Ingevity Corporation
- Open
- 69.04
- Day high
- 71.26
- Day low
- 68.95
- Prev close
- 68.51
- Volume
- 241K
- Mkt cap
- $2.4B
- P/E (TTM)
- 44.8
- EPS (TTM)
- $1.54
- P/B
- 50.6
- P/S
- 2.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$968K over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions mixed (13F)
Ingevity Corporation (NGVT) is a Basic Materials company listed on NYSE. The stock is up 22% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4). Drillr has 1 published research article covering NGVT.
Ingevity Corporation (NGVT) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NGVT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $1.33 | $1.74 | +30.8% | $314M | +0.6% |
| May 7, 2026 | $0.84 | $1.15 | +36.9% | $258M | +1.3% |
| Feb 26, 2026 | $0.74 | $-2.37 | -420.2% | $185M | -27.9% |
| Nov 5, 2025 | $0.68 | $1.31 | +92.6% | $333M | +29.5% |
| Feb 18, 2025 | $0.29 | $0.95 | +227.6% | $299M | -9.0% |
| Jul 31, 2024 | $1.05 | $1.01 | -3.4% | $391M | -4.9% |
| May 1, 2024 | $0.38 | $0.52 | +37.9% | $340M | +5.3% |
| Feb 21, 2024 | $-0.13 | $0.21 | +261.5% | $372M | +10.7% |
| Nov 1, 2023 | $1.22 | $1.21 | -0.8% | $446M | +34.9% |
| Aug 2, 2023 | $1.41 | $1.41 | +0.0% | $482M | -1.0% |
| May 3, 2023 | $1.13 | $1.09 | -3.5% | $393M | +0.0% |
| Feb 27, 2023 | $0.90 | $0.57 | -36.7% | $384M | -2.4% |
NGVT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 18, 2026 | Li David Hdirector, officer: President & CEO | Sell | 92 | $74.71 |
| Aug 18, 2026 | Li David Hdirector, officer: President & CEO | Sell | 5,000 | $75.73 |
| Aug 14, 2026 | Li David Hdirector, officer: President & CEO | Sell | 5,000 | $76.62 |
| Aug 11, 2026 | PLATT PHILLIP JOHNofficer: SVP, Chief Financial Officer | Tax | 1,698 | $77.04 |
| Aug 4, 2026 | Fisher Ryan C.officer: SVP, Gen. Counsel & Secretary | Sell | 1,397 | $73.76 |
| Aug 4, 2026 | Fisher Ryan C.officer: SVP, Gen. Counsel & Secretary | Sell | 1,312 | $73.67 |
| Jul 28, 2026 | PLATT PHILLIP JOHNofficer: SVP, Chief Financial Officer | Tax | 3,294 | $73.26 |
| Jul 8, 2026 | Fisher Ryan C.officer: SVP, Gen. Counsel & Secretary | Tax | 168 | $73.86 |
| Jul 2, 2026 | Segal Francis Daviddirector | Grant | 328 | $72.58 |
| Jul 2, 2026 | WILLIS J KEVINdirector | Grant | 397 | $72.58 |
| Jun 24, 2026 | Cotterman Ryan Josephofficer: VP, Chief Accounting Officer | Grant | 2,063 | — |
| Jun 1, 2026 | DYER TERRANCE Mofficer: SVP, Chief HR Officer | Sell | 200 | $68.53 |
| Jun 1, 2026 | DYER TERRANCE Mofficer: SVP, Chief HR Officer | Sell | 266 | $68.45 |
| Jun 1, 2026 | DYER TERRANCE Mofficer: SVP, Chief HR Officer | Sell | 30 | $68.57 |
| May 5, 2026 | PLATT PHILLIP JOHNofficer: SVP, Finance & CAO | Grant | 1,262 | — |
Source: NGVT SEC Form 4 filings, latest Aug 18, 2026. For informational purposes only — not investment advice.
See the full NGVT insider & 13F page →Ingevity Corporation company profile
Overview
Ingevity Corporation (NYSE:NGVT) is a specialty chemicals manufacturer founded in 1964 and headquartered in North Charleston, South Carolina. The company went public in May 2016 as a spinoff from WestRock Company. Ingevity operates through two primary business segments: Performance Materials and Performance Chemicals, serving diverse markets including automotive emissions control, road construction, industrial applications, and emerging battery technologies. The company has undergone significant strategic repositioning in recent years, focusing on higher-margin products while divesting from cyclical, lower-margin businesses.
Business
Ingevity operates in the specialty chemicals industry, manufacturing engineered materials derived primarily from wood-based feedstocks. The company's business is organized into two main segments: Performance Materials (approximately 40% of total revenue) focuses on activated carbon products. The segment's flagship offering is hardwood-based activated carbon used primarily in automotive gasoline vapor emission control systems. These products capture fuel vapors from vehicle fuel tanks and engines, preventing their release into the atmosphere. The activated carbon canisters are mandatory components in cars, motorcycles, trucks, and boats worldwide due to environmental regulations. Beyond automotive applications, this segment also produces activated carbon for food, water, beverage, and chemical purification processes. Performance Chemicals (approximately 60% of total revenue) manufactures products derived from crude tall oil (CTO) and lignin extracted from the kraft pulping process. This segment includes three main product lines: 1) Pavement Technologies - producing asphalt additives for warm mix paving, pavement preservation, and road reconstruction; 2) Industrial Specialties - creating oil well service additives, adhesives, agrochemical dispersants, lubricants, and printing inks; and 3) Engineered Polymers - manufacturing caprolactone monomers and derivatives used in coatings, resins, elastomers, bioplastics, and medical devices. The company also operates Advanced Polymer Technologies (APT), which was previously reported as a separate segment but is now integrated within Performance Chemicals. APT focuses on specialty polymer applications and maintains margins around 20%.
