# Quaker Chemical Corporation (KWR)

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

**Price:** USD 156.56 (-0.07% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 156.67 · day 154.77–157.09 · 52w 112.18–183.01 · market cap $2.69B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.98B, net income $97.7M (4.9% margin), free cash flow $74.6M (SEC filings).
- Valuation: P/E 27.6x (avg 27.8x at the last 2 fiscal year-ends), EV/EBITDA 15.4x, net debt $718M.
- 1 of 80 tracked superinvestors hold KWR (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $208K; 2 not under a Rule 10b5-1 plan ($208K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.71 on a 1–5 scale) (7 analysts), mean target USD 193.14 (range 180–202).
- Total return with dividends: 1Y +17.9% vs S&P 500 +14.9%; 5Y -28.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 2.1, revenue estimate $523M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.76B | $1.94B | $1.95B | $1.84B | $1.89B | $1.98B |
| Gross profit | $595M | $613M | $706M | $686M | $679M | — |
| Operating income | $150M | $52.3M | $214M | $195M | $53.0M | $152M |
| Net income | $121M | -$15.9M | $113M | $117M | -$2.5M | $97.7M |
| EPS (diluted) | $6.77 | -$0.89 | $6.26 | $6.51 | -$0.14 | — |
| Free cash flow | $27.5M | $13.3M | $240M | $163M | $80.6M | $74.6M |
| Gross margin | 33.8% | 31.5% | 36.1% | 37.3% | 36.0% | — |
| Operating margin | 8.5% | 2.7% | 11.0% | 10.6% | 2.8% | 7.7% |
| Net margin | 6.9% | -0.8% | 5.8% | 6.3% | -0.1% | 4.9% |
| Revenue growth | +24.2% | +10.4% | +0.5% | -5.8% | +2.7% | — |
| Cash + short-term investments | $165M | $181M | $195M | $189M | $180M | — |
| Total debt | $893M | $953M | $755M | $707M | $871M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 27.6x · P/S 1.4x · EV/EBITDA 15.4x · EV/Sales 1.7x · P/FCF 36.1x · P/B 2.0x · FCF yield 2.77% · Earnings yield 3.63% · Dividend yield (paid, TTM) 1.29% · Net debt $718M · EV $3.41B
P/E at fiscal year-ends: Dec 2024 21.6x, Dec 2023 33.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold KWR. 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 | 0.04% | $25.9M | Added +72.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 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 |
|---|---|---|---|---|---|---|---|
| 2026-08-04 | Osborne William H | Director | 600 | $101K | 8% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-26 | Bijlani Jeewat | EVP, Glob. Spec. & CGO | 731 | $107K | 9.7% | 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
Consensus Buy (mean 1.71 on a 1–5 scale), 7 analysts; mean target USD 193.14 (low 180, high 202).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | RBC Capital | Target raised | Outperform | $198 → $202 |
| 2026-09-30 | Freedom Capital Markets | Maintained | Buy | $195 |
| 2026-08-25 | Deutsche Bank | Target raised | Buy | $165 → $185 |
| 2026-08-03 | RBC Capital | Target raised | Outperform | $177 → $198 |
| 2026-08-03 | Truist Securities | Target raised | Buy | $172 → $190 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +17.9% | -28.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +17.9% | -6.6% |
| Volatility (annualized) | 37.3% | 39.0% |
| Max drawdown | -36.5% (Feb 2026→Mar 2026) | -61.0% (Nov 2021→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/KWR · 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 |
|---|---|---|---|
| Metalworking and other | $364.3M | 68.4% | +10.9% |
| Metals | $168.2M | 31.6% | +8.6% |
| Total revenue | $532.5M | 100% | — |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $236.5M | 44.4% | +7.0% |
| EMEA | $158.4M | 29.8% | +13.2% |
| Asia/Pacific | $137.6M | 25.8% | +12.4% |
| Total revenue | $532.5M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 11%, 3% of revenue from unnamed direct customers (10-Q, filed 2026-07-30).

## Company outlook (8-K filed 2026-07-30)

- "I'm proud of our team's ability to maintain reliable supply to our customers despite heightened volatility. 1 Looking ahead, we expect stable demand trends entering the third quarter with flat to slightly positive end markets throughout the remainder of the year."
- "We anticipate meaningful revenue and adjusted EBITDA growth in 2026 supported by continued share gains, disciplined cost management, and the resilience of our global network." Second Quarter 2026 Segment Results The Company's second quarter of 2026 operating performance for each of its three reportable segments: (i) Americas;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.10 | $1.95 | +7.6% | $522.9M | 7 |
| Next quarter (ends 2026-12-31) | $1.80 | $1.83 | -1.3% | $499.2M | 7 |
| Current fiscal year (ends 2026-12-31) | $7.87 | $7.05 | +11.6% | $2.03B | 7 |
| Next fiscal year (ends 2027-12-31) | $9.56 | $8.81 | +8.5% | $2.13B | 7 |

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

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±8.4%; last 8 reports averaged ±5.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 37.3% | ±8.4% |
| 2026-12-18 | 56 | 36.7% | ±11.5% |
| 2027-01-15 | 84 | 33.3% | ±12.7% |
| 2027-04-16 | 175 | 34.3% | ±18.9% |