# Albemarle Corporation (ALB)

> Source: Nexqual · https://nexqual.com/ALB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Albemarle Corporation (ALB), nexqual.com/ALB" · informational, not investment advice.

**Price:** USD 92.54 (-2.04% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 94.47 · day 91–92.65 · 52w 88.01–221 · market cap $10.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.91B, net income $224M (3.8% margin), free cash flow $1.34B (SEC filings).
- Valuation: P/E 48.7x (avg 10.8x at the last 1 fiscal year-ends), EV/EBITDA 12.5x, net debt $245M.
- Earnings quality: non-operating income $92.4M (gains on equity investments $17.0M) vs operating income $252M over the last four quarters; P/E excluding non-operating income ≈66.5x (estimate: non-operating income taxed at the company's 35% effective rate).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $3.0M; 1 not under a Rule 10b5-1 plan ($3.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -3.9% vs S&P 500 +14.9%; 5Y -57.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 2.52, revenue estimate $1.52B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.33B | $7.32B | $9.62B | $5.38B | $5.14B | $5.91B |
| Gross profit | $998M | $3.07B | $1.19B | $62.5M | $669M | — |
| Operating income | $798M | $2.47B | $252M | -$1.78B | -$367M | $252M |
| Net income | $124M | $2.69B | $1.57B | -$1.18B | -$511M | $224M |
| EPS (diluted) | $1.06 | $22.84 | $13.36 | -$11.20 | -$5.76 | — |
| Free cash flow | -$609M | $646M | -$828M | -$993M | $692M | $1.34B |
| Gross margin | 30.0% | 42.0% | 12.3% | 1.2% | 13.0% | — |
| Operating margin | 24.0% | 33.7% | 2.6% | -33.0% | -7.1% | 4.3% |
| Net margin | 3.7% | 36.7% | 16.4% | -21.9% | -9.9% | 3.8% |
| Revenue growth | +6.4% | +120.0% | +31.4% | -44.1% | -4.4% | — |
| Cash + short-term investments | $439M | $1.50B | $890M | $1.19B | $1.62B | — |
| Total debt | $2.39B | $3.22B | $4.17B | $3.52B | $3.19B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 48.7x · P/E ex non-operating (est.) ≈66.5x · P/S 1.9x · EV/EBITDA 12.5x · EV/Sales 1.9x · P/FCF 8.1x · P/B 1.1x · FCF yield 12.29% · Earnings yield 2.05% · Dividend yield (paid, TTM) 1.75% · Net debt $245M · EV $11.2B
P/E at fiscal year-ends: Dec 2023 10.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-15 | Masters J Kent | Chairman & CEO | 16,393 | $3.0M | 15.8% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Citigroup | Target lowered | Buy | $175 → $125 |
| 2026-10-20 | Truist Securities | Target lowered | Buy | $225 → $185 |
| 2026-10-15 | RBC Capital | Target lowered | Outperform | $157 → $129 |
| 2026-10-14 | Mizuho | Upgrade | Neutral → Outperform | $130 |
| 2026-10-13 | Barclays | Initiated | Equal-Weight | $109 |
| 2026-10-07 | Argus Research | Target lowered | Buy | $230 → $135 |
| 2026-10-05 | UBS | Target lowered | Buy | $175 → $150 |
| 2026-10-01 | Mizuho | Target lowered | Neutral | $140 → $130 |
| 2026-08-25 | JP Morgan | Target lowered | Neutral | $160 → $140 |
| 2026-08-10 | RBC Capital | Target lowered | Outperform | $166 → $157 |
| 2026-08-10 | Scotiabank | Target lowered | Sector Outperform | $200 → $190 |
| 2026-08-10 | Morgan Stanley | Target lowered | Equal-Weight | $189 → $161 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -3.9% | -57.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -3.9% | -15.7% |
| Volatility (annualized) | 55.4% | 54.3% |
| Max drawdown | -56.8% (Apr 2026→Oct 2026) | -83.2% (Nov 2022→Apr 2025) |

## Peers (Specialty Chemicals)
SSL (Sasol Ltd.) USD 17.46 +7.84% · SOLS (Solstice Advanced Materials Inc) USD 59.8 -7.99% · RPM (RPM International Inc.) USD 101.72 +1.84% · WLK (Westlake Corporation) USD 64.14 +5.42% · ESI (Element Solutions Inc.) USD 33.11 -8.89% · NEU (NewMarket Corp) USD 876.33 -0.98%

