Forensic Analysis · Materials / Mining & Chemicals · as of Aug 11, 2026
Innospec Inc. (IOSP)
A forensic read on Innospec Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
9.6
Distress distance
Clean
Earnings quality
5
Forensic signals
19.8
P / E (ttm)
8.8%
ROE
$2.3B
Market cap
1.96%
Dividend yield
-3.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Innospec Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 9.6, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+11.5%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +11.5% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by inventory up +9% against -1% in cost of sales. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 2% of net operating assets, diverging from the balance-sheet accrual read.
89d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 84 to 89 FY2024→FY2025 (against cost of goods sold; inventory +9% vs -1% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
9.3%
FY2025
Return on invested capital.Return on invested capital is 9.3% in the latest fiscal year and slipping from 13% — around its ~8% cost of capital, so growth is roughly value-neutral.
+0.0%/yr
FY2022–FY2025
Share count.Diluted share count changed +0% over the last 3 years to FY2025 (+0.0%/yr). Roughly flat — buybacks ($24M) are about offsetting stock comp ($8M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
-75%
FY2012→FY2013
Dividend — cut.The payout was CUT ~75% in FY2013 (from FY2012) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$1.78B
Revenue Growth YoY-3.7%
Revenue CAGR (3yr)-3.3%
Net Margin6.6%
Free Cash Flow$88.0M
Return on Equity8.8%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Innospec Inc.'s actual 10-K/10-Q/8-K filings?