Balchem has successfully expanded its gross margin from 32.8% in 2023Q4 to 37.3% in 2026Q1, reflecting effective pricing power and cost management.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 1.06B | 1.04B | 953.68M | 922.44M | 942.36M | 799.02M | 703.64M | 643.71M | 643.68M | 594.79M | 553.2M | 552.49M | 541.38M | 337.17M | 310.39M | 291.87M | 255.07M | 219.44M | 232.05M | 176.2M | 100.91M | 839.1M | 67.41M | 61.88M | 60.2M | 46.14M | 33.2M | 29.7M | 28.7M | 28.6M | 26.4M |
| Revenue Growth % | 9.62% | 8.75% | 3.39% | -2.11% | 17.94% | 13.55% | 9.31% | 0% | 8.22% | 7.52% | 0.13% | 2.05% | 60.57% | 8.63% | 6.35% | 14.43% | 16.24% | -5.44% | 31.7% | 74.62% | -87.97% | 1144.84% | 8.94% | 2.79% | 30.46% | 38.99% | 11.78% | 3.48% | 0.35% | 8.33% | 5.6% |
| Cost of Goods Sold | 673.8M | 666.53M | 617.48M | 620.38M | 661.91M | 555.85M | 479.75M | 432.34M | 439.43M | 405.78M | 372.34M | 384.39M | 397.21M | 239.75M | 220.85M | 205.87M | 177.03M | 152.48M | 179.47M | 129.27M | 66.9M | 54.41M | 43.6M | 40.72M | 36.89M | 28.22M | 17.14M | 15.6M | 15.6M | 15.3M | 13.7M |
| COGS % of Revenue | - | 64.26% | 64.75% | 67.25% | 70.24% | 69.57% | 68.18% | 67.16% | 68.27% | 68.22% | 67.31% | 69.57% | 73.37% | 71.11% | 71.15% | 70.53% | 69.41% | 69.49% | 77.34% | 73.37% | 66.3% | 6.49% | 64.68% | 65.81% | 61.28% | 61.15% | 51.64% | 52.53% | 54.36% | 53.5% | 51.89% |
| Gross Profit | 383.55M | 370.63M | 336.21M | 302.06M | 280.45M | 243.17M | 223.9M | 211.37M | 204.25M | 189.01M | 180.86M | 168.1M | 144.17M | 97.42M | 89.54M | 86M | 78.04M | 66.96M | 52.58M | 46.93M | 34.01M | 784.68M | 23.81M | 21.15M | 23.31M | 17.93M | 16.06M | 14.1M | 13.1M | 13.3M | 12.7M |
| Gross Margin % | 36.27% | 35.74% | 35.25% | 32.75% | 29.76% | 30.43% | 31.82% | 32.84% | 31.73% | 31.78% | 32.69% | 30.43% | 26.63% | 28.89% | 28.85% | 29.47% | 30.59% | 30.51% | 22.66% | 26.63% | 33.7% | 93.52% | 35.32% | 34.19% | 38.72% | 38.85% | 48.36% | 47.47% | 45.64% | 46.5% | 48.11% |
| Gross Profit Growth % | - | 10.24% | 11.31% | 7.7% | 15.33% | 8.61% | 5.93% | 3.48% | 8.06% | 4.51% | 7.59% | 16.59% | 47.99% | 8.8% | 4.11% | 10.21% | 16.55% | 27.35% | 12.03% | 38.01% | -95.67% | 3196.14% | 12.55% | -9.26% | 30.03% | 11.65% | 13.87% | 7.63% | -1.5% | 4.72% | 3.25% |
| Operating Expenses | 161.83M | 152.3M | 153.3M | 142.86M | 135.26M | 115.67M | 112.75M | 108.81M | 96.5M | 91.75M | 90.02M | 74.14M | 62.03M | 31.82M | 29.76M | 29.78M | 28.27M | 26.3M | 23.23M | 21.02M | 14.84M | 11.78M | 11.01M | 12.14M | 11.13M | 9.77M | 8.1M | 9.1M | 8.3M | 9M | 9.6M |
| OpEx % of Revenue | - | 14.68% | 16.07% | 15.49% | 14.35% | 14.48% | 16.02% | 16.9% | 14.99% | 15.43% | 16.27% | 13.42% | 11.46% | 9.44% | 9.59% | 10.2% | 11.08% | 11.98% | 10.01% | 11.93% | 14.71% | 1.4% | 16.33% | 19.62% | 18.48% | 21.18% | 24.41% | 30.64% | 28.92% | 31.47% | 36.36% |
| Selling, General & Admin | 150.37M | 142.8M | 136.5M | 130.13M | 123.07M | 102.15M | 102.42M | 97.44M | 84.91M | 82.45M | 82.7M | 68.15M | 57.22M | 28.2M | 26.34M | 26.89M | 25.08M | 23M | 20.35M | 18.51M | 12.82M | 9.72M | 9.26M | 10.05M | 9.22M | 8.14M | 7.03M | 5.8M | 5.6M | 6.8M | 7.4M |
