Balchem Corporation (BCPC) 10-Year Financial Performance & Capital Metrics

BCPC • • Industrial / General

Basic MaterialsSpecialty ChemicalsAgricultural & Food ChemicalsFood Ingredients & Nutrition

AboutBalchem Corporation develops, manufactures, and markets specialty performance ingredients and products for the nutritional, food, pharmaceutical, animal health, medical device sterilization, plant nutrition, and industrial markets in the United States and internationally. It operates through three segments: Human Nutrition & Health, Animal Nutrition & Health, and Specialty Products. The Human Nutrition & Health segment supplies ingredients in the food and beverage industry. Its products include spray dried and emulsified powders, extrusion and agglomeration, blended lipid systems, liquid flavor delivery systems, juice and dairy bases, chocolate systems, and cereal systems, as well as ice cream bases and variegates. This segment also offers microencapsulation solutions for various applications; and human grade choline nutrients and mineral amino acid chelated products for nutrition and health applications. The Animal Nutrition & Health segment provides microencapsulated products to enhance health and milk production, and delivering nutrient supplements in ruminant animals; chelation technology, which offers enhanced nutrient absorption for various species of production and companion animals; and choline chloride, a nutrient for monogastric animal health. The Specialty Products segment offers ethylene oxide primarily for use in the health care industry; and single use canisters with ethylene oxide for sterilizing re-usable devices. This segment also markets and sells propylene oxide, a fumigant to aid in the control of insects and microbiological spoilage, as well as to reduce bacterial and mold contamination in shell and processed nut meats, processed spices, cacao beans, cocoa powder, raisins, figs, and prunes; and chelated minerals for high value crops. The company sells its products through sales force, independent distributors, and sales agents. Balchem Corporation was incorporated in 1967 and is headquartered in New Hampton, New York.Show more

Revenue $954M +3.4%
EBITDA $231M +7.8%
Net Income $128M +18.4%
EPS (Diluted) 3.93 +17.3%
Gross Margin 35.25% +7.7%
EBITDA Margin 24.21% +4.3%
Operating Margin 19.18% +11.1%
Net Margin 13.47% +14.5%
ROE 11.66% +7.0%
ROIC 10.44% +15.9%
Debt/Equity 0.18 -42.3%
Interest Coverage 11.07 +57.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FCF machine: 15.3% free cash flow margin
✓10 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 12.1%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.83%

5Y8.18%

3Y6.08%

TTM7.55%

Profit (Net Income) CAGR

10Y9.29%

5Y10.03%

3Y10.16%

TTM22.76%

EPS CAGR

10Y8.81%

5Y9.91%

3Y10.16%

TTM22.85%

ROCE

10Y Avg11.45%

5Y Avg11.49%

3Y Avg11.68%

Latest12.76%

Peer Comparison

Food Ingredients & Nutrition

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IFFInternational Flavors & Fragrances Inc.	18.14B	70.83	74.56	0.04%	-3.72%	-2.89%	3.32%	0.69
BCPCBalchem Corporation	5.38B	166.01	42.24	3.39%	14.72%	11.5%	2.72%	0.18
SXTSensient Technologies Corporation	4.13B	97.30	33.10	6.92%	8.72%	11.79%	2.37%	0.60

