olivLaw · US equity research
Cabot Corporation CBT
Miscellaneous Chemical Products · SIC 2890 · Vertical: Miscellaneous Chemical Products (SIC 2890)
Cabot is a global producer of specialty materials, rooted in reinforcing carbon black for tires and expanding into battery and electronics materials. In the third quarter of fiscal 2026 the company reported adjusted EPS of 1.67 dollars, while demand in the battery segment grows and the tire segment faces pricing pressure.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Cabot Corporation (CBT) stock was 75.10 USD (+4.31% on the day), with market capitalisation 3.9 bn USD, P/E 21.1 on diluted EPS of 3.56 USD over the last 12 months, dividend yield 2.43%, beta 0.76, 52-week range 58.71–93.40 USD. Latest reported quarter (Q3 2026): revenue of 982.0 m USD (+6.4% YoY), net income of 6.0 m USD (−94.1% YoY), diluted EPS 0.12 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.3
- neutral
- Bollinger (20, 2)
- 72.41 – 76.18
- in the upper half of the band · %B 0.71 · band width 5.1%
- SMA 50 / 200
- 77.35 / 79.58
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.97 / -1.25
- 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
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.9% | −1.1% | −1.8 pp | — |
| 3 months | −11.2% | −0.5% | −10.7 pp | — |
| 6 months | −8.9% | +4.4% | −13.3 pp | — |
| Year to date | +13.3% | +12.3% | +1.0 pp | — |
| 1 year | +22.6% | +13.5% | +9.1 pp | +15.6% |
| 3 years | +10.6% | +76.4% | −65.8 pp | −0.5% |
| 5 years | +28.9% | +63.7% | −34.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.0 bn | 955.0 m | 936.0 m | 923.0 m | 899.0 m | 849.0 m | 904.0 m | 982.0 m |
| Cost of revenue | 761.0 m | 720.0 m | 695.0 m | 679.0 m | 679.0 m | 638.0 m | 694.0 m | 798.0 m |
| Gross profit | 240.0 m | 235.0 m | 241.0 m | 244.0 m | 220.0 m | 211.0 m | 210.0 m | 184.0 m |
| Research & development | 17.0 m | 14.0 m | 15.0 m | 15.0 m | 15.0 m | 13.0 m | 14.0 m | 13.0 m |
| SG&A | 73.0 m | 66.0 m | 64.0 m | 62.0 m | 68.0 m | 69.0 m | 67.0 m | 73.0 m |
| Operating income | 150.0 m | 155.0 m | 162.0 m | 167.0 m | 137.0 m | 129.0 m | 129.0 m | 98.0 m |
| Depreciation & amortisation | 37.0 m | 37.0 m | 38.0 m ≈ | 39.0 m ≈ | 40.0 m | 41.0 m | 49.0 m ≈ | 50.0 m ≈ |
| Interest expense | 19.0 m | 18.0 m | 19.0 m | 19.0 m | 20.0 m | 18.0 m | 18.0 m | 18.0 m |
| Pre-tax income | 135.0 m | 144.0 m | 151.0 m | 155.0 m | 115.0 m | 118.0 m | 120.0 m | 58.0 m |
| Income tax | -10.0 m | 41.0 m | 49.0 m | 43.0 m | 63.0 m | 37.0 m | 44.0 m | 46.0 m |
| Net income | 137.0 m | 93.0 m | 94.0 m | 101.0 m | 43.0 m | 73.0 m | 68.0 m | 6.0 m |
| Diluted EPS | 2.47 ≈ | 1.67 | 1.69 | 1.86 | 0.80 ≈ | 1.37 | 1.27 | 0.12 |
| Operating cash flow | 204.0 m | 124.0 m | 73.0 m ≈ | 249.0 m ≈ | 219.0 m | 126.0 m | 77.0 m ≈ | 75.0 m ≈ |
| Capex | 92.0 m | 77.0 m | 72.0 m ≈ | 61.0 m ≈ | 64.0 m | 69.0 m | 45.0 m ≈ | 38.0 m ≈ |
| Dividends paid | 24.0 m | 24.0 m | 23.0 m ≈ | 24.0 m ≈ | 25.0 m | 24.0 m | 24.0 m ≈ | 24.0 m ≈ |
| Share repurchases | 66.0 m | 42.0 m | 47.0 m ≈ | 40.0 m ≈ | 39.0 m | 52.0 m | 49.0 m ≈ | 0 ≈ |
≈ 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 75 percentile of its own 32-quarter history (min 8.8, median 14.2, max 57.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.2 bn | 3.3 bn | 2.6 bn | 3.4 bn | 4.3 bn | 3.9 bn | 4.0 bn | 3.7 bn |
| Revenue YoY | +19.3% | +2.9% | −21.7% | +30.4% | +26.8% | −9.0% | +1.6% | −7.0% |
