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International Flavors & Fragrances

IFF NYSE Specialty Chemicals Financials FY2016–FY2025

International Flavors & Fragrances' revenue fell 5.2% to $10.9 billion in fiscal 2025. Its operating margin was −3.5%, down from 6.7% a year earlier. Free cash flow was $256 million, down 57.8%. It paid out $447 million in dividends and buybacks, 175% of free cash flow.

Last close · Oct 23, 2026

$94.15

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$10.9B
5.2% vs prior year
Operating margin Operating income as a share of revenue.
−3.5%
10.2 pts
Net income Profit after all expenses, interest and tax.
−$359M
234.5%
Free cash flow Cash from operations minus capital spending.
$256M
57.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−1.4%
4.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$24.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
82.6x
On $1.14 EPS (TTM)

About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.

What International Flavors & Fragrances does

No business description yet.

Legal name
INTERNATIONAL FLAVORS & FRAGRANCES INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000051253-26-000006
0000051253

Revenue and margins

International Flavors & Fragrances had $10.9B of revenue in fiscal 2025, down 5.2% 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

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 $256M in fiscal 2025, 2.4% 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

International Flavors & Fragrances returned $447M to shareholders in fiscal 2025, 175% of free cash flow. The diluted share count rose 0.0%.

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

Value International Flavors & Fragrances 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 −$5.4B and divides by 256.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 82.6x · peers 17.6x · sector 20.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably International Flavors & Fragrances can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $711M$483M$703M$469M$590M
Debt incl. finance leases $11.1B$10.8B$10.1B$9.0B$6.0B
Net debt / EBITDA 6.0x——4.8x9.4x
Debt / equity 0.5x0.6x0.7x0.7x0.4x
Interest coverage 2.0x−4.0x−5.6x2.5x−1.7x
Current ratio 1.9x2.0x1.7x1.8x1.4x
Quick ratio 1.2x1.2x1.0x1.3x0.9x
Total assets $39.7B$35.5B$31.0B$28.7B$25.5B
Total liabilities $18.5B$17.9B$16.4B$14.9B$11.4B
Shareholders' equity $21.1B$17.7B$14.6B$13.8B$14.2B
Net debt (− = net cash) $10.4B$10.3B$9.4B$8.5B$5.4B

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

$32.5M

3 insiders

Sold, 12 months

$1.3M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 17, 2026 de Mendonca Ana Paula TelesPresident, Scent Sold 5,718 $83.19 $0.5M Form 4
Aug 7, 2026 Marc BirenkrantController & CAO Sold 1,000 $85.00 $0.1M Form 4
Aug 6, 2026 Michael DeVeauEVP, CFO Sold 8,825 $85.55 $0.8M Form 4
Jun 1, 2026 Paul J FribourgDirector Bought 273,500 $74.29 $20.3M Form 4
Mar 13, 2026 Fyrwald J ErikChief Executive Officer, Director Bought 13,360 $69.85 $0.9M Form 4
Mar 12, 2026 Fyrwald J ErikChief Executive Officer, Director Bought 900 $68.87 $0.1M Form 4
Mar 12, 2026 Paul J FribourgDirector Bought 156,200 $70.12 $11.0M Form 4
Mar 6, 2026 Paul J FribourgDirector Bought 3 $73.93 $0.0M Form 4
Feb 9, 2026 Paul J FribourgDirector Bought 146 $74.63 $0.0M Form 4
Dec 15, 2025 Paul J FribourgDirector Sold 3 $63.35 $0.0M Form 4
Dec 12, 2025 Stephen N LandsmanEVP, General Counsel Bought 3,100 $63.48 $0.2M Form 4
Dec 10, 2025 Paul J FribourgDirector Sold 25 $65.27 $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 / 98 / 96 / 9
Accruals ratio −12.2%−2.7%−4.5%
Altman Z'' 0.761.691.20

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
International Flavors & Fragrances IFF $24.2B −5.2% −3.5% 2.4% −1.4% 82.6x 6
Westlake WLK $8.3B −8.0% −14.1% −4.7% −10.0% — 3 Compare →
Celanese CE $5.3B −7.1% −8.2% 8.4% −3.7% — 5 Compare →
Eastman Chemical EMN $7.5B −6.7% — 4.8% 6.5% 16.9x 5 Compare →
RPM International RPM $12.6B 6.7% — 8.6% 13.9% 18.3x 6 Compare →

