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Flowers Foods

FLO NYSE Packaged Foods & Meats Financials FY2016–FY2025

Flowers Foods' revenue rose 3.0% to $5.3 billion in fiscal 2025. Its operating margin was 3.3%, down from 6.8% a year earlier. Free cash flow was $319 million, up 13.7%. It paid out $215 million in dividends and buybacks, 67% of free cash flow.

Last close · Oct 23, 2026

$6.15

4.2%
Value it Compare
Revenue Total sales reported in the income statement.
$5.3B
3.0% vs prior year
Operating margin Operating income as a share of revenue.
3.3%
3.5 pts
Net income Profit after all expenses, interest and tax.
$83.8M
66.2%
Free cash flow Cash from operations minus capital spending.
$319M
13.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.6%
6.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$1.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
22.8x
On $0.27 EPS (TTM)

What Flowers Foods does

No business description yet.

Legal name
FLOWERS FOODS INC
Fiscal year ends
January 3, 2026
Latest annual report
—
Accession · CIK
0001193125-26-071441
0001128928

Revenue and margins

Flowers Foods had $5.3B of revenue in fiscal 2025, up 3.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −7.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $319M in fiscal 2025, 6.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Flowers Foods returned $215M to shareholders in fiscal 2025, 67% of free cash flow. The diluted share count fell 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Flowers Foods yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.7B and divides by 212.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 22.8x · peers 22.1x · sector 24.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Flowers Foods can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $186M$165M$22.5M$5.0M$12.1M
Debt incl. finance leases $894M$894M$1.0B$1.0B$1.8B
Net debt / EBITDA 1.6x1.6x3.2x2.0x5.1x
Debt / equity 0.6x0.6x0.8x0.7x1.4x
Interest coverage 9.4x10.5x4.7x9.4x2.3x
Current ratio 1.4x1.4x1.0x1.2x0.8x
Quick ratio 1.2x1.1x0.8x0.9x0.5x
Total assets $3.3B$3.3B$3.4B$3.4B$4.2B
Total liabilities $1.8B$1.9B$2.1B$2.0B$2.9B
Shareholders' equity $1.4B$1.4B$1.4B$1.4B$1.3B
Net debt (− = net cash) $708M$729M$1.0B$1.0B$1.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

2 insiders

Sold, 12 months

$4.0M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Oct 8, 2026 Cindy CoxChief Human Resources Officer Sold 4,400 $5.89 $0.0M Form 4
Jun 8, 2026 Diego Anthony ScaglioneChief Financial Officer Bought 5,000 $7.51 $0.0M Form 4
Apr 1, 2026 Ryals McMullianChairman and CEO, Director Sold 209,000 $8.03 $1.7M Form 4
Jan 2, 2026 Ryals McMullianChairman and CEO, Director Sold 209,000 $10.87 $2.3M Form 4
Dec 3, 2025 Melvin T StithDirector Bought 456 $10.90 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score 4 / 87 / 85 / 8
Accruals ratio −6.7%−4.8%−9.6%
Altman Z'' 1.962.581.03