| SG&A % of Revenue | - | 13.77% | 14.31% | 14.11% | 13.06% | 12.78% | 14.56% | 15.14% | 13.19% | 13.86% | 14.95% | 12.34% | 10.57% | 8.36% | 8.49% | 9.21% | 9.83% | 10.48% | 8.77% | 10.51% | 12.71% | 1.16% | 13.73% | 16.25% | 15.31% | 17.64% | 21.19% | 19.53% | 19.51% | 23.78% | 28.03% |
| Research & Development | 24.92M | 18.51M | 16.79M | 15.05M | 12.19M | 13.52M | 10.33M | 11.38M | 11.59M | 9.3M | 7.33M | 5.99M | 4.81M | 3.62M | 3.42M | 2.89M | 3.19M | 3.3M | 2.88M | 2.51M | 2.02M | 2.05M | 1.75M | 2.08M | 1.91M | 1.63M | 1.07M | 1.3M | 1M | 1.1M | 800K |
| R&D % of Revenue | - | 1.78% | 1.76% | 1.63% | 1.29% | 1.69% | 1.47% | 1.77% | 1.8% | 1.56% | 1.32% | 1.08% | 0.89% | 1.07% | 1.1% | 0.99% | 1.25% | 1.5% | 1.24% | 1.43% | 2% | 0.24% | 2.6% | 3.37% | 3.17% | 3.53% | 3.22% | 4.38% | 3.48% | 3.85% | 3.03% |
| Other Operating Expenses | -362K | -9.01M | 0 | -2.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -309K | 0 | -37K | 67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2M | 1.7M | 1.1M | 1.4M |
| Operating Income | 221.72M | 218.33M | 182.91M | 159.19M | 145.19M | 127.5M | 111.15M | 102.55M | 107.1M | 96.9M | 90.84M | 93.96M | 82.14M | 65.6M | 59.78M | 56.23M | 49.77M | 40.66M | 29.35M | 25.91M | 19.16M | 16.9M | 12.8M | 9.02M | 12.19M | 8.15M | 5.94M | 5M | 4.8M | 4.3M | 3.1M |
| Operating Margin % | 20.97% | 21.05% | 19.18% | 17.26% | 15.41% | 15.96% | 15.8% | 15.93% | 16.64% | 16.29% | 16.42% | 17.01% | 15.17% | 19.46% | 19.26% | 19.26% | 19.51% | 18.53% | 12.65% | 14.7% | 18.99% | 2.01% | 18.98% | 14.57% | 20.24% | 17.67% | 17.89% | 16.84% | 16.72% | 15.04% | 11.74% |
| Operating Income Growth % | - | 19.37% | 14.9% | 9.65% | 13.87% | 14.71% | 8.38% | -4.25% | 10.52% | 6.68% | -3.32% | 14.38% | 25.21% | 9.74% | 6.32% | 12.97% | 22.41% | 38.54% | 13.29% | 35.19% | 13.36% | 32.09% | 41.95% | -26.02% | 49.42% | 37.34% | 18.76% | 4.17% | 11.63% | 38.71% | 14.81% |
| EBITDA | 266.76M | 263.52M | 230.88M | 214.13M | 197.03M | 176.38M | 162.43M | 148.41M | 151.77M | 141.28M | 137.04M | 133.92M | 112.67M | 76.08M | 69.42M | 65.52M | 58.33M | 48.79M | 37.13M | 32.28M | 22.61M | 19.71M | 16.07M | 12.54M | 15.1M | 10.78M | 7.95M | 7M | 6.5M | 5.4M | 4.5M |
| EBITDA Margin % | 25.23% | 25.41% | 24.21% | 23.21% | 20.91% | 22.07% | 23.08% | 23.06% | 23.58% | 23.75% | 24.77% | 24.24% | 20.81% | 22.56% | 22.36% | 22.45% | 22.87% | 22.23% | 16% | 18.32% | 22.4% | 2.35% | 23.84% | 20.27% | 25.09% | 23.35% | 23.96% | 23.57% | 22.65% | 18.88% | 17.05% |
| EBITDA Growth % | 12.29% | 14.14% | 7.82% | 8.68% | 11.71% | 8.59% | 9.44% | -2.21% | 7.42% | 3.1% | 2.33% | 18.86% | 48.1% | 9.59% | 5.96% | 12.32% | 19.55% | 31.39% | 15.03% | 42.8% | 14.69% | 22.68% | 28.13% | -16.96% | 40.14% | 35.5% | 13.61% | 7.69% | 20.37% | 20% | 28.57% |
| D&A (Non-Cash Add-back) | 45.04M | 45.19M | 47.97M | 54.94M | 51.85M | 48.88M | 51.28M | 45.86M | 44.67M | 44.38M | 46.2M | 39.96M | 30.52M | 10.47M | 9.64M | 9.29M | 8.56M | 8.13M | 7.79M | 6.38M | 3.44M | 2.81M | 3.27M | 3.52M | 2.92M | 2.62M | 2.02M | 2M | 1.7M | 1.1M | 1.4M |
