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NewMarket Corporation

NEU Basic Materials Specialty Chemicals

NewMarket Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.7 billion, down 2.20% from fiscal 2024.

Revenue
+3.79%
EPS
+26.5%
Free cash flow
−73.9%
Total debt
+6.00%

Quarter to September 2026, against a year earlier

690.68 34.43 −4.75%
Market cap
$6.4B
P/E
14.0×
Fwd P/E
0.0×
Dividend yield
1.74%
F-score
5/9
Altman Z
4.44
Beneish M
−2.55
Dividend safety
89/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Petroleum Additives
  • Specialty Materials
  • All Other

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.25
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 16.59%

Capital & Financial Ratios $m

Size
Market Cap 6,370.00
Revenue ttm 2,768.72
Net income ttm 457.21
Free cash flow ttm 383.41
Net debt Q 752.74
Valuation
P/E 14.01
Forward P/E 0.00
Price / sales 2.29
Forward P/S Powerpack
Price / FCF 16.50
Price / book 3.28
Financial health
Current ratio Q 2.46 (at or above 1.5: strong)
Debt / equity Q 0.43 (at or below 0.5: strong)
Interest coverage Q 17.90
Growth
Revenue growth Q +3.79% (above 0%: growing)
Operating income growth Q +9.39% (above 0%: growing)
EPS, this year —
EPS, next year A —
Revenue, next year A −100.00% (below 0%: weak)
EPS, past 5 yrs +12.52%
EPS, next 5 yrs A +7.70%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.7×, against a ten-year median of 2.4×; over the ten years it ranged from 1.6× in 2022 to 3.4× in 2026.
P/E against its own 10 years 24.24%
10-year low 10-year high
P/S against its own 10 years 71.03%
10-year low 10-year high
P/B against its own 10 years 1.39%
10-year low 10-year high
EV/Sales against its own 10 years 82.43%
10-year low 10-year high
EV/FCF against its own 10 years 37.33%
10-year low 10-year high

Dividends

Yield
1.74%
Annual rate
12.00
Payout ratio
24.3%
Growth, 2018–26
+3.19%/yr
  1. 7.00 ’18
  2. 7.30 ’19 +4
  3. 7.60 ’20 +4
  4. 8.00 ’21 +5
  5. 8.40 ’22 +5
  6. 8.85 ’23 +5
  7. 10.00 ’24 +13
  8. 11.25 ’25 +13
  9. 9.00 ’26 −20
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 112 77 78 77
Receivables 432 395 422 450
Inventory 456 505 502 577
Other — — — —
1,040 1,030 1,060 1,159
2023 2024 2025 Q'26
Payables 231 226 238 298
ST’ Debt — — — —
Other 16 6 14 12
364 374 419 471

Compound Annual Growth %

10y 5y 3y
Sales 2.44% 6.27% (0.48%)
Cash Flow 7.82% 14.90% 73.67%
Earnings 5.77% 9.08% 14.39%
Book Value 16.46% 18.54% 32.62%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY16 Estimate 3.87 Actual 3.86

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY16 4.63 5.42 Beat by 0.79
Q2 FY16 5.46 5.50 Beat by 0.04
Q3 FY16 5.09 6.00 Beat by 0.91
Q4 FY16 3.87 3.86 Miss by 0.01

EPS $

Mar Jun Sep Dec Year
’26 12.62 14.54 13.50 — —
’25 13.26 11.84 10.67 8.65 44.44
’24 11.23 11.63 13.79 11.56 48.22
’23 10.09 10.36 11.60 8.38 40.44
’22 5.75 6.54 6.32 9.26 27.77
’21 6.38 4.75 4.80 1.65 17.71
’20 7.67 2.05 8.77 6.12 24.64
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 670 747 717 — —
’25 701 699 690 635 2,725
’24 697 710 725 655 2,787
’23 703 685 667 643 2,698
’22 663 724 696 683 2,765
’21 567 591 622 577 2,356
’20 559 411 513 528 2,011
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 124 162 69 — —
’25 120 161 142 145 569
’24 103 115 117 185 520
’23 110 152 143 172 577
’22 7 18 (8) 93 109
’21 49 55 41 20 165
’20 64 30 122 68 284
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 100 135 32 — —
’25 107 145 122 117 491
’24 89 100 102 171 462
’23 98 138 134 158 529
’22 (6) 2 (21) 77 52
’21 29 31 21 5 86
’20 44 10 122 35 211
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 4.7% a year for ten years. It grew 11.7% a year over the last ten.