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	552.49M	553.2M	594.79M	643.68M	643.71M	703.64M	799.02M	942.36M	922.44M	953.68M
Revenue Growth %	0.02%	0%	0.08%	0.08%	0%	0.09%	0.14%	0.18%	-0.02%	0.03%
Cost of Goods Sold+	384.39M	372.34M	405.78M	439.43M	432.34M	479.75M	555.85M	661.91M	620.38M	617.48M
COGS % of Revenue	0.7%	0.67%	0.68%	0.68%	0.67%	0.68%	0.7%	0.7%	0.67%	0.65%
Gross Profit+	168.1M	180.86M	189.01M	204.25M	211.37M	223.9M	243.17M	280.45M	302.06M	336.21M
Gross Margin %	0.3%	0.33%	0.32%	0.32%	0.33%	0.32%	0.3%	0.3%	0.33%	0.35%
Gross Profit Growth %	0.17%	0.08%	0.05%	0.08%	0.03%	0.06%	0.09%	0.15%	0.08%	0.11%
Operating Expenses+	74.14M	90.02M	91.75M	96.5M	108.81M	112.75M	115.67M	135.26M	142.86M	153.3M
OpEx % of Revenue	0.13%	0.16%	0.15%	0.15%	0.17%	0.16%	0.14%	0.14%	0.15%	0.16%
Selling, General & Admin	68.15M	82.7M	82.45M	84.91M	97.44M	102.42M	102.15M	123.07M	130.13M	136.5M
SG&A % of Revenue	0.12%	0.15%	0.14%	0.13%	0.15%	0.15%	0.13%	0.13%	0.14%	0.14%
Research & Development	5.99M	7.33M	9.3M	11.59M	11.38M	10.33M	13.52M	12.19M	15.05M	16.79M
R&D % of Revenue	0.01%	0.01%	0.02%	0.02%	0.02%	0.01%	0.02%	0.01%	0.02%	0.02%
Other Operating Expenses	-309K	0	0	0	0	0	0	0	-2.32M	0
Operating Income+	93.96M	90.84M	96.9M	107.1M	102.55M	111.15M	127.5M	145.19M	159.19M	182.91M
Operating Margin %	0.17%	0.16%	0.16%	0.17%	0.16%	0.16%	0.16%	0.15%	0.17%	0.19%
Operating Income Growth %	0.14%	-0.03%	0.07%	0.11%	-0.04%	0.08%	0.15%	0.14%	0.1%	0.15%
EBITDA+	133.92M	137.04M	141.28M	151.77M	148.41M	162.43M	176.38M	197.03M	214.13M	230.88M
EBITDA Margin %	0.24%	0.25%	0.24%	0.24%	0.23%	0.23%	0.22%	0.21%	0.23%	0.24%
EBITDA Growth %	0.19%	0.02%	0.03%	0.07%	-0.02%	0.09%	0.09%	0.12%	0.09%	0.08%
D&A (Non-Cash Add-back)	39.96M	46.2M	44.38M	44.67M	45.86M	51.28M	48.88M	51.85M	54.94M	47.97M
EBIT	93.66M	90.19M	96.02M	106.64M	102.44M	110.86M	127.69M	144.02M	159.87M	182.98M
Net Interest Income+	-6.58M	-7.26M	-7.53M	-7.61M	-5.96M	-4.44M	-2.46M	-10.27M	-22.61M	-16.53M
Interest Income	9K	9K	12K	0	0	0	0	0	0	0
Interest Expense	6.59M	7.26M	7.54M	7.61M	5.96M	4.44M	2.46M	10.27M	22.61M	16.53M
Other Income/Expense	-6.89M	-7.9M	-8.41M	-8.07M	-6.08M	-4.73M	-2.27M	-11.44M	-21.93M	-16.46M
Pretax Income+	87.06M	82.93M	88.49M	99.03M	96.48M	106.42M	125.23M	133.75M	137.26M	166.45M
Pretax Margin %	0.16%	0.15%	0.15%	0.15%	0.15%	0.15%	0.16%	0.14%	0.15%	0.17%
Income Tax+	27.34M	26.96M	-1.58M	20.46M	16.81M	21.79M	29.13M	28.38M	28.72M	37.98M
Effective Tax Rate %	0.69%	0.67%	1.02%	0.79%	0.83%	0.8%	0.77%	0.79%	0.79%	0.77%
Net Income+	59.72M	55.97M	90.07M	78.57M	79.67M	84.62M	96.1M	105.37M	108.54M	128.47M
Net Margin %	0.11%	0.1%	0.15%	0.12%	0.12%	0.12%	0.12%	0.11%	0.12%	0.13%
Net Income Growth %	0.13%	-0.06%	0.61%	-0.13%	0.01%	0.06%	0.14%	0.1%	0.03%	0.18%
Net Income (Continuing)	59.72M	55.97M	90.07M	78.57M	79.67M	84.62M	96.1M	105.37M	108.54M	128.47M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.89	1.75	2.79	2.42	2.45	2.60	2.94	3.25	3.35	3.93
EPS Growth %	0.12%	-0.07%	0.59%	-0.13%	0.01%	0.06%	0.13%	0.11%	0.03%	0.17%
EPS (Basic)	1.92	1.76	2.81	2.44	2.48	2.63	2.98	3.29	3.38	3.97
Diluted Shares Outstanding	31.64M	31.92M	32.23M	32.45M	32.51M	32.5M	32.67M	32.39M	32.45M	32.72M
Basic Shares Outstanding	31.16M	31.76M	32.02M	32.26M	32.14M	32.18M	32.22M	32.02M	32.11M	32.33M
Dividend Payout Ratio	0.15%	0.19%	0.13%	0.17%	0.19%	0.2%	0.19%	0.2%	0.21%	0.2%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	198.83M	188.44M	199.34M	226.31M	254.95M	266.89M	322.23M	335.8M	314.24M	313.77M
Cash & Short-Term Investments	84.8M	38.64M	40.42M	54.27M	65.67M	84.57M	103.24M	66.56M	64.45M	49.52M
Cash Only	84.8M	38.64M	40.42M	54.27M	65.67M	84.57M	103.24M	66.56M	64.45M	49.52M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	60.48M	83.25M	91.23M	99.55M	93.44M	98.21M	117.41M	131.58M	125.28M	119.66M
