Ingevity Corp Financials
Ingevity Corp (NGVT) reported $1.2B in revenue for fiscal year 2025, down 2.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Ingevity’s recent story is margin resilience and cash recovery despite shrinking sales and a near-wiped-out equity base.
Leverage looks far worse in FY2025, but that is mostly an equity-denominator collapse: long-term debt actually fell from$1.38B in FY2023 to$1.16B . With equity nearly wiped out and free cash flow rebounding to$273.5M , the statements imply reported losses were driven more by balance-sheet charges than by cash operating weakness.
Sales have slipped for three straight years, yet gross margin rose from
The cash engine improved because the business needed less reinvestment: capital spending fell from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ingevity Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ingevity Corp has an operating margin of 35.9%, meaning the company retains $36 of operating profit per $100 of revenue. This strong profitability earns a score of 94/100, reflecting efficient cost management and pricing power. This is up from 35.5% the prior year.
Ingevity Corp's revenue declined 2.7% year-over-year, from $1.2B to $1.2B. This contraction results in a growth score of 25/100.
Ingevity Corp has a moderate D/E ratio of 39.10. This balance of debt and equity financing earns a leverage score of 30/100.
Ingevity Corp's current ratio of 1.33 indicates adequate short-term liquidity, earning a score of 35/100. The company can meet its near-term obligations, though with limited headroom.
Ingevity Corp converts 23.4% of revenue into free cash flow ($273.5M). This strong cash generation earns a score of 78/100.
Ingevity Corp posts a -562.6% return on equity (ROE), meaning it loses $563 for every $100 of shareholders' equity. This results in a returns score of 90/100. This is down from -220.4% the prior year.
Ingevity Corp scores 2.95, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ingevity Corp passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Ingevity Corp reported a net loss of $167.1M while generating $331.2M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Ingevity Corp earns $5.35 in operating income for every $1 of interest expense ($418.7M vs $78.3M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Ingevity Corp generated $1.2B in revenue in fiscal year 2025. This represents a decrease of 2.7% from the prior year.
Ingevity Corp's EBITDA was $525.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.7% from the prior year.
Ingevity Corp reported -$167.1M in net income in fiscal year 2025. This represents an increase of 61.2% from the prior year.
Ingevity Corp earned -$4.61 per diluted share (EPS) in fiscal year 2025. This represents an increase of 61.1% from the prior year.
Cash & Balance Sheet
Ingevity Corp generated $273.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 436.3% from the prior year.
Ingevity Corp held $78.1M in cash against $1.2B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Ingevity Corp's gross margin was 39.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.8 percentage points from the prior year.
Ingevity Corp's operating margin was 35.9% in fiscal year 2025, reflecting core business profitability. This is up 0.4 percentage points from the prior year.
Ingevity Corp's net profit margin was -14.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 21.5 percentage points from the prior year.
Ingevity Corp's ROE was -562.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 342.2 percentage points from the prior year.
Capital Allocation
Ingevity Corp invested $28.4M in research and development in fiscal year 2025. This represents an increase of 15.9% from the prior year.
Ingevity Corp spent $56.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Ingevity Corp invested $57.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 25.6% from the prior year.
NGVT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.2B-2.7% | $1.2B-1.3% | $1.2B-27.1% | $1.7B+19.9% | $1.4B+14.4% | $1.2B-5.9% | $1.3B+14.1% | $1.1B+16.6% | $972.4M+7.1% | $908.3M-5.2% | $958.3M-7.5% | $1.0B |
| Cost of Revenue | $683.1M | $706.1M-4.0% | $735.3M-4.6% | $770.5M-29.8% | $1.1B+25.0% | $878.7M+17.1% | $750.6M-7.4% | $810.9M+13.1% | $716.8M+11.4% | $643.4M+1.5% | $633.9M-7.2% | $682.9M-4.8% | $717.0M |
| Gross Profit | $477.2M | $461.5M-0.7% | $464.8M+4.4% | $445.0M-21.9% | $570.1M+11.2% | $512.8M+10.2% | $465.5M-3.4% | $482.0M+15.6% | $416.8M+26.7% | $329.0M+19.9% | $274.4M-0.4% | $275.4M-13.5% | $318.5M |
| R&D Expenses | $27.2M | $28.4M+15.9% | $24.5M-3.5% | $25.4M-16.2% | $30.3M+15.2% | $26.3M+16.4% | $22.6M+14.7% | $19.7M-8.4% | $21.5M+8.6% | $19.8M+12.5% | $17.6M+1.1% | $17.4M+123.1% | $7.8M |
| SG&A Expenses | $165.4M | $171.2M+8.5% | $157.8M-2.5% | $161.8M-18.6% | $198.8M+10.9% | $179.3M+20.0% | $149.4M-8.4% | $163.1M+23.2% | $132.4M+24.4% | $106.4M+10.4% | $96.4M+4.0% | $92.7M-13.9% | $107.7M |
| Operating Income | N/A | $418.7M-1.7% | $425.9M+0.6% | $423.2M-6.5% | $452.6M+7.2% | $422.2M+6.1% | $397.9M+0.3% | $396.9M+23.8% | $320.5M+32.1% | $242.7M+48.3% | $163.6M-1.6% | $166.3M-22.0% | $213.3M |
| Interest Expense | N/A | $78.3M-19.9% | $97.8M+4.8% | $93.3M+51.0% | $61.8M+19.5% | $51.7M+9.8% | $47.1M-13.7% | $54.6M+64.5% | $33.2M+83.4% | $18.1M-6.2% | $19.3M-4.0% | $20.1M+22.6% | $16.4M |
| Income Tax | $12.6M | $8.2M+142.9% | -$19.1M-178.9% | $24.2M-58.3% | $58.0M+29.8% | $44.7M-16.8% | $53.7M+21.5% | $44.2M+10.5% | $40.0M+35.1% | $29.6M-30.5% | $42.6M-18.4% | $52.2M-24.9% | $69.5M |
| Net Income | $54.0M | -$167.1M+61.2% | -$430.3M-7868.5% | -$5.4M-102.6% | $211.6M+79.2% | $118.1M-34.9% | $181.4M-1.3% | $183.7M+8.6% | $169.1M+33.7% | $126.5M+259.4% | $35.2M-55.8% | $79.7M-38.2% | $129.0M |
| EPS (Diluted) | — | -$4.61+61.1% | -$11.85-7800.0% | -$0.15-102.7% | $5.50+86.4% | $2.95-32.5% | $4.37+0.5% | $4.35+9.6% | $3.97+33.7% | $2.97+257.8% | $0.83-56.1% | $1.89-38.2% | $3.06 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NGVT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.7B-18.4% | $2.0B-22.9% | $2.6B-4.1% | $2.7B+10.8% | $2.5B+5.8% | $2.3B+9.0% | $2.1B+62.8% | $1.3B+41.5% | $929.6M+11.6% | $832.8M+6.9% | $778.7M+8.6% | $717.3M |
| Current Assets | $454.2M-7.9% | $493.2M-25.1% | $658.6M-3.6% | $683.3M-5.7% | $724.9M+15.3% | $628.7M+35.7% | $463.2M+9.6% | $422.7M+14.6% | $368.7M+24.9% | $295.2M-0.4% | $296.3M | N/A |
| Cash & Equivalents | $78.1M+14.9% | $68.0M-29.1% | $95.9M+25.0% | $76.7M-72.1% | $275.4M+6.9% | $257.7M+356.1% | $56.5M-27.1% | $77.5M-11.8% | $87.9M+188.2% | $30.5M-4.7% | $32.0M+60.8% | $19.9M |
| Inventory | $186.0M-5.1% | $195.9M-36.6% | $308.8M-7.8% | $335.0M+38.9% | $241.2M+27.6% | $189.0M-11.1% | $212.5M+11.0% | $191.4M+19.6% | $160.0M+5.8% | $151.2M+1.5% | $148.9M | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | $148.0M-1.3% | $150.0M+26.2% | $118.9M+18.9% | $100.0M+11.4% | $89.8M-5.7% | $95.2M | N/A |
| Goodwill | $4.3M-97.5% | $175.2M-66.8% | $527.5M+1.7% | $518.5M+17.3% | $442.0M-0.7% | $445.3M+2.0% | $436.4M+233.9% | $130.7M+954.0% | $12.4M0.0% | $12.4M+4.2% | $11.9M-8.5% | $13.0M |
| Total Liabilities | $1.6B-11.3% | $1.8B-8.3% | $2.0B-2.3% | $2.0B+13.5% | $1.8B+6.1% | $1.7B+5.1% | $1.6B+65.0% | $976.5M+49.8% | $651.7M-6.7% | $698.2M+167.2% | $261.3M-13.1% | $300.7M |
