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Marzetti

MZTI Nasdaq Packaged Foods & Meats Financials FY2017–FY2026

Marzetti's revenue rose 1.1% to $1.9 billion in fiscal 2026. Its operating margin was 12.4%, up from 11.5% a year earlier. Free cash flow was $206 million, up 1.3%. It paid out $145 million in dividends and buybacks, 70% of free cash flow. The diluted share count fell 0.3%.

Last close · Oct 23, 2026

$109.13

2.8%
Value it Compare
Revenue Total sales reported in the income statement.
$1.9B
1.1% vs prior year
Operating margin Operating income as a share of revenue.
12.4%
0.8 pts
Net income Profit after all expenses, interest and tax.
$192M
14.5%
Free cash flow Cash from operations minus capital spending.
$206M
1.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
18.2%
3.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.6x

About these figures. Marzetti (until 2025 Lancaster Colony) had no borrowings before fiscal 2026 (its credit line was undrawn), so debt is counted as zero in those years.

What Marzetti does

No business description yet.

Legal name
THE MARZETTI COMPANY
Fiscal year ends
June 30, 2026
Latest annual report
—
Accession · CIK
0000057515-26-000019
0000057515

Revenue and margins

Marzetti had $1.9B of revenue in fiscal 2026, up 1.1% 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 2017 to 2026, diluted EPS grew 5.8% 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 $206M in fiscal 2026, 10.7% 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

Marzetti returned $145M to shareholders in fiscal 2026, 70% of free cash flow. The diluted share count fell 0.3%.

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

Value Marzetti 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 −$185M and divides by 27.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 15.6x · peers 32.1x · sector 24.7x.

Balance sheet

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

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $60.3M$88.5M$163M$162M$25.1M
Debt incl. finance leases $6.9M$4.2M$2.8M$1.6M$210M
Net debt / EBITDA −0.3x−0.4x−0.6x−0.6x0.6x
Debt / equity 0.0x0.0x0.0x0.0x0.2x
Interest coverage ————135.4x
Current ratio 2.1x2.2x2.4x2.4x1.6x
Quick ratio 1.3x1.3x1.5x1.5x0.7x
Total assets $1.1B$1.1B$1.2B$1.3B$1.6B
Total liabilities $246M$251M$281M$276M$552M
Shareholders' equity $845M$862M$926M$999M$1.1B
Net debt (− = net cash) −$53.4M−$84.3M−$161M−$160M$185M

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

$0.1M

1 insider

Sold, 12 months

$0.2M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 10, 2026 Luis VisoStrategic Advisor to CEO Sold 997 $100.81 $0.1M Form 4
Jun 11, 2026 Luis VisoChief Supply Chain Officer Sold 1,221 $109.31 $0.1M Form 4
Jun 10, 2026 Thomas K. PigottVP, CFO and Asst. Secretary Bought 900 $109.01 $0.1M Form 4

Piotroski F-score

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

TestFY24FY25FY26
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 8 / 94 / 96 / 9
Accruals ratio −8.0%−7.6%−6.4%
Altman Z'' 10.2110.457.01

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
Marzetti MZTI $3.0B 1.1% 12.4% 10.7% 18.2% 15.6x 6
J&J Snack Foods JJSF $1.6B 0.5% 5.3% 5.2% 7.3% 32.1x 4 Compare →
Simply Good Foods SMPL $936M 9.0% 10.8% 10.9% 6.1% — 4 Compare →
Cal-Maine Foods CALM $2.9B −31.7% 12.0% 11.3% — 51.3x — Compare →
John B. Sanfilippo & Son JBSS $791M 6.2% 7.6% 3.0% 16.6% 12.8x 3 Compare →

