NewMarket Corporation Finalizes Purchase of Calca Solutions, LLC
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 01 2025
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Should l Buy NEU?
Source: Newsfilter
Acquisition Announcement: NewMarket Corporation has completed the acquisition of Mars TopCo, LLC, the parent company of Calca Solutions, LLC, a leading producer of high-purity hydrazine, essential for aerospace and defense applications.
Strategic Growth: This acquisition, along with previous investments, is part of NewMarket's strategy to diversify and strengthen its presence in high-technology sectors, with a commitment of approximately $1 billion towards these efforts.
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Analyst Views on NEU
About NEU
NewMarket Corporation is a holding company operating through its subsidiaries, Afton Chemical Corporation (Afton), Ethyl Corporation (Ethyl), and American Pacific Corporation (AMPAC). The Afton and Ethyl companies develop, manufacture, blend, and deliver chemical additives that enhance the performance of petroleum products. AMPAC is a manufacturer of specialty chemicals used in solid rocket motors for the aerospace and defense industries. Its petroleum additives segment includes lubricant and fuel additives. Its specialty materials segment includes critical materials used in solid rocket motors for space launch and military defense applications. Ethyl provides contracted manufacturing and related services to Afton and to third parties and is a marketer of antiknock compounds in North America. The Company is also a producer of UltraPure and high-purity hydrazine, which are essential, mission-critical propellants that enable advanced aerospace and defense applications.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Specialty Materials Growth: Specialty materials sales reached $49 million, up from $27 million last year, with operating profit increasing to $7 million, driven by higher volumes at AMPAC and the acquisition of Calca Solutions, showcasing the company's success in diversifying its product lines.
- Capital Return and Debt Management: The company returned $183 million to shareholders through share repurchases and dividends while reducing total debt by $88 million, with the net debt-to-EBITDA ratio decreasing from 1.2x at the end of 2024 to 1.1x, reflecting ongoing efforts in financial stability.
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- Petroleum Additives Sales Drop: Q4 2025 petroleum additives sales were $585.1 million, down from $626.1 million in Q4 2024, primarily due to a 6% decline in shipments and lower selling prices, leading to operating profit dropping to $106.8 million, impacting overall profitability.
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- Petroleum Additives Sales Drop: Sales for petroleum additives reached $2.5 billion in 2025, down from $2.6 billion in 2024, with operating profit at $520.1 million, a decline from the record $591.9 million, reflecting market softness and strategic adjustments in low-margin businesses.
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- Dividend Yield: Based on the current price of $704.44, NEU's annualized dividend of $12 per share translates to a yield of 1.70%, making it an attractive option for dividend investors seeking higher returns.
- Market Comparison: NEU's low RSI compared to the average RSI of 52.0 for covered dividend stocks suggests that recent heavy selling may be exhausting, drawing interest from bullish investors.
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- Income Decline: In Q4 2025, NewMarket reported net income of $81 million or $8.65 per share, down from $111 million and $11.56 per share in Q4 2024, primarily due to a higher effective tax rate, indicating challenges in the current economic environment.
- Petroleum Additives Sales Drop: The quarter saw petroleum additives sales of $585 million with an operating profit of $107 million, reflecting a 6% decline in shipments and lower selling prices, highlighting the direct impact of market softness on the company's core business.
- Specialty Materials Growth: Specialty materials sales reached $49 million, up from $27 million last year, with operating profit increasing to $7 million, driven by higher volumes at AMPAC and the acquisition of Calca Solutions, showcasing the company's success in diversifying its product lines.
- Capital Return and Debt Management: The company returned $183 million to shareholders through share repurchases and dividends while reducing total debt by $88 million, with the net debt-to-EBITDA ratio decreasing from 1.2x at the end of 2024 to 1.1x, reflecting ongoing efforts in financial stability.
See More
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- Revenue and Net Income Decline: In Q4 2025, net income was $81.3 million, or $8.65 per share, significantly down from $110.7 million and $11.56 per share last year, reflecting pressures from market softness and a higher effective tax rate.
- Petroleum Additives Sales Drop: Q4 2025 petroleum additives sales were $585.1 million, down from $626.1 million in Q4 2024, primarily due to a 6% decline in shipments and lower selling prices, leading to operating profit dropping to $106.8 million, impacting overall profitability.
- Specialty Materials Growth: Specialty materials sales reached $48.5 million in Q4 2025, up from $27.1 million last year, with operating profit increasing from $1.5 million to $7.3 million, showcasing the positive impact of AMPAC and Calca acquisitions.
- Cash Flow and Shareholder Returns: The company generated strong cash flows in 2025, paying $105.9 million in dividends and repurchasing $77.2 million in stock while reducing long-term debt by $87.9 million, demonstrating financial resilience amid an uncertain economic environment.
See More
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- Earnings Highlights: NewMarket reported Q4 GAAP EPS of $8.65, maintaining stable profitability; however, revenue declined by 2.9% year-over-year to $635.4 million, indicating growth challenges faced by the company.
- Revenue Decline Reasons: The revenue drop is primarily attributed to weak market demand and increased competition, putting pressure on the company to maintain sales, which could impact future profitability and investor confidence.
- Cash Return Performance: Despite the revenue decline, NewMarket continues to provide strong cash returns, demonstrating effective capital management that may attract investors seeking stable income.
- Growth Outlook Analysis: Analysts suggest that NewMarket's earnings growth may face a ceiling, indicating a need for the company to identify new growth drivers to adapt to changing market conditions and maintain competitiveness.
See More
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- Net Income Decline: NewMarket reported a net income of $418.7 million and earnings per share of $44.44 for 2025, down from $462.4 million and $48.22 in 2024, primarily due to an increased effective tax rate, indicating pressure on profitability.
- Petroleum Additives Sales Drop: Sales for petroleum additives reached $2.5 billion in 2025, down from $2.6 billion in 2024, with operating profit at $520.1 million, a decline from the record $591.9 million, reflecting market softness and strategic adjustments in low-margin businesses.
- Specialty Materials Growth: Specialty materials sales hit $182.5 million in 2025 with an operating profit of $4.7 million, significantly up from 2024, driven by acquisitions of AMPAC and Calca, showcasing expansion potential in high-tech materials.
- Strong Cash Flow Performance: The company generated robust cash flows in 2025, paying $105.9 million in dividends, repurchasing $77.2 million in stock, and reducing long-term debt by $87.9 million, resulting in a net debt to EBITDA ratio of 1.1, indicating solid financial management.
See More
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- Patient Treatment: Since its U.S. launch, over 2,000 Rett patients have been treated with DAYBUE, with a 12-month treatment persistency increase of 55%, indicating high patient reliance and satisfaction with the drug.
- Market Expansion: The company continued to expand its U.S. customer-facing teams in the second quarter of 2025, further driving DAYBUE sales growth, which underscores its strategic focus on market penetration and customer service.
- New Product Launch: The DAYBUE STIX formulation is set to launch in the U.S. in the first quarter of 2026, with a full commercial rollout planned for the second quarter, marking a significant enhancement of the company's product line and competitive positioning.
See More
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- Dividend Yield: Based on the current price of $704.44, NEU's annualized dividend of $12 per share translates to a yield of 1.70%, making it an attractive option for dividend investors seeking higher returns.
- Market Comparison: NEU's low RSI compared to the average RSI of 52.0 for covered dividend stocks suggests that recent heavy selling may be exhausting, drawing interest from bullish investors.
- Investor Strategy: While dividends are not always predictable, analyzing NEU's dividend history can assist investors in assessing the likelihood of continued payments, enabling more informed investment decisions.
See More
