— Know what they know.
/
Not Investment Advice

IFF

NYSE · USD
International Flavors & Fragrances Inc.
Basic Materials · Chemicals - Specialty
CEO Jon Erik Fyrwald Employees 3,000 R&D / revenue 6.4%
Last price
$90.68+0.43%last session
Market cap
$23.1B
P/E (TTM)
83.2x
From 52w high
−1.3%
From 52w low
+47.9%
1-year return
+45.7%
RSI 14 · vs SMA200
73.3 · +17.3%
IS score
39.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

IFF   SPY   XLB (sector ETF) · weekly closes
100110120130140Jan 26Apr 26Jul 26Oct 26IFF 146XLB 118SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
23
Profitability
46
Growth
57
Value
78
Momentum
30
Risk (safety)
71
Quality
50
Balance sheet
75
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Insider buying
Warnings
▲ Altman distress zone
Observations
Moat model: Weak, Intangible AssetsPiotroski 8 / 9Altman Z 1.6Beta 0.953 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
2
$20.32M bought
Form 144 notices (12m): 4, $1.6M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+50
112 new holders, 55 closed
756 filers hold 106.9% · 296 added, 232 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+208
955 funds adding shares
747 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
59.3%
20-day avg 56.7%, 50-day avg 61.0%
Latest 2.6 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$10.9B
Revenue growth YoY−5.2%
Gross margin30.9%
Operating income$1.0B
Operating margin9.2%
Net income−$374.0M
Net margin-3.4%
EPS (diluted)$-1.46
Cash flow
Operating cash flow$850.0M
Capital expenditure$594.0M
Free cash flow$256.0M
FCF conversion (FCF / OCF)30.1%
Stock-based compensation$0
FCF less SBC$256.0M
Buybacks$38.0M
Dividends$409.0M
Balance sheet & returns
Cash & short-term investments$590.0M
Total debt$6.1B
Net debt$5.5B
Shareholders' equity$14.2B
Goodwill & intangibles$14.3B
Debt / equity0.45
ROE (TTM)2.1%
ROIC (TTM)2.8%
Operating margin by fiscal year
5.0%FY2021-10.7%FY2022-18.4%FY20236.7%FY2024-3.4%FY2025
Revenue $11.7B (FY2021) to $10.9B (FY2025), a -1.7% CAGR.

Valuation

P/E (TTM)83.2x
EV / EBITDA19.4x
Price / sales2.32x
Price / FCF43.2x
FCF yield2.32%
Buyback yield0.16%
SBC / revenue0.9%
Price / book1.66x
Forward P/E FY202627.3x
Forward P/E FY202723.3x
Forward P/E FY202820.2x
Forward multiples divide today's price by Street EPS estimates. Street mean target $96.43 across 7 analysts last quarter is theirs, not ours.

IFF vs industry median

207 companies in Chemicals - Specialty
Gross margin 37.5% 28.5% Operating margin 7.8% 7.9% Net margin 2.9% 3.3% ROIC 2.8% 6.4%
IFF (TTM)Industry median Asset turnover 0.40 vs industry 0.70 · financial leverage 1.80

Earnings delivery

Next report 2026-11-03 · consensus EPS $0.81
67%
beat rate, 8 of 12 quarters
+4.6%
median EPS surprise
4
longest beat streak
+17-4+32+17-3+17+6+3+3-3+17-23
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-06 to 2026-08-04. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
IFF International Flavors & Frag $23.1B83.2x2.1%2.9%−5.2% +45.7%
PPG PPG Industries, Inc. $23.9B15.3x19.6%9.7%+12.3% +7.1%
LYB LyondellBasell Industries N. $20.7Bn/m-3.1%6.1%−11.3% +43.6%
SQM Sociedad Química y Minera d $17.2B12.5x23.9%26.7%+59.3% +35.6%
RPM RPM International Inc. $12.7B18.4x21.1%11.6%+6.0% −11.1%
ALB Albemarle Corporation $11.3B198.9x2.2%27.5%+18.3% —
SOLS Solstice Advanced Materials $9.4B44.5x15.4%10.4%— —
ESI Element Solutions Inc $8.5B47.7x6.6%7.9%+26.6% —
12-month window: SPY +15.9%, sector ETF XLB +17.8%. Past returns describe history only.

