A Business at a Glance
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INTERNATIONAL FLAVORS & FRAGRANCES INC
IFF
$19.4B
Mkt Cap
$75.94
+2.94%
INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) has a 5-year average return on invested capital (ROIC) of -2.6%. This is below average and may indicate limited pricing power.
INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) has a market capitalization of $19.4B. It is classified as a large-cap stock.
Yes, INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) pays a dividend with a trailing twelve-month yield of 2.11%. The company also returns capital through share buybacks, with a buyback yield of 0.20%.
INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) operates in the Industrial Organic Chemicals industry, within the Materials sector.
INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) reported annual revenue of $10.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) has a net profit margin of -3.3%. The company is currently unprofitable.
IFF is a leading global creator and manufacturer of products for food, beverage, health & biosciences, and scent applications, serving manufacturers across dairy, meat, beverages, snacks, personal care, soaps, detergents, perfumes, dietary supplements, and animal nutrition. The company operates through five segments: Taste (flavor compounds and natural taste solutions for savory, beverage, sweet, and dairy products), Food Ingredients (specialty food ingredients, plant-based proteins, emulsifiers, sweeteners, and natural food protection), Health & Biosciences (enzymes, food cultures, probiotics, and specialty ingredients for food and non-food applications including detergents and animal feed), and Scent (fragrance compounds and ingredients for fine fragrances and consumer products). IFF's business model is built on innovation-driven product development supported by consumer insights, with a global network of approximately 170 manufacturing facilities across 30 countries and approximately 3,000 research and development employees. The company sources approximately 20,000 different raw materials from a broad network of suppliers and maintains competitive advantages through proprietary formulations, extensive patent portfolios (849 granted U.S. patents as of December 31, 2025), and deep customer relationships, with geographic diversification where the U.S. represents approximately 28% of 2025 sales and no other country exceeds 10%.
【Cautious growth with inflation headwinds】 Management expects full-year 2026 sales growth of 1%–4% and adjusted operating EBITDA growth of 3%–8%, driven primarily by volume improvements and supported by new customer wins and a robust innovation pipeline across Taste, Health & Biosciences, and Scent. The company anticipates inflationary pressures from energy, logistics, and raw materials to build through 2026, with second-quarter profitability expected to be pressured as costs rise ahead of full pricing implementation; management is proactively working with customers on surcharges and pricing actions to offset these pressures, with relief expected in the second half as pricing takes effect. Fine Fragrance volumes in the Middle East are expected to face temporary headwinds in the second quarter due to geopolitical challenges and supply chain disruptions, though the company expects solid full-year growth in Fine Fragrance at a more moderate pace than recent double-digit rates. Health & Biosciences is expected to be flat in the first half before returning to growth in the second half, with acceleration anticipated into 2027 as commercial and innovation pipelines deliver with customers.
| Metric | Target | Period |
|---|---|---|
| Sales | $10.5 billion–$10.8 billion | FY2026 |
| Adjusted Operating EBITDA | $2.05 billion–$2.15 billion | FY2026 |
Sales (FY2026): “For full year 2026, we are reiterating our sales expectation of $10.5 billion- $10.8 billion, representing 1%-4% growth.”
