NewMarket Corporation

NEU · Basic Materials · Specialty Chemicals · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

4.34B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

11.09B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

3.18B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

6.21B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

8.48B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.73×

the ratio the screener ranks by

Margin of Safety

-36.6%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 4.34B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)5.18B USD
−②Net Debt Today847.18M USD
+③Growth Value0 USD
=Value4.34B USD

EPV of the Operations (NOPAT over WACC)

5.18B USD

Net debt today

-847.18M USD

Growth Value

0 USD

Value

4.34B USD

①EPV (earnings power value)

5.18B USD

②Net Debt Today

847.18M USD

③Growth Value

0 USD

Market value

Market Cap8.48B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-95.5%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 11.09B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE7.39B USD
+②Equity at Year 15, Today3.70B USD
=Value11.09B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

7.39B USD

②Equity at Year 15, Today

3.70B USD

Market value

Market Cap8.48B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+23.6%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 3.18B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF3.04B USD
+②Invested Capital at Year 15, Today993.57M USD
−③Net Debt Today847.18M USD
=Value3.18B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

3.04B USD

②Invested Capital at Year 15, Today

993.57M USD

③Net Debt Today

847.18M USD

Market value

Market Cap8.48B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-166.3%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 7.42%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.56×Market Risk Premium 6.00%= 7.89%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 141.96M USDPretax Income 561.12M USD= 25.30%

The tax the interest saves.

Interest Expense =EBIT 600.86M USD−Pretax Income 561.12M USD= 39.73M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 39.73M USDTotal Debt 940.87M USD×(1 − Tax Rate for WACC 25.30%)= 3.15%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 940.87M USDMarket Cap + Total Debt 8.48B USD + 940.87M USD= 9.99%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 90.01%×Cost of Equity 7.89%+Debt Weight 9.99%×Cost of Debt 3.15%= 7.42%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 3.62B USD − Total Liabilities 1.78B USD = Book Value Today 1.84B USD

Total Debt 940.87M USD − Cash and Short-Term Investments 93.69M USD = Net Debt Today 847.18M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-4.1%at most 5%passes9,196,406 / 9,590,086
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets4.1%at least -10.0%passes(569.54M USD − 419.17M USD) ÷ 3.62B USD
Price to bookMarket Cap ÷ Book Value Today4.61×at most 3×does not pass8.48B USD ÷ 1.84B USD
Operating marginOperating Income ÷ Revenue20.0%above 10.0%passes544.27M USD ÷ 2.73B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-2.2%above 10.0%does not pass2.73B USD / 2.79B USD
Net cash(Cash − Total Debt) ÷ Market Cap-10.0%above -30%passes(93.69M USD − 940.87M USD) ÷ 8.48B USD
Operating efficiencyOperating Income ÷ Gross Profit63.4%above 25.0%passes544.27M USD ÷ 858.26M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

922.06 USD

Enterprise value

9.33B USD

the provider's own figure

EV / EBITDA

12.71×

Price / book

4.61×

the provider's book

Price / earnings

19.84×

Return on equity

25.1%

the provider's figure, not this page's

Profit margin

15.8%

Revenue growth

7.0%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

2.77B2.70B2.79B2.73B

Gross profit

641.14M773.29M887.23M858.26M

Operating income

355.49M483.53M590.63M544.27M

EBITDA

operating income before depreciation and amortisation

465.69M604.94M759.19M723.40M

Pretax income

348.08M489.45M584.69M561.12M

Net income

279.82M389.25M462.88M419.17M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

285.89M389.25M462.88M419.17M

R&D

140.39M138.14M125.02M132.22M
Balance sheet, year end

Total assets

2.41B2.31B3.13B3.50B

Total liabilities

1.65B1.23B1.67B1.72B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

763.17M1.08B1.46B1.78B

Total debt

1.09B734.33M1.06B977.67M

Cash and equivalents

68.78M112.05M77.55M77.68M

Net PP&E

fixed assets after depreciation

760.07M761.10M840.60M885.73M

Working capital

current assets less current liabilities

769.01M676.08M655.73M641.07M
Cash flow

Operating cash flow

108.73M577.40M520.11M569.54M

Capital expenditure

paid out, so below zero

-56.23M-48.34M-57.38M-77.71M

Depreciation and amortisation

82.37M78.09M117.07M122.54M

Free cash flow

operating cash flow plus capital expenditure

52.50M529.06M462.74M491.82M