A Business at a Glance
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NEWMARKET CORP
NEU
$7.3B
Mkt Cap
$779.33
+1.21%
NEWMARKET CORP (NEU) has a current P/E ratio of 17.5, compared to its historical median P/E of 16.6. The stock is currently considered Fair based on its historical valuation range.
NEWMARKET CORP (NEU) has a 5-year average return on invested capital (ROIC) of 18.9%. This indicates strong capital allocation and a potential competitive advantage.
NEWMARKET CORP (NEU) has a market capitalization of $7.2B. It is classified as a mid-cap stock.
Yes, NEWMARKET CORP (NEU) pays a dividend with a trailing twelve-month yield of 1.50%. The company also returns capital through share buybacks, with a buyback yield of 2.03%.
Based on historical P/E analysis, NEWMARKET CORP (NEU) appears fair. The current P/E of 17.5 is 5% above its historical median of 16.6. The estimated fair value CAGR (P/E method) is 14.5%.
NEWMARKET CORP (NEU) operates in the Industrial Organic Chemicals industry, within the Materials sector.
NEWMARKET CORP (NEU) reported annual revenue of $2.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
NewMarket Corporation is a specialty chemicals holding company with two primary operating segments: Petroleum Additives (primarily Afton Chemical) and Specialty Materials (AMPAC and Calca, acquired October 2025). Afton manufactures and sells lubricant and fuel additive packages globally, serving customers from large integrated oil companies to independent operators across North America, Europe, Asia, Africa, and South America; the company employs nearly 450 research, development, and testing personnel and differentiates itself through collaborative customer relationships, technical formulation expertise, and globally distributed manufacturing capabilities. Ethyl provides contracted manufacturing services and markets antiknock compounds in North America. AMPAC manufactures specialty materials for solid rocket motors in aerospace and defense, holding a global leadership position through long-term customer relationships and custom formulation capabilities. Calca, the nation's leading producer of Ultra Pure® and high-purity hydrazine, supplies mission-critical propellants for advanced aerospace and defense applications. NewMarket Development manages approximately 50 acres of real property in Richmond, Virginia, including corporate offices and research facilities, with ongoing exploration of development opportunities.
【Sustained segment momentum】 Management anticipates continued strength across both the petroleum additives and specialty materials segments going forward. The company remains focused on long-term value creation for shareholders and customers while maintaining its strategic objectives. The integration of Calca and expansion of specialty materials capabilities position the company to capitalize on aerospace and defense demand drivers.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.7B | 2.7B | 2.8B | 2.7B | 2.8B | 2.4B |
| Net Income | 409M | 417M | 461M | 388M | 279M | 190M |
| EPS | $43.82 | $44.44 | $48.22 | $40.44 | $27.77 | $17.71 |
| Free Cash Flow | 484M | 491M | 462M | 529M | 52M | 86M |
| ROIC | 15.2% | 16.2% | 23.1% | 22.7% | 17.8% | 14.5% |
| Gross Margin | 31.3% | 31.5% | 31.8% | 28.6% | 23.2% | 23.2% |
| Debt/Equity | 0.54 | 0.54 | 0.71 | 0.67 | 1.40 | 1.58 |
| Dividends/Share | $11.72 | $11.25 | $10.00 | $8.85 | $8.40 | $8.00 |
| Operating Income | 527M | 544M | 590M | 483M | 355M | 258M |
| Operating Margin | 19.6% | 20.0% | 21.2% | 17.9% | 12.8% | 10.9% |
| ROE | 23.6% | 25.8% | 36.3% | 42.1% | 36.6% | 25.0% |
| Shares Outstanding | 9M | 9M | 10M | 10M | 10M | 11M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.3B | 2.1B | 2.0B | 2.2B | 2.3B | 2.2B | 2.0B | 2.4B | 2.8B | 2.7B | 2.8B | 2.7B | 2.7B |
