At a glance
Ingevity Corp is worth $2.55B. Revenue fell 2.7% to $1.17B in fiscal 2025, at a loss. It pays no dividend; it spent $403.0M buying back its shares over FY2021–FY2025. The stock returned +33.1% over the past year with dividends reinvested and −1.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 57.3% in the 2020 crash (S&P 500: 33.7%) and 25.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months after the low.
The business in plain English
Ingevity makes specialty chemicals and materials, largely from renewable sources, that other companies use in their own products. These include activated carbon that captures gasoline vapor in car fuel systems, materials for filtering food, water and chemicals, chemicals for asphalt paving, paint for road markings, dispersants for crop chemicals, and ingredients for bioplastics, coatings and elastomers (rubber-like materials). It became independent in May 2016, when it split from WestRock.
In fiscal 2025, revenue from continuing operations was $1.17 billion. Performance Materials, serving automotive and filtration markets, supplied 52%. Performance Chemicals, mainly paving, road markings and crop-chemical dispersants, supplied 34%. Advanced Polymer Technologies, selling into cars, industrial equipment, footwear, packaging and medical products, supplied 14%. North America provided 57% of revenue, Asia Pacific 26%, Europe, the Middle East and Africa 14%, and South America 4%.
After a portfolio review completed December 8, 2025, Ingevity is narrowing to two businesses, which it calls "New Ingevity": Performance Materials and Pavement Technologies. It sold its North Charleston refinery for crude tall oil (a pine-based papermaking byproduct) and most of its industrial specialties line on January 1, 2026, and announced plans to seek deals for Advanced Polymer Technologies and road markings. Paving is seasonal: about 70% to 75% of paving and road-marking revenue comes between April and September.
Price history
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NGVT +33.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Performance Materials | $606.9M | 52% |
| Performance Chemicals | $400.5M | 34.3% |
| Advanced Polymer Technologies segment | $160.2M | 13.7% |
By geography
| North America | $665.1M | 57% |
| Asia Pacific | $298.5M | 25.6% |
| Europe, Middle East, and Africa | $158.9M | 13.6% |
| South America | $45.1M | 3.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $314.1M, down 5.2% from a year earlier, and net income was $35.3M.
- For fiscal 2025, revenue was $1.17B (-2.7% year over year) with a -14.3% net margin.
Financial health check
| Operating margin | 35.9% good |
|---|---|
| Free cash flow margin | 23.4% good |
| Return on equity (FY2025) | -562.6% weak |
| Return on assets (FY2025) | -10.1% weak |
| Net cash (cash minus debt) | $-1.10B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.22B | $181.4M | $270.3M |
| FY2021 | $1.39B | $118.1M | $189.5M |
| FY2022 | $1.67B | $211.6M | $170.9M |
| FY2023 | $1.22B | $-5.4M | $95.3M |
| FY2024 | $1.20B | $-430.3M | $51.0M |
| FY2025 | $1.17B | $-167.1M | $273.5M |
Valuation snapshot
| Market value | $2.55B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Ingevity’s market value went from $2.31B at the end of 2016 to $2.55B on Oct 28, 2026, up 10%; since the end of 2025 it is up 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.55B | +19.8% |
| 2025 | $2.13B | +43.7% |
| 2024 | $1.48B | -13.4% |
| 2023 | $1.71B | -35.0% |
| 2022 | $2.63B | -6.5% |
| 2021 | $2.82B | -9.9% |
| 2020 | $3.13B | -14.5% |
| 2019 | $3.65B | +4.0% |
| 2018 | $3.51B | +18.3% |
| 2017 | $2.97B | +28.5% |
| 2016 | $2.31B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NGVT price data to Oct 28, 2026 | +25.3% | +33.1% | +23.4% | -1.1% | +6.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +25.3% |
| 2025 | +45.2% |
| 2024 | -13.7% |
| 2023 | -33.0% |
| 2022 | -1.8% |
| 2021 | -5.3% |
| 2020 | -13.3% |
| 2019 | +4.4% |
| 2018 | +18.8% |
| 2017 | +28.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 55.9% over that stretch · deepest drop along the way 57.3%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.2% over that stretch · deepest drop along the way 25.2%, back to its old high 8.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 10 sales ($1.8M), 5 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 12, 2026 | David H Li President & CEO, Director | sell (plan) | $383K |
| Aug 17, 2026 | David H Li President & CEO, Director | sell (plan) | $379K |
| Aug 14, 2026 | David H Li President & CEO, Director | sell (plan) | $379K |
| Aug 13, 2026 | David H Li President & CEO, Director | sell (plan) | $379K |
| Aug 3, 2026 | Ryan C. Fisher SVP, Gen. Counsel & Secretary | sell | $103K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.5% | Mar 31, 2025 |
| Vanguard Portfolio Management | 6.27% | Mar 31, 2026 |
| Vanguard Capital Management | 5.26% | Mar 31, 2026 |
| Wellington Management Group LLP | 4.2% | Mar 31, 2026 |
| Victory Capital Management, Inc. | 2.15% | Sep 30, 2025 |
ETFs with the most weight in NGVT
| PSCM Invesco S&P SmallCap Materials ETF | 2.14% |
| NIXT Research Affiliates Deletions ETF | 0.5% |
| SMIZ Zacks Small/Mid Cap ETF | 0.43% |
| IFRA iShares U.S. Infrastructure ETF | 0.39% |
| JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF | 0.2% |
| ISMD Inspire Small/Mid Cap ETF | 0.18% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.17% |
| SAGP Strategas Global Policy Opportunities ETF | 0.15% |
What could go wrong
- Breakup plan may fall short. Ingevity intends to pursue deals for Advanced Polymer Technologies and road markings, but the annual report warns none may happen, and the January 2026 refinery sale may not deliver the expected benefits.