Recent 8-K filings

2026-08-04Earnings Release; Other Events; Exhibits
2026-08-04Regulation FD; Exhibits
2026-06-23Material Agreement; Financial Obligation; Exhibits
2026-06-01Material Agreement; Other Events; Exhibits
2026-05-05Earnings Release; Exhibits
2026-05-04Shareholder Vote

Context

Shares outstanding255,149,963
Free float99.7%
Institutional ownership106.9%
Beta0.95
Dividend yield1.76%
Last dividend$0.40 on 2026-09-18
50 / 200-day average$85.02 / $77.24
Large-cap Basic Materials median P/E30.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where IFF sits among 43 scored companies in Chemicals - Specialty (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureIFFIndustry medianIndustry percentileSector median
P/E (TTM) 79.8x 28.9x
100th		 19.5x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 2.3x 1.5x
66th		 1.9x
Price / book 1.7x 2.4x
30th		 2.3x
Price / tangible book 9.7x 5.2x
69th		 3.3x
Price / free cash flow 43.2x 18.0x
86th		 16.3x
Price / operating cash flow 19.9x 11.4x
72nd		 9.6x
Enterprise value $28.8B $5.0B
86th		 $5.4B
EV / sales 2.9x 1.9x
68th		 2.0x
EV / EBITDA 19.4x 12.3x
74th		 10.8x
EV / EBIT 53.6x 23.2x
90th		 14.7x
EV / free cash flow 53.8x 29.7x
86th		 21.6x
Earnings yield 1.3% 2.2%
40th		 3.9%
FCF yield 2.3% 3.9%
26th		 4.3%
Operating cash flow yield 5.0% 7.8%
31st		 9.8%
Graham number (per share) $37.16 $51.61
28th		 $36.55

Profitability (TTM)

MeasureIFFIndustry medianIndustry percentileSector median
Gross margin 37.5% 29.4%
74th		 32.1%
EBITDA margin 14.9% 15.0%
49th		 19.0%
Operating margin 7.8% 9.7%
40th		 13.8%
EBIT margin 5.4% 8.7%
37th		 12.3%
Net margin 2.9% 4.8%
41st		 6.8%
NOPAT margin 6.1% 7.6%
41st		 10.1%
FCF margin 5.4% 8.0%
37th		 6.4%
Operating cash flow margin 11.6% 11.6%
51st		 15.6%
R&D / revenue 6.9% 0.5%
98th		 0.0%
SG&A / revenue 17.6% 12.8%
71st		 9.4%
Stock comp / revenue 0.7% 0.5%
68th		 0.4%
Effective tax rate 21.7% 21.0%
55th		 22.5%

Returns on capital

MeasureIFFIndustry medianIndustry percentileSector median
ROE (on average equity) 2.0% 7.2%
39th		 12.1%
ROA 1.1% 2.9%
43rd		 5.0%
ROIC 3.1% 6.5%
29th		 9.8%
ROCE 2.6% 6.0%
36th		 9.7%
Return on tangible assets 2.1% 4.9%
36th		 8.5%
Cash ROIC (OCF / invested capital) 5.9% 13.6%
17th		 14.9%
Gross profitability (GP / assets) 14.9% 16.9%
40th		 17.5%
ROIC, 3-yr average -1.8% 3.9%
21st		 6.5%
ROIC, 5-yr average -2.6% 6.9%
13th		 8.1%
ROE, 5-yr average -5.3% 9.1%
16th		 9.1%
Incremental ROIC -88.5% 0.7%
28th		 28.3%

