Detailed financial statements for Quaker Houghton (KWR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Quaker Chemical Corporation is a global provider of specialized chemical formulations, which it develops, produces, and markets for a broad spectrum of heavy industrial and manufacturing applications. Its global operations are strategically divided into four segments: the Americas; Europe, the Middle East, and Africa (EMEA); Asia/Pacific; and dedicated Global Specialty Businesses.
Analysis Summary
Quaker Houghton reported revenue of $1.89B in the most recent fiscal year, growing at a 5-year CAGR of 5.9%.
Trailing-twelve-month margins: gross margin 34.4%, operating margin 9.1%, net margin 4.9%. Free cash flow grew at -12.9% CAGR over 5 years.
At the current price of $153.99, KWR trades at a P/E of 27.06 and an ROE of 7.12%. Market capitalisation stands at $2.7B.
Balance sheet quality for KWR: current ratio of 2.4, net debt of $748.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $746.7M | $820.1M | $867.5M | $1.13B | $1.42B | $1.76B | $1.94B | $1.95B | $1.84B | $1.89B |
| Cost of Revenue | $467.1M | $528.6M | $555.2M | $741.4M | $904.2M | $1.17B | $1.33B | $1.25B | $1.15B | $1.21B |
| Gross Profit | $279.6M | $291.5M | $312.3M | $392.1M | $513.4M | $594.6M | $612.7M | $705.6M | $686.0M | $679.4M |
| Research & Development | $22.5M | $23.9M | $24.5M | 0 | 0 | 0 | 0 | $50.3M | 0 | 0 |
| Selling, General & Admin | $197.0M | $198.8M | $207.9M | $283.8M | $380.8M | $418.9M | $464.2M | $483.6M | $484.8M | $502.4M |
| Operating Expenses | $197.0M | $198.8M | $207.9M | $346.0M | $454.1M | $444.2M | $560.4M | $491.1M | $491.3M | $502.4M |
| Operating Income | $83.1M | $62.7M | $87.8M | $46.1M | $59.4M | $150.5M | $52.3M | $214.5M | $194.7M | $177.0M |
| EBITDA | $103.7M | $108.7M | $121.9M | $90.8M | $137.0M | $255.9M | $120.2M | $285.8M | $280.2M | $144.5M |
| Interest Expense | $2.9M | $3.9M | $6.2M | $17.0M | $26.6M | $22.3M | $32.6M | $50.7M | $45.8M | $44.0M |
| Pre-tax Income | $84.0M | $60.7M | $83.1M | $28.9M | $34.5M | $156.4M | $9.1M | $168.5M | $166.0M | $22.2M |
| Income Tax | $23.2M | $41.7M | $25.1M | $2.1M | -$5.3M | $34.9M | $24.9M | $55.6M | $49.3M | $24.6M |
| Net Income | $61.4M | $20.3M | $59.5M | $31.6M | $39.7M | $121.4M | -$15.9M | $112.7M | $116.6M | -$2.5M |
| EPS | $4.64 | $1.53 | $4.48 | $2.09 | $2.23 | $6.79 | $-0.89 | $6.27 | $6.51 | $-0.14 |
| EPS (Diluted) | $4.63 | $1.52 | $4.47 | $2.09 | $2.22 | $6.77 | $-0.89 | $6.26 | $6.51 | $-0.14 |
| Shares Outstanding (Diluted) | $13.2M | $13.2M | $13.3M | $15.2M | $17.8M | $17.9M | $17.9M | $17.9M | $17.8M | $17.5M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $88.8M | $89.9M | $104.1M | $123.5M | $181.8M | $165.2M | $181.0M | $194.5M | $188.9M | $179.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $195.2M | $208.4M | $202.1M | $376.0M | $373.0M | $430.7M | $472.9M | $444.9M | $400.1M | $417.2M |