10 years of figures

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

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $1.2B $1.2B $1.3B $1.3B $1.5B $1.7B $1.8B $1.9B $1.9B $1.9B
Gross profit $319M $304M $326M $358M $387M $356M $389M $432M $456M $477M
Operating income $174M $172M $191M $176M $186M $112M $142M $199M $220M $239M
Interest expense $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $1.8M
Pretax income $176M $174M $196M $179M $186M $112M $143M $206M $214M $242M
Income tax $60.2M $38.9M $45.0M $42.1M $43.4M $22.8M $32.0M $46.9M $46.1M $50.4M
Net income $115M $135M $151M $137M $142M $89.6M $111M $159M $167M $192M
Diluted EPS $4.20 $4.92 $5.46 $4.97 $5.16 $3.25 $4.04 $5.76 $6.07 $6.98
Diluted shares 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B
Cash flow
Cash from operations $146M $161M $198M $171M $174M $102M $226M $252M $262M $284M
Capital expenditure $27.0M $31.0M $70.9M $82.6M $87.9M $132M $90.2M $67.6M $58.0M $77.7M
Free cash flow $119M $130M $127M $88.1M $86.3M −$30.2M $136M $184M $204M $206M
Depreciation and amortization $24.9M $26.9M $31.8M $38.0M $44.5M $45.9M $51.2M $55.9M $62.2M $71.4M
Stock-based compensation $4.2M $5.0M $6.0M $6.1M $7.1M $9.6M $9.1M $11.4M $9.0M $10.2M
Acquisitions $35.2M $0.3M $55.4M $0.0M $0.0M $0.0M $0.0M $0.0M $78.8M $399M
Share buybacks $0.9M $1.1M $7.4M $5.5M $8.5M $7.6M $9.2M $7.6M $8.0M $36.3M
Dividends paid $59.0M $64.5M $70.1M $75.6M $81.2M $86.8M $92.4M $97.9M $104M $109M
Dividends and buybacks $59.9M $65.6M $77.5M $81.1M $89.8M $94.3M $102M $106M $111M $145M
Balance sheet
Cash and short-term investments $143M $206M $196M $198M $188M $60.3M $88.5M $163M $162M $25.1M
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $199M
Finance lease liabilities $0.0M $0.0M $0.0M $2.2M $9.2M $6.9M $4.2M $2.8M $1.6M $10.4M
Current assets $301M $379M $369M $386M $424M $352M $375M $444M $444M $361M
Current liabilities $76.6M $93.8M $120M $126M $174M $166M $169M $184M $186M $232M
Inventory $76.4M $90.9M $86.1M $85.0M $122M $145M $158M $173M $169M $205M
Property and equipment, net $181M $191M $247M $293M $365M $451M $482M $478M $535M $552M
Total assets $716M $805M $905M $993M $1.1B $1.1B $1.1B $1.2B $1.3B $1.6B
Total liabilities $140M $152M $179M $210M $258M $246M $251M $281M $276M $552M
Shareholders' equity $576M $652M $727M $783M $843M $845M $862M $926M $999M $1.1B
Margins
Gross margin 26.5% 24.8% 24.9% 26.8% 26.4% 21.2% 21.3% 23.1% 23.9% 24.7%
Operating margin 14.5% 14.0% 14.6% 13.2% 12.7% 6.7% 7.8% 10.7% 11.5% 12.4%
EBITDA margin 16.6% 16.2% 17.0% 16.0% 15.7% 9.4% 10.6% 13.6% 14.8% 16.1%
Net margin 9.6% 11.1% 11.5% 10.3% 9.7% 5.3% 6.1% 8.5% 8.8% 9.9%
FCF margin 9.9% 10.6% 9.7% 6.6% 5.9% −1.8% 7.5% 9.8% 10.7% 10.7%
Returns
Return on capital 27.7% 30.3% 30.1% 24.1% 22.8% 12.3% 14.0% 19.9% 21.5% 18.2%
Return on capital employed 29.0% 25.4% 25.5% 21.3% 20.7% 12.1% 15.1% 20.3% 20.9% 19.4%
Return on equity 21.2% 22.0% 21.8% 18.1% 17.5% 10.6% 13.0% 17.7% 17.4% 18.7%
Return on assets 17.1% 17.8% 17.6% 14.4% 13.6% 8.2% 10.1% 13.7% 13.5% 13.3%
Growth
Revenue growth 0.9% 1.8% 6.9% 2.0% 9.9% 14.3% 8.7% 2.7% 2.0% 1.1%
Net income growth −5.3% 17.3% 11.3% −9.0% 3.9% −37.1% 24.2% 42.5% 5.5% 14.5%
EPS growth −5.4% 17.1% 11.0% −9.0% 3.8% −37.0% 24.3% 42.6% 5.4% 15.0%
FCF growth −7.6% 8.6% −2.3% −30.5% −2.1% −134.9% — 35.6% 10.6% 1.3%
Share count change 0.2% 0.1% 0.3% −0.2% 0.1% −0.2% 0.0% −0.1% 0.1% −0.3%
Financial health
Net debt / EBITDA −0.7x −1.0x −0.9x −0.9x −0.8x −0.3x −0.4x −0.6x −0.6x 0.6x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.2x
Interest coverage — — — — — — — — — 135.4x
Current ratio 3.9x 4.0x 3.1x 3.1x 2.4x 2.1x 2.2x 2.4x 2.4x 1.6x
Quick ratio 2.9x 3.1x 2.4x 2.4x 1.7x 1.3x 1.3x 1.5x 1.5x 0.7x
Capital allocation
Capex / revenue 2.3% 2.5% 5.4% 6.2% 6.0% 7.9% 5.0% 3.6% 3.0% 4.0%
Stock comp / revenue 0.4% 0.4% 0.5% 0.5% 0.5% 0.6% 0.5% 0.6% 0.5% 0.5%
Payouts / FCF 50.1% 50.6% 61.2% 92.0% 104.0% — 74.8% 57.4% 54.8% 70.4%
Quality scores
Piotroski F-score 7.0 5.0 4.0 5.0 4.0 5.0 7.0 8.0 4.0 6.0
Altman Z'' 13.5 13.4 12.4 11.5 10.4 9.9 10.1 10.2 10.5 7.0
Accruals ratio −4.6% −3.3% −5.5% −3.6% −3.0% −1.1% −10.4% −8.0% −7.6% −6.4%

Source: SEC EDGAR XBRL filings (CIK 0000057515). Data updated October 13, 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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