| Current Liabilities | $341.3M+29.2% | $264.1M-27.2% | $362.9M+19.6% | $303.5M+12.9% | $268.9M+20.4% | $223.4M+3.7% | $215.5M+17.6% | $183.3M+19.6% | $153.2M+11.9% | $136.9M+37.2% | $99.8M | N/A |
| Long-Term Debt | $1.2B-13.3% | $1.3B-3.1% | $1.4B-6.1% | $1.5B+17.8% | $1.3B-1.4% | $1.3B+3.2% | $1.2B+65.7% | $741.2M+66.9% | $444.0M-7.7% | $481.3M+501.6% | $80.0M | N/A |
| Total Equity | $29.7M-84.8% | $195.2M-69.1% | $631.4M-9.6% | $698.3M+3.6% | $673.8M+4.9% | $642.1M+21.0% | $530.8M+56.7% | $338.7M+21.9% | $277.9M+118.8% | $127.0M-75.3% | $513.6M+23.3% | $416.6M |
| Retained Earnings | $404.9M-29.2% | $572.0M-42.9% | $1.0B-0.5% | $1.0B+26.6% | $796.1M+17.4% | $678.0M+36.4% | $497.2M+58.6% | $313.5M+119.5% | $142.8M+792.5% | $16.0M | $0 | N/A |
NGVT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $211.0M | $331.2M+157.5% | $128.6M-37.3% | $205.1M-34.6% | $313.4M+6.9% | $293.3M-16.8% | $352.4M+27.8% | $275.7M+9.4% | $252.0M+44.6% | $174.3M+36.3% | $127.9M+77.1% | $72.2M-47.9% | $138.5M |
| Capital Expenditures | $56.1M | $57.7M-25.6% | $77.6M-29.3% | $109.8M-22.9% | $142.5M+37.3% | $103.8M+26.4% | $82.1M-28.5% | $114.8M+22.3% | $93.9M+78.5% | $52.6M-7.2% | $56.7M-43.8% | $100.9M-0.9% | $101.8M |
| Free Cash Flow | $154.9M | $273.5M+436.3% | $51.0M-46.5% | $95.3M-44.2% | $170.9M-9.8% | $189.5M-29.9% | $270.3M+68.0% | $160.9M+1.8% | $158.1M+29.9% | $121.7M+70.9% | $71.2M+348.1% | -$28.7M-178.2% | $36.7M |
| Investing Cash Flow | $138.5M | -$57.5M+27.7% | -$79.5M-2.8% | -$77.3M+86.0% | -$551.9M-298.2% | -$138.6M-25.3% | -$110.6M+83.2% | -$658.3M-58.9% | -$414.4M-607.2% | -$58.6M+53.6% | -$126.4M-41.5% | -$89.3M+7.7% | -$96.8M |
| Financing Cash Flow | -$277.6M | -$252.2M-259.3% | -$70.2M+29.7% | -$99.9M-307.7% | $48.1M+136.1% | -$133.1M-165.1% | -$50.2M-113.6% | $369.2M+140.2% | $153.7M+365.9% | -$57.8M-1600.0% | -$3.4M-112.6% | $27.0M+185.2% | -$31.7M |
| Share Buybacks | $143.1M | $56.3M | $0-100.0% | $92.1M-36.6% | $145.2M+32.7% | $109.4M+24.3% | $88.0M+1275.0% | $6.4M-86.5% | $47.4M+618.2% | $6.6M | $0 | $0 | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NGVT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.5%+0.8pp | 38.7%+2.1pp | 36.6%+2.4pp | 34.2%-2.7pp | 36.9%-1.4pp | 38.3%+1.0pp | 37.3%+0.5pp | 36.8%+2.9pp | 33.8%+3.6pp | 30.2%+1.5pp | 28.7%-2.0pp | 30.8% |
| Operating Margin | 35.9%+0.4pp | 35.5%+0.7pp | 34.8%+7.7pp | 27.1%-3.2pp | 30.3%-2.4pp | 32.7%+2.0pp | 30.7%+2.4pp | 28.3%+3.3pp | 25.0%+6.9pp | 18.0%+0.7pp | 17.3%-3.3pp | 20.6% |
| Net Margin | -14.3%+21.5pp | -35.9%-35.4pp | -0.4%-13.1pp | 12.7%+4.2pp | 8.5%-6.4pp | 14.9%+0.7pp | 14.2%-0.7pp | 14.9%+1.9pp | 13.0%+9.1pp | 3.9%-4.4pp | 8.3%-4.1pp | 12.5% |
| Return on Equity | -562.6%-342.2pp | -220.4%-219.6pp | -0.9%-31.2pp | 30.3%+12.8pp | 17.5%-10.7pp | 28.2%-6.4pp | 34.6%-15.3pp | 49.9%+4.4pp | 45.5%+17.8pp | 27.7%+12.2pp | 15.5%-15.4pp | 31.0% |
| Return on Assets | -10.1%+11.2pp | -21.3%-21.1pp | -0.2%-7.9pp | 7.7%+2.9pp | 4.8%-3.0pp | 7.8%-0.8pp | 8.6%-4.3pp | 12.9%-0.8pp | 13.6%+9.4pp | 4.2%-6.0pp | 10.2%-7.7pp | 18.0% |
| Current Ratio | 1.33-0.5x | 1.87+0.1x | 1.81-0.4x | 2.25-0.4x | 2.70-0.1x | 2.81+0.7x | 2.15-0.2x | 2.31-0.1x | 2.41+0.3x | 2.16-0.8x | 2.97 | N/A |
| Debt-to-Equity | 39.10+32.2x | 6.86+4.7x | 2.19+0.1x | 2.11+0.3x | 1.86-0.1x | 1.97-0.3x | 2.31+0.1x | 2.19+0.6x | 1.60-2.2x | 3.79+3.6x | 0.16-0.6x | 0.72 |