Implied
4.7%
10 years, reported
11.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,049 2,198 2,290 2,190 2,011 2,356 2,765 2,698 2,787 2,725 2,769 +3.2% — — — —
Gross margin, % 33.04 28.95 25.57 28.76 29.59 23.25 23.17 28.63 31.81 31.46 31.66 (1.6) pt
EBT 343 315 290 332 331 248 348 489 584 561 586 +5.6%
EBT margin, % 16.75 14.35 12.68 15.14 16.47 10.51 12.58 18.12 20.96 20.57 21.18 +3.8 pt
Net income 243 191 235 254 271 191 280 389 462 419 457 +6.2%
Per share, $
Per share, $ Revenue 173.27 185.93 198.84 196.16 183.46 219.05 275.52 281.58 291.63 290.34 302.26 +5.9%
Earnings 20.54 16.08 20.34 22.73 24.64 17.71 27.77 40.44 48.22 44.44 49.31 +9.0%
Cash flow 29.88 20.53 17.19 30.20 25.92 15.37 10.82 60.19 54.38 60.62 54.57 +8.2%
Capex (12.08) (12.58) (6.48) (5.32) (6.69) (7.34) (5.60) (5.04) (6.00) (8.27) (12.72) (4.1%)
Free cash flow 17.80 7.96 10.71 24.88 19.24 8.03 5.23 55.15 48.38 52.35 41.86 +12.7%
Book value 40.86 50.88 42.55 61.18 69.32 70.86 75.97 112.39 152.97 189.46 210.71 +18.6%
Shares, m 12 12 12 11 11 11 10 10 10 9 9 (2.5%)
Valuation, ×
Valuation, × P/E 20.88 25.12 20.23 21.39 16.18 19.49 11.59 13.55 10.96 15.47 14.01 17.5
P/S 2.47 2.17 2.07 2.48 2.17 1.56 1.17 1.95 1.81 2.37 2.29 2.0
P/B 10.49 7.93 9.69 7.95 5.75 4.84 4.25 4.87 3.45 3.63 3.28 6.3
EV/Sales 2.63 2.41 2.38 2.72 2.41 1.85 1.64 2.27 2.26 2.79 2.68 2.3
EV/FCF 25.58 56.24 44.16 21.41 23.03 50.54 86.30 11.60 13.61 15.48 19.38 34.8
Cash, $m
Cash, $m Operating cash flow 353 243 198 337 284 165 109 577 520 569 500 +5.4%
Capex (143) (149) (75) (59) (73) (79) (56) (48) (57) (78) (116) (6.6%)
Free cash flow 211 94 123 278 211 86 52 529 462 491 383 +9.9%
Balance, $m
Balance, $m Working capital 542 517 542 571 586 663 768 675 655 640 688 +1.9%
Net debt 315 519 698 516 490 680 935 532 894 806 753 +11.0%
Shareholders’ equity 483 602 490 683 760 762 762 1,077 1,462 1,778 1,930 +15.6%
Returns, %
Returns, % ROA 17.98 12.18 13.74 14.17 14.15 8.48 11.22 16.44 16.94 12.60 13.23 (5.4) pt
ROIC 27.77 18.00 15.40 17.59 15.60 11.17 13.08 18.77 15.66 13.15 13.04 (14.6) pt
ROE 55.80 35.12 42.92 43.28 37.44 25.03 36.56 42.13 36.30 25.75 25.16 (30.1) pt
People
People Employees 1,998 2,223 2,089 2,118 2,105 2,104 2,058 2,000 2,060 2,050 — +0.3%
Revenue/emp, $m 1.03 0.99 1.10 1.03 0.96 1.12 1.34 1.35 1.35 1.33 — +2.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

NewMarket Corporation is a specialty chemicals holding company headquartered in Richmond, Virginia. It was founded in 1887, and its chief executive is Thomas E. Gottwald. Its operating subsidiaries make and sell chemicals used in lubricants, fuels, rocket motors and other aerospace and defense applications.

Afton Chemical develops petroleum additive packages that customers blend into lubricating oils and fuels. Lubricant additives help protect moving parts, control deposits and maintain oil performance in applications ranging from passenger vehicles to industrial machinery. Fuel additives help refiners meet specifications and can improve the performance of gasoline, diesel and other fuels. Afton sells worldwide to customers including oil companies, refiners and independent blenders.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Petroleum Additives 2,534 92.97%
Specialty Materials 182 6.70%
All Other 9 0.33%
Gross margin 31.46%
Operating margin 19.95%
Pre-tax margin 20.57%

