CABOT CORP CBT
Cabot is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. Our principal products are reinforcing and specialty carbons, specialty compounds, conductive additives, carbon nanotubes, fumed metal oxides, inkjet colorants, and aerogel. Cabot and its affiliates have manufacturing facilities and operations in the United States ("U.S.") and over 20 other countries. Cabot's business was founded in 1882 and incorporated in the State of Delaware in 1960. The terms "Cabot", "Company", "we", and "our" as used in this report refer to Cabot Corporation and its consolidated subsidiaries.
In early fiscal 2022, we introduced our "Creating for Tomorrow" growth strategy. This strategy is focused on investing for advantaged growth, developing innovative products and processes that enable a better future, and driving continuous improvement in all we do. Our products are generally based on technical expertise and innovation in one or more of our four core competencies: making and handling very fine particles; modifying the surfaces of very fine particles to alter their functionality; designing particles to impart specific properties to a formulation; and combining particles with other ingredients to deliver a formulated performance intermediate or composite. We focus on creating particles, and formulations of those particles, with the composition, morphology, and surface functionalities to deliver the requisite performance to support our customers' existing and emerging applications.
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 | $3.71B | $3.99B | $3.93B | $4.32B | $3.41B | $2.61B | $3.34B | $3.24B | $2.72B | $2.41B |
| Cost of revenue | $2.77B | $3.03B | $3.09B | $3.44B | $2.61B | $2.11B | $2.65B | $2.47B | $2.06B | $1.84B |
| Gross profit | $940.0M | $960.0M | $839.0M | $885.0M | $799.0M | $500.0M | $685.0M | $772.0M | $657.0M | $575.0M |
| R&D | $59.0M | $63.0M | $57.0M | $55.0M | $56.0M | $57.0M | $60.0M | $66.0M | $57.0M | $53.0M |
| SG&A | $260.0M | $283.0M | $253.0M | $258.0M | $289.0M | $292.0M | $290.0M | $308.0M | $262.0M | $275.0M |
| Operating income | $621.0M | $614.0M | $526.0M | $389.0M | $454.0M | $21.0M | $306.0M | $144.0M | $338.0M | $247.0M |
| Interest expense | $76.0M | $81.0M | $90.0M | $56.0M | $49.0M | $53.0M | $59.0M | $54.0M | $53.0M | $54.0M |
| Pre-tax income | $565.0M | $529.0M | $451.0M | $335.0M | $406.0M | -$33.0M | $255.0M | $117.0M | $299.0M | $191.0M |
| Income tax | $196.0M | $111.0M | $28.0M | $102.0M | $123.0M | $191.0M | $70.0M | $193.0M | $33.0M | $33.0M |
| Net income | $331.0M | $380.0M | $445.0M | $209.0M | $250.0M | -$238.0M | $157.0M | -$113.0M | $248.0M | $147.0M |
| EPS, basic | 6.07 | 6.79 | 7.79 | 3.65 | 4.35 | -4.21 | 2.64 | -1.85 | 3.94 | 2.34 |
| EPS, diluted | 6.02 | 6.72 | 7.73 | 3.62 | 4.34 | -4.21 | 2.63 | -1.85 | 3.91 | 2.32 |
| Shares, diluted (wtd. avg.) | $54.2M | $55.7M | $56.5M | $56.9M | $56.8M | $56.6M | $58.8M | $61.7M | $62.7M | $62.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $258.0M | $223.0M | $238.0M | $206.0M | $168.0M | $151.0M | $169.0M | $175.0M | $280.0M | $200.0M |
| Inventory | $504.0M | $552.0M | $585.0M | $664.0M | $523.0M | $359.0M | $466.0M | $511.0M | $433.0M | $342.0M |
| Total current assets | $1.54B | $1.60B | $1.63B | $1.82B | $1.43B | $978.0M | $1.21B | $1.39B | $1.30B | $1.05B |
| Property, plant and equipment | $1.71B | $1.53B | $1.41B | $1.27B | $1.38B | $1.31B | $1.35B | $1.30B | $1.30B | $1.29B |
| Goodwill | $134.0M | $133.0M | $134.0M | $129.0M | $140.0M | $134.0M | $45.0M | $93.0M | $154.0M | $152.0M |
| Other intangibles | $55.0M | $53.0M | $60.0M | $63.0M | $100.0M | $103.0M | $96.0M | $98.0M | $137.0M | $140.0M |
| Total assets | $3.81B | $3.74B | $3.60B | $3.52B | $3.31B | $2.78B | $3.00B | $3.24B | $3.34B | $3.05B |
| Accounts payable | $459.0M | $495.0M | $438.0M | $533.0M | $480.0M | $316.0M | $390.0M | $446.0M | $339.0M | $259.0M |
| Short-term debt | $260.0M | $8.0M | $8.0M | $7.0M | $373.0M | $7.0M | $7.0M | $35.0M | $256.0M | $1.0M |
| Total current liabilities | $957.0M | $772.0M | $822.0M | $1.10B | $1.15B | $529.0M | $599.0M | $952.0M | $742.0M | $397.0M |
| Long-term debt | $856.0M | $1.09B | $1.09B | $1.09B | $717.0M | $1.09B | $1.02B | $719.0M | $661.0M | $914.0M |
| Retained earnings | $1.83B | $1.73B | $1.57B | $1.28B | $1.16B | $989.0M | $1.34B | $1.42B | $1.71B | $1.54B |
| Total equity | $1.55B | $1.43B | $1.41B | $1.03B | $1.09B | $814.0M | $1.13B | $1.28B | $1.62B | $1.39B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $665.0M | $692.0M | $595.0M | $100.0M | $257.0M | $377.0M | $363.0M | $298.0M | $348.0M | $392.0M |
| Depreciation and amortisation | $154.0M | $151.0M | $144.0M | $146.0M | $160.0M | $158.0M | $148.0M | $149.0M | $155.0M | $161.0M |
| Stock-based compensation | $24.0M | $25.0M | $20.0M | $23.0M | $21.0M | $9.0M | $11.0M | $22.0M | $16.0M | $17.0M |
| Capital expenditure | $274.0M | $241.0M | $244.0M | $211.0M | $195.0M | $200.0M | $224.0M | $229.0M | $147.0M | $112.0M |
| Investing cash flow | -$298.0M | -$235.0M | -$214.0M | -$118.0M | -$186.0M | -$288.0M | -$94.0M | -$246.0M | -$149.0M | -$104.0M |
| Financing cash flow | -$336.0M | -$415.0M | -$403.0M | $145.0M | -$60.0M | -$132.0M | -$236.0M | -$141.0M | -$133.0M | -$184.0M |
| Dividends paid | $96.0M | $93.0M | $88.0M | $84.0M | $80.0M | $80.0M | $80.0M | $80.0M | $77.0M | $65.0M |
| Buybacks | $168.0M | $172.0M | $98.0M | $53.0M | $3.0M | $44.0M | $173.0M | $142.0M | $61.0M | $45.0M |
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 0001193125-25-292412.
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