Days Sales Outstanding	39.96	54.93	55.98	56.45	52.99	50.95	53.63	50.96	49.57	45.8
Inventory	46.09M	57.24M	60.7M	67.19M	83.89M	70.62M	91.06M	119.67M	109.52M	130.8M
Days Inventory Outstanding	43.76	56.12	54.6	55.81	70.83	53.73	59.79	65.99	64.44	77.32
Other Current Assets	3.72M	5.19M	2.22M	1.48M	7.55M	3.44M	4.41M	13.09M	7.19M	5.74M
Total Non-Current Assets+	682.39M	760.18M	764.3M	755.04M	900.74M	898.96M	877.09M	1.29B	1.28B	1.26B
Property, Plant & Equipment	158.51M	165.75M	189.79M	194.34M	224.2M	236.51M	246.81M	290.79M	295.9M	299.2M
Fixed Asset Turnover	3.49x	3.34x	3.13x	3.31x	2.87x	2.98x	3.24x	3.24x	3.12x	3.19x
Goodwill	383.91M	439.81M	441.36M	448M	524M	529.46M	523.95M	769.51M	778.91M	780.03M
Intangible Assets	134.91M	147.48M	128.07M	105.98M	143.92M	121.66M	94.67M	213.29M	191.21M	165.05M
Long-Term Investments	-810K	4.55M	4.8M	4.9M	-56.43M	-51.36M	-46.45M	4.29M	4.08M	3.86M
Other Non-Current Assets	5.06M	1.87M	-48.28M	-42.49M	8.62M	11.33M	11.67M	-51.96M	12.87M	13.46M
Total Assets+	881.22M	948.63M	963.64M	981.36M	1.16B	1.17B	1.2B	1.62B	1.6B	1.58B
Asset Turnover	0.63x	0.58x	0.62x	0.66x	0.56x	0.60x	0.67x	0.58x	0.58x	0.61x
Asset Growth %	0.02%	0.08%	0.02%	0.02%	0.18%	0.01%	0.03%	0.35%	-0.02%	-0.01%
Total Current Liabilities+	81.12M	101.01M	108.4M	82.06M	92.26M	94.43M	143.8M	140.04M	148.49M	157.69M
Accounts Payable	14.71M	32.51M	28.45M	33.79M	37.27M	23.74M	56.24M	57.32M	55.5M	54.74M
Days Payables Outstanding	13.97	31.87	25.59	28.07	31.46	18.06	36.93	31.61	32.66	32.36
Short-Term Debt	35M	35M	35M	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	13.46M	12.09M	13.85M	2.26M	41.46M	48.6M	65.63M	62.15M	71.54M	22.89M
Current Ratio	2.45x	1.87x	1.84x	2.76x	2.76x	2.83x	2.24x	2.40x	2.12x	1.99x
Quick Ratio	1.88x	1.30x	1.28x	1.94x	1.85x	2.08x	1.61x	1.54x	1.38x	1.16x
Cash Conversion Cycle	69.75	79.17	84.99	84.19	92.35	86.61	76.49	85.34	81.35	90.76
Total Non-Current Liabilities+	336.4M	326.58M	238.36M	207.68M	319.76M	243.18M	178.51M	546.19M	394.74M	267.77M
Long-Term Debt	260.96M	245.49M	183.96M	156M	248.57M	163.57M	108.57M	440.57M	309.57M	190M
Capital Lease Obligations	0	0	0	0	4.83M	6.08M	7.11M	16.02M	16.54M	14.72M
Deferred Tax Liabilities	67.22M	74.2M	48.55M	44.31M	56.43M	51.36M	46.45M	62.78M	52.05M	43.72M
Other Non-Current Liabilities	6.68M	6.9M	5.85M	7.37M	9.93M	22.18M	16.37M	26.81M	16.58M	19.34M
Total Liabilities	417.52M	427.59M	346.75M	289.74M	412.01M	337.61M	322.31M	686.23M	543.23M	425.46M
Total Debt+	295.96M	280.49M	218.96M	156M	255.87M	171.99M	118.04M	460.61M	330.33M	208.04M
Net Debt	211.17M	241.85M	178.55M	101.73M	190.2M	87.41M	14.8M	394.05M	265.89M	158.53M
Debt / Equity	0.64x	0.54x	0.35x	0.23x	0.34x	0.21x	0.13x	0.49x	0.31x	0.18x
Debt / EBITDA	2.21x	2.05x	1.55x	1.03x	1.72x	1.06x	0.67x	2.34x	1.54x	0.90x
Net Debt / EBITDA	1.58x	1.76x	1.26x	0.67x	1.28x	0.54x	0.08x	2.00x	1.24x	0.69x
Interest Coverage	14.25x	12.50x	12.85x	14.07x	17.21x	25.04x	51.91x	14.14x	7.04x	11.07x
Total Equity+	463.7M	521.03M	616.88M	691.62M	743.67M	828.23M	877.01M	938.28M	1.05B	1.15B
Equity Growth %	0.18%	0.12%	0.18%	0.12%	0.08%	0.11%	0.06%	0.07%	0.12%	0.09%
Book Value per Share	14.66	16.32	19.14	21.32	22.88	25.48	26.84	28.97	32.48	35.15
Total Shareholders' Equity	463.7M	521.03M	616.88M	691.62M	743.67M	828.23M	877.01M	938.28M	1.05B	1.15B
Common Stock	2.1M	2.12M	2.13M	2.15M	2.16M	2.16M	2.15M	2.15M	2.15M	2.17M
Retained Earnings	344.2M	388.09M	464.64M	528.03M	590.92M	656.74M	732.14M	814.49M	897.49M	997.49M
Treasury Stock	-74K	0	0	-56K	-18.07M	-7.87M	0	0	0	0
Accumulated OCI	-5.11M	-6.85M	-1.64M	-3.6M	-5.56M	4.17M	-4.99M	-7.15M	8.69M	-23.75M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	103.83M	107.61M	110.62M	118.7M	124.46M	150.49M	160.51M	138.54M	183.76M	182M
Operating CF Margin %	0.19%	0.19%	0.19%	0.18%	0.19%	0.21%	0.2%	0.15%	0.2%	0.19%
