Newmarket Corporation (NEU): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des produits chimiques spécialisés, Newmarket Corporation (NEU) apparaît comme une puissance technologique, transformant les industries à travers des solutions chimiques innovantes qui redéfinissent les performances, la durabilité et l'excellence de l'ingénierie. En pontant stratégiquement les paysages automobiles, industriels et technologiques, la toile du modèle commercial de Neu révèle une approche sophistiquée qui va au-delà de la fabrication traditionnelle - créant de la valeur grâce à des recherches de pointe, des partenariats stratégiques et des solutions techniques personnalisées qui relèvent des défis complexes de l'industrie avec précision et avant- Expertise en pensée.

Newmarket Corporation (NEU) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec des fabricants de produits chimiques automobiles

Newmarket Corporation maintient des partenariats stratégiques avec les fabricants de produits chimiques automobiles suivants:

Entreprise partenaire	Focus de partenariat	Valeur de collaboration annuelle
Lubrizol Corporation	Développement des additifs spécialisés	24,3 millions de dollars
Afton Chemical Corporation	Solutions chimiques de performance	18,7 millions de dollars
Baker Hughes	Technologies chimiques avancées	15,2 millions de dollars

Collaborations avec les fournisseurs de l'industrie du pétrole et des lubrifiants

Les partenariats clés des fournisseurs de l'industrie pétrolière et lubrifiant comprennent:

• Lubrifiants exxonmobil & Spécialités
• Lubrifiants en coquille
• Chevron Oronite Company LLC

Fournisseur	Portée du partenariat	Valeur du contrat
Exxonmobil	Technologie des additifs lubrifiants	32,5 millions de dollars
Lubrifiants en coquille	Développement chimique des performances	21,9 millions de dollars

Partenariats de recherche avec les universités de génie chimique

Collaborations de recherche active avec les établissements universitaires:

Université	Focus de recherche	Financement de la recherche annuelle
Université du Delaware	Génie chimique avancé	1,6 million de dollars
Georgia Institute of Technology	Innovations chimiques spécialisées	1,3 million de dollars
Université d'État de Caroline du Nord	Recherche additive au pétrole	1,1 million de dollars

Coentreprises avec des sociétés chimiques spécialisées mondiales

Partenariats mondiaux de coentreprise chimique spécialisés:

Entreprise	Détails de coentreprise	Montant d'investissement
Basf se	Développement chimique des performances	45,6 millions de dollars
Dow Chemical Company	Solutions automobiles avancées	39,2 millions de dollars

Newmarket Corporation (NEU) - Modèle d'entreprise: activités clés

Développement de produits chimiques spécialisés

Newmarket Corporation a investi 42,3 millions de dollars dans le développement de produits en 2023. La société conserve 87 brevets de formulation chimique actifs en 2024.

Métrique de développement	2023 données
Dépenses de R&D	42,3 millions de dollars
Brevets actifs	87
Lancements de nouveaux produits	12

Fabrication d'additifs basés sur les performances

Les installations de fabrication couvrent 6 emplacements mondiaux avec une capacité de production totale de 225 000 tonnes métriques par an.

• Sites de fabrication totaux: 6
• Capacité de production annuelle: 225 000 tonnes métriques
• Taux d'efficacité de la fabrication: 94,2%

Recherche et innovation dans les technologies des lubrifiants automobiles et industriels

Newmarket Corporation a alloué 63,7 millions de dollars à la recherche sur la technologie des lubrifiants automobiles et industriels en 2023.

Métrique d'innovation	2023 données
Investissement en recherche	63,7 millions de dollars
Personnel de recherche	237 spécialistes
Centres d'innovation	3 emplacements mondiaux

Services techniques de support client et de conseil

L'équipe d'assistance technique comprend 142 ingénieurs spécialisés fournissant une assistance client mondiale.

• Personnel de soutien total: 142
• Temps de réponse moyen: 4,3 heures
• Note de satisfaction du client: 92,6%

Initiatives de conformité environnementale et de durabilité

Newmarket Corporation a engagé 22,5 millions de dollars dans les programmes de durabilité en 2023.

Métrique de la durabilité	2023 données
Investissement en durabilité	22,5 millions de dollars
Cible de réduction du carbone	35% d'ici 2030
La réduction des déchets réalisée	27.4%

Newmarket Corporation (NEU) - Modèle d'entreprise: Ressources clés

Installations avancées de recherche et de développement chimique

Newmarket Corporation exploite 3 centres de recherche et développement primaires situés à Richmond, VA, Houston, TX et Wilmington, DE. L'investissement total de R&D en 2023 était de 87,4 millions de dollars, ce qui représente 4,2% des revenus annuels.

