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NEU US Russell 1000 Earnings call

NewMarket (NEU) · Q2 2026 results and valuation

Share price: $697.71 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 23 Apr 2026

Net income up 13.3% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

+13.3%

Net income vs Q1 2026

Net income 133.8M vs 118.1M

Revenue +11.6%

Against the same quarter last year (Q2 2025) it is +20.2%, so it is not just seasonal.

2 · How management spoke

Cautious

Among the least upbeat of all company calls

Answers to analysts: upbeat, in line with the script.

Similar to last call.

3 · What stood out

Key theme

The company reported a share compared net change as a key theme for the quarter.

Valuation

Is NewMarket undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At −0.5% growth a year (3-year revenue growth), the model's fair value is $506.44 a share — the stock trades 38% above it. Today's price assumes 3.4% growth a year.

Current price

$697.71

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+3.4% for 10 yrs

Fair value / share

$506.44

Buy below

$379.83

Price vs fair value

Overvalued 38%

Price vs buy-below price

Overvalued 84%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Figure

    Petroleum Additives segment sales were $1.3 billion for the first half of 2026, which remained essentially flat compared to the same period.

    Source quote
    “For the first half of 2026, sales for the Petroleum Additives segment were $1.3 billion, essentially flat compared to the same period...”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Cautious (was cautious)
Answers to analysts Upbeat (was typical)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone
“We are especially pleased with the performance of our Specialty Materials segment, and we are excited about our investments to expand production capacity for both ammonium perchlorate and high-purity hydrazine...”
“Petroleum additives operating profit for the second quarter of 2026 was $149 million compared to operating profit of $140 million in 2025.”
“The increase in operating profit was mainly due to surcharges that were implemented in response to higher costs we have seen in our P&L from the supply chain disruptions in...”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric Q2 2026period end 2026-06-30 Q1 2026period end 2026-03-31 Change Q2 2025 YoY
Revenue 747.1M 669.7M +11.6% 698.5M +7.0%
Gross profit 242.4M 220.9M +9.8% 221.0M +9.7%
Operating income 163.7M 143.2M +14.3% 143.2M +14.3%
Net income 133.8M 118.1M +13.3% 111.2M +20.2%
EPS 14.54 12.62 +15.2% 11.84 +22.8%
P/E today 19.9 17.0 14.6 +2.4 13.7 +3.3

Topics

Most discussed now

  • Petroleum additives operating profit for the second quarter of 2026 was $149 million compared to operating profit of $140 million...

Faded since Q1 2026

  • Fading Petroleum Additives operating profit for the first quarter of 2026 was $135 million compared to operating profit of $142 million...
  • Dropped The increase in sales was mainly due to the inclusion of the Calca business, which was acquired on October 1,...

Latest announcements

Official filings, newest first.

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