Ingevity Corp

Listed Company

NGVTCIK 0001653477NYSELarge AcceleratedChemicals & Allied ProductsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.17B

Net Income

$-167.10M

Total Assets

$1.65B

Equity

$29.70M

Shares Out

35.29M

Op. Cash Flow

$331.20M

Business

Ingevity Corp provides products and technologies that purify, protect, and enhance the world by developing, manufacturing, and marketing specialty chemicals and materials. It offers activated carbon for automotive vapor control and purification; road technologies including asphalt emulsifiers, warm‑mix Evotherm, pavement preservation and markings; industrial specialties such as tall oil‑derived adhesives, agrochemical dispersants, lubricant additives and rubber resins; and caprolactone‑based polymers for coatings, adhesives, elastomers, bioplastics and medical devices. The company operates three reportable segments — Performance Materials, Performance Chemicals (road technologies and industrial specialties), and Advanced Polymer Technologies. It serves global markets across the Americas, Europe and Asia through its direct sales forces and a network of third‑party distributors to customers in automotive, construction, agriculture, industrial and medical end markets.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	1,168	1,200	1,216	1,668	1,392
Cost of sales	706	735	771	1,098	879
Gross profit	462	465	445	570	513
Selling, general, and administrative expenses	171	158	162	199	179
Research and technical expenses	28	25	25	30	26
Restructuring and other (income) charges, net	13	18	53	14	—
Goodwill impairment charge	184	307	0	0	—
Long lived asset impairment charge	109	0	0	—	—
Acquisition-related costs	0	300,000	4	5	600,000
Other (income) expense, net	25	8	−16	−2	—
Interest expense	78	98	93	62	—
Interest income	−5	−8	−6	−8	−4
Income (loss) from continuing operations before income taxes	−142	−141	130	270	163
Provision (benefit) for income taxes on continuing operations	8	−19	24	58	45
Net income (loss) from continuing operations	−150	−121	106	—	—
Income (loss) from discontinued operations, net of income taxes	−17	−309	−111	—	—
Net income (loss)	−167	−430	−5	212	118
Basic earnings (loss) per share from continuing operations (usd per share)	−4.15	−3.34	2.9	—	—
Basic earnings (loss) per share from continuing operations (usd per share)	−0.46	−8.51	−3.05	—	—
Basic earnings (loss) per share (usd per share)	−4.61	−11.85	−0.15	5.54	2.97
Diluted earnings (loss) per share from continuing operations (usd per share)	−4.15	−3.34	2.88	—	—
Diluted earnings (loss) per share from discontinued operations (usd per share)	−0.46	−8.51	−3.03	—	—
Diluted earnings (loss) per share (usd per share)	−4.61	−11.85	−0.15	5.5	2.95

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	78	68	96	77	275
Accounts receivable, net of allowance of $1.5 - 2025 and $0.6 - 2024	127	132	182	225	162
Inventories, net	186	196	309	335	241
Prepaid and other current assets	47	51	72	47	47
Current assets of discontinued operations	16	47	—	—	—
Current assets	454	493	659	683	725
Property, plant, and equipment, net	608	643	762	799	720
Operating lease assets, net	30	45	67	57	52
Goodwill	4	175	528	519	442
Other intangibles, net	176	279	336	405	338
Deferred income taxes	117	118	12	6	7
Restricted investment, net of allowance of $0.2 - 2025 and $0.2 - 2024	84	82	79	78	76
Strategic investments	83	87	99	110	35
Other assets	75	79	82	81	74
Noncurrent assets of discontinued operations	20	22	—	—	—
Total Assets	1,651	2,023	2,623	2,737	2,469
Accounts payable	92	95	158	175	126
Accrued expenses	148	58	72	54	52
Accrued payroll and employee benefits	35	27	20	53	48
Current operating lease liabilities	12	14	19	17	17
Notes payable and current maturities of long-term debt	47	61	84	900,000	20
Income taxes payable	5	6	9	4	6
Current liabilities of discontinued operations	3	3	—	—	—
Current liabilities	341	264	363	304	269
Long-term debt including finance lease obligations	1,161	1,340	1,383	1,473	1,250
Noncurrent operating lease liabilities	22	34	49	41	36
Deferred income taxes	55	56	71	107	115
Other liabilities	41	131	127	115	126
Noncurrent liabilities of discontinued operations	700,000	3	—	—	—
Total Liabilities	1,621	1,827	1,992	2,038	1,795
Commitments and contingencies (Note 17)	—	—	—	—	—
Preferred stock (par value $0.01 per share; 50,000,000 shares authorized; zero issued and outstanding at 2025 and 2024)	0	0	0	0	0
Common stock (par value $0.01 per share; 300,000,000 shares authorized; 43,891,710 and 43,630,211 issued and 35,485,876 and 36,350,425 outstanding at 2025 and 2024, respectively)	400,000	400,000	400,000	400,000	400,000
Additional paid-in capital	196	177	165	153	136
Retained earnings	405	572	1,002	1,008	796
Accumulated other comprehensive income (loss)	500,000	−41	−27	−47	13
Treasury stock, common stock, at cost (8,405,834 shares - 2025 and 7,279,786 shares - 2024)	−572	−513	−510	−416	−272
Total Equity	30	195	631	698	674
Total Liabilities and Equity	1,651	2,023	2,623	2,737	2,469