Revenue by segment since 2009

NewMarket Corporation vs peers in Specialty Chemicals (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SOLS Solstice Advanced Materials Inc. $8.8B 26.5× 20.5× +7.95% (above 0%: growing) −11.11% (below 0%: shrinking) +276.34% (above 0%: growing) 32.98% 15.68% Compare
WLK Westlake Corporation $8.5B — (loss-making) 36.7× +5.04% (above 0%: growing) n/m +485.96% (above 0%: growing) 12.81% 1.44% Compare
SQM Sociedad Quimica y Minera S.A. $8.1B 10.6× 7.4× +138.12% (above 0%: growing) +381.25% (above 0%: growing) −63.75% (below 0%: shrinking) 51.05% 48.62% Compare
AXTA Axalta Coating Systems Ltd. $7.8B 23.3× 18.8× +1.79% (above 0%: growing) −12.96% (below 0%: shrinking) +2.30% (above 0%: growing) 33.10% 12.59% Compare
EMN Eastman Chemical Company $7.5B 12.0× 11.5× +8.31% (above 0%: growing) +266.44% (above 0%: growing) −26.42% (below 0%: shrinking) 22.31% 12.79% Compare
ESI Element Solutions Inc. $7.5B 36.4× 30.7× +51.70% (above 0%: growing) +68.75% (above 0%: growing) +53.88% (above 0%: growing) 34.40% 11.44% Compare
NEU NewMarket Corporation $6.4B 14.0× — (loss-making) +3.79% (above 0%: growing) +26.52% (above 0%: growing) −73.94% (below 0%: shrinking) 31.03% 19.95%
BCPC Balchem Corporation $5.7B 33.8× 31.0× +8.63% (above 0%: growing) +17.74% (above 0%: growing) +14.42% (above 0%: growing) 36.37% 21.48% Compare
SXT Sensient Technologies Corporation $5.1B 30.0× 28.0× +10.61% (above 0%: growing) +31.03% (above 0%: growing) −90.87% (below 0%: shrinking) 36.19% 15.89% Compare
Median of peers $7.7B 26.5× 24.3× +8.47% +31.03% +8.36% 33.75% 14.24%

All 61 Specialty Chemicals stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 65.31%
Held by the ten largest 40.10%
Holder Shares Stake Change
Vanguard 825.23k 8.97% −39.72k
BlackRock 703.12k 7.65% −13.56k
LONDON CO OF VIRGINIA 488.48k 5.31% +27.46k
Boston Partners 323.90k 3.52% +72.78k
AQR Capital Management 269.52k 2.93% +151.35k
LSV ASSET MANAGEMENT 237.76k 2.59% −28.62k
State Street 234.07k 2.55% +422.00
American Century 209.44k 2.28% +40.79k
Dimensional Fund Advisors 205.66k 2.24% +11.15k
Geode Capital Management 190.94k 2.08% +6.21k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 12 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 3.69m 3.14m 191.93
2024 3.09m 2.54m 145.09
2023 3.20m 3.28m 147.25
2022 2.09m 2.19m 82.21
2021 2.47m 2.02m 88.09

Ownership

Directors and executive officers, together 8.60%
Bruce C. Gottwald 10.10%
The Vanguard Group 8.70%
BlackRock Inc. 6.50%
Thomas E. Gottwald 6.00%
The London Company 5.90%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

NewMarket Corporation (NEU) Latest News

30 Oct

Impact 3 · · The Motley Fool transcript

29 Oct

Impact 3 · · Business Wire

28 Oct

Impact 3 · · Associated Press
Impact 3 · · Business Wire

24 Oct

Impact 3 · · Simply Wall St.

31 Jul

Impact 3 · · MarketBeat transcript

30 Jul

Impact 4 ·

29 Jul

Impact 3 ·

8 Jul

Impact 3 · · Trefis

24 Apr

Impact 3 · · GuruFocus.com
Impact 3 · · MarketBeat

23 Apr

Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby

22 Apr

Impact 3 · · Business Wire

14 Apr

Impact 4 · · The Motley Fool transcript
Impact 4 · · The Motley Fool transcript

26 Feb

Impact 3 · · Business Wire
Impact 3 · · Insider Monkey

13 Feb

Impact 4 · · MarketBeat

12 Feb

Impact 4 · · GuruFocus.com
Impact 4 · · Moby transcript

11 Feb

Impact 4 · · Associated Press Finance24/7 Wall St.Motley FoolBarchartMotley FoolMotley FoolGOBankingRates
Impact 4 · · Business Wire

10 Dec

Impact 3 · · Simply Wall St.

7 Dec

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

30 Nov

Impact 4 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

4 Nov

Impact 4 · · Insider Monkey

3 Nov

Impact 4 · · Simply Wall St.

2 Nov

Impact 3 · · Simply Wall St.

1 Nov

Impact 4 ·

NEU metrics, ten years each

stockrow.com/NEU · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com