| Inventory | $77.1M | $87.2M | $94.1M | $174.9M | $187.8M | $264.5M | $284.8M | $233.9M | $227.5M | $265.8M |
| Total Current Assets | $376.5M | $406.6M | $418.5M | $716.0M | $792.7M | $920.3M | $994.1M | $927.9M | $876.4M | $921.2M |
| Property, Plant & Equipment | $85.7M | $86.7M | $83.9M | $256.4M | $242.4M | $234.2M | $242.4M | $246.4M | $263.7M | $352.2M |
| Goodwill | $80.8M | $86.0M | $83.3M | $607.2M | $631.2M | $631.2M | $515.0M | $512.5M | $518.9M | $501.7M |
| Intangible Assets | $73.1M | $71.6M | $63.6M | $1.12B | $1.08B | $1.03B | $942.9M | $896.7M | $827.1M | $873.5M |
| Total Assets | $692.0M | $722.1M | $709.7M | $2.85B | $2.89B | $2.96B | $2.82B | $2.71B | $2.61B | $2.80B |
| Accounts Payable | $77.6M | $93.0M | $87.8M | $164.1M | $191.8M | $226.7M | $194.0M | $184.8M | $198.1M | $198.9M |
| Short-term Debt | $707000 | $5.7M | $670000 | $38.3M | $39.0M | $56.9M | $19.2M | $23.3M | $37.6M | $48.2M |
| Total Current Liabilities | $127.4M | $154.7M | $151.5M | $359.9M | $383.0M | $430.5M | $354.8M | $367.5M | $379.8M | $380.2M |
| Long-term Debt | $65.8M | $61.1M | $35.9M | $882.4M | $849.1M | $836.4M | $933.6M | $730.6M | $669.6M | $857.7M |
| Total Liabilities | $279.4M | $312.5M | $273.3M | $1.61B | $1.57B | $1.57B | $1.54B | $1.33B | $1.26B | $1.42B |
| Retained Earnings | $364.4M | $365.9M | $405.1M | $413.0M | $423.9M | $516.3M | $469.9M | $550.6M | $633.7M | $596.6M |
| Total Equity | $402.8M | $407.7M | $435.1M | $1.24B | $1.32B | $1.39B | $1.28B | $1.38B | $1.35B | $1.37B |
| Total Debt | $66.5M | $66.8M | $36.6M | $963.2M | $926.0M | $929.7M | $991.8M | $789.0M | $737.8M | $928.6M |
| Net Debt | -$22.3M | -$23.1M | -$67.5M | $839.7M | $744.2M | $764.5M | $810.8M | $594.4M | $548.9M | $748.8M |
| Working Capital | $249.1M | $251.8M | $267.0M | $356.0M | $409.8M | $489.8M | $639.4M | $560.4M | $496.6M | $541.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $63.0M | $22.3M | $59.8M | $31.9M | $39.8M | $121.4M | -$15.8M | $112.9M | $116.7M | -$2.4M |
| Depreciation & Amortization | $19.6M | $20.0M | $19.7M | $44.9M | $83.2M | $86.5M | $80.5M | $82.0M | $84.1M | $93.5M |
| Stock-based Compensation | $6.3M | $4.2M | $3.7M | $4.9M | $11.0M | $11.0M | $11.7M | $14.6M | $15.0M | $13.6M |
| Change in Working Capital | -$10.2M | -$2.8M | -$9.8M | $6.9M | $29.6M | -$136.3M | -$117.4M | $81.5M | -$3.7M | -$43.5M |
| Operating Cash Flow | $73.8M | $64.8M | $78.8M | $82.4M | $178.4M | $48.9M | $41.8M | $279.0M | $204.6M | $136.5M |
| Capital Expenditure | -$10.0M | -$10.9M | -$12.9M | -$15.5M | -$17.9M | -$21.5M | -$28.5M | -$38.8M | $11.3M | -$55.9M |
| Acquisitions | -$15.0M | -$5.4M | -$500000 | -$893.4M | -$56.2M | -$42.4M | -$13.1M | 0 | -$39.3M | -$164.2M |
