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Ingevity vs Balchem: NGVT and BCPC compared
Ingevity is the larger company: $305M of revenue in its latest quarter (Q3 2026) against $291M for Balchem (Q3 2026). Balchem is growing faster (+9% against -8% a year earlier). Ingevity is more profitable, with an operating margin of 22.0% against 21.5%.
Where the money goes: NGVT and BCPC
Ingevity (NGVT) · Q3 2026
Ingevity, Q3 2026: revenue $305M (-8% year over year), operating margin 22.0%, net earnings $49.3M, operating cash flow $99.2M. The chart follows the revenue to costs, profit and cash.
Balchem (BCPC) · Q3 2026
Balchem, Q3 2026: revenue $291M (+9% year over year), operating margin 21.5%, net earnings $46.7M, operating cash flow $69.8M. The chart follows the revenue to costs, profit and cash.
| Ingevity (NGVT) | Balchem (BCPC) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $305M | $291M |
| Revenue growth, Y/Y | -8% | +9% |
| Gross margin | 43.5% | 36.4% |
| Operating margin | 22.0% | 21.5% |
| Net earnings | $49.3M | $46.7M |
| Net margin | 16.2% | 16.1% |
| Operating cash flow | $99.2M | $69.8M |
| Free cash flow | $85.5M | $57.9M |
| Market value | $2.5B | $5.6B |
| P/E | 97.5× | 33.0× |
| Analysts’ mean target | $89.00 | $213.50 |
Where the revenue comes from
Ingevity
- Performance Materials: $154M (51%)
- Pavement Technologies Segment: $106M (35%)
- Advanced Polymer Technologies segment: $45.0M (15%)
Balchem
- Product Sales Revenue: $290M (100%)
- Royalty Revenue: $401K (0%)
Questions
Which is bigger, Ingevity or Balchem?
Ingevity is the larger company: $305M of revenue in its latest quarter (Q3 2026) against $291M for Balchem (Q3 2026).
Is Ingevity or Balchem growing faster?
Balchem is growing faster (+9% against -8% a year earlier).
Which is more profitable, Ingevity or Balchem?
Ingevity is more profitable, with an operating margin of 22.0% against 21.5%.
More: Ingevity earnings · how Ingevity makes money · Balchem earnings · how Balchem makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Oct 23, 2026). Fiscal quarters can end on different dates. Not investment advice.