NEWMARKET CORP NEU
NewMarket Corporation (NewMarket) (NYSE: NEU) is a holding company and is the parent company of Afton Chemical Corporation (Afton), Ethyl Corporation (Ethyl), American Pacific Corporation (AMPAC), Calca Solutions, LLC (Calca), NewMarket Services Corporation (NewMarket Services), and NewMarket Development Corporation (NewMarket Development). We acquired Calca on October 1, 2025.
Each of our subsidiaries manages its own assets and liabilities. Afton manufactures and sells petroleum additives, while Ethyl markets antiknock compounds in North America and performs contracted manufacturing and related services. AMPAC is a manufacturer of specialty materials primarily used in solid rocket motors for the aerospace and defense industries, and Calca is a producer of hydrazine products used primarily in aerospace and defense applications. NewMarket Development manages the real property that we own in Virginia. NewMarket Services provides various administrative services to NewMarket, Afton, Ethyl, AMPAC, Calca, and NewMarket Development. NewMarket Services expenses are billed to each subsidiary pursuant to services agreements between the companies.
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 | $2.73B | $2.79B | $2.70B | $2.76B | $2.36B | $2.01B | $2.19B | $2.29B | $2.20B | $2.05B |
| Cost of revenue | $1.87B | $1.90B | $1.93B | $2.12B | $1.81B | $1.42B | $1.56B | $1.70B | $1.56B | $1.37B |
| Gross profit | $857.4M | $886.3M | $772.5M | $640.5M | $547.7M | $595.0M | $629.9M | $585.4M | $636.4M | $677.2M |
| R&D | $132.1M | $124.9M | $138.0M | $140.3M | $144.0M | $140.4M | $144.5M | $140.3M | $146.0M | $160.8M |
| SG&A | $181.6M | $171.4M | $151.5M | $145.1M | $146.0M | $142.9M | $148.1M | $152.4M | $167.7M | $161.6M |
| Operating income | $543.7M | $590.0M | $483.0M | $355.1M | $257.8M | $311.8M | $337.3M | $292.7M | $322.7M | $354.8M |
| Interest expense | $39.7M | $57.4M | $37.4M | $35.2M | $34.2M | $26.3M | $29.2M | $26.7M | $21.9M | $16.8M |
| Pre-tax income | $560.6M | $584.1M | $489.0M | $347.7M | $247.6M | $331.3M | $331.6M | $290.3M | $315.4M | $343.2M |
| Income tax | $141.8M | $121.7M | $100.1M | $68.2M | $56.6M | $60.7M | $77.3M | $55.6M | $124.9M | $99.8M |
| Net income | $418.7M | $462.4M | $388.9M | $279.5M | $190.9M | $270.6M | $254.3M | $234.7M | $190.5M | $243.4M |
| EPS, basic | 44.44 | 48.22 | 40.44 | 27.77 | 17.71 | 24.64 | — | — | — | — |
| EPS, diluted | 44.44 | 48.22 | 40.44 | 27.77 | 17.71 | 24.64 | 22.73 | 20.34 | 16.08 | 20.54 |
| Shares, diluted (wtd. avg.) | $9.4M | $9.6M | $9.6M | $10.0M | $10.8M | $11.0M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $77.6M | $77.5M | $111.9M | $68.7M | $83.3M | $125.2M | $144.4M | $73.0M | $84.2M | $192.2M |
| Short-term investments | — | — | — | $0 | $375.9M | $0 | — | — | — | — |
| Receivables | $422.1M | $395.4M | $432.3M | $453.7M | $391.8M | $336.4M | $335.8M | $314.9M | $335.3M | $306.9M |
| Inventory | $502.3M | $505.4M | $456.2M | $631.4M | $498.5M | $401.0M | $365.9M | $396.3M | $383.1M | $311.5M |
| Total current assets | $1.06B | $1.03B | $1.04B | $1.19B | $1.39B | $898.1M | $879.4M | $813.4M | $833.7M | $836.9M |
| Property, plant and equipment | $775.5M | $735.4M | $654.7M | $660.0M | $676.8M | $665.1M | $635.4M | $644.1M | $652.3M | $503.7M |
| Goodwill | — | — | — | — | — | — | — | — | $118.0M | — |
| Total assets | $3.49B | $3.13B | $2.31B | $2.41B | $2.56B | $1.93B | $1.89B | $1.70B | $1.71B | $1.42B |
| Accounts payable | $238.4M | $225.9M | $231.1M | $273.3M | $246.1M | $189.9M | $178.8M | $151.6M | $159.4M | $141.9M |
| Short-term debt | — | — | — | $0 | $349.4M | $0 | — | — | — | — |
| Total current liabilities | $419.3M | $374.5M | $364.2M | $423.9M | $725.1M | $312.5M | $308.9M | $271.3M | $316.8M | $294.6M |
| Long-term debt | $883.4M | $971.3M | $643.6M | $1.00B | $789.9M | $598.8M | $642.9M | $765.8M | $597.1M | $502.5M |
| Total liabilities | $1.71B | $1.67B | $1.23B | $1.64B | $1.80B | $1.17B | $1.20B | $1.21B | $1.11B | $933.2M |
| Retained earnings | $1.67B | $1.43B | $1.10B | $834.4M | $844.4M | $932.3M | $843.9M | $671.2M | $747.6M | $664.2M |
| Total equity | $1.78B | $1.46B | $1.08B | $762.4M | $762.1M | $759.8M | $683.1M | $489.9M | $601.6M | $483.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $569.0M | $519.6M | $576.8M | $108.6M | $165.3M | $284.2M | $337.2M | $197.9M | $242.8M | $353.4M |
| Depreciation and amortisation | $122.4M | $117.0M | $78.0M | $82.3M | $84.3M | $84.0M | $87.6M | $71.8M | $55.3M | $44.9M |
| Capital expenditure | $77.6M | $57.3M | $48.3M | $56.2M | $78.9M | $93.3M | $59.4M | $74.6M | $148.7M | $142.9M |
| Investing cash flow | -$291.1M | -$738.8M | -$48.3M | $315.9M | -$461.4M | -$74.2M | -$59.4M | -$60.0M | -$334.6M | -$143.4M |
| Financing cash flow | -$279.1M | $185.8M | -$487.6M | -$439.4M | $255.1M | -$231.5M | -$208.1M | -$145.4M | -$19.0M | -$103.4M |
| Dividends paid | $105.9M | $95.9M | $85.0M | $84.3M | $85.9M | $83.4M | $81.7M | $80.4M | $82.9M | $75.8M |
| Buybacks | $77.2M | $31.9M | $42.9M | $207.5M | $196.2M | $101.4M | $0 | $232.0M | $26.0M | $35.8M |
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 0001282637-26-000005.
Others in SIC 2860
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| IFF | INTERNATIONAL FLAVORS & FRAGRANCES INC | $22.03B | — | -5.2% |
| LYB | LyondellBasell Industries N.V. | $20.52B | — | -9.7% |
| WLK | WESTLAKE CORP | $9.56B | — | -8.0% |
| SXT | SENSIENT TECHNOLOGIES CORP | $5.74B | 42.7x | 3.5% |
| REX | REX AMERICAN RESOURCES Corp | $1.38B | 16.6x | 1.2% |
| GPRE | Green Plains Inc. | $1.08B | — | 16.0% |
| WLKP | Westlake Chemical Partners LP | $771.2M | — | 2.7% |
| GEVO | Gevo, Inc. | $405.5M | — | 849.3% |