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Ingevity Corp (NGVT) stock analysis

NGVTNYSEChemicals & Allied ProductsFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 5, 2026Score 6/3076% above fair value
$61.97−1.27 (-2.01%)

Close on Nov 12, 2026Market cap $2.13BP/E 36.5Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value0Growth2Performance3Health1Dividend0

Weak6 of 30 checks passed

Ingevity passes 6 of the 30 checks behind our score; 10 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
0/6
Growth
2/6
Past performance
3/6
Financial health
1/6
Dividend
0/6

What stands out

  • Guidance raised

    Ingevity raised its full year 2026 Free cash flow outlook on Jul 29, 2026.

  • Gross margin improving

    Gross margin was 42.0% over the last twelve months, against 40.3% a year earlier.

  • Return on equity above the industry

    Ingevity's return on equity of 59.5% is above the Chemicals and Allied Products median of -3.8%.

  • Net margin above its 5-year average

    Net margin was 5.3% over the last twelve months, against a 5-year average of -5.9%.

What to watch

  • Margin of safety under 20%

    The price is 76.5% above fair value, so there is no margin of safety.

  • Trading above fair value

    The share price of $63.24 is above our fair value estimate of $35.84.

  • Return on equity under 15%

    Return on equity was 59.5% over the last twelve months and averaged -40.9% over five years; we look for 15% on both.

  • High debt

    Debt is 1818% of shareholders' equity, above the 40% we consider low.

Valuation0/6

  • P/E above its 5-year median

    Ingevity's P/E of 37.2 is above its own 5-year median of 16.4.

  • P/E above the industry

    Ingevity's P/E of 37.2 is above the Chemicals and Allied Products median of 25.2.

  • EV/EBITDA above its 5-year median

    Ingevity's EV/EBITDA of 23.4 is above its 5-year median of 6.4.

  • P/B above the industry

    Ingevity's price-to-book of 34.51 is above the Chemicals and Allied Products median of 2.86.

  • Trading above fair value

    The share price of $63.24 is above our fair value estimate of $35.84.

  • Margin of safety under 20%

    The price is 76.5% above fair value, so there is no margin of safety.

Growth2/6

  • Revenue growing under 10% a year

    Revenue grew -11.2% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing slower than the industry

    Revenue grew -3.7% over the last twelve months; the Chemicals and Allied Products median is 0.1%.

  • Guidance raised

    Ingevity raised its full year 2026 Free cash flow outlook on Jul 29, 2026.

  • Gross margin improving

    Gross margin was 42.0% over the last twelve months, against 40.3% a year earlier.

Past performance3/6

  • Return on equity under 15%

    Return on equity was 59.5% over the last twelve months and averaged -40.9% over five years; we look for 15% on both.

  • Return on invested capital

    Needs operating income and invested capital.

  • Return on equity above the industry

    Ingevity's return on equity of 59.5% is above the Chemicals and Allied Products median of -3.8%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin above its 5-year average

    Net margin was 5.3% over the last twelve months, against a 5-year average of -5.9%.

  • Net margin above the industry

    Ingevity's net margin of 5.3% is above the Chemicals and Allied Products median of -2.8%.

Financial health1/6

  • High debt

    Debt is 1818% of shareholders' equity, above the 40% we consider low.

  • Debt rising against equity

    Debt to equity rose from 201% five years ago to 1818%.

  • Debt not well covered by cash flow

    Operating cash flow over the last twelve months equals 15.8% of total debt; we look for at least 20%.

  • Interest coverage

    Interest expense is not reported separately.

  • Short-term assets cover short-term debts

    Current assets are 1.48 times current liabilities.

  • Bankruptcy risk in the grey zone

    The Altman Z-score is 2.31; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

  • No dividend

    Ingevity has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$35.84

The share price is 76% above this estimate.

20%+ below
Near fair value
20%+ above
$63.24Price$35.84Fair value
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
P/E20.8×16.4×25.2×$35.3373%
EV/EBITDAleft out, too far from the others10.2×6.4×14.0×$9.99–
Earnings power10.9% cost of equity––$37.2127%
Fair value$35.84100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/E at month end
  • Own 5-year median 16.4
  • Chemicals and Allied Products median 25.2

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$24.55M
Value traded per 1% price move
$13.64M

Downside

Low risk

Typical loss in a bad month
13.6%
Volatility (annualized)
35%
Sharpe ratio, 1 year
0.64
Beta to the S&P 500 (5Y)
1.21

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2013 to 2025

Gross margin

39.5%+1.2 pts over 5 years

Operating margin

35.9%+3.1 pts over 5 years

Net margin

-14.3%−29.2 pts over 5 years

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