Operating CF Growth %	0.22%	0.04%	0.03%	0.07%	0.05%	0.21%	0.07%	-0.14%	0.33%	-0.01%
Net Income	59.72M	55.97M	90.07M	78.57M	79.67M	84.62M	96.1M	105.37M	108.54M	128.47M
Depreciation & Amortization	39.96M	46.2M	44.38M	44.67M	45.86M	51.28M	48.88M	51.85M	54.94M	47.97M
Stock-Based Compensation	6.83M	7.02M	6.26M	6.41M	7.6M	8.3M	10.8M	13.22M	16.05M	16.68M
Deferred Taxes	-2.86M	-6.88M	-28.78M	-5.4M	-3.56M	-4.63M	-5.94M	-8.36M	-10.81M	-6.78M
Other Non-Cash Items	273K	562K	663K	-1.54M	-146K	2.38M	-257K	1.68M	-4.96M	1.77M
Working Capital Changes	-105K	4.73M	-1.98M	-4.01M	-4.96M	8.53M	10.93M	-25.22M	20.01M	-6.12M
Change in Receivables	10.81M	-15.66M	-3.91M	-7.77M	11.62M	-3.6M	-20.7M	-3.62M	6.97M	5.58M
Change in Inventory	3.13M	4.75M	-319K	-6.02M	-11.4M	13.92M	-21.02M	-7.8M	10.53M	-22.79M
Change in Payables	-15.72M	17.84M	1.51M	5.99M	1.13M	-3.85M	46.19M	-15.54M	3.55M	9.06M
Cash from Investing+	-42.28M	-133.59M	-42.7M	-31.99M	-156.22M	-34.59M	-35.3M	-416.01M	-34.81M	-59.74M
Capital Expenditures	-42.31M	-23.99M	-28.09M	-19.72M	-28.41M	-33.83M	-37.45M	-50.29M	-37.89M	-35.66M
CapEx % of Revenue	0.08%	0.04%	0.05%	0.03%	0.04%	0.05%	0.05%	0.05%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	34K	1M	2.79M	5.13M	13.25M	-850K	1.83M	56K	1.88M	89K
Cash from Financing+	-25.84M	-19.45M	-68.63M	-71.45M	43.38M	-101.16M	-102.18M	246.68M	-153.32M	-133.81M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-9.25M	-10.72M	-12.07M	-13.43M	-15.13M	-16.7M	-18.72M	-20.71M	-22.87M	-25.58M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	7.01M	2.55M	9.73M	6.9M	4.84M	14.15M	6.94M	1.98M	5.24M	17.23M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	61.52M	83.62M	82.52M	98.97M	96.05M	116.67M	123.06M	88.25M	145.87M	146.34M
FCF Margin %	0.11%	0.15%	0.14%	0.15%	0.15%	0.17%	0.15%	0.09%	0.16%	0.15%
FCF Growth %	-0.15%	0.36%	-0.01%	0.2%	-0.03%	0.21%	0.05%	-0.28%	0.65%	0%
FCF per Share	1.94	2.62	2.56	3.05	2.95	3.59	3.77	2.72	4.50	4.47
FCF Conversion (FCF/Net Income)	1.74x	1.92x	1.23x	1.51x	1.56x	1.78x	1.67x	1.31x	1.69x	1.42x
Interest Paid	5.99M	6.67M	7.02M	6.94M	0	4.67M	4.55M	11.88M	25.93M	17.7M
Taxes Paid	19.55M	30.74M	25.84M	20.59M	0	22.64M	25.36M	33.02M	35.73M	42.64M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.96%	11.37%	15.83%	12.01%	11.1%	10.77%	11.27%	11.61%	10.9%	11.66%
Return on Invested Capital (ROIC)	10.45%	9.48%	9.33%	10.11%	8.91%	9.01%	10.58%	9.79%	9%	10.44%
Gross Margin	30.43%	32.69%	31.78%	31.73%	32.84%	31.82%	30.43%	29.76%	32.75%	35.25%
Net Margin	10.81%	10.12%	15.14%	12.21%	12.38%	12.03%	12.03%	11.18%	11.77%	13.47%
Debt / Equity	0.64x	0.54x	0.35x	0.23x	0.34x	0.21x	0.13x	0.49x	0.31x	0.18x
Interest Coverage	14.25x	12.50x	12.85x	14.07x	17.21x	25.04x	51.91x	14.14x	7.04x	11.07x
FCF Conversion	1.74x	1.92x	1.23x	1.51x	1.56x	1.78x	1.67x	1.31x	1.69x	1.42x
Revenue Growth	2.05%	0.13%	7.52%	8.22%	0%	9.31%	13.55%	17.94%	-2.11%	3.39%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Product Sales	590.79M	609.74M	666.19M	762.09M	894.32M	919.95M	951.95M
Product Sales Growth	-	3.21%	9.26%	14.39%	17.35%	2.87%	3.48%
Royalty	4.49M	4.36M	4.29M	4.5M	3.19M	2.49M	1.74M
Royalty Growth	-	-2.83%	-1.58%	4.99%	-29.15%	-22.06%	-30.18%
Co-manufacturing	41.35M	24.09M	29.06M	27.99M	40.62M	-	-
Co-manufacturing Growth	-	-41.75%	20.66%	-3.68%	45.11%	-	-
Consignment	2.44M	2.3M	2.94M	4.44M	4.23M	-	-
Consignment Growth	-	-5.86%	27.84%	51.04%	-4.78%	-	-
Bill And Hold	4.61M	3.22M	1.16M	-	-	-	-
Bill And Hold Growth	-	-30.23%	-64.01%	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	482.69M	475.03M	516.35M	584.66M	682.24M	689.6M	723.3M
UNITED STATES Growth	-	-1.59%	8.70%	13.23%	16.69%	1.08%	4.89%
Non-US	160.99M	168.67M	187.3M	214.36M	260.12M	232.84M	230.38M
Non-US Growth	-	4.77%	11.04%	14.45%	21.35%	-10.49%	-1.05%

