A Business at a Glance
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FLOWERS FOODS INC
FLO
$1.6B
Mkt Cap
$7.74
-0.13%
FLOWERS FOODS INC (FLO) has a current P/E ratio of 12.9, compared to its historical median P/E of 19.3. The stock is currently considered Fair based on its historical valuation range.
FLOWERS FOODS INC (FLO) has a 5-year average return on invested capital (ROIC) of 8.8%. This is below average and may indicate limited pricing power.
FLOWERS FOODS INC (FLO) has a market capitalization of $1.6B. It is classified as a small-cap stock.
Yes, FLOWERS FOODS INC (FLO) pays a dividend with a trailing twelve-month yield of 12.90%. The company also returns capital through share buybacks, with a buyback yield of 0.34%.
Based on historical P/E analysis, FLOWERS FOODS INC (FLO) appears fair. The current P/E of 12.9 is 33% below its historical median of 19.3. The estimated fair value CAGR (P/E method) is 8.2%.
FLOWERS FOODS INC (FLO) operates in the Food And Kindred Products industry, within the Consumer Defensive sector.
FLOWERS FOODS INC (FLO) reported annual revenue of $5.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Flowers Foods, Inc., founded in 1919 and headquartered in Thomasville, Georgia, is the second-largest producer and marketer of packaged bakery foods in the United States, offering breads, buns, rolls, snack items (bars, cakes, cookies, and crackers), bagels, English muffins, tortillas, and baking mixes under leading brand names including Nature's Own, Dave's Killer Bread, Canyon Bakehouse, Simple Mills, Wonder, and Tastykake. The company operates a branded portfolio strategy focused on innovation and market expansion, with products distributed nationwide across conventional and natural retail channels, including more than 30,000 stores for Simple Mills following its February 2025 acquisition. Flowers' business model emphasizes brand development, margin optimization, and disciplined mergers and acquisitions to enhance its branded portfolio and geographic reach, with strategic priorities centered on developing team capabilities, focusing on brand relevancy, prioritizing margins through portfolio and supply chain optimization, and pursuing smart M&A. The company faces ongoing headwinds from softness in the fresh packaged bread category, particularly traditional loaf breads, driven by shifts in consumer purchasing patterns, alongside inflationary pressures from labor costs, commodity inputs, and supply chain disruptions including tariff impacts. Management is conducting a comprehensive review of operations, brand portfolio, supply chain, and financial strategy to strengthen execution and position the business for top-line growth and margin expansion.
【Margin pressure and brand investment】 Management is navigating near-term margin pressures from elevated input costs and commodity inflation, particularly oil derivatives, while maintaining confidence in reaffirming full-year 2026 guidance through planned productivity gains and brand investments. The company expects easier volume comparisons as the year progresses and anticipates some improvement in share trends as price gaps normalize in certain channels, supported by the Nature's Own relaunch and expansion of half-loaf varieties in the back half of the year. Simple Mills is expected to deliver double-digit top-line growth in 2026 with record innovation, introducing 13 new items, while the broader packaged bread category is expected to remain challenged with category demand anticipated to normalize as the economy strengthens. The company's primary financial priority is deleveraging to below three times net debt to adjusted EBITDA by the end of fiscal 2027, while continuing to invest in brands and pursuing targeted capital expenditures focused on growth opportunities rather than maintenance.
| Metric | Target | Period |
|---|---|---|
| Net debt to adjusted EBITDA | below 3.0x | End of fiscal 2027 |
| Simple Mills top-line growth | double digits | FY2026 |
| Annual sales growth (excluding acquisitions) | 1% to 2% | Long-term |
| Annual EBITDA growth (excluding acquisitions) | 4% to 6% | Long-term |
Net debt to adjusted EBITDA (End of fiscal 2027): “Clearly, our first priority is to deleverage, and the goal is to be below three times by the end of fiscal 2027.”
Simple Mills top-line growth (FY2026): “We expect them to be, top line up double digits next year.”
Annual sales growth (excluding acquisitions) (Long-term): “Grow sales by 1% to 2% annually (excluding any future acquisitions).”