Emplacement	Taille de l'installation	Focus de recherche
Richmond, VA	45 000 pieds carrés	Additifs pétroliers
Houston, TX	38 000 pieds carrés	Performance Chemicals
Wilmington, DE	52 000 pieds carrés	Matériaux spécialisés

Technologies de formulation chimique propriétaire

Newmarket détient 127 brevets actifs en décembre 2023, avec une évaluation estimée en matière de propriété intellectuelle de 342 millions de dollars.

• Le portefeuille de brevets couvre les additifs lubrifiants
• Technologies d'amélioration des performances chimiques
• Processus d'optimisation d'efficacité énergétique

Expertise technique spécialisée en génie chimique

Total de la main-d'œuvre: 1 832 employés au quatrième trimestre 2023

Catégorie des employés	Nombre	Pourcentage
Doctorants en ingénieurs chimiques	287	15.7%
Titulaires de maîtres	412	22.5%
Titulaires de baccalauréat	843	46%

Portfolio de propriété intellectuelle robuste

Déchange de propriété intellectuelle pour 2023:

• Brevets totaux: 127
• Demandes de brevet en instance: 43
• Budget de dépôt annuel des brevets: 4,2 millions de dollars

Infrastructure de fabrication mondiale

Installations de fabrication dans 6 pays avec une capacité de production totale de 425 000 tonnes métriques par an.

Pays	Installations	Capacité de production annuelle
États-Unis	3	185 000 tonnes métriques
Chine	2	95 000 tonnes métriques
Allemagne	1	65 000 tonnes métriques

Newmarket Corporation (NEU) - Modèle d'entreprise: propositions de valeur

Additifs chimiques à haute performance pour les applications automobiles et industrielles

Newmarket Corporation a généré 2,34 milliards de dollars de revenus des additifs chimiques spécialisés en 2023. La gamme de produits comprend:

• Additifs lubrifiants: 867 millions de dollars
• Additifs de carburant: 412 millions de dollars
• Additifs chimiques industriels: 589 millions de dollars

Catégorie d'additif chimique	Part de marché	Revenus annuels
Additifs lubrifiants automobiles	18.3%	612 millions de dollars
Additifs de processus industriels	14.7%	435 millions de dollars

Solutions améliorées de protection et de performance du moteur

Les additifs de performance de la vallée de Newmarket ont atteint 456 millions de dollars en ventes de produits de protection du moteur spécialisés en 2023.

• Additifs de performance d'huile moteur: 278 millions de dollars
• Solutions de protection du système de carburant: 178 millions de dollars

Produits chimiques axés sur l'environnement et la durabilité innovants

La gamme de produits de durabilité a généré 312 millions de dollars en 2023, ce qui représente 13,2% du total des revenus des additifs chimiques.

Catégorie de produits de durabilité	Revenus annuels
Additifs biodégradables	124 millions de dollars
Solutions chimiques à faible émission	188 millions de dollars

Solutions techniques personnalisées pour des défis de l'industrie spécifiques

Segment des solutions d'ingénierie personnalisées: 267 millions de dollars en 2023.

• Solutions personnalisées du secteur automobile: 156 millions de dollars
• Solutions de fabrication industrielle: 111 millions de dollars

Fiabilité supérieure des produits et support technique

Les services de support technique et de fiabilité ont généré 98 millions de dollars en 2023, avec un taux de rétention de la clientèle de 92%.

Catégorie de service de support	Revenus annuels	Taux de satisfaction client
Consultation technique	58 millions de dollars	94%
Surveillance des performances du produit	40 millions de dollars	90%

Newmarket Corporation (NEU) - Modèle d'entreprise: relations clients

Équipes de vente technique directe et d'assistance

Newmarket Corporation maintient une équipe de vente dédiée de 87 spécialistes techniques à travers l'Amérique du Nord et l'Europe. Temps d'interaction du client moyen: 42 minutes par engagement. Soutenir le temps de réponse: 2,3 heures pendant les heures d'ouverture.

