Recent News
Oct 23, 2025 — Ingevity announced dates for its third-quarter 2025 earnings release (to be published Nov 5, 2025) and an investor webcast Nov 6, 2025; Nov 6, 2025 — the company announced a virtual Strategic Portfolio Update slated for Dec 8, 2025 led by the CEO and CFO.
Technical Analysis
Directional indicators show a strong trend environment: ADX at 30.52 signals a strong trend and suggests continued directional conviction in the near term.
DI+ currently shows a peak-and-reversal, a bearish directional signal, while DI- sits lower and decreasing, which provides some offset to the DI+ reversal; together these readings indicate momentum pressure that could favor consolidation rather than a fresh directional thrust.
MACD sits at 1.76, above its signal line at 1.21 and trending higher, which denotes bullish momentum and a recent MACD crossover above the signal line—support for further positive price bias if momentum sustains.
MRO at 33.26 registers positive, indicating price currently sits above the modeled target and implying potential for a pullback from current levels despite momentum signals.
RSI at 55.24 and rising reflects moderate bullish momentum without overbought extremes, compatible with a measured advance rather than an extended rally.
Price structure favors the bulls on a moving-average basis: the close at $59.77 sits above the 20-day average ($56.92), 50-day average ($53.61) and 200-day average ($47.63), while the 12-day EMA trends up—consistent with recent upside but with the price close to the 1x upper Bollinger band ($60.13), which often precedes consolidation or a pause.
Volume has averaged below the 10-day mean on the latest session and 42-day volatility remains muted (0.03), indicating the current move lacks aggressive volume expansion and could revert to a holding pattern absent new catalysts.
Fundamental Analysis
Revenue and profitability: total revenue $365.1M with YoY revenue growth of 92.31% and a QoQ decline of roughly 6.77%, reflecting strong year-over-year momentum combined with recent quarter-level contraction.
EPS and cash flow: reported EPS $1.52 versus an estimate of $1.39, a beat of $0.13 or about 9.35%. Operating cash flow $79.0M and free cash flow $66.8M yield a free-cash-flow yield of 3.75%, which supports the cash-flow basis for valuation.
Margins present a split picture: gross margin at 37.77% sits roughly in line with the industry peer mean (37.69%), while operating margin at 23.53% stands above the industry peer mean (13.91%). By contrast, reported EBIT came in at $-122.7M, producing an EBIT margin of -33.61%, which falls below the industry peer low of -29.03%.
Balance sheet and leverage: total debt $1,375.5M with net debt $1,253.4M and cash $76.9M. Debt-to-equity at 11.396 (1,139.6%) and debt-to-assets 73.26% sit above the industry peer highs—these levels indicate materially higher leverage compared with peers.
Capital efficiency: asset turnover at 0.1856 sits slightly above the industry peer mean of 0.1594, suggesting relatively efficient revenue generation from assets despite the elevated leverage profile.
Valuation: WMDST values the stock as under-valued. Market multiples include a P/E of 31.12, forward P/E of 40.42 and a P/B of 14.76; the company’s price-target mean sits at $67.58, with a high/low analyst range from $109.44 to $33.24. Free-cash-flow generation and recent guidance figures form the primary support for WMDST’s under-valued assessment.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-11-05 |
| NEXT REPORT DATE: | 2026-02-04 |
| CASH FLOW | Begin Period Cash Flow | $ 90.9 M |
| Operating Cash Flow | $ 79.0 M | |
| Capital Expenditures | $ -12.20 M | |
| Change In Working Capital | $ -6.50 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 16.2 M | |
| End Period Cash Flow | $ 107.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 365.1 M | |
| Forward Revenue | $ -23.00 M | |
| COSTS | ||
| Cost Of Revenue | $ 227.2 M | |
