8% / −23%
HUNHuntsman Corporation1.7 bn—-11.8%-5.8%−5.8%−5% / −60%
ECVTEcovyst Inc.1.1 bn—-9.6%-7.1%+20.9%+8% / +5%
FMCFmc Corporation998.7 m—-226.7%-151.2%−18.3%−55% / −88%
ACNTAscent Industries Co.124.0 m—-1.1%-1.0%−7.2%−3% / +68%
CITRCitroTech Inc.54.8 m—-431.0%-1,788.4%+194.6%unavailable / unavailable
LOOPLoop Industries, Inc.13.0 m——-2,154.3%−95.3%−77% / −92%
GUREGulf Resources, Inc.5.6 m—-32.4%-134.4%+231.8%+3% / −80%
ADURAduro Clean Technologies Inc.——-133.8%-5,253.1%−31.5%−26% / unavailable

1- and 3-year price returns: for NGVT from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
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Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
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Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
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Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
42.04
Total return -43% · Per year -43%
74.69
Total return 1% · Per year 1%
113.02
Total return 53% · Per year 53%
3 years
33.38
Total return -55% · Per year -23%
67.41
Total return -9% · Per year -3%
113.02
Total return 53% · Per year 15%
5 years
26.50
Total return -64% · Per year -19%
60.84
Total return -17% · Per year -4%
113.02
Total return 53% · Per year 9%
What moves the 3-year price the most
  • Exit P/E± 16.85
  • Net margin± 11.80
  • Annual revenue growth± 10.65
  • Annual dilution± 0.99

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (04 Nov 2026 · results).

In brief

Ingevity (NGVT) makes specialty materials based on activated carbon and polymers, used in automotive emissions control, filtration and asphalt paving. The company is reshaping itself after its 2026 divestitures, with Performance Materials as the core segment, and it raised its 2026 adjusted EBITDA outlook to 380-400 million USD 3.

SWOT

Strengths

  • Proprietary technology and patents in activated carbon and caprolactone-based polymers 1.
  • High margins in the Performance Materials segment, with adjusted EBITDA margin above one third of quarterly sales 3.
  • Strong market position in critical applications, with products used for many years by automotive and paving customers 1.

Weaknesses

  • Significant goodwill and asset impairments in 2025 tied to the APT and road markings businesses 1.
  • Reliance on single plants for certain products, which limits production redundancy 1.
  • Dependence on third-party critical services at some plants and on leased production sites 1.

Opportunities

  • Developing new applications such as water filtration and PFAS removal could grow revenue if pilot contracts expand 3.
  • Debt reduction could lower interest costs and support capital returns to shareholders 3.
  • A more focused portfolio could allow investment in higher-margin segments 12.

Threats

  • Dependence on internal combustion vehicle production could decline if electric vehicles gain share 1.
  • Trade tariffs and retaliation could reduce margins and demand outside the U.S. 1.
  • Higher raw material and energy costs could affect results if they cannot be passed on to customers 13.

Risks

  • Sale of the APT segmenthigh

    The review of strategic alternatives for APT may not result in a transaction, and if one is reached, costs could be hard to adjust 12.

  • Litigation and settlementsmedium

    The case with a competitor ended in a significant payment, and further legal costs could arise if fee claims follow 13.

  • Single-site productionmedium

    Certain products are made at only one site, and a production disruption there could seriously affect results 1.

  • Tariffs and international trademedium

    Changes in trade policy could affect exports and competitiveness in China and other markets 1.

  • Raw materials in limited supplylow

    Lignin and tall oil fatty acid are in limited supply, and difficulty sourcing them could disrupt the paving product line 1.

Investment thesis

What would need to be true (bull case)

  • Higher margins in Performance Materials and a raised adjusted EBITDA outlook suggest that portfolio simplification could support stronger results 3.
  • Debt reduction and free cash flow could allow capital returns to shareholders if the company's plan proceeds as described 3.
  • Proprietary technology and new filtration contracts could open growth beyond the automotive market 3.

What would break the thesis

  • Sales have declined in recent periods, and without the divested lines the company may have a smaller revenue base 13.
  • Asset and goodwill impairments show that some past investments did not deliver the expected returns 1.
  • Dependence on automotive production and government infrastructure spending could make results volatile 1.

What to watch

  • Outcome of the transaction for the Advanced Polymer Technologies segment2026
  • Delivery of the adjusted EBITDA outlook of 380-400 million USDQ4 2026
  • Progress of net leverage toward the 2.0-2.5 times target range2026
  • Effect of tariffs and trade retaliation on exportsnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (04 Nov 2026 · results).