| Stock Repurchased | -$5.9M | -$5.9M | 0 | -$1.4M | 0 | 0 | 0 | 0 | -$49.2M | -$41.5M |
| Dividends Paid | -$17.6M | -$18.6M | -$19.3M | -$21.8M | -$27.6M | -$28.6M | -$30.1M | -$31.6M | -$33.2M | -$34.4M |
| Free Cash Flow | $63.8M | $53.9M | $65.9M | $66.8M | $160.5M | $27.5M | $13.3M | $240.2M | $215.9M | $80.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.8% | +5.8% | +30.7% | +25.1% | +24.2% | +10.4% | +0.5% | -5.8% | +2.7% | |
| Net Income Growth (YoY) | -67.0% | +193.3% | -46.8% | +25.4% | +206.0% | -113.1% | +807.7% | +3.5% | -102.1% | |
| EPS Growth (YoY) | -67.0% | +192.8% | -53.3% | +6.7% | +204.5% | -113.1% | +804.5% | +3.8% | -102.2% | |
| Shares Change (YoY) | +0.6% | +0.4% | +14.0% | +17.1% | +0.6% | +0.0% | +0.3% | -0.6% | -1.9% | |
| FCF Growth (YoY) | -15.5% | +22.3% | +1.4% | +140.1% | -82.9% | -51.8% | +1712.3% | -10.1% | -62.7% | |
| Gross Margin | 37.4% | 35.5% | 36.0% | 34.6% | 36.2% | 33.8% | 31.5% | 36.1% | 37.3% | 36.0% |
| Operating Margin | 11.1% | 7.7% | 10.1% | 4.1% | 4.2% | 8.5% | 2.7% | 11.0% | 10.6% | 9.4% |
| EBITDA Margin | 13.9% | 13.3% | 14.0% | 8.0% | 9.7% | 14.5% | 6.2% | 14.6% | 15.2% | 7.7% |
| Net Margin | 8.2% | 2.5% | 6.9% | 2.8% | 2.8% | 6.9% | -0.8% | 5.8% | 6.3% | -0.1% |
| FCF Margin | 8.5% | 6.6% | 7.6% | 5.9% | 11.3% | 1.6% | 0.7% | 12.3% | 11.7% | 4.3% |
| Effective Tax Rate | 27.6% | 68.7% | 30.1% | 7.2% | -15.4% | 22.3% | 274.4% | 33.0% | 29.7% | 110.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.85 | $4.07 | $4.95 | $4.41 | $9.04 | $1.54 | $0.74 | $13.41 | $12.12 | $4.61 |
| Dividends Per Share | $1.34 | $1.41 | $1.45 | $1.44 | $1.55 | $1.60 | $1.69 | $1.77 | $1.86 | $1.97 |
| Shares Outstanding (Basic) | $13.1M | $13.2M | $13.3M | $15.1M | $17.7M | $17.8M | $17.8M | $17.9M | $17.8M | $17.5M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 7.12% |
| Return on Invested Capital | 5.57% |
| Return on Assets | 3.43% |
| Gross Margin | 34.41% |
| Operating Margin | 9.08% |
| Net Margin | 4.94% |
Financial Health
| Debt / Equity | 0.66 |
| Current Ratio | 2.46 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 2.43 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 27.57 | 98.56 | 39.67 | 78.72 | 113.63 | 33.99 | -187.53 | 34.04 | 21.62 | -980.79 |
| P/B | 4.17 | 4.88 | 5.42 | 2.01 | 3.40 | 2.96 | 2.33 | 2.76 | 1.85 | 1.75 |
| P/S | 2.25 | 2.43 | 2.72 | 2.20 | 3.17 | 2.33 | 1.53 | 1.95 | 1.36 | 1.27 |
| Gross Margin | 37.4% | 35.5% | 36.0% | 34.6% | 36.2% | 33.8% | 31.5% | 36.1% | 37.3% | 36.0% |
| Operating Margin | 11.1% | 7.7% | 10.1% | 4.1% | 4.2% | 8.5% | 2.7% | 11.0% | 10.6% | 9.4% |
| Net Margin | 8.2% | 2.5% | 6.9% | 2.8% | 2.8% | 6.9% | -0.8% | 5.8% | 6.3% | -0.1% |
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Explore sector: Basic Materials · Chemicals - Specialty
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