olivLaw · US equity research
Ingevity Corporation NGVT
Chemicals & Allied Products · SIC 2800 · Vertical: Chemicals & Allied Products (SIC 2800)
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The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).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.
Price history
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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
| Company | S&P 500 | vs S&P 500 | Vertical 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 | — |
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 | 333.8 m | 263.3 m | 247.9 m | 331.5 m | 333.1 m | 255.1 m | 258.0 m | 314.1 m |
| Cost of revenue | 202.2 m | 163.4 m | 136.0 m | 203.7 m | 199.2 m | 167.3 m | 141.6 m | 175.1 m |
| Gross profit | 131.6 m | 99.9 m | 111.9 m | 127.8 m | 133.9 m | 87.8 m | 116.4 m | 139.0 m |
| Research & development | 6.2 m | 6.5 m | 7.0 m | 7.0 m | 7.0 m | 7.4 m | 6.7 m | 6.1 m |
| SG&A | 37.9 m | 38.3 m | 41.9 m | 43.6 m | 44.1 m | 41.6 m | 40.7 m | 39.0 m |
| Operating income | 110.2 m | 137.5 m | — | — | — | — | — | — |
| Depreciation & amortisation | 26.2 m ≈ | 25.2 m | 24.9 m | 25.6 m | 28.0 m ≈ | 27.9 m | 22.7 m | 22.0 m ≈ |
| Pre-tax income | 54.0 m | 24.1 m | 37.6 m | -136.6 m | 62.2 m | -105.4 m | 30.2 m | 50.7 m |
| Income tax | 6.5 m | 4.5 m | 8.5 m | 4.8 m | 21.4 m | -26.6 m | 6.8 m | 10.9 m |
| Net income | -107.2 m | 16.6 m | 20.5 m | -146.5 m | 43.5 m | -84.6 m | 59.8 m | 35.3 m |
| Diluted EPS | -2.94 | 0.46 ≈ | 0.56 | -4.02 | 1.18 | -2.37 ≈ | 1.66 | 1.00 |
| Operating cash flow | 46.5 m ≈ | 64.5 m | 25.4 m | 79.0 m ≈ | 129.7 m ≈ | 97.1 m | -2.0 m | -13.8 m ≈ |
| Capex | 18.0 m ≈ | 24.9 m | 10.0 m | 12.2 m | 11.9 m ≈ | 23.6 m | 10.3 m | 10.3 m ≈ |
| Share repurchases | 0 ≈ | 0 | 0 | 0 ≈ | 25.2 m ≈ | 31.1 m | 52.3 m | 34.5 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 year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.3 bn | 1.2 bn | 1.4 bn | 1.7 bn | 1.2 bn | 1.2 bn | 1.2 bn |
| Revenue YoY | +16.6% | +14.1% | −5.9% | +14.4% | +19.9% | −27.1% | −1.3% | −2.7% |
| Net income | 169.1 m | 183.7 m | 181.4 m | 118.1 m | 211.6 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% | unavailable | unavailable |
| Diluted EPS | 3.97 | 4.35 | 4.37 | 2.95 | 5.50 | -0.15 | -11.85 | -4.61 |
| Diluted EPS YoY | +33.7% | +9.6% | +0.5% | −32.5% | +86.4% | −102.7% | unavailable | unavailable |
| net % | 14.9% | 14.2% | 14.9% | 8.5% | 12.7% | -0.4% | -35.9% | -14.3% |
| Free cash flow | 158.1 m | 160.9 m | 270.3 m | 189.5 m | 170.9 m | 95.3 m | 51.0 m | 273.5 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
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.4 bn | 1.7 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 750.6 m | 878.7 m | 1.1 bn | 770.5 m | 735.3 m | 706.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 465.5 m | 512.8 m | 570.1 m | 445.0 m | 464.8 m | 461.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 22.6 m | 26.3 m | 30.3 m | 25.4 m | 24.5 m | 28.4 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 149.4 m | 179.3 m | 198.8 m | 161.8 m | 157.8 m | 171.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 397.9 m | 422.2 m | 452.6 m | 423.2 m | 425.9 m | 418.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 100.2 m | 109.9 m | 108.8 m | 122.8 m | 108.3 m | 106.4 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 498.1 m ≈ | 532.1 m ≈ | 561.4 m ≈ | 546.0 m ≈ | 534.2 m ≈ | 525.1 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 47.1 m | 51.7 m | 61.8 m | 93.3 m | 97.8 m | 78.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 235.1 m | 162.8 m | 269.6 m | 130.0 m | -140.5 m | -142.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 53.7 m | 44.7 m | 58.0 m | 24.2 m | -19.1 m | 8.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 181.4 m | 118.1 m | 211.6 m | -5.4 m | -430.3 m | -167.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 4.37 | 2.95 | 5.50 | -0.15 | -11.85 | -4.61 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 41.5 m | 40.1 m | 38.5 m | 36.7 m | 36.3 m | 36.2 m | SEC (XBRL)· 26 Feb 2026verified |
≈ 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 | 257.7 m | 275.4 m | 76.7 m | 95.9 m | 68.0 m | 78.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 148.0 m | — | — | — | — | — | SEC (XBRL)· 19 Feb 2021verified |
