Koppers Holdings Inc.
- Open
- 47.06
- Day high
- 47.63
- Day low
- 45.76
- Prev close
- 46.56
- Volume
- 161K
- Mkt cap
- $867M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.2
- P/S
- 0.5
- Yield
- 0.76%
- Per share
- $0.35
- ▼Insiders net selling -$5.0M over the last 3 months (0 open-market buys, 8 sales)
- 🏛Institutions accumulating (13F)
Koppers Holdings Inc. (KOP) is a Basic Materials company listed on NYSE. The stock is up 64% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 8 sales (SEC Form 4). Drillr has 1 published research article covering KOP.
Koppers Holdings Inc. (KOP) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KOP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $1.13 | $1.37 | +21.1% | $520M | +3.2% |
| May 8, 2026 | $0.39 | $0.57 | +47.7% | $455M | +16.4% |
| Feb 26, 2026 | $0.59 | $1.46 | +145.8% | $433M | -7.2% |
| Nov 7, 2025 | $1.25 | $1.21 | -3.6% | $485M | +8.1% |
| Aug 8, 2025 | $1.49 | $1.48 | -0.7% | $505M | -8.1% |
| May 9, 2025 | $0.56 | $0.71 | +26.8% | $457M | -20.6% |
| Feb 27, 2025 | $0.94 | $0.77 | -18.3% | $477M | -4.9% |
| Nov 8, 2024 | $1.30 | $1.37 | +5.7% | $554M | +10.9% |
| Aug 8, 2024 | $1.27 | $1.36 | +7.3% | $563M | -4.7% |
| May 3, 2024 | $0.68 | $0.62 | -8.8% | $498M | -1.4% |
| Feb 28, 2024 | $0.71 | $0.67 | -6.0% | $513M | +5.5% |
| Nov 3, 2023 | $1.26 | $1.32 | +4.3% | $550M | +9.9% |
KOP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 20, 2026 | BALL M LEROYdirector, officer: CEO | Sell | 3,000 | $45.84 |
| Aug 13, 2026 | Lucas Stephen Gofficer: SVP, Culture and Engagement | Sell | 1,308 | $44.55 |
| Aug 12, 2026 | Sullivan James A.officer: President and CTO | Sell | 7,500 | $50.00 |
| Aug 11, 2026 | Pearce Bradley Aofficer: CAO | Sell | 2,000 | $51.01 |
| Aug 11, 2026 | Sullivan James A.officer: President and CTO | Sell | 79,900 | $50.01 |
| Aug 11, 2026 | Sullivan James A.officer: President and CTO | Sell | 100 | $51.22 |
| Jun 23, 2026 | BALL M LEROYdirector, officer: CEO | Sell | 3,412 | $43.90 |
| Jun 17, 2026 | WILKERSON SONJA MICHELLEdirector | Grant | 30 | — |
| Jun 17, 2026 | MOTLEY DAVID Ldirector | Grant | 21 | — |
| Jun 17, 2026 | Feng Xudongdirector | Grant | 34 | — |
| Jun 17, 2026 | Sandifer Andrew Ddirector | Grant | 14 | — |
| Jun 15, 2026 | BALL M LEROYdirector, officer: CEO | Sell | 4,141 | $41.34 |
| May 27, 2026 | Brenner Eric D.officer: CFO and Treasurer | Grant | 6,620 | — |
| May 14, 2026 | Pearce Bradley Aofficer: Interim CFO and CAO | Grant | 5,000 | — |
| May 14, 2026 | BALL M LEROYdirector, officer: CEO | Sell | 2,659 | $42.55 |
Source: KOP SEC Form 4 filings, latest Aug 20, 2026. For informational purposes only — not investment advice.
See the full KOP insider & 13F page →Koppers Holdings Inc. company profile
Overview
Koppers Holdings Inc. (NYSE:KOP) is a Pittsburgh-based specialty chemicals company founded in 1988 that has grown into a global provider of treated wood products, wood preservation chemicals, and carbon compounds. The company operates through three primary business segments serving railroad, utility, construction, and industrial markets across the United States, Europe, Australasia, and other international markets. Koppers has established itself as a key supplier of essential materials for infrastructure maintenance and industrial applications, with a particular focus on railroad crossties, utility poles, and specialty chemical products used in wood preservation and carbon-based manufacturing processes.
