# Koppers Holdings Inc. (KOP)

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

**Price:** USD 40.75 (-1.43% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 41.34 · day 40.48–41.51 · 52w 25–53 · market cap $771M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.89B, net income -$86.9M (-4.6% margin), free cash flow $139M (SEC filings).
- 1 of 80 tracked superinvestors hold KOP (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $5.3M; 9 not under a Rule 10b5-1 plan ($5.3M); 0 by opportunistic insiders, 5 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.50 on a 1–5 scale) (2 analysts), mean target USD 57 (range 54–62).
- Total return with dividends: 1Y +43.2% vs S&P 500 +14.9%; 5Y +22.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD 1.35, revenue estimate $518M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.68B | $1.98B | $2.15B | $2.09B | $1.88B | $1.89B |
| Gross profit | $334M | $345M | $425M | $423M | $448M | — |
| Operating income | $157M | $138M | $195M | $148M | $168M | -$42.3M |
| Net income | $85.2M | $63.4M | $89.2M | $52.4M | $56.0M | -$86.9M |
| EPS (diluted) | $3.88 | $2.98 | $4.14 | $2.46 | $2.74 | — |
| Free cash flow | -$22.0M | -$3.0M | $25.6M | $42.0M | $67.5M | $139M |
| Gross margin | 19.9% | 17.4% | 19.7% | 20.2% | 23.8% | — |
| Operating margin | 9.3% | 7.0% | 9.1% | 7.1% | 8.9% | -2.2% |
| Net margin | 5.1% | 3.2% | 4.1% | 2.5% | 3.0% | -4.6% |
| Revenue growth | +0.6% | +18.0% | +8.8% | -2.9% | -10.2% | — |
| Cash + short-term investments | $45.5M | $33.3M | $66.5M | $43.9M | $38.0M | — |
| Total debt | $789M | $825M | $849M | $940M | $928M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.4x · EV/EBITDA 50.2x · EV/Sales 0.9x · P/FCF 5.6x · P/B 2.0x · FCF yield 18.00% · Earnings yield -11.28% · Dividend yield (paid, TTM) 0.91% · Buyback yield (TTM) 6.86% · Net debt $865M · EV $1.64B
P/E at fiscal year-ends: Dec 2025 9.9x, Dec 2024 13.2x, Dec 2023 12.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold KOP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | 0.14% | $47.7M | Reduced -12.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 9 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 |
|---|---|---|---|---|---|---|---|
| 2026-08-31 | Ball M Leroy | CEO | 4,000 | $184K | 0.9% | No | Routine (sold in Aug each year 2023–2025) |
| 2026-08-19 | Ball M Leroy | CEO | 3,000 | $138K | 0.7% | No | Routine (sold in Aug each year 2023–2025) |
| 2026-08-12 | Lucas Stephen G | SVP, Culture and Engagement | 1,308 | $58K | 3.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-11 | Sullivan James A. | President and CTO | 7,500 | $375K | 8.3% | No | Too little history (no open-market trades in 2025) |
| 2026-08-10 | Pearce Bradley A | CAO | 2,000 | $102K | 4.6% | No | Too little history (no open-market trades in 2025) |
| 2026-08-07 | Sullivan James A. | President and CTO | 80,000 | $4.0M | 46.9% | No | Too little history (no open-market trades in 2025) |
| 2026-06-18 | Ball M Leroy | CEO | 3,412 | $150K | 0.8% | No | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-06-11 | Ball M Leroy | CEO | 4,141 | $171K | 0.9% | No | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-05-13 | Ball M Leroy | CEO | 2,659 | $113K | 0.6% | No | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
% 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 Buy (mean 1.50 on a 1–5 scale), 2 analysts; mean target USD 57 (low 54, high 62).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +43.2% | +22.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +43.4% | +4.2% |
| Volatility (annualized) | 35.4% | 34.9% |
| Max drawdown | -22.0% (Aug 2026→Oct 2026) | -55.3% (Apr 2024→Apr 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% · NEU (NewMarket Corp) USD 876.33 -0.98% · ESI (Element Solutions Inc.) USD 33.11 -8.89%

## More
Full page: https://nexqual.com/KOP · 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 KOP's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1315257/000131525726000012/kop-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Beazer East | "In July 2004, we entered into an agreement with Beazer East to amend the December 29, 1988 asset purchase agreement to provide, among other things, for the continued tender of pre-closing environmental liabilities to Bea…" |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Railroad and Utility Products and Services | $245.9M | 47.3% | -1.8% |
| Carbon Materials and Chemicals | $106.0M | 20.4% | +2.3% |
| Total revenue | $520.1M | 100% | — |
The lines above cover 67.7% of total revenue.

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Wood Preservative Products & Other | $168.2M | 32.3% | +11.5% |
| Railroad Treated Products | $147.3M | 28.3% | -2.4% |
| Utility Poles | $86.7M | 16.7% | +14.4% |
| Pitch & Related Products | $75.0M | 14.4% | +0.8% |
| Carbon Black Feedstock & Distillates | $22.9M | 4.4% | +59.0% |
| Railroad Infrastructure Products & Services | $11.9M | 2.3% | -49.8% |
| Naphthalene Phthalic Anhydride & Other Chemicals | $8.1M | 1.6% | -45.3% |
| Total revenue | $520.1M | 100% | — |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.28B | 68.2% | -13.2% |
| Non Us | $598.4M | 31.8% | -2.9% |
| — Australia (part of Non Us) | $249.0M | 13.2% | +0.8% |
| — Other Countries (part of Non Us) | $177.9M | 9.5% | -5.3% |
| — Europe (part of Non Us) | $171.5M | 9.1% | -5.6% |
| Total revenue | $1.88B | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "The company believes the current, more challenging margin environment will persist through the remainder of 2026, with overall profitability likely to be toward the lower end of previously stated guidance."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.35 | $1.37 | -1.2% | $518.0M | 3 |
| Next quarter (ends 2026-12-31) | $0.77 | $1.05 | -27.0% | $481.0M | 3 |
| Current fiscal year (ends 2026-12-31) | $4.06 | $4.09 | -0.7% | $1.94B | 3 |
| Next fiscal year (ends 2027-12-31) | $4.90 | $4.70 | +4.2% | $2.01B | 3 |