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	106	108	123	109	110
Non cash operating lease costs	15	19	19	16	—
Deferred income taxes	−5	−121	−45	−5	−5
Disposal/impairment of assets	3	1	4	3	1
Restructuring and other (income) charges, net	56	186	170	14	—
CTO resales	0	53	22	0	—
LIFO liquidation	−7	−6	−29	10	4
Share-based compensation	18	12	11	16	12
(Gain) loss on strategic investment	26	11	−19	0	—
Pension and other postretirement benefit costs	1	2	2	1	2
Goodwill impairment charge	184	349	0	—	—
Other non-cash items	8	17	36	18	12
Accounts receivable, net	12	38	43	−42	−14
Inventories, net	40	73	26	−64	−56
Prepaid and other current assets	1	8	−29	−800,000	−6
Planned major maintenance outage	−7	−7	−13	−9	−9
Accounts payable	−3	−63	−15	43	—
Accrued expenses	−14	−1	−8	800,000	—
Accrued payroll and employee benefits	7	8	−34	5	23
Income taxes	−1	−14	6	5	−6
Operating leases	−20	−22	−23	−19	−21
Restructuring and other spending	−46	−59	−44	−14	−16
CTO resales	6	−46	−11	0	0
Changes in all other operating assets and liabilities, net	7	12	16	14	5
Net cash provided by (used in) operating activities	331	129	205	313	293
Capital expenditures	−58	−78	−110	−143	−104
Proceeds from disposition of assets	4	0	—	—	—
Sale (purchase) of strategic investments, net	−16	−300,000	29	—	—
Restricted investment	13	0	7	—	—
Other investing activities, net	0	−2	−4	−2	500,000
Net cash provided by (used in) investing activities	−58	−80	−77	−552	−139
Proceeds from revolving credit facility and other borrowings	291	405	376	1,165	—
Payments on revolving credit facility and other borrowings	−484	−471	−383	−337	0
Debt issuance costs	0	0	−400,000	−3	0
Financing lease obligations, net	−1	−1	−700,000	−900,000	−700,000
Tax payments related to withholdings on vested equity awards	−4	−3	−5	−2	−2
Proceeds and withholdings from share-based compensation plans, net	1	0	5	4	5
Repurchases of common stock under publicly announced plan	−56	0	−92	−145	−109
Net cash provided by (used in) financing activities	−252	−70	−100	48	−133
Increase (decrease) in cash, cash equivalents, and restricted cash	22	−21	28	−190	22
Effect of exchange rate changes on cash	5	−4	−300,000	−6	−2
Change in cash, cash equivalents, and restricted cash	26	−25	28	−196	20
Cash paid for interest, net of capitalized interest	70	85	83	55	48
Cash paid for income taxes, net of refunds	11	27	30	55	54
Purchases of property, plant, and equipment in accounts payable	2	2	3	5	9
Leased assets obtained in exchange for new finance lease liabilities	0	0	200,000	0	0
Leased assets obtained in exchange for new operating lease liabilities	2	6	29	24	21

Filings

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