Business
Koppers operates in the specialty chemicals industry, focusing on three distinct business segments that serve critical infrastructure and industrial markets. The company's operations are divided into Railroad and Utility Products and Services (RUPS), Performance Chemicals (PC), and Carbon Materials and Chemicals (CMC). The Railroad and Utility Products and Services segment represents approximately 45-50% of total revenue and focuses on treating and supplying wood products essential for transportation and utility infrastructure. This division procures raw lumber and treats it with preservative chemicals to create crossties (the wooden beams that support railroad tracks), switch ties, utility poles for electric and telephone companies, and pilings for construction projects. The treatment process involves pressure-injecting wood with preservative chemicals to prevent rot, insect damage, and extend the useful life of these critical infrastructure components. Beyond product sales, this segment also provides engineering, design, repair, and inspection services for railroad bridges, along with manufacturing rail joint bars that connect railroad tracks. The Performance Chemicals segment accounts for roughly 30-35% of revenue and develops, manufactures, and markets wood preservative chemicals used by lumber treatment facilities and construction companies. Key products include copper-based preservatives such as micronized copper azole (MCA), alkaline copper quaternary (ACQ), and chromated copper arsenate (CCA). These chemicals are pressure-treated into lumber used for residential and commercial construction applications including decking, fencing, construction lumber, and agricultural structures. The segment also produces fire-retardant chemicals for commercial construction applications, which are applied to wood products to meet building safety codes. The Carbon Materials and Chemicals segment represents approximately 15-20% of revenue and manufactures carbon-based industrial chemicals derived from coal tar distillation. Primary products include creosote (used for wood treatment and as a feedstock for carbon black production), carbon pitch (a critical raw material for aluminum and steel production), naphthalene (used in concrete surfactants and phthalic anhydride production), phthalic anhydride (used in plasticizers and polyester resins), and carbon black feedstock for rubber manufacturing. These products serve as essential raw materials for aluminum smelting, steel production, rubber manufacturing, and various chemical processes.
Revenue model
Koppers generates revenue primarily through direct product sales across its three business segments, with different margin profiles and customer dynamics for each division. The company operates as a manufacturer and supplier, selling treated wood products, specialty chemicals, and carbon compounds to industrial customers, utilities, railroads, and lumber treatment facilities. The Railroad and Utility Products and Services segment generates revenue by purchasing raw lumber, treating it with preservative chemicals, and selling the finished products to railroad companies and electric utilities. This segment also provides engineering and maintenance services. Revenue is driven by infrastructure replacement cycles, with railroad crossties typically lasting 30-40 years and utility poles lasting 40-50 years. Margins in this segment are influenced by raw material costs (lumber and preservative chemicals), transportation expenses, and the ability to pass through cost increases to customers through pricing adjustments. The Performance Chemicals segment operates on a manufacturing model, producing specialty wood preservatives and selling them to lumber treatment facilities and construction material suppliers. This segment benefits from higher margins due to the technical expertise required in chemical formulation and the specialized nature of wood preservation chemistry. Revenue is closely tied to residential and commercial construction activity, repair and remodeling expenditures, and agricultural construction. Margin pressures can arise from raw material cost inflation, competitive pricing dynamics, and regulatory changes affecting chemical formulations. The Carbon Materials and Chemicals segment generates revenue by processing coal tar through distillation to produce various carbon-based chemicals sold to aluminum smelters, steel producers, rubber manufacturers, and chemical companies. This segment's profitability is heavily influenced by coal tar availability and pricing, end-market demand from aluminum and steel industries, and global commodity price cycles. Margins can be volatile due to supply constraints, geopolitical factors affecting coal tar sources, and cyclical demand from heavy industrial customers. Key factors that increase margins include successful price increases to offset raw material inflation, operational efficiency improvements, favorable product mix shifts toward higher-margin specialty products, and strong demand from end markets. Margin pressures typically arise from raw material cost inflation that cannot be immediately passed through to customers, competitive pricing pressure, regulatory compliance costs, transportation cost increases, and cyclical downturns in construction or industrial end markets.
