Ecovyst Inc. ECVT
Ecovyst Inc. ("Ecovyst" or the "Company"), formerly PQ Group Holdings Inc., was incorporated in Delaware on August 7, 2015. We trace our roots to the late 1800s with our first sulfuric acid plant and the beginning of our oldest customer relationship.
Our common stock is listed on the New York Stock Exchange under the stock ticker "ECVT". Unless the context otherwise indicates, the terms "Ecovyst Inc.," "we," "us," "our," or the "Company" mean Ecovyst Inc. and our subsidiaries.
Effective on December 31, 2025, we completed the sale of our Advanced Materials & Catalysts segment, which includes our investment in affiliated companies, Zeolyst International and Zeolyst C.V. (collectively, the "Zeolyst Joint Venture") to Technip Energies N.V. for a purchase price of $556.0 million, subject to certain adjustments set forth in the agreement. We used $465.0 million of the net cash proceeds to partially repay the Senior Secured Term Loan Facility due June 2031. The results of operations, financial condition and cash flows for the Advanced Materials & Catalysts business are presented herein as discontinued operations. Refer to Note 4 to our consolidated financial statements for additional information.
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 | $723.5M | $598.3M | $584.8M | $820.2M | $611.2M | $495.9M | $532.7M | $527.7M | $1.47B | $1.06B |
| Cost of revenue | $565.4M | $434.9M | $418.4M | $595.5M | $434.5M | $345.0M | $365.5M | $369.6M | $1.10B | $810.1M |
| Gross profit | $158.1M | $163.4M | $166.4M | $224.6M | $176.7M | $151.0M | $167.2M | $158.0M | $376.8M | $254.1M |
| R&D | — | $6.8M | $7.8M | $7.2M | $7.5M | $7.1M | $7.4M | $8.9M | $13.9M | $7.3M |
| SG&A | $66.0M | $65.4M | $60.5M | $85.3M | $97.8M | $81.5M | $83.5M | $85.0M | $146.7M | $110.3M |
| Operating income | $64.9M | $85.1M | $89.6M | $104.4M | $54.6M | $51.6M | $66.0M | $69.8M | $165.9M | $81.5M |
| Interest expense | $34.2M | $36.5M | $31.7M | $37.2M | $37.0M | $50.4M | $66.9M | $72.3M | $179.0M | $140.3M |
| Pre-tax income | $25.8M | $45.2M | $56.9M | $94.7M | $13.9M | $2.2M | $43.4M | $13.2M | -$60.6M | -$69.1M |
| Income tax | $19.5M | $299.0K | $8.7M | $24.9M | $12.1M | $52.1M | $12.3M | $8.0M | $119.2M | $10.0M |
| Net income | -$71.1M | -$6.7M | $71.2M | $69.8M | $1.8M | -$278.8M | $79.5M | $58.3M | $57.6M | -$79.7M |
| EPS, basic | -0.62 | -0.06 | 0.60 | 0.55 | -1.03 | -2.06 | 0.59 | 0.44 | 0.52 | -1.02 |
| EPS, diluted | -0.61 | -0.06 | 0.60 | 0.55 | -1.02 | -2.04 | 0.59 | 0.43 | 0.52 | -1.02 |
| Shares, diluted (wtd. avg.) | $116.0M | $117.4M | $119.5M | $135.1M | $137.7M | $136.5M | $135.5M | $134.7M | $111.7M | $78.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $197.2M | $131.4M | $72.7M | $110.9M | $140.9M | $113.4M | $36.1M | $37.2M | $66.2M | $85.1M |
| Receivables | $85.3M | $53.2M | $81.3M | $74.8M | $80.8M | $45.9M | $140.0M | $196.8M | $193.5M | $160.6M |
| Inventory | $26.8M | $18.0M | $45.1M | $44.4M | $53.8M | $52.8M | $137.6M | $264.7M | $262.4M | $227.0M |
| Total current assets | $319.4M | $303.7M | $246.0M | $267.7M | $291.7M | $428.7M | $569.5M | $558.6M | $549.0M | $492.7M |
| Property, plant and equipment | $481.2M | $458.7M | $576.9M | $584.9M | $596.2M | $591.7M | $1.01B | $1.21B | $1.23B | $1.18B |
| Goodwill | $326.7M | $326.6M | $404.5M | $403.2M | $406.1M | $391.6M | $390.5M | $969.7M | $1.31B | $1.24B |
| Other intangibles | $59.3M | $67.7M | $116.5M | $129.9M | $145.6M | $137.4M | $555.3M | $728.4M | $786.1M | $816.6M |
| Total assets | $1.26B | $1.80B | $1.84B | $1.88B | $1.93B | $3.20B | $4.32B | $4.33B | $4.42B | $4.26B |
| Accounts payable | $48.0M | $32.9M | $40.2M | $40.0M | $51.9M | $38.1M | $115.0M | $148.4M | $149.3M | $128.5M |
| Short-term debt | $0 | $8.7M | $9.0M | $9.0M | $9.0M | $0 | $0 | $7.2M | $45.2M | $14.5M |
| Total current liabilities | $120.8M | $115.1M | $119.1M | $129.4M | $145.1M | $201.9M | $270.4M | $255.6M | $288.4M | $242.4M |
| Long-term debt | $392.6M | $852.1M | $858.9M | $865.9M | $872.8M | $1.40B | $1.84B | $2.11B | $2.19B | $2.55B |
| Total liabilities | $657.5M | $1.10B | $1.13B | $1.18B | $1.19B | $1.92B | $2.54B | $2.66B | $2.78B | $3.23B |
| Retained earnings | -$248.6M | -$177.5M | -$170.9M | -$242.0M | -$315.7M | -$175.8M | $103.0M | $25.5M | -$32.8M | -$90.4M |
| Total equity | $603.4M | $700.5M | $705.5M | $707.2M | $740.7M | $1.28B | $1.79B | $1.66B | $1.63B | $1.03B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $140.3M | $149.9M | $137.6M | $186.6M | $129.9M | $223.6M | $267.8M | $248.6M | $165.2M | $122.7M |
| Depreciation and amortisation | $67.8M | $59.9M | $55.3M | $79.2M | $79.7M | $76.9M | $74.8M | $72.2M | $177.1M | $128.3M |
| Stock-based compensation | $9.7M | $11.1M | $13.0M | $20.6M | $31.8M | $17.2M | $13.3M | $16.9M | $8.8M | $5.4M |
| Capital expenditure | $70.4M | $55.6M | $59.0M | $58.9M | $60.0M | $54.8M | $55.3M | $55.1M | $140.5M | $121.4M |
| Investing cash flow | $435.4M | -$73.5M | -$65.3M | -$63.0M | $835.7M | $551.5M | -$35.4M | -$119.3M | -$196.0M | -$1.92B |
| Financing cash flow | -$525.0M | -$17.8M | -$93.5M | -$148.2M | -$964.2M | -$722.8M | -$216.1M | -$137.2M | $19.8M | $1.86B |
| Dividends paid | — | — | $0 | $0 | $435.6M | $243.7M | $0 | $0 | — | — |
| Buybacks | $46.9M | $5.0M | $78.7M | $136.7M | $0 | $2.1M | $3.6M | $2.9M | — | $2.5M |
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 0001140361-26-014838.
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| 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% |