Adjusted Operating EBITDA (FY2026): “From a profitability perspective, we continue to expect full year adjusted operating EBITDA of $2.05 billion- $2.15 billion, representing 3%-8% growth with solid margin expansion.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 10.8B | 10.9B | 11.5B | 11.5B | 12.4B | 11.7B |
| Net Income | 826M | -361M | 263M | -2.6B | -1.9B | 270M |
| EPS | $3.23 | $-1.41 | $1.04 | $-10.14 | $-7.32 | $1.10 |
| Free Cash Flow | 400M | 256M | 607M | 952M | -107M | 1.0B |
| ROIC | 4.3% | -1.8% | 2.8% | -10.0% | -6.2% | 2.1% |
| Gross Margin | 36.3% | 36.2% | 35.9% | 32.1% | 33.4% | 32.0% |
| Debt/Equity | 0.42 | 0.49 | 0.69 | 0.74 | 0.67 | 0.59 |
| Dividends/Share | $1.60 | $1.60 | $1.60 | $3.24 | $3.20 | $3.12 |
| Operating Income | 794M | -382M | 766M | -2.1B | -1.3B | 585M |
| Operating Margin | 7.4% | -3.5% | 6.7% | -18.4% | -10.7% | 5.0% |
| ROE | 5.8% | -2.6% | 1.8% | -16.1% | -9.7% | 2.0% |
| Shares Outstanding | 255M | 256M | 253M | 256M | 256M | 245M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.1B | 3.0B | 3.1B | 3.4B | 4.0B | 5.1B | 5.1B | 11.7B | 12.4B | 11.5B | 11.5B | 10.9B | 10.8B |
| Gross Margin | 44.1% | 44.7% | 44.8% | 43.3% | 42.3% | 41.1% | 41.0% | 32.0% | 33.4% | 32.1% | 35.9% | 36.2% | 36.3% |
| R&D | 254M | 246M | 259M | 295M | 312M | 346M | 357M | 629M | 603M | 636M | 671M | 694M | 696M |
| SG&A | 515M | 495M | 573M | 570M | 707M | 876M | 949M | 1.7B | 1.8B | 1.8B | 2.0B | 1.8B | 1.8B |
| EBIT | 592M | 588M | 553M | 553M | 584M | 665M | 566M | 585M | -1.3B | -2.1B | 766M | -382M | 794M |
| Op. Margin | 19.2% | 19.5% | 17.7% | 16.3% | 14.7% | 12.9% | 11.1% | 5.0% | -10.7% | -18.4% | 6.7% | -3.5% | 7.4% |
| Net Income | 415M | 419M | 405M | 296M | 337M | 456M | 363M | 270M | -1.9B | -2.6B | 263M | -361M | 826M |
| Net Margin | 13.4% | 13.9% | 13.0% | 8.7% | 8.5% | 8.9% | 7.1% | 2.3% | -15.0% | -22.6% | 2.3% | -3.3% | 7.7% |
| Non-Recurring | 6.4M | 7.6M | 12M | 20M | 6.3M | 28M | 13M | 42M | 2.3B | 2.7B | 104M | 1.2B | 59M |
| Returns on Capital | |||||||||||||
| ROIC | 29.6% | 18.9% | 16.7% | 12.2% | 6.9% | 5.4% | 4.6% | 2.1% | -6.2% | -10.0% | 2.8% | -1.8% | 4.3% |
| ROE | 27.3% | 26.4% | 25.2% | 17.9% | 8.7% | 7.4% | 5.8% | 2.0% | -9.7% | -16.1% | 1.8% | -2.6% | 5.8% |
| ROA | 11.9% | 11.3% | 10.5% | 6.9% | 3.9% | 3.5% | 2.7% | 1.0% | -5.0% | -7.8% | 0.9% | -1.3% | 3.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 518M | 434M | 550M | 391M | 438M | 699M | 714M | 1.4B | 397M | 1.5B | 1.1B | 850M | 980M |
| Free Cash Flow | 375M | 333M | 424M | 262M | 267M | 463M | 522M | 1.0B | -107M | 952M | 607M | 256M | 400M |
| Owner Earnings | 406M | 321M | 423M | 246M | 234M | 342M | 353M | 227M | -831M | 248M | -22M | -200M | -77M |
| CapEx | 143M | 101M | 126M | 129M | 170M | 236M | 192M | 393M | 504M | 503M | 463M | 594M | 580M |
| Maint. CapEx | 89M | 90M | 102M | 118M | 174M | 323M | 325M | 1.2B | 1.2B | 1.1B | 1.0B | 962M | 972M |
| Growth CapEx | 54M | 11M | 24M | 11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 89M | 90M | 102M | 118M | 174M | 323M | 325M | 1.2B | 1.2B | 1.1B | 1.0B | 962M | 972M |
