Ingevity Corporation
NGVT Basic Materials Specialty Chemicals
In the quarter to June 2026, revenue fell 5.25%, EPS grew 125.4%, free cash flow fell 136.1% and total debt fell 14.5%, each against the same quarter a year earlier.
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Ingevity Corporation (NGVT) Altman Z-score
Ingevity Corporation's Altman Z-score for fiscal 2025 is 1.84, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.84 | 0.30 |
| FY2024 | 1.54 | (0.36) |
| FY2023 | 1.91 | (0.57) |
| FY2022 | 2.47 | (0.11) |
| FY2021 | 2.58 | (0.05) |
| FY2020 | 2.63 | (0.21) |
| FY2019 | 2.84 | (1.36) |
| FY2018 | 4.21 | (0.74) |
| FY2017 | 4.95 | 1.22 |
| FY2016 | 3.73 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.07 | — | 0.08 | |
| Retained earnings / total assets | 0.25 | — | 0.34 | |
| EBIT / total assets | (0.03) | — | −0.09 | |
| Market value of equity / total liabilities | 1.32 | — | 0.79 | |
| Sales / total assets | 0.71 | — | 0.71 | |
| Altman Z-score | Grey zone | 1.84 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 1.09 | ||
Z and Z″ put Ingevity Corporation in different zones: grey zone by Z, distress zone by Z″.
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 |
|---|---|
| WDFC WD-40 Company compare | 12.5× |
| HWKN Hawkins, Inc. compare | 6.6× |
| IOSP Innospec Inc. compare | 4.8× |
| MTX Minerals Technologies Inc. compare | 2.5× |
| KWR Quaker Houghton compare | 2.3× |
| FUL H. B. Fuller Company compare | 2.2× |
| NGVT Ingevity Corporation | 1.8× |
| CC The Chemours Company compare | 1.4× |
| ASH Ashland Inc. compare | 1.2× |
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