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Flowers Foods FLO $1.3B 3.0% 3.3% 6.1% 4.6% 22.8x 5
Del Monte DMC $1.4B 1.0% 3.2% 4.2% 4.5% 42.2x 7 Compare →
Lamb Weston LW $7.4B 2.5% 8.9% 8.2% 7.1% 29.4x 7 Compare →
McCormick MKC $13.0B 1.7% 15.7% 10.8% 8.7% 8.7x 6 Compare →
Post POST $4.1B 3.0% 9.8% 6.0% 5.7% 14.7x 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.9B $3.9B $4.0B $4.1B $4.4B $4.3B $4.8B $5.1B $5.1B $5.3B
Research and development $3.0M $2.4M $4.9M $4.3M $4.0M $5.6M $6.1M $5.9M $5.1M $0.0M
Operating income $265M $161M $212M $225M $322M $295M $303M $173M $348M $174M
Interest expense $34.9M $36.6M $35.7M $38.8M $38.8M $31.5M $28.9M $36.6M $37.1M $76.7M
Pretax income $250M $149M $197M $212M $201M $271M $299M $157M $329M $115M
Income tax $85.8M −$0.8M $40.0M $47.5M $48.4M $64.6M $70.3M $33.7M $80.8M $31.2M
Net income $164M $150M $157M $165M $152M $206M $228M $123M $248M $83.8M
Diluted EPS $0.78 $0.71 $0.74 $0.78 $0.72 $0.97 $1.07 $0.58 $1.17 $0.40
Diluted shares 0.21B 0.21B 0.21B 0.21B 0.21B 0.21B 0.21B 0.21B 0.21B 0.21B
Cash flow
Cash from operations $357M $297M $296M $367M $455M $345M $361M $349M $413M $446M
Capital expenditure $102M $75.2M $99.4M $104M $97.9M $136M $169M $129M $132M $127M
Free cash flow $255M $222M $196M $263M $357M $209M $192M $220M $281M $319M
Depreciation and amortization $141M $147M $144M $144M $141M $137M $142M $152M $159M $167M
Stock-based compensation $18.8M $16.1M $8.1M $7.4M $12.9M $21.3M $25.8M $26.9M $29.7M $32.3M
Acquisitions $0.0M $0.0M $200M $0.0M $0.0M $0.0M $9.0M $275M $0.0M $792M
Share buybacks $126M $2.7M $2.5M $7.1M $0.8M $9.5M $34.6M $45.8M $22.7M $5.5M
Dividends paid $131M $141M $150M $160M $167M $176M $187M $195M $203M $209M
Dividends and buybacks $257M $144M $153M $167M $168M $185M $221M $241M $226M $215M
Balance sheet
Cash and short-term investments $6.4M $5.1M $25.3M $11.0M $308M $186M $165M $22.5M $5.0M $12.1M
Total debt $809M $805M $980M $867M $960M $891M $892M $1.0B $1.0B $1.8B
Finance lease liabilities $0.0M $0.0M $0.0M $27.6M $5.4M $3.5M $1.9M $0.1M $0.1M $0.2M
Current assets $477M $507M $544M $554M $838M $746M $805M $688M $656M $729M
Current liabilities $341M $394M $400M $528M $504M $520M $564M $659M $549M $976M
Inventory $111M $111M $123M $127M $125M $135M $169M $185M $172M $202M
Property and equipment, net $781M $732M $744M $718M $699M $799M $849M $963M $964M $953M
Total assets $2.8B $2.7B $2.8B $3.2B $3.3B $3.3B $3.3B $3.4B $3.4B $4.2B
Total liabilities $1.6B $1.4B $1.6B $1.9B $2.0B $1.8B $1.9B $2.1B $2.0B $2.9B
Shareholders' equity $1.2B $1.3B $1.3B $1.3B $1.4B $1.4B $1.4B $1.4B $1.4B $1.3B
Margins
Operating margin 6.8% 4.1% 5.4% 5.5% 7.3% 6.8% 6.3% 3.4% 6.8% 3.3%
EBITDA margin 10.3% 7.9% 9.0% 9.0% 10.6% 10.0% 9.3% 6.4% 9.9% 6.5%
Net margin 4.2% 3.8% 4.0% 4.0% 3.5% 4.8% 4.8% 2.4% 4.9% 1.6%
FCF margin 6.5% 5.7% 5.0% 6.4% 8.1% 4.8% 4.0% 4.3% 5.5% 6.1%
Returns
Return on capital 8.9% 7.9% 7.9% 8.0% 11.7% 10.8% 10.8% 6.0% 10.9% 4.6%
Return on capital employed 10.9% 6.9% 9.0% 8.9% 11.8% 10.6% 11.1% 6.3% 12.4% 5.7%
Return on equity 13.4% 12.2% 12.5% 13.1% 11.6% 14.8% 16.0% 8.8% 18.0% 6.2%
Return on assets 5.8% 5.5% 5.7% 5.5% 4.7% 6.3% 7.0% 3.7% 7.3% 2.2%
Growth
Revenue growth 3.9% −0.2% 0.8% 4.4% 6.4% −1.3% 11.0% 5.9% 0.3% 3.0%
Net income growth −13.4% −8.3% 4.7% 4.7% −7.4% 35.4% 10.8% −46.0% 101.0% −66.2%
EPS growth −12.4% −9.0% 4.2% 5.4% −7.7% 34.7% 10.3% −45.8% 101.7% −65.8%
FCF growth 4.1% −12.8% −11.6% 34.0% 35.4% −41.5% −8.1% 14.8% 27.4% 13.7%
Share count change −1.4% 0.0% 0.6% 0.2% 0.2% 0.3% 0.1% 0.1% −0.6% −0.0%
Financial health
Net debt / EBITDA 2.0x 2.6x 2.7x 2.4x 1.4x 1.6x 1.6x 3.2x 2.0x 5.1x
Debt / equity 0.7x 0.6x 0.8x 0.7x 0.7x 0.6x 0.6x 0.8x 0.7x 1.4x
Interest coverage 7.6x 4.4x 6.0x 5.8x 8.3x 9.4x 10.5x 4.7x 9.4x 2.3x
Current ratio 1.4x 1.3x 1.4x 1.1x 1.7x 1.4x 1.4x 1.0x 1.2x 0.8x
Quick ratio 1.1x 1.0x 1.1x 0.8x 1.4x 1.2x 1.1x 0.8x 0.9x 0.5x
Capital allocation
Capex / revenue 2.6% 1.9% 2.5% 2.5% 2.2% 3.1% 3.5% 2.5% 2.6% 2.4%
Stock comp / revenue 0.5% 0.4% 0.2% 0.2% 0.3% 0.5% 0.5% 0.5% 0.6% 0.6%
Payouts / FCF 101.0% 64.7% 77.7% 63.5% 47.1% 88.9% 115.3% 109.4% 80.5% 67.3%
Quality scores
Piotroski F-score 5.0 4.0 6.0 4.0 4.0 5.0 5.0 4.0 7.0 5.0
Altman Z'' 2.9 2.8 2.8 2.2 3.0 2.8 2.9 2.0 2.6 1.0
Accruals ratio −6.9% −5.4% −5.0% −6.7% −9.3% −4.2% −4.0% −6.7% −4.8% −9.6%

Source: SEC EDGAR XBRL filings (CIK 0001128928). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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