# Ecovyst (ECVT.US)

Canonical: https://gigainvestors.com/s/ECVT

Analysis as of: 2026-10-16T07:28:10.759Z. Financial observations: FY2014–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $10.17 per share; close as of 2026-10-15.

Estimated value: low $1.67 per share, central $1.81 per share, high $1.99 per share. Buy at or below the central value $1.81 per share. Valuation as of 2026-10-16T07:28:10.759Z; scenarios are not confidence intervals.

Expected annual return: 3.8% at the stated quote. About 3.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 5

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.11×

- FY2018: 0.11×

- FY2019: 0.12×

- FY2020: 0.10×

- FY2021: 0.09×

- FY2022: 0.13×

- FY2023: 0.14×

- FY2024: 0.14×

- FY2025: 0.11×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 6.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.9%

- ROIC, second-lowest year: 2.3%

- Typical minus recent gross margin: 6.1 pp

- Typical gross margin (annual median): 28.0%

- Recent gross margin (lower of latest and 3-year median): 21.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.6%

- ROIC including acquisitions, ten-year median: 0.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.9%

- FY2017: 5.3%

- FY2018: 4.5%

- FY2019: 1.5%

- FY2020: 2.3%

- FY2021: 3.2%

- FY2022: 6.9%

- FY2023: 7.5%

- FY2024: 6.9%

- FY2025: 10.0%

### economics: pass

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $9.5M

- Net income, five-year total: -$73M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.8 pp

- Working capital / revenue, change between three-year averages: -10.3 pp

- Working capital / revenue, final three-year average: 11.4%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$120M

- FY2022: $94M

- FY2023: $90M

- FY2024: $8.3M

- FY2025: -$63M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.5% vs 7.5%

- Per-share earnings: 0.51 to -0.06 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 17.8%

- Ordinary dilution, 5-year annual growth: -3.2%

- Market cap gain: -$1.1B

- Cumulative retained earnings: -$216M

- Diluted shares, 10-year annual growth: 17.8%

- Diluted shares, 5-year annual growth: -3.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$0.56

- Per-share value, starting three-year median: $0.51

- Per-share value, ending three-year median: -$0.06

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 3.8%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: $1.7B

- Cumulative net income, 10 years: -$236M

- ROIC, first three-year median: 4.5%

- ROIC, last three-year median: 7.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.02

- FY2017: $0.52

- FY2018: $0.43

- FY2019: $0.59

- FY2020: -$2.04

- FY2021: -$1.02

- FY2022: $0.55

- FY2023: $0.60

- FY2024: -$0.06

- FY2025: -$0.61

### accounting: pass

- Sloan accruals: -16.8%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.9%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.64×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.7%

- FY2017: -1.3%

- FY2018: -4.4%

- FY2019: -4.4%

- FY2020: -15.7%

- FY2021: -14.0%

- FY2022: -6.0%

- FY2023: -3.6%

- FY2024: -8.7%

- FY2025: -16.8%

## Holders

## Price story

Down 28% since Apr 2026 · sales +2.7%

Story as of 2026-10-16T09:58:40.431Z; price observation 2026-10-15.

Price needs cash profits to grow 28.2% a year for ten years

- 2025-08-07: ECOVYST INC (NYSE:ECVT) Posts Mixed Q2 2025 Results with EPS Beat and Revenue Shortfall ([chartmill.com](https://www.chartmill.com/news/ECVT/Chartmill-32625-ECOVYST-INC-NYSEECVT-Posts-Mixed-Q2-2025-Results-with-EPS-Beat-and-Revenue-Shortfall))

### Sales · FY2024–2025

sales +2.7%; source https://www.sec.gov/Archives/edgar/data/1708035/000170803526000053/ecvt-20251231.htm; observed 2026-02-27.

