International Flavors & Fragrances

IFF · NYSE · Materials · Financials, fiscal 2016 to 2025

IFF · Last close · October 26, 2026

$93.69

Value International Flavors & Fragrances yourself

International Flavors & Fragrances' revenue fell 5.2% to $10.9 billion in fiscal 2025. Its operating margin was −3.5%, down from 6.7% a year earlier. Free cash flow was $256 million, down 57.8%. It paid out $447 million in dividends and buybacks, 175% of free cash flow.

INTERNATIONAL FLAVORS & FRAGRANCES INC Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0000051253-26-000006 Updated October 9, 2026

Revenue

$10.9B

5.2%

Operating margin

−3.5%

10.2 pts

Net income

−$359M

$267M a year earlier

Free cash flow

$256M

57.8%

Return on capital

−1.4%

4.3 pts

Market cap

$24.1B

Oct 26 close

P/E

82.2x

On $1.14 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2024, earnings per share fell 17.9% a year and net income 5.1% a year, as new shares raised the share count by 220% and diluted each share's earnings. International Flavors & Fragrances then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value International Flavors & Fragrances yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from International Flavors & Fragrances' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from International Flavors & Fragrances' fiscal 2025 free cash flow of $256M, net cash of −$5.4B at December 31, 2025 and 256 million diluted shares, from its filings. The scenarios are fitted to International Flavors & Fragrances: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -4.3% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Specialty Chemicals), plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means International Flavors & Fragrances' net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to International Flavors & Fragrances's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 13% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $93.69
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from International Flavors & Fragrances' earnings per share of $1.14 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 20.2×, the middle of International Flavors & Fragrances' own P/E today, its peers' median and its sector's median (the Materials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Eastman Chemical, RPM International.

Earnings growth in the years ahead (% a year) Starts at International Flavors & Fragrances' revenue growth over the last 3 years, -4.3% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $93.69
Value at this multiple, against the last close: —
International Flavors & Fragrances' P/E at the last close: 82.2×

Company	Last close	Earnings per share	P/E today
International Flavors & FragrancesIFF	$93.69	$1.14	82.2×
RPM InternationalRPM	$97.94	$5.41	18.1×
Eastman ChemicalEMN	$65.73	$3.84	17.1×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	711	483	703	469	590
Debt incl. finance leases	11,096	10,800	10,096	9,005	6,026
Net debt (negative means net cash)	10,385	10,317	9,393	8,536	5,436
Net debt to EBITDA	6.0x	—	—	4.8x	9.4x
Debt to equity	0.5x	0.6x	0.7x	0.7x	0.4x
Interest coverage	2.0x	−4.0x	−5.5x	2.5x	−1.7x
Current ratio	1.9x	2.0x	1.7x	1.8x	1.4x
Quick ratio	1.2x	1.1x	1.0x	1.3x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $32.5 million of International Flavors & Fragrances shares on the open market, and 4 insiders sold $1.3 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 17, 2026	de Mendonca Ana Paula TelesPresident, Scent	Sold	5,718	$83.19	$475,680	Form 4
Aug 7, 2026	Marc BirenkrantController & CAO	Sold	1,000	$85.00	$85,000	Form 4
Aug 6, 2026	Michael DeVeauEVP, CFO	Sold	8,825	$85.55	$754,979	Form 4
Jun 1, 2026	Paul J FribourgDirector	Bought	273,500	$74.29	$20.3 million	Form 4
Mar 13, 2026	Fyrwald J ErikChief Executive Officer, Director	Bought	13,360	$69.85	$933,196	Form 4
Mar 12, 2026	Paul J FribourgDirector	Bought	156,200	$70.12	$11.0 million	Form 4
Mar 12, 2026	Fyrwald J ErikChief Executive Officer, Director	Bought	900	$68.87	$61,983	Form 4
Mar 6, 2026	Paul J FribourgDirector	Bought	3	$73.93	$222	Form 4
Feb 9, 2026	Paul J FribourgDirector	Bought	146	$74.63	$10,896	Form 4
Dec 15, 2025	Paul J FribourgDirector	Sold	3	$63.35	$190	Form 4
Dec 12, 2025	Stephen N LandsmanEVP, General Counsel	Bought	3,100	$63.48	$196,788	Form 4
Dec 10, 2025	Paul J FribourgDirector	Sold	25	$65.27	$1,632	Form 4

