Eastman Chemical vs International Flavors & Fragrances
Add, change or remove companies; up to four.
The short version
- International Flavors & Fragrances is the larger business, with $10.9B of revenue in fiscal 2025 against $8.8B for Eastman Chemical.
- International Flavors & Fragrances grew revenue faster (−5.2%, against −6.7%).
- Eastman Chemical turned more of its sales into free cash flow (4.8% FCF margin, against 2.4%).
- Eastman Chemical earned a higher return on the capital invested in it (6.5%, against −1.4%).
- Investors pay more for each dollar of International Flavors & Fragrances’s earnings: a P/E of 82.6x against 16.9x for Eastman Chemical.
| Latest fiscal year | EMN · FY25 | IFF · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.5B | $24.2B |
| Revenue | $8.8B | $10.9B |
| Free cash flow | $424M | $256M |
| Net income | $474M | −$359M |
| Growth | ||
| Revenue growth | −6.7% | −5.2% |
| 5-year growth | 0.7% | 16.5% |
| Share count change | −2.0% | 0.0% |
| Profitability | ||
| Gross margin | 21.1% | 36.2% |
| Operating margin | — | −3.5% |
| Net margin | 5.4% | −3.3% |
| FCF margin | 4.8% | 2.4% |
| Return on capital | 6.5% | −1.4% |
| Return on equity | 8.1% | −2.6% |
| Balance sheet | ||
| Net debt | $4.2B | $5.4B |
| Net debt / EBITDA | 3.3x | 9.4x |
| Dividends and buybacks | $381M | $447M |
| Valuation & quality | ||
| P/E | 16.9x | 82.6x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
EMN $9.0B
IFF $3.1B
FY17
EMN $9.5B
IFF $3.4B
FY18
EMN $10.2B
IFF $4.0B
FY19
EMN $9.3B
IFF $5.1B
FY20
EMN $8.5B
IFF $5.1B
FY21
EMN $10.5B
IFF $11.7B
FY22
EMN $10.6B
IFF $12.4B
FY23
EMN $9.2B
IFF $11.5B
FY24
EMN $9.4B
IFF $11.5B
FY25
EMN $8.8B
IFF $10.9B
EMN
IFF
Operating margin
FY16
EMN 15.4%
IFF 17.7%
FY17
EMN 16.0%
IFF 16.3%
FY18
EMN —
IFF 14.7%
FY19
EMN —
IFF 12.9%
FY20
EMN —
IFF 11.1%
FY21
EMN —
IFF 5.0%
FY22
EMN —
IFF −10.7%
FY23
EMN —
IFF −18.4%
FY24
EMN —
IFF 6.7%
FY25
EMN —
IFF −3.5%
EMN
IFF
Free cash flow
FY16
EMN $759M
IFF $424M
FY17
EMN $1.0B
IFF $262M
FY18
EMN $1.0B
IFF $267M
FY19
EMN $1.1B
IFF $463M
FY20
EMN $1.1B
IFF $522M
FY21
EMN $1.1B
IFF $1.0B
FY22
EMN $364M
IFF −$107M
FY23
EMN $546M
IFF $952M
FY24
EMN $688M
IFF $607M
FY25
EMN $424M
IFF $256M
EMN
IFF
Return on capital
FY16
EMN 10.4%
IFF 16.7%
FY17
EMN 13.4%
IFF 10.9%
FY18
EMN 10.8%
IFF 6.9%
FY19
EMN 8.2%
IFF 5.5%
FY20
EMN 5.8%
IFF 4.7%
FY21
EMN 9.3%
IFF 2.2%
FY22
EMN 9.2%
IFF −3.5%
FY23
EMN 10.9%
IFF −6.4%
FY24
EMN 10.9%
IFF 2.9%
FY25
EMN 6.5%
IFF −1.4%
EMN
IFF
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.