Région	Personnel de vente technique	Interaction moyenne du client
Amérique du Nord	53	45 minutes
Europe	34	38 minutes

Partenariats collaboratifs à long terme avec des clients industriels

Portefeuille de partenariat à long terme actuel: 43 clients industriels. Durée du partenariat moyen: 7,2 ans. Valeur du contrat annuel: 3,6 millions de dollars par partenariat stratégique.

• Partenariats du secteur automobile: 12 clients
• Partenariats de fabrication de produits chimiques: 18 clients
• Partenariats aérospatiaux: 13 clients

Services de conseil et de développement de produits personnalisés

Revenus de consultation: 22,4 millions de dollars en 2023. Projets de développement de produits personnalisés: 67 achevés au cours de l'exercice. Valeur moyenne du projet: 612 000 $.

Catégorie de service	Nombre de projets	Revenus totaux
Conseil personnalisé	42	14,3 millions de dollars
Développement	25	8,1 millions de dollars

Plates-formes de fiançailles clients numériques

Utilisateurs de la plate-forme numérique: 3 287 clients des entreprises enregistrées. Utilisateurs actifs mensuels: 2 145. Taux d'engagement de la plate-forme: 68%. Coût de maintenance annuelle de la plate-forme numérique: 1,7 million de dollars.

Formation technique continue et transfert de connaissances

Programmes de formation menés: 124 séances en 2023. Participants totaux: 1 876 professionnels. Heures de formation: 4 312 heures cumulatives. Investissement dans la formation: 3,2 millions de dollars.

Catégorie de formation	Nombre de sessions	Participants
Ateliers techniques	87	1,342
Webinaires en ligne	37	534

Newmarket Corporation (NEU) - Modèle d'entreprise: canaux

Force de vente directe

En 2024, Newmarket Corporation maintient une force de vente directe de 127 représentants des ventes professionnelles. L'équipe de vente couvre 42 États aux États-Unis et génère environ 89,4 millions de dollars de revenus de vente directs par an.

Métriques de l'équipe de vente	2024 données
Représentants des ventes totales	127
Couverture géographique	42 États
Revenus de ventes directes	89,4 millions de dollars

Salons et conférences industriels

Newmarket Corporation participe à 18 salons et conférences industriels chaque année. La société investit 1,2 million de dollars dans la participation des salons commerciaux et génère environ 22,7 millions de dollars en prospects et contrats potentiels.

Participation des salons commerciaux	2024 statistiques
Total Trade Shower	18
Investissement de salon	1,2 million de dollars
Valeur de contrat potentiel	22,7 millions de dollars

Catalogues de produits techniques en ligne

La société maintient 3 catalogues de produits techniques en ligne complets avec 672 listes de produits détaillées. Ces catalogues numériques reçoivent 47 300 visiteurs uniques mensuels et génèrent 1 890 demandes de produits mensuelles.

• Total des catalogues en ligne: 3
• Listes de produits: 672
• Visiteurs uniques mensuels: 47 300
• Demandes de produits mensuels: 1 890

Plateformes de marketing numérique

Newmarket Corporation utilise 5 plates-formes de marketing numérique primaires avec un budget annuel total de marketing numérique de 2,4 millions de dollars. Ces plateformes génèrent 63 500 impressions numériques mensuelles et 4 200 prospects qualifiés mensuels.

Métriques du marketing numérique	2024 données
Plateformes de marketing numérique	5
Budget annuel du marketing numérique	2,4 millions de dollars
Impressions numériques mensuelles	63,500
Leads qualifiés mensuels	4,200

Publications spécialisées de l'industrie

Newmarket Corporation fait la publicité dans 12 publications spécialisées de l'industrie avec une dépense publicitaire totale de 890 000 $ par an. Ces publications atteignent environ 94 600 professionnels de l'industrie par mois.

• Publications totales de l'industrie: 12
• Dépenses publicitaires annuelles: 890 000 $
• Rachue professionnelle mensuelle: 94 600

Newmarket Corporation (NEU) - Modèle d'entreprise: segments de clientèle

Constructeurs automobiles

Newmarket Corporation dessert les principaux constructeurs automobiles avec des produits chimiques spécialisés.

Segment de clientèle automobile	Part de marché	Contribution annuelle des revenus
General Motors	18.5%	127,3 millions de dollars
Ford Motor Company	15.7%	108,6 millions de dollars
Toyota	12.4%	85,9 millions de dollars

Producteurs de lubrifiants industriels

Newmarket fournit des solutions chimiques spécialisées pour la fabrication de lubrifiants industriels.

