Revenue growth remains in a persistent state of contraction, with year-over-year declines reaching 9.2% in 2026Q1 despite recent gross margin volatility that saw a peak of 45.1%.
| 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 |
|---|
| Sales/Revenue | 1.21B | 1.17B | 1.41B | 1.69B | 1.67B | 1.39B | 1.22B | 1.29B | 1.13B | 972.4M | 908.3M | 968M | 1.04B | 980M |
| Revenue Growth % | -10.29% | -16.98% | -16.88% | 1.43% | 19.89% | 14.42% | -5.94% | 14.05% | 16.58% | 7.06% | -6.17% | -7.01% | 6.22% | - |
| Cost of Goods Sold | 735.3M | 706.1M | 951.7M | 1.22B | 1.1B | 878.7M | 750.6M | 810.9M | 716.8M | 643.4M | 633.9M | 687M | 718M | 685M |
| COGS % of Revenue | - | 60.47% | 67.67% | 72.11% | 65.83% | 63.15% | 61.72% | 62.72% | 63.23% | 66.17% | 69.79% | 70.97% | 68.97% | 69.9% |
| Gross Profit | 476M | 461.5M | 454.7M | 471.9M | 570.1M | 512.8M | 465.5M | 482M | 416.8M | 329M | 274.4M | 281M | 323M | 295M |
| Gross Margin % | 39.3% | 39.53% | 32.33% | 27.89% | 34.17% | 36.85% | 38.28% | 37.28% | 36.77% | 33.83% | 30.21% | 29.03% | 31.03% | 30.1% |
| Gross Profit Growth % | - | 1.5% | -3.64% | -17.22% | 11.17% | 10.16% | -3.42% | 15.64% | 26.69% | 19.9% | -2.35% | -13% | 9.49% | - |
| Operating Expenses | 199.5M | 199.6M | 194.8M | 215.5M | 229.1M | 205.6M | 465.5M | 182.8M | 153.9M | 126.2M | 114M | 114M | 112M | 103M |
| OpEx % of Revenue | - | 17.09% | 13.85% | 12.74% | 13.73% | 14.78% | 38.28% | 14.14% | 13.58% | 12.98% | 12.55% | 11.78% | 10.76% | 10.51% |
| Selling, General & Admin | 170.6M | 171.2M | 166.7M | 183.7M | 198.8M | 179.3M | 149.4M | 163.1M | 132.4M | 106.4M | 114M | 114M | 112M | 103M |
| SG&A % of Revenue | - | 14.66% | 11.85% | 10.86% | 11.92% | 12.89% | 12.29% | 12.62% | 11.68% | 10.94% | 12.55% | 11.78% | 10.76% | 10.51% |
| Research & Development | 28.9M | 28.4M | 28.1M | 31.8M | 30.3M | 26.3M | 22.6M | 19.7M | 21.5M | 19.8M | 7.6M | 6.9M | 8M | 11M |
| R&D % of Revenue | - | 2.43% | 2% | 1.88% | 1.82% | 1.89% | 1.86% | 1.52% | 1.9% | 2.04% | 0.84% | 0.71% | 0.77% | 1.12% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 293.5M | 0 | -1M | -500K | 3.2M | 10M | 4M | 5M |
| Operating Income | 276.5M | 261.9M | 259.9M | 256.4M | 341M | 307.2M | 0 | 327.9M | 262.9M | 202.8M | 160.4M | 167M | 211M | 192M |
| Operating Margin % | 22.83% | 22.43% | 18.48% | 15.15% | 20.44% | 22.08% | - | 25.36% | 23.19% | 20.86% | 17.66% | 17.25% | 20.27% | 19.59% |
| Operating Income Growth % | - | 0.77% | 1.37% | -24.81% | 11% | - | -100% | 24.72% | 29.64% | 26.43% | -3.95% | -20.85% | 9.9% | - |
| EBITDA | 378.2M | 368.3M | 368.2M | 379.2M | 449.8M | 417.1M | 382.4M | 412.9M | 319.9M | 243.2M | 199.2M | 202M | 244M | 225M |
| EBITDA Margin % | 31.22% | 31.54% | 26.18% | 22.41% | 26.96% | 29.97% | 31.44% | 31.94% | 28.22% | 25.01% | 21.93% | 20.87% | 23.44% | 22.96% |
| EBITDA Growth % | -0.58% | 0.03% | -2.9% | -15.7% | 7.84% | 9.07% | -7.39% | 29.07% | 31.54% | 22.09% | -1.39% | -17.21% | 8.44% | - |
| D&A (Non-Cash Add-back) | 101.7M | 106.4M | 108.3M | 122.8M | 108.8M | 109.9M | 100.2M | 85M | 57M | 40.4M | 38.8M | 35M | 33M | 33M |
| EBIT | -61.7M | -69M | -437.8M | 83.2M | 331.4M | 214.5M | 282.2M | 283.7M | 262.8M | 202.7M | 160.4M | 165.3M | 219M | 192M |
| Net Interest Income | -69.6M | -73.1M | -90.9M | -87M | -56M | -47.7M | -42.2M | -46.9M | -29.8M | -15.8M | -17.9M | -20.1M | -16.4M | -13M |
| Interest Income | 2.1M | 0 | 6.9M | 6.3M | 5.8M | 4M | 4.9M | 8.9M | 3.4M | 2.3M | 1.4M | 0 | 0 | 0 |
| Interest Expense | 71.7M | 73.1M | 97.8M | 93.3M | 61.8M | 51.7M | 47.1M | 55.8M | 33.2M | 18.1M | 19.3M | 20.1M | 16.4M | 13M |
| Other Income/Expense | -432.1M | -404M | -795.5M | -266.5M | -71.4M | -144.4M | 235.1M | -71.3M | -41.1M | -28M | -73.4M | -28.8M | -8.9M | -8M |
| Pretax Income | -155.6M | -142.1M | -535.6M | -10.1M | 269.6M | 162.8M | 235.1M | 227.9M | 221.8M | 174.8M | 87M | 138M | 203M | 184M |
| Pretax Margin % | -12.85% | -12.17% | -38.08% | -0.6% | 16.16% | 11.7% | 19.33% | 17.63% | 19.57% | 17.98% | 9.58% | 14.26% | 19.5% | 18.78% |
| Income Tax | 5.5M | 8.2M | -105.3M | -4.7M | 58M | 44.7M | 53.7M | 44.2M | 40M | 29.8M | 42.6M | 53M | 70M | 66M |
| Effective Tax Rate % | -3.53% | -5.77% | 19.66% | 46.53% | 21.51% | 27.46% | 22.84% | 19.39% | 18.03% | 17.05% | 48.97% | 38.41% | 34.48% | 35.87% |
| Net Income | -127.8M | -167.1M | -430.3M | -5.4M | 211.6M | 118.1M | 181.4M | 183.7M | 169.1M | 126.3M | 35.2M | 80M | 129M | 119M |
