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Makes specialty chemicals derived from pine tree byproducts and activated carbon used in vehicle emissions control, spun off from WestRock.
Makes specialty chemicals derived from pine tree byproducts and activated carbon used in vehicle emissions control, spun off from WestRock.
The carbon business is paid per unit of emission-control carbon fitted in gasoline-vehicle fuel-vapour canisters, tied to gasoline and hybrid vehicle production and tightening rules rather than EV volumes. The chemicals business starts from crude tall oil, a pine by-product of paper pulping, and sells derivatives for road paving and other uses.
Moat: narrow (process know-how, IP / patents, installed base). Leading global supplier of automotive charcoal canisters required for gasoline vapor emissions compliance.
Headquarters: North Charleston, South Carolina, US · Founded: 2016 · Employees: 1,500
Size Ingevity (NGVT) is a United States Materials company (Chemicals: Major Diversified) with a market value of $2.07B, the 1770th largest of 3,117 United States companies the cockpit tracks. Shares closed at $60.12 on 6 Nov 2026.
Performance Over six months the shares fell 20.5%, against -3.3% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 19 in its peer set.
Growth Revenue fell 12.4% over the last twelve months (peer median +12.0%); the operating margin is 24.6% (peer median 9.8%).
Valuation It trades at 10.4× forward earnings against a peer median of 29.1× (2nd cheapest of 18).
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 -1%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.5 points above its cost of capital (8.6% WACC).
Short interest Short interest is 4.0% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.16B | $1.17B | $1.20B | $1.69B | $1.67B |
| Revenue growth | — | -3% | -29% | +2% | — |
| Gross profit | $453M | $432M | $435M | $428M | $541M |
| EBITDA | $386M | $368M | $384M | $395M | $470M |
| Net income | $55.4M | -$167M | -$430M | -$5.40M | $212M |
| Free cash flow | $155M | $274M | $57.4M | $95.3M | $171M |
| Capital expenditure | $55.8M | $57.4M | $71.2M | $110M | $142M |
| Total debt | $1.24B | $1.24B | $1.45B | $1.53B | $1.53B |
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 |
|---|---|---|---|---|---|---|
| Ingevity NGVT | $2.07B | -21% | -12% | 25% | 10.4× | -0.9% |
| Cabot CBT | $3.67B | -17% | +1% | 14% | 10.9× | -3.2% |
| Kuraray 3405.T | $3.52B | +14% | +3% | 7% | 15.0× | -0.2% |
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 | NGVT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.8% | -10.5% | 7th lowest of 21 |
| 6-month return | -20.5% | -3.3% | 7th lowest of 19 |
| Distance from 52-week high | -24.2% | -28.9% | 11th highest of 21 |
| Revenue growth (TTM) | -12.4% | +12.0% | 2nd lowest of 21 |
| Operating margin | 24.6% | 9.8% | 3rd highest of 21 |
| Forward P/E | 10.4× | 29.1× | 2nd cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -0.9% | 6.8% | 4th least demanding of 11 |
| Growth delivered (Del g) | -0.8% | +8.1% | lowest of 11 |
| Hurdle (Req g minus delivered) | -0.1 pp | -3.8 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | +13.5 pp | -1.4 pp | 2nd highest of 21 |
| EV / EBITDA | 7.9× | 13.5× | 2nd cheapest of 13 |
| Net debt / EBITDA | 2.7× | 1.1× | 4th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ingevity NGVT | United States | $2.07B | -21% | -12% | 25% | 10.4× | -0.9% | -0.8% |
| Eternal Materials 1717.TW | Taiwan | $2.06B | -27% | -2% | 5% | 17.2× | 19.9% | +1.2% |
| Zhejiang Yongtai Technology 002326.SZ | China | $2.04B | -40% | +38% | 11% | n/a | n/a | n/a |
| Qingdao Huicheng Environmental Technology 300779.SZ | China | $2.02B | -9% | -13% | 5% | 129.3× | n/a | n/a |
| Aether Industries AETHER.NS | India | $2.20B | +29% | +31% | 25% | 72.6× | n/a | n/a |
| Innospec IOSP | United States | $1.93B | -3% | +5% | 8% | 13.4× | 4.4% | +8.3% |
| Hubei Sinophorus Electronic Materials 688545.SS | China | $2.24B | +11% | +75% | 11% | 68.3× | n/a | n/a |
| Nippon Shokubai 4114.T | Japan | $2.27B | +11% | +4% | 6% | 16.2× | 4.1% | +7.9% |
| Advanced Echem Materials 4749.TWO | Taiwan | $1.72B | -39% | +19% | 25% | 33.1× | n/a | n/a |
| AARTI Industries AARTIIND.NS | India | $1.71B | -9% | +40% | 9% | 29.1× | n/a | n/a |
| Borregaard BRG.OL | Norway | $1.68B | +7% | +3% | 17% | 24.4× | -1.0% | +7.7% |
| Nippon Kayaku 4272.T | Japan | $1.66B | +3% | +14% | 10% | 10.1× | -4.8% | +6.9% |
| Metis TechBio 7666.HK | Hong Kong | $1.66B | n/a | +6,987% | -367% | n/a | n/a | n/a |
| Valiant 002643.SZ | China | $1.66B | -28% | +3% | 10% | 25.6× | 17.4% | +4.9% |
| Huntsman HUN | United States | $1.66B | -37% | +6% | 0% | 353.8× | n/a | n/a |
| Fine Organic Industries FINEORG.NS | India | $1.64B | +9% | +13% | 20% | 33.4× | 26.7% | +15.7% |
| Alzchem ACT0.DE | Germany | $1.56B | n/a | +5% | 16% | 20.9× | -1.1% | +8.2% |
| CES Energy Solutions CEU.TO | Canada | $2.82B | +4% | +11% | 10% | 14.1× | 9.2% | +22.9% |
| Grandit 688549.SS | China | $2.89B | +36% | +40% | -1% | n/a | n/a | n/a |
| Jilin Chemical Fibre Stock 000420.SZ | China | $1.42B | -25% | +11% | 5% | 154.0× | n/a | n/a |
| Privi Speciality Chemicals PRIVISCL.NS | India | $1.40B | -4% | +18% | 20% | 30.4× | 30.1% | +15.0% |