| FCF Margin | 23.4%+19.2pp | 4.3%-3.6pp | 7.8%-2.4pp | 10.2%-3.4pp | 13.6%-8.6pp | 22.2%+9.8pp | 12.4%-1.5pp | 14.0%+1.4pp | 12.5%+4.7pp | 7.8%+10.8pp | -3.0%-6.5pp | 3.5% |
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Where Ingevity Corp Ranks
Frequently Asked Questions
What is Ingevity Corp's annual revenue?
Ingevity Corp (NGVT) reported $1.2B in total revenue for fiscal year 2025. This represents a -2.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ingevity Corp's revenue growing?
Ingevity Corp (NGVT) revenue declined by 2.7% year-over-year, from $1.2B to $1.2B in fiscal year 2025.
Is Ingevity Corp profitable?
No, Ingevity Corp (NGVT) reported a net income of -$167.1M in fiscal year 2025, with a net profit margin of -14.3%.
What is Ingevity Corp's EBITDA?
Ingevity Corp (NGVT) had EBITDA of $525.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ingevity Corp have?
As of fiscal year 2025, Ingevity Corp (NGVT) had $78.1M in cash and equivalents against $1.2B in long-term debt.
What is Ingevity Corp's gross margin?
Ingevity Corp (NGVT) had a gross margin of 39.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ingevity Corp's operating margin?
Ingevity Corp (NGVT) had an operating margin of 35.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ingevity Corp's net profit margin?
Ingevity Corp (NGVT) had a net profit margin of -14.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ingevity Corp's return on equity (ROE)?
Ingevity Corp (NGVT) has a return on equity of -562.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ingevity Corp's free cash flow?
Ingevity Corp (NGVT) generated $273.5M in free cash flow during fiscal year 2025. This represents a 436.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ingevity Corp's operating cash flow?
Ingevity Corp (NGVT) generated $331.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ingevity Corp's total assets?
Ingevity Corp (NGVT) had $1.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ingevity Corp's capital expenditures?
Ingevity Corp (NGVT) invested $57.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ingevity Corp spend on research and development?
Ingevity Corp (NGVT) invested $28.4M in research and development during fiscal year 2025.
What is Ingevity Corp's current ratio?
Ingevity Corp (NGVT) had a current ratio of 1.33 as of fiscal year 2025, which is considered adequate.
What is Ingevity Corp's debt-to-equity ratio?
Ingevity Corp (NGVT) had a debt-to-equity ratio of 39.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ingevity Corp's return on assets (ROA)?
Ingevity Corp (NGVT) had a return on assets of -10.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ingevity Corp's Altman Z-Score?
Ingevity Corp (NGVT) has an Altman Z-Score of 2.95, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ingevity Corp's Piotroski F-Score?
Ingevity Corp (NGVT) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ingevity Corp's earnings high quality?
Ingevity Corp (NGVT) reported a net loss of $167.1M while generating $331.2M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ingevity Corp cover its interest payments?
Ingevity Corp (NGVT) has an interest coverage ratio of 5.35x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ingevity Corp?
Ingevity Corp (NGVT) scores 59 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.