The business

Ingevity develops, manufactures and sells products and technologies that purify, protect and enhance the environment, largely from renewable raw materials, used in gasoline vapor emissions control, food, water and chemical filtration, asphalt paving, agrochemical dispersants, bioplastics and paints 1. The company was spun off from WestRock in May 2016 and trades on the NYSE under NGVT 1. In 2025 net sales from continuing operations were 1,167.6 million USD, down from 1,200.1 million in 2024 1.

Following its Strategic Portfolio Review, the company sold its industrial specialties line and North Charleston crude tall oil refinery on January 1, 2026, and its road markings line on April 15, 2026 12. The former Performance Chemicals segment was renamed Pavement Technologies, which is now its only remaining product line 2. The company is also exploring strategic alternatives for the Advanced Polymer Technologies segment 1.

Ingevity describes itself as a global specialty materials company developing advanced carbon and engineered materials that improve mobility, strengthen infrastructure and enhance industrial processes 3. It is headquartered in North Charleston, South Carolina and operates from 17 locations worldwide 3.

Segments

Performance Materials

This segment produces activated carbon for gasoline vapor emissions control systems and is a major part of company revenue. In 2025 it generated 606.9 million USD 1. In the second quarter of 2026 sales rose to 160.6 million USD, supported by higher volumes and a shift in consumer preferences from battery electric vehicles toward hybrids 3.

Pavement Technologies

This segment covers asphalt pavement construction, preservation and reconstruction solutions, along with agrochemical dispersants. Second quarter 2026 sales fell to 104.2 million USD because of the road markings divestiture, but excluding that sale they grew 3% 3. Seasonality is strong, as roughly 70 to 75 percent of revenue is generated between April and September 1.

Advanced Polymer Technologies

The segment makes specialty polymers for coatings and industrial applications, including caprolactone-based bioplastics. It generated 160.2 million USD in 2025 1, and second quarter 2026 sales rose 14% to 49.3 million USD 3. The company recorded a goodwill impairment for this segment in 2025 and is reviewing its sale 12.

Market context

Ingevity's end markets include automotive, filtration, asphalt paving, agrochemicals, packaging and medical 1. In 2025 about 43 percent of sales came from outside the U.S., and products reach customers in roughly 70 countries 1. The company is exposed to tariff policy and to Chinese competition, which pressured sales in 2025 1.

Automotive demand depends on production of internal combustion and hybrid vehicles, while asphalt demand depends on government infrastructure spending 1. The updated outlook excludes the road markings line from April 15, 2026 and the divested industrial products 3.

Trends

  • Shift toward hybrid vehiclestailwind

    A move by consumers from battery electric vehicles to hybrids could support demand for activated carbon in the Performance Materials segment, according to second quarter 2026 results 3.

  • Tariffs and trade policyheadwind

    New U.S. tariffs and retaliation by other countries could make exports more costly and compress margins, especially for products sold from the U.S. into China 1.

  • Government infrastructure spendingmixed

    Demand for asphalt products depends on government budgets, and a cut in such spending could weigh on Pavement Technologies sales 1.

  • PFAS filtrationtailwind

    A contract with a municipal water treatment provider for PFAS filtration could open new markets for activated carbon technology if such applications expand 3.

Competitive position

The company faces substitute products, new technologies and new or emerging competitors, and Chinese producers have pressured prices in the APT segment 1. Its advantage rests on proprietary technology, patents and manufacturing know-how 1.

In litigation with a competitor, a court entered a judgment, and the company agreed to a settlement payment of 113.2 million USD made in the second quarter of 2026 13. The activated carbon market includes several global suppliers, and the sources do not allow a detailed market share breakdown.

  • BASF

    German chemicals company that was a party to patent and antitrust litigation with Ingevity over fuel vapor canister systems 1.

  • Chinese producers

    Producers in China have intensified competition and affected sales in the Advanced Polymer Technologies segment, according to company reports 1.

  • Substitute technology providers

    New products and emerging technologies could replace Ingevity materials in some applications, according to the risk factors described in the filing 1.

  • Regional paving operators

    Customers providing paving services may choose other suppliers of dispersants and emulsifiers, which affects competition in the Pavement Technologies segment 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Current report04 Nov 2026
    Results of operations · Financial statements and exhibits
  • Quarterly report30 Jul 2026
  • Current report29 Jul 2026
    Results of operations · Financial statements and exhibits
  • Current report24 Jun 2026
    Departure or appointment of officers · Financial statements and exhibits
  • Quarterly report07 May 2026
  • Current report06 May 2026
    Results of operations · Financial statements and exhibits
  • Current report04 May 2026
    Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
  • Current report15 Apr 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Current report30 Mar 2026
    Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
  • Proxy statement17 Mar 2026

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ingevity Corporation · 26 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ingevity Corporation · 30 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Ingevity Corporation · 29 Jul 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.