Frequently Asked Questions

Valuation & Price

Balchem Corporation (BCPC) has a price-to-earnings (P/E) ratio of 42.2x. This suggests investors expect higher future growth.

Growth & Financials

Balchem Corporation (BCPC) reported $1.01B in revenue for fiscal year 2024. This represents a 247% increase from $291.9M in 2011.

Balchem Corporation (BCPC) grew revenue by 3.4% over the past year. Growth has been modest.

Yes, Balchem Corporation (BCPC) is profitable, generating $149.2M in net income for fiscal year 2024 (13.5% net margin).

Dividend & Returns

Yes, Balchem Corporation (BCPC) pays a dividend with a yield of 0.47%. This makes it attractive for income-focused investors.

Balchem Corporation (BCPC) has a return on equity (ROE) of 11.7%. This is reasonable for most industries.

Balchem Corporation (BCPC) generated $161.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Balchem Corporation (BCPC) 10-Year Financial Performance & Capital Metrics

BCPC • • Industrial / General

Basic MaterialsSpecialty ChemicalsAgricultural & Food ChemicalsFood Ingredients & Nutrition

Revenue $954M +3.4%
EBITDA $231M +7.8%
Net Income $128M +18.4%
EPS (Diluted) 3.93 +17.3%
Gross Margin 35.25% +7.7%
EBITDA Margin 24.21% +4.3%
Operating Margin 19.18% +11.1%
Net Margin 13.47% +14.5%
ROE 11.66% +7.0%
ROIC 10.44% +15.9%
Debt/Equity 0.18 -42.3%
Interest Coverage 11.07 +57.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FCF machine: 15.3% free cash flow margin
✓10 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 12.1%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.83%

5Y8.18%

3Y6.08%

TTM7.55%

Profit (Net Income) CAGR

10Y9.29%

5Y10.03%

3Y10.16%

TTM22.76%

EPS CAGR

10Y8.81%

5Y9.91%

3Y10.16%

TTM22.85%

ROCE

10Y Avg11.45%

5Y Avg11.49%

3Y Avg11.68%

Latest12.76%

Peer Comparison

Food Ingredients & Nutrition

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IFFInternational Flavors & Fragrances Inc.	18.14B	70.83	74.56	0.04%	-3.72%	-2.89%	3.32%	0.69
BCPCBalchem Corporation	5.38B	166.01	42.24	3.39%	14.72%	11.5%	2.72%	0.18
SXTSensient Technologies Corporation	4.13B	97.30	33.10	6.92%	8.72%	11.79%	2.37%	0.60