| Gross Margin | 28.5% | 31.7% | 33.0% | 28.9% | 25.6% | 28.8% | 29.6% | 23.2% | 23.2% | 28.6% | 31.8% | 31.5% | 31.3% |
| R&D | 139M | 158M | 161M | 146M | 140M | 144M | 140M | 144M | 140M | 138M | 125M | 132M | 131M |
| SG&A | 164M | 164M | 162M | 168M | 152M | 148M | 143M | 146M | 145M | 151M | 171M | 182M | 185M |
| EBIT | 363M | 357M | 355M | 323M | 293M | 337M | 312M | 258M | 355M | 483M | 590M | 544M | 527M |
| Op. Margin | 15.5% | 16.7% | 17.3% | 14.7% | 12.8% | 15.4% | 15.5% | 10.9% | 12.8% | 17.9% | 21.2% | 20.0% | 19.6% |
| Net Income | 233M | 239M | 243M | 191M | 234M | 254M | 270M | 190M | 279M | 388M | 461M | 417M | 409M |
| Net Margin | 10.0% | 11.1% | 11.9% | 8.7% | 10.2% | 11.6% | 13.4% | 8.1% | 10.1% | 14.4% | 16.5% | 15.3% | 15.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 16M | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 36.6% | 34.2% | 31.7% | 20.3% | 20.5% | 21.3% | 20.5% | 14.5% | 17.8% | 22.7% | 23.1% | 16.2% | 15.2% |
| ROE | 47.0% | 59.0% | 55.9% | 35.1% | 42.9% | 43.3% | 37.4% | 25.0% | 36.6% | 42.1% | 36.3% | 25.8% | 23.6% |
| ROA | 18.2% | 19.0% | 18.0% | 12.2% | 13.7% | 14.2% | 14.1% | 8.5% | 11.2% | 16.4% | 16.9% | 12.6% | 11.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 235M | 268M | 353M | 243M | 198M | 337M | 284M | 165M | 109M | 577M | 520M | 569M | 573M |
| Free Cash Flow | 175M | 142M | 211M | 94M | 123M | 278M | 191M | 86M | 52M | 529M | 462M | 491M | 484M |
| Owner Earnings | 191M | 225M | 307M | 187M | 125M | 249M | 200M | 78M | 24M | 498M | 402M | 446M | 446M |
| CapEx | 60M | 126M | 143M | 149M | 75M | 59M | 93M | 79M | 56M | 48M | 57M | 78M | 89M |
| Maint. CapEx | 42M | 42M | 45M | 55M | 72M | 88M | 84M | 84M | 82M | 78M | 117M | 122M | 125M |
| Growth CapEx | 18M | 84M | 98M | 93M | 2.9M | 0 | 9.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 42M | 42M | 45M | 55M | 72M | 88M | 84M | 84M | 82M | 78M | 117M | 122M | 125M |
| CapEx/OCF | 25.4% | 47.2% | 40.4% | 61.3% | 37.7% | 17.6% | 32.8% | 47.7% | 51.7% | 8.4% | 11.0% | 13.6% | 15.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 59M | 71M | 76M | 83M | 80M | 82M | 83M | 86M | 84M | 85M | 96M | 106M | 108M |
| Dividend Yield | 1.5% | 1.7% | 1.9% | 1.9% | 2.0% | 1.9% | 2.2% | 2.5% | 2.9% | 2.2% | 1.8% | 1.7% | 1.5% |
| Share Buybacks | 249M | 195M | 36M | 26M | 232M | 0 | 101M | 196M | 207M | 43M | 32M | 77M | 146M |
| Buyback Yield | 5.9% | 5.0% | 0.8% | 0.7% | 5.7% | N/A | 2.6% | 5.7% | 7.1% | 0.8% | 0.6% | 1.2% | 2.0% |
| Stock-Based Comp | 2.3M | 1.2M | 1.1M | 915K | 740K | 304K | 641K | 2.6M | 2.2M | 836K | 1.1M | 1.0M | 1.3M |
| Debt Repayment | 225K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 350M | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 260M | 401M | 315M | 519M | 698M | 562M | 535M | 748M | 998M | 605M | 967M | 887M | 866M |
| Cash & Equiv. | 103M | 93M | 192M | 84M | 73M | 144M | 125M | 83M | 69M | 112M | 77M | 78M | 73M |
| Long-Term Debt | 364M | 495M | 507M | 603M | 771M | 643M | 599M | 790M | 1.0B | 644M | 971M | 883M | 940M |
| Debt/Equity | 0.86 | 1.28 | 1.05 | 1.00 | 1.57 | 1.03 | 0.87 | 1.58 | 1.40 | 0.67 | 0.71 | 0.54 | 0.54 |
| Interest Coverage | 21.9 | 24.3 | 21.1 | 14.8 | 11.0 | 11.5 | 11.8 | 7.5 | 10.1 | 12.9 | 10.3 | 13.7 | 14.0 |
| Equity | 421M | 388M | 483M | 602M | 490M | 683M | 760M | 762M | 762M | 1.1B | 1.5B | 1.8B | 1.7B |
| Total Assets | 1.2B | 1.3B | 1.4B | 1.7B | 1.7B | 1.9B | 1.9B | 2.6B | 2.4B | 2.3B | 3.1B | 3.5B | 3.5B |
| Total Liabilities | 811M | 899M | 933M | 1.1B | 1.2B | 1.2B | 1.2B | 1.8B | 1.6B | 1.2B | 1.7B | 1.7B | 1.8B |
| Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 560M | 532M | 664M | 748M | 671M | 844M | 932M | 844M | 834M | 1.1B | 1.4B | 1.7B | 1.6B |