## More
Full page: https://nexqual.com/ALB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ALB's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/915913/000091591326000018/alb-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Chile | "(f) Ownership will revert to the Chilean government once we have sold all remaining amounts under our contract with the Chilean government pursuant to which we obtain lithium brine in Chile." |
| Partner | Greenbushes | "Ltd., a company incorporated in Australia ("Talison") that owns the Greenbushes mine, and from our 50%-owned unincorporated joint venture, MARBL Lithium Joint Venture ("MARBL") in Western Australia, which owns the Wodgin…" |
| Partner | Mineral Resources | "(c) Production amounts presented from Wodgina represent 60% of production of the Wodgina mine which is attributable to the Company's interest in the MARBL joint venture until October 18, 2023, when we reduced our ownersh…" |
| Partner | Eurecat | "In 2025, we entered into definitive agreements to divest our 50% ownership interest in Eurecat S.A., a joint venture within the Refining Solutions reporting unit, and to divest the controlling ownership interest in our r…" |
| Partner | Jordan Bromine Company | "In addition, there have been concerns regarding water scarcity, declining precipitation and drought in Jordan, where our joint venture, JBC, produces bromine." |
| Competitor | Rio Tinto (RIO) | "Major competitors in lithium compounds include Sociedad Quimica y Minera de Chile S.A., Sichuan Tianqi Lithium, Jiangxi Ganfeng Lithium, Rio Tinto plc, Pilbara Minerals, Tesla and a large number of additional Chinese com…" |
| Competitor | Tesla (TSLA) | "Major competitors in lithium compounds include Sociedad Quimica y Minera de Chile S.A., Sichuan Tianqi Lithium, Jiangxi Ganfeng Lithium, Rio Tinto plc, Pilbara Minerals, Tesla and a large number of additional Chinese com…" |

Other companies that name ALB in their own reports (relationship from ALB's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | CHEMICAL & MINING CO OF CHILE INC (SQM) | 20-F 2026-04-22 | "SQM and Albemarle have a lease agreement with Corfo to extract and produce lithium from brines stored in the Salar de Atacama deposit." |
| partner | ICL Group Ltd. (ICL) | 20-F 2026-03-11 | "Albemarle also has a joint venture with a Jordanian" |
| partner | SIGA TECHNOLOGIES INC (SIGA) | 10-K 2026-03-10 | "Pursuant to the current agreement with Grace, which was put in place in 2018 when Albemarle was the owner of the operations that provide services to SIGA, Grace manufactures, tests and supplies active…" |
| competitor | Elevra Lithium Ltd (ELVR) | 20-F 2025-10-31 | "Elevra competes against several major lithium producers, including: Albemarle Corporation, Sigma Lithium Corporation, Sociedad Química y Minera" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Energy Storage | $1.28B | 73.2% | +77.9% |
| Specialties | $423.5M | 24.3% | +20.5% |
| Total revenue | $1.74B | 100% | — |
The lines above cover 97.5% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| China | $2.03B | 39.4% | +3.3% |
| Other Foreign Countries | $1.08B | 20.9% | +6.3% |
| United States | $890.5M | 17.3% | -1.3% |
| South Korea | $789.5M | 15.4% | -13.5% |
| Japan | $359.6M | 7.0% | -39.0% |
| Total revenue | $5.14B | 100% | — |

## Customer concentration

Period ended 2023-12-31: 12% of revenue from unnamed direct customers (10-K, filed 2026-02-11).

## Company outlook (8-K filed 2026-08-05)

- "Sales volumes are expected to be in the range of 225 to 235 kilotons lithium carbonate equivalent, as increased Wodgina volumes partially offset a delay in the Talison CGP3 ramp due to a fire that occurred on June 9."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.52 | $3.44 | -26.6% | $1.52B | 16 |
| Next quarter (ends 2026-12-31) | $1.92 | $3.25 | -40.8% | $1.41B | 15 |
| Current fiscal year (ends 2026-12-31) | $11.29 | $12.59 | -10.3% | $6.07B | 20 |
| Next fiscal year (ends 2027-12-31) | $10.80 | $12.52 | -13.7% | $6.17B | 19 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-04): ±10.8%; earnings reaction alone ±6.6%; last 8 reports averaged ±3.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 54.7% | ±6.5% |
| 2026-11-06 | 14 | 67.0% | ±10.8% |
| 2026-11-13 | 21 | 61.7% | ±12.0% |
| 2026-11-20 | 28 | 58.0% | ±13.0% |
| 2026-11-27 | 35 | 55.2% | ±13.7% |
| 2026-12-04 | 42 | 53.8% | ±14.6% |
| 2026-12-18 | 56 | 53.0% | ±16.9% |
| 2027-01-15 | 84 | 51.8% | ±20.0% |