The Filing Desk

Koppers

KOP · NYSE · Materials · Financials, fiscal 2016 to 2025

KOP · Last close · October 26, 2026
$39.83
Value Koppers yourself

Koppers' revenue fell 10.2% to $1.9 billion in fiscal 2025. Its operating margin was 8.9%, up from 7.1% a year earlier. Free cash flow was $68 million, up 60.7%. It paid out $45 million in dividends and buybacks, 66% of free cash flow. The diluted share count fell 4.2%.

KOPPERS HOLDINGS INC. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001315257-26-000012 Updated
Revenue
$1.9B
10.2%
Operating margin
8.9%
1.8 pts
Net income
$56M
6.9%
Free cash flow
$68M
60.7%
Return on capital
8.1%
0.3 pts
Market cap
$761M
Oct 26 close
P/E
—
Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue
US$ billions, fiscal years
Margins
Percent of revenue
GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 7.8% a year and net income 7.5% a year, as buybacks cut the share count by 3%.

Net income
US$ billions, fiscal years; loss years in red.
Diluted earnings per share
US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity
Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.
Return on capitalReturn on equity

Cash flow

Free cash flow
US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks
US$ billions, cash paid in each fiscal year
DividendsShare buybacks
Diluted share count
Weighted-average diluted shares, millions

Valuation

Two ways to value Koppers yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Koppers' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Koppers' fiscal 2025 free cash flow of $68M, net cash of −$890M at December 31, 2025 and 20 million diluted shares, from its filings. The scenarios are fitted to Koppers: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -1.7% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 13%: 11% for a cyclical or higher-risk business (Commodity Chemicals), plus 1 point as a smaller company, worth $761M, plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Koppers' net debt is larger than what that scenario's cash flows are worth today.

From the filings
Cash from operations minus capital spending in fiscal 2025.
Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.
Weighted-average diluted shares in fiscal 2025.
Your assumptions
Start from
Fitted to Koppers's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 14% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 12% discount rate.
Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.
The yearly return an investor wants for the risk. A higher rate gives a lower value.
Value per share on these assumptions
—
—
Last close, October 26, 2026
$39.83
Value on these assumptions, against the last close
—

Cash flows in years 1 to 10, valued today
—
Everything after year 10, valued today
—
Plus net cash
—
Share of value from after year 10
—
Projected free cash flow
US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.
Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.
How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Koppers' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments4633664438
Debt incl. finance leases789825849940928
Net debt (negative means net cash)744792783896890
Net debt to EBITDA3.5x4.1x3.1x4.2x3.7x
Debt to equity1.9x2.1x1.7x1.9x1.6x
Interest coverage3.9x3.1x2.8x1.9x2.5x
Current ratio2.2x2.0x2.1x2.1x2.9x
Quick ratio1.1x0.9x0.9x0.8x1.1x
US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Koppers shares on the open market, and 4 insiders sold $5.6 million.

DateInsiderTradeSharesPriceValueFiling
Aug 31, 2026Ball M LeroyCEO, DirectorSold4,000$45.96$183,840Form 4
Aug 19, 2026Ball M LeroyCEO, DirectorSold3,000$45.84$137,520Form 4
Aug 12, 2026Stephen G LucasSVP, Culture and EngagementSold1,308$44.55$58,271Form 4
Aug 11, 2026James A. SullivanPresident and CTOSold7,500$50.00$375,000Form 4
Aug 10, 2026Bradley A PearceCAOSold2,000$51.01$102,020Form 4
Aug 7, 2026James A. SullivanPresident and CTOSold80,000$50.01$4.0 millionForm 4
Jun 18, 2026Ball M LeroyCEO, DirectorSold3,412$43.90$149,787Form 4
Jun 11, 2026Ball M LeroyCEO, DirectorSold4,141$41.34$171,189Form 4
May 13, 2026Ball M LeroyCEO, DirectorSold2,659$42.55$113,140Form 4
Mar 17, 2026Ball M LeroyCEO, DirectorSold2,489$37.91$94,358Form 4
Mar 2, 2026Ball M LeroyCEO, DirectorSold6,275$36.87$231,371Form 4
Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

TestFY23FY24FY25
Net income is positivePassPassPass
Cash from operations is positivePassPassPass
Return on assets rosePassFailPass
Cash from operations exceeds net incomePassPassPass
Debt fell relative to assetsPassFailPass
Current ratio rosePassFailPass
Share count didn't riseFailPassPass
Gross margin rosePassPassPass
Revenue rose relative to assetsPassFailFail
F-score8 of 95 of 98 of 9
Accruals ratio−3.2%−3.6%−3.5%
The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Koppers side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

CompanyYearRevenue growthOperating marginFree cash flow marginReturn on capitalNet debt to EBITDAF-scoreCompare
KoppersFY25−10.2%8.9%3.6%8.1%3.7x8
HawkinsFY2611.2%11.2%7.9%13.1%1.4x4Compare
DowFY25−7.0%—−3.6%−4.1%12.0x3Compare
Quaker ChemicalFY252.7%2.8%4.3%1.3%6.1x5Compare
Ashland GlobalFY25−13.7%−42.5%2.0%−17.5%—5Compare
Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue1,4161,4761,5631,6371,6691,6791,9802,1542,0921,879
Revenue growth−12.9%4.2%5.9%4.8%2.0%0.6%18.0%8.8%−2.9%−10.2%
Gross profit290322302331360334345424423448
Research and development79————————
Operating income9312484125157156138195148168
Net income292923671228563895256
Diluted EPS (US$)1.391.321.103.165.713.882.984.142.462.74
Diluted shares (millions)21222121212221222120
Cash flow
Cash from operations12010278115127103102146119122
Capital expenditure506811037701251051207755
Free cash flow7034−317857−22−3264268
Dividends paid0000004566
Share buybacks0532121224205138
Acquisitions002640001509921
Stock-based compensation9111212111313172114
Balance sheet at fiscal year end
Cash and short-term investments21513732384633664438
Debt incl. finance leases6716891,003912784789825849940928
Total assets1,0881,2001,4801,5651,5991,6621,7111,8361,8901,887
Total liabilities1,0531,0941,4131,4061,2531,2511,3081,3321,4011,312
Shareholders' equity3010056147342407399499489574
Margins and ratios
Gross margin20.5%21.8%19.3%20.2%21.6%19.9%17.4%19.7%20.2%23.8%
Operating margin6.6%8.4%5.4%7.6%9.4%9.3%7.0%9.1%7.1%8.9%
Net margin2.1%2.0%1.5%4.1%7.3%5.1%3.2%4.1%2.5%3.0%
Free cash flow margin4.9%2.3%−2.0%4.8%3.4%−1.3%−0.1%1.2%2.0%3.6%
Return on capital9.5%9.0%4.8%12.1%11.9%9.9%7.8%11.3%7.8%8.1%
Return on equity—44.7%30.0%65.5%49.9%22.8%15.7%19.9%10.6%10.5%
Return on assets2.7%2.5%1.8%4.4%7.7%5.2%3.8%5.0%2.8%3.0%
Net debt to EBITDA4.4x3.7x7.3x5.0x3.5x3.5x4.1x3.1x4.2x3.7x
US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)
Source: Koppers' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Koppers.