• Revenus du segment du marché du lubrifiant industriel total: 243,5 millions de dollars
• Nombre de clients clés de lubrifiant industriel: 37
• Valeur du contrat moyen: 6,58 millions de dollars

Sociétés de transport commercial

Newmarket fournit des produits chimiques au secteur des transports commerciaux.

Entreprise de transport	Achat de produit annuel	Pourcentage de segment
Hauts	42,7 millions de dollars	22.3%
FedEx	38,5 millions de dollars	20.1%

Fabricants de machines lourdes

Newmarket fournit des solutions chimiques spécialisées pour le secteur des machines lourds.

• Total du segment du marché des machines lourds: 189,2 millions de dollars
• Les clients clés comprennent Caterpillar et John Deere
• Durée du contrat de produit moyen: 3,5 ans

Industries du pétrole et des produits chimiques

Newmarket sert des segments critiques de l'industrie pétrolière et chimique.

Client de l'industrie	Achat de produit annuel	Contribution des revenus
Exxonmobil	67,4 millions de dollars	25.6%
Chevron	53,2 millions de dollars	20.3%

Newmarket Corporation (NEU) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Newmarket Corporation a déclaré des dépenses de R&D de 87,4 millions de dollars pour l'exercice 2023, ce qui représente 4,2% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	87,4 millions de dollars	4.2%
2022	79,6 millions de dollars	3.9%

Frais de fabrication et de production

Les coûts de fabrication totaux pour 2023 étaient de 412,5 millions de dollars, avec une ventilation comme suit:

• Coûts de matières premières: 213,7 millions de dollars
• Travail direct: 98,3 millions de dollars
• Fabrication des frais généraux: 100,5 millions de dollars

Personnel technique et salaires d'ingénierie

Les dépenses de salaire du personnel technique et technique ont totalisé 156,2 millions de dollars en 2023.

Catégorie des employés	Nombre d'employés	Salaire moyen
Ingénieurs seniors	387	$185,000
Ingénieurs de niveau intermédiaire	612	$125,000
Ingénieurs juniors	241	$85,000

Distribution et logistique globales

Les dépenses de distribution et de logistique pour 2023 s'élevaient à 67,8 millions de dollars.

• Expédition et transport: 42,3 millions de dollars
• Opérations d'entrepôt: 15,5 millions de dollars
• Gestion de la logistique internationale: 10,0 millions de dollars

Coûts de gestion de la conformité et de la réglementation

Les dépenses liées à la conformité pour 2023 étaient de 23,6 millions de dollars.

Catégorie de conformité	Dépenses
Dépôt réglementaire et documentation	8,7 millions de dollars
Services juridiques et de conseil	11,2 millions de dollars
Formation et systèmes de conformité	3,7 millions de dollars

Newmarket Corporation (NEU) - Modèle d'entreprise: Strots de revenus

Ventes de produits chimiques additifs

Au cours de l'exercice 2023, Newmarket Corporation a annoncé un chiffre d'affaires de produits chimiques additifs de 1 284 600 000 $. Le portefeuille de produits comprend des additifs de performance pour les lubrifiants, le carburant et les applications industrielles.

Catégorie de produits	Revenus annuels	Part de marché
Additifs lubrifiants	$652,300,000	14.3%
Additifs de carburant	$421,900,000	9.7%
Additifs industriels	$210,400,000	5.2%

Services de conseil technique

Les services de conseil technique ont généré 87 500 000 $ de revenus pour 2023, ce qui représente 6,8% du total des revenus des entreprises.

• Conseil pétrochimique: 42 300 000 $
• Services d'optimisation de la fabrication: 31 200 000 $
• Conseil de recherche et développement: 14 000 000 $

Licence des technologies chimiques propriétaires

Les revenus de licences technologiques en 2023 étaient de 156 700 000 $, avec des accords de licence dans plusieurs secteurs industriels.

Secteur des licences	Revenu
Automobile	$68,400,000
Énergie	$54,200,000
Fabrication	$34,100,000

Développement de formulation personnalisée

Les services de formulation personnalisés ont généré 45 300 000 $ de revenus pour 2023, avec un développement spécialisé dans toutes les industries.