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	552.49M	553.2M	594.79M	643.68M	643.71M	703.64M	799.02M	942.36M	922.44M	953.68M
Revenue Growth %	0.02%	0%	0.08%	0.08%	0%	0.09%	0.14%	0.18%	-0.02%	0.03%
Cost of Goods Sold+	384.39M	372.34M	405.78M	439.43M	432.34M	479.75M	555.85M	661.91M	620.38M	617.48M
COGS % of Revenue	0.7%	0.67%	0.68%	0.68%	0.67%	0.68%	0.7%	0.7%	0.67%	0.65%
Gross Profit+	168.1M	180.86M	189.01M	204.25M	211.37M	223.9M	243.17M	280.45M	302.06M	336.21M
Gross Margin %	0.3%	0.33%	0.32%	0.32%	0.33%	0.32%	0.3%	0.3%	0.33%	0.35%
Gross Profit Growth %	0.17%	0.08%	0.05%	0.08%	0.03%	0.06%	0.09%	0.15%	0.08%	0.11%
Operating Expenses+	74.14M	90.02M	91.75M	96.5M	108.81M	112.75M	115.67M	135.26M	142.86M	153.3M
OpEx % of Revenue	0.13%	0.16%	0.15%	0.15%	0.17%	0.16%	0.14%	0.14%	0.15%	0.16%
Selling, General & Admin	68.15M	82.7M	82.45M	84.91M	97.44M	102.42M	102.15M	123.07M	130.13M	136.5M
SG&A % of Revenue	0.12%	0.15%	0.14%	0.13%	0.15%	0.15%	0.13%	0.13%	0.14%	0.14%
Research & Development	5.99M	7.33M	9.3M	11.59M	11.38M	10.33M	13.52M	12.19M	15.05M	16.79M
R&D % of Revenue	0.01%	0.01%	0.02%	0.02%	0.02%	0.01%	0.02%	0.01%	0.02%	0.02%
Other Operating Expenses	-309K	0	0	0	0	0	0	0	-2.32M	0
Operating Income+	93.96M	90.84M	96.9M	107.1M	102.55M	111.15M	127.5M	145.19M	159.19M	182.91M
Operating Margin %	0.17%	0.16%	0.16%	0.17%	0.16%	0.16%	0.16%	0.15%	0.17%	0.19%
Operating Income Growth %	0.14%	-0.03%	0.07%	0.11%	-0.04%	0.08%	0.15%	0.14%	0.1%	0.15%
EBITDA+	133.92M	137.04M	141.28M	151.77M	148.41M	162.43M	176.38M	197.03M	214.13M	230.88M
EBITDA Margin %	0.24%	0.25%	0.24%	0.24%	0.23%	0.23%	0.22%	0.21%	0.23%	0.24%
EBITDA Growth %	0.19%	0.02%	0.03%	0.07%	-0.02%	0.09%	0.09%	0.12%	0.09%	0.08%
D&A (Non-Cash Add-back)	39.96M	46.2M	44.38M	44.67M	45.86M	51.28M	48.88M	51.85M	54.94M	47.97M
EBIT	93.66M	90.19M	96.02M	106.64M	102.44M	110.86M	127.69M	144.02M	159.87M	182.98M
Net Interest Income+	-6.58M	-7.26M	-7.53M	-7.61M	-5.96M	-4.44M	-2.46M	-10.27M	-22.61M	-16.53M
Interest Income	9K	9K	12K	0	0	0	0	0	0	0
Interest Expense	6.59M	7.26M	7.54M	7.61M	5.96M	4.44M	2.46M	10.27M	22.61M	16.53M
Other Income/Expense	-6.89M	-7.9M	-8.41M	-8.07M	-6.08M	-4.73M	-2.27M	-11.44M	-21.93M	-16.46M
Pretax Income+	87.06M	82.93M	88.49M	99.03M	96.48M	106.42M	125.23M	133.75M	137.26M	166.45M
Pretax Margin %	0.16%	0.15%	0.15%	0.15%	0.15%	0.15%	0.16%	0.14%	0.15%	0.17%
Income Tax+	27.34M	26.96M	-1.58M	20.46M	16.81M	21.79M	29.13M	28.38M	28.72M	37.98M
Effective Tax Rate %	0.69%	0.67%	1.02%	0.79%	0.83%	0.8%	0.77%	0.79%	0.79%	0.77%
Net Income+	59.72M	55.97M	90.07M	78.57M	79.67M	84.62M	96.1M	105.37M	108.54M	128.47M
Net Margin %	0.11%	0.1%	0.15%	0.12%	0.12%	0.12%	0.12%	0.11%	0.12%	0.13%
Net Income Growth %	0.13%	-0.06%	0.61%	-0.13%	0.01%	0.06%	0.14%	0.1%	0.03%	0.18%
Net Income (Continuing)	59.72M	55.97M	90.07M	78.57M	79.67M	84.62M	96.1M	105.37M	108.54M	128.47M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.89	1.75	2.79	2.42	2.45	2.60	2.94	3.25	3.35	3.93
EPS Growth %	0.12%	-0.07%	0.59%	-0.13%	0.01%	0.06%	0.13%	0.11%	0.03%	0.17%
EPS (Basic)	1.92	1.76	2.81	2.44	2.48	2.63	2.98	3.29	3.38	3.97
Diluted Shares Outstanding	31.64M	31.92M	32.23M	32.45M	32.51M	32.5M	32.67M	32.39M	32.45M	32.72M
Basic Shares Outstanding	31.16M	31.76M	32.02M	32.26M	32.14M	32.18M	32.22M	32.02M	32.11M	32.33M
Dividend Payout Ratio	0.15%	0.19%	0.13%	0.17%	0.19%	0.2%	0.19%	0.2%	0.21%	0.2%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	198.83M	188.44M	199.34M	226.31M	254.95M	266.89M	322.23M	335.8M	314.24M	313.77M
Cash & Short-Term Investments	84.8M	38.64M	40.42M	54.27M	65.67M	84.57M	103.24M	66.56M	64.45M	49.52M
Cash Only	84.8M	38.64M	40.42M	54.27M	65.67M	84.57M	103.24M	66.56M	64.45M	49.52M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	60.48M	83.25M	91.23M	99.55M	93.44M	98.21M	117.41M	131.58M	125.28M	119.66M
Days Sales Outstanding	39.96	54.93	55.98	56.45	52.99	50.95	53.63	50.96	49.57	45.8
Inventory	46.09M	57.24M	60.7M	67.19M	83.89M	70.62M	91.06M	119.67M	109.52M	130.8M
Days Inventory Outstanding	43.76	56.12	54.6	55.81	70.83	53.73	59.79	65.99	64.44	77.32