| Net income | -113.0 m | 157.0 m | -238.0 m | 250.0 m | 209.0 m | 445.0 m | 380.0 m | 331.0 m |
| Net income YoY | −145.6% | unavailable | −251.6% | unavailable | −16.4% | +112.9% | −14.6% | −12.9% |
| Diluted EPS | -1.85 | 2.63 | -4.21 | 4.34 | 3.62 | 7.73 | 6.72 | 6.02 |
| Diluted EPS YoY | −147.3% | unavailable | −260.1% | unavailable | −16.6% | +113.5% | −13.1% | −10.4% |
| net % | -3.5% | 4.7% | -9.1% | 7.3% | 4.8% | 11.3% | 9.5% | 8.9% |
| Free cash flow | 69.0 m | 139.0 m | 177.0 m | 62.0 m | -111.0 m | 351.0 m | 451.0 m | 391.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 258.0 m USD
- Financial debt
- 870.0 m USD
- Net debt
- 612.0 m USD
- Equity
- 1.7 bn USD
- Total assets
- 3.8 bn USD
- Debt / equity
- 0.51x
- Current ratio
- 1.61x
- ROE
- 20.1%
- ROA
- 8.8%
- FCF margin
- 10.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.6 bn | 3.4 bn | 4.3 bn | 3.9 bn | 4.0 bn | 3.7 bn | SEC (XBRL)· 24 Nov 2025verified |
| Cost of revenue | 2.1 bn | 2.6 bn | 3.4 bn | 3.1 bn | 3.0 bn | 2.8 bn | SEC (XBRL)· 24 Nov 2025verified |
| Gross profit | 500.0 m | 799.0 m | 885.0 m | 839.0 m | 960.0 m | 940.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Research & development | 57.0 m | 56.0 m | 55.0 m | 57.0 m | 63.0 m | 59.0 m | SEC (XBRL)· 24 Nov 2025verified |
| SG&A | 292.0 m | 289.0 m | 258.0 m | 253.0 m | 283.0 m | 260.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Operating income | 21.0 m | 454.0 m | 389.0 m | 526.0 m | 614.0 m | 621.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Depreciation & amortisation | 158.0 m | 160.0 m | 146.0 m | 144.0 m | 151.0 m | 154.0 m | SEC (XBRL)· 24 Nov 2025verified |
| EBITDA | 179.0 m ≈ | 614.0 m ≈ | 535.0 m ≈ | 670.0 m ≈ | 765.0 m ≈ | 775.0 m ≈ | SEC (XBRL)· 24 Nov 2025derived |
| Interest expense | 53.0 m | 49.0 m | 56.0 m | 90.0 m | 81.0 m | 76.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Pre-tax income | -33.0 m | 406.0 m | 335.0 m | 451.0 m | 529.0 m | 565.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Income tax | 191.0 m | 123.0 m | 102.0 m | -28.0 m | 111.0 m | 196.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Net income | -238.0 m | 250.0 m | 209.0 m | 445.0 m | 380.0 m | 331.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Diluted EPS | -4.21 | 4.34 | 3.62 | 7.73 | 6.72 | 6.02 | SEC (XBRL)· 24 Nov 2025verified |
| Weighted average diluted shares | 56.6 m | 56.8 m | 56.9 m | 56.5 m | 55.7 m | 54.2 m | SEC (XBRL)· 24 Nov 2025verified |
| Dividend per share | 1.40 | 1.40 | 1.48 | 1.54 | 1.66 | 1.76 | SEC (XBRL)· 24 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 151.0 m | 168.0 m | 206.0 m | 238.0 m | 223.0 m | 258.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Inventories | 359.0 m | 523.0 m | 664.0 m | 585.0 m | 552.0 m | 504.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Current assets | 978.0 m | 1.4 bn | 1.8 bn | 1.6 bn | 1.6 bn | 1.5 bn | SEC (XBRL)· 24 Nov 2025verified |
| Property, plant & equipment, net | 1.3 bn | 1.4 bn | 1.3 bn | 1.4 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 24 Nov 2025verified |
| Goodwill | 134.0 m | 140.0 m | 129.0 m | 134.0 m | 133.0 m | 134.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Intangibles (excl. goodwill) | 103.0 m | 100.0 m | 63.0 m | 60.0 m | 53.0 m | 55.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Total assets | 2.8 bn | 3.3 bn | 3.5 bn | 3.6 bn | 3.7 bn | 3.8 bn | SEC (XBRL)· 24 Nov 2025verified |