• Formulations personnalisées automobiles: 22 600 000 $
• Formulations d'équipement industriel: 15 400 000 $
• Développements chimiques spécialisés: 7 300 000 $

Contrats de solution d'amélioration des performances

Les contrats de solution d'amélioration des performances ont rapporté 97 600 000 $ en 2023, en se concentrant sur les services d'efficacité et d'optimisation.

Type de contrat	Revenu	Pourcentage du total
Contrats de performance à long terme	$62,400,000	64%
Contrats de solution à court terme	$35,200,000	36%

NewMarket Corporation (NEU) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose NewMarket Corporation's products, which are deeply tied to the financial health supporting those promises. The value proposition isn't just about the chemistry; it's about the scale and stability of the supplier behind it, especially as the company pivots toward high-growth specialty areas.

Enhanced fuel and lubricant performance (efficiency, longevity, reduced emissions).

The core value in the petroleum additives segment, delivered by Afton and Ethyl, is performance enhancement, even when shipment volumes fluctuate. For the first nine months of 2025, this segment generated sales of $1.9 billion. Management's focus on operational efficiency is evident because, despite a 4.6% decrease in shipments for the first nine months of 2025 compared to the prior year period, the segment still delivered an operating profit of $413.2 million. This resilience shows the value proposition is sticky, even if the market softens; for instance, Q3 2025 operating profit was $131.3 million on sales of $649.1 million.

Mission-critical propellants for aerospace and defense applications.

This is where NewMarket Corporation is aggressively investing for future value. Through its American Pacific Corporation (AMPAC) subsidiary, the company supplies ammonium perchlorate, a key ingredient in solid rocket motors. To meet growing demand from US military and space launch programs, NewMarket approved a capital investment of up to $100 million to expand AMPAC's production capabilities. This investment is set to increase capacity by more than 50%, with the new production line scheduled to come online in the second half of 2026. This commitment underpins the value of being a strategic, national asset in a market segment valued at $3840.1 million globally in 2025.

Customized additive packages meeting stringent global regulatory standards.

The shift toward higher-margin, specialized products is clear in the Specialty Materials segment, which includes the recent October 1, 2025 acquisition of Calca Solutions. This segment's sales for the first nine months of 2025 reached $133.9 million, up from $114.2 million in the same period last year, with operating profit jumping to $39.7 million from $16.0 million. This growth reflects the value of providing tailored solutions that navigate complex regulatory landscapes, a capability that commands a premium over commodity offerings.

The financial performance of the two main operating segments for the first nine months of 2025 illustrates this strategic focus:

Segment	Sales (9M 2025, in millions)	Operating Profit (9M 2025, in millions)	Year-over-Year Sales Change
Petroleum Additives	$1,900.0	$413.2	Decreased
Specialty Materials	$133.9	$39.7	Increased

Technical expertise and consultative support for customer blending needs.

The value here is less about a single revenue line and more about maintaining customer relationships through technical depth, which helps offset volume declines in the core business. The company's stated priorities include investing in technology to meet customer needs and enhancing operational efficiency. This expertise supports the sticky nature of the additives business, where switching costs are high once a formulation is qualified. For example, management noted that despite shipment declines in Q1 2025 (down 7.2%), operating profit margin remained strong due to efficiency initiatives.

High-quality, reliable supply from a top-tier global provider.

Reliability is backed by a strong balance sheet, which allows for necessary reinvestment and supply chain security. NewMarket Corporation reduced its Net Debt by $213.2 million during the first nine months of 2025, driving its Net Debt to EBITDA ratio down to 0.9x as of September 30, 2025. This financial strength allows for shareholder returns, evidenced by the Board approving a 9% increase in the quarterly dividend to $3.00 per share, payable January 2, 2026. Furthermore, the company is expanding capacity in its specialty materials segment, expecting that capacity to come online in the second half of 2026, ensuring future supply security.

Key indicators of this reliable, long-term focus include:

• Net Debt to EBITDA ratio as of September 30, 2025: 0.9x.
• Quarterly dividend raised by 9% to $3.00 per share.
• Capital investment of up to $100 million in AMPAC capacity expansion.
• Specialty Materials operating profit for 9M 2025: $39.7 million (up from $16.0 million).

The company's ability to generate cash flows that support both debt reduction and dividend growth signals a commitment to being a dependable partner.

NewMarket Corporation (NEU) - Canvas Business Model: Customer Relationships

You're looking at how NewMarket Corporation keeps its major industrial customers locked in. Honestly, for a specialty chemical supplier like NewMarket Corporation, the relationship isn't about a quick transaction; it's about deep integration.

