Cabot
CBTNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $72.19 Prior regular-session close from the quote source.
- $71.15–$72.49 Regular-session low and high so far today.
- 281.1K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $58.33–$94.53 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own CBT if its qualified carbon-black franchise and higher-value specialty materials keep converting cyclical chemical demand into resilient margins and cash, not if it is repriced as a commodity spread business.
CBT price history
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Investment thesis
What must happen next
Customer qualification requirements and Cabot’s global supply footprint will keep its core rubber/tire carbon-black business from being repriced like undifferentiated commodity capacity through the cycle.StrengtheningMateriality: High
GAAP annual operating_income increased from $614 million in FY2024 to $621 million in FY2025 despite GAAP annual revenue declining from $3.994 billion to $3.713 billion. If this holds, Cabot can defend profit even when tire and industrial volumes soften; if it breaks, earnings power should reset lower before revenue fully shows the damage.
Watch: Bridgestone, Michelin, Goodyear or other major tire customers certify and shift meaningful volume to lower-cost Chinese, Indian or Southeast Asian carbon-black suppliers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating_income increased from $614 million in FY2024 to $621 million in FY2025 despite GAAP annual revenue declining from.
Open source ↗Specialty carbons, fumed metal oxides and conductive/battery materials will keep improving Cabot’s mix quality enough to offset pressure in more commodity carbon black.StrengtheningMateriality: High
GAAP annual gross_profit was $940 million in FY2025, near FY2024’s $960 million, even as GAAP annual revenue declined by about 7%. This is the path from cyclical chemical producer to higher-quality compounder; failure leaves the company dependent on tire cycles and feedstock spreads.
Watch: Battery customers standardize around competing conductive additive suppliers such as Imerys, Orion, Denka or Chinese CNT/carbon producers instead of Cabot materials.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross_profit was $940 million in FY2025, near FY2024’s $960 million, even as GAAP annual revenue declined by about.
Open source ↗Cabot’s contract structure, purchasing discipline and plant execution will allow it to manage oil-derived feedstock and energy volatility without a structural margin squeeze.StrengtheningMateriality: Medium
GAAP annual operating_income rose to $621 million in FY2025 from $526 million in FY2023 and $389 million in FY2022. Feedstock pass-through is the difference between a resilient materials franchise and a volatile commodity spread trade.
Watch: A sharp rise in carbon-black feedstock, natural gas or electricity costs occurs faster than Cabot can reprice customer contracts.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating_income rose to $621 million in FY2025 from $526 million in FY2023 and $389 million in FY2022.
Open source ↗The business will keep converting accounting earnings into operating cash through working-capital cycles, giving Cabot capacity to reinvest and return capital without relying on balance-sheet expansion.StrengtheningMateriality: Medium
GAAP annual operating_cash_flow was $665 million in FY2025 versus GAAP annual net_income of $331 million. Owners ultimately need cash resilience, not just reported margins; a working-capital drain would reduce flexibility and make cyclicality more painful.
Watch: Feedstock inflation forces Cabot to carry materially more inventory and receivables before customer price recovery.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating_cash_flow was $665 million in FY2025 versus GAAP annual net_income of $331 million.
Open source ↗Cabot’s balance-sheet discipline will preserve the option to invest through chemical and tire cycles instead of being forced into defensive deleveraging.StrengtheningMateriality: Medium
Total liabilities declined from $2.493 billion at FY2022 year-end to $2.110 billion at FY2025 year-end. A resilient balance sheet lets management buy capacity, technology or shares when the cycle is weak; leverage pressure would transfer value from equity owners to creditors.
Watch: Management pursues a large debt-funded acquisition in specialty chemicals or battery materials at peak-cycle prices.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Total liabilities declined from $2.493 billion at FY2022 year-end to $2.110 billion at FY2025 year-end.
Open source ↗
Full investment case & evidence
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Original research
Customer qualification requirements and Cabot’s global supply footprint will keep its core rubber/tire carbon-black business from being repriced like undifferentiated commodity capacity through the cycle. If this holds, Cabot can defend profit even when tire and industrial volumes soften; if it breaks, earnings power should reset lower before revenue fully shows the damage.
