# Ecovyst Inc. (ECVT)

> Source: Nexqual · https://nexqual.com/ECVT · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Ecovyst Inc. (ECVT), nexqual.com/ECVT" · informational, not investment advice.

**Price:** USD 10.24 (+0.49% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 10.19 · day 10.06–10.29 · 52w 7.41–15.09 · market cap $1.12B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $869M, net income -$61.3M (-7.1% margin), free cash flow $72.2M (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $113K; 1 not under a Rule 10b5-1 plan ($113K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $250K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (6 analysts), mean target USD 15.17 (range 13–17).
- Total return with dividends: 1Y +24.6% vs S&P 500 +14.8%; 5Y -12.3% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD 0.21, revenue estimate $292M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: ECVT paid no cash dividend in the last five years.
- Short interest: 5.89% of float (as of 2026-10-15), 4.9 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $611M | $820M | $585M | $598M | $724M | $869M |
| Gross profit | $177M | $225M | $166M | $163M | $158M | — |
| Operating income | $54.6M | $104M | $89.6M | $85.1M | $64.9M | $82.0M |
| Net income | -$140M | $73.7M | $71.2M | -$6.7M | -$71.1M | -$61.3M |
| EPS (diluted) | -$1.02 | $0.55 | $0.60 | -$0.06 | -$0.61 | — |
| Free cash flow | $69.9M | $128M | $78.6M | $94.3M | $69.9M | $72.2M |
| Gross margin | 28.9% | 27.4% | 28.5% | 27.3% | 21.8% | — |
| Operating margin | 8.9% | 12.7% | 15.3% | 14.2% | 9.0% | 9.4% |
| Net margin | -22.9% | 9.0% | 12.2% | -1.1% | -9.8% | -7.1% |
| Revenue growth | +23.2% | +34.2% | -28.7% | +2.3% | +20.9% | — |
| Cash + short-term investments | $141M | $111M | $88.4M | $131M | $197M | — |
| Total debt | $882M | $875M | $868M | $861M | $393M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.3x · EV/EBITDA 11.1x · EV/Sales 1.8x · P/FCF 15.5x · P/B 1.9x · FCF yield 6.44% · Earnings yield -5.47% · Buyback yield (TTM) 5.47% · Net debt $405M · EV $1.53B
P/E at fiscal year-ends: Dec 2023 16.4x.

## 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 |
|---|---|---|---|---|---|---|---|
| 2026-06-02 | Lorance Sarah | Director | 8,450 | $113K | 13.4% | No | Too little history (no open-market trades in 2023–2025) |
% 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.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $250K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-10 | Humble Patti A. | Director | 24,875 | $250K | 10.05 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 6 analysts; mean target USD 15.17 (low 13, high 17).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-16 | Freedom Capital Markets | Maintained | Buy | $15 |
| 2026-08-06 | BWS Financial | Maintained | Buy | $16 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +24.6% | -12.3% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +24.7% | -2.6% |
| Volatility (annualized) | 32.5% | 40.7% |
| Max drawdown | -34.6% (May 2026→Oct 2026) | -57.0% (Nov 2021→Mar 2025) |

## Dividends
ECVT paid no cash dividend in the last five years.

## Short interest
6,333,113 shares sold short, 5.89% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 5,256,185 shares (+20.5%). Days to cover: 4.9 (short shares ÷ average daily volume).

## Peers (Specialty Chemicals)
BCPC (Balchem Corporation) USD 170.4 +2.47% · SXT (Sensient Technologies Corporati) USD 131.53 -0.05% · AXTA (Axalta Coating Systems Ltd.) USD 33.61 -2.97% · EMN (Eastman Chemical Company) USD 67.93 +1.89% · NEU (NewMarket Corp) USD 803.07 -8.04% · WLK (Westlake Corporation) USD 66.01 +0.27%

## More
Full page: https://nexqual.com/ECVT · 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

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Virgin sulfuric acid | $137.5M | 55.0% | +85.0% |
| Regenerated sulfuric acid and treatment services | $103.1M | 41.2% | +11.1% |
| Catalyst activation and sulfur dioxide & derivatives | $9.4M | 3.7% | +4.6% |
| Total revenue | $250.0M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 12.3% of revenue from unnamed direct customers (10-K, filed 2026-02-27).

