# Cabot Corporation (CBT)

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

**Price:** USD 74.33 (+0.75% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 73.78 · day 73.43–74.52 · 52w 58.33–94.53 · market cap $3.84B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.63B, net income $190M (5.2% margin), free cash flow $281M (SEC filings).
- Valuation: P/E 20.2x (avg 12.6x at the last 3 fiscal year-ends), EV/EBITDA 6.9x, net debt $839M.
- 1 of 80 tracked superinvestors hold CBT (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $19.6M; 3 not under a Rule 10b5-1 plan ($19.6M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (6 analysts), mean target USD 90.33 (range 78–100).
- Total return with dividends: 1Y +7.1% vs S&P 500 +14.9%; 5Y +53.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 1.54, revenue estimate $927M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.41B | $4.32B | $3.93B | $3.99B | $3.71B | $3.63B |
| Gross profit | $799M | $885M | $839M | $960M | $940M | — |
| Operating income | $454M | $389M | $526M | $614M | $621M | $493M |
| Net income | $250M | $209M | $445M | $380M | $331M | $190M |
| EPS (diluted) | $4.34 | $3.62 | $7.73 | $6.72 | $6.02 | — |
| Free cash flow | $62.0M | -$111M | $351M | $451M | $391M | $281M |
| Gross margin | 23.4% | 20.5% | 21.3% | 24.0% | 25.3% | — |
| Operating margin | 13.3% | 9.0% | 13.4% | 15.4% | 16.7% | 13.6% |
| Net margin | 7.3% | 4.8% | 11.3% | 9.5% | 8.9% | 5.2% |
| Revenue growth | +30.4% | +26.8% | -9.0% | +1.6% | -7.0% | — |
| Cash + short-term investments | $168M | $206M | $238M | $223M | $258M | — |
| Total debt | $1.09B | $1.10B | $1.10B | $1.09B | $1.12B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.2x · P/S 1.1x · EV/EBITDA 6.9x · EV/Sales 1.3x · P/FCF 13.7x · P/B 2.4x · FCF yield 7.32% · Earnings yield 4.95% · Dividend yield (paid, TTM) 2.53% · Buyback yield (TTM) 3.65% · Net debt $839M · EV $4.68B
P/E at fiscal year-ends: Sep 2025 12.5x, Sep 2024 16.4x, Sep 2023 8.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CBT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.03% | $18.9M | Added +52.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 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 |
|---|---|---|---|---|---|---|---|
| 2026-08-28 | Keohane Sean D | President and CEO | 134,895 | $11.5M | 24.4% | No | Too little history (no open-market trades in 2023) |
| 2026-08-24 | Keohane Sean D | President and CEO | 2,779 | $238K | 0.9% | No | Too little history (no open-market trades in 2023) |
| 2026-08-07 | Keohane Sean D | President and CEO | 91,923 | $7.9M | 18% | No | Too little history (no open-market trades in 2023) |
% 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
Consensus Hold (mean 3.00 on a 1–5 scale), 6 analysts; mean target USD 90.33 (low 78, high 100).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | UBS | Target lowered | Neutral | $92 → $86 |
| 2026-08-07 | JP Morgan | Target raised | Underweight | $70 → $78 |
| 2026-08-05 | UBS | Target lowered | Neutral | $97 → $92 |
| 2026-06-25 | Mizuho | Target raised | Neutral | $80 → $90 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +7.1% | +53.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +7.1% | +9.0% |
| Volatility (annualized) | 32.7% | 30.3% |
| Max drawdown | -20.9% (Jun 2026→Oct 2026) | -45.4% (Nov 2024→Nov 2025) |

## Peers (Specialty Chemicals)
BCPC (Balchem Corporation) USD 173.23 +1.43% · SXT (Sensient Technologies Corporati) USD 130.94 -0.95% · EMN (Eastman Chemical Company) USD 65.31 +2.85% · AXTA (Axalta Coating Systems Ltd.) USD 35.05 +0.20% · WLK (Westlake Corporation) USD 64.14 +5.42% · NEU (NewMarket Corp) USD 876.33 -0.98%

## More
Full page: https://nexqual.com/CBT · 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)


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

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | USA Rare Earth, Inc. (USAR) | 10-K 2026-03-30 | "In 1987, Cyprus Metals Company ("Cyprus") entered into a joint venture with Cabot and took over the project." |
| partner | ASPEN AEROGELS INC (ASPN) | 10-K 2026-03-13 | "Cross License Agreement with Cabot Corporation" |
| partner | 3M CO (MMM) | 10-K 2026-02-03 | "Aearo could potentially be exposed to additional claims for some part of the pre-July 11, 1995, period covered by its agreement with Cabot if Aearo elects to discontinue its participation in this arra…" |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Reinforcement Materials | $599.0M | 61.0% | +4.5% |
| Performance Chemicals | $351.0M | 35.7% | +9.7% |
| Total revenue | $982.0M | 100% | — |
The lines above cover 96.7% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asia Pacific | $372.0M | 37.9% | +12.4% |
| Americas | $351.0M | 35.7% | +7.0% |
| EMEA | $227.0M | 23.1% | -3.0% |
| Total revenue | $982.0M | 100% | — |
The lines above cover 96.7% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.54 | $1.52 | +1.5% | $927.3M | 5 |
| Next quarter (ends 2026-12-31) | $1.59 | $1.57 | +1.4% | $877.0M | 1 |
| Current fiscal year (ends 2026-09-30) | $6.37 | $6.32 | +0.7% | $3.69B | 6 |
| Next fiscal year (ends 2027-09-30) | $6.99 | $7.03 | -0.6% | $3.80B | 6 |