Marzetti

MZTI · Nasdaq · Consumer Staples · Financials, fiscal 2017 to 2026

MZTI · Last close · October 26, 2026

$109.03

Marzetti's revenue rose 1.1% to $1.9 billion in fiscal 2026. Its operating margin was 12.4%, up from 11.5% a year earlier. Free cash flow was $206 million, up 1.3%. It paid out $145 million in dividends and buybacks, 70% of free cash flow. The diluted share count fell 0.3%.

THE MARZETTI COMPANY Latest fiscal year ended June 30, 2026 10-K filed August 25, 2026 · 0000057515-26-000019 Updated October 13, 2026

Revenue

$1.9B

1.1%

Operating margin

12.4%

0.8 pts

Net income

$192M

14.5%

Free cash flow

$206M

1.3%

Return on capital

18.2%

3.3 pts

Market cap

$3.0B

Oct 26 close

P/E

15.6x

On $6.98 EPS, FY26

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. Marzetti (until 2025 Lancaster Colony) had no borrowings before fiscal 2026 (its credit line was undrawn), so debt is counted as zero in those years.

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 2017 to 2026, earnings per share grew 5.8% a year and net income 5.8% a year, with the share count about the same.

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 Marzetti 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 Marzetti's 10-K 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 Marzetti's fiscal 2026 free cash flow of $206M, net cash of −$184M at June 30, 2026 and 27 million diluted shares, from its filings. The scenarios are fitted to Marzetti: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 1.9% a year; 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 8%: 7% for a stable business (Packaged Foods & Meats), plus 1 point as a smaller company, worth $3.0B; 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.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at June 30, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Marzetti's own revenue growth, as above. Cautious: growth of 0% then 1% a year, 2% after year 10, a 9% discount rate. Base: growth of 2% then 2% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 4% then 3.5% a year, 3% after year 10, a 7% 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: $109.03
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 Marzetti's earnings per share of $6.98 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 24.6×, the middle of Marzetti's own P/E today, its peers' median and its sector's median (the Consumer Staples median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 9%, 8% and 7%. 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 in fiscal 2026, from the 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: J&J Snack Foods, Cal-Maine Foods, John B. Sanfilippo & Son.

Earnings growth in the years ahead (% a year) Starts at Marzetti's revenue growth over the last 3 years, 1.9% a year, 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: $109.03
Value at this multiple, against the last close: —
Marzetti's P/E at the last close: 15.6×

Company	Last close	Earnings per share	P/E today
Cal-Maine FoodsCALM	$62.32	$1.22	51.1×
J&J Snack FoodsJJSF	$83.02	$2.61	31.8×
MarzettiMZTI	$109.03	$6.98	15.6×
John B. Sanfilippo & SonJBSS	$67.37	$5.26	12.8×

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	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	60	88	163	162	25
Debt incl. finance leases	7	4	3	2	210
Net debt (negative means net cash)	−53	−84	−161	−160	184
Net debt to EBITDA	−0.3x	−0.4x	−0.6x	−0.6x	0.6x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.2x
Interest coverage	—	—	—	—	135.4x
Current ratio	2.1x	2.2x	2.4x	2.4x	1.6x
Quick ratio	1.2x	1.3x	1.5x	1.5x	0.7x

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, 1 insider bought $98,109 of Marzetti shares on the open market, and 1 insider sold $233,976.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 10, 2026	Luis VisoStrategic Advisor to CEO	Sold	997	$100.81	$100,508	Form 4
Jun 11, 2026	Luis VisoChief Supply Chain Officer	Sold	1,221	$109.31	$133,468	Form 4
Jun 10, 2026	Thomas K. PigottVP, CFO and Asst. Secretary	Bought	900	$109.01	$98,109	Form 4

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	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Fail
F-score	8 of 9	4 of 9	6 of 9
Accruals ratio	−8.0%	−7.6%	−6.4%

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

Compare

Put Marzetti 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
Marzetti	FY26	1.1%	12.4%	10.7%	18.2%	0.6x	6
J&J Snack Foods	FY25	0.5%	5.3%	5.2%	7.3%	−0.7x	4	Compare
Simply Good Foods	FY25	9.0%	10.8%	10.9%	6.1%	0.8x	4	Compare
Cal-Maine Foods	FY26	−31.7%	12.0%	11.3%	—	—	—	Compare
John B. Sanfilippo & Son	FY26	6.2%	7.6%	3.0%	16.6%	0.4x	3	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	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	1,202	1,223	1,308	1,334	1,467	1,676	1,822	1,872	1,909	1,930
Revenue growth	0.9%	1.8%	6.9%	2.0%	9.9%	14.3%	8.7%	2.7%	2.0%	1.1%
Gross profit	319	304	326	358	387	356	389	432	456	477
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	174	172	191	176	186	112	142	199	220	239
Net income	115	135	150	137	142	90	111	159	167	192
Diluted EPS (US$)	4.20	4.92	5.46	4.97	5.16	3.25	4.04	5.76	6.07	6.98
Diluted shares (millions)	27	28	28	28	28	28	28	28	28	27
Cash flow
Cash from operations	146	161	198	171	174	102	226	252	262	284
Capital expenditure	27	31	71	83	88	132	90	68	58	78
Free cash flow	119	130	127	88	86	−30	136	184	204	206
Dividends paid	59	64	70	76	81	87	92	98	104	109
Share buybacks	1	1	7	6	8	8	9	8	8	36
Acquisitions	35	0	55	0	0	0	0	0	79	399
Stock-based compensation	4	5	6	6	7	10	9	11	9	10
Balance sheet at fiscal year end
Cash and short-term investments	143	206	196	198	188	60	88	163	162	25
Debt incl. finance leases	0	0	0	2	9	7	4	3	2	210
Total assets	716	804	905	993	1,101	1,090	1,113	1,207	1,275	1,605
Total liabilities	140	152	178	210	258	246	251	281	276	552
Shareholders' equity	576	652	727	783	843	845	862	926	998	1,053
Margins and ratios
Gross margin	26.5%	24.8%	24.9%	26.8%	26.4%	21.2%	21.3%	23.1%	23.9%	24.7%
Operating margin	14.5%	14.0%	14.6%	13.2%	12.7%	6.7%	7.8%	10.7%	11.5%	12.4%
Net margin	9.6%	11.1%	11.5%	10.3%	9.7%	5.3%	6.1%	8.5%	8.8%	9.9%
Free cash flow margin	9.9%	10.6%	9.7%	6.6%	5.9%	−1.8%	7.5%	9.8%	10.7%	10.7%
Return on capital	27.7%	30.3%	30.1%	24.1%	22.8%	12.3%	14.0%	19.9%	21.5%	18.2%
Return on equity	21.2%	22.0%	21.8%	18.1%	17.5%	10.6%	13.0%	17.7%	17.4%	18.7%
Return on assets	17.1%	17.8%	17.6%	14.4%	13.6%	8.2%	10.1%	13.7%	13.5%	13.3%
Net debt to EBITDA	−0.7x	−1.0x	−0.9x	−0.9x	−0.8x	−0.3x	−0.4x	−0.6x	−0.6x	0.6x

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: Marzetti's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Marzetti.