Growth

MeasureIFFIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) -11.7% 3.5%
5th		 9.7%
Revenue growth (QoQ) -28.7% 13.2%
0th		 9.5%
Revenue CAGR, 3 yr -5.6% -0.6%
18th		 2.3%
Revenue CAGR, 5 yr 4.3% 4.4%
45th		 7.3%
Gross profit CAGR, 3 yr -0.2% 0.3%
46th		 5.4%
Operating income CAGR, 3 yr —
Net income growth (TTM YoY) —
Net income CAGR, 3 yr —
EPS growth (TTM YoY) —
EPS CAGR, 3 yr —
EPS CAGR, 5 yr 16.4% 6.1%
87th		 11.5%
FCF growth (TTM YoY) -4.3% 12.6%
33rd		 19.4%
FCF CAGR, 3 yr 26.5% 5.9%
96th		 3.8%
Operating cash flow CAGR, 3 yr 12.2% 1.1%
66th		 7.7%
Book value CAGR, 3 yr -7.7% 1.9%
13th		 6.5%
Dividend CAGR, 3 yr -0.3% 2.1%
12th		 2.6%
Sustainable growth rate -0.8% 11.5%
8th		 13.5%

Margin history & stability

MeasureIFFIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 36.0% 28.9%
78th		 29.8%
Operating margin, 3-yr average -4.3% 10.3%
10th		 12.0%
Net margin, 3-yr average -7.1% 3.7%
20th		 6.3%
FCF margin, 3-yr average 6.4% 6.3%
52nd		 7.1%
Revenue stability (0-1) 0.23 0.52
29th		 0.60
Earnings stability (0-1) 0.01 0.42
12th		 0.41
Margin stability (0-1) 0.93 0.89
71st		 0.83

Liquidity (latest quarter)

MeasureIFFIndustry medianIndustry percentileSector median
Cash & short-term investments $569.0M $189.6M
71st		 $245.7M
Net cash (− = net debt) −$5.7B −$968.6M
14th		 −$465.1M
Working capital $4.7B $530.0M
95th		 $531.5M
Current ratio 2.06 1.84
57th		 2.08
Quick ratio 1.72 1.16
76th		 1.42
Cash ratio (cash + ST investments / current liabilities) 0.13 0.30
17th		 0.45
Defensive interval (days) 295 days 609 days
12th		 773 days

Leverage & solvency (latest quarter)

MeasureIFFIndustry medianIndustry percentileSector median
Total debt $6.2B $1.3B
86th		 $807.4M
Debt / equity 0.45 0.79
15th		 0.50
Net debt / equity 0.41 0.60
25th		 0.30
Debt / assets 24.8% 33.1%
14th		 24.4%
Debt / capital 30.9% 44.1%
15th		 33.5%
Debt / EBITDA 4.20 3.76
69th		 1.80
Net debt / EBITDA 3.82 2.94
66th		 1.17
Interest coverage (EBIT / interest) 2.9x 3.1x
42nd		 6.7x
Cash interest coverage 6.2x 6.2x
50th		 7.7x
Debt payback (years of OCF) 5.4 yrs 4.4 yrs
65th		 2.6 yrs
Liabilities / assets 44.3% 56.9%
14th		 47.8%
IS credit model rating BB — —
Implied credit spread (bps) 475 350
62nd		 162

Efficiency

MeasureIFFIndustry medianIndustry percentileSector median
Asset turnover 0.39 0.68
12th		 0.66
Fixed asset turnover 3.12 2.14
64th		 1.53
Inventory turnover 3.1 4.6
15th		 4.9
Receivables turnover 6.2 6.4
45th		 8.7
Days sales outstanding 59 days 57 days
55th		 42 days
Days inventory outstanding 117 days 80 days
85th		 74 days
Days payables outstanding 71 days 51 days
71st		 49 days
Cash conversion cycle (days) 106 days 88 days
79th		 61 days
Capex / revenue 6.3% 5.1%
63rd		 7.8%
Capex / depreciation 0.66 0.94
27th		 1.09
Operating expense ratio 35.6% 20.4%
83rd		 11.3%

Cash flow & earnings quality

MeasureIFFIndustry medianIndustry percentileSector median
Operating cash flow / net income 4.00 1.45
92nd		 1.55
FCF / net income 1.85 1.09
88th		 0.89
FCF / operating cash flow 46.2% 60.8%
26th		 52.6%
Capex / operating cash flow 53.8% 39.2%
74th		 47.0%
Accruals ratio -3.4% -6.8%
76th		 -5.6%
Sloan accruals ratio 3.8% -4.9%
88th		 -3.6%
Earnings quality score (0-1) 1.00 1.00
40th		 0.75

