BALCHEM CORP BCPC
Balchem Corporation ("Balchem," the "Company," "we" or "us"), was incorporated in the State of Maryland in 1967. We develop, manufacture, distribute and market specialty performance ingredients and products for the nutritional, food, pharmaceutical, animal health, plant nutrition, sterilization, fumigation, and industrial markets. Our three reportable segments are strategic businesses that offer products and services to different markets: Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products. Sales and production of products outside of our reportable segments and other minor business activities are included in "Other and Unallocated".
We sell our products through our own sales force, independent distributors and sales agents. Financial information concerning our business, business segments and geographic information appears in Management's Discussion and Analysis of Financial Condition and Results of Operations under Item 7 below and in the Notes to our Consolidated Financial Statements included under Item 8 below, which information is incorporated herein by reference.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.04B | $953.7M | $922.4M | $942.4M | $799.0M | $703.6M | $643.7M | $643.7M | $594.8M | $553.2M |
| Cost of revenue | $666.5M | $617.5M | $620.4M | $661.9M | $555.8M | $479.7M | $432.3M | $439.4M | $405.8M | $372.3M |
| Gross profit | $370.6M | $336.2M | $302.1M | $280.5M | $243.2M | $223.9M | $211.4M | $204.3M | $189.0M | $180.9M |
| R&D | $18.5M | $16.8M | $15.0M | $12.2M | $13.5M | $10.3M | $11.4M | $11.6M | $9.3M | $7.3M |
| SG&A | $67.4M | $67.6M | $53.4M | $55.7M | $41.7M | $43.8M | $36.5M | $28.3M | $28.1M | $27.5M |
| Total operating expenses | $161.3M | $153.3M | $142.9M | $135.3M | $115.7M | $112.8M | $108.8M | $97.2M | $92.1M | $90.0M |
| Operating income | $209.3M | $182.9M | $159.2M | $145.2M | $127.5M | $111.1M | $102.6M | $107.1M | $96.9M | $90.8M |
| Interest expense | — | — | $22.6M | $10.3M | $2.5M | $4.4M | $6.0M | $7.6M | $7.5M | $7.3M |
| Pre-tax income | $199.0M | $166.5M | $137.3M | $133.7M | $125.2M | $106.4M | $96.5M | $99.0M | $88.5M | $82.9M |
| Income tax | $44.2M | $38.0M | $28.7M | $28.4M | $29.1M | $21.8M | $16.8M | $20.5M | $1.6M | $27.0M |
| Net income | $154.8M | $128.5M | $108.5M | $105.4M | $96.1M | $84.6M | $79.7M | $78.6M | $90.1M | $56.0M |
| EPS, basic | 4.80 | 3.97 | 3.38 | 3.29 | 2.98 | 2.63 | 2.48 | 2.45 | 2.83 | 1.78 |
| EPS, diluted | 4.75 | 3.93 | 3.35 | 3.25 | 2.94 | 2.60 | 2.45 | 2.42 | 2.79 | 1.75 |
| Shares, diluted (wtd. avg.) | $32.6M | $32.7M | $32.4M | $32.4M | $32.7M | $32.5M | $32.5M | $32.4M | $32.2M | $31.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $74.6M | $49.5M | $64.4M | $66.6M | $103.2M | $84.6M | $65.7M | $54.3M | $40.4M | $38.6M |
| Receivables | $143.6M | $119.7M | $125.3M | $131.6M | $117.4M | $98.2M | $93.4M | $99.5M | $91.2M | $83.3M |
| Inventory | $131.4M | $130.8M | $109.5M | $119.7M | $91.1M | $70.6M | $83.9M | $67.2M | $60.7M | $57.2M |
| Total current assets | $365.6M | $313.8M | $314.2M | $335.8M | $322.2M | $266.9M | $254.9M | $226.3M | $199.3M | $188.4M |
| Property, plant and equipment | $306.6M | $282.2M | $276.0M | $271.4M | $237.5M | $228.1M | $216.9M | $190.9M | $189.8M | $165.8M |
| Goodwill | $816.4M | $780.0M | $778.9M | $769.5M | $523.9M | $529.5M | $524.0M | $448.0M | $441.4M | $439.8M |
| Other intangibles | $133.0M | $132.5M | $191.2M | $213.3M | $94.7M | $121.7M | $143.9M | $109.4M | $128.1M | $147.5M |
| Total assets | $1.69B | $1.58B | $1.60B | $1.62B | $1.20B | $1.17B | $1.16B | $981.4M | $963.6M | $948.6M |
| Short-term debt | — | — | — | — | — | — | $2.5M | $0 | $35.0M | $35.0M |
| Total current liabilities | $176.4M | $157.7M | $148.5M | $140.0M | $143.8M | $94.4M | $92.3M | $82.1M | $108.4M | $101.0M |
| Long-term debt | — | — | — | — | — | — | — | $156.0M | $0 | $226.5M |
| Total liabilities | $428.8M | $425.5M | $543.2M | $686.2M | $322.3M | $337.6M | $412.0M | $289.7M | $346.8M | $427.6M |
| Retained earnings | $1.12B | $997.5M | $897.5M | $814.5M | $732.1M | $656.7M | $590.9M | $528.0M | $464.6M | $388.1M |
| Total equity | $1.26B | $1.15B | $1.05B | $938.3M | $877.0M | $828.2M | $743.7M | $691.6M | $616.9M | $521.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $216.6M | $182.0M | $183.8M | $138.5M | $160.5M | $150.5M | $124.5M | $118.7M | $110.6M | $107.6M |
| Depreciation and amortisation | $45.7M | $48.0M | $54.9M | $51.8M | $48.9M | $51.3M | $45.9M | $44.7M | $44.4M | $46.2M |
| Stock-based compensation | $18.1M | $16.7M | $16.1M | $13.2M | $10.8M | $8.3M | $7.6M | $6.4M | $6.3M | $7.0M |
| Capital expenditure | — | — | — | $49.1M | $36.1M | $32.1M | $25.8M | $19.2M | $27.5M | $23.0M |
| Investing cash flow | -$43.9M | -$59.7M | -$34.8M | -$416.0M | -$35.3M | -$34.6M | -$156.2M | -$32.0M | -$42.7M | -$133.6M |
| Financing cash flow | -$152.8M | -$133.8M | -$153.3M | $246.7M | -$102.2M | -$101.2M | $43.4M | -$71.4M | -$68.6M | -$19.5M |
| Dividends paid | $28.3M | $25.6M | $22.9M | $20.7M | $18.7M | $16.7M | $15.1M | $13.4M | $12.1M | $10.7M |
| Buybacks | $107.6M | $5.7M | $4.5M | $35.4M | $35.2M | $13.5M | $21.3M | $1.4M | $1.9M | $1.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-017099.
Others in SIC 2800
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| SOLS | Solstice Advanced Materials Inc. | $10.12B | 42.8x | 3.1% |
| PRM | Perimeter Solutions, Inc. | $5.20B | — | 16.4% |
| NGVT | Ingevity Corp | $2.43B | — | -2.7% |
| IOSP | INNOSPEC INC. | $2.31B | 20.1x | -3.7% |
| CC | Chemours Co | $2.30B | — | 0.4% |
| OLN | OLIN Corp | $1.98B | — | 3.7% |
| HUN | Huntsman CORP | $1.69B | — | -5.8% |
| FMC | FMC CORP | $1.62B | — | -18.3% |