Private company

Neenah, Inc.

Logo: Neenah, Inc., Public domain, via Wikimedia Commons4

American papermaking company based in Alpharetta, incorporated in Delaware. Summary from the record

Last updated Oct 19, 2026.

Overview

1873Founded1
  • Industrypapermaking1
  • HeadquartersAlpharetta1
  • Websitewww.neenah.com
  • Legal formDelaware corporation1
  • Listed onNew York Stock Exchange (NP)1
  • LEI8SR38IKUT3O1F1I6VH653
  • StatusActive3
  • LEI statusLapsed (not renewed)3
  • Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States3
  • Registered withDivision of Corporations, Department of State, 60025773

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2021

15.9%Gross margin5
-1.1%Operating margin5
-2.4%Net margin5
29.8%Revenue growth, 20215
-7.9%Return on equity5
1.38×Debt to equity5
$25.0MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Commission Income brought in 76% of the revenue Neenah, Inc. broke down this way in fiscal 2025.

  1. Commission Income$122.0M676%up 35% from 2024
  2. Fee Income$37.5M624%up 29% from 2024
Products and services by year
Products and services202320242025
Commission Income$64.3M$90.1M$122.0M
Fee Income$20.5M$29.2M$37.5M

Where the money goes

Where each dollar of revenue went, fiscal 2021

  • Cost of revenue84¢$865.2M
  • Research and development1¢$8.3M
  • Selling, general and admin10¢$101.4M
  • Other costs3¢$30.9M
  • Interest2¢$17.9M
  • Income tax0¢$4.8M

Out of $1.0B in revenue.5 The company lost money this year.

Where each dollar of operating cash went, fiscal 2021

  • Capital spending47¢$28.2M
  • Dividends paid53¢$31.9M

Out of $53.2M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue789105$1.0B in 2021+16% since 2015
0$500.0M$1.0B$1.5B2015: $887.7M$887.7M20152016: $941.5M$941.5M2016+6%2017: $979.9M$979.9M2017+4%2018: $1.0B$1.0B2018+6%2019: $938.5M$938.5M2019−9%2020: $792.6M$792.6M2020−16%2021: $1.0B$1.0B2021+30%
Gross profit789105$163.3M in 2021−16% since 2015
0$100.0M$200.0M$300.0M2015: $195.4M$195.4M20152016: $217.3M$217.3M2016+11%2017: $200.2M$200.2M2017−8%2018: $183.4M$183.4M2018−8%2019: $183.4M$183.4M2019+0%2020: $153.2M$153.2M2020−16%2021: $163.3M$163.3M2021+7%
Operating income789105-$11.8M in 2021
-$50.0M0$50.0M$100.0M$150.0M2015: $101.4M$101.4M20152016: $114.1M$114.1M2016+13%2017: $104.3M$104.3M2017−9%2018: $54.1M$54.1M2018−48%2019: $78.3M$78.3M2019+45%2020: -$6.1M-$6.1M20202021: -$11.8M-$11.8M2021+93%
Net income789105-$24.9M in 2021
-$50.0M0$50.0M$100.0M2015: $51.1M$51.1M20152016: $73.0M$73.0M2016+43%2017: $80.3M$80.3M2017+10%2018: $36.4M$36.4M2018−55%2019: $55.4M$55.4M2019+52%2020: -$15.8M-$15.8M20202021: -$24.9M-$24.9M2021+58%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Total revenues$159.6M$119.3M$84.9M
Agent commissions$49.1M$35.3M$26.0M
Employee compensation and benefits$16.9M$4.8M$4.3M
General and administrative$10.0M$7.8M$6.9M
Amortization expense$3.7M$3.0M$2.2M
IPO transaction costs$8.9M$0$0
Total operating expenses$88.6M$50.9M$39.4M
Income from operations$71.0M$68.4M$45.4M
Interest income$923.0K$880.0K$308.0K
Interest expense-$18.2M-$17.5M-$21.3M
Loss on extinguishment of debt$0-$5.4M-$556.0K
Income before income tax expense$53.6M$46.4M$23.9M
Income tax expense$16.2M$11.8M$6.0M
Net income$37.4M$34.6M$17.9M
Accretion adjustment to redeemable preferred stock-$10.4M-$13.3M-$8.1M
Allocation to participating preferred stock$0-$6.6M$0
Cash dividend paid on redeemable preferred stock-$54.2M$0$0
Net income available to common stockholders-$27.2M$14.7M$9.8M
Basic (in dollars per share)-$0.26$0.16$0.10
Diluted (in dollars per share)-$0.26$0.16$0.10
Basic (in shares)104.5M shares93.3M shares93.5M shares
Diluted (in shares)104.5M shares93.3M shares93.5M shares

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Leadership

Who has led Neenah, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Sean T. Erwin2006–2011
  2. Julie Schertell2020–2022