| CapEx/OCF | 27.6% | 23.3% | 23.0% | 33.0% | 38.9% | 33.8% | 26.9% | 27.3% | 127.0% | 35.0% | 43.3% | 69.9% | 59.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 133M | 159M | 185M | 206M | 230M | 314M | 323M | 667M | 810M | 826M | 514M | 409M | 409M |
| Dividend Yield | 2.2% | 2.2% | 2.4% | 2.4% | 2.3% | 2.5% | 2.7% | 2.2% | 3.0% | 4.2% | 2.3% | 2.2% | 2.1% |
| Share Buybacks | 88M | 122M | 127M | 58M | 15M | 0 | 0 | 0 | 0 | 0 | 0 | 38M | 38M |
| Buyback Yield | 1.4% | 1.6% | 1.7% | 0.6% | 0.2% | N/A | N/A | N/A | N/A | N/A | N/A | 0.2% | 0.2% |
| Stock-Based Comp | 23M | 23M | 25M | 27M | 29M | 34M | 36M | 54M | 49M | 65M | 77M | 88M | 85M |
| Debt Repayment | 0 | 0 | 125M | 250M | 377M | 155M | 347M | 828M | 300M | 655M | 1.0B | 2.9B | 2.9B |
| Balance Sheet | |||||||||||||
| Net Debt | -6.7M | 836M | 870M | 1.3B | 3.9B | 4.1B | 4.1B | 11.8B | 11.4B | 10.1B | 9.1B | 6.3B | 5.4B |
| Cash & Equiv. | 479M | 182M | 324M | 368M | 635M | 607M | 650M | 711M | 483M | 703M | 469M | 590M | 562M |
| Long-Term Debt | 934M | 935M | 1.1B | 1.6B | 4.5B | 4.0B | 3.8B | 10.8B | 10.4B | 9.2B | 7.6B | 4.7B | 4.7B |
| Debt/Equity | 0.63 | 0.75 | 0.73 | 0.97 | 0.75 | 0.75 | 0.75 | 0.59 | 0.67 | 0.74 | 0.69 | 0.49 | 0.42 |
| Interest Coverage | 12.9 | 12.8 | 10.4 | 8.5 | 4.4 | 4.8 | 4.3 | 2.0 | -3.9 | -5.6 | 2.5 | -1.7 | 3.9 |
| Equity | 1.5B | 1.6B | 1.6B | 1.7B | 6.0B | 6.2B | 6.3B | 21.1B | 17.7B | 14.6B | 13.8B | 14.2B | 14.1B |
| Total Assets | 3.5B | 3.7B | 4.0B | 4.6B | 12.9B | 13.3B | 13.6B | 39.7B | 35.5B | 31.0B | 28.7B | 25.5B | 25.1B |
| Total Liabilities | 2.0B | 2.1B | 2.4B | 2.9B | 6.8B | 7.1B | 7.2B | 18.5B | 17.8B | 16.3B | 14.9B | 11.4B | -140M |
| Intangibles | 77M | 306M | 366M | 416M | 3.0B | 2.9B | 2.7B | 10.5B | 9.1B | 8.4B | 6.4B | 6.0B | 5.9B |
| Retained Earnings | 3.4B | 3.6B | 3.8B | 3.9B | 4.0B | 4.1B | 4.2B | 3.6B | 955M | -2.4B | -2.6B | -3.4B | -3.4B |
| Working Capital | 1.2B | 712M | 711M | 1.1B | 1.8B | 1.4B | 1.2B | 3.4B | 3.7B | 2.5B | 3.6B | 1.7B | 1.8B |
| Current Assets | 1.7B | 1.4B | 1.6B | 1.9B | 2.9B | 2.9B | 3.1B | 7.0B | 7.4B | 6.3B | 8.0B | 5.6B | 5.4B |
| Current Liabilities | 519M | 725M | 898M | 769M | 1.1B | 1.6B | 1.9B | 3.6B | 3.7B | 3.8B | 4.4B | 3.9B | 3.6B |
| Per Share Data | |||||||||||||
| EPS | 5.06 | 5.16 | 5.05 | 3.72 | 3.79 | 4.00 | 3.21 | 1.10 | -7.32 | -10.14 | 1.04 | -1.41 | 3.23 |
| Owner EPS | 4.96 | 3.95 | 5.28 | 3.10 | 2.63 | 3.00 | 3.12 | 0.92 | -3.25 | 0.97 | -0.09 | -0.78 | -0.30 |
| Book Value | 18.54 | 19.57 | 20.28 | 21.19 | 67.79 | 54.54 | 55.80 | 85.89 | 69.07 | 57.18 | 54.70 | 55.28 | 55.33 |
| Cash Flow/Share | 6.33 | 5.34 | 6.86 | 4.92 | 4.92 | 6.13 | 6.31 | 5.85 | 1.55 | 5.69 | 4.23 | 3.32 | 7.05 |
| Dividends/Share | 1.72 | 2.06 | 2.40 | 2.66 | 2.84 | 2.96 | 3.04 | 3.12 | 3.20 | 3.24 | 1.60 | 1.60 | 1.60 |
| Shares Out. | 81.9M | 81.2M | 80.2M | 79.5M | 89.0M | 114.0M | 113.1M | 245.5M | 255.6M | 255.5M | 252.9M | 256.0M | 255.2M |
| Valuation | |||||||||||||
| P/E Ratio | 15.6 | 18.2 | 18.7 | 33.5 | 28.9 | 26.9 | 63.6 | 119.2 | N/A | N/A | 79.0 | N/A | 23.5 |
| P/FCF | 17.3 | 22.9 | 17.9 | 37.8 | 36.4 | 26.5 | 20.6 | 30.8 | N/A | 21.0 | 34.2 | 67.1 | 48.4 |
