Ecovyst Inc. (ECVT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-13.2%

$8.78

vs $10.12 price

Levered DCF

$13.76

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.46

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-15.69×	-127.33×	16.28×	17.04×	-9.94×	-6.92×	29.12×	33.66×
P/B	1.86×	1.27×	1.64×	1.67×	1.88×	1.51×	1.3×	1.19×
P/S	1.55×	1.27×	1.67×	1.44×	2.28×	3.9×	4.33×	1.23×
EV / EBITDA	9.78×	14.31×	9.32×	9.41×	16.68×	25.08×	22.44×	10.39×
Gross margin	21.8%	28.6%	28.6%	27.4%	28.9%	30.4%	31.4%	23.7%
Operating margin	10.8%	13.9%	14.0%	12.7%	8.9%	10.4%	12.4%	11.4%
Net margin	-9.8%	-0.9%	10.3%	9.0%	-22.9%	-56.2%	14.9%	3.6%
Current ratio	2.64×	2.64×	2.07×	2.07×	2.01×	2.12×	2.11×	2.19×
Debt / equity	0.71×	1.28×	1.28×	1.29×	1.25×	1.12×	1.07×	1.27×
Interest coverage	2.29×	1.98×	2.16×	2.8×	1.48×	1.02×	0.99×	2.02×
Dividend yield	0.0%	0.0%	0.0%	0.0%	31.2%	12.6%	3.5%	4.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-311.3%	-87.4%	100.6%	137.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-11.8%	-0.9%	10.1%	10.4%	-18.9%	-21.8%	4.5%	3.5%
Return on invested capital	1.7%	5.7%	4.8%	4.3%	0.4%	1.7%	1.2%	3.0%
Return on assets	-5.6%	-0.4%	3.9%	3.9%	-7.2%	-8.7%	1.8%	1.3%
Free cash flow yield	6.2%	10.6%	6.2%	10.8%	5.0%	8.9%	6.1%	5.9%
Earnings yield	-6.3%	-0.7%	6.2%	6.2%	-10.0%	-14.4%	3.4%	3.0%
Enterprise value	$1.4B	$1.6B	$2B	$2B	$2.2B	$3.2B	$4.2B	$4B
Net debt / EBITDA	1.69×	6.55×	3.84×	3.8×	6.01×	10.16×	9.96×	5.3×
Cash conversion cycle (days)	29	50	47	36	54	49	119	79