| Accounts payable | 316.0 m | 480.0 m | 533.0 m | 438.0 m | 495.0 m | 459.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Short-term debt | 14.0 m | 72.0 m | 347.0 m | 174.0 m | 45.0 m | 14.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Long-term debt | 1.1 bn | 717.0 m | 1.1 bn | 1.1 bn | 1.1 bn | 856.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Current liabilities | 529.0 m | 1.1 bn | 1.1 bn | 822.0 m | 772.0 m | 957.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Equity | 814.0 m | 1.1 bn | 1.0 bn | 1.4 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 24 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 377.0 m | 257.0 m | 100.0 m | 595.0 m | 692.0 m | 665.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Capex | 200.0 m | 195.0 m | 211.0 m | 244.0 m | 241.0 m | 274.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Free cash flow | 177.0 m ≈ | 62.0 m ≈ | -111.0 m ≈ | 351.0 m ≈ | 451.0 m ≈ | 391.0 m ≈ | SEC (XBRL)· 24 Nov 2025derived |
| Investing cash flow | -288.0 m | -186.0 m | -118.0 m | -214.0 m | -235.0 m | -298.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Financing cash flow | -132.0 m | -60.0 m | 145.0 m | -403.0 m | -415.0 m | -336.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Dividends paid | 80.0 m | 80.0 m | 84.0 m | 88.0 m | 93.0 m | 96.0 m | SEC (XBRL)· 24 Nov 2025verified |
| Share repurchases | 44.0 m | 3.0 m | 53.0 m | 98.0 m | 172.0 m | 168.0 m | SEC (XBRL)· 24 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 68 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation67
- Returns92
- Quality66
- Balance sheet76
- Growth50
Estimated value range
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: 23.13 – 245.77 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)62.46 – 114.62 (Mid 81.52)WACC 8.0% · starting FCFF 320.8 m USD · terminal value share of EV 76%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): -7.7%
- Peers: EV/EBITDA112.60 – 245.77 (Mid 163.69)3 companies used · median multiple 13.7x · quartiles 9.8x – 20.0xESI, OEC, WDFC
- Peers: P/E112.78 – 138.73 (Mid 136.51)3 companies used · median multiple 38.3x · quartiles 31.7x – 38.9xESI, FTK, WDFC
- Dividend discount (DDM)23.13 – 31.10 (Mid 26.53)
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
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.3% | 50 (vs peers) | 10% |
| Net margin · Quality | 5.2% | 57 (vs peers) | 6% |
| FCF conversion · Quality | 147.9% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | -4.9% | 0 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 18.5% | 100 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 1.1x | 82 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 6.7x | 79 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.5x | 56 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 21.1x | 41 (on a fixed band) | 10% |
| EV/EBITDA · Valuation | 6.9x | 74 (on a fixed band) | 10% |
| FCF yield · Valuation | 7.2% | 91 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 6.1% | 87 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 34.5% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet76/100 · 3/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality66/100 · 3/3 factors with a value
- Returns92/100 · 2/2 factors with a value
- Valuation67/100 · 3/3 factors with a value
Memo
CABOT CORP (CBT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 3.7 bn USD in 2025; YoY growth -7.0%; net margin 5.2%; ROE 12.1%; net debt/EBITDA 1.1x.
