At a glance
Balchem Corporation is worth $5.28B, about 35 times its fiscal 2025 earnings. Revenue grew 8.8% to $1.04B in fiscal 2025, with 14.9% kept as profit; over 5 years it has grown 8.1% a year. It pays a 0.58% dividend yield, raised every year for at least 9 years, and returned $304.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +7.8% over the past year with dividends reinvested and +2.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 27.3% in the 2020 crash (S&P 500: 33.7%) and 32.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 25 months after the lows.
The business in plain English
Balchem, incorporated in Maryland in 1967, makes and sells specialty ingredients and products used in food, supplements, animal feed, medical sterilization and farming. It sells through its own sales force, independent distributors and sales agents. Revenue for 2025 was about $1.04 billion, with 73.2% from the United States and 26.8% from other countries.
Human Nutrition and Health is the largest segment, at 63.6% of 2025 revenue. It supplies choline, a nutrient linked to infant brain development; minerals bonded to amino acids (chelates) so the body absorbs them easily; vitamin K2; and MSM, used for joint health. It also helps food and drink makers develop products, supplying powders, flavor systems, dairy bases and cereal systems. It also coats ingredients in tiny protective shells, a process called microencapsulation, to improve shelf life and processing.
Animal Nutrition and Health, at 22.3%, sells encapsulated nutrients that support health and milk production in ruminants (cud-chewing animals such as cows). It also sells choline chloride to the poultry, pet and swine industries. Specialty Products, at 13.6%, re-packages and distributes ethylene oxide, a gas that sterilizes medical devices, mainly for contract sterilizers and device makers. It also sells propylene oxide for fumigating nuts and spices, ammonia, and crop nutrients, which sell mostly in the first half of the year.
Price history
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BCPC +7.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Human Nutrition and Health | $659.4M | 63.6% |
| Animal Nutrition and Health | $230.9M | 22.3% |
| Specialty Products | $141.0M | 13.6% |
By geography
| United States | $759.4M | 73.2% |
| Foreign Countries | $277.7M | 26.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $290.7M, up 8.6% from a year earlier, and net income was $46.7M (+16.0%).
- For fiscal 2025, revenue was $1.04B (+8.8% year over year; +8.1% a year from FY2020 to FY2025) with a 14.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.1% good |
|---|---|
| Operating margin | 20.2% good |
| Return on equity (FY2025) | 12.3% watch |
| Return on assets (FY2025) | 9.2% good |
| Cash and investments | $66.3M (debt isn’t tagged in a standard way in the filings, so net cash can’t be shown) |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $703.6M | $84.6M | $118.4M |
| FY2021 | $799.0M | $96.1M | $124.4M |
| FY2022 | $942.4M | $105.4M | $89.5M |
| FY2023 | $922.4M | $108.5M | — |
| FY2024 | $953.7M | $128.5M | — |
| FY2025 | $1.04B | $154.8M | — |
Valuation snapshot
| Market value | $5.28B |
|---|---|
| P/E ratio | 35 |
| Dividend yield | 0.58% |
Rank among 1514 US companies
Market value at each year end
Balchem’s market value went from $2.66B at the end of 2016 to $5.28B on Oct 28, 2026, about 2.0 times as much; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.28B | +6.4% |
| 2025 | $4.97B | -6.3% |
| 2024 | $5.30B | +10.5% |
| 2023 | $4.80B | +22.2% |
| 2022 | $3.92B | -28.1% |
| 2021 | $5.46B | +46.5% |
| 2020 | $3.73B | +14.0% |
| 2019 | $3.27B | +29.4% |
| 2018 | $2.53B | -2.1% |
| 2017 | $2.58B | -3.1% |
| 2016 | $2.66B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BCPC price data to Oct 28, 2026 | +8.4% | +7.8% | +13.8% | +2.2% | +8.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.4% |
| 2025 | -5.3% |
| 2024 | +10.2% |
| 2023 | +22.8% |
| 2022 | -27.1% |
| 2021 | +46.9% |
| 2020 | +13.9% |
| 2019 | +30.4% |
| 2018 | -2.2% |
| 2017 | -3.5% |
| 2016 | +38.7% |
| 2015 | -8.3% |
| 2014 | +14.0% |
| 2013 | +61.8% |
| 2012 | -9.5% |
| 2011 | +20.4% |
| 2010 | +52.0% |
| 2009 | +35.0% |
| 2008 | +11.8% |
| 2007 | +31.4% |
| 2006 | +29.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 10.8% over that stretch · deepest drop along the way 35.6%, back to its old high 8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 12.7% over that stretch · deepest drop along the way 27.3%, back to its old high 9.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.8% over that stretch · deepest drop along the way 32.2%, back to its old high 24.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 2 sales ($1.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Dec 3, 2025 | David B Fischer Director | sell | $923K |
| Dec 3, 2025 | David B Fischer Director | sell | $308K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.4% | Jun 30, 2025 |
| Vanguard Portfolio Management | 6.93% | Mar 31, 2026 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
| APG Asset Management US Inc. | 3.7% | Mar 31, 2025 |
ETFs with the most weight in BCPC
| PSCM Invesco S&P SmallCap Materials ETF | 9.03% |
| PYZ Invesco Dorsey Wright Basic Materials Momentum ETF | 2.1% |
| XSHQ Invesco S&P SmallCap Quality ETF | 1.56% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 1% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.88% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 0.86% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.85% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.83% |
What could go wrong
- Stricter ethylene oxide rules could cut sales. Balchem sells ethylene oxide gas used to sterilize medical devices. Concerns about its emissions have led to rules for users that have affected, and may keep affecting, customers' ability to use it.
- Tough price competition in animal feed. Choline chloride for the poultry, pet and swine industries is a commodity-like product sold in highly price-competitive markets. Some rivals are larger and have more money for research and production.
- Food safety scares and product recalls. Bad publicity about the safety of foods containing its ingredients, or of similar products made by others, could cut sales. Consumer preferences can shift, and product liability claims and recalls are possible.
- Volatile raw material costs and tariffs. Its raw materials come from petrochemicals, minerals, metals and farm goods whose prices swing. Balchem faced inflation in 2025, partly from tariffs, and some supplies stayed hard to get.
- Plant breakdowns, fires or explosions. Revenue depends on factories and filling sites running smoothly. Equipment failures, power outages, fires, explosions or safety and quality lapses could hurt profits while problems last.
- Wars and trade disputes abroad. About 27% of 2025 sales came from outside the US, and some products are made in Europe. Conflicts like Russia's invasion of Ukraine and trade disputes could raise costs, disrupt supplies or hurt sales.
Recent events
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
For income and retirement investors
Balchem pays a small but fast-growing dividend. It paid $0.96 per share for 2025, up from $0.514 for 2020, about 13.3% growth a year. Its filings show at least nine straight annual increases through 2025. Dividends took only 18.3% of 2025 profits, a wide cushion. Still, the dividend yield (yearly dividends as a share of the stock price) was 0.58% as of October 28, 2026, so the cash income was modest. The company also spent $188 million repurchasing its own shares from 2021 through 2025, $108 million of it in 2025, and its share count fell 1.9% from October 2021 to October 2026.
The stock has fallen hard in market downturns. It dropped 35.6% in the 2008 financial crisis and 27.3% in the 2020 COVID crash, recovering in about 8 and 9 months. In the 2022 market slump it fell 32.2% and took about 25 months to regain its peak. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Balchem make money?
Balchem makes money selling specialty ingredients and products, mostly to other businesses. In 2025, Human Nutrition and Health, which supplies choline, chelated minerals, vitamin K2 and food and beverage ingredients, brought in 63.6% of its $1.04 billion revenue. Animal Nutrition and Health, mainly feed nutrients for livestock, poultry and pets, contributed 22.3%. Specialty Products, which re-packages ethylene oxide sterilant gas, fumigants and ammonia and sells crop nutrients, added 13.6%. About 73% of sales were in the United States.
Does Balchem raise its dividend every year?
Yes. Balchem's filings show a dividend increase in every fiscal year from 2016 through 2025, a streak of at least nine straight raises that may be longer. The dividend grew from $0.514 per share for 2020 to $0.96 for 2025, about 13.3% a year, and used only 18.3% of 2025 earnings. The yield was low, though: 0.58% as of October 28, 2026. Past increases do not guarantee future ones.
Does ethylene oxide regulation affect Balchem?
Yes, it can. Ethylene oxide is one of the main products in Balchem's Specialty Products segment, which made up 13.6% of 2025 revenue. The company re-packages the gas and ships it in reusable drums and cylinders to contract sterilizers and medical device makers, who use it to sterilize devices without damaging plastics, metals or tubing. Concerns about its emissions have led to rules for users, and Balchem warns these may limit customers' use of the gas and, in turn, its own sales.
How do EU tariffs on Chinese choline chloride affect Balchem?
They may help Balchem by making rival Chinese choline chloride more expensive in Europe, though the size of any benefit is uncertain. On December 19, 2025, the European Commission set final duties of 90.0% to 115.9% on choline chloride from China, after provisional duties of 95.4% to 120.8% took effect July 1, 2025. Balchem Italia Srl, part of Balchem, was one of two complainants whose complaint led to the case. Balchem sells choline chloride mainly to the poultry, pet and swine industries.
How has Balchem stock performed over the long term?
Balchem's share price has grown over 10 years but been weak over five. Based on price, the stock gained 133% in the 10 years to October 28, 2026, about 8.8% a year. Over five years it gained about 2.2% a year, a period that included a 27.15% drop in 2022 and a 5.33% fall in 2025. Over three years it rose about 13.8% a year. On that date, the shares traded at 35 times 2025 earnings per share.