NEUNEWMARKET CORP

Industrial Organic Chemicals

Revenue: $2.7B; 2.2% YoY
Operating margin: 20.0%; 5.8% YoY
EBITDA: $666M; 5.8% YoY
Market cap: $7.2B
Employees: 450; $6M revenue each
Net debt / EBITDA: 0.8×; $566M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
136% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
32% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$6M · 99th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$248K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.4B	$2.8B	$2.7B	$2.8B	$2.7B	2.2%
Operating income	$258M	$355M	$483M	$590M	$544M	7.8%
Net income	$191M	$280M	$389M	$462M	$419M	9.4%
Operating cash flow	$165M	$109M	$577M	$520M	$569M	9.5%
Capex	$79M	$56M	$48M	$57M	$78M	35%
Buybacks	$196M	$207M	$43M	$32M	$77M	142%
Dividends	$86M	$84M	$85M	$96M	$106M	10%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 7, 2026	GOTTWALD BRUCE C	SCHEDULE 13D/A	10.1%	Passive
Nov 27, 2024	GOTTWALD THOMAS E	SC 13D/A	6.3%	Passive
Nov 27, 2024	GOTTWALD BRUCE C	SC 13D/A	10.0%	Passive
Oct 29, 2021	GOTTWALD BRUCE C	SC 13D/A	11.8%	Passive

Insider trading

Open-market buys, 12 mo: $248K · 1
Open-market sells, 12 mo: $0 · 0
Net: $248K

Pay vs performance

No pay-versus-performance disclosure yet.