Annual EBITDA growth (excluding acquisitions) (Long-term): “Grow EBITDA by 4% to 6% annually (excluding any future acquisitions).”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call
| Metric | TTM | FY2026 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.3B | 5.3B | 5.1B | 5.1B | 4.8B | 4.4B |
| Net Income | 84M | 84M | 248M | 123M | 228M | 152M |
| EPS | $0.40 | $0.40 | $1.17 | $0.58 | $1.07 | $0.72 |
| Free Cash Flow | 319M | 319M | 281M | 220M | 192M | 357M |
| ROIC | 4.2% | 4.2% | 10.9% | 6.0% | 11.0% | 12.0% |
| Gross Margin | 48.9% | 48.9% | 49.5% | 48.3% | 47.9% | 50.0% |
| Debt/Equity | 1.35 | 1.35 | 0.72 | 0.78 | 0.62 | 0.70 |
| Dividends/Share | $1.00 | $0.98 | $0.95 | $0.91 | $0.87 | $0.79 |
| Operating Income | 174M | 174M | 348M | 173M | 303M | 321M |
| Operating Margin | 3.3% | 3.3% | 6.8% | 3.4% | 6.3% | 7.3% |
| ROE | 6.4% | 6.4% | 18.0% | 8.8% | 16.2% | 11.1% |
| Shares Outstanding | 210M | 210M | 212M | 213M | 213M | 212M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | N/A | N/A | 3.7B | 3.9B | 3.9B | 4.0B | 4.1B | 4.4B | 4.8B | 5.1B | 5.1B | 5.3B | 5.3B |
| Gross Margin | N/A | N/A | 48.0% | 48.4% | 48.7% | 47.7% | 47.7% | 50.0% | 47.9% | 48.3% | 49.5% | 48.9% | 48.9% |
| R&D | N/A | 2.6M | 3.3M | 3.0M | 2.4M | 4.9M | 4.3M | 4.0M | 6.1M | 5.9M | 5.1M | 9K | 9K |
| SG&A | 1.1B | 1.4B | 1.4B | 1.5B | 1.5B | 1.5B | 1.6B | 1.7B | 1.9B | 2.1B | 2.0B | 2.1B | 2.1B |
| EBIT | 219M | 335M | 275M | 265M | 161M | 212M | 225M | 321M | 303M | 173M | 348M | 174M | 174M |
| Op. Margin | N/A | N/A | 7.3% | 6.7% | 4.1% | 5.4% | 5.5% | 7.3% | 6.3% | 3.4% | 6.8% | 3.3% | 3.3% |
| Net Income | 136M | 231M | 176M | 164M | 150M | 157M | 165M | 152M | 228M | 123M | 248M | 84M | 84M |
| Net Margin | N/A | N/A | 4.7% | 4.2% | 3.8% | 4.0% | 4.0% | 3.5% | 4.8% | 2.4% | 4.9% | 1.6% | 1.6% |
| Non-Recurring | 0 | 0 | 10M | 0 | 63M | 4.2M | 3.3M | 12M | 0 | 7.1M | 7.4M | 6.1M | 6.1M |
| Returns on Capital | |||||||||||||
| ROIC | 9.8% | 13.2% | 7.9% | 8.4% | 8.7% | 9.2% | 8.1% | 12.0% | 11.0% | 6.0% | 10.9% | 4.2% | 4.2% |
| ROE | 16.5% | 23.9% | 15.6% | 14.0% | 12.2% | 12.5% | 13.0% | 11.1% | 16.2% | 8.8% | 18.0% | 6.4% | 6.4% |
| ROA | 7.7% | 10.3% | 7.3% | 6.3% | 5.5% | 5.7% | 5.5% | 4.6% | 6.9% | 3.7% | 7.3% | 2.0% | 2.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 217M | 270M | 314M | 357M | 297M | 296M | 367M | 454M | 361M | 349M | 413M | 446M | 446M |
| Free Cash Flow | 150M | 171M | 230M | 255M | 222M | 196M | 263M | 357M | 192M | 220M | 281M | 319M | 319M |
| Owner Earnings | 104M | 136M | 166M | 197M | 135M | 144M | 215M | 300M | 193M | 171M | 224M | 246M | 246M |
| CapEx | 67M | 99M | 84M | 102M | 75M | 99M | 104M | 98M | 169M | 129M | 132M | 127M | 127M |
| Maint. CapEx | 103M | 118M | 129M | 141M | 147M | 144M | 144M | 141M | 142M | 152M | 159M | 167M | 167M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27M | 0 | 0 | 0 | 0 |
| D&A | 103M | 118M | 129M | 141M | 147M | 144M | 144M | 141M | 142M | 152M | 159M | 167M | 167M |
| CapEx/OCF | 31.0% | 36.7% | 26.7% | 28.5% | 25.3% | 33.6% | 28.3% | 21.5% | 46.8% | 36.9% | 32.0% | 28.5% | 28.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 86M | 93M | 102M | 131M | 141M | 150M | 160M | 167M | 187M | 195M | 203M | 209M | 209M |
