olivLaw · US equity research
Ecovyst Inc. ECVT
Chemicals & Allied Products · SIC 2800 · Vertical: Chemicals & Allied Products (SIC 2800)
Ecovyst is an integrated provider of regenerated and virgin sulfuric acid, with a leading position in regeneration services for North American refineries. Its current relevance comes from sales growth in the second quarter of 2026 and the Calabrian acquisition, which broadens its range toward sulfur dioxide and derivatives, while leverage has risen. Sales in fiscal 2025 were 723.5 million USD, and the second quarter of 2026 brought 250.0 million USD.
At the close of 04 Nov 2026, Ecovyst Inc. (ECVT) stock was 9.97 USD (−0.80% on the day), with market capitalisation 1.1 bn USD, dividend yield 32.10%, beta 0.97, 52-week range 8.14–14.97 USD. Latest reported quarter (Q2 2026): revenue of 250.0 m USD (+42.0% YoY), net income of 7.9 m USD (+31.4% YoY), diluted EPS 0.07 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)
- 45.6
- neutral
- Bollinger (20, 2)
- 9.76 – 10.32
- in the lower half of the band · %B 0.37 · band width 5.5%
- SMA 50 / 200
- 10.15 / 11.80
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.06
- 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 | −3.9% | −1.1% | −2.8 pp | — |
| 3 months | −12.9% | −0.5% | −12.5 pp | — |
| 6 months | −32.1% | +4.4% | −36.5 pp | — |
| Year to date | +2.5% | +12.3% | −9.8 pp | — |
| 1 year | +27.2% | +13.5% | +13.6 pp | +0.8% |
| 3 years | +5.8% | +76.4% | −70.6 pp | −49.7% |
| 5 years | −18.4% | +63.7% | −82.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 153.9 m | 148.9 m | 143.1 m | 176.1 m | 204.9 m | 199.4 m | 215.0 m | 250.0 m |
| Cost of revenue | 108.7 m | 105.9 m | 124.0 m | 135.9 m | 152.8 m | 152.7 m | 178.5 m | 200.1 m |
| Gross profit | 45.1 m | 43.0 m | 19.1 m | 40.2 m | 52.1 m | 46.8 m | 36.4 m | 49.8 m |
| SG&A | 15.2 m | 15.5 m | 16.5 m | 17.6 m | 15.7 m | 16.2 m | 19.1 m | 17.4 m |
| Operating income | 27.5 m | 22.4 m | -981.0 k | 15.8 m | 28.3 m | 21.8 m | 12.5 m | 19.4 m |
| Depreciation & amortisation | 23.2 m | 22.6 m | 23.1 m | 23.9 m | — | — | — | — |
| Interest expense | 11.3 m | -1.1 m | 8.4 m | 8.5 m | 8.4 m | 9.4 m | 3.2 m | 3.5 m |
| Pre-tax income | 19.4 m | 14.8 m | -10.4 m | 7.0 m | 20.6 m | 8.2 m | 9.3 m | 14.9 m |
| Income tax | 4.6 m | -8.3 m | -2.2 m | 2.0 m | 20.2 m | -476.0 k | 3.6 m | 4.2 m |
| Net income | 14.3 m | -30.4 m | -3.6 m | 6.0 m | -79.3 m | 5.7 m | 4.3 m | 7.9 m |
| Diluted EPS | 0.12 | -0.26 | -0.03 | 0.05 | -0.69 | 0.05 | 0.04 | 0.07 |
| Operating cash flow | 59.9 m ≈ | 43.5 m | 10.3 m | 33.0 m ≈ | 55.3 m ≈ | 41.8 m | 16.9 m | 34.3 m ≈ |
| Capex | 6.3 m ≈ | 12.6 m | 17.1 m | 22.0 m ≈ | 12.5 m ≈ | 18.8 m | 14.1 m | 30.7 m ≈ |
| Share repurchases | 0 ≈ | 0 | 0 | 21.9 m ≈ | 5.5 m ≈ | 19.5 m | 36.3 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.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 532.7 m | 495.9 m | 611.2 m | 820.2 m | 584.8 m | 598.3 m | 723.5 m |
| Revenue YoY | −16.5% | −56.6% | −6.9% | +23.2% | +34.2% | −28.7% | +2.3% | +20.9% |
| Net income | 58.3 m | 79.5 m | -278.8 m | -139.9 m | 73.7 m | 71.2 m | -6.7 m | -71.1 m |
| Net income YoY | +1.2% | +36.4% | −450.5% | unavailable | unavailable | −3.5% | −109.3% | unavailable |
| Diluted EPS | 0.43 | 0.59 | -2.04 | -1.02 | 0.55 | 0.60 | -0.06 | -0.61 |
| Diluted EPS YoY | −17.3% | +37.2% | −445.8% | unavailable | unavailable | +9.1% | −110.0% | unavailable |
| net % | 4.7% | 14.9% | -56.2% | -22.9% | 9.0% | 12.2% | -1.1% | -9.8% |
| Free cash flow | 136.8 m | 212.5 m | 168.8 m | 69.9 m | 127.7 m | 78.6 m | 94.3 m | 69.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 197.2 m USD