- FY2016: $1.1B 

- FY2017: $1.5B 

- FY2018: $1.6B 

- FY2019: $533M 

- FY2020: $496M 

- FY2021: $611M 

- FY2022: $820M 

- FY2023: $691M 

- FY2024: $704M 

- FY2025: $724M 

### Gross margin · FY2025

gross margin 21.8%; source https://www.sec.gov/Archives/edgar/data/1708035/000170803526000053/ecvt-20251231.htm; observed 2026-02-27.

- FY2016: 23.9% 

- FY2017: 25.6% 

- FY2018: 23.7% 

- FY2019: 31.4% 

- FY2020: 30.4% 

- FY2021: 28.9% 

- FY2022: 27.4% 

- FY2023: 28.6% 

- FY2024: 28.6% 

- FY2025: 21.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty chemicals; annual sales are USD 723.5 million.

- Source: https://www.sec.gov/Archives/edgar/data/1708035/000170803526000053/ecvt-20251231.htm (filed 2026-02-27); FY2025: revenue 723515000; grossProfit 158086000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ECVT.US: Ecovyst Inc. offers virgin and regenerated sulfuric acid products and services in the United States and internationally. It offers end-to-end logistics for production of alkylate for refineries mining, water treatment, and industrial applications. The company was formerly known as PQ Group Holdings Inc. and changed its name to Ecovyst Inc. in August 2021. Ecovyst Inc. was founded in 1831 and is headquartered in Wayne, Pennsylvania.

### Why customers stay

Margins ranged from 21.8% to 28.6% during 2023–25; it earns 4.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 28.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 28.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1708035/000170803526000053/ecvt-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 21.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.029262129950763494],[2017,0.05322198376411309],[2018,0.044975209559212005],[2019,0.014625211663999911],[2020,0.023419567505997274],[2021,0.031679654344215255],[2022,0.06949121199529082],[2023,0.0754197025939577],[2024,0.06876014065373999],[2025,0.09991317777194172]]; median 0.04909859666166255. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 27% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1708035/000170803526000053/ecvt-20251231.htm (filed 2026-02-27); Gross margin observations: [[2021,0.28903912133651616],[2022,0.2738859172428761],[2023,0.2864416785556157]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back USD 46.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 0; upkeep 140500000; owner earnings 94240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 0; upkeep 131700000; owner earnings 111834000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 0; upkeep 127600000; owner earnings 26720000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 0; upkeep 58900000; owner earnings 93960000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 65335000; owner earnings 90417000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 55594000; owner earnings 8302000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,0],[2017,44071000],[2018,80000000],[2019,80000000],[2020,243749000],[2021,435600000],[2022,70000000],[2023,56000000],[2024,76000000],[2025,80000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1708035/000170803526000053/ecvt-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 46948000 USD.

### Are managers owners

Insiders own 1.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ECVT.US SharesStats.PercentInsiders = 1.8849999999999998 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 28.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate 0.39997084088032475. Price 10.17; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.41709802095323945 → FY2025 -0.5427761580568587. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2017-09: $17.25 per share