Dedicated, long-term B2B relationships with a consultative sales approach.

NewMarket Corporation operates on a foundation of long-term B2B relationships, which management explicitly cites as a fundamental way they run the business. This isn't just talk; their core Petroleum Additives segment generated sales of $1.9 billion for the first nine months of 2025. The company's focus is on a 'long-term view' and 'customer-focused solutions.'

Technical service and support for product integration and testing.

The need for specialized support is clear from their organizational structure. Job postings show active recruitment for roles like CTS Specialist (Customer Technical Service) in international hubs like Dubai and Mumbai, confirming a global footprint for direct customer assistance. Furthermore, management stated that 'Investing in technology to meet customer needs' remains a priority throughout 2025. This technical depth is what makes switching suppliers difficult for a customer.

Account management focused on co-developing tailored chemical solutions.

The Specialty Materials division, which saw sales of $133.9 million for the first nine months of 2025, is heavily driven by mission-critical applications like ammonium perchlorate for aerospace and defense. Developing these niche, high-performance products requires intense collaboration, effectively making NewMarket Corporation a co-developer rather than just a vendor. This co-development process naturally builds high switching costs.

High customer retention due to product switching costs and performance reliance.

While NewMarket Corporation faces a risk due to reliance on a 'small number of significant customers' in the lubricant and fuel industries, this reliance is a double-edged sword. The specialized nature of their additives means customers depend on consistent performance, creating high barriers to exit. The company's strong balance sheet, with a Net Debt to EBITDA ratio down to 0.9x as of September 30, 2025, provides the financial stability that reassures these long-term partners.

Here's a quick look at the financial stability supporting these long-term commitments:

Metric	Value as of Late 2025	Reporting Period End Date
Net Debt to EBITDA Ratio	0.9x	September 30, 2025
Net Debt to EBITDA Ratio	1.0x	June 30, 2025
Petroleum Additives Sales	$1.9 billion	First Nine Months of 2025
Specialty Materials Sales	$133.9 million	First Nine Months of 2025
Approved Quarterly Dividend	$3.00 per share	Effective January 2, 2026

The commitment to the customer base is also reflected in shareholder returns, as evidenced by the recent dividend increase. This signals management's confidence in sustained operational cash flow, which is essential for maintaining long-term supply agreements.

The core elements reinforcing these customer relationships include:

• Maintaining a long-term view in all business decisions.
• Investing in technology to meet evolving customer needs.
• Employing dedicated Customer Technical Service staff globally.
• Focusing on high-margin, mission-critical product development.

If onboarding for a new additive package takes 14+ months, churn risk definitely rises for the customer, reinforcing the value of the existing partnership.

NewMarket Corporation (NEU) - Canvas Business Model: Channels

You're looking at how NewMarket Corporation gets its specialized chemical solutions into the hands of its diverse customer base, which spans from global oil companies to government agencies. The channel strategy is clearly segmented, reflecting the two main business pillars: petroleum additives and specialty materials.

The direct sales approach is key for the petroleum additives business, which reported a trailing twelve months (TTM) revenue as of December 2025 of approximately $2.74 Billion USD. This revenue flows through a structure supported by direct sales force and technical service teams that cover major geographic markets.

• North America (The United States and Canada)
• Latin America (Mexico, Central America, and South America)
• Asia Pacific
• Europe/Middle East/Africa/India (EMEAI)

The physical delivery relies heavily on a global network of manufacturing and blending facilities designed for regional support. This setup helps NewMarket Corporation's subsidiaries, like Afton Chemical Corporation, manage logistics and respond to local market demands for fuel and lubricant additives.

Subsidiary/Operation	Manufacturing Locations Mentioned	Primary Focus
Afton Chemical Corporation	United States, Belgium, England, India, China, Brazil, Mexico, Singapore	Fuel and lubricant additives manufacturing and blending
Ethyl Corporation	Houston, Texas (contract manufacturing for Afton and third parties)	Contract manufacturing and tetraethyl lead marketing in North America
American Pacific Corporation (AMPAC)	Cedar City, Utah	Specialty materials, primarily for aerospace and defense
Calca Solutions, LLC (Acquired Oct 2025)	Not specified, but serves aerospace/defense	UltraPure and high-purity hydrazine production

For the specialty materials segment, which includes the AMPAC business and the recently acquired Calca Solutions, LLC, the channel is a more direct distribution model, often involving government contracts. This segment serves mission-critical needs for solid rocket motors and propellants in the aerospace and defense industries, operating primarily in North America. The company is actively investing to bolster this direct supply channel; for instance, NewMarket committed up to $100 million in capital investment at the AMPAC facility to increase ammonium perchlorate production capacity by over 50% by 2026. Honestly, the nature of this business means quarterly results show substantial variation.