| Depreciation | $ 25.6 M | |
| Depreciation and Amortization | $ 25.6 M | |
| Research and Development | $ 7.8 M | |
| Total Operating Expenses | $ 279.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 137.9 M | |
| EBITDA | $ -97.10 M | |
| EBIT | $ -122.70 M | |
| Operating Income | $ 85.9 M | |
| Interest Income | $ 1.1 M | |
| Interest Expense | $ 20.0 M | |
| Net Interest Income | $ -18.90 M | |
| Income Before Tax | $ -142.70 M | |
| Tax Provision | $ 3.8 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -146.50 M | |
| Net Income From Continuing Operations | $ -146.50 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.39 | |
| EPS Actual | $ 1.52 | |
| EPS Difference | $ 0.13 | |
| EPS Surprise | 9.353 % | |
| Forward EPS | $ 1.01 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.9 B | |
| Intangible Assets | $ 283.4 M | |
| Net Tangible Assets | $ -162.70 M | |
| Total Current Assets | $ 536.0 M | |
| Cash and Short-Term Investments | $ 76.9 M | |
| Cash | $ 76.9 M | |
| Net Receivables | $ 193.4 M | |
| Inventory | $ 220.3 M | |
| Long-Term Investments | $ 160.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 101.5 M | |
| Short-Term Debt | $ 94.7 M | |
| Total Current Liabilities | $ 393.1 M | |
| Net Debt | $ 1.3 B | |
| Total Debt | $ 1.4 B | |
| Total Liabilities | $ 1.8 B | |
| EQUITY | ||
| Total Equity | $ 120.7 M | |
| Retained Earnings | $ 446.0 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 3.31 | |
| Shares Outstanding | 36.465 M | |
| Revenue Per-Share | $ 10.01 | |
| VALUATION | Market Capitalization | $ 1.8 B |
| Enterprise Value | $ 3.1 B | |
| Enterprise Multiple | -31.717 | |
| Enterprise Multiple QoQ | -183.359 % | |
| Enterprise Multiple YoY | 439.507 % | |
| Enterprise Multiple IPRWA | high: 85.583 median: 84.899 mean: 60.367 NGVT: -31.717 low: -118.916 |
|
| EV/R | 8.435 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 15.557 | |
| Asset To Liability | 1.069 | |
| Debt To Capital | 0.919 | |
| Debt To Assets | 0.733 | |
| Debt To Assets QoQ | 4.444 % | |
| Debt To Assets YoY | 1518.895 % | |
| Debt To Assets IPRWA | NGVT: 0.733 high: 0.589 median: 0.378 mean: 0.336 low: 0.003 |
|
| Debt To Equity | 11.396 | |
| Debt To Equity QoQ | 85.39 % | |
| Debt To Equity YoY | 3051.031 % | |
| Debt To Equity IPRWA | NGVT: 11.396 high: 2.178 median: 0.962 mean: 0.767 low: 0.003 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 14.757 | |
| Price To Book QoQ | 149.43 % | |
| Price To Book YoY | 151.763 % | |
| Price To Book IPRWA | NGVT: 14.757 high: 8.429 median: 6.71 mean: 5.127 low: 0.307 |
|
| Price To Earnings (P/E) | 31.122 | |
| Price To Earnings QoQ | -19.305 % | |
| Price To Earnings YoY | -31.57 % | |
| Price To Earnings IPRWA | high: 139.289 median: 139.289 mean: 103.681 NGVT: 31.122 low: -3.22 |
|
| PE/G Ratio | 0.77 | |
| Price To Sales (P/S) | 4.878 | |
| Price To Sales QoQ | -0.176 % | |
| Price To Sales YoY | 14.151 % | |
| Price To Sales IPRWA | high: 20.44 median: 19.039 mean: 12.995 NGVT: 4.878 low: 0.914 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 40.424 | |
| Forward PE/G | 1.0 | |
| Forward P/S | -77.429 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -12.529 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.186 | |
| Asset Turnover Ratio QoQ | 33.29 % | |
| Asset Turnover Ratio YoY | 15.077 % | |
| Asset Turnover Ratio IPRWA | high: 0.334 NGVT: 0.186 median: 0.175 mean: 0.159 low: 0.003 |
|
| Receivables Turnover | 2.045 | |
| Receivables Turnover Ratio QoQ | 9.692 % | |
| Receivables Turnover Ratio YoY | 5.931 % | |
| Receivables Turnover Ratio IPRWA | high: 2.422 NGVT: 2.045 mean: 1.477 median: 1.361 low: 0.117 |
|
| Inventory Turnover | 0.976 | |
| Inventory Turnover Ratio QoQ | 35.036 % | |
| Inventory Turnover Ratio YoY | 14.487 % | |
| Inventory Turnover Ratio IPRWA | high: 2.465 median: 1.426 mean: 1.178 NGVT: 0.976 low: 0.034 |
|
| Days Sales Outstanding (DSO) | 44.625 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 113.063 | |