- Financial debt
- 392.6 m USD
- Net debt
- 195.4 m USD
- Equity
- 603.4 m USD
- Total assets
- 1.3 bn USD
- Debt / equity
- 0.65x
- Current ratio
- 2.64x
- ROE
- -10.9%
- ROA
- -4.6%
- FCF margin
- 9.7%
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 | 495.9 m | 611.2 m | 820.2 m | 584.8 m | 598.3 m | 723.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 345.0 m | 434.5 m | 595.5 m | 418.4 m | 434.9 m | 565.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 151.0 m | 176.7 m | 224.6 m | 166.4 m | 163.4 m | 158.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 7.1 m | 7.5 m | 7.2 m | 7.8 m | 6.8 m | — | SEC (XBRL)· 28 Feb 2025verified |
| SG&A | 81.5 m | 97.8 m | 85.3 m | 60.5 m | 65.4 m | 66.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 51.6 m | 54.6 m | 104.4 m | 89.6 m | 85.1 m | 64.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 76.9 m | 79.7 m | 79.2 m | 84.6 m | 89.4 m | — | SEC (XBRL)· 28 Feb 2025verified |
| EBITDA | 128.5 m ≈ | 134.3 m ≈ | 183.5 m ≈ | 174.1 m ≈ | 174.5 m ≈ | — | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 50.4 m | 37.0 m | 37.2 m | 44.7 m | 36.5 m | 34.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 2.2 m | 13.9 m | 94.7 m | 56.9 m | 45.2 m | 25.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | -52.1 m | 12.1 m | 24.9 m | 8.7 m | -299.0 k | 19.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -278.8 m | -139.9 m | 73.7 m | 71.2 m | -6.7 m | -71.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | -2.04 | -1.02 | 0.55 | 0.60 | -0.06 | -0.61 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 136.5 m | 137.7 m | 135.1 m | 119.5 m | 117.4 m | 116.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 1.80 | 3.20 | — | — | — | — | SEC (XBRL)· 01 Mar 2022verified |
≈ 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 | 113.4 m | 140.9 m | 110.9 m | 88.4 m | 131.4 m | 197.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 45.9 m | 80.8 m | 74.8 m | 81.3 m | 53.2 m | 85.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 52.8 m | 53.8 m | 44.4 m | 45.1 m | 18.0 m | 26.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 428.7 m | 291.7 m | 267.7 m | 246.0 m | 303.7 m | 319.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 591.7 m | 596.2 m | 584.9 m | 576.9 m | 458.7 m | 481.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 391.6 m | 406.1 m | 403.2 m | 404.5 m | 326.6 m | 326.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 137.4 m | 145.6 m | 129.9 m | 116.6 m | 67.7 m | 59.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 3.2 bn | 1.9 bn | 1.9 bn | 1.8 bn | 1.8 bn | 1.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 38.1 m | 51.9 m | 40.0 m | 40.2 m | 32.9 m | 48.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 0 | 9.0 m | 9.0 m | 9.0 m | 8.7 m | 0 | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 1.4 bn | 872.8 m | 865.9 m | 858.9 m | 852.1 m | 392.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 201.9 m | 145.1 m | 129.4 m | 119.1 m | 115.1 m | 120.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 1.9 bn | 1.2 bn | 1.2 bn | 1.1 bn | 1.1 bn | 657.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 1.3 bn | 740.7 m | 707.2 m | 705.5 m | 700.5 m † | 603.4 m † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 223.6 m | 129.9 m | 186.6 m | 137.6 m | 149.9 m | 140.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 54.8 m | 60.0 m | 58.9 m | 59.0 m | 55.6 m | 70.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 168.8 m ≈ | 69.9 m ≈ | 127.7 m ≈ | 78.6 m ≈ | 94.3 m ≈ | 69.9 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | 551.5 m | 835.7 m | -63.0 m | -65.3 m | -73.5 m | 435.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -722.8 m | -964.2 m | -148.2 m | -93.5 m | -17.8 m | -525.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 243.7 m | 435.6 m | 0 | 0 | — | — | SEC (XBRL)· 29 Feb 2024verified |
