Balchem vs Ingevity
Ingevity reported revenue of $1.2 billion in fiscal 2025, about the same as Balchem's $1.0 billion in fiscal 2025. Balchem's revenue grew 8.8% in its latest year, and Ingevity's fell 2.7%. Balchem had an operating margin of 20.2%, against 35.9% at Ingevity. Free cash flow was $173 million at Balchem and $274 million at Ingevity.
Side by side
| Balchem | Ingevity | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $1.0B | $1.2B |
| Revenue growth | 8.8% | −2.7% |
| Revenue growth a year, last 5 years | 8.1% | −0.8% |
| Gross margin | 35.7% | 39.5% |
| Operating margin | 20.2% | 35.9% |
| Net margin | 14.9% | −14.3% |
| Free cash flow | $173M | $274M |
| Free cash flow margin | 16.7% | 23.4% |
| Return on capital | — | 24.6% |
| Net debt to EBITDA | — | 2.1x |
| Dividends and buybacks | $136M | $56M |
| Change in diluted share count | −0.3% | −0.3% |
| Last close | $170.62 | $71.03 |
| P/E at the last close | 32.1× | 47.4× |
| Insider trades, last 12 months | sold $2.3 million | sold $1.8 million |
| Piotroski F-score | — | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
BalchemIngevity
Operating margin
Percent of revenue
BalchemIngevity
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
BalchemIngevity