FirmAtlas
Company handbook · NEU · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
NEU · CIK 1282637 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026
NEWMARKET CORPORATION
$876.01
−11.81 (−1.33%)
Close, Oct 16, 2026 · 52-week $580–982
NewMarket makes petroleum additives through Afton Chemical: additives for engine oils, gear and transmission fluids, and fuels. Through AMPAC it also makes specialty materials for solid rocket motors.
Business
- SegmentsPetroleum Additives 93% · Specialty Materials 7% · All Other Segments 0% (FY25)
- RegionsUS 39% · Europe Middle East Africa India 30% · Asia-Pacific 19% · Other 12% (FY25)
- CustomersOil companies and makers of lubricants and fuels worldwide (Afton); U.S. defense and space programs (AMPAC); sold mainly by its own sales force
- Cash useFY24–FY25: acquisitions $895M · dividends $202M · capex $135M · buybacks $109M
Reinvested 95% of operating cash flow · returned 33% of free cash flow
Last fiscal year
NEWMARKET CORPORATION reported revenue of $2.7B for the year ended Dec 31, 2025 (FY25), down 2.2% from FY24. Net income was $419M, operating cash flow $569M and free cash flow $491M. Source: 10-K filed Feb 12, 2026.
Market cap
$8.2B
P/E
19.0
EV/EBITDA
13.6x
P/B
4.5
Div yield
1.37%
ROIC
16.4%
Revenue 1Y
−2.2%/yr
EPS 1Y
−7.8%/yr
Shares 1Y
−1%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOThomas E. Gottwald
HQRichmond, VA
AuditorPricewaterhouseCoopers LLP
Employees2,050
Year endsDecember
Revenue by segment · FY25
Petroleum Additives93%
Specialty Materials7%
All Other Segments0%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
8.0%
18.6%
24.2%
12.0%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$1.3B deployed
Capex
$135M
10.1%
Acquisitions
$895M
66.7%
Dividends
$202M
15.1%
Buybacks
$109M
8.1%
Operating cash flow over the period: $1.1B. Total debt changed by −$88M. R&D of $257M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
2,787
2,725−2.2%
2,743
YoY
−2.2%
Gross profit
886
857−3.3%
864
Gross margin
31.8%
31.5%−0.3 pp
—
Operating income
590
544−7.8%
548
Operating margin
21.2%
20.0%−1.2 pp
—
EBITDA
707
666−5.8%
—
EBITDA margin
25.4%
24.4%−0.9 pp
—
Interest expense
57
40−30.8%
—
Interest coverage
12.32x
16.78x+4.46x
—
Net income
462
419−9.4%
433
YoY
−9.4%
Net margin
16.6%
15.4%−1.2 pp
—
EPS (diluted, $)
48.22
44.44−7.8%
46.48
YoY
−7.8%
Balance sheet
Total assets
3,130
3,492+11.6%
3,621
Cash & short-term investments
77
78+0.2%
—
Accounts receivable
395
422+6.7%
—
Inventory
505
502−0.6%
—
Net PP&E
735
775+5.5%
—
Other assets
1,416
1,715+21.1%
—
Total liabilities
1,668
1,714+2.8%
1,783
Accounts payable
226
238+5.5%
—
Total debt
974
886−9.0%
855
Other liabilities
468
589+26.0%
—
Shareholders’ equity
1,462
1,778+21.7%
1,838
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
520
569+9.5%
574
Net income
462
419−9.4%
—
Depreciation & amortization
117
122+4.7%
—
Working capital & other
(60)
28n/m
—
Cash from investing
(739)
(291)n/m
—
Capex
(57)
(78)n/m
—
Acquisitions
(681)
(213)n/m
—
Investments bought
0
—
—
Other investing
0
0n/m
—
Cash from financing
186
(279)−250.2%
—
Debt raised
250
—
—
Debt repaid
0
(50)n/m
—
Dividends
(96)
(106)n/m
—
Buybacks
(32)
(77)n/m
—
Other financing
64
(46)−172.3%
—
Net change in cash
(34)
0.1n/m
—
Free cash flow (OCF − capex)
462
491+6.3%
479
Where the cash went
Operating cash flow
520
569+9.5%
574
Reinvested in the business
739
291−60.6%
—
% of operating cash flow
142.2%
51.2%
Capex
57
78+35.4%
95
Acquisitions
681
213−68.7%
—
R&D (memo, already in costs)
125
132+5.8%
—
Free cash flow
462
491+6.3%
479
YoY
+6.3%
Returned to shareholders
128
183+43.3%
—
% of free cash flow
27.6%
37.3%
Dividends
96
106+10.5%
—
Buybacks
32
77+142.0%
—
Change in total debt
—
(88)
—
Cash left over
—
7
—
FCF conversion (FCF ÷ net income)
100.0%
117.3%+17.4 pp
—
Owner earnings
—
453
—
Owner earnings margin
—
16.6%
—
Buyback yield
0.6%
1.2%+0.6 pp
—
Returns & ratios
ROIC (all capital)
19.8%
16.4%−3.4 pp
—
ROIC (operating)
33.1%
28.3%−4.8 pp
—
Net debt / EBITDA
1.27x
1.21x−0.05x
—
Debt / equity
0.67x
0.50x−0.17x
—
Cash conversion cycle (days)
105
108+3 d
—
ROE
31.6%
23.5%−8.1 pp
—
ROA
14.8%
12.0%−2.8 pp
—
ROCE
21.4%
17.7%−3.7 pp
—
NOPAT
467
406−13.0%
—
Invested capital (operating)
1,410
1,461+3.6%
—
Invested capital (all)
2,358
2,587+9.7%
—
Reinvestment rate
—
12.6%
—
Debtor days
52
57+5 d
—
Inventory days
97
98+1 d
—
Days payable
43
47+3 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
690
635
670
747
vs year-ago quarter
Gross profit
210
191
221
242
Gross margin
30.4%
30.0%
33.0%
32.4%
Operating income
131
110
143
164
Net income
100
81
118
134
vs year-ago quarter
Net margin
14.5%
12.8%
17.6%
17.9%
EPS (diluted, $)
10.67
8.65
12.62
14.54
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
3,234
3,492
3,504
3,621
Cash & equivalents
102
78
73
94
Total debt
783
886
940
855
Shareholders’ equity
1,690
1,778
1,733
1,838
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
142
145
124
162
Capex
30
13
24
27
Free cash flow
112
132
100
135
vs year-ago quarter