Dividends & buybacks

MeasureIFFIndustry medianIndustry percentileSector median
Dividend yield 1.8% 1.4%
57th		 0.9%
Dividend per share (TTM) $1.60 $0.97
57th		 $0.40
Payout ratio (dividends / net income) 141.0% 37.1%
92nd		 18.3%
Dividends / FCF 76.3% 25.9%
91st		 17.9%
Dividend growth (YoY) 0.0% 3.4%
27th		 4.2%
Buyback yield 0.5% 0.5%
52nd		 0.2%
Shareholder yield (dividends + buybacks) 2.2% 2.5%
38th		 2.3%
Share count change (YoY) 0.0% 0.0%
44th		 0.0%
Buybacks, last 5 years $312.0M $90.1M
71st		 $35.6M

Scores & forensic checks

MeasureIFFIndustry medianIndustry percentileSector median
IS score 39 45
38th		 57
IS profitability 23 29
43rd		 44
IS growth 46 50
41st		 59
IS value 57 47
71st		 54
IS momentum 78 69
76th		 78
IS risk (safety) 30 65
12th		 80
IS quality 71 61
74th		 70
IS balance sheet 50 49
52nd		 65
IS earnings quality 75 66
81st		 71
IS cash flow 46 51
38th		 49
Piotroski F-score (0-9) 8 5
88th		 6
Altman Z-score 1.6 2.5
19th		 3.1
Beneish M-score −2.86 −2.64
37th		 −2.55
Ohlson O-score −9.36 −7.29
12th		 −8.14
IS credit score 44 54
38th		 70

Per share

MeasureIFFIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.13 $1.54
43rd		 $1.57
Book value per share $54.38 $26.43
86th		 $16.95
Tangible book per share $8.33 $4.59
60th		 $8.43
Revenue per share $38.82 $43.37
43rd		 $31.21
FCF per share $2.09 $2.63
40th		 $1.99
Operating cash flow per share $4.52 $5.86
40th		 $4.23
Cash per share $2.21 $2.95
43rd		 $2.16

Size (TTM)

MeasureIFFIndustry medianIndustry percentileSector median
Market cap $23.1B $3.6B
88th		 $4.7B
Revenue $10.0B $2.4B
83rd		 $2.5B
EBITDA $1.5B $241.5M
83rd		 $488.0M
Net income $290.0M $89.2M
79th		 $137.1M
Free cash flow $536.0M $131.6M
76th		 $142.7M
Total assets $25.2B $3.5B
88th		 $3.8B
Shareholders' equity $14.0B $1.4B
98th		 $1.6B
Employees 21,500 4,064
90th		 4,067

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-17Teles De Mendonca Ana Paula
President, Scent
 Open-market sale 5,718$83.19$475,6920
2026-08-07Birenkrant Marc
Controller & CAO
 Open-market sale 1,000$85.00$85,0003,446
2026-08-06Deveau Michael
EVP, CFO
 Open-market sale 8,825$85.55$754,9705,199
2026-06-01Fribourg Paul J
Director
 Open-market buy 13,500$74.49$1.0M43,150
2026-06-01Fribourg Paul J
Director
 Open-market buy 260,000$74.28$19.3M2,682,730
2026-05-04Teles De Mendonca Ana Paula
President, Scent
 Option exercise 708——19,156
2026-05-04Teles De Mendonca Ana Paula
President, Scent
 Option exercise 708——6,080
2026-05-04Teles De Mendonca Ana Paula
President, Scent
 Tax withholding 362$70.09$25,3735,718
2026-05-04Finzel Ralf
EVP, Global Operations Officer
 Option exercise 1,326——18,355
2026-05-04Finzel Ralf
EVP, Global Operations Officer
 Tax withholding 734$70.09$51,44617,621
2026-05-04Finzel Ralf
EVP, Global Operations Officer
 Option exercise 1,326——13,180
2026-05-04Deveau Michael
EVP, CFO
 Option exercise 884——19,468