| Share repurchases | — | 0 | 136.7 m | 78.7 m | 5.0 m | 46.9 m | SEC (XBRL)· 27 Feb 2026verified |
≈ 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: 55 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet48
- Valuation69
- Quality68
- Growth0
- Returns80
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: 2.32 – 56.55 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)7.14 – 14.61 (Mid 9.86)WACC 8.0% · starting FCFF 92.7 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): -3.8%
- Peers: EV/EBITDA2.32 – 26.35 (Mid 11.35)4 companies used · median multiple 9.4x · quartiles 3.8x – 18.8xGURE, HUN, NGVT, OLN
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)42.05 – 56.55 (Mid 48.24)
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 55/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.6% | 83 (vs peers) | 15% |
| Net margin · Quality | -7.1% | 43 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -4.1% | 0 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.3x | 48 (on a fixed band) | 15% |
| Interest coverage · Balance sheet | 3.4x | 29 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.7x | 75 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 8.6x | 59 (on a fixed band) | 15% |
| FCF yield · Valuation | 6.6% | 83 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 5.6% | 80 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet48/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality68/100 · 2/3 factors with a value
- Returns· partial80/100 · 1/2 factors with a value
- Valuation69/100 · 2/3 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
Ecovyst Inc. (ECVT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 723.5 m USD in 2025; YoY growth 20.9%; net margin -7.1%; ROE -9.6%; net debt/EBITDA 2.3x.
The estimated value range is 7.14–26.35 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 11.35 USD, the price of 9.97 USD leaves a potential of 13.8% (value / price − 1) and a margin of safety of 12.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 55/100, 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: 5.6%
- Current ratio: 1.7x
- FCF yield: 6.6%
- Shareholder yield (distributions): 5.6%
What contradicts it
- Revenue CAGR 3Y: -4.1%
- Interest coverage: 3.4x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), 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
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SOLSSolstice Advanced Materials Inc. | 9.1 bn | 28.3 | 13.6% | 7.8% | +3.1% | +21% / unavailable |
| BCPCBalchem Corporation | 5.8 bn | 34.4 | 13.0% | 15.4% | +8.8% | +17% / +46% |
| PRMPerimeter Solutions, Inc. | 4.6 bn | — | -30.9% | -44.9% | +16.4% | +1% / +575% |
| NGVTIngevity Corporation | 2.5 bn | 50.1 | 64.4% | 4.7% | −2.7% | +41% / +90% |
| CCThe Chemours Company | 2.1 bn | — | -339.7% | -5.2% | +0.4% | +8% / −50% |
| OLNOlin Corporation | 2.1 bn | — | -12.2% | -3.3% | +3.7% | −14% / −62% |
| IOSPInnospec Inc. | 2.0 bn | 14.2 | 10.5% | 7.5% | −3.7% | +8% / −23% |
| HUNHuntsman Corporation | 1.7 bn | — | -11.8% | -5.8% | −5.8% | −5% / −60% |
| ECVTEcovyst Inc. | 1.1 bn | — | -9.6% | -7.1% | +20.9% | +27% / +6% |
| FMCFmc Corporation | 998.7 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 ECVT 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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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.