Revenue model
Ingevity generates revenue primarily through direct product sales to industrial customers and automotive suppliers. The company operates under long-term supply agreements with major automotive manufacturers for activated carbon products, providing relatively stable revenue streams with annual price escalations. In Performance Chemicals, the business model involves processing raw materials like crude tall oil into higher-value specialty chemicals sold to construction, industrial, and consumer goods companies. The company's profitability is significantly influenced by several key factors. Raw material costs, particularly crude tall oil pricing, represent the largest margin driver for Performance Chemicals. CTO prices are cyclical and can create substantial margin compression during high-cost periods, as experienced in 2023-2024 when elevated contract prices severely impacted profitability. Automotive production volumes directly affect Performance Materials demand, with hybrid vehicle growth providing particularly strong tailwinds due to higher activated carbon content requirements per vehicle. Regulatory changes in emissions standards create both opportunities and risks. Stricter European automotive emissions regulations expected in 2025-2026 could nearly double activated carbon content per vehicle, while evolving environmental standards globally drive demand for the company's purification products. Infrastructure spending and construction activity levels significantly impact pavement technologies revenue, making this business somewhat cyclical and weather-dependent. Operational leverage plays a crucial role in margins, as the company has substantial fixed costs in its manufacturing facilities. Capacity utilization rates directly impact profitability, particularly after recent facility consolidations and closures designed to optimize the cost structure.
Competitive moat
Ingevity's competitive position varies significantly across its business segments. In Performance Materials, the company enjoys a relatively strong moat built on several factors. The activated carbon business benefits from high switching costs due to lengthy automotive qualification processes that can take 2-3 years, creating customer stickiness. The company's expertise in hardwood-based activated carbon production and its established relationships with major automotive OEMs provide competitive advantages. Additionally, stringent environmental regulations create barriers to entry and ensure consistent demand. However, the moat is not impregnable. The automotive industry's long-term shift toward electric vehicles poses an existential threat to the gasoline vapor emission control business, though this transition is occurring more slowly than initially anticipated, and hybrid vehicles actually require more activated carbon content. Competition from alternative emission control technologies and potential regulatory changes could also erode market position. In Performance Chemicals, the competitive moat is considerably weaker. The business operates in commodity-adjacent markets with numerous competitors and limited differentiation. Raw material access through relationships with pulp mills provides some advantage, but crude tall oil is widely available. The company's technical expertise in processing CTO into specialty chemicals offers modest differentiation, but margins remain under pressure from competition and cyclical demand patterns. The company's recent strategic repositioning - exiting lower-margin industrial specialties markets and focusing on higher-value applications - represents an attempt to strengthen competitive positioning, but success is not yet proven. Overall, Ingevity operates with a moderate moat in automotive applications but faces significant competitive pressures in its chemicals businesses.
Risks & safety
Ingevity's margin of safety appears concerning based on current financial metrics and market conditions. • Debt and Solvency: Net leverage ratio of 3.5x (Q4 2024) is elevated, though the company targets reduction to below 2.8x by end of 2025. Total debt-to-equity ratio of 7.45x indicates high financial leverage. Current ratio of 1.87x provides adequate short-term liquidity. • Cash Generation: Free cash flow of $51 million (2024) and $15.4 million (Q1 2025) shows positive but modest cash generation. Operating cash flow remains positive but variable across quarters. • Valuation Metrics: Trading at 10.0x EV/EBITDA and 17.6x P/E ratio based on Q1 2025 figures. However, 2024 full-year results show significant losses due to restructuring and impairment charges. • Other Considerations: Recent goodwill impairment of $349 million signals management's acknowledgment of asset overvaluation. The company is undergoing strategic review and CEO transition, adding execution uncertainty. Exposure to cyclical automotive and construction markets creates earnings volatility.
Recent development
Ingevity has undergone substantial strategic transformation over the past two years, primarily focused on improving profitability and reducing complexity. The company terminated its long-term crude tall oil supply contract in 2024, paying a $100 million penalty to gain pricing flexibility as market conditions shifted dramatically. This move, while costly upfront, positions the company to benefit from significantly lower CTO spot prices expected in 2025. Facility consolidation represents another major initiative. The company closed its DeRidder, Louisiana facility and consolidated refining operations in North Charleston, South Carolina, generating expected annual savings of $30-35 million beginning in 2025. Additionally, Ingevity is exiting lower-margin cyclical end markets in Performance Chemicals, reducing industrial specialties from 33-40% of total revenue to less than 20%. The company has made strategic investments in alternative raw materials, particularly alternative fatty acids (AFA) to diversify away from crude tall oil dependence. The Crossett facility has been converted to process AFA, with expectations to utilize approximately one-third of raw materials from this source. Battery technology development represents a key growth initiative. Ingevity continues investing in Nexeon, developing silicon-activated carbon composite anodes for electric vehicle batteries. While still early-stage, management sees potential for $75-100 revenue per vehicle in future applications. A new CEO, David Li, joined in early 2025 with a mandate to focus on disciplined execution, leverage reduction, and creating business optionality. The company is also exploring strategic alternatives for its industrial specialties business, potentially including divestiture to further streamline operations.
NGVT company profile · for informational purposes only — not investment advice.
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