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Specialty chemicals holding company making petroleum lubricant and fuel additives through its Afton Chemical subsidiary.
Specialty chemicals holding company making petroleum lubricant and fuel additives through its Afton Chemical subsidiary.
Sells additive packages custom-blended to each customer's specification, to oil majors and other lubricant makers under long relationships. Only a few firms share the market, with Lubrizol, Infineum and Chevron Oronite as its main rivals. Crude-oil-based input costs are passed through with a lag, so margins swing when costs move fast.
Moat: narrow (IP / patents, customer qualification, process know-how). OEM-specified additive formulations require extensive qualification testing, creating high switching costs.
Headquarters: Richmond, Virginia, US · Founded: 1887 · Employees: 2,050
Size NewMarket (NEU) is a United States Materials company (Chemicals: Specialty) with a market value of $6.39B, the 1015th largest of 3,117 United States companies the cockpit tracks. Shares closed at $694.31 on 6 Nov 2026.
Performance Over six months the shares gained 1.4%, against -11.8% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 0.9% over the last twelve months (peer median +7.7%); the operating margin is 20.3% (peer median 13.3%).
Valuation It trades at 2.6× enterprise value to sales against a peer median of 2.2× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.5 points above its cost of capital (7.6% WACC).
Credit NewMarket has 1 bond outstanding ($400M), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 76 bp.
Short interest Short interest is 5.9% of the free float (15 Oct 2026).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.77B | $2.73B | $2.79B | $2.70B | $2.76B |
| Revenue growth | — | -2% | +3% | -2% | — |
| Gross profit | $876M | $857M | $886M | $773M | $644M |
| EBITDA | $689M | $667M | $708M | $561M | $441M |
| Net income | $455M | $417M | $461M | $388M | $279M |
| Free cash flow | $383M | $491M | $462M | $529M | $52.5M |
| Capital expenditure | $116M | $77.6M | $57.3M | $48.3M | $56.2M |
| Total debt | $915M | $980M | $1.06B | $736M | $1.09B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| NewMarket NEU | $6.39B | +1% | +1% | 20% | 2.6× | -0.8% |
| Chevron CVX | $415B | +18% | +22% | 15% | 1.9× | -3.0% |
| Evonik Industries EVK.DE | $11.0B | +19% | +2% | 10% | 0.9× | -6.2% |
| Innospec IOSP | $1.93B | -3% | +5% | 8% | 0.9× | 4.4% |
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 | NEU | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.2% | +1.3% | 3rd lowest of 21 |
| 6-month return | +1.4% | -11.8% | 5th highest of 21 |
| Distance from 52-week high | -29.3% | -31.2% | 10th highest of 21 |
| Revenue growth (TTM) | +0.9% | +7.7% | 6th lowest of 21 |
| Operating margin | 20.3% | 13.3% | 5th highest of 21 |
| EV / Sales | 2.6× | 2.2× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -0.8% | 7.3% | 5th least demanding of 17 |
| Growth delivered (Del g) | +6.3% | +11.2% | 6th lowest of 17 |
| Hurdle (Req g minus delivered) | -7.1 pp | -0.7 pp | 7th least demanding of 17 |
| ROIC minus cost of capital | +8.5 pp | -0.7 pp | highest of 21 |
| EV / EBITDA | 10.5× | 10.3× | 7th cheapest of 13 |
| Net debt / EBITDA | 1.2× | 1.4× | 4th least indebted of 13 |
| Bond spread | 76 bp | 123 bp | tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NewMarket NEU | United States | $6.39B | +1% | +1% | 20% | 2.6× | -0.8% | +6.3% |
| SOL SOL.MI | Italy | $6.39B | +6% | +9% | 14% | 3.4× | 16.9% | +12.8% |
| Haohua Chemical Science & Technology 600378.SS | China | $6.29B | -9% | +20% | 9% | 2.2× | 11.0% | +25.2% |
| Linde India LINDEINDIA.NS | India | $6.20B | -13% | +13% | 22% | 21.7× | 47.9% | +11.5% |
| Shenzhen Capchem Technology 300037.SZ | China | $6.16B | -21% | +72% | 13% | 3.1× | 19.3% | +26.6% |
| Croda International CRDA.L | United Kingdom | $6.88B | +31% | +3% | 16% | 3.3× | 19.9% | +4.1% |
| Inner Mongolia Junzheng Energy & Chemical 601216.SS | China | $5.92B | -16% | +3% | 11% | 1.7× | -3.4% | +11.3% |
| Kingboard 0148.HK | Hong Kong | $5.78B | -17% | +19% | 15% | 1.0× | n/a | n/a |
| Nissan Chemical 4021.T | Japan | $5.72B | 0% | +10% | 23% | 3.2× | 9.3% | +6.0% |
| Zhejiang Longsheng 600352.SS | China | $5.70B | -11% | -1% | 19% | 2.3× | -5.2% | -3.1% |
| Coromandel International COROMANDEL.NS | India | $5.69B | -7% | +24% | 8% | 1.6× | n/a | n/a |
| Canmax Technologies 300390.SZ | China | $5.62B | -64% | +98% | 27% | 3.4× | n/a | n/a |
| LB Group Co., Ltd. Class A 002601.SZ | China | $5.58B | -8% | +7% | 7% | 2.3× | 5.0% | +12.9% |
| Eastman Chemical EMN | United States | $7.37B | -13% | 0% | 10% | 1.3× | 5.1% | +0.7% |
| Gujarat Fluorochemicals FLUOROCHEM.NS | India | $5.42B | +23% | +20% | 17% | 9.1× | n/a | n/a |
| Hoshine Silicon Industry 603260.SS | China | $5.32B | -33% | -7% | -6% | 3.1× | 22.5% | +18.5% |
| Methanex MX.TO | Canada | $5.18B | +12% | +31% | 23% | 1.6× | -9.4% | +7.1% |
| Celanese CE | United States | $5.10B | -19% | +1% | 9% | 1.6× | 5.3% | +11.0% |
| Westlake WLK | United States | $8.11B | -32% | 0% | 1% | 1.1× | 37.4% | +8.3% |
| Sumitomo Chemical 4005.T | Japan | $4.93B | -7% | -2% | 5% | 0.8× | 1.1% | +0.4% |
| Shandong Hualu-Hengsheng Chemical 600426.SS | China | $8.27B | -32% | +3% | 16% | 2.0× | -2.5% | +18.7% |
NewMarket has 1 bond outstanding with $400M face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.43%, a spread of 76 bp over government bonds.