In brief
Ecovyst is an integrated provider of regenerated and virgin sulfuric acid, with a leading position in regeneration services for North American refineries. Its current relevance comes from sales growth in the second quarter of 2026 and the Calabrian acquisition, which broadens its range toward sulfur dioxide and derivatives, while leverage has risen. Sales in fiscal 2025 were 723.5 million USD 1, and the second quarter of 2026 brought 250.0 million USD 3.
SWOT
Strengths
- Leading position in sulfuric acid regeneration for North American refineries, supported by a network of plants that is hard to replicate.
- Long-term contracts with large customers and broad raw material pass-through clauses support margin stability.
- Operating cash flow rose in the first half of 2026, and tax-deductible intangibles provide cash tax benefits.
Weaknesses
- Gross margin declined in 2025 versus 2024 due to higher manufacturing costs and lower regeneration volumes.
- Significant indebtedness, increased by the Calabrian acquisition, reduces financial flexibility.
- Reliance on a limited number of large customers, one of which accounts for a material share of sales.
Opportunities
- Integration of Calabrian could bring synergies and open new applications in food and pharmaceutical industries.
- Demand for alkylate and premium gasoline could support regeneration volumes over the long term.
- Expanding virgin acid capacity for mining and water treatment could diversify revenue.
Threats
- A decline in industrial demand could reduce virgin acid sales, which the company already describes as cautious.
- Volatile sulfur costs and gaps in price pass-through could compress margins.
- Climate regulations and emissions limits could generate additional operating and capital costs.
Risks
- Higher leveragehigh
The Calabrian acquisition was partly funded with additional debt, increasing sensitivity to interest rates and to any drop in earnings.
- Dependence on large customershigh
Loss or reduction of an important customer could significantly affect profitability.
- Raw material volatilitymedium
Timing gaps between raw material price adjustments and product price adjustments could reduce profitability, especially if long-term supply contracts expire.
- Industrial cyclicalitymedium
A slowdown in industrial activity could reduce demand for virgin acid, a segment where the company says it is cautious.
- Regulatory and environmental risklow
Rules on greenhouse gas emissions and environmental matters could generate additional expenses.
Investment thesis
What would need to be true (bull case)
- Sales growth in the second quarter of 2026 and the raised EBITDA outlook suggest operating fundamentals could strengthen if demand stays solid.
- The Calabrian acquisition could significantly widen the sulfur-based product platform and bring integration synergies if delivered as planned.
- A leading regeneration position, backed by long contracts and a logistics network, could provide relatively predictable revenue through economic cycles.
What would break the thesis
- Higher debt after the Calabrian acquisition could limit the company's ability to respond to a drop in demand or margins.
- Lower gross margin in 2025 and the cautious outlook for virgin acid in the second half of the year suggest profitability pressure may persist.
- Reliance on a few large customers and a cyclical industrial segment could amplify the effects of an economic slowdown.
What to watch
- Integration and synergies of the Calabrian businessQ3 2026
- Delivery of the adjusted EBITDA guidance of 195 to 207 million USD2026
- Movement of the net debt leverage ratio from 2.0xQ4 2026
- Demand for virgin acid in industrial and mining applicationsnext 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.
The business
Ecovyst Inc., formerly PQ Group Holdings Inc., is listed on the New York Stock Exchange under the ticker ECVT and presents itself as an integrated provider of virgin and regenerated sulfuric acid 1. It operates nine manufacturing facilities concentrated on the Gulf Coast and in California, where about 64% of US refining capacity is located 1. On December 31, 2025 it sold the Advanced Materials & Catalysts segment, and on June 30, 2026 it acquired the Calabrian sulfur dioxide and derivatives business 12.