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1337,763—
Open-market buyAcquired2273,500$20.3M
Open-market saleDisposed315,543$1.3M
Option exerciseAcquired1744,870—
Option exerciseDisposed1744,870—
Return to issuerDisposed49,700—
Tax withholdingDisposed1316,687$1.2M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 4 notices · 19,603 shares · $1.6M
FiledFilerShares proposedEst. proceeds
2026-08-17Teles De Mendonca Ana Paula5,718$475,690
2026-08-07Birenkrant Marc1,000$85,000
2026-08-06Deveau Michael8,825$754,969
2025-11-07Yildiz Beril4,060$253,810
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 9 trades (9 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-01-15Michael McCaulHousePurchase$50,001 - $100,0002026-02-12
2026-01-15Michael T. McCaulHousePurchase$50,001 - $100,0002026-02-12
2026-01-13Michael McCaulHousePurchase$100,001 - $250,0002026-02-12
2026-01-13Michael T. McCaulHousePurchase$100,001 - $250,0002026-02-12
2024-05-14Gary PetersSenateSale (Full)$15,001 - $50,0002024-05-23
2024-05-14Gary PetersSenateSale (Full)$15,001 - $50,0002024-05-22
2024-05-14Gary C. PetersSenateSale (Full)$15,001 - $50,0002024-05-22
2023-06-06Gary PetersSenatePurchase$1,001 - $15,0002023-06-30
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
DODGE & COX37,007,037$2.9B14.50%
Freemont Capital Pte Ltd25,356,381$2.0B9.94%
BlackRock, Inc.23,175,401$1.8B9.08%
VANGUARD CAPITAL MANAGEMENT LLC16,255,207$1.3B6.37%
STATE STREET CORP12,340,998$982.4M4.84%
VANGUARD PORTFOLIO MANAGEMENT LLC11,608,686$919.6M4.55%
First Eagle Investment Management, LLC9,409,698$745.4M3.69%
Invesco Ltd.9,403,330$744.9M3.69%
GEODE CAPITAL MANAGEMENT, LLC6,812,731$537.6M2.67%
First Pacific Advisors, LP5,455,081$432.2M2.14%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/3,871,551$331.7M1.52%
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO3,821,419$302.7M1.50%
Eurizon Capital SGR S.p.A.3,226,394$254.3M1.26%
AMERIPRISE FINANCIAL INC2,967,609$235.1M1.16%
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC2,758,721$218.5M1.08%

Institutional ownership by quarter

2023-092026-06106.9%
% of shares held by 13F filers
2023-092026-06756
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30756106.9%11229623255
2026-03-31706100.5%9228520280
2025-12-3171199.9%12223723699
2025-09-3070694.8%10425025283
2025-06-3069194.3%81259249102
2025-03-3172293.4%77258263104
2024-12-3176393.0%100230317108
2024-09-3078890.2%8928827768
2024-06-3077291.7%9824729462
2024-03-3174892.3%93252281104
2023-12-3176691.4%12023030482
2023-09-3073992.0%100278246109

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.4%18,842,232
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-08-13SCHEDULE 13G/ADodge & Cox13.7%35,047,387
2025-04-24SCHEDULE 13G/ABlackRock, Inc.7.0%17,980,322
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.03%$640.0M
VSMPX0.03%$640.0M
VTI0.03%$640.0M
VTSAX0.03%$640.0M
VOO0.03%$559.4M
VFINX0.03%$559.4M