| Inventories | 189.0 m | 241.2 m | 335.0 m | 308.8 m | 195.9 m | 186.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 628.7 m | 724.9 m | 683.3 m | 658.6 m | 493.2 m | 454.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 703.6 m | 719.7 m | 798.6 m | 762.2 m | 642.9 m | 608.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 445.3 m | 442.0 m | 518.5 m | 527.5 m | 175.2 m | 4.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 373.3 m | 337.6 m | 404.8 m | 336.1 m | 278.8 m | 176.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 2.3 bn | 2.5 bn | 2.7 bn | 2.6 bn | 2.0 bn | 1.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 104.2 m | 125.8 m | 174.8 m | 158.4 m | 94.5 m | 92.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 26.0 m | 19.6 m | 900.0 k | 84.4 m | 61.3 m | 47.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 223.4 m | 268.9 m | 303.5 m | 362.9 m | 264.1 m | 341.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 1.7 bn | 1.8 bn | 2.0 bn | 2.0 bn | 1.8 bn | 1.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 642.1 m | 673.8 m | 698.3 m | 631.4 m † | 195.2 m † | 29.7 m † | SEC (XBRL)· 26 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 | 352.4 m | 293.3 m | 313.4 m | 205.1 m | 128.6 m | 331.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 82.1 m | 103.8 m | 142.5 m | 109.8 m | 77.6 m | 57.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 270.3 m ≈ | 189.5 m ≈ | 170.9 m ≈ | 95.3 m ≈ | 51.0 m ≈ | 273.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -110.6 m | -138.6 m | -551.9 m | -77.3 m | -79.5 m | -57.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -50.2 m | -133.1 m | 48.1 m | -99.9 m | -70.2 m | -252.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 88.0 m | 109.4 m | 145.2 m | 92.1 m | 0 | 56.3 m | SEC (XBRL)· 26 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: 68 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation54
- Returns81
- Quality94
- Balance sheet81
- Growth0
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: 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 – 18.8xECVT, GURE, HUN, OLN
- Peers: P/E31.34 – 46.19 (Mid 41.72)3 companies used · median multiple 28.3x · quartiles 21.3x – 31.4xBCPC, IOSP, SOLS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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 | 241.3% | 100 (vs peers) | 12% |
| Net margin · Quality | 4.7% | 79 (vs peers) | 7% |
| FCF conversion · Quality | 286.9% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -11.2% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.1x | 100 (on a fixed band) | 12% |
| Interest coverage · Balance sheet | 5.3x | 59 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.6x | 68 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 50.1x | 0 (on a fixed band) | 12% |
| EV/EBITDA · Valuation | 5.0x | 91 (on a fixed band) | 12% |
| FCF yield · Valuation | 6.1% | 76 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 5.6% | 81 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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
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% | +40% / +72% |
| 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% | +8% / +5% |
| 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 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 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% |
- 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
Opportunities
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.
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 report04 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report24 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Current report04 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report15 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Current report30 Mar 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Proxy statement17 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ingevity Corporation · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ingevity Corporation · 30 Jul 2026
- [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.