A Business at a Glance
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MARZETTI CO
MZTI
$3.0B
Mkt Cap
$107.19
+0.60%
MARZETTI CO (MZTI) has a current P/E ratio of 16.4, compared to its historical median P/E of 27.3. The stock is currently considered Cheap 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 $2.9B. It is classified as a mid-cap stock.
Yes, MARZETTI CO (MZTI) pays a dividend with a trailing twelve-month yield of 3.66%. The company also returns capital through share buybacks, with a buyback yield of 0.94%.
Based on historical P/E analysis, MARZETTI CO (MZTI) appears cheap. The current P/E of 16.4 is 40% below its historical median of 27.3. The estimated fair value CAGR (P/E method) is 1.0%.
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.
The Marzetti Company (formerly Lancaster Colony Corporation) is a manufacturer and marketer of specialty food products serving retail and foodservice channels in the United States. The Retail segment produces frozen breads (Sister Schubert's yeast rolls and New York Bakery garlic breads), refrigerated and shelf-stable salad dressings and dips under the Marzetti, Cardini's, and Girard's brands, and croutons, along with licensed products including Chick-fil-A sauces and dressings, Olive Garden dressings, Buffalo Wild Wings sauces, Texas Roadhouse steak sauces and frozen rolls, and Subway sauces, distributed through sales personnel, food brokers, and distributors to grocery retailers where products are positioned in shelf-stable, frozen, and produce sections. The Foodservice segment supplies sauces, dressings, and other products to quick-service restaurant chains and national accounts through its culinary team and innovation initiatives. The company's business model relies on strong branded products, licensing partnerships, and customer relationships; top five Retail customers represented 62% of Retail segment sales in fiscal 2025. The company pursues growth through accelerating base business volume, simplifying supply chain operations to improve margins, and expanding through retail licensing programs and complementary acquisitions, including the recent acquisition of Bachan's sauce brand.
【Modest growth with margin expansion】 Management expects fiscal 2026 revenue to grow in the low single-digit range, driven primarily by volume growth in retail and pricing in foodservice, with foodservice sales projected to be relatively flat. Gross margins are anticipated to expand approximately 50 basis points as the company offsets modest cost inflation through contractual pricing and cost savings programs, including benefits from the Milpitas facility exit and supply chain optimization. The Bachan's acquisition, completed in fiscal 2026, is expected to be accretive to both top-line growth and gross margins beginning in year one, with management planning a phased integration approach focused first on refining distribution, then driving new product launches and channel expansion. Capital expenditures for fiscal 2026 are forecasted between $75 million and $85 million, supporting cost savings projects, manufacturing improvements, and integration of the newly acquired Atlanta facility.
| Metric | Target | Period |
|---|---|---|
| Tax rate | 23% | FY2026 |
| Revenue growth | Low single digit | FY2026 |
| Gross margin expansion | ~50 basis points | FY2026 |
Tax rate (FY2026): “We estimate our tax rate for fiscal 2026 to be 23%.”
Revenue growth (FY2026): “I'll just add overall, I think we expect 2026 just to be a continuation of our growth algorithm where we see revenue growing in the low single digit, really driven by volume in retail and some pricing, the egg commodity foodservice.”
Gross margin expansion (FY2026): “On the gross profit, we expect to continue to grow our margins probably in the, you know, around the 50 basis point range”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| 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 | 176M | 167M | 159M | 111M | 90M | 142M |
| EPS | $6.40 | $6.07 | $5.76 | $4.04 | $3.25 | $5.16 |
| Free Cash Flow | 248M | 203M | 184M | 136M | -30M | 86M |
| ROIC | 16.7% | 21.6% | 20.0% | 14.0% | 12.3% | 22.8% |
| Gross Margin | 24.2% | 23.9% | 23.1% | 21.3% | 21.2% | 26.4% |
| Debt/Equity | 0.19 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 |
| Dividends/Share | $3.92 | $3.75 | $3.55 | $3.35 | $3.15 | $2.95 |
| Operating Income | 220M | 220M | 199M | 142M | 112M | 186M |
| Operating Margin | 11.3% | 11.5% | 10.7% | 7.8% | 6.7% | 12.7% |
| ROE | 16.8% | 17.4% | 17.7% | 13.0% | 10.6% | 17.5% |
| Shares Outstanding | 27M | 28M | 28M | 28M | 28M | 28M |
MARZETTI CO passes 5 of 9 quality checks, suggesting mixed fundamentals.
MARZETTI CO trades at 16.4x trailing earnings, compared to its 15-year median P/E of 27.3x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 12.8x 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 4.6%. At current prices, the estimated annualized return to fair value is +11.1%.
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.
Based on recent SEC filings and earnings disclosures, Management expects fiscal 2026 revenue to grow in the low single-digit range, driven primarily by volume growth in retail and pricing in foodservice, with foodservice sales projected to be relatively flat. Gross margins are anticipated to expand approximately 50 basis points as the company offsets modest cost inflation through contractual pricing and cost savings programs, including benefits from the Milpitas facility exit and supply chain optimization. The Bachan's acquisition, completed in fiscal 2026, is expected to be accretive to both top-line growth and gross margins beginning in year one, with management planning a phased integration approach focused first on refining distribution, then driving new product launches and channel expansion. Capital expenditures for fiscal 2026 are forecasted between $75 million and $85 million, supporting cost savings projects, manufacturing improvements, and integration of the newly acquired Atlanta facility.
Based on recent SEC filings and earnings calls, MARZETTI CO (MZTI) has provided the following forward guidance: Tax rate: 23% (FY2026); Revenue growth: Low single digit (FY2026); Gross margin expansion: ~50 basis points (FY2026).
No recent press releases.