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

- "As anticipated, high refinery utilization and positive alkylate economics contributed to increased volume of regenerated sulfuric acid, while virgin sulfuric acid volume increased double digits, reflecting positive demand fundamentals and the contribution from the Waggaman sulfuric acid plant we acquired in May 2025."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.21 | $0.22 | -2.0% | $291.8M | 5 |
| Next quarter (ends 2026-12-31) | $0.16 | $0.14 | +9.7% | $279.1M | 5 |
| Current fiscal year (ends 2026-12-31) | $0.69 | $0.66 | +4.5% | $1.05B | 6 |
| Next fiscal year (ends 2027-12-31) | $0.87 | $0.92 | -5.4% | $1.07B | 6 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±14.9%; last 8 reports averaged ±7.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 76.0% | ±14.9% |
| 2026-12-18 | 50 | 47.4% | ±13.9% |
| 2027-03-19 | 141 | 48.1% | ±23.2% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 5, 2026 | Quarter ended Jun 30, 2026 | $0.21 | $0.19 | Beat +10.5% | -9.2% |
| May 5, 2026 | Quarter ended Mar 31, 2026 | $0.11 | $0.05 | Beat +120.0% | +4.0% |
| Feb 26, 2026 | Quarter ended Dec 31, 2025 | $0.28 | $0.15 | Beat +86.7% | -0.4% |
| Nov 4, 2025 | Quarter ended Sep 30, 2025 | $0.19 | $0.13 | Beat +46.2% | +2.3% |
| Aug 7, 2025 | — | — | — | — | +0.8% |
| May 1, 2025 | — | — | — | — | +10.5% |
| Feb 27, 2025 | — | — | — | — | -16.2% |
| Oct 31, 2024 | — | — | — | — | +19.6% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-28 | 8-K | Director or executive officer change, or pay arrangement — “Amendment and Restatement of Ecovyst Catalyst Technologies LLC Severance Plan On October 22, 2026, the Compensation Committee of the Board of Directors of Ecovyst Inc. (the "Company") approved a Second Amended and Restated Ecovyst Catalyst Technologies LLC Severance Plan, effective as of October 22, 2026 (the "Severance Plan"). The Severance Plan amends and restates the Amended and Restated Ecovyst Catalyst Technologies LLC Severance Plan effective as of January 1, 2022 (the "Prior Plan"). Eligible employees of…” | https://www.sec.gov/Archives/edgar/data/1708035/000119312526436179/0001193125-26-436179-index.htm |
| 2026-08-24 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure — “On August 21, 2026, the Board of Directors of Ecovyst Inc. (the "Company") appointed Laurie Bergman as Vice President, Chief Financial Officer and Treasurer of the Company, effective as of August 24, 2026 (the "Transition Date"), succeeding Michael Feehan, who had served as the Company's Vice President, Chief Financial Officer and Treasurer since August 2021. Feehan Transition Agreement It is expected that Mr. Feehan will continue as an employee of the Company's wholly owned subsidiary, Ecovyst Catalyst…” | https://www.sec.gov/Archives/edgar/data/1708035/000119312526361724/0001193125-26-361724-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1708035/000170803526000090/0001708035-26-000090-index.htm |
| 2026-08-05 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1708035/000170803526000087/0001708035-26-000087-index.htm |
| 2026-07-31 | Schedule 13G | Vanguard Portfolio Management: 5.7% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1708035/000210012126000919/0002100121-26-000919-index.htm |
| 2026-07-14 | Schedule 13G/A | Dimensional Fund Advisors LP: 6.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1708035/000035420426000790/0000354204-26-000790-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.