- 2017-10: $16.40 per share

- 2017-11: $16.50 per share

- 2017-12: $16.45 per share

- 2018-01: $16.34 per share

- 2018-02: $13.40 per share

- 2018-03: $13.97 per share

- 2018-04: $13.90 per share

- 2018-05: $16.42 per share

- 2018-06: $18.00 per share

- 2018-07: $18.02 per share

- 2018-08: $17.80 per share

- 2018-09: $17.47 per share

- 2018-10: $16.05 per share

- 2018-11: $15.35 per share

- 2018-12: $14.81 per share

- 2019-01: $15.05 per share

- 2019-02: $16.38 per share

- 2019-03: $15.17 per share

- 2019-04: $15.81 per share

- 2019-05: $15.15 per share

- 2019-06: $15.85 per share

- 2019-07: $15.59 per share

- 2019-08: $14.29 per share

- 2019-09: $15.94 per share

- 2019-10: $16.47 per share

- 2019-11: $15.86 per share

- 2019-12: $17.18 per share

- 2020-01: $15.31 per share

- 2020-02: $13.27 per share

- 2020-03: $10.90 per share

- 2020-04: $11.72 per share

- 2020-05: $12.55 per share

- 2020-06: $13.24 per share

- 2020-07: $12.27 per share

- 2020-08: $11.65 per share

- 2020-09: $10.26 per share

- 2020-10: $11.56 per share

- 2020-11: $12.79 per share

- 2020-12: $14.26 per share

- 2021-01: $13.78 per share

- 2021-02: $15.36 per share

- 2021-03: $16.70 per share

- 2021-04: $14.00 per share

- 2021-05: $16.34 per share

- 2021-06: $15.36 per share

- 2021-07: $15.56 per share

- 2021-08: $13.01 per share

- 2021-09: $11.66 per share

- 2021-10: $11.68 per share

- 2021-11: $9.57 per share

- 2021-12: $10.24 per share

- 2022-01: $10.23 per share

- 2022-02: $10.93 per share

- 2022-03: $11.56 per share

- 2022-04: $10.06 per share

- 2022-05: $10.27 per share

- 2022-06: $9.85 per share

- 2022-07: $10.23 per share

- 2022-08: $9.24 per share

- 2022-09: $8.44 per share

- 2022-10: $9.95 per share

- 2022-11: $9.29 per share

- 2022-12: $8.86 per share

- 2023-01: $10.49 per share

- 2023-02: $10.04 per share

- 2023-03: $11.05 per share

- 2023-04: $11.35 per share

- 2023-05: $10.04 per share

- 2023-06: $11.46 per share

- 2023-07: $12.29 per share

- 2023-08: $10.24 per share

- 2023-09: $9.84 per share

- 2023-10: $9.20 per share

- 2023-11: $9.52 per share

- 2023-12: $9.77 per share

- 2024-01: $9.26 per share

- 2024-02: $9.65 per share

- 2024-03: $11.15 per share

- 2024-04: $9.43 per share

- 2024-05: $9.30 per share

- 2024-06: $8.97 per share

- 2024-07: $9.54 per share

- 2024-08: $7.18 per share

- 2024-09: $6.85 per share

- 2024-10: $6.66 per share

- 2024-11: $7.95 per share

- 2024-12: $7.64 per share

- 2025-01: $7.76 per share

- 2025-02: $6.79 per share

- 2025-03: $6.20 per share

- 2025-04: $5.98 per share

- 2025-05: $7.45 per share

- 2025-06: $8.23 per share

- 2025-07: $8.61 per share

- 2025-08: $9.09 per share

- 2025-09: $8.76 per share

- 2025-10: $8.19 per share

- 2025-11: $9.20 per share

- 2025-12: $9.73 per share

- 2026-01: $10.61 per share

- 2026-02: $11.27 per share

- 2026-03: $12.86 per share

- 2026-04: $14.18 per share

- 2026-05: $13.19 per share

- 2026-06: $12.45 per share

- 2026-07: $12.06 per share

- 2026-08: $10.17 per share

- 2026-09: $9.83 per share

- 2026-10: $10.17 per share

## Annual estimated value (USD per share)

- FY2018: low $3.36 per share, central $3.79 per share, high $4.37 per share

- FY2019: low $2.47 per share, central $2.77 per share, high $3.17 per share

- FY2020: low $2.75 per share, central $3.03 per share, high $3.39 per share

- FY2021: low $3.37 per share, central $3.70 per share, high $4.15 per share

- FY2022: low $4.03 per share, central $4.49 per share, high $5.10 per share

- FY2023: low $3.79 per share, central $4.23 per share, high $4.81 per share

- FY2024: low $2.00 per share, central $2.26 per share, high $2.45 per share

- FY2025: low $2.38 per share, central $2.49 per share, high $2.64 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1708035/000170803526000053/ecvt-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.