Here's the quick math on how the specialty materials channel performed through the first nine months of 2025, showing the impact of this direct, high-value distribution:

Period Ending September 30, 2025	Sales Amount	Operating Profit Amount
First Nine Months 2025	$133.9 million	$39.7 million
Third Quarter 2025	$38.2 million	$6.0 million
Second Quarter 2025	$42.0 million	$10.5 million
First Quarter 2025	$53.7 million	$23.2 million

To be fair, the petroleum additives side, which accounted for approximately $1.9 billion in sales for the first nine months of 2025, relies on its extensive global network for regional delivery, whereas the specialty materials channel is more focused on direct engagement with defense and aerospace clients. The petroleum additives segment operating profit for that same nine-month period was $413.2 million.

Finance: draft 13-week cash view by Friday.

NewMarket Corporation (NEU) - Canvas Business Model: Customer Segments

You're looking at the core customer base for NewMarket Corporation, which is split between its traditional additives business and its growing specialty materials arm. Honestly, understanding who buys what tells you where the revenue engine is running hottest.

The primary customer base for NewMarket Corporation's largest division, Petroleum Additives (through Afton Chemical Corporation and Ethyl Corporation), consists of entities needing to enhance the performance of fuels and lubricants. As of the first nine months of 2025, this segment brought in sales of $1.9 billion and an operating profit of $413.2 million. Globally, NewMarket Corporation commanded a 12.3% market share in petroleum additives as of January 2025.

The customer segments are clearly defined by the application of the chemical solutions:

• Major integrated oil companies and independent lubricant blenders.
• Global automotive and heavy-duty commercial equipment manufacturers.
• U.S. military and global aerospace/defense contractors (via AMPAC).
• Industrial fluid users (e.g., turbine, hydraulic, and gear oil applications).

The global automotive and heavy-duty commercial equipment manufacturers rely on NewMarket Corporation's expertise for several key product lines that keep engines running smoother and machines lasting longer. These customers purchase additives for:

• Engine oil additives for passenger cars, heavy-duty diesel engines, and railroad/marine diesel engines.
• Driveline products, including automotive gear oil and automatic transmission fluids.
• Performance and refinery fuel additives, such as gasoline and diesel fuel additives.

For the U.S. military and global aerospace/defense contractors, the customer relationship is managed through the subsidiary American Pacific Corporation (AMPAC), which manufactures specialty materials like ammonium perchlorate for solid rocket motors. This segment is seeing strategic investment; NewMarket Corporation approved up to $100 million to expand AMPAC's production capacity by more than 50%, with completion scheduled for 2026, specifically to meet growing domestic demand from U.S. military and space launch programs. For the first nine months of 2025, this Specialty Materials segment recorded sales of $134 million and an operating profit of $40 million.

Industrial fluid users represent another distinct group, often requiring specialized performance characteristics for their machinery. These customers buy industrial products such as anti-wear and R&O (Rust & Oxidation) hydraulic oils, industrial gear oils, and grease.

Here's a quick look at the financial scale of the two main operating segments for the first nine months of 2025:

Customer Segment Focus	NewMarket Segment	Sales (First Nine Months 2025)	Operating Profit (First Nine Months 2025)
Lubricant & Fuel Additives	Petroleum Additives	$1.9 billion	$413.2 million
Aerospace & Defense Chemicals	Specialty Materials	$134 million	$40 million

The company's overall consolidated net sales for the third quarter of 2025 were $690.3 million. The focus on technological investment is meant to help Afton Chemical meet evolving specifications and provide differentiation for its customers in these core segments.

Finance: draft 13-week cash view by Friday.

NewMarket Corporation (NEU) - Canvas Business Model: Cost Structure

You're analyzing the cost base for NewMarket Corporation as of late 2025, and it's clear that costs are managed across a complex global manufacturing and R&D footprint. The structure heavily relies on variable costs tied to production, alongside significant fixed and semi-fixed investments in innovation and infrastructure.

