International Flavors & Fragrances vs Westlake
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The short version
- Westlake is the larger business, with $11.2B of revenue in fiscal 2025 against $10.9B for International Flavors & Fragrances.
- International Flavors & Fragrances grew revenue faster (−5.2%, against −8.0%).
- International Flavors & Fragrances kept more of each dollar of sales as operating profit (−3.5% operating margin, against −14.1%).
- International Flavors & Fragrances turned more of its sales into free cash flow (2.4% FCF margin, against −4.7%).
- International Flavors & Fragrances earned a higher return on the capital invested in it (−1.4%, against −10.0%).
| Latest fiscal year | IFF · FY25 | WLK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $24.2B | $8.3B |
| Revenue | $10.9B | $11.2B |
| Free cash flow | $256M | −$530M |
| Net income | −$359M | −$1.5B |
| Growth | ||
| Revenue growth | −5.2% | −8.0% |
| 5-year growth | 16.5% | 8.3% |
| Share count change | 0.0% | −0.7% |
| Profitability | ||
| Gross margin | 36.2% | 7.3% |
| Operating margin | −3.5% | −14.1% |
| Net margin | −3.3% | −13.5% |
| FCF margin | 2.4% | −4.7% |
| Return on capital | −1.4% | −10.0% |
| Return on equity | −2.6% | −15.6% |
| Balance sheet | ||
| Net debt | $5.4B | $2.9B |
| Net debt / EBITDA | 9.4x | — |
| Dividends and buybacks | $447M | $335M |
| Valuation & quality | ||
| P/E | 82.6x | — |
| Piotroski F-score | 6 | 3 |
FY16
IFF $3.1B
WLK $5.1B
FY17
IFF $3.4B
WLK $8.0B
FY18
IFF $4.0B
WLK $8.6B
FY19
IFF $5.1B
WLK $8.1B
FY20
IFF $5.1B
WLK $7.5B
FY21
IFF $11.7B
WLK $11.8B
FY22
IFF $12.4B
WLK $15.8B
FY23
IFF $11.5B
WLK $12.5B
FY24
IFF $11.5B
WLK $12.1B
FY25
IFF $10.9B
WLK $11.2B
IFF
WLK
FY16
IFF 17.7%
WLK 11.5%
FY17
IFF 16.3%
WLK 15.2%
FY18
IFF 14.7%
WLK 16.3%
FY19
IFF 12.9%
WLK 8.1%
FY20
IFF 11.1%
WLK 5.7%
FY21
IFF 5.0%
WLK 23.8%
FY22
IFF −10.7%
WLK 19.3%
FY23
IFF −18.4%
WLK 5.8%
FY24
IFF 6.7%
WLK 7.2%
FY25
IFF −3.5%
WLK −14.1%
IFF
WLK
FY16
IFF $424M
WLK $238M
FY17
IFF $262M
WLK $951M
FY18
IFF $267M
WLK $707M
FY19
IFF $463M
WLK $514M
FY20
IFF $522M
WLK $772M
FY21
IFF $1.0B
WLK $1.7B
FY22
IFF −$107M
WLK $2.3B
FY23
IFF $952M
WLK $1.3B
FY24
IFF $607M
WLK $306M
FY25
IFF $256M
WLK −$530M
IFF
WLK
FY16
IFF 16.7%
WLK 8.4%
FY17
IFF 10.9%
WLK 16.4%
FY18
IFF 6.9%
WLK 13.9%
FY19
IFF 5.5%
WLK 6.2%
FY20
IFF 4.7%
WLK 4.8%
FY21
IFF 2.2%
WLK 21.0%
FY22
IFF −3.5%
WLK 19.1%
FY23
IFF −6.4%
WLK 4.3%
FY24
IFF 2.9%
WLK 4.8%
FY25
IFF −1.4%
WLK −10.0%
IFF
WLK
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.