NGVTIngevity Corp

Chemicals & Allied Products

Revenue: $1.2B; 2.7% YoY
Operating margin: 35.9%; 1.0% YoY
EBITDA: $525M; 1.7% YoY
Market cap: $2.6B
Employees: 1,500; $778K revenue each
Net debt / EBITDA: 2.3×; $1.2B net debt
AI in 10-K: 0.9; 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
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
17% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$778K · 66th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 32nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$1.7B	$1.2B	$1.2B	$1.2B	2.7%
Operating income	$422M	$453M	$423M	$426M	$419M	1.7%
Net income	$118M	$212M	−$5M	−$430M	−$167M	61%
Operating cash flow	$293M	$313M	$205M	$129M	$331M	158%
Capex	$104M	$143M	$110M	$78M	$58M	26%
Stock-based comp	$12M	$16M	$11M	$12M	$18M	54%
Buybacks	$109M	$145M	$92M	$0	$56M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 28, 2024	INCLUSIVE CAPITAL PARTNERS, L.P.	SC 13D/A	3.2%	Active
May 30, 2023	INCLUSIVE CAPITAL PARTNERS, L.P.	SC 13D/A	6.6%	Active
Jul 27, 2022	INCLUSIVE CAPITAL PARTNERS, L.P.	SC 13D/A	5.6%	Active
Apr 7, 2022	INCLUSIVE CAPITAL PARTNERS, L.P.	SC 13D	10.8%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 10
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.