Other Current Assets	3.72M	5.19M	2.22M	1.48M	7.55M	3.44M	4.41M	13.09M	7.19M	5.74M
Total Non-Current Assets+	682.39M	760.18M	764.3M	755.04M	900.74M	898.96M	877.09M	1.29B	1.28B	1.26B
Property, Plant & Equipment	158.51M	165.75M	189.79M	194.34M	224.2M	236.51M	246.81M	290.79M	295.9M	299.2M
Fixed Asset Turnover	3.49x	3.34x	3.13x	3.31x	2.87x	2.98x	3.24x	3.24x	3.12x	3.19x
Goodwill	383.91M	439.81M	441.36M	448M	524M	529.46M	523.95M	769.51M	778.91M	780.03M
Intangible Assets	134.91M	147.48M	128.07M	105.98M	143.92M	121.66M	94.67M	213.29M	191.21M	165.05M
Long-Term Investments	-810K	4.55M	4.8M	4.9M	-56.43M	-51.36M	-46.45M	4.29M	4.08M	3.86M
Other Non-Current Assets	5.06M	1.87M	-48.28M	-42.49M	8.62M	11.33M	11.67M	-51.96M	12.87M	13.46M
Total Assets+	881.22M	948.63M	963.64M	981.36M	1.16B	1.17B	1.2B	1.62B	1.6B	1.58B
Asset Turnover	0.63x	0.58x	0.62x	0.66x	0.56x	0.60x	0.67x	0.58x	0.58x	0.61x
Asset Growth %	0.02%	0.08%	0.02%	0.02%	0.18%	0.01%	0.03%	0.35%	-0.02%	-0.01%
Total Current Liabilities+	81.12M	101.01M	108.4M	82.06M	92.26M	94.43M	143.8M	140.04M	148.49M	157.69M
Accounts Payable	14.71M	32.51M	28.45M	33.79M	37.27M	23.74M	56.24M	57.32M	55.5M	54.74M
Days Payables Outstanding	13.97	31.87	25.59	28.07	31.46	18.06	36.93	31.61	32.66	32.36
Short-Term Debt	35M	35M	35M	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	13.46M	12.09M	13.85M	2.26M	41.46M	48.6M	65.63M	62.15M	71.54M	22.89M
Current Ratio	2.45x	1.87x	1.84x	2.76x	2.76x	2.83x	2.24x	2.40x	2.12x	1.99x
Quick Ratio	1.88x	1.30x	1.28x	1.94x	1.85x	2.08x	1.61x	1.54x	1.38x	1.16x
Cash Conversion Cycle	69.75	79.17	84.99	84.19	92.35	86.61	76.49	85.34	81.35	90.76
Total Non-Current Liabilities+	336.4M	326.58M	238.36M	207.68M	319.76M	243.18M	178.51M	546.19M	394.74M	267.77M
Long-Term Debt	260.96M	245.49M	183.96M	156M	248.57M	163.57M	108.57M	440.57M	309.57M	190M
Capital Lease Obligations	0	0	0	0	4.83M	6.08M	7.11M	16.02M	16.54M	14.72M
Deferred Tax Liabilities	67.22M	74.2M	48.55M	44.31M	56.43M	51.36M	46.45M	62.78M	52.05M	43.72M
Other Non-Current Liabilities	6.68M	6.9M	5.85M	7.37M	9.93M	22.18M	16.37M	26.81M	16.58M	19.34M
Total Liabilities	417.52M	427.59M	346.75M	289.74M	412.01M	337.61M	322.31M	686.23M	543.23M	425.46M
Total Debt+	295.96M	280.49M	218.96M	156M	255.87M	171.99M	118.04M	460.61M	330.33M	208.04M
Net Debt	211.17M	241.85M	178.55M	101.73M	190.2M	87.41M	14.8M	394.05M	265.89M	158.53M
Debt / Equity	0.64x	0.54x	0.35x	0.23x	0.34x	0.21x	0.13x	0.49x	0.31x	0.18x
Debt / EBITDA	2.21x	2.05x	1.55x	1.03x	1.72x	1.06x	0.67x	2.34x	1.54x	0.90x
Net Debt / EBITDA	1.58x	1.76x	1.26x	0.67x	1.28x	0.54x	0.08x	2.00x	1.24x	0.69x
Interest Coverage	14.25x	12.50x	12.85x	14.07x	17.21x	25.04x	51.91x	14.14x	7.04x	11.07x
Total Equity+	463.7M	521.03M	616.88M	691.62M	743.67M	828.23M	877.01M	938.28M	1.05B	1.15B
Equity Growth %	0.18%	0.12%	0.18%	0.12%	0.08%	0.11%	0.06%	0.07%	0.12%	0.09%
Book Value per Share	14.66	16.32	19.14	21.32	22.88	25.48	26.84	28.97	32.48	35.15
Total Shareholders' Equity	463.7M	521.03M	616.88M	691.62M	743.67M	828.23M	877.01M	938.28M	1.05B	1.15B
Common Stock	2.1M	2.12M	2.13M	2.15M	2.16M	2.16M	2.15M	2.15M	2.15M	2.17M
Retained Earnings	344.2M	388.09M	464.64M	528.03M	590.92M	656.74M	732.14M	814.49M	897.49M	997.49M
Treasury Stock	-74K	0	0	-56K	-18.07M	-7.87M	0	0	0	0
Accumulated OCI	-5.11M	-6.85M	-1.64M	-3.6M	-5.56M	4.17M	-4.99M	-7.15M	8.69M	-23.75M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	103.83M	107.61M	110.62M	118.7M	124.46M	150.49M	160.51M	138.54M	183.76M	182M
Operating CF Margin %	0.19%	0.19%	0.19%	0.18%	0.19%	0.21%	0.2%	0.15%	0.2%	0.19%
Operating CF Growth %	0.22%	0.04%	0.03%	0.07%	0.05%	0.21%	0.07%	-0.14%	0.33%	-0.01%
Net Income	59.72M	55.97M	90.07M	78.57M	79.67M	84.62M	96.1M	105.37M	108.54M	128.47M
Depreciation & Amortization	39.96M	46.2M	44.38M	44.67M	45.86M	51.28M	48.88M	51.85M	54.94M	47.97M
Stock-Based Compensation	6.83M	7.02M	6.26M	6.41M	7.6M	8.3M	10.8M	13.22M	16.05M	16.68M
Deferred Taxes	-2.86M	-6.88M	-28.78M	-5.4M	-3.56M	-4.63M	-5.94M	-8.36M	-10.81M	-6.78M
Other Non-Cash Items	273K	562K	663K	-1.54M	-146K	2.38M	-257K	1.68M	-4.96M	1.77M
Working Capital Changes	-105K	4.73M	-1.98M	-4.01M	-4.96M	8.53M	10.93M	-25.22M	20.01M	-6.12M