Specialty carbons, fumed metal oxides and conductive/battery materials will keep improving Cabot’s mix quality enough to offset pressure in more commodity carbon black. This is the path from cyclical chemical producer to higher-quality compounder; failure leaves the company dependent on tire cycles and feedstock spreads.
Cabot’s contract structure, purchasing discipline and plant execution will allow it to manage oil-derived feedstock and energy volatility without a structural margin squeeze. Feedstock pass-through is the difference between a resilient materials franchise and a volatile commodity spread trade.
The business will keep converting accounting earnings into operating cash through working-capital cycles, giving Cabot capacity to reinvest and return capital without relying on balance-sheet expansion. Owners ultimately need cash resilience, not just reported margins; a working-capital drain would reduce flexibility and make cyclicality more painful.
Cabot’s balance-sheet discipline will preserve the option to invest through chemical and tire cycles instead of being forced into defensive deleveraging. A resilient balance sheet lets management buy capacity, technology or shares when the cycle is weak; leverage pressure would transfer value from equity owners to creditors.
All standing thesis claims
Original report summary
its qualified carbon-black franchise and higher-value specialty materials keep converting cyclical chemical demand into resilient margins and cash, not if it is repriced as a commodity spread business.
Bull case and bear case
Bull case and bear case for Cabot
Where the evidence on Cabot stands: Strengthening on the latest evidence (Oct 21, 2026). Of its 5 thesis points, 5 strengthening.
Bull case: what the evidence supports
Customer qualification requirements and Cabot’s global supply footprint will keep its core rubber/tire carbon-black business from being repriced like undifferentiated commodity capacity through the cycle.
Specialty carbons, fumed metal oxides and conductive/battery materials will keep improving Cabot’s mix quality enough to offset pressure in more commodity carbon black.
Cabot’s contract structure, purchasing discipline and plant execution will allow it to manage oil-derived feedstock and energy volatility without a structural margin squeeze.
The business will keep converting accounting earnings into operating cash through working-capital cycles, giving Cabot capacity to reinvest and return capital without relying on balance-sheet expansion.
Cabot’s balance-sheet discipline will preserve the option to invest through chemical and tire cycles instead of being forced into defensive deleveraging.
Bear case: what would count against it
Bridgestone, Michelin, Goodyear or other major tire customers certify and shift meaningful volume to lower-cost Chinese, Indian or Southeast Asian carbon-black suppliers.
Battery customers standardize around competing conductive additive suppliers such as Imerys, Orion, Denka or Chinese CNT/carbon producers instead of Cabot materials.
A sharp rise in carbon-black feedstock, natural gas or electricity costs occurs faster than Cabot can reprice customer contracts.
Thesis-Break Engine
What has broken in Cabot’s thesis
Each break OptimistFi flagged on Cabot, dated — with what has historically followed the same kind of break across the market, not a forecast for Cabot.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
Cabot filed an SEC 8-K on 2026-09-15: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedOther material event.
Cabot filed an SEC 8-K on 2026-08-21: Other material event. It is a dated development that tests the current thesis.
- MixedOther material event.
Cabot filed an SEC 8-K on 2026-08-14: Other material event. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Bridgestone, Michelin, Goodyear or other major tire customers certify and shift meaningful volume to lower-cost Chinese, Indian or Southeast Asian carbon-black suppliers.
- Battery customers standardize around competing conductive additive suppliers such as Imerys, Orion, Denka or Chinese CNT/carbon producers instead of Cabot materials.
- A sharp rise in carbon-black feedstock, natural gas or electricity costs occurs faster than Cabot can reprice customer contracts.
- Feedstock inflation forces Cabot to carry materially more inventory and receivables before customer price recovery.
- Management pursues a large debt-funded acquisition in specialty chemicals or battery materials at peak-cycle prices.
CBT news
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Financial statements
CBT income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
CBT: quick answers
- Have members of Congress traded CBT?
- 4 trades in CBT have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed CBT trade
- Which well-known investors own CBT?
- 1 of the 37 well-known funds tracked here reported CBT shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
CBT in well-known investors’ portfolios
1 of 37 funds reported CBT shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.02% | $4.3M | +73.4% | Q2 2026 |