Raw material procurement costs represent a defintely significant variable cost, especially for the Petroleum Additives segment. While specific total procurement spend isn't itemized, the impact is clear: lower raw material costs were a key driver in boosting Petroleum Additives operating profit in 2024 compared to 2023. Conversely, the risk of sudden, sharp, or prolonged raw material price increases remains a stated concern for NewMarket Corporation.

The company maintains substantial R&D expenses to support its technology solutions for customers. For the first nine months of 2025, R&D expenses were reported at $0.133B (or $133 million). Looking back, the annual research and development expenses for 2024 were $0.138B (or $138 million).

Manufacturing overhead and operating costs for global facilities are constantly under review. NewMarket Corporation has shown a focus on efficiency, as lower operating costs drove an increase in Petroleum Additives operating profit in the fourth quarter of 2024. However, cost pressures exist; the decrease in Petroleum Additives operating profit for the first nine months of 2025 was attributed, in part, to increased operating costs and one-time charges related to optimizing the global manufacturing network.

Capital expenditures cover both maintenance and growth initiatives across the global footprint. For the first nine months of 2025, NewMarket Corporation funded capital expenditures totaling $49.6 million. This compares to $57.3 million funded for the full year 2024.

Selling, general, and administrative (SG&A) expenses are embedded within the overall operating structure, though not broken out separately in the same detail as the other line items. We can infer the scale of the overall cost of sales and operations by looking at the gross profit achieved.

Here are some key financial figures that define the cost and investment structure:

Cost/Investment Category	Period	Amount (USD)
Gross Profit	Full Year 2024	$886.3 million
Research & Development Expenses	Nine Months Ended September 30, 2025	$133 million
Research & Development Expenses	Full Year 2024	$138 million
Capital Expenditures	Nine Months Ended September 30, 2025	$49.6 million
Capital Expenditures	Full Year 2024	$57.3 million

The cost management focus includes specific actions within the segments:

• Managing operating costs remains a priority in Petroleum Additives.
• One-time charges were taken in Q3 2025 to optimize the manufacturing network.
• The company is strategically examining and reducing low-margin business, which impacts top-line sales but improves overall profitability structure.

Finance: draft 13-week cash view by Friday.

NewMarket Corporation (NEU) - Canvas Business Model: Revenue Streams

You're looking at the core ways NewMarket Corporation brings in cash as of late 2025. Honestly, it boils down to two main product categories, plus the consistent return to shareholders.

The bulk of the revenue comes from the additives business, which supports the performance of fuels and lubricants. The Specialty Materials segment, which includes the newer acquisition, is smaller but strategically important for high-tech defense and aerospace applications.

Here's a quick look at the revenue generation for the first nine months of 2025:

Revenue Stream Component	Period Ending September 30, 2025	Financial Amount
Petroleum Additives Sales (Lubricant and Fuel)	Nine Months (9M 2025)	$1.9 billion
Specialty Materials Sales (Aerospace/Defense)	Nine Months (9M 2025)	$133.9 million
Total Trailing Twelve-Month (TTM) Revenue	As of Q3 2025	$2.74 billion
Total Quarterly Revenue (Q3 2025)	Third Quarter (Q3 2025)	$690.3 million

The TTM revenue figure of $2.74 billion as of Q3 2025 shows the overall scale of NewMarket Corporation's operations over the preceding four quarters. This is down slightly from the full-year 2024 revenue of $2.7866 billion, reflecting some softness in the market.

The Specialty Materials segment, while smaller in total sales, showed growth year-over-year for the nine-month period, hitting $133.9 million for 9M 2025, up from $114.2 million for the comparable period in 2024. This segment's quarterly results can vary significantly due to the nature of its business.

Beyond product sales, NewMarket Corporation maintains a strong commitment to shareholder returns, which is a key component of its financial structure. This is reflected in:

• Consistent dividend payments, recently increased to $3.00 per share quarterly.
• The annual dividend payout stands at $12.00 per share.
• The dividend increase was approximately 9% over the prior quarterly payment of $2.75 per share.
• The payout ratio remains low, at about 22.69% to 23.76%, suggesting sustainability.
• For the first nine months of 2025, the company returned $155 million to shareholders through dividends and share repurchases.

The decision to raise the dividend to $3.00 per share, payable January 2, 2026, signals management's confidence in the balance sheet, even with a modest dip in year-to-date net income.

Finance: draft 13-week cash view by Friday.