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NEU

NewMarket Corporation

NEU

NewMarket Corporation • NYSE
$763.53 ▼ -0.17% (-1.28)
Market Cap $7.17 B
52w High $875.97
52w Low $480.00
Dividend Yield 10.75%
P/E 16.13
Volume 47.59K
Outstanding Shares 9.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $690.311M ▼ $78.968M ▲ $100.269M ▼ 14.525% ▼ $-25.15 ▼ $176.699M ▼
Q2-2025 $698.509M ▼ $77.802M ▲ $111.244M ▼ 15.926% ▼ $11.84 ▼ $186.915M ▼
Q1-2025 $700.946M ▲ $76.154M ▲ $125.949M ▲ 17.968% ▲ $13.26 ▲ $203.591M ▲
Q4-2024 $654.647M ▼ $74.925M ▲ $110.739M ▼ 16.916% ▼ $11.56 ▼ $177.957M ▼
Q3-2024 $724.947M $74.317M $132.322M 18.253% $13.79 $213.092M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $102.455M ▲ $3.234B ▲ $1.544B ▼ $1.69B ▲
Q2-2025 $70.257M ▼ $3.195B ▼ $1.583B ▼ $1.612B ▲
Q1-2025 $118.253M ▲ $3.233B ▲ $1.713B ▲ $1.519B ▲
Q4-2024 $77.476M ▼ $3.13B ▼ $1.668B ▼ $1.462B ▲
Q3-2024 $80.31M $3.166B $1.802B $1.364B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $100.269M ▼ $142.409M ▼ $-20.344M ▼ $-85.899M ▲ $32.198M ▲ $122.065M ▼
Q2-2025 $111.244M ▼ $161.077M ▲ $-16.279M ▼ $-195.742M ▼ $-47.996M ▼ $144.798M ▲
Q1-2025 $125.949M ▲ $120.313M ▼ $-13.016M ▲ $-68.466M ▲ $40.777M ▲ $107.297M ▼
Q4-2024 $110.739M ▼ $185.237M ▲ $-14.619M ▼ $-171.227M ▼ $-2.834M ▲ $170.618M ▲
Q3-2024 $132.322M $116.552M $-14.167M $-113.451M $-7.322M $102.385M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Other Operating Segment
Other Operating Segment
 $0 ▲$0 ▲$0 ▲$0 ▲
Petroleum Additives
Petroleum Additives
 $630.00M ▲$650.00M ▲$650.00M ▲$650.00M ▲
Specialty Materials
Specialty Materials
 $30.00M ▲$50.00M ▲$40.00M ▼$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement NewMarket’s income statement shows a business that has become steadily more profitable over the last several years. Sales have grown from the early pandemic period and are now at their highest level in this five‑year window, but the more notable story is the improvement in margins. Gross profit, operating profit, and net income have all climbed meaningfully, suggesting better pricing power, product mix, or cost control. Earnings per share have risen sharply, reflecting both higher profits and a relatively tight share count. The pattern is one of a mature, niche chemicals business that has learned to convert modest revenue growth into much stronger profit growth. The main watchpoint is that the company still operates in cyclical end markets—transportation, energy, and industrial sectors—so this profitability may be sensitive to economic slowdowns or shifts in fuel usage over time.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown in size, with total assets and equity increasing over the period. Shareholders’ equity has expanded, which usually reflects retained earnings and a healthier underlying business. Debt levels, however, have also moved higher compared with earlier years, indicating a greater reliance on borrowing to fund growth, acquisitions, or investments. Cash on hand is relatively modest, which places more importance on consistent cash generation and access to credit. Overall, the balance sheet looks stronger than a few years ago in terms of equity base, but with a more leveraged profile. The key question going forward is whether the company can comfortably service and, if desired, reduce its debt while continuing to invest in its growth initiatives.

Cash Flow

Cash Flow Cash flow has improved significantly. Operating cash flow was weak a few years ago but has since strengthened and become more consistent, especially in the most recent years. Free cash flow has followed the same pattern, moving from thin levels to much more comfortable cushions recently. Capital spending has been relatively moderate and stable, which helps support free cash flow while still allowing for ongoing investment in plants and capabilities. The combination of stronger profits and disciplined spending has turned NewMarket into a more cash‑generative business than it was earlier in the period. The main consideration is whether upcoming capacity expansions and integration of acquisitions will temporarily increase spending, and how that might influence free cash flow in the near term.

Competitive Edge

Competitive Edge NewMarket occupies a specialized position in the chemicals world, focusing on petroleum additives and mission‑critical specialty materials. Through Afton Chemical, it serves major oil companies, equipment makers, and industrial clients with high‑performance additives that are embedded in customers’ product formulations, making relationships sticky and long‑term. Its moat rests on several factors: deep technical know‑how, a large and customized product portfolio, global manufacturing and regulatory expertise, and a long history with blue‑chip customers. The move into aerospace and defense materials (through AMPAC and Calca) adds exposure to markets with high barriers to entry, heavy qualification requirements, and often long‑duration contracts. Risks include dependence on a relatively concentrated set of large customers, exposure to changes in fuel demand and emissions regulations, and competition from other global specialty chemical producers that also invest heavily in R&D and customer relationships.

Innovation and R&D

Innovation and R&D Innovation is a clear focus for NewMarket. In petroleum additives, Afton has a track record of developing products that improve fuel efficiency, reduce emissions, and protect engines. The introduction of an additive specifically for hydrogen heavy‑duty engines shows a willingness to invest ahead of the curve as propulsion technologies evolve. The specialty materials segment adds another layer of innovation. Producing ammonium perchlorate and ultra‑pure hydrazine for rockets and in‑space propulsion involves complex chemistry, strict purity requirements, and demanding regulatory and safety standards. This kind of know‑how is not easily replicated, and NewMarket is expanding capacity in these areas. The company is also working on additives for electric vehicles and alternative fuels, signaling that R&D is being directed at future mobility and energy trends, not just legacy petroleum applications. The main uncertainty is execution: scaling up new technologies and integrating acquisitions can be technically and operationally challenging.

Summary

Overall, NewMarket looks like a mature specialty chemicals company that has strengthened its profitability, balance sheet equity base, and cash generation over the last several years, while accepting somewhat higher debt to fund growth and acquisitions. Its core petroleum additives business appears well‑entrenched, supported by technology, longstanding customer relationships, and global reach. At the same time, the company is deliberately diversifying into high‑barrier niche markets such as aerospace and defense materials and propulsion chemicals, which could provide new growth drivers and help offset long‑term shifts away from traditional fuels. Key strengths include improving margins, solid free cash flow, and a focused innovation strategy aligned with future energy and mobility trends. Key risks center on cyclicality in end markets, higher leverage than in the past, regulatory and environmental shifts affecting fuels, and the execution challenges of expanding capacity and integrating specialized acquisitions. The company’s trajectory will largely depend on how well it manages these trade‑offs while continuing to commercialize its technical capabilities in both legacy and emerging markets.

NEWS

October 30, 2025 · 5:05 PM UTC

NewMarket Corporation Reports Third Quarter and First Nine Months 2025 Results

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October 30, 2025 · 5:01 PM UTC

NewMarket Corporation Increases Quarterly Dividend

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October 2, 2025 · 5:01 PM UTC

NewMarket Corporation Schedules Conference Call and Webcast to Review Third Quarter 2025 Financial Results

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October 1, 2025 · 5:01 PM UTC

NewMarket Corporation Completes the Acquisition of Calca Solutions, LLC

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September 17, 2025 · 8:00 AM UTC

NewMarket Corporation Announces the Acquisition of Calca Solutions, LLC

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