# Ingevity Corporation (NGVT)

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

**Price:** USD 75.37 (+1.62% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 74.17 · day 73.92–76.33 · 52w 45.85–79.29 · market cap $2.59B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.16B, net income $54.0M (4.7% margin), free cash flow $155M (SEC filings).
- Valuation: P/E 48.0x, net debt $1.10B.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $1.8M; 2 not under a Rule 10b5-1 plan ($234K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.67 on a 1–5 scale) (3 analysts), mean target USD 89 (range 85–92).
- Total return with dividends: 1Y +38.6% vs S&P 500 +14.8%; 5Y -3.3% vs S&P 500 +79.1%.
- Next earnings: 2026-11-04, EPS estimate USD 1.59, revenue estimate $305M. All companies reporting that day: https://nexqual.com/earnings/2026-11-04
- Dividend: NGVT paid no cash dividend in the last five years.
- Short interest: 5.60% 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 | $1.39B | $1.67B | $1.22B | $1.20B | $1.17B | $1.16B |
| Gross profit | $513M | $570M | $445M | $465M | $462M | — |
| Operating income | $422M | $453M | $423M | $426M | $419M | — |
| Net income | $118M | $212M | -$5.4M | -$430M | -$167M | $54.0M |
| EPS (diluted) | $2.95 | $5.50 | -$0.15 | -$11.85 | -$4.61 | — |
| Free cash flow | $190M | $171M | $95.3M | $51.0M | $274M | $155M |
| Gross margin | 36.9% | 34.2% | 36.6% | 38.7% | 39.5% | — |
| Operating margin | 30.3% | 27.1% | 34.8% | 35.5% | 35.9% | — |
| Net margin | 8.5% | 12.7% | -0.4% | -35.9% | -14.3% | 4.7% |
| Revenue growth | +14.4% | +19.9% | -27.1% | -1.3% | -2.7% | — |
| Cash + short-term investments | $275M | $76.7M | $95.9M | $68.0M | $78.1M | — |
| Total debt | $1.27B | $1.47B | $1.47B | $1.40B | $1.21B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 48.0x · P/S 2.2x · EV/Sales 3.2x · P/FCF 16.7x · P/B 55.3x · FCF yield 5.98% · Earnings yield 2.08% · Buyback yield (TTM) 5.52% · Net debt $1.10B · EV $3.69B

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 4 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 |
|---|---|---|---|---|---|---|---|
| 2026-08-14…2026-08-18 | Li David H | President & CEO | 10,092 | $765K | 7.7% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-08-12…2026-08-13 | Li David H | President & CEO | 10,000 | $762K | 7.1% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Fisher Ryan C. | SVP, Gen. Counsel & Secretary | 2,709 | $200K | 14.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-28 | Dyer Terrance M | SVP, Chief HR Officer | 496 | $34K | 6.4% | 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.

## Analysts
Consensus Buy (mean 1.67 on a 1–5 scale), 3 analysts; mean target USD 89 (low 85, high 92).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +38.6% | -3.3% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +38.9% | -0.7% |
| Volatility (annualized) | 36.1% | 43.9% |
| Max drawdown | -16.9% (Feb 2026→Mar 2026) | -65.4% (Feb 2023→Mar 2025) |

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

## Short interest
1,363,749 shares sold short, 5.60% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 1,443,989 shares (-5.6%). 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% · NEU (NewMarket Corp) USD 803.07 -8.04% · EMN (Eastman Chemical Company) USD 67.93 +1.89% · WLK (Westlake Corporation) USD 66.01 +0.27%

## More
Full page: https://nexqual.com/NGVT · 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 business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Performance Materials | $160.6M | 51.1% | +4.4% | $86.1M | 53.6% |
| Pavement Technologies | $104.2M | 33.2% | -22.4% | $25.4M | 24.4% |
| Advanced Polymer Technologies | $49.3M | 15.7% | +13.9% | $11.2M | 22.7% |
| Total revenue | $314.1M | 100% | — | — | — |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Pavement Technologies | $104.2M | 33.2% | -22.4% |
| Road Markings product line | $4.3M | 1.4% | -88.5% |
| Total revenue | $314.1M | 100% | — |
The lines above cover 34.5% of total revenue.

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $178.0M | 56.7% | -11.5% |
| US | $156.8M | 49.9% | -12.3% |
| Asia Pacific | $77.4M | 24.6% | +3.6% |
| Europe, Middle East, and Africa | $47.3M | 15.1% | +7.0% |
| China | $34.1M | 10.9% | -11.0% |
| South America | $11.4M | 3.6% | -0.9% |
| Total revenue | $314.1M | 100% | — |
The lines above cover 160.8% of total revenue.

## Company outlook (8-K filed 2026-07-29)

- "Outlook: Following another strong quarter, the company is raising its full-year 2026 outlook while maintaining a measured view of the second half of the year."
- "It now expects full year 2026 net sales between $1.05 billion and $1.15 billion, adjusted EBITDA between $380 million and $400 million, and diluted adjusted EPS of $5.00 to $5.45."
- "Free cash flow is expected to be between $220 million and $245 million, excluding $113.2 million related to a litigation settlement."
- "The 2026 outlook includes full year financial results for Advanced Polymer Technologies but excludes the divested Industrial Specialties product line for the full year and the Road Markings product line beginning April 15, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.59 | $1.58 | +0.6% | $304.7M | 3 |
| Next quarter (ends 2026-12-31) | $0.90 | $0.92 | -1.8% | $242.9M | 3 |
| Current fiscal year (ends 2026-12-31) | $5.24 | $5.01 | +4.7% | $1.11B | 3 |
| Next fiscal year (ends 2027-12-31) | $6.01 | $5.94 | +1.2% | $1.13B | 3 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $1.74 | $1.33 | Beat +30.8% | — |
| — | Quarter ended Mar 31, 2026 | $1.15 | $0.83 | Beat +38.6% | — |
| — | Quarter ended Dec 31, 2025 | $0.63 | $0.65 | Miss −3.1% | — |
| — | Quarter ended Sep 30, 2025 | $1.52 | $1.35 | Beat +12.6% | — |
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 |
|---|---|---|---|
| 2026-07-30 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1653477/000165347726000047/0001653477-26-000047-index.htm |
| 2026-07-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1653477/000165347726000044/0001653477-26-000044-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.