The estimated value range is 87.53–126.68 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 109.02 USD, the price of 75.10 USD leaves a potential of 45.2% (value / price − 1) and a margin of safety of 31.1% (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). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 147.9%
- EPS CAGR 3Y: 18.5%
- Net debt / EBITDA: 1.1x
- Interest coverage: 6.7x
- EV/EBITDA: 6.9x
- FCF yield: 7.2%
- Shareholder yield (distributions): 6.1%
- Payout ratio (FCF): 34.5%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -4.9%
- The valuation methods diverge
Versus the vertical median
Miscellaneous Chemical Products (SIC 2890) · same industry (4-digit SIC) · compared with 7 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ESIElement Solutions Inc | 8.1 bn | 39.6 | 7.4% | 5.9% | +3.8% | +29% / +60% |
| CBTCabot Corp | 3.9 bn | 21.1 | 12.1% | 5.2% | −7.0% | +23% / +11% |
| WDFCWd-40 Company | 3.1 bn | 38.3 | 30.4% | 12.0% | +11.0% | +19% / −4% |
| FTKFlotek Industries Inc | 895.4 m | 25.0 | 37.8% | 13.0% | +26.9% | +73% / +685% |
| OECOrion S.A. | 331.8 m | — | -8.1% | -1.8% | −3.8% | +16% / −75% |
| ASPIASP Isotopes Inc. | 292.8 m | — | -80.9% | -380.3% | +475.5% | −69% / −1% |
| ARQArq, Inc. | 81.8 m | — | -25.0% | -38.5% | +10.4% | −50% / −31% |
| FSIFlexible Solutions International, Inc | 80.1 m | — | -8.2% | -8.8% | +0.7% | −8% / +313% |
1- and 3-year price returns: for CBT 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 41.51 Total return -43% · Per year -43% | 73.76 Total return 1% · Per year 1% | 111.61 Total return 51% · Per year 51% |
| 3 years | 33.01 Total return -51% · Per year -21% | 66.67 Total return -4% · Per year -1% | 111.76 Total return 57% · Per year 16% |
| 5 years | 26.26 Total return -58% · Per year -16% | 60.26 Total return -9% · Per year -2% | 111.92 Total return 63% · Per year 10% |
- Exit P/E± 16.67
- Net margin± 11.67
- Annual revenue growth± 10.53
- Annual dilution± 0.98
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 04 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results).
In brief
Cabot is a global producer of specialty materials, rooted in reinforcing carbon black for tires and expanding into battery and electronics materials. In the third quarter of fiscal 2026 the company reported adjusted EPS of 1.67 dollars 3, while demand in the battery segment grows and the tire segment faces pricing pressure.
SWOT
Strengths
- Leading position in reinforcing carbon black and a regional production base that allows supply close to customers 1.
- Diversified portfolio in battery, electronics and printing materials, with rising volumes in Performance Chemicals 2.
- Solid liquidity and a controlled leverage ratio, which give financial flexibility 3.
Weaknesses
- Reliance on a few large tire customers whose loss could materially affect the segment 1.
- Gross profit per ton in Reinforcement Materials has declined, and restructuring has brought significant costs 2.
- The arbitration with a contractor over the Ville Platte pollution control equipment adds uncertainty 1.
Opportunities
Risks
- Asian competitive pressurehigh
Overcapacity in Asia could reduce prices and capacity use in higher-margin regions.
- Restructuring and capacity closuresmedium
Closing production in Argentina, Barry and Botlek could bring extra costs and operating delays.
- Customer concentrationmedium
Dependence on a small number of tire customers could quickly affect volumes if one of them cuts orders.
- Environmental and climate rulesmedium
Compliance requirements and emission charges could increase costs and limit some operations.
- Contractor litigationlow
The arbitration tied to the Ville Platte plant could carry unforeseen financial consequences.
Investment thesis
What would need to be true (bull case)
- If demand for batteries and energy storage keeps growing, Performance Chemicals could offset pressure in tires.