| Cash Conversion Cycle Days QoQ | 1.515 % | |
| Cash Conversion Cycle Days YoY | 2.522 % | |
| Cash Conversion Cycle Days IPRWA | high: 488.171 NGVT: 113.063 mean: 93.564 median: 55.266 low: -103.0 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.555 | |
| CapEx To Revenue | -0.033 | |
| CapEx To Depreciation | -0.477 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.4 B | |
| Net Invested Capital | $ 1.5 B | |
| Invested Capital | $ 1.5 B | |
| Net Tangible Assets | $ -162.70 M | |
| Net Working Capital | $ 142.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.196 | |
| Current Ratio | 1.364 | |
| Current Ratio QoQ | -31.927 % | |
| Current Ratio YoY | -28.861 % | |
| Current Ratio IPRWA | high: 6.372 mean: 1.981 median: 1.53 NGVT: 1.364 low: 0.717 |
|
| Quick Ratio | 0.803 | |
| Quick Ratio QoQ | -25.334 % | |
| Quick Ratio YoY | -25.131 % | |
| Quick Ratio IPRWA | high: 3.851 mean: 1.338 median: 1.122 low: 0.825 NGVT: 0.803 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -14.166 | |
| Cost Of Debt | 1.122 % | |
| Interest Coverage Ratio | -6.135 | |
| Interest Coverage Ratio QoQ | -368.084 % | |
| Interest Coverage Ratio YoY | -52.382 % | |
| Interest Coverage Ratio IPRWA | high: 24.749 median: 9.66 mean: 7.601 NGVT: -6.135 low: -45.933 |
|
| Operating Cash Flow Ratio | -0.337 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 56.109 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -8.677 % | |
| Revenue Growth | 28.556 % | |
| Revenue Growth QoQ | -676.539 % | |
| Revenue Growth YoY | 92.309 % | |
| Revenue Growth IPRWA | high: 47.859 % NGVT: 28.556 % median: 8.936 % mean: 7.995 % low: -4.472 % |
|
| Earnings Growth | 40.404 % | |
| Earnings Growth QoQ | 859.487 % | |
| Earnings Growth YoY | -57.122 % | |
| Earnings Growth IPRWA | high: 346.154 % NGVT: 40.404 % mean: 26.216 % median: 26.0 % low: -380.0 % |
|
| MARGINS | ||
| Gross Margin | 37.77 % | |
| Gross Margin QoQ | -5.409 % | |
| Gross Margin YoY | 19.749 % | |
| Gross Margin IPRWA | high: 62.406 % median: 42.61 % NGVT: 37.77 % mean: 37.693 % low: -24.576 % |
|
| EBIT Margin | -33.607 % | |
| EBIT Margin QoQ | -300.507 % | |
| EBIT Margin YoY | -57.723 % | |
| EBIT Margin IPRWA | high: 46.541 % median: 18.287 % mean: 15.501 % low: -29.028 % NGVT: -33.607 % |
|
| Return On Sales (ROS) | 23.528 % | |
| Return On Sales QoQ | 40.373 % | |
| Return On Sales YoY | -129.598 % | |
| Return On Sales IPRWA | NGVT: 23.528 % high: 20.494 % median: 18.253 % mean: 13.908 % low: -33.437 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 66.8 M | |
| Free Cash Flow Yield | 3.75 % | |
| Free Cash Flow Yield QoQ | 237.838 % | |
| Free Cash Flow Yield YoY | 439.568 % | |
| Free Cash Flow Yield IPRWA | high: 5.667 % NGVT: 3.75 % mean: 0.972 % median: 0.633 % low: -1.464 % |
|
| Free Cash Growth | 333.766 % | |
| Free Cash Growth QoQ | -646.164 % | |
| Free Cash Growth YoY | -337.695 % | |
| Free Cash Growth IPRWA | NGVT: 333.766 % high: 268.897 % median: 266.0 % mean: 10.011 % low: -926.923 % |
|
| Free Cash To Net Income | -0.456 | |
| Cash Flow Margin | -36.237 % | |
| Cash Flow To Earnings | 0.903 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -7.448 % | |
| Return On Assets QoQ | -841.095 % | |
| Return On Assets YoY | -36.429 % | |
| Return On Assets IPRWA | high: 11.068 % median: 2.274 % mean: 1.544 % NGVT: -7.448 % low: -15.06 % |
|
| Return On Capital Employed (ROCE) | -8.265 % | |
| Return On Equity (ROE) | -1.214 | |
| Return On Equity QoQ | -1489.048 % | |
| Return On Equity YoY | 21.845 % | |
| Return On Equity IPRWA | high: 0.233 median: 0.056 mean: 0.043 low: -0.154 NGVT: -1.214 |
|
| DuPont ROE | -82.465 % | |
| Return On Invested Capital (ROIC) | -6.68 % | |
| Return On Invested Capital QoQ | -398.614 % | |
| Return On Invested Capital YoY | -100.112 % | |
| Return On Invested Capital IPRWA | high: 4.864 % median: 3.363 % mean: 2.565 % NGVT: -6.68 % low: -11.907 % |
|