Ingevity Corp key statistics and ratios

In fiscal 2025, Ingevity Corp had return on equity of -148.6%, an operating margin of 35.9%, debt equal to 4079.5% of equity and a current ratio of 1.33. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Ingevity Corp: financial ratios, annual
Fiscal year	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	30.8%	28.7%	30.2%	33.8%	36.8%	37.3%	38.3%	36.9%	34.2%	36.6%	38.7%	39.5%	41.1%
Operating margin	20.6%	17.4%	18.0%	25.0%	28.3%	30.7%	32.7%	30.3%	27.1%	34.8%	35.5%	35.9%	—
Net margin	12.5%	8.3%	3.9%	13.0%	14.9%	14.2%	14.9%	8.5%	12.7%	−0.4%	−35.9%	−14.3%	4.7%
Free-cash-flow margin	3.5%	−3.0%	7.8%	12.5%	13.9%	12.4%	22.2%	13.6%	10.2%	7.8%	4.2%	23.4%	13.3%
Return on equity	31.0%	17.1%	11.0%	62.5%	54.8%	42.3%	30.9%	17.9%	30.8%	−0.8%	−104.1%	−148.6%	141.0%
Return on assets	18.0%	10.7%	4.4%	14.4%	15.1%	10.6%	8.1%	4.9%	8.1%	−0.2%	−18.5%	−9.1%	3.4%
Asset turnover	1.44	1.28	1.13	1.10	1.01	0.75	0.54	0.58	0.64	0.45	0.52	0.64	0.73
Current ratio	—	2.97	2.16	2.41	2.31	2.15	2.81	2.70	2.25	1.81	1.87	1.33	1.61
Debt to equity	0.0%	17.4%	387.3%	163.7%	224.1%	237.0%	203.5%	190.0%	211.9%	233.2%	719.9%	>999%	>999%
Interest cover (operating income ÷ interest)	13.0x	8.3x	8.5x	13.4x	9.7x	7.3x	8.4x	8.2x	7.3x	4.5x	4.4x	5.3x	—
Effective tax rate	34.4%	38.2%	49.0%	16.9%	18.0%	19.4%	22.8%	27.5%	21.5%	18.6%	—	—	33.2%
R&D as % of revenue	0.8%	1.8%	1.9%	2.0%	1.9%	1.5%	1.9%	1.9%	1.8%	2.1%	2.0%	2.4%	2.3%
SG&A as % of revenue	10.4%	9.7%	10.6%	10.9%	11.7%	12.6%	12.3%	12.9%	11.9%	13.3%	13.1%	14.7%	14.3%
Capital spending as % of revenue	9.8%	10.5%	6.2%	5.4%	8.3%	8.9%	6.8%	7.5%	8.5%	9.0%	6.5%	4.9%	4.8%
Free cash flow ÷ net income	28.4%	−36.0%	202.3%	96.2%	93.5%	87.6%	149.0%	160.5%	80.8%	—	—	—	286.9%
Dividends and buybacks ÷ free cash flow	—	—	0.0%	5.4%	30.0%	4.0%	32.6%	57.7%	85.0%	96.6%	0.0%	20.6%	92.4%

US$ thousands unless shown otherwise. Fiscal quarters.

Ingevity Corp: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	39.4%	37.9%	45.1%	38.6%	40.2%	34.4%	45.1%	44.3%
Operating margin	33.0%	52.2%	—	—	—	—	—	—
Net margin	−32.1%	6.3%	8.3%	−44.2%	13.1%	−33.2%	23.2%	11.2%
Free-cash-flow margin	8.5%	15.0%	6.2%	20.2%	35.4%	28.8%	−4.8%	−7.7%
Current ratio	1.76	1.87	2.00	1.36	1.27	1.33	1.42	1.61
Debt to equity	698.5%	717.7%	593.8%	>999%	912.7%	>999%	>999%	>999%
R&D as % of revenue	1.9%	2.5%	2.8%	2.1%	2.1%	2.9%	2.6%	1.9%
SG&A as % of revenue	11.4%	14.5%	16.9%	13.2%	13.2%	16.3%	15.8%	12.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 6 checks passed · June 30, 2026

What it owns · $1.5bn

Short-term assets $544mLonger-term assets $994m

What it owes, and who funded it · $1.5bn

Short-term liabilities $338mLonger-term liabilities $1.2bnShareholders' equity $47m

Short-term assets cover short-term liabilities $544m of assets due within a year against $338m of liabilities due within a year.
Short-term assets cover long-term liabilities $544m short-term assets against $1.2bn of longer-dated liabilities.
More cash than debt $97m of cash against $1.2bn of debt.
Debt below 40% of shareholders' equity Debt is 2559% of equity.
Debt burden no higher than five years ago Debt to equity moved from 186% to 2559% over five years.
A year's operating cash flow covers at least 20% of debt $211m of operating cash flow against $1.2bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Ingevity Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

74 /100

Strong moat

How hard Ingevity's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 8 / 20

Net income has been a median 6.2% of total assets over 10 years.
Pricing power 12 / 20

Gross margin has been a median 36.3%, moving by 3.0 percentage points (standard deviation) across 10 years.
Durability 18 / 20

Operating margin has been a median 29.3%; its worst year was 17.4%.
Cash conversion 16 / 20

Free cash flow was positive in 10 of 10 years, at a median 12.0% of revenue.
Discipline 20 / 20

The diluted share count fell 12.7% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: HWKN vs NGVT BCPC vs NGVT ALTO vs NGVT

More: Specialty Chemicals stocks compared, Materials sector, rankings of US companies

Figures from Ingevity Corp's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ingevity Corp.