Share structure

Shares outstanding255,149,963
Float254,445,749
Free float99.7%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$11.7B$12.4B$11.5B$11.5B$10.9B
Cost of revenue$7.9B$8.3B$7.8B$7.4B$7.5B
Gross profit$3.7B$4.2B$3.7B$4.1B$3.4B
R&D$629.0M$603.0M$636.0M$671.0M$694.0M
SG&A$1.7B$1.8B$1.8B$2.0B$1.7B
Operating income$585.0M−$1.3B−$2.1B$766.0M$1.0B
EBITDA$1.8B−$110.0M−$996.0M$1.6B$779.0M
Pretax income$354.0M−$1.6B−$2.5B$278.0M−$412.0M
Income tax$75.0M$239.0M$45.0M$31.0M−$40.0M
Net income$268.0M−$1.9B−$2.6B$243.0M−$374.0M
EPS, diluted$1.10$-7.20$-10.06$0.95$-1.46
Diluted shares243.0M255.0M255.0M256.0M256.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$711.0M$483.0M$703.0M$469.0M$590.0M
Receivables$2.2B$2.2B$2.1B$2.0B$2.0B
Inventory$2.5B$3.3B$2.6B$2.3B$2.4B
Total current assets$7.0B$7.4B$6.3B$8.0B$5.6B
PP&E, net$5.2B$5.0B$5.0B$4.3B$4.6B
Goodwill & intangibles$26.9B$22.5B$19.0B$15.5B$14.3B
Total assets$39.7B$35.5B$31.0B$28.7B$25.5B
Accounts payable$1.5B$1.4B$1.4B$1.3B$1.3B
Total current liabilities$3.6B$3.7B$3.8B$4.3B$3.9B
Long-term debt$10.8B$10.4B$9.2B$7.6B$4.7B
Total liabilities$18.4B$17.8B$16.3B$14.8B$11.4B
Shareholders' equity$21.2B$17.7B$14.6B$13.9B$14.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$279.0M−$1.8B−$2.6B$247.0M−$361.0M
Depreciation & amortization$1.2B$1.2B$1.1B$1.0B$962.0M
Stock-based compensation$54.0M$49.0M$65.0M$77.0M$0
Change in working capital−$153.0M−$1.1B$485.0M−$115.0M−$421.0M
Operating cash flow$1.4B$397.0M$1.4B$1.1B$850.0M
Capital expenditure−$397.0M−$506.0M−$503.0M−$468.0M−$594.0M
Free cash flow$1.0B−$109.0M$936.0M$602.0M$256.0M
Investing cash flow−$18.0M$745.0M$574.0M$326.0M$2.3B
Net debt issued / repaid−$609.0M−$344.0M−$941.0M−$1.0B−$2.6B
Buybacks$0$0$0−$16.0M−$38.0M
Dividends paid−$667.0M−$810.0M−$826.0M−$514.0M−$409.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin32.0%33.4%32.1%35.9%36.2%
Operating margin5.0%-10.7%-18.4%6.7%-3.4%
Net margin2.3%-15.0%-22.3%2.1%-3.1%
FCF margin8.9%-0.9%8.2%5.2%2.3%
ROE1.9%-9.7%-15.9%1.7%-2.4%
ROIC1.4%-3.6%-6.7%3.0%-1.4%
ROA1.0%-5.0%-7.7%0.8%-1.2%
Debt / equity0.580.670.740.690.47
Interest coverage2.2xn/mn/m1.9xn/m
Current ratio1.921.991.671.841.42
Revenue growth+129.3%+6.7%−7.7%+0.0%−5.2%
EPS growth−67.1%−803.0%−37.1%+109.4%−237.3%
P/E at year end129.2xn/mn/m87.0xn/m
EV / EBITDA at year end25.5xn/mn/m19.0x28.9x
FCF yield at year end3.03%-0.44%4.72%2.85%1.47%
Dividend payout250.8%——211.5%—

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Nourish$6.3B$6.8B$6.1B$5.9B—
Food Ingredients————$3.3B
Taste————$2.5B
Scent$2.3B$2.3B$2.4B$2.4B$2.5B
Health & Biosciences$2.3B$2.3B$2.1B$2.1B$2.3B
Pharma Solutions$809.0M$971.0M$945.0M$961.0M$369.0M

Revenue by region · FY2025

EMEA$3.7B · 27%
North America$3.2B · 23%
UNITED STATES$3.1B · 22%
Asia$2.5B · 18%
Latin America$1.4B · 10%

