Ingevity Corp

Industrials
Major Chemicals
www.ingevity.com

Earnings Score
Moat Score
Safety Score

Market Cap $1.42B
PE -3
Debt $1.47B
Cash $86.60M
EV $2.80B
FCF $51.00M

Earnings

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Sales & Net Margins

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Earnings	-$430.30M
EBIT	$369.00M
ROE	-220%
ROA	18%
FCF	$51.00M
Equity	$195.20M
Growth Stability	-398%
PE	-3.3
PEG	5.4
PB	7.28
P/FCF	27.88
P/S	1.01
Price/Cash	0.06
Debt/Equity	7.51
Debt/FCF	28.75
Net Margins	-31%
Gross Margins	32%
Op. Margins	26%
Earnings CAGR	5%
Sales Growth YoY	-20%
Sales Growth QoQ	-21%
Sales CAGR	8%
FCF CAGR	4%
Equity CAGR	11%
Earnings Stability	0.14
Earnings Growth YoY	-114%
Earnings Growth QoQ	-115%

Earnings CAGR 5Y	-1%
Sales CAGR 5Y	7%
FCF CAGR 5Y	-30%
Equity CAGR 5Y	-13%
Earnings CAGR 3Y	-1%
Sales CAGR 3Y	-1%
FCF CAGR 3Y	-42%
Equity CAGR 3Y	-35%
Market Cap	$1.42B
Revenue	$1.41B
Assets	$2.02B
Total Debt	$1.47B
Cash	$86.60M
Shares Outstanding	36.31M
EV	2.8B
Earnings Score	8%
Moat Score	33%
Safety Score	25%
Final Score	22%
Working Capital	229.1M
Current Ratio	1.87
Gross Profit	$454.70M
Shares Growth 3y	-2%
Equity Growth QoQ	-9%
Equity Growth YoY	-69%

Assets & ROA

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Stockholders Equity & ROE

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Ingevity Corp is a chemical manufacturer based in the United States. It conducts its operations through two segments, namely Performance Chemicals and Performance Materials. The bulk of its revenue is generated by the Performance Chemicals segment which deals with the manufacture and sale of specialty chemicals which find their use in a range of processes such as asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, and publication inks. The Performance Materials segment, on the other hand, focusses on automotive carbon products used in automobiles. The Company sells its products worldwide, with special emphasis on North America.

SEC Filings

Direct access to Ingevity Corp (NGVT) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Ingevity Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Ingevity Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 5%

Stability 14%

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Ingevity Corp Discounted Cash Flow

Fully customizable DCF calculator online for Ingevity Corp.

Years

Calculation mode

= $655M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$51M	$53M	$55M	$57M	$59M	$61M	$63M	$66M	$68M	$70M	$73M	$730M
DCF		$48M	$45M	$43M	$40M	$38M	$36M	$34M	$32M	$30M	$28M	$281M
Value	$655M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	8%	4%	13%	15%	14%	15%	8%	13%	-0%	-31%	-31%
ROA	-	20%	22%	20%	19%	17%	17%	17%	15%	18%	18%
ROE	-	26%	46%	50%	35%	28%	18%	30%	-1%	-220%	-220%

Bad Net Margins (-30.6%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	7.01	3.82	4.87	7.96	4.93	6.87	8.68	16.34	28.75	28.75
Debt over Equity	0.17	3.71	1.67	2.27	2.41	2.08	1.93	2.12	2.47	7.51	7.51
Growth Stability	-	-	-	100%	100%	100%	66%	100%	-3%	-398%	-398%

Bad Debt/FCF ratio (28.75)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Bad Debt/Equity ratio (7.51)

The company is overleveraged and has a bad balance between equity and debt.

Bad Graham’s Stability (-398%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	-5%	7%	17%	14%	-6%	14%	20%	1%	-17%	7%
Earnings YoY growth	-	-56%	259%	34%	9%	-1%	-35%	79%	-103%	8K%	-1%
Equity YoY growth	-	-74%	106%	22%	57%	21%	5%	4%	-10%	-69%	-13%
FCF YoY growth	-	-348%	71%	30%	2%	68%	-30%	-10%	-44%	-46%	-30%