| Dividend Yield | 5.3% | 5.0% | 3.7% | 4.1% | 5.5% | 5.3% | 5.1% | 4.4% | 4.3% | 4.0% | 4.4% | 6.9% | 12.9% |
| Share Buybacks | 19M | 8.8M | 39M | 126M | 2.7M | 2.5M | 7.1M | 783K | 35M | 46M | 23M | 5.5M | 5.5M |
| Buyback Yield | 1.1% | 0.4% | 1.4% | 4.5% | 0.1% | 0.1% | 0.2% | 0.0% | 0.7% | 0.9% | 0.5% | 0.2% | 0.3% |
| Stock-Based Comp | 10M | 16M | 19M | 19M | 16M | 8.1M | 7.4M | 13M | 26M | 27M | 30M | 32M | 32M |
| Debt Repayment | 1.2B | 1.9B | 1.3B | 2.1B | 736M | 28M | 724M | 392M | 330M | 743M | 352M | 266M | 266M |
| Balance Sheet | |||||||||||||
| Net Debt | 704M | 994M | 1.2B | 974M | 812M | 954M | 855M | 654M | 728M | 1.0B | 1.0B | 1.7B | 1.7B |
| Cash & Equiv. | 13M | 8.5M | 7.5M | 6.4M | 5.1M | 25M | 11M | 307M | 165M | 23M | 5.0M | 12M | 12M |
| Long-Term Debt | 535M | 927M | 1.0B | 809M | 805M | 975M | 863M | 960M | 892M | 1.0B | 1.0B | 1.4B | 1.4B |
| Debt/Equity | 0.84 | 0.93 | 1.04 | 0.81 | 0.65 | 0.78 | 0.69 | 0.70 | 0.62 | 0.78 | 0.72 | 1.35 | 1.35 |
| Interest Coverage | 9.3 | 11.6 | 9.7 | 7.6 | 4.4 | 6.0 | 5.8 | 8.3 | 10.5 | 4.7 | 9.4 | 2.3 | 2.3 |
| Equity | 859M | 1.1B | 1.1B | 1.2B | 1.3B | 1.3B | 1.3B | 1.4B | 1.4B | 1.4B | 1.4B | 1.3B | 1.3B |
| Total Assets | 2.0B | 2.5B | 2.4B | 2.8B | 2.7B | 2.8B | 3.2B | 3.3B | 3.3B | 3.4B | 3.4B | 4.2B | 4.2B |
| Total Liabilities | 1.1B | 535M | 1.3B | 1.6B | 1.4B | 1.6B | 1.9B | 2.0B | 1.9B | 2.1B | 2.0B | 2.9B | 2.9B |
| Intangibles | 388M | 657M | 645M | 836M | 742M | 795M | 750M | 715M | 664M | 658M | 314K | 137K | 137K |
| Retained Earnings | 598M | 736M | 809M | 911M | 920M | 945M | 947M | 932M | 1.0B | 932M | 978M | 852M | 852M |
| Working Capital | 109M | 160M | 145M | 136M | 113M | 143M | 26M | 334M | 241M | 29M | 108M | -247M | -247M |
| Current Assets | 464M | 487M | 461M | 477M | 507M | 544M | 554M | 838M | 805M | 688M | 656M | 729M | 729M |
| Current Liabilities | 355M | 328M | 316M | 341M | 394M | 400M | 528M | 504M | 564M | 659M | 549M | 976M | 976M |
| Per Share Data | |||||||||||||
| EPS | 0.66 | 1.09 | 0.82 | 0.78 | 0.71 | 0.74 | 0.78 | 0.72 | 1.07 | 0.58 | 1.17 | 0.40 | 0.40 |
| Owner EPS | 0.50 | 0.64 | 0.78 | 0.94 | 0.64 | 0.68 | 1.02 | 1.42 | 0.90 | 0.80 | 1.05 | 1.18 | 1.18 |
| Book Value | 4.16 | 5.08 | 5.24 | 5.76 | 5.92 | 5.92 | 5.99 | 6.49 | 6.76 | 6.35 | 6.65 | 6.22 | 6.22 |
| Cash Flow/Share | 1.05 | 1.28 | 1.46 | 1.70 | 1.41 | 1.39 | 1.74 | 2.15 | 1.69 | 1.64 | 1.95 | 2.13 | 1.20 |
| Dividends/Share | 0.42 | 0.44 | 0.49 | 0.63 | 0.67 | 0.71 | 0.75 | 0.79 | 0.87 | 0.91 | 0.95 | 0.98 | 1.00 |
| Shares Out. | 206.2M | 211.8M | 214.3M | 210.0M | 211.4M | 212.4M | 210.9M | 211.6M | 213.5M | 212.8M | 212.1M | 209.6M | 209.6M |
| Valuation | |||||||||||||
| P/E Ratio | 12.3 | 10.4 | 16.1 | 17.3 | 19.8 | 18.9 | 18.6 | 26.0 | 22.1 | 39.7 | 17.5 | 27.7 | 19.3 |
| P/FCF | 11.1 | 14.0 | 12.3 | 11.1 | 13.4 | 15.1 | 11.6 | 11.1 | 26.3 | 22.2 | 15.5 | 7.3 | 5.1 |
| EV/EBIT | 10.6 | 10.0 | 11.3 | 11.8 | 19.7 | 18.4 | 17.3 | 13.4 | 18.5 | 34.1 | 15.4 | 25.6 | 19.3 |
| Price/Book | 1.9 | 2.2 | 2.5 | 2.3 | 2.4 | 2.4 | 2.4 | 2.9 | 3.5 | 3.6 | 3.1 | 1.8 | 1.2 |