Street estimates by fiscal year

Next report 2026-11-03 · consensus EPS $0.81 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$7.7B$7.7B – $7.8B$3.32$2.46 – $4.48827.3x
2027$7.8B$7.7B – $8.0B$3.89$2.79 – $5.041023.3x
2028$8.2B$7.9B – $8.4B$4.48$3.17 – $5.34420.2x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-04$1.07$0.82−23.4%$2.6B$2.0B−25.4%
2026-05-05$1.07$1.25+16.8%$2.6B$2.7B+3.7%
2026-02-11$0.83$0.80−3.4%$2.5B$2.6B+3.0%
2025-11-04$1.02$1.05+2.9%$2.6B$2.7B+2.3%
2025-08-05$1.12$1.15+2.7%$2.7B$2.8B+2.3%
2025-05-06$1.13$1.20+6.2%$2.8B$2.8B+0.5%
2025-02-18$0.83$0.97+16.9%$2.7B$2.8B+3.3%
2024-11-05$1.07$1.04−2.8%$2.8B$2.9B+3.3%
2024-08-06$0.99$1.16+16.7%$2.8B$2.9B+2.2%
2024-05-06$0.86$1.13+31.7%$2.8B$2.9B+4.3%
2024-02-20$0.75$0.72−4.0%$2.7B$2.7B+0.2%
2023-11-06$0.76$0.89+17.1%$2.8B$2.8B+1.8%
2023-08-07$1.10$0.86−21.8%$3.1B$2.9B−5.1%
2023-05-08$0.89$0.87−2.2%$3.0B$3.0B+1.4%
2023-02-08$0.94$0.97+3.2%$2.9B$2.8B−1.5%
2022-11-07$1.30$1.36+4.6%$3.1B$3.1B−0.2%
2022-08-08$1.42$1.54+8.5%$3.3B$3.3B+1.7%
2022-05-09$1.31$1.69+29.0%$3.1B$3.2B+4.1%
2022-02-09$1.04$1.10+5.8%$2.9B$3.0B+3.0%
2021-11-08$1.39$1.47+5.8%$3.0B$3.1B+4.0%
2021-08-05$1.51$1.50−0.7%$3.1B$3.1B0.0%
2021-05-10$1.51$1.60+6.0%$2.4B$2.5B+1.2%
2021-02-10$1.19$1.32+10.9%$1.3B$1.3B+1.3%
2020-11-09$1.45$1.40−3.4%$1.3B$1.3B−3.9%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.106-150.206-220.206-290.307-060.207-130.207-200.207-270.308-030.208-100.108-170.108-240.108-31
Week ofNotionalSharesTrades
2026-08-31$144.6M1,668,84751,526
2026-08-24$144.5M1,666,08946,772
2026-08-17$126.4M1,522,03345,983
2026-08-10$162.9M1,927,44556,926
2026-08-03$273.3M3,233,13970,014
2026-07-27$167.0M2,127,58156,154

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1559.3%
DateShort shareShort volumeTotal volume
2026-10-1559.3%440,717742,750
2026-10-1449.5%366,457739,945
2026-10-1341.1%536,0071,302,708
2026-10-1244.9%181,827404,775
2026-10-0960.7%217,783358,783
2026-10-0860.0%313,706523,139
2026-10-0750.9%393,403772,720
2026-10-0659.7%314,868527,485
2026-10-0560.9%266,001436,904
2026-10-0266.1%314,746476,006
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.4Jan-1.1Feb+2.6Mar+3.3Apr-0.1May-0.8Jun+2.2Jul-2.2Aug+0.4Sep+1.0Oct+2.9Nov+0.0Dec
MonthAvg returnUp yearsYears
Jan+0.4%60%20
Feb−1.1%45%20
Mar+2.6%71%21
Apr+3.3%85%20
May−0.1%55%20
Jun−0.8%40%20
Jul+2.2%75%20
Aug−2.2%40%20
Sep+0.4%50%20
Oct+1.0%75%20
Nov+2.9%60%20
Dec+0.0%40%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1473.3
MFI86.3
ADX19.1
Stochastic %K / %D91.3 / 89.5
Williams %R-11.1
CCI207
TSI / signal22.7 / 8.1
Chaikin money flow0.07
ATR$1.85
Bollinger width10.9%
Volume vs 20-day avg0.89x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$85.54 (+6.0%)
SMA 50$85.08 (+6.6%)
SMA 200$77.30 (+17.3%)
EMA 21$86.07 (+5.4%)
EMA 50$84.41 (+7.4%)
EMA 200$78.55 (+15.4%)
Bollinger upper$90.19 (+0.5%)
Bollinger lower$80.89 (+12.1%)
Parabolic SAR$82.59 (+9.8%)
Open the live chart, 110+ indicators

About International Flavors & Fragrances Inc.