Competitive moat
Koppers operates in niche industrial markets with moderate competitive moats, though the strength varies significantly across its business segments. The company's primary competitive advantages stem from specialized technical expertise, established customer relationships, regulatory compliance capabilities, and strategically located manufacturing and treatment facilities. The strongest moat exists in the Performance Chemicals segment, where Koppers has developed proprietary formulations for wood preservatives and maintains deep technical relationships with lumber treatment facilities. The company's expertise in copper-based preservative chemistry, regulatory compliance knowledge, and ability to provide technical support create switching costs for customers. However, this moat faces pressure from larger chemical companies with greater R&D resources and customers' efforts to diversify their supplier base. The Railroad and Utility Products and Services segment benefits from geographic proximity advantages, as treated wood products are expensive to transport over long distances due to their weight and size. Koppers' network of treatment facilities provides regional competitive advantages, and the company has developed long-term relationships with major railroads and utilities. However, this segment faces challenges from alternative materials (concrete ties, steel poles) and struggles with margin pressure due to the commodity-like nature of treated lumber. The Carbon Materials and Chemicals segment operates in a more commoditized market with limited differentiation opportunities. While Koppers has technical expertise in coal tar distillation and established customer relationships in aluminum and steel industries, the products are largely standardized commodities subject to global pricing pressures. The company's moat here is primarily based on operational efficiency and strategic facility locations. Potential disruption comes from several sources: alternative materials replacing treated wood (composite materials, concrete, steel), environmental regulations restricting chemical formulations, consolidation among larger chemical companies, and technological advances in wood treatment or preservation methods. The company's relatively small size compared to major chemical conglomerates also limits its ability to invest in R&D and compete on scale advantages.
Risks & safety
Koppers presents moderate financial risk with adequate liquidity but elevated leverage levels that require careful monitoring. **Liquidity and Solvency:** - Cash position of $33.3 million as of Q1 2025, down from $43.9 million in Q4 2024 - Current ratio of 2.64, indicating adequate short-term liquidity - Negative free cash flow of -$37.0 million in Q1 2025, though this improved from -$22.7 million in operating cash flow - Debt-to-equity ratio of 2.15, representing high leverage that constrains financial flexibility **Valuation Metrics:** - EV/EBITDA of 23.1x based on Q1 2025 trailing metrics, elevated due to seasonally weak first quarter - Price-to-book ratio of 1.15, suggesting reasonable valuation relative to tangible assets - Trading at $27.06 per share with market cap around $644 million **Other Considerations:** - Cyclical business model creates earnings volatility, particularly in Q1 due to seasonal factors - High debt levels limit financial flexibility and increase sensitivity to operational performance - Management targeting 3x leverage ratio by year-end 2025, indicating focus on debt reduction - Positive full-year 2024 EBITDA of $261.6 million provides debt service coverage, though Q1 seasonality creates temporary pressure
Recent development
Over the past few years, Koppers has pursued a strategic transformation focused on operational efficiency, portfolio optimization, and selective growth investments. The company completed a significant acquisition in 2024 with the purchase of Brown Wood Preserving Company for approximately $100 million, which expanded its utility pole treatment capabilities and geographic reach into underserved markets like Texas and the Midwest. Management has implemented substantial cost reduction initiatives, including a 5% reduction in global workforce, closure of underperforming facilities like the Stickney, Illinois plant, and $4.1 million in SG&A expense reductions. The company is also strategically exiting lower-margin businesses, including the decision to exit the phthalic anhydride business within the Carbon Materials and Chemicals segment. Koppers has made significant sustainability investments, including completion of a $27 million enhanced carbon products facility in Denmark and achieving a 50% reduction in Scope 1 and 2 emissions ahead of schedule. The company has been recognized on various sustainability rankings and received safety awards from major customers like CSX. The company is preparing to unveil a comprehensive 2030 strategic plan in September 2025, which management indicates will outline longer-term growth and profitability targets. Current financial targets include reaching $280 million in adjusted EBITDA for 2025, representing continued improvement from the record $261.6 million achieved in 2024. Management is also focusing on capital allocation optimization, prioritizing debt reduction to achieve 3x leverage by year-end 2025 while maintaining share repurchase programs when the stock trades at attractive valuations. Key operational improvements include shifting the crosstie recovery business model to improve profitability in the railroad segment and implementing more selective customer service policies to reduce costs while maintaining relationships with profitable customers.
KOP company profile · for informational purposes only — not investment advice.
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