The business rests on regenerating sulfuric acid used in the alkylation process, which is essential for high-octane gasoline, and on delivering it through a proprietary logistics network including captive pipelines, barge, rail and truck 1. Most contracts include raw material pass-through clauses, which helps stabilize margins 1.
The company describes a model of long-term contracts with large industrial customers, with relationships averaging more than 50 years for its top ten customers 1. The Waggaman acquisition in 2025 and Calabrian in 2026 extend the platform toward mining, water treatment and potentially food and pharmaceutical applications 123.
Segments
Regeneration and treatment services
This segment generated 361.2 million USD in 2025, or 49.9% of sales, and includes sulfuric acid regeneration for refineries and treatment of hazardous waste 1. Demand is supported by the octane needs of premium gasoline and high refinery utilization 1.
Industrial, mining and automotive
The segment rose to 327.9 million USD in 2025, representing 45.3% of sales, driven by higher virgin sulfuric acid sales and the contribution of the Waggaman location 1. The company expects lower virgin acid sales in the third and fourth quarters of 2026 compared with 2025 and remains cautious about industrial demand 3.
Market context
Ecovyst operates in the sulfuric acid regeneration market for North American refineries, where it considers itself a leader with a supply share substantially larger than its closest competitor 1. Demand for alkylate is supported by stricter gasoline standards, growth in premium gasoline and gasoline exports 1. Demand for virgin acid depends partly on mining and industrial activity, which can be more volatile 13.
Market structure favors incumbent producers, since investment and regulatory hurdles for expanding capacity are costly and supply chains and captive pipelines add further advantages 1. If industrial demand weakens, virgin acid revenue could decline, while regeneration stays more predictable thanks to long-term contracts 13.
Trends
- Rising demand for premium gasoline and alkylatetailwind
More efficient turbocharged engines and Tier 3 sulfur standards for gasoline increase the need for alkylate, which supports regeneration volumes 1. If refineries sustain high utilization, demand for Ecovyst services could remain solid 3.
- Higher sulfur costs and price pass-throughmixed
Higher sulfur costs led to a pass-through of about 77 million USD in 2025 sales and added roughly 55 million USD to second quarter 2026 sales 13. The company raised its sales outlook, but gross margin could compress if the pass-through does not fully offset cost increases 1.
- Acquisition-led consolidation in sulfurtailwind
The Calabrian acquisition extends the portfolio into sulfur dioxide and derivatives for mining, water treatment and food and pharmaceutical uses 23. Integration and synergies are still to be confirmed and could add value if realized 3.
- Leverage and financing costsheadwind
A 100 million USD increase in the term loan to fund Calabrian lifted the net debt leverage ratio to 2.0x 23. If interest rates stay high or results fall short of guidance, debt service could limit financial flexibility 13.
Competitive position
Ecovyst cites its geographic footprint, supply share and integrated logistics as advantages that would be costly for competitors to replicate 1. The main competitors named in the source are Chemtrade and Nexpera, formerly the sulfuric acid business of Veolia 1.
Competition runs on price, reliability and responsiveness to customer demand, and larger competitors or those with less debt could better withstand market changes 1. Consolidation among competitors or customers could reduce demand or make competition harder 1.
- Chemtrade
Competitor named in the source for refinery and sulfuric acid services in North America; ticker not confirmed in the source.
- Nexpera
Former sulfuric acid business of Veolia, cited as a competitor in regeneration services for North American refineries.
- Incumbent sulfuric acid producers
Existing producers that benefit from high entry costs and consolidated logistics networks, not individually named in the source.
- Copper smelter acid producers
Producers of virgin acid obtained as a by-product of copper smelting, which compete in the industrial segment; no specific names in the source.
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
No news in our archive over the last 180 days.
SEC filings
- Current report28 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report24 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report30 Jun 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Current report21 May 2026Shareholder vote
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Current report04 May 2026Material agreement · Financial statements and exhibits
- Proxy statement15 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ecovyst Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ecovyst Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Ecovyst Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.