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IFFInternational Flavors & Fragrances

Materials · Chemicals · NYSE

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FY2025 at a glance

Sales down 5.2%, free cash flow down to $256.0M

XBRL, from each 10-K

RevenueStatements ↓

$10.9B

from $11.5B in FY2024

FY2016FY2025

Net incomeStatements ↓

-$361.0M

from $263.0M in FY2024

FY2016FY2025

Free cash flowStatements ↓

$256.0M

from $607.0M in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$-1.41

from $1.04 in FY2024

FY2016FY2025

Operating marginStatements ↓

-3.5%

from 6.7% in FY2024

FY2016FY2025

Total debtStatements ↓

$6.0B

from $8.9B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (37, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	0.71	Sales (ttm)	10.9B	Net income (ttm)	182.0M	Sales growth	-5.2%	EPS growth	-236%	Sales Q/Q	+3.9%
Free cash flow	501.0M	Gross margin	36.6%	Oper. margin	-3.0%	Net margin	1.7%	FCF margin	4.6%	ROE	1.4%
ROA	0.7%	R&D / sales	6.4%	Dividend	1.60	Debt/Eq	0.51	Curr. ratio	1.87	Cash	272.0M
Op. cash flow (ttm)	1.1B	EBITDA	580.0M	EBITDA margin	5.3%	Net debt	6.5B	Quick ratio	1.57	Interest cover	-1.67
Stock pay / sales	0.8%	Shares out.	250.4M	Shares Y/Y	0.0%	Book / share	52.95	Cash / share	1.09	Sales / share	43.35
Asset turnover	0.44	Inventory turns	4.61	Days sales out.	43	Sales 3Y CAGR	-4.3%	Sales 5Y CAGR	+16.5%	Employees	21,500
Sales / employee	505K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Debt fell 33%$8.9B → $6.0B · Short-term + long-term debt at year end
Free cash flow fell 58%$607.0M → $256.0M · Cash from operations − capital expenditure · 10-K ↗
Revenue growth slowed to -5.2%+0.0% → -5.2% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
Operating margin narrowed to -3.5%6.7% → -3.5% · Operating income / revenue · 10-K ↗
Net income turned to a loss$263.0M → −$361.0M · Net income attributable to the company · 10-K ↗

What management wrote about it → · Every company →

IFF against Materials peers

Ten years, side by side → · All 24 →

IFFPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 24 companies, the better end on the right. Hover a dot for the company.

Sales growth

-5.2%22nd of 24 · median +4.4%

Net margin

1.7%19th of 24 · median 9.0%

Return on equity

1.4%20th of 24 · median 13.7%

Free cash flow margin

4.6%18th of 24 · median 6.9%

Debt / equity (less is better)

0.517th of 24 · median 0.76

IFF and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
IFF International Flavors & Fragrances	$10.9B	-5.2%	36.6%	1.7%	1.4%	4.6%	0.51
APD Air Products	$12.6B	-0.5%	32.1%	-0.4%	-0.3%	-2.4%	1.27
MOS Mosaic	$11.9B	+8.4%	7.4%	-9.4%	-9.9%	-6.8%	0.48
PKG Packaging Corporation of America	$9.8B	+7.2%	20.5%	7.4%	15.1%	7.0%	0.83
AVY Avery Dennison	$9.4B	+1.1%	28.8%	7.6%	29.7%	11.1%	1.51
VMC Vulcan Materials Company	$8.0B	+7.1%	27.5%	13.8%	13.1%	9.8%	0.71

Where each dollar goes

FY2021FY2024

From $11.7B of sales to $270.0M of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $11.5B of sales to $263.0M of profit

FY2024, from the 10-K income statement

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$68$22

FY2024

$64$23

Cost of revenue
R&D
Sales, admin & other
Tax & other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

0 of 4

!
Net margin below the peer median1.7% vs 9.0%
!
Gross margin down over 5 years41.0% → 36.2%
!
Return on equity below 15%1.4%
!
A profit in 7 of 10 years

Net margin, FY2016 to FY2025: 13.0% → -3.3%

Balance sheet

2 of 4

!
Interest covered less than 5 timesOperating income is -1.7× interest expense
✓
Debt smaller than equityDebt / equity 0.51 on the latest balance sheet (peer median 0.76)
✓
Current assets cover current liabilitiesCurrent ratio 1.87
!
Net debt over 3 years of free cash flow$6.5B net debt, 13.1 years