| Price/Sales | 0.5 | 0.5 | 0.7 | 0.8 | 0.7 | 0.7 | 0.8 | 0.9 | 0.9 | 1.0 | 0.9 | 0.6 | 0.3 |
| FCF Yield | 9.0% | 7.1% | 8.1% | 9.0% | 7.5% | 6.6% | 8.6% | 9.0% | 3.8% | 4.5% | 6.5% | 13.7% | 19.7% |
| Market Cap | 1.7B | 2.4B | 2.8B | 2.8B | 3.0B | 3.0B | 3.1B | 4.0B | 5.0B | 4.9B | 4.3B | 2.3B | 1.6B |
| Avg. Price | 7.89 | 8.83 | 12.91 | 15.15 | 12.11 | 13.46 | 15.00 | 18.15 | 20.26 | 23.06 | 21.54 | 14.52 | 7.74 |
| Year-End Price | 8.09 | 11.33 | 13.19 | 13.51 | 14.03 | 13.96 | 14.51 | 18.71 | 23.65 | 23.03 | 20.46 | 11.08 | 7.74 |
FLOWERS FOODS INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
FLOWERS FOODS INC trades at 12.9x trailing earnings, compared to its 15-year median P/E of 19.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 4.1x vs a median of 12.8x. The company's 5-year average ROIC is 8.8% with a gross margin of 48.9%. Total shareholder yield (dividends + buybacks) is 13.2%. At current prices, the estimated annualized return to fair value is -0.5%.
FLOWERS FOODS INC (FLO) has a net profit margin of 1.6%. This is a modest margin.
FLOWERS FOODS INC (FLO) generated $319 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FLOWERS FOODS INC (FLO) has a debt-to-equity ratio of 1.35. This indicates moderate leverage.
FLOWERS FOODS INC (FLO) reported earnings per share (EPS) of $0.40 in its most recent fiscal year.
FLOWERS FOODS INC (FLO) has a return on equity (ROE) of 6.4%. This indicates moderate shareholder returns.
FLOWERS FOODS INC (FLO) has a 5-year average gross margin of 48.9%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for FLOWERS FOODS INC (FLO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FLOWERS FOODS INC (FLO) has a book value per share of $6.22, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is navigating near-term margin pressures from elevated input costs and commodity inflation, particularly oil derivatives, while maintaining confidence in reaffirming full-year 2026 guidance through planned productivity gains and brand investments. The company expects easier volume comparisons as the year progresses and anticipates some improvement in share trends as price gaps normalize in certain channels, supported by the Nature's Own relaunch and expansion of half-loaf varieties in the back half of the year. Simple Mills is expected to deliver double-digit top-line growth in 2026 with record innovation, introducing 13 new items, while the broader packaged bread category is expected to remain challenged with category demand anticipated to normalize as the economy strengthens. The company's primary financial priority is deleveraging to below three times net debt to adjusted EBITDA by the end of fiscal 2027, while continuing to invest in brands and pursuing targeted capital expenditures focused on growth opportunities rather than maintenance.
Based on recent SEC filings and earnings calls, FLOWERS FOODS INC (FLO) has provided the following forward guidance: Net debt to adjusted EBITDA: below 3.0x (End of fiscal 2027); Simple Mills top-line growth: double digits (FY2026); Annual sales growth (excluding acquisitions): 1% to 2% (Long-term); Annual EBITDA growth (excluding acquisitions): 4% to 6% (Long-term).