Chair

  1. Sean T. Erwin2006–2011

President

  1. Sean T. Erwin2006–2011
  2. Dennis Runsten2006–2008
  3. William K. Oconnor2007
  4. Julie Schertell2011–2022
  5. Byron Jason Racki2017–2019

Chief financial officer

  1. Bonnie Cruickshank Lind2006–2020
  2. Paul F. Desantis2020–2022

Chief operating officer

  1. Julie Schertell2020
197019801990200020102020
Board members and other officers (28)

Subsidiaries and ownership

Subsidiaries

Divisions

From Wikidata.1

Timeline

  1. May 22, 2020New chief executive Julie Schertell becomes CEO13
  2. Feb 9, 2006New chief executive Sean T. Erwin becomes CEO14
  3. 1873Founded Founded1

Filings

90 filings to the SEC since October 2021: 1 annual reports, 2 quarterly reports, 12 major events, 33 insider forms, 10 large holders, 32 other. The latest 20:

  1. Mar 8, 2023SC 13G/A EDGAR
  2. Feb 14, 2023SC 13G/A EDGAR
  3. Jul 29, 20224 OWNERSHIP DOCUMENT EDGAR
  4. Jul 29, 20224 OWNERSHIP DOCUMENT EDGAR
  5. Jul 29, 20224 OWNERSHIP DOCUMENT EDGAR
  6. Jul 29, 20224 OWNERSHIP DOCUMENT EDGAR
  7. Jul 29, 20224 OWNERSHIP DOCUMENT EDGAR
  8. Jul 29, 20224 OWNERSHIP DOCUMENT EDGAR
  9. Jul 29, 20224 OWNERSHIP DOCUMENT EDGAR
  10. Jul 29, 20224 OWNERSHIP DOCUMENT EDGAR
  11. Jul 29, 20224 OWNERSHIP DOCUMENT EDGAR
  12. Jul 29, 20224 OWNERSHIP DOCUMENT EDGAR
  13. Jul 29, 20224 OWNERSHIP DOCUMENT EDGAR
  14. Jul 29, 20224 OWNERSHIP DOCUMENT EDGAR
  15. Jul 18, 202215-12G EDGAR
  16. Jul 6, 2022S-8 POS EDGAR
  17. Jul 6, 2022S-8 POS EDGAR
  18. Jul 6, 2022S-8 POS EDGAR
  19. Jul 6, 2022S-8 POS EDGAR
  20. Jul 6, 2022S-8 POS EDGAR

The 90 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

5 open-market trades by officers, directors and large owners since October 2021: 0 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jan 21, 2022Schertell JuliePresident and CEOSale1,505$48.34$72.8KForm 4
Jan 3, 2022Benz Noah SamuelEVP, General Counsel & SecSale460$46.77$21.5KForm 4
Nov 30, 2021Free Jason TEVP, OperationsSale484$46.64$22.6KForm 4
Nov 8, 2021DANO MARGARET SDirectorSale1,100$54.81$60.3KForm 4
Nov 5, 2021Brownlee Larry NewtonVP & ControllerSale491$55.80$27.4KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
FTV Management Company, L.P.16,310,781$513.8M100.0%−6,039,850
Bregal Sagemount IV General Partner Jersey Ltd14,252,718$449.0M100.0%−5,277,754
BlackRock, Inc.2,706,202$85.2M0.0%+2,325,778
Vanguard Portfolio Management LLC1,544,775$48.7M0.0%+832,331
Azora Capital LP1,467,570$46.2M1.9%+513,541
Vanguard Capital Management LLC1,398,858$44.1M0.0%+579,757
Jpmorgan Chase & Co1,348,503$41.1M0.0%−132,600
Driehaus Capital Management LLC1,297,130$40.9M0.2%New
Alliancebernstein L.P.1,562,853$37.8M0.0%+392,107
Woodline Partners LP1,178,446$37.1M0.1%+200,352
Capital World Investors1,131,365$35.6M0.0%+30,865
Ameriprise Financial Inc1,106,169$34.8M0.0%+140,829
Capital International Investors944,971$29.8M0.0%−403,683
Freestone Grove Partners LP851,067$26.8M0.2%New
Geode Capital Management, LLC830,768$26.2M0.0%+629,231
Frontier Capital Management Co LLC746,054$23.5M0.2%−240,794
State Street Corp693,496$21.8M0.0%+595,316
Artisan Partners Limited Partnership654,812$20.6M0.0%New
Balyasny Asset Management L.P.631,956$19.9M0.0%+142,785
Bamco Inc /ny/608,692$19.2M0.0%−99,782
Select Equity Group, L.P.588,809$18.5M0.1%+330,085
Nuveen, LLC573,005$18.0M0.0%+140,244
TimesSquare Capital Management, LLC429,225$13.5M0.2%−469,008
Alyeska Investment Group, L.P.375,000$11.8M0.0%+325,000
Bank Of America Corp /de/326,651$10.3M0.0%+289,155

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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