International Flavors & Fragrances Inc. (IFF), through its various subsidiaries, operates as a global developer and purveyor of active cosmetic and natural health ingredients. These vital components are incorporated into a wide array of consumer goods distributed across significant markets such as Europe, Africa, the Middle East, Greater Asia, North America, and Latin America. The company's activities are organized into four principal divisions: 1. Nourish: This segment focuses on natural and plant-derived specialty food ingredients, offering items like flavor compounds, savory solutions, and inclusions. It also provides natural food protection solutions, including antioxidants and anti-microbials, for use in beverages, confectionery, and dairy items. 2. Scent: The Scent division creates fragrance compounds, encompassing luxurious fine fragrances (perfumes and colognes) and everyday consumer fragrances. It further supplies essential fragrance ingredients, both synthetic and natural, which are blended to formulate new scents. Additionally, this segment delivers cosmetic active ingredients, such as functional compounds, botanicals, and advanced delivery systems, designed to enhance customers' cosmetic and personal care product lines. 3. Health & Biosciences: This segment is dedicated to the research, development, and production of enzymes, food cultures, probiotics, and other specialized biological ingredients. 4. Pharma Solutions: This division is responsible for manufacturing and distributing cellulosic and seaweed-derived pharmaceutical excipients. IFF's diverse customer base primarily consists of manufacturers in sectors including perfumery, cosmetics, hair and personal care, soaps and detergents, cleaning products, dairy, meat and processed foods, beverages, snacks and savory items, sweet and baked goods, dietary supplements, infant and elderly nutrition, functional foods, and producers of pharmaceutical excipients and oral care products. Established in 1833, International Flavors & Fragrances Inc. is headquartered in New York, New York.

https://www.iff.com

Key executives

NameTitlePayBorn
J. Erik FyrwaldChief Executive Officer & Director$3.2M1959
Leticia Goncalves LourencoPresident of Health & Biosciences$2.2M1975
Yuvraj AroraPresident of Taste Division & Chief Commercial Officer$1.5M1972
Andres MullerPresident of Food Ingredients$1.5M1965
Michael DeVeauExecutive Vice President & Chief Financial Officer$1.4M1981
Deborah BorgEVP & Chief People and Culture Officer$925,0111977
Ralf FinzelExecutive Vice President & Global Operations Officer$670,0411964
Nicolas GebaraSenior Vice President of Commercial & Flavors - Nourish——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
J. Erik Fyrwald CEO2025$1.0M$11.7M$2.0M$15.0M
Leticia Gonçalves Lourenço President, Health & Biosciences2025$566,667$3.6M$600,372$5.8M
Yuvraj Arora President, Taste2025$718,785$3.2M$660,904$4.7M
Jennifer Johnson Former EVP, General Counsel and Corporate Secretary2025$349,153$1.5M$266,744$4.0M
Michael DeVeau Chief Financial Officer2025$700,000$2.3M$623,070$3.7M
Andres Muller President, Food Ingredients2025$615,750$2.2M$459,416$3.6M

Employees

13k20182k20193k20203k20213k20224k20233k20243k2025

Dividends

Ex-dateAmountPaid
2026-09-18$0.42026-10-09
2026-06-18$0.42026-07-10
2026-03-20$0.42026-04-10
2025-12-19$0.42026-01-09
2025-09-29$0.42025-10-10
2025-06-20$0.42025-07-11
2025-03-21$0.42025-04-11
2024-12-20$0.42025-01-08

Moat model

Weak · Intangible Assets · 2026-06-30
Cost advantage33
Intangibles85
Switching costs28
Network effect27
Efficient scale55
Our component scores (0-100) and overall 47.2; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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