Ingevity Corporation (NGVT) 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

-130.5%

-$22.84

vs $74.97 price

Levered DCF

$13.95

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

2.6

Grey zone

Rating

B-

Overall 3 / 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	-12.84×	-3.44×	-314.8×	12.81×	24.14×	17.25×	19.9×	20.77×
P/B	72.13×	7.58×	2.73×	3.88×	4.24×	4.87×	6.88×	10.35×
P/S	1.83×	1.05×	1.02×	1.62×	2.05×	2.57×	2.83×	3.1×
EV / EBITDA	88.42×	-8.7×	15.35×	9.46×	12.03×	11.02×	11.68×	13.07×
Gross margin	39.5%	32.3%	27.9%	34.2%	36.9%	38.3%	37.3%	36.8%
Operating margin	22.4%	18.5%	15.2%	20.4%	22.1%	0.0%	25.4%	23.2%
Net margin	-14.3%	-30.6%	-0.3%	12.7%	8.5%	14.9%	14.2%	14.9%
Current ratio	1.33×	1.87×	1.81×	2.25×	2.7×	2.81×	2.15×	2.31×
Debt / equity	41.84×	7.45×	2.43×	2.19×	1.96×	2.09×	2.31×	2.18×
Interest coverage	3.4×	2.66×	2.75×	5.52×	5.94×	0×	5.88×	7.92×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-562.6%	-220.4%	-0.9%	30.3%	17.5%	28.3%	34.6%	49.8%
Return on invested capital	19.1%	11.4%	5.8%	10.9%	10.0%	0.0%	13.3%	18.9%
Return on assets	-10.1%	-21.3%	-0.2%	7.7%	4.8%	7.8%	8.6%	12.9%
Free cash flow yield	12.8%	3.4%	5.5%	6.3%	6.6%	7.9%	4.4%	4.5%
Earnings yield	-7.8%	-29.1%	-0.3%	7.8%	4.1%	5.8%	5.0%	4.8%
Enterprise value	$3.3B	$2.9B	$3.2B	$4.2B	$3.9B	$4.2B	$4.8B	$4.2B
Net debt / EBITDA	31.14×	-4.21×	6.98×	3.3×	3.23×	2.84×	2.84×	2.08×
Cash conversion cycle (days)	98	81	91	108	98	91	95	90