Ingevity
NGVT on NYSE. Ingevity sells products that purify and protect to manufacturers. Market value $2.5bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
A big one-off write-off makes recent profit look smaller than the business earns, so we leave price to profit out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Materials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $6.19 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 20 cents a year. Above 10 is good.
Quality score: 60 of 100. Price score: 61 of 100. Our list needs 70 on quality and 60 on price.
$72.80 a share, 59% above its 1-year low
Over the past year the price has ranged from $45.85 to $79.29.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $155 million in the past 12 months, $274 million in the year to December 2025.
| Revenue | |||||
| Revenue | $1.4bn | $1.7bn | $1.2bn | $1.2bn | $1.2bn |
| Operating margin | |||||
| Operating margin | 30.3% | 27.1% | 34.8% | 35.5% | 35.9% |
| Debt to equity | |||||
| Debt to equity | 1.88 | 2.11 | 2.32 | 7.18 | 40.69 |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.03bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)No
- Debt40.69× equity
- Revenue growth, five yearsShrinking, 0.8% a year
- Buying back its own sharesYes, 8% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $314 million last quarter, down 5% on a year ago.
- Profit: $35 million, after a loss of $147 million a year ago.
- Spare cash over the past 12 months: $155 million, up from $150 million.
- 3% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $1.1 billion more than cash, down from $1.3 billion a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $334m |
| December 2024 | Not reported |
| March 2025 | $248m |
| June 2025 | $332m |
| September 2025 | $333m |
| December 2025 | $255m |
| March 2026 | $258m |
| June 2026 | $314m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$107m |
| December 2024 | $17m |
| March 2025 | $21m |
| June 2025 | -$147m |
| September 2025 | $44m |
| December 2025 | -$85m |
| March 2026 | $60m |
| June 2026 | $35m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
5 long-term investors we follow own it, unchanged from 5 last quarter. 315 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $70m | 0.6% | Added |
| Boston PartnersBoston Partners team | $29m | <0.1% | Added |
| SouthernSun Asset ManagementMichael Cook | $18m | 2.5% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $1m | <0.1% | Added |
| Barrow HanleyBarrow Hanley team | $3,659 | <0.1% | Added |
Largest holders overall
- BlackRock$401m
- Vanguard Portfolio Management$177mAdded
- Vanguard Capital Management$117m
- State Street$112mAdded
- American Century Companies$95mCut
- Wellington Management Group LLP$80mCut
- Segall Bryant & Hamill$79mCut
- Millennium Management$74mCut
- Brown Advisory$73m
- Royce & Associates$70mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor15.5%Since 31 March 2025
- Vanguard Portfolio ManagementPassive investor6.3%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- Wellington Management Group LLPPassive investorat least 4.2%(filed with 2 related holders)Since 31 March 2026
- Victory Capital Management, Inc.Passive investorSold down below 5%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 15.5% | 31 March 2025 | |
Vanguard Portfolio Management Passive investor | 6.3% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
Wellington Management Group LLP Passive investor | at least 4.2% (filed with 2 related holders) | 31 March 2026 | |
Victory Capital Management, Inc. Passive investor | Sold down below 5% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $2m, $2m of it under preset trading plans.
- Li David HPresident & CEO, DirectorSoldunder a preset trading plan
- Date
- 18 August 2026
- Shares
- 92
- Price
- $74.71
- Value
- $6,873
- Li David HPresident & CEO, DirectorSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 5,000
- Price
- $75.83
- Value
- $379,150
- Li David HPresident & CEO, DirectorSoldunder a preset trading plan
- Date
- 14 August 2026
- Shares
- 5,000
- Price
- $75.73
- Value
- $378,650
- Li David HPresident & CEO, DirectorSoldunder a preset trading plan
- Date
- 13 August 2026
- Shares
- 5,000
- Price
- $75.73
- Value
- $378,650
- Li David HPresident & CEO, DirectorSoldunder a preset trading plan
- Date
- 12 August 2026
- Shares
- 5,000
- Price
- $76.62
- Value
- $383,100
- Fisher Ryan C.SVP, Gen. Counsel & SecretarySold
- Date
- 3 August 2026
- Shares
- 2,709
- Price
- $73.72
- Value
- $199,698
- DYER TERRANCE MSVP, Chief HR OfficerSold
- Date
- 28 May 2026
- Shares
- 496
- Price
- $68.49
- Value
- $33,971
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 18 August 2026 | Li David H President & CEO, Director | Sold under a preset trading plan | 92 | $74.71 | $6,873 |
| 17 August 2026 | Li David H President & CEO, Director | Sold under a preset trading plan | 5,000 | $75.83 | $379,150 |
| 14 August 2026 | Li David H President & CEO, Director | Sold under a preset trading plan | 5,000 | $75.73 | $378,650 |
| 13 August 2026 | Li David H President & CEO, Director | Sold under a preset trading plan | 5,000 | $75.73 | $378,650 |
| 12 August 2026 | Li David H President & CEO, Director | Sold under a preset trading plan | 5,000 | $76.62 | $383,100 |
| 3 August 2026 | Fisher Ryan C. SVP, Gen. Counsel & Secretary | Sold | 2,709 | $73.72 | $199,698 |
| 28 May 2026 | DYER TERRANCE M SVP, Chief HR Officer | Sold | 496 | $68.49 | $33,971 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 40.7× its equity.
- Sales have shrunk: 0.8% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.