| EBIT | 158.38M | 209.25M | 182.98M | 159.87M | 144.02M | 127.69M | 110.86M | 102.44M | 106.64M | 96.02M | 90.19M | 93.66M | 82.2M | 65.84M | 59.85M | 56.82M | 50.22M | 40.81M | 29.39M | 25.91M | 19.16M | 16.9M | 12.8M | 9.02M | 12.19M | 8.15M | 5.94M | 5M | 4.8M | 4.3M | 3.1M |
| Net Interest Income | -7.29M | -10.22M | -16.53M | -22.61M | -10.27M | -2.46M | -4.44M | -5.96M | -7.61M | -7.53M | -7.26M | -6.58M | -5.08M | 253K | 0 | 100K | 199K | -102K | -856K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12K | 9K | 9K | 64K | 277K | 10K | 184K | 289K | 107K | 107K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.4M | 10.22M | 16.53M | 22.61M | 10.27M | 2.46M | 4.44M | 5.96M | 7.61M | 7.54M | 7.26M | 6.59M | 5.14M | 24K | 10K | 84K | 90K | 209K | 963K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -18.1M | -19.3M | -16.46M | -21.93M | -11.44M | -2.27M | -4.73M | -6.08M | -8.07M | -8.41M | -7.9M | -6.89M | -5.09M | 216K | 67K | 513K | 361K | -57K | -917K | -1.08M | -61K | 288K | -82K | -252K | -340K | 214K | 58K | -100K | -100K | 0 | -200K |
| Pretax Income | 203.61M | 199.03M | 166.45M | 137.26M | 133.75M | 125.23M | 106.42M | 96.48M | 99.03M | 88.49M | 82.93M | 87.06M | 77.05M | 65.82M | 59.84M | 56.74M | 50.13M | 40.6M | 28.43M | 24.83M | 19.1M | 17.19M | 12.71M | 8.76M | 11.85M | 8.37M | 6M | 4.9M | 4.7M | 4.3M | 2.9M |
| Pretax Margin % | 19.26% | 19.19% | 17.45% | 14.88% | 14.19% | 15.67% | 15.12% | 14.99% | 15.38% | 14.88% | 14.99% | 15.76% | 14.23% | 19.52% | 19.28% | 19.44% | 19.65% | 18.5% | 12.25% | 14.09% | 18.93% | 2.05% | 18.86% | 14.16% | 19.68% | 18.14% | 18.06% | 16.5% | 16.38% | 15.04% | 10.98% |
| Income Tax | 45.53M | 44.19M | 37.98M | 28.72M | 28.38M | 29.13M | 21.79M | 16.81M | 20.46M | -1.58M | 26.96M | 27.34M | 24.23M | 20.94M | 19.84M | 17.97M | 16.85M | 13.82M | 9.38M | 8.71M | 6.82M | 6.24M | 4.69M | 3.13M | 4.43M | 3.26M | 2.27M | 1.8M | 1.7M | 1.5M | 1M |
| Effective Tax Rate % | 22.36% | 22.2% | 22.82% | 20.92% | 21.22% | 23.26% | 20.48% | 17.42% | 20.66% | -1.79% | 32.51% | 31.4% | 31.44% | 31.82% | 33.15% | 31.68% | 33.62% | 34.03% | 33% | 35.08% | 35.72% | 36.28% | 36.88% | 35.66% | 37.39% | 38.94% | 37.81% | 36.73% | 36.17% | 34.88% | 34.48% |
| Net Income | 158.08M | 154.84M | 128.47M | 108.54M | 105.37M | 96.1M | 84.62M | 79.67M | 78.57M | 90.07M | 55.97M | 59.72M | 52.83M | 44.87M | 40.01M | 38.77M | 33.28M | 26.79M | 19.05M | 16.12M | 12.28M | 10.95M | 8.03M | 5.64M | 7.42M | 5.11M | 3.73M | 3.1M | 3M | 2.8M | 1.9M |
| Net Margin % | 14.95% | 14.93% | 13.47% | 11.77% | 11.18% | 12.03% | 12.03% | 12.38% | 12.21% | 15.14% | 10.12% | 10.81% | 9.76% | 13.31% | 12.89% | 13.28% | 13.05% | 12.21% | 8.21% | 9.15% | 12.17% | 1.31% | 11.91% | 9.11% | 12.32% | 11.07% | 11.23% | 10.44% | 10.45% | 9.79% | 7.2% |
| Net Income Growth % | 15.77% | 20.53% | 18.36% | 3.01% | 9.64% | 13.57% | 6.22% | 1.4% | -12.77% | 60.92% | -6.28% | 13.05% | 17.72% | 12.17% | 3.2% | 16.49% | 24.24% | 40.6% | 18.19% | 31.28% | 12.09% | 36.48% | 42.36% | -23.98% | 45.13% | 37.03% | 20.29% | 3.33% | 7.14% | 47.37% | 18.75% |
| Net Income (Continuing) | 158.08M | 154.84M | 128.47M | 108.54M | 105.37M | 96.1M | 84.62M | 79.67M | 78.57M | 90.07M | 55.97M | 59.72M | 52.83M | 44.87M | 40.01M | 38.77M | 33.28M | 26.79M | 19.05M | 16.12M | 12.28M | 10.95M | 8.03M | 5.64M | 7.42M | 5.11M | 3.73M | 3.1M | 3M | 2.8M | 1.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.90 | 4.75 | 3.93 | 3.35 | 3.25 | 2.94 | 2.60 | 2.45 | 2.42 | 2.79 | 1.75 | 1.89 | 1.69 | 1.45 | 1.32 | 1.28 | 1.12 | 0.93 | 0.67 | 0.58 | 0.45 | 0.41 | 0.31 | 0.22 | 0.30 | 0.21 | 0.15 | 0.12 | 0.12 | 0.11 | 0.08 |
| EPS Growth % | 16.79% | 20.87% | 17.31% | 3.08% | 10.54% | 13.08% | 6.12% | 1.24% | -13.26% | 59.43% | -7.41% | 11.83% | 16.55% | 9.85% | 3.13% | 14.29% | 20.43% | 38.81% | 15.52% | 28.89% | 9.76% | 32.26% | 40.91% | -26.67% | 42.86% | 40% | 25% | 0% | 9.09% | 36.99% | 22.04% |
| EPS (Basic) | - | 4.80 | 3.97 | 3.38 | 3.29 | 2.98 | 2.63 | 2.48 | 2.44 | 2.81 | 1.76 | 1.92 | 1.71 | 1.51 | 1.36 | 1.36 | 1.19 | 0.98 | 0.71 | 0.61 | 0.47 | 0.42 | 0.32 | 0.23 | 0.31 | 0.22 | 0.16 | 0.13 | 0.12 | 0.11 | 0.08 |
| Diluted Shares Outstanding | 32.28M | 32.6M | 32.72M | 32.45M | 32.39M | 32.67M | 32.5M | 32.51M | 32.45M | 32.23M | 31.92M | 31.64M | 31.17M | 30.85M | 30.35M | 30.24M | 29.62M | 28.87M | 28.52M | 27.79M | 27.49M | 26.94M | 26.17M | 25.37M | 25.03M | 24.64M | 24.2M | 24.91M | 25.31M | 24.4M | 23.65M |
| Basic Shares Outstanding | 32.28M | 32.6M | 32.33M | 32.11M | 32.02M | 32.22M | 32.18M | 32.14M | 32.26M | 32.02M | 31.76M | 31.16M | 30.85M | 29.62M | 29.45M | 28.57M | 27.96M | 28.87M | 26.95M | 26.57M | 26.31M | 26.08M | 25.43M | 24.4M | 24.07M | 23.52M | 23.6M | 24.52M | 24.9M | 24.4M | 23.65M |
| Dividend Payout Ratio | - | 18.27% | 19.91% | 21.07% | 19.66% | 19.48% | 19.74% | 19% | 17.09% | 13.4% | 19.15% | 15.49% | 14.87% | - | 29.25% | 11.12% | 9.29% | 7.5% | 10.37% | 9.9% | 8.51% | 6.25% | 4.85% | 6.78% | 4.11% | 5.42% | 6.57% | 6.45% | 6.67% | 3.57% | 5.26% |
Ethylene Oxide Regulatory Exposure
According to recent financial disclosures, Balchem has demonstrated a consistent upward revenue trajectory, culminating in an 8.1% year-over-year increase in 2026Q1, which suggests that the company is successfully navigating complex macroeconomic conditions while maintaining its competitive positioning within the specialty chemical and nutritional ingredient markets.
The acceleration from negative growth in 2023Q4 to mid-single-digit and now high-single-digit growth indicates that the company's pricing power remains intact. Investors should monitor whether this growth is driven by volume expansion in core segments or if it remains heavily reliant on inflationary price pass-throughs.
As reported in quarterly filings, Balchem has successfully expanded its gross margin from 32.8% in 2023Q4 to 37.3% in 2026Q1, reflecting a robust ability to manage raw material input costs and maintain premium pricing for its specialized microencapsulation and chelation product offerings.