Debt / equity at each year end, FY2016 to FY2025: 0.81 → 0.42

What the debt is made of ↓

Cash and shareholders

0 of 3

!
Free cash flow positive in 9 of 10 years$256.0M last year
!
Share count up over 5 years+12.3%
!
Dividend per share not up over 5 years$3.04 → $1.60

Free cash flow, FY2016 to FY2025: 423.7M → 256.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$3.2B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 10.9B Net income -361.0M

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

IFF's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue10.9B

Net income-361.0M

Free cash flow256.0M

EPS (diluted)-1.41

Dividend per share1.60

Diluted shares256.0M

The segments changed

10-K filed 2026-02-27

Compared with the 10-K of Feb 28, 2025: new segments Food Ingredients, Taste; no longer reported: Nourish.

Effective January 1, 2025, we reorganized the Nourish segment into two new reportable segments: Taste and Food Ingredients, to align with changes in our internal management reporting structure. 10-K

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Food Ingredients	3.3B	30.1%	-2.6%
Taste	2.5B	22.8%	+2.2%
Scent	2.5B	22.8%	+1.6%
Health And Biosciences	2.3B	21.0%	+3.6%
Pharma Solutions	369.0M	3.4%	-64.8%

10-K 0000051253-26-000006, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
EMEA	3.7B	34.2%	-2.9%
North America	3.2B	29.3%	-7.1%
Asia	2.5B	23.4%	-6.8%
Latin America	1.4B	13.1%	-3.5%