Change in Receivables	10.81M	-15.66M	-3.91M	-7.77M	11.62M	-3.6M	-20.7M	-3.62M	6.97M	5.58M
Change in Inventory	3.13M	4.75M	-319K	-6.02M	-11.4M	13.92M	-21.02M	-7.8M	10.53M	-22.79M
Change in Payables	-15.72M	17.84M	1.51M	5.99M	1.13M	-3.85M	46.19M	-15.54M	3.55M	9.06M
Cash from Investing+	-42.28M	-133.59M	-42.7M	-31.99M	-156.22M	-34.59M	-35.3M	-416.01M	-34.81M	-59.74M
Capital Expenditures	-42.31M	-23.99M	-28.09M	-19.72M	-28.41M	-33.83M	-37.45M	-50.29M	-37.89M	-35.66M
CapEx % of Revenue	0.08%	0.04%	0.05%	0.03%	0.04%	0.05%	0.05%	0.05%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	34K	1M	2.79M	5.13M	13.25M	-850K	1.83M	56K	1.88M	89K
Cash from Financing+	-25.84M	-19.45M	-68.63M	-71.45M	43.38M	-101.16M	-102.18M	246.68M	-153.32M	-133.81M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-9.25M	-10.72M	-12.07M	-13.43M	-15.13M	-16.7M	-18.72M	-20.71M	-22.87M	-25.58M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	7.01M	2.55M	9.73M	6.9M	4.84M	14.15M	6.94M	1.98M	5.24M	17.23M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	61.52M	83.62M	82.52M	98.97M	96.05M	116.67M	123.06M	88.25M	145.87M	146.34M
FCF Margin %	0.11%	0.15%	0.14%	0.15%	0.15%	0.17%	0.15%	0.09%	0.16%	0.15%
FCF Growth %	-0.15%	0.36%	-0.01%	0.2%	-0.03%	0.21%	0.05%	-0.28%	0.65%	0%
FCF per Share	1.94	2.62	2.56	3.05	2.95	3.59	3.77	2.72	4.50	4.47
FCF Conversion (FCF/Net Income)	1.74x	1.92x	1.23x	1.51x	1.56x	1.78x	1.67x	1.31x	1.69x	1.42x
Interest Paid	5.99M	6.67M	7.02M	6.94M	0	4.67M	4.55M	11.88M	25.93M	17.7M
Taxes Paid	19.55M	30.74M	25.84M	20.59M	0	22.64M	25.36M	33.02M	35.73M	42.64M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.96%	11.37%	15.83%	12.01%	11.1%	10.77%	11.27%	11.61%	10.9%	11.66%
Return on Invested Capital (ROIC)	10.45%	9.48%	9.33%	10.11%	8.91%	9.01%	10.58%	9.79%	9%	10.44%
Gross Margin	30.43%	32.69%	31.78%	31.73%	32.84%	31.82%	30.43%	29.76%	32.75%	35.25%
Net Margin	10.81%	10.12%	15.14%	12.21%	12.38%	12.03%	12.03%	11.18%	11.77%	13.47%
Debt / Equity	0.64x	0.54x	0.35x	0.23x	0.34x	0.21x	0.13x	0.49x	0.31x	0.18x
Interest Coverage	14.25x	12.50x	12.85x	14.07x	17.21x	25.04x	51.91x	14.14x	7.04x	11.07x
FCF Conversion	1.74x	1.92x	1.23x	1.51x	1.56x	1.78x	1.67x	1.31x	1.69x	1.42x
Revenue Growth	2.05%	0.13%	7.52%	8.22%	0%	9.31%	13.55%	17.94%	-2.11%	3.39%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Product Sales	590.79M	609.74M	666.19M	762.09M	894.32M	919.95M	951.95M
Product Sales Growth	-	3.21%	9.26%	14.39%	17.35%	2.87%	3.48%
Royalty	4.49M	4.36M	4.29M	4.5M	3.19M	2.49M	1.74M
Royalty Growth	-	-2.83%	-1.58%	4.99%	-29.15%	-22.06%	-30.18%
Co-manufacturing	41.35M	24.09M	29.06M	27.99M	40.62M	-	-
Co-manufacturing Growth	-	-41.75%	20.66%	-3.68%	45.11%	-	-
Consignment	2.44M	2.3M	2.94M	4.44M	4.23M	-	-
Consignment Growth	-	-5.86%	27.84%	51.04%	-4.78%	-	-
Bill And Hold	4.61M	3.22M	1.16M	-	-	-	-
Bill And Hold Growth	-	-30.23%	-64.01%	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	482.69M	475.03M	516.35M	584.66M	682.24M	689.6M	723.3M
UNITED STATES Growth	-	-1.59%	8.70%	13.23%	16.69%	1.08%	4.89%
Non-US	160.99M	168.67M	187.3M	214.36M	260.12M	232.84M	230.38M
Non-US Growth	-	4.77%	11.04%	14.45%	21.35%	-10.49%	-1.05%

Frequently Asked Questions

Valuation & Price

Balchem Corporation (BCPC) has a price-to-earnings (P/E) ratio of 42.2x. This suggests investors expect higher future growth.

Growth & Financials

Balchem Corporation (BCPC) reported $1.01B in revenue for fiscal year 2024. This represents a 247% increase from $291.9M in 2011.

Balchem Corporation (BCPC) grew revenue by 3.4% over the past year. Growth has been modest.

Yes, Balchem Corporation (BCPC) is profitable, generating $149.2M in net income for fiscal year 2024 (13.5% net margin).

Dividend & Returns

Yes, Balchem Corporation (BCPC) pays a dividend with a yield of 0.47%. This makes it attractive for income-focused investors.

Balchem Corporation (BCPC) has a return on equity (ROE) of 11.7%. This is reasonable for most industries.

Balchem Corporation (BCPC) generated $161.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.