Eastman Chemical vs International Flavors & Fragrances
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KIRA’s take AI analyst
I put Eastman Chemical and International Flavors & Fragrances side by side, using each one’s latest annual report. Here is what stands out:
- 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 82.2x against 17.1x for Eastman Chemical.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Eastman Chemical
EMN
6/10
Net marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
International Flavors & Fragrances
IFF
4/10
Revenue growth5-year growthGross marginPiotroski F-score
Side by side
Best in the row
| Latest fiscal year | EMN FY25 | IFF FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.6B | $24.1B |
| 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 | 17.1x | 82.2x |
| Piotroski F-score | 5 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.