This margin expansion appears to validate the company's value-added strategy, distinguishing it from commodity-exposed peers. The ability to sustain these levels suggests that the company's proprietary technology provides a significant buffer against the volatility typically seen in petrochemical-derived input costs.
Based on the provided income statement data, Balchem has effectively scaled its operating income from $38.3 million in 2023Q4 to $55.6 million in 2026Q1, indicating that the company is achieving meaningful operating leverage as revenue growth outpaces the expansion of its core operating expenses.
The company's ability to keep SG&A relatively contained while growing the top line suggests a lean operational structure. This efficiency warrants further investigation into whether future growth can be achieved without a proportional increase in overhead, which would further enhance bottom-line profitability.
Analysis of recent income statements reveals that Balchem's net income growth has remained consistent, with 2026Q1 net income reaching $40.3 million, though investors should carefully evaluate the impact of stock-based compensation, which totaled $5.4 million in the most recent quarter, on overall earnings quality.
While the EPS growth trajectory appears strong, the periodic fluctuations in stock-based compensation suggest that management's incentive structures are a non-trivial component of the expense base. Analysts should consider whether these non-cash charges are appropriately aligned with long-term shareholder value creation or if they mask underlying operational costs.
Despite strong historical performance, the company faces significant potential headwinds as reported in recent regulatory filings, specifically regarding heightened EPA scrutiny of ethylene oxide emissions, which may necessitate substantial capital expenditures and threaten the long-term profitability of the Specialty Products segment's core sterilization operations.
Short-term margin stability may be misleading if the company is forced to incur significant compliance costs or face operational disruptions. Investors should monitor whether the current valuation adequately prices in the risk of a structural change to the regulatory environment governing its most profitable product lines.
Quick answers to the most common questions about buying BCPC stock.
For fiscal year 2025, Balchem Corporation (BCPC) reported total revenue of $1.04B. This represents a 3828.6% increase compared to $26.4M in 1996.
Balchem Corporation (BCPC) is profitable, generating $154.8M in net income for the fiscal year ending 2025 with a net profit margin of 14.9%.
Balchem Corporation (BCPC) reported an operating income of $218.3M, resulting in an operating profit margin of 21.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Balchem Corporation (BCPC) generated $370.6M in gross profit for the year, representing a gross profit margin of 35.7%. This demonstrates the company's core pricing power and production efficiency.