10-K 0000051253-26-000006, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3.1B	3.4B	4.0B	5.1B	5.1B	11.7B	12.4B	11.5B	11.5B	10.9B
Cost of revenue	1.7B	1.9B	2.3B	3.0B	3.0B	7.9B	8.3B	7.8B	7.4B	7.0B
Gross profit	1.4B	1.5B	1.7B	2.1B	2.1B	3.7B	4.2B	3.7B	4.1B	3.9B
R&D	258.9M	295.5M	311.6M	346.0M	357.0M	629.0M	603.0M	636.0M	671.0M	694.0M
SG&A	572.5M	570.1M	707.5M	876.0M	949.0M	1.7B	1.8B	1.8B	2.0B	1.8B
Operating income	553.0M	552.6M	583.9M	665.0M	566.0M	585.0M	-1.3B	-2.1B	766.0M	-382.0M
Interest expense	53.0M	65.4M	132.6M	138.0M	132.0M	289.0M	336.0M	380.0M	305.0M	229.0M
Pretax income	523.7M	537.0M	447.8M	557.0M	441.0M	354.0M	-1.6B	-2.5B	308.0M	-412.0M
Income tax	118.7M	241.4M	108.0M	97.0M	74.0M	75.0M	239.0M	69.0M	41.0M	-53.0M
Net income	405.0M	295.7M	339.8M	456.0M	363.0M	270.0M	-1.9B	-2.6B	263.0M	-361.0M
EPS (diluted)	5.05	3.72	3.79	4.00	3.21	1.10	-7.32	-10.14	1.04	-1.41
Diluted shares	80.0M	79.4M	88.1M	113.0M	114.0M	243.0M	255.0M	255.0M	256.0M	256.0M
Depreciation & amortization	102.5M	118.0M	173.8M	323.0M	325.0M	1.2B	1.2B	1.1B	1.0B	962.0M
EBITDA	655.4M	670.6M	757.7M	988.0M	891.0M	1.7B	-147.0M	-968.0M	1.8B	580.0M
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%
Net margin	13.0%	8.7%	8.5%	8.9%	7.1%	2.3%	-15.0%	-22.6%	2.3%	-3.3%
Revenue growth	-	+9.1%	+17.0%	+29.2%	-1.1%	+129%	+6.7%	-7.7%	0.0%	-5.2%
EPS growth	-	-26.3%	+1.9%	+5.5%	-19.8%	-65.7%	-765%	-	-	-236%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	324.0M	368.0M	634.9M	607.0M	650.0M	711.0M	483.0M	703.0M	312.0M	347.0M
Receivables	550.7M	663.7M	63.5M	876.2M	929.0M	1.9B	1.8B	1.7B	1.6B	1.3B
Inventory	592.0M	649.4M	1.1B	1.1B	1.1B	2.5B	3.2B	2.5B	2.1B	1.5B
Current assets	1.6B	1.9B	2.9B	2.9B	3.1B	7.0B	7.4B	6.3B	8.0B	5.6B
Property & equipment	775.7M	880.6M	1.2B	1.4B	1.5B	4.4B	4.2B	4.2B	3.7B	2.7B
Goodwill	1.0B	1.2B	5.4B	5.5B	5.6B	16.4B	13.4B	10.6B	9.1B	8.2B
Total assets	4.0B	4.6B	12.9B	13.3B	13.6B	39.7B	35.5B	31.0B	28.7B	25.5B
Accounts payable	274.8M	338.2M	471.4M	510.4M	556.0M	1.5B	1.4B	1.4B	1.3B	933.0M
Current liabilities	898.3M	768.8M	1.1B	1.6B	1.9B	3.6B	3.7B	3.8B	4.4B	3.9B
Total debt	1.3B	1.6B	4.6B	4.4B	4.4B	11.3B	10.8B	10.0B	8.9B	6.0B
Shareholders' equity	1.6B	1.7B	6.0B	6.2B	6.3B	21.1B	17.7B	14.6B	13.8B	14.2B
Retained earnings	3.8B	3.9B	4.0B	4.1B	4.2B	3.6B	955.0M	-2.4B	-2.6B	-3.4B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	550.1M	390.8M	437.6M	699.0M	714.0M	1.4B	397.0M	1.5B	1.1B	850.0M
Capital spending	126.4M	129.0M	170.1M	236.0M	192.0M	393.0M	504.0M	503.0M	463.0M	594.0M
Free cash flow	423.7M	261.8M	267.5M	463.0M	522.0M	1.0B	-107.0M	952.0M	607.0M	256.0M
Stock-based pay (added back)	24.6M	26.6M	29.4M	34.0M	36.0M	54.0M	49.0M	65.0M	77.0M	88.0M
Dividends paid	184.9M	206.1M	230.2M	314.0M	323.0M	667.0M	810.0M	826.0M	514.0M	409.0M
Buybacks	127.4M	58.1M	15.5M	0	0	-	-	0	0	38.0M
Acquisitions	236.8M	192.3M	4.9B	49.0M	0	0	110.0M	0	0	-
Debt raised	555.6M	498.2M	3.3B	0	200.0M	3.0M	0	0	-	-
Debt repaid	125.0M	250.0M	376.6M	155.0M	347.0M	828.0M	300.0M	655.0M	1.0B	2.9B
Investing cash flow	-355.5M	-299.9M	-5.0B	-226.0M	-187.0M	-18.0M	745.0M	558.0M	326.0M	2.3B
Financing cash flow	-34.4M	-42.6M	4.9B	-505.0M	-512.0M	-1.3B	-1.2B	-1.9B	-1.6B	-3.1B
Dividend per share	2.40	2.66	2.84	2.96	3.04	3.12	3.20	3.24	1.60	1.60

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	24.6M	26.6M	29.4M	34.0M	36.0M	54.0M	49.0M	65.0M	77.0M	88.0M
Stock-based pay / revenue	0.8%	0.8%	0.7%	0.7%	0.7%	0.5%	0.4%	0.6%	0.7%	0.8%
Operating lease cost	-	-	-	52.2M	62.0M	133.0M	134.0M	137.0M	126.0M	123.0M
Operating lease cash paid	-	-	-	51.4M	52.0M	129.0M	135.0M	122.0M	122.0M	131.0M
Finance lease principal paid	-	-	-	2.2M	4.0M	6.0M	7.0M	8.0M	10.0M	12.0M
Right-of-use assets	-	-	308.3M	287.9M	299.0M	767.0M	743.0M	689.0M	589.0M	515.0M
Operating lease liabilities	-	-	313.3M	291.1M	306.0M	779.0M	758.0M	727.0M	632.0M	478.0M
Finance lease liabilities	-	-	-	4.5M	7.0M	20.0M	17.0M	25.0M	28.0M	32.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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