Cash flow generation remains highly erratic, evidenced by a $82.5 million working capital outflow in 2026Q1 that contributed to a negative free cash flow margin of 4.8%.
| 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 |
|---|
| Cash from Operations | 303.8M | 331.2M | 128.6M | 205.1M | 313.4M | 293.3M | 352.4M | 275.7M | 252M | 174.3M | 127.9M | 73M | 143M | 137M |
| Operating CF Margin % | - | 28.37% | 9.14% | 12.12% | 18.79% | 21.08% | 28.98% | 21.32% | 22.23% | 17.92% | 14.08% | 7.54% | 13.74% | 13.98% |
| Operating CF Growth % | 287.59% | 157.54% | -37.3% | -34.56% | 6.85% | -16.77% | 27.82% | 9.4% | 44.58% | 36.28% | 75.21% | -48.95% | 4.38% | - |
| Net Income | -127.8M | -167.1M | -430.3M | -5.4M | 211.6M | 118.1M | 181.4M | 183.7M | 181.8M | 145.2M | 44.4M | 85M | 133M | 118M |
| Depreciation & Amortization | 104.1M | 106.4M | 108.3M | 122.8M | 108.8M | 109.9M | 100.2M | 85M | 57M | 40.4M | 38.8M | 35M | 33M | 33M |
| Stock-Based Compensation | 5.2M | 1.4M | 11.9M | 10.6M | 16.1M | 12.3M | 8.4M | 12.3M | 12.5M | 10.1M | 4.7M | 2.3M | 1.4M | 1M |
| Deferred Taxes | 21.8M | 0 | -121.4M | -44.7M | -5M | -4.6M | 16.2M | 14.8M | 900K | -25.7M | -7.9M | 10M | 3M | 2M |
| Other Non-Cash Items | 367.2M | 375.5M | 560.3M | 262.5M | 48.4M | 27.1M | 34.4M | 13.1M | 9.5M | 7.6M | 34.1M | 9M | -4M | 10M |
| Working Capital Changes | -27.6M | 15M | -200K | -140.7M | -66.5M | 30.5M | 11.8M | -33.2M | -9.7M | -3.3M | 13.8M | -61M | -23M | -27M |
| Change in Receivables | 33.5M | 12.2M | 38.2M | 42.7M | -42.1M | -13.8M | 2.8M | -15.3M | -3M | -9.5M | 5.7M | 9M | -9M | -11M |
| Change in Inventory | 53.4M | 40.2M | 86.2M | -75.6M | -63.7M | -55.8M | 22.3M | 500K | -26.9M | -6.6M | -2.2M | -25M | -29M | -20M |
| Change in Payables | -10.6M | -2.6M | -63.4M | -14.6M | 42.7M | 14.8M | 9.4M | -6.2M | 5.7M | 1.7M | -1.5M | -22M | 10M | 14M |
| Cash from Investing | 60.3M | -57.5M | -79.5M | -77.3M | -551.9M | -138.6M | -110.6M | -658.3M | -414.4M | -58.6M | -126.4M | -90M | -102M | -64M |
| Capital Expenditures | -58M | -57.7M | -77.6M | -109.8M | -142.5M | -103.8M | -23.8M | -114.8M | -93.9M | -52.6M | -56.7M | -102M | -101M | -63M |
| CapEx % of Revenue | 4.79% | 4.94% | 5.52% | 6.49% | 8.54% | 7.46% | 1.96% | 8.88% | 8.28% | 5.41% | 6.24% | 10.54% | 9.7% | 6.43% |
| Acquisitions | 93.1M | 0 | 0 | 0 | -344.5M | 0 | 0 | -537.9M | -315.5M | 0 | 0 | 11M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 20.5M | 16.6M | -1.6M | 3.4M | -2.2M | 500K | -86.8M | -118.4M | -4.1M | -3M | -69.7M | 1M | -1M | -1M |
| Cash from Financing | -303M | -252.2M | -70.2M | -99.9M | 48.1M | -133.1M | -50.2M | 369.2M | 153.7M | -57.8M | -3.4M | 27M | -31M | -79M |
| Debt Issued (Net) | -193.7M | -193.6M | -67.1M | -7.3M | 199M | -26M | 48.4M | 385.9M | 303.9M | -38.2M | 402.5M | 1.3M | 2.8M | 0 |
| Equity Issued (Net) | -107.2M | -54.9M | 0 | -92.1M | -145.2M | -109.4M | -88M | -20.7M | -49.9M | -7.8M | -300K | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -108.6M | -56.3M | 0 | -92.1M | -145.2M | -109.4M | -88M | -6.4M | -47.4M | -6.6M | -300K | 0 | 0 | 0 |
| Other Financing | -2.1M | -3.7M | -3.1M | -500K | -5.7M | 2.3M | -10.6M | 4M | -100.3M | -11.8M | -405.6M | 25.7M | -34.5M | -79M |
| Net Change in Cash | 38.5M | 26M | -25.3M | 27.6M | -196.4M | 19.9M | 193.8M | -13.2M | -10.1M | 57.4M | -1.5M | 12M | 8M | -4M |
| Free Cash Flow | 245.8M | 273.5M | 51M | 95.3M | 170.9M | 189.5M | 246.5M | 160.9M | 158.1M | 121.7M | 71.2M | -29M | 42M | 74M |
| FCF Margin % | 20.29% | 23.42% | 3.63% | 5.63% | 10.24% | 13.62% | 20.27% | 12.44% | 13.95% | 12.52% | 7.84% | -3% | 4.03% | 7.55% |
