Ecovyst is a North American sulfuric acid company that operates through a single business, Ecoservices, following the sale of its Advanced Materials & Catalysts segment in late 2025. Ecovyst's core business has two main product lines. Regeneration services (~50% of sales) involves picking up spent sulfuric acid from oil refineries, recycling it back into fresh, high-strength acid, and returning it to the refinery for reuse in alkylation — the process that produces high-octane gasoline blending components. Sulfuric acid is consumed continuously in alkylation, and since refineries have largely outsourced regeneration, Ecovyst provides a critical, hard-to-replace service delivered via pipeline, barge, rail, and truck. Virgin sulfuric acid (~45% of sales) is purpose-made acid sold into copper mining, nylon production, and other industrial uses. Ecovyst sells under long-term contracts — roughly 90% of virgin acid volume is contracted — with most pricing tied to cost pass-through mechanisms, meaning sulfur price swings affect revenue but not margins. Its top ten customers represent ~61% of sales, with relationships averaging over 50 years. Ecovyst's manufacturing footprint is concentrated on the Gulf Coast and California, where most U.S. refining capacity sits. Growth is focused on expanding acid supply for copper mining driven by electrification demand, and bolt-on M&A, with balance sheet capacity to pursue deals after leverage fell to 1.2x following the AM&C divestiture.