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Makes carbon black and specialty chemicals used to reinforce tires, rubber products and various industrial applications.
Makes carbon black and specialty chemicals used to reinforce tires, rubber products and various industrial applications.
Sells carbon black, the black powder that strengthens tires, largely under annual supply contracts whose prices are adjusted for oil-based feedstock costs, so tire makers' demand and feedstock pass-through set results. Specialty carbons for coatings, inks and batteries carry better pricing and are the growth focus.
Moat: narrow (scale, process know-how, customer qualification). Long-standing tire industry supplier relationships and process know-how in carbon black manufacturing.
Headquarters: Boston, Massachusetts, US · Founded: 1882
Size Cabot (CBT) is a United States Materials company (Chemicals: Specialty) with a market value of $3.67B, the 1400th largest of 3,117 United States companies the cockpit tracks. Shares closed at $71.05 on 6 Nov 2026.
Performance Over six months the shares fell 17.1%, against -21.6% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 0.8% over the last twelve months (peer median +12.2%); the operating margin is 14.3% (peer median 12.0%).
Valuation It trades at 10.9× forward earnings against a peer median of 22.1× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.4 points above its cost of capital (8.1% WACC).
Credit Cabot has 3 bonds outstanding ($1.05B), rated BBB by the agencies and trading like BBB at a weighted spread of 86 bp.
Short interest Short interest is 9.5% of the free float (15 Oct 2026).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $3.74B | $3.74B | $3.71B | $3.99B | $3.93B |
| Revenue growth | — | +1% | -7% | +2% | — |
| Gross profit | $862M | $809M | $946M | $972M | $839M |
| EBITDA | $725M | $668M | $786M | $778M | $673M |
| Net income | $211M | $213M | $327M | $374M | $437M |
| Free cash flow | $214M | $214M | $391M | $451M | $351M |
| Capital expenditure | $207M | $207M | $274M | $241M | $244M |
| Total debt | $1.25B | $1.25B | $1.23B | $1.24B | $1.38B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cabot CBT | $3.67B | -17% | +1% | 14% | 10.9× | -3.2% |
| Orion OEC | n/a | -48% | n/a | n/a | n/a | n/a |
| Tokai Carbon 5301.T | $2.02B | +41% | 0% | 8% | 13.5× | 9.3% |
| PCBL Chemical PCBL.NS | $1.16B | -8% | +6% | 8% | 23.5× | 27.6% |
| Jiangxi Black Cat Carbon Black 002068.SZ | $795M | -22% | +1% | -4% | 30.8× | n/a |
| Evonik Industries EVK.DE | $11.0B | +19% | +2% | 10% | 12.0× | -6.2% |
| Wacker Chemie WCH.DE | $4.42B | -24% | -5% | -1% | 33.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CBT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.0% | -3.8% | 8th lowest of 21 |
| 6-month return | -17.1% | -21.6% | 9th highest of 21 |
| Distance from 52-week high | -24.8% | -39.2% | 7th highest of 21 |
| Revenue growth (TTM) | +0.8% | +12.2% | 5th lowest of 21 |
| Operating margin | 14.3% | 12.0% | 7th highest of 21 |
| Forward P/E | 10.9× | 22.1× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -3.2% | 7.1% | 4th least demanding of 16 |
| Growth delivered (Del g) | +1.9% | +10.6% | 3rd lowest of 16 |
| Hurdle (Req g minus delivered) | -5.1 pp | -3.6 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | +6.4 pp | +1.1 pp | 3rd highest of 21 |
| EV / EBITDA | 6.6× | 9.3× | cheapest of 7 |
| Net debt / EBITDA | 1.4× | 1.4× | 4th least indebted of 7 |
| Bond spread | 86 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cabot CBT | United States | $3.67B | -17% | +1% | 14% | 10.9× | -3.2% | +1.9% |
| Ningbo Shanshan 600884.SS | China | $3.71B | -34% | +30% | 9% | 14.4× | 4.5% | +21.3% |
| NOF 4403.T | Japan | $3.60B | -22% | +13% | 17% | 13.5× | -6.1% | +8.4% |
| Novoray 688300.SS | China | $3.76B | -9% | +23% | 26% | 52.7× | 47.6% | +22.6% |
| Mitsubishi Gas Chemical 4182.T | Japan | $3.78B | -31% | +3% | 8% | 10.6× | n/a | n/a |
| Pangang Group Vanadium & Titanium Resources 000629.SZ | China | $3.83B | -24% | +6% | 4% | 68.8× | 27.2% | -3.4% |
| Hangzhou Oxygen Plant 002430.SZ | China | $3.89B | -16% | +16% | 11% | 20.9× | 2.9% | +8.5% |
| IMEIK Technology Development 300896.SZ | China | $3.92B | -21% | -7% | 45% | 23.3× | 18.8% | +28.0% |
| Air Water 4088.T | Japan | $3.93B | +23% | +7% | 4% | 14.3× | 7.1% | +6.8% |
| Guangzhou Guanggang Gases and Energy 688548.SS | China | $3.39B | -14% | +21% | 20% | 62.3× | n/a | n/a |
| Bluestar Adisseo 600299.SS | China | $3.97B | -35% | +15% | 13% | 11.8× | -8.6% | +7.7% |
| Inner Mongolia Berun Chemical 000683.SZ | China | $3.36B | -32% | +11% | 13% | 13.8× | n/a | n/a |
| Do-Fluoride New Materials 002407.SZ | China | $4.06B | -36% | +69% | 7% | 38.0× | 19.2% | +17.5% |
| Hexpol HPOL-B.ST | Sweden | $3.30B | +28% | -1% | 14% | 15.6× | 3.1% | +7.6% |
| Cathay Biotech 688065.SS | China | $4.22B | -19% | +9% | 18% | 38.8× | n/a | n/a |
| Levima Advanced Materials 003022.SZ | China | $3.17B | -34% | +66% | 10% | 30.1× | n/a | n/a |
| Hawkins HWKN | United States | $3.14B | -10% | +9% | 11% | 33.9× | 15.2% | +12.7% |
| Jiangsu Nata Opto-electronic Material 300346.SZ | China | $4.29B | -22% | +15% | 16% | 62.1× | 35.6% | +34.2% |
| Luxi Chemical 000830.SZ | China | $3.13B | -36% | -1% | 4% | 12.1× | -1.4% | +10.6% |
| Clariant CLN.SW | Switzerland | $4.32B | +46% | -7% | 10% | 16.0× | -3.4% | +0.3% |
| Shanghai Haoyuan Chemexpress 688131.SS | China | $3.11B | +30% | +28% | 13% | 59.6× | 32.0% | +35.2% |
Cabot has 3 bonds outstanding with $1.05B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.43%, a spread of 86 bp over government bonds.