| EV/EBIT | 10.9 | 14.4 | 15.0 | 19.6 | 22.4 | 23.8 | 48.2 | 72.1 | N/A | N/A | 40.1 | N/A | 31.2 |
| Price/Book | 4.3 | 4.8 | 4.7 | 5.9 | 1.6 | 2.0 | 3.8 | 1.5 | 1.4 | 1.4 | 1.5 | 1.2 | 1.4 |
| Price/Sales | 1.9 | 2.3 | 2.5 | 2.6 | 2.5 | 2.4 | 5.2 | 2.6 | 2.2 | 1.7 | 1.9 | 1.7 | 1.8 |
| FCF Yield | 5.8% | 4.4% | 5.6% | 2.6% | 2.7% | 3.8% | 2.2% | 3.2% | -0.4% | 4.8% | 2.9% | 1.5% | 2.1% |
| Market Cap | 6.5B | 7.6B | 7.6B | 9.9B | 9.7B | 12.3B | 24.2B | 32.2B | 24.1B | 20.0B | 20.8B | 17.2B | 19.4B |
| Avg. Price | 73.45 | 87.41 | 97.59 | 109.11 | 111.37 | 109.90 | 104.37 | 123.60 | 106.08 | 77.02 | 88.04 | 71.32 | 75.94 |
| Year-End Price | 79.18 | 93.81 | 94.40 | 124.50 | 109.40 | 107.78 | 94.98 | 131.10 | 94.34 | 78.13 | 82.17 | 67.07 | 75.94 |
INTERNATIONAL FLAVORS & FRAGRANCES INC passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 75.9x vs a median of 30.8x. The company's 5-year average gross margin is 33.9%. Total shareholder yield (dividends + buybacks) is 2.3%. At current prices, the estimated annualized return to fair value is -8.1%.
INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) generated $256 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) has a debt-to-equity ratio of 0.49. This indicates a conservatively financed balance sheet.
INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) reported earnings per share (EPS) of $-1.41 in its most recent fiscal year.
INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) has a return on equity (ROE) of -2.6%. A negative ROE may indicate losses or negative equity.
INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) has a 5-year average gross margin of 33.9%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) has a book value per share of $55.28, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects full-year 2026 sales growth of 1%–4% and adjusted operating EBITDA growth of 3%–8%, driven primarily by volume improvements and supported by new customer wins and a robust innovation pipeline across Taste, Health & Biosciences, and Scent. The company anticipates inflationary pressures from energy, logistics, and raw materials to build through 2026, with second-quarter profitability expected to be pressured as costs rise ahead of full pricing implementation; management is proactively working with customers on surcharges and pricing actions to offset these pressures, with relief expected in the second half as pricing takes effect. Fine Fragrance volumes in the Middle East are expected to face temporary headwinds in the second quarter due to geopolitical challenges and supply chain disruptions, though the company expects solid full-year growth in Fine Fragrance at a more moderate pace than recent double-digit rates. Health & Biosciences is expected to be flat in the first half before returning to growth in the second half, with acceleration anticipated into 2027 as commercial and innovation pipelines deliver with customers.
Based on recent SEC filings and earnings calls, INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) has provided the following forward guidance: Sales: $10.5 billion–$10.8 billion (FY2026); Adjusted Operating EBITDA: $2.05 billion–$2.15 billion (FY2026).