The latest 12 of 14 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	4 of 9	8 of 9	6 of 9
Accruals ratio	−12.2%	−2.7%	−4.5%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put International Flavors & Fragrances side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
International Flavors & Fragrances	FY25	−5.2%	−3.5%	2.4%	−1.4%	9.4x	6
Westlake	FY25	−8.0%	−14.1%	−4.7%	−10.0%	—	3	Compare
Celanese	FY25	−7.0%	−8.2%	8.4%	−3.7%	—	5	Compare
Eastman Chemical	FY25	−6.7%	—	4.8%	6.5%	3.3x	5	Compare
RPM International	FY26	6.7%	—	8.6%	13.9%	1.9x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,116	3,399	3,978	5,140	5,084	11,656	12,440	11,479	11,484	10,890
Revenue growth	3.1%	9.1%	17.0%	29.2%	−1.1%	129.3%	6.7%	−7.7%	0.0%	−5.2%
Gross profit	1,396	1,472	1,683	2,113	2,086	3,735	4,151	3,681	4,124	3,938
Research and development	259	296	312	346	357	629	603	636	671	694
Operating income	553	553	584	665	566	585	−1,326	−2,110	766	−382
Net income	405	296	340	460	367	279	−1,864	−2,587	267	−359
Diluted EPS (US$)	5.05	3.72	3.79	4.00	3.21	1.10	−7.32	−10.14	1.04	−1.41
Diluted shares (millions)	80	79	88	113	114	243	255	255	256	256
Cash flow
Cash from operations	550	391	438	699	714	1,437	397	1,455	1,070	850
Capital expenditure	126	129	170	236	192	393	504	503	463	594
Free cash flow	424	262	267	463	522	1,044	−107	952	607	256
Dividends paid	185	206	230	314	323	667	810	826	514	409
Share buybacks	127	58	16	0	0	0	0	0	0	38
Acquisitions	237	192	4,857	49	0	0	110	0	0	0
Stock-based compensation	25	27	29	34	36	54	49	65	77	88
Balance sheet at fiscal year end
Cash and short-term investments	324	368	635	607	650	711	483	703	469	590
Debt incl. finance leases	1,325	1,639	4,553	4,387	4,420	11,096	10,800	10,096	9,005	6,026
Total assets	4,017	4,599	12,889	13,287	13,555	39,658	35,522	30,978	28,723	25,539
Total liabilities	2,386	2,910	6,846	7,058	7,233	18,541	17,875	16,398	14,854	11,353
Shareholders' equity	1,626	1,684	6,033	6,217	6,310	21,082	17,655	14,611	13,834	14,154
Margins and ratios
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%	7.2%	2.4%	−15.0%	−22.5%	2.3%	−3.3%
Free cash flow margin	13.6%	7.7%	6.7%	9.0%	10.3%	9.0%	−0.9%	8.3%	5.3%	2.4%
Return on capital	16.7%	10.9%	6.9%	5.5%	4.7%	2.2%	−3.5%	−6.4%	2.9%	−1.4%
Return on equity	25.2%	17.9%	8.8%	7.5%	5.9%	2.0%	−9.6%	−16.0%	1.9%	−2.6%
Return on assets	10.5%	6.9%	3.9%	3.5%	2.7%	1.1%	−5.0%	−7.8%	0.9%	−1.3%
Net debt to EBITDA	1.5x	1.9x	5.2x	3.8x	4.2x	6.0x	—	—	4.8x	9.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: International Flavors & Fragrances' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with International Flavors & Fragrances.