| Working Capital | 538M | 505M | 542M | 517M | 542M | 571M | 586M | 663M | 768M | 675M | 655M | 640M | 648M |
| Current Assets | 797M | 768M | 837M | 834M | 813M | 879M | 898M | 1.4B | 1.2B | 1.0B | 1.0B | 1.1B | 1.1B |
| Current Liabilities | 260M | 264M | 295M | 317M | 271M | 309M | 312M | 725M | 424M | 364M | 374M | 419M | 417M |
| Per Share Data | |||||||||||||
| EPS | 18.38 | 19.45 | 20.54 | 16.08 | 20.34 | 22.73 | 24.64 | 17.71 | 27.77 | 40.44 | 48.22 | 44.44 | 43.82 |
| Owner EPS | 15.06 | 18.31 | 25.94 | 15.74 | 10.89 | 22.33 | 18.20 | 7.29 | 2.40 | 51.97 | 42.02 | 47.47 | 48.49 |
| Book Value | 33.18 | 31.59 | 40.77 | 50.78 | 42.54 | 61.17 | 69.31 | 70.87 | 75.98 | 112.40 | 152.96 | 189.45 | 188.36 |
| Cash Flow/Share | 18.51 | 21.85 | 29.82 | 20.49 | 17.18 | 30.19 | 25.92 | 15.37 | 10.82 | 60.19 | 54.38 | 60.62 | 58.12 |
| Dividends/Share | 4.70 | 5.80 | 6.40 | 7.00 | 7.00 | 7.30 | 7.60 | 8.00 | 8.40 | 8.85 | 10.00 | 11.25 | 11.72 |
| Shares Out. | 12.7M | 12.3M | 11.9M | 11.8M | 11.5M | 11.2M | 11.0M | 10.8M | 10.0M | 9.6M | 9.6M | 9.4M | 9.2M |
| Valuation | |||||||||||||
| P/E Ratio | 18.2 | 16.3 | 17.4 | 20.8 | 17.3 | 18.8 | 14.6 | 18.1 | 10.4 | 13.1 | 10.8 | 16.0 | 17.8 |
| P/FCF | 24.2 | 27.4 | 20.1 | 42.2 | 32.9 | 17.1 | 20.7 | 39.9 | 55.2 | 9.6 | 10.8 | 13.5 | 14.8 |
| EV/EBIT | 12.1 | 11.7 | 12.0 | 13.6 | 16.0 | 15.2 | 14.2 | 17.4 | 10.6 | 11.4 | 9.9 | 13.6 | 15.2 |
| Price/Book | 10.1 | 10.0 | 8.8 | 6.6 | 8.3 | 7.0 | 5.2 | 4.5 | 3.8 | 4.7 | 3.4 | 3.8 | 4.1 |
| Price/Sales | 1.7 | 2.0 | 1.9 | 2.0 | 1.7 | 2.0 | 1.9 | 1.5 | 1.1 | 1.4 | 1.9 | 2.3 | 2.7 |
| FCF Yield | 4.1% | 3.6% | 5.0% | 2.4% | 3.0% | 5.8% | 4.8% | 2.5% | 1.8% | 10.3% | 9.2% | 7.4% | 6.7% |
| Market Cap | 4.2B | 3.9B | 4.2B | 4.0B | 4.1B | 4.8B | 4.0B | 3.5B | 2.9B | 5.1B | 5.0B | 6.7B | 7.2B |
| Avg. Price | 307.18 | 348.37 | 334.10 | 367.11 | 341.80 | 384.74 | 352.91 | 322.73 | 293.15 | 402.76 | 544.18 | 665.89 | 779.33 |
| Year-End Price | 333.74 | 316.45 | 357.50 | 334.73 | 351.93 | 426.20 | 359.86 | 320.89 | 288.59 | 531.06 | 523.09 | 709.14 | 779.33 |
NEWMARKET CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
NEWMARKET CORP trades at 17.5x trailing earnings, compared to its 15-year median P/E of 16.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 14.9x vs a median of 20.4x. The company's 5-year average ROIC is 18.9% with a gross margin of 27.7%. Total shareholder yield (dividends + buybacks) is 3.5%. At current prices, the estimated annualized return to fair value is +23.3%.
NEWMARKET CORP (NEU) has a net profit margin of 15.3%. This is a healthy margin.
NEWMARKET CORP (NEU) generated $491 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NEWMARKET CORP (NEU) has a debt-to-equity ratio of 0.54. This indicates moderate leverage.
NEWMARKET CORP (NEU) reported earnings per share (EPS) of $44.44 in its most recent fiscal year.
NEWMARKET CORP (NEU) has a return on equity (ROE) of 25.8%. This indicates the company generates strong returns for shareholders.
NEWMARKET CORP (NEU) has a 5-year average gross margin of 27.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for NEWMARKET CORP (NEU), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NEWMARKET CORP (NEU) has a book value per share of $189.45, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management anticipates continued strength across both the petroleum additives and specialty materials segments going forward. The company remains focused on long-term value creation for shareholders and customers while maintaining its strategic objectives. The integration of Calca and expansion of specialty materials capabilities position the company to capitalize on aerospace and defense demand drivers.