- Plants rely on neighbors for key utilities. Its Covington, Virginia, and Warrington, UK, plants rely on neighboring companies for energy, water and wastewater services. Warrington's provider has closed most operations there. Ingevity can owe up to half of Covington wastewater violation costs.
- Car demand and emissions rules matter. Performance Materials, 52% of fiscal 2025 revenue, includes carbon that captures gasoline vapor in cars, so a weak auto market can hurt demand. Some growth plans also depend on stricter air quality rules worldwide.
- Road business depends on government budgets. The paving business relies heavily on government infrastructure spending. Sales are seasonal and weather-sensitive: about 70% to 75% of paving and road-marking revenue comes from April to September, and long wet spells can delay projects.
- Heavy debt and a thin equity cushion. As of June 30, 2026, debt was $1.2 billion, cash and investments $97.4 million, and shareholder equity (assets minus liabilities) just $46.9 million. Tighter credit could make borrowing harder or costlier.
- Raw material and natural gas costs. Ingevity buys a variety of raw materials that face price swings and limited supply, and its carbon plants run on natural gas. If it cannot pass higher costs to customers, profits could suffer.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Executive or board change; Shareholder vote results
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Major agreement signed; Acquisition or sale of assets completed; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Ingevity does not pay a dividend and paid none in fiscal 2021 through 2025, so an income investor would get no regular cash from the shares; any return would come from price changes. The company has instead bought back stock, about $403 million over those five years, though it bought none in fiscal 2024. Shares outstanding fell 13%, from about 39.5 million in July 2021 to 34.4 million in July 2026. It also reported net losses in fiscal 2023, 2024 and 2025, even as free cash flow (cash left after running the business and investing in plants) reached $273.5 million in fiscal 2025. In the 2020 COVID crash, the stock fell 57.3% between February 19 and March 18, 2020, and took about eight months to recover. In the 2022 bear market, it dropped 25.2% by March 7, 2022, and recovered by November 10. Like any single stock, Ingevity carries more risk than a diversified fund.
Questions investors ask
How does Ingevity make money?
Ingevity makes money selling specialty materials and chemicals to other businesses. In fiscal 2025, Performance Materials, which includes activated carbon that captures gasoline vapor in car fuel systems plus filtration products, supplied $606.9 million, or 52% of revenue. Performance Chemicals, mainly asphalt paving, road markings and crop-chemical dispersants, supplied $400.5 million, or 34%. Advanced Polymer Technologies, which sells into markets such as cars, footwear, packaging and medical products, supplied $160.2 million, or 14%. North America accounted for 57% of revenue.
Does Ingevity pay a dividend?
No. Ingevity paid no dividends in fiscal 2021 through 2025, so the shares provide no regular income. The company returned cash through share buybacks instead, about $403 million over those five years, though it repurchased nothing in fiscal 2024. Buybacks helped shrink the share count by 13%, from about 39.5 million shares in July 2021 to about 34.4 million in July 2026. An investor relying on portfolio income would receive none from this stock.
Why is Ingevity selling parts of its business?
Ingevity says it wants a simpler, higher-margin company. After a Strategic Portfolio Review finished on December 8, 2025, it completed the sale of its North Charleston crude tall oil refinery and most of its industrial specialties line to Mainstream Pine Products on January 1, 2026. It also announced plans to seek deals for Advanced Polymer Technologies and road markings. The remaining company, called "New Ingevity," would be Performance Materials and Pavement Technologies. Its annual report warns these moves may not deliver the expected benefits.
Is Ingevity profitable?
Not on a full-year basis since fiscal 2022. Ingevity reported a net loss of $167.1 million, or $4.61 per diluted share, in fiscal 2025, after losses of $430.3 million in fiscal 2024 and $5.4 million in fiscal 2023. Cash generation was stronger: free cash flow, the cash left after operating costs and capital spending, was $273.5 million in fiscal 2025. In the quarter ended June 30, 2026, it earned $35.3 million on revenue of $314.1 million, down 5.2% from a year earlier.
How has Ingevity stock performed?
Unevenly. As of October 28, 2026, the share price had gained 33.1% over one year and averaged 23.4% a year over three years, but had lost an average of 1.1% a year over five years and gained 6.1% a year over ten years. Calendar years swung widely, from a 33.0% fall in 2023 to a 45.2% gain in 2025. These are price returns; Ingevity paid no dividends in fiscal 2021 through 2025. The largest peak-to-trough drop in its trading history was 76.2%.