Credit and interest ratesnegative · 5 filings
“These payments were partially offset by net proceeds from the issuance of commercial paper of $52 million and net proceeds from short-term borrowings of $3 million.”10-Q · Aug 4, 2026 ↗
Cabot Corporation
CBT
Market read
Cabot Corporation's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
What changed
- Revenue increased 6.4% versus the comparable filing period.
- Operating margin fell 8.1 percentage points.
Company-0.8% todayVolume comparison unavailable
Market group0 of 1 activeSpecialty Chemicals · unavailable
Disclosed network0 of 2 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Reinforcement Materials added volume but reported lower EBIT as 2026 customer-agreement pricing and mix, plus Asia Pacific competition, reduced gross profit per ton.
- Reinforcement Materials pricing and product mix reduced sales by $157 million in the first six months of fiscal 2026.
Invalidation: The isolated read changes if CBT's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 6.4% versus the comparable filing period.
Evidence that challenges
- Operating margin fell 8.1 percentage points.
- Net income decreased 94.1% versus the comparable filing period.
- Gross margin fell 7.7 percentage points.
What would clarify the read
- Reinforcement Materials added volume but reported lower EBIT as 2026 customer-agreement pricing and mix, plus Asia Pacific competition, reduced gross profit per ton.
- Reinforcement Materials pricing and product mix reduced sales by $157 million in the first six months of fiscal 2026.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements192
Verified relationships3
Evidence supporting the case
- Operating margin changed +1.4 percentage points in the latest annual period.
- Operating cash flow covered net income at 2.01x in the latest annual period.
- Pricing and mix has repeated favorable evidence across 5 filings.
Evidence challenging the case
- Latest annual revenue changed -7.0% year over year.
- Credit and interest rates has repeated adverse evidence across 5 filings.
Questions before a position
No credible peer-relative valuation comparison is available yet.
Longer-term price context
Price as of Sep 10, 2026
78.776m+16.2%12m-2.1%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-09-30$3.4B+30.4%$4.34+0.4%
2022-09-30$4.3B+26.8%$3.62+0.2%
2023-09-30$3.9B-9.0%$7.73-0.7%
2024-09-30$4.0B+1.6%$6.72-1.4%
2025-09-30$3.7B-7.0%$6.02-2.7%
What management says matters
Persistent and emerging business drivers
Demand and volumemixed · 5 filings
“EBIT in Performance Chemicals increased by $11 million in the third quarter of fiscal 2026 compared to the same period of fiscal 2025 primarily due to higher volumes ($8 million) and higher gross profit per ton ($3 million).”10-Q · Aug 4, 2026 ↗
Input and raw-material costsmixed · 5 filings
“The lower volumes were primarily due to lower volumes in our fumed metal oxides product line from lower demand and the less favorable pricing and product mix was primarily due to lower raw material costs which, in certain instances, are passed through to our…”10-Q · May 6, 2026 ↗
Pricing and mixmixed · 5 filings
“The more favorable pricing and product mix was primarily due to price increases implemented ahead of rising material costs and a favorable product mix.”10-Q · Aug 4, 2026 ↗
Valuation discipline
Peer-relative valuation withheld
Jodie found no industry-matched filing peers suitable for a valuation comparison. It will not substitute broader financial-sector names.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
78.77-0.8% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for CBT. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
The latest filing shows material pressure
10-Q filed 2026-08-04 against the comparable filing from 2025-08-05.
OperationscautiousEvidence score -1
liquidityneutralEvidence score 0
valuationmixed
Capital and cash conversion
Inventory built faster than revenue
Inventory growth exceeded revenue growth and inventory intensity increased.
- Capital spending YoY
- -27.6%
- Capital spending / revenue
- +5.6%
- Free-cash-flow margin
- +4.6%
- FCF margin change
- -3.8 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 6.4% versus the comparable filing period.
What weakened
- Operating margin fell 8.1 percentage points.
- Net income decreased 94.1% versus the comparable filing period.
- Gross margin fell 7.7 percentage points.
Filing receipts
“The decrease in Net sales and other operating revenue in the first nine months of fiscal 2026 compared to the same period of fiscal 2025 was primarily driven by less favorable pricing and product mix in our Reinforcement Materials segment ($173 million), partially offset by the favorable impact from foreign currency translation in both our Reinforcement Materials and Performance Chemicals segments ($77 million combined) and higher volumes in both our Reinforcement Materials and Performance Chemicals segments ($20 million combined).”
“Third quarter of Fiscal 2026 versus Third quarter of Fiscal 2025—By Business Segment Reinforcement Materials Sales and EBIT for Reinforcement Materials for the third quarter of fiscal 2026 and 2025 were as follows: Three Months Ended June 30 Nine Months Ended June 30 2026 2025 2026 2025 (In millions) Reinforcement Materials Sales $ 599 $ 573 $ 1,663 $ 1,778 Reinforcement Materials EBIT $ 97 $ 128 $ 292 $ 389 Sales in Reinforcement Materials increased by $26 million in the third quarter of fiscal 2026 compared to the same period of fiscal 2025 primarily due to higher volumes ($33 million) and the favorable impact from foreign currency translation ($12 million) partially offset by less favora...”
“Performance Chemicals Sales and EBIT for Performance Chemicals for the third quarter of fiscal 2026 and 2025 were as follows: Three Months Ended June 30 Nine Months Ended June 30 2026 2025 2026 2025 (In millions) Performance Chemicals Sales $ 351 $ 320 $ 979 $ 942 Performance Chemicals EBIT $ 68 $ 57 $ 175 $ 152 Sales in Performance Chemicals increased by $31 million in the third quarter of fiscal 2026 compared to the same period of fiscal 2025 primarily due to the higher volumes ($18 million), the favorable impact from foreign currency translation ($7 million) and more favorable pricing and product mix ($5 million).”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind CBT
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
JPMJPMorgan Chase & Co.lenderMay 6, 2026 ▾
“Credit Agreement”) with JPMorgan Chase Bank, N.A., as Administrative Agent, Citibank, N.A., as Syndication Agent, and the other lenders party thereto, which matures in August 2027.”
Depended on by
USARUSA Rare Earth, Inc.partnerMar 30, 2026 ▾
“In 1987, Cyprus Metals Company (“Cyprus”) entered into a joint venture with Cabot and took over the project.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 1 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
CBT is currently a Leader in the organic co-movement group Specialty Chemicals. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for CBT; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.