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. In the quarter to June 2026, revenue grew 6.96%, EPS grew 22.8%, free cash flow fell 6.94% and total debt rose 1.54%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.
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NewMarket Corporation (NEU) Altman Z-score
NewMarket Corporation's Altman Z-score for fiscal 2025 is 4.44, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.44 | 0.22 |
| FY2024 | 4.22 | (1.20) |
| FY2023 | 5.42 | 1.78 |
| FY2022 | 3.64 | 0.39 |
| FY2021 | 3.26 | (1.58) |
| FY2020 | 4.84 | (0.61) |
| FY2019 | 5.45 | 0.24 |
| FY2018 | 5.21 | (0.21) |
| FY2017 | 5.42 | (1.19) |
| FY2016 | 6.61 | (0.13) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.18 | — | 0.22 | |
| Retained earnings / total assets | 0.48 | — | 0.67 | |
| EBIT / total assets | 0.16 | — | 0.51 | |
| Market value of equity / total liabilities | 3.76 | — | 2.26 | |
| Sales / total assets | 0.78 | — | 0.78 | |
| Altman Z-score | Safe zone | 4.44 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.90 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NEU NewMarket Corporation | 4.4× |
| SQM Sociedad Quimica y Minera S.A. compare | 3.1× |
| AXTA Axalta Coating Systems Ltd. compare | 2.4× |
| ALB Albemarle Corporation compare | 2.3× |
| EMN Eastman Chemical Company compare | 2.3× |
| SOLS Solstice Advanced Materials Inc. compare | 2.3× |
| ESI Element Solutions Inc. compare | 2.2× |
| SSL Sasol Ltd. compare | 1.9× |
| WLK Westlake Corporation compare | 1.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets