A Business at a Glance
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Item 1. Business GENERAL DEVELOPMENT OF BUSINESS Company Overview Reflecting the evolution and growth of our company, Lancaster Colony Corporation changed its name to The Marzetti Company effective June 27, 2025. Since the divestiture of our last non-food businesses in 2014, Lancaster Colony Corporation operated as a food-only business best-known by our customers, licensing partners, suppliers, and employees as Marzetti. While Lancaster Colony Corporation will always be an important part of our heritage, changing our company name to The Marzetti Company provides a single brand identity for our business across all stakeholders. As The Marzetti Company, we are positioned for further growth in today’s food industry with an authentic brand name rooted in quality, innovation and collaboration. The Marzetti Company, an Ohio corporation, is a manufacturer and marketer of specialty food products for the retail and foodservice channels.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Dressings and sauces | $478M | $574M | $642M | $660M | $664M | 35% |
Shelf-stable dressings, sauces and croutons | $298M | $375M | $423M | $425M | $431M | 23% |
Frozen breads | $308M | $332M | $343M | $351M | $381M | 20% |
Frozen breads and other | $156M | $187M | $215M | $223M | $227M | 12% |
Refrigerated dressings, dips and other | $223M | $208M | $199M | $213M | $192M | 10% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.9B | 1.9B | 1.9B | 1.8B | 1.7B | 1.5B |
| Net Income | 180M | 167M | 159M | 111M | 90M | 142M |
| EPS | $6.54 | $6.07 | $5.76 | $4.04 | $3.25 | $5.16 |
| Free Cash Flow | 229M | 203M | 184M | 136M | -30M | 86M |
| ROIC | 21.1% | 21.6% | 20.0% | 14.0% | 12.3% | 22.8% |
| Gross Margin | 24.1% | 23.9% | 23.1% | 21.3% | 21.2% | 26.4% |
| Debt/Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 |
| Dividends/Share | $3.88 | $3.75 | $3.55 | $3.35 | $3.15 | $2.95 |
| Operating Income | 223M | 220M | 199M | 142M | 112M | 186M |
| Operating Margin | 11.5% | 11.5% | 10.7% | 7.8% | 6.7% | 12.7% |
| ROE | 17.4% | 17.4% | 17.7% | 13.0% | 10.6% | 17.5% |
| Shares Outstanding | 27M | 28M | 28M | 28M | 28M | 28M |
MARZETTI CO passes 4 of 9 quality checks, suggesting mixed fundamentals.
MARZETTI CO trades at 21.8x trailing earnings, compared to its 15-year median P/E of 27.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 17.0x vs a median of 27.4x. The company's 5-year average ROIC is 18.1% with a gross margin of 23.2%. Total shareholder yield (dividends + buybacks) is 3.4%. At current prices, the estimated annualized return to fair value is +10.3%.
MARZETTI CO (MZTI) has a current P/E ratio of 21.8, compared to its historical median P/E of 27.3. The stock is currently considered Fair based on its historical valuation range.
MARZETTI CO (MZTI) has a 5-year average return on invested capital (ROIC) of 18.1%. This indicates strong capital allocation and a potential competitive advantage.
MARZETTI CO (MZTI) has a market capitalization of $3.9B. It is classified as a mid-cap stock.
Yes, MARZETTI CO (MZTI) pays a dividend with a trailing twelve-month yield of 2.72%. The company also returns capital through share buybacks, with a buyback yield of 0.71%.
Based on historical P/E analysis, MARZETTI CO (MZTI) appears fair. The current P/E of 21.8 is 20% below its historical median of 27.3. The estimated fair value CAGR (P/E method) is 1.1%.
MARZETTI CO (MZTI) operates in the Canned, Frozen & Preservd Fruit, Veg & Food Specialties industry, within the Consumer Defensive sector.
MARZETTI CO (MZTI) reported annual revenue of $1.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
MARZETTI CO (MZTI) has a net profit margin of 8.8%. This is a modest margin.
MARZETTI CO (MZTI) generated $203 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MARZETTI CO (MZTI) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
MARZETTI CO (MZTI) reported earnings per share (EPS) of $6.07 in its most recent fiscal year.
MARZETTI CO (MZTI) has a return on equity (ROE) of 17.4%. This indicates the company generates strong returns for shareholders.
MARZETTI CO (MZTI) has a 5-year average gross margin of 23.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for MARZETTI CO (MZTI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MARZETTI CO (MZTI) has a book value per share of $36.22, based on its most recent annual SEC filing.
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