| FCF Growth % | 158.46% | 436.27% | -46.48% | -44.24% | -9.82% | -23.12% | 53.2% | 1.77% | 29.91% | 70.93% | 345.52% | -169.05% | -43.24% | - |
| FCF per Share | 6.83 | 7.56 | 1.40 | 2.61 | 4.44 | 4.73 | 5.93 | 3.81 | 3.71 | 2.86 | 1.68 | -0.69 | 1.00 | 1.76 |
| FCF Conversion (FCF/Net Income) | -1.92x | -1.98x | -0.30x | -37.98x | 1.48x | 2.48x | 1.94x | 1.50x | 1.49x | 1.38x | 3.63x | 0.91x | 1.11x | 1.15x |
| Interest Paid | 42.3M | 0 | 85.4M | 82.7M | 54.8M | 47.5M | 39.6M | 48M | 26M | 16M | 15.1M | 6.5M | 0 | 0 |
| Taxes Paid | 2.8M | 0 | 26.9M | 29.7M | 54.8M | 53.7M | 46.6M | 14.9M | 34.8M | 61.9M | 22.4M | 1.4M | 0 | 0 |
Structural end-market demand decline
According to recent SEC filings, Ingevity's operating cash flow frequently decouples from net income, as evidenced by the 2025Q2 period where the company reported a $146.5M net loss while simultaneously generating $79.0M in operating cash, highlighting a persistent reliance on non-cash adjustments to reconcile performance.
The recurring gap between net income and operating cash flow suggests that headline earnings are heavily burdened by non-cash charges, likely related to asset impairments or restructuring. Investors should monitor whether these adjustments are truly transitory or if they represent a structural overvaluation of the company's asset base.
As reported in financial statements, Ingevity's free cash flow trajectory remains highly erratic, swinging from a peak margin of 35.4% in 2025Q3 to a negative 4.8% in 2026Q1, which underscores the difficulty in maintaining consistent cash generation amidst a contracting revenue environment.
The extreme volatility in FCF margins appears to be driven by both operational fluctuations and inconsistent working capital management. This instability makes it difficult to project long-term cash availability for debt service or shareholder returns, warranting a cautious outlook on the company's ability to self-fund its operations.
Based on Ingevity's reported figures, working capital changes have been a significant drag on cash flow, notably in 2026Q1 when an $82.5M outflow occurred, suggesting that the company is struggling to optimize its inventory and receivables cycle during periods of declining demand.
The significant cash outflows related to working capital suggest that the company may be holding excess inventory or facing extended collection cycles as end-market demand softens. This trend warrants further investigation into whether these pressures are cyclical or indicative of a structural shift in customer payment behavior.
Data from recent quarterly reports indicates that Ingevity continued to prioritize share repurchases, such as the $52.3M outflow in 2026Q1, even as net income remained negative, which may suggest a disconnect between capital allocation strategy and the underlying reality of the company's cash generation capacity.
The decision to return capital to shareholders during periods of negative net income and volatile cash flow appears aggressive and may limit the company's financial flexibility. Investors should monitor whether this strategy is sustainable given the current debt profile and the ongoing need for capital to support core operations.
Quick answers to the most common questions about buying NGVT stock.
Ingevity Corporation (NGVT) generated $331.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ingevity Corporation (NGVT) generated $273.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Ingevity Corporation (NGVT) spent $57.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ingevity Corporation (NGVT) spent $56.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.