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.1B $3.4B $4.0B $5.1B $5.1B $11.7B $12.4B $11.5B $11.5B $10.9B
Gross profit $1.4B $1.5B $1.7B $2.1B $2.1B $3.7B $4.2B $3.7B $4.1B $3.9B
Research and development $259M $296M $312M $346M $357M $629M $603M $636M $671M $694M
Operating income $553M $553M $584M $665M $566M $585M −$1.3B −$2.1B $766M −$382M
Interest expense $53.0M $65.4M $133M $138M $132M $289M $336M $380M $305M $229M
Pretax income $524M $537M $448M $557M $441M $354M −$1.6B −$2.5B $308M −$412M
Income tax $119M $241M $108M $97.0M $74.0M $75.0M $239M $69.0M $41.0M −$53.0M
Net income $405M $296M $340M $460M $367M $279M −$1.9B −$2.6B $267M −$359M
Diluted EPS $5.05 $3.72 $3.79 $4.00 $3.21 $1.10 −$7.32 −$10.14 $1.04 −$1.41
Diluted shares 0.08B 0.08B 0.09B 0.11B 0.11B 0.24B 0.26B 0.26B 0.26B 0.26B
Cash flow
Cash from operations $550M $391M $438M $699M $714M $1.4B $397M $1.5B $1.1B $850M
Capital expenditure $126M $129M $170M $236M $192M $393M $504M $503M $463M $594M
Free cash flow $424M $262M $267M $463M $522M $1.0B −$107M $952M $607M $256M
Depreciation and amortization $103M $118M $174M $323M $325M $1.2B $1.2B $1.1B $1.0B $962M
Stock-based compensation $24.6M $26.6M $29.4M $34.0M $36.0M $54.0M $49.0M $65.0M $77.0M $88.0M
Acquisitions $237M $192M $4.9B $49.0M $0.0M $0.0M $110M $0.0M $0.0M $0.0M
Share buybacks $127M $58.1M $15.5M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $38.0M
Dividends paid $185M $206M $230M $314M $323M $667M $810M $826M $514M $409M
Dividends and buybacks $312M $264M $246M $314M $323M $667M $810M $826M $514M $447M
Balance sheet
Cash and short-term investments $324M $368M $635M $607M $650M $711M $483M $703M $469M $590M
Total debt $1.3B $1.6B $4.6B $4.4B $4.4B $11.1B $10.8B $10.1B $9.0B $6.0B
Finance lease liabilities $0.0M $0.0M $0.0M $4.5M $7.0M $20.0M $17.0M $25.0M $28.0M $32.0M
Current assets $1.6B $1.9B $2.9B $2.9B $3.1B $7.0B $7.4B $6.3B $8.0B $5.6B
Current liabilities $898M $769M $1.1B $1.6B $1.9B $3.6B $3.7B $3.8B $4.4B $3.9B
Inventory $592M $649M $1.1B $1.1B $1.1B $2.5B $3.2B $2.5B $2.1B $2.2B
Property and equipment, net $776M $881M $1.2B $1.4B $1.5B $4.4B $4.2B $4.2B $3.7B $4.0B
Total assets $4.0B $4.6B $12.9B $13.3B $13.6B $39.7B $35.5B $31.0B $28.7B $25.5B
Total liabilities $2.4B $2.9B $6.8B $7.1B $7.2B $18.5B $17.9B $16.4B $14.9B $11.4B
Shareholders' equity $1.6B $1.7B $6.0B $6.2B $6.3B $21.1B $17.7B $14.6B $13.8B $14.2B
Margins
Gross margin 44.8% 43.3% 42.3% 41.1% 41.0% 32.0% 33.4% 32.1% 35.9% 36.2%
Operating margin 17.7% 16.3% 14.7% 12.9% 11.1% 5.0% −10.7% −18.4% 6.7% −3.5%
EBITDA margin 21.0% 19.7% 19.1% 19.2% 17.5% 14.9% −1.2% −8.4% 15.5% 5.3%
Net margin 13.0% 8.7% 8.5% 9.0% 7.2% 2.4% −15.0% −22.5% 2.3% −3.3%
FCF margin 13.6% 7.7% 6.7% 9.0% 10.3% 9.0% −0.9% 8.3% 5.3% 2.4%
Returns
Return on capital 16.7% 10.9% 6.9% 5.5% 4.7% 2.2% −3.5% −6.4% 2.9% −1.4%
Return on capital employed 18.1% 15.9% 7.5% 5.7% 4.8% 2.5% −3.9% −7.2% 3.0% −1.7%
Return on equity 25.2% 17.9% 8.8% 7.5% 5.9% 2.0% −9.6% −16.0% 1.9% −2.6%
Return on assets 10.5% 6.9% 3.9% 3.5% 2.7% 1.1% −5.0% −7.8% 0.9% −1.3%
Growth
Revenue growth 3.1% 9.1% 17.0% 29.2% −1.1% 129.3% 6.7% −7.7% 0.0% −5.2%
Net income growth −3.4% −27.0% 14.9% 35.4% −20.2% −24.0% −768.1% — — −234.5%
EPS growth −2.1% −26.3% 1.9% 5.5% −19.8% −65.7% −765.5% — — −235.6%
FCF growth 15.7% −38.2% 2.2% 73.1% 12.7% 100.0% −110.3% — −36.2% −57.8%
Share count change −1.1% −0.8% 11.0% 28.2% 0.9% 113.2% 4.9% 0.0% 0.4% 0.0%
Financial health
Net debt / EBITDA 1.5x 1.9x 5.2x 3.8x 4.2x 6.0x — — 4.8x 9.4x
Debt / equity 0.8x 1.0x 0.8x 0.7x 0.7x 0.5x 0.6x 0.7x 0.7x 0.4x
Interest coverage 10.4x 8.5x 4.4x 4.8x 4.3x 2.0x −4.0x −5.6x 2.5x −1.7x
Current ratio 1.8x 2.5x 2.6x 1.9x 1.6x 1.9x 2.0x 1.7x 1.8x 1.4x
Quick ratio 1.1x 1.6x 1.7x 1.2x 1.0x 1.2x 1.2x 1.0x 1.3x 0.9x
Capital allocation
Capex / revenue 4.1% 3.8% 4.3% 4.6% 3.8% 3.4% 4.1% 4.4% 4.0% 5.5%
Stock comp / revenue 0.8% 0.8% 0.7% 0.7% 0.7% 0.5% 0.4% 0.6% 0.7% 0.8%
Payouts / FCF 73.7% 100.9% 91.9% 67.8% 61.9% 63.9% — 86.8% 84.7% 174.6%
Quality scores
Piotroski F-score 5.0 6.0 6.0 4.0 4.0 5.0 5.0 4.0 8.0 6.0
Altman Z'' 5.9 5.8 3.2 3.0 2.8 2.2 1.6 0.8 1.7 1.2
Accruals ratio −3.8% −2.2% −1.1% −1.8% −2.6% −4.4% −6.0% −12.2% −2.7% −4.5%

Source: SEC EDGAR XBRL filings (CIK 0000051253). Data updated October 9, 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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