NewMarket Corporation (NEU)

Gross profit margin

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Gross profit	US$ in thousands	886,346	772,513	640,497	547,707	595,032
Revenue	US$ in thousands	2,786,560	2,698,420	2,764,800	2,356,110	2,010,930
Gross profit margin		31.81%	28.63%	23.17%	23.25%	29.59%

December 31, 2024 calculation

Gross profit margin = Gross profit ÷ Revenue
= $886,346K ÷ $2,786,560K
= 31.81%

NewMarket Corporation's gross profit margin has shown fluctuations over the past five years. In December 31, 2020, the gross profit margin stood at 29.59%, which then declined to 23.25% by December 31, 2021, and further to 23.17% by December 31, 2022. However, in the following year, on December 31, 2023, there was a notable improvement as the gross profit margin rose to 28.63%. The trend continued positively as of December 31, 2024, with the gross profit margin reaching 31.81%. Overall, the company managed to enhance its gross profit margin in the latter years after experiencing a dip in the initial period, indicating a progression in operational efficiency and cost management during this period.