Ingevity (NGVT) FY2024 results: revenue $1.2 billion, down 1.3% on the year

Ingevity Corp. (NGVT) reported revenue of $1.2 billion for fiscal 2024, the year ended 31 December 2024, down 1.3% on the year before. Net income was -$430 million, and diluted earnings per share $-11.85. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2025.

Revenue

$1.2 billion

-1.3% on the year

FY2017FY2024

Operating margin

35.5%

34.8% a year earlier

FY2017FY2024

Net income

-$430 million

FY2017FY2024

Diluted EPS

-$11.85

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,200	1,216	1,668	-1.3%
Cost of revenue	735	770	1,098	-4.6%
Gross profit	465	445	570	+4.4%
Gross margin	38.7%	36.6%	34.2%
Research and development	24.5	25.4	30.3	-3.5%
Selling, general and administrative	158	162	199	-2.5%
Operating income	426	423	453	+0.6%
Operating margin	35.5%	34.8%	27.1%
Interest expense	97.8	93.3	61.8	+4.8%
Pre-tax income	-140	130	270
Income tax	-19.1	24.2	58.0
Effective tax rate	n/a	18.6%	21.5%
Net income	-430	-5.4	212
Net margin	-35.9%	-0.4%	12.7%
Diluted EPS	-$11.85	-$0.15	$5.50

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	129	205	313	-37.3%
Capital expenditure	77.6	110	142	-29.3%
Free cash flow	51.0	95.3	171	-46.5%
Free cash flow margin	4.2%	7.8%	10.2%
Cash from investing	-79.5	-77.3	-552
Cash from financing	-70.2	-99.9	48.1
Depreciation and amortisation	108	123	109	-11.8%
Share-based compensation	11.9	10.6	16.1	+12.3%
Buybacks	0.0	92.1	145
Diluted shares, weighted	36m	36m	38m	-0.5%
Shares outstanding at period end	36m	36m	37m	+0.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	195	631	698	-69.1%
Debt	1,401	1,467	1,472	-4.5%
Operating lease liabilities	33.6	48.6	40.8	-30.9%
Finance lease liabilities	98.9	100	101	-1.1%
Other liabilities	294	376	424	-21.9%
Total liabilities and equity	2,023	2,623	2,736	-22.9%
Fixed assets	643	762	799	-15.7%
Goodwill	175	528	518	-66.8%
Intangible assets	279	336	405	-17.0%
Securities held for sale or to maturity	63.6	63.9	71.6	-0.5%
Cash and equivalents	68.0	95.9	76.7	-29.1%
Inventory	196	309	335	-36.6%
Other assets	598	529	531	+13.1%
Total assets	2,023	2,623	2,736	-22.9%

10-K for the year ended 31 December 2024, filed 19 February 2025: the filing.