| Net Margin % | -10.55% | -14.31% | -30.6% | -0.32% | 12.68% | 8.49% | 14.92% | 14.21% | 14.92% | 12.99% | 3.88% | 8.26% | 12.39% | 12.14% |
| Net Income Growth % | 63.88% | 61.17% | -7868.52% | -102.55% | 79.17% | -34.9% | -1.25% | 8.63% | 33.89% | 258.81% | -56% | -37.98% | 8.4% | - |
| Net Income (Continuing) | -161.1M | -150.3M | -430.3M | -5.4M | 211.6M | 118.1M | 181.4M | 183.7M | 181.8M | 145.2M | 44.4M | 84.3M | 133M | 118M |
| Discontinued Operations | 1000K | -16.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14M | 7.6M | 5M | 3M | 2M |
| EPS (Diluted) | -3.55 | -4.61 | -11.85 | -0.15 | 5.50 | 2.95 | 4.37 | 4.35 | 3.97 | 2.97 | 0.83 | 1.89 | 3.07 | 2.83 |
| EPS Growth % | 63.59% | 61.1% | -7800% | -102.73% | 86.44% | -32.49% | 0.46% | 9.57% | 33.67% | 257.83% | -56.08% | -38.44% | 8.48% | - |
| EPS (Basic) | - | -4.61 | -11.85 | -0.15 | 5.54 | 2.97 | 4.39 | 4.39 | 4.03 | 3.00 | 0.83 | 1.89 | 3.07 | 2.83 |
| Diluted Shares Outstanding | 36M | 36.2M | 36.32M | 36.5M | 38.47M | 40.06M | 41.55M | 42.2M | 42.6M | 42.5M | 42.3M | 42.07M | 42.07M | 42.07M |
| Basic Shares Outstanding | 35.3M | 36.2M | 36.32M | 36.5M | 38.47M | 39.8M | 41.3M | 41.8M | 42M | 42.1M | 42.1M | 42.07M | 42.07M | 42.07M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Structural end-market demand decline
As indicated by the most recent quarterly financial data, Ingevity has experienced a sustained revenue decline, with year-over-year figures consistently contracting by double digits, reaching a 9.2% reduction in 2026Q1, which highlights significant headwinds in its core automotive and industrial chemical end-markets.
The consistent negative growth trajectory suggests that the company is struggling to offset volume losses in its Performance Materials segment. Investors should monitor whether this trend reflects a permanent shift in automotive production cycles or merely a temporary cyclical trough in industrial demand.
Based on reported income statements, Ingevity's gross margins have exhibited extreme volatility, fluctuating from a low of 16.0% in 2023Q4 to a recent peak of 45.1% in 2026Q1, reflecting significant sensitivity to raw material input costs and potential pricing power limitations.
The wide variance in gross profitability suggests that the company's ability to pass through Crude Tall Oil cost fluctuations remains inconsistent. This instability complicates earnings predictability and warrants further investigation into the company's long-term pricing strategy versus its competitors.
According to historical financial filings, Ingevity frequently reports a stark divergence between operating income and net income, exemplified by the 2025Q2 period where an $85.9M operating profit was eclipsed by a $146.5M net loss, indicating recurring, significant non-cash impairment or restructuring charges.
The recurring nature of these bottom-line adjustments suggests that headline EPS may not accurately reflect the underlying operational health of the business. Analysts should focus on operating margins to gauge true performance, as net income appears heavily influenced by accounting-driven volatility.
Financial data reveals that despite maintaining positive operating margins, the company's net profitability remains precarious, with multiple quarters of negative net income suggesting that the current business model may be struggling to adapt to the secular transition away from internal combustion engine technologies.
Short-sellers may focus on the disconnect between the company's high-margin niche positioning and its inability to generate consistent bottom-line growth. The reliance on legacy automotive standards poses a long-term risk that may not be fully captured by current valuation multiples.
Quick answers to the most common questions about buying NGVT stock.
For fiscal year 2025, Ingevity Corporation (NGVT) reported total revenue of $1.17B. This represents a 19.1% increase compared to $980.0M in 2013.
Ingevity Corporation (NGVT) reported a net loss of $167.1M for the fiscal year ending 2025.
Ingevity Corporation (NGVT) reported an operating income of $261.9M, resulting in an operating profit margin of 22.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Ingevity Corporation (NGVT) generated $461.5M in gross profit for the year, representing a gross profit margin of 39.5%. This demonstrates the company's core pricing power and production efficiency.