- Restructuring and new capacity such as the Indonesia expansion could improve costs and volumes over the medium term.
- Leadership in specialty niches and a sustainability reputation could support pricing and customer relationships.
What would break the thesis
- If Asian price pressure persists, gross profit in Reinforcement Materials could stay below earlier levels.
- Restructuring costs and asset write-downs could keep weighing on quarterly results.
- A leadership transition could bring strategic uncertainty in the period ahead.
What to watch
- Fourth quarter results and delivery against the adjusted EPS guidance range for fiscal 2026Q4 2026
- Takeover of the CEO role by the new chief executive, effective October 1 2026Q4 2026
- Battery materials volume trends and delivery of the expected EBITDA of about 40 million dollars2026
- Fiscal 2027 outlook and the pricing outcome of calendar year customer agreementsnext 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 04 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results).
The business
Cabot Corporation, headquartered in Boston, Massachusetts, is a global specialty chemicals and performance materials company founded in 1882 1. Its business rests on expertise in handling very fine particles, and its principal products include reinforcing carbons, specialty carbons, carbon nanotubes, fumed metal oxides, inkjet colorants and aerogel 1. The company is organized into two reportable segments: Reinforcement Materials and Performance Chemicals 1. Net sales and other operating revenues were 2,735 million dollars in the first nine months of fiscal 2026, down from the prior year, while the third quarter figure rose to 982 million 2.
Segments
Reinforcement Materials
This segment makes carbon black and E2C composites for tires and industrial products, and demand depends mainly on tire production and the automotive industry 1. In the third quarter of fiscal 2026 global volumes rose 5% 3, yet segment EBIT fell 24% year over year because of lower gross profit per ton 3.
Performance Chemicals
The segment covers specialty carbons, compounds, battery materials, fumed metal oxides, aerogel and inkjet colorants, serving automotive, construction, electronics and energy storage applications 1. Higher battery material volumes, driven by electric vehicle and storage demand, lifted segment EBIT 19% in the third quarter 3.
Market context
The carbon black market is dominated by a small number of global producers, and regional competitors in Asia export products into the Americas and Western Europe 1. Demand for battery materials is tied to vehicle electrification and energy storage systems 1. Prices and gross profit per ton in tire-related products were affected by the 2026 calendar year customer agreements 2.
Trends
- Vehicle electrification and energy storagetailwind
Growing demand for electric vehicles and storage systems could support volumes of conductive additives for batteries, with a positive effect on Performance Chemicals 12.
- Asian competitionheadwind
Tire and carbon black exports from Asia could reduce prices and market share in the Americas and Europe, as happened in fiscal 2026 12.
- Climate regulationmixed
Emission rules and carbon trading schemes could raise compliance costs, but may also reward products with a lower environmental footprint 1.
- Raw material costsmixed
Volatility in feedstock and natural gas prices affects working capital and margins, with effects that depend on how price adjustments are structured 12.
Competitive position
In carbon black, Cabot competes with four global companies and numerous regional producers, as well as with substitutes such as precipitated silica and recovered carbon black 1. In Performance Chemicals, competition comes from global and regional companies, and in aerogel the company faces one principal global competitor 1.
- Other global carbon black producers
Four companies operating globally in tire-grade carbon black, not named in the source 1.
- Regional carbon black producers
Numerous regional companies, some of which export outside their home region 1.
- Precipitated silica producers
Substitute products for carbon black in tires, as identified in company filings 1.
- Global aerogel producer
Principal global competitor in aerogel, not named in the source 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- ZF Live. Alina Andrei, partener, Cabot Transfer Pricing: Preţurile de transfer intră într-o nouă etapă: dosarul nu va mai sta „la sertar“, ci va fi depus în SPV. „Primul indicator că o firmă nu este în regulă este că are pierdere şi volume mari“Ziarul Financiar · 15 Jul 2026 · RO
The latest news item in our archive is from 15 Jul 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Current report15 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report21 Aug 2026Other events · Financial statements and exhibits
- Current report14 Aug 2026Other events · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Current report30 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report14 May 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / Cabot Corporation · 24 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Cabot Corporation · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cabot Corporation · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.