Ecovyst

ECVT

Chemicals - Specialty · Basic Materials

Price

$12.89

+0.01 (+0.08%)

Market Cap

$1.41B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−15.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 137.7M (2021) → 116.0M (2025)

Ecovyst Inc. is a specialty chemicals company that makes two main things: catalysts used by oil refineries to produce cleaner fuels, and a chemical called sulfuric acid that is used in mining and industrial processes. Its customers include petroleum refiners, mining companies, and other industrial businesses. The company operates primarily in North America and is one of the few producers of regenerated sulfuric acid services for the refining industry.

Ecovyst earns revenue by selling its catalyst products and by providing sulfuric acid recycling and regeneration services under long-term contracts, which gives it somewhat predictable cash flow. With a market cap around $1.4 billion, it is a mid-sized player in a niche corner of the chemicals industry, and its specialized manufacturing assets and technical know-how make it difficult for new competitors to enter easily. The main risk the company faces is that demand for its refining catalysts is tied to fossil fuel processing, which could decline over time as the energy industry shifts toward cleaner alternatives.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+50.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+230.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

10.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$163M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Ecovyst grew revenue 50% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

15.9%

Thin — 15.9% gross margin

Operating Margin

6.9%

Modest — 6.9% operating margin

ROCE

2.4%

Weak — 2.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+19.3%

Fast-growing sales (19.3% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

10.6%

Modest free cash flow (10.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.08

Conservative — low debt load (0.08)

Interest Cover

3.26x

Tight — interest eats into profit (3.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

89.7x

Expensive — P/E 89.7

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+70.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (89.7 → 18.8)

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Dividends

Not applicable for this business.

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