Tootsie Roll Industries

TR · NYSE · Consumer Staples · Financials, fiscal 2016 to 2025

TR · Last close · October 26, 2026

$34.54

Tootsie Roll Industries' revenue rose 1.3% to $732 million in fiscal 2025. Its operating margin was 13.8%, down from 13.9% a year earlier. Free cash flow was $96 million, down 20.3%. It paid out $33 million in dividends and buybacks, 34% of free cash flow. The diluted share count fell 0.7%.

TOOTSIE ROLL INDUSTRIES INC Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001104659-26-021621 Updated October 20, 2026

Revenue

$732M

1.3%

Operating margin

13.8%

0.1 pts

Net income

$100M

15.2%

Free cash flow

$96M

20.3%

Return on equity

11.1%

0.8 pts

Market cap

$2.6B

Oct 26 close

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. 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.

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 2025, net income grew 4.5% a year; the filings' structured data doesn't give diluted earnings per share.

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. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

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 Tootsie Roll Industries 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 Tootsie Roll Industries' 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.

The example scenarios need Tootsie Roll Industries' net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

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 Tootsie Roll Industries'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: $34.54
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.

The P/E method needs positive earnings, and Tootsie Roll Industries' latest diluted earnings per share were not available.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	146	149	171	195	177
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	1,459.4x	1,065.0x	302.2x	197.5x	225.8x
Current ratio	3.4x	3.4x	3.6x	3.8x	3.3x
Quick ratio	3.4x	3.4x	3.6x	3.8x	3.3x

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

No officer, director or 10% owner of Tootsie Roll Industries reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. 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	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	—	—	—
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Fail
F-score	—	—	—
Accruals ratio	−0.3%	−4.7%	−2.5%

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

Compare

Put Tootsie Roll Industries 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
Tootsie Roll Industries	FY25	1.3%	13.8%	13.2%	—	—	—
Freshpet	FY25	13.0%	6.9%	1.1%	5.9%	0.9x	8	Compare
John B. Sanfilippo & Son	FY26	6.2%	7.6%	3.0%	16.6%	0.4x	3	Compare
Simply Good Foods	FY25	9.0%	10.8%	10.9%	6.1%	0.8x	4	Compare
J&J Snack Foods	FY25	0.5%	5.3%	5.2%	7.3%	−0.7x	4	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	521	519	519	527	471	571	687	769	723	732
Revenue growth	−3.5%	−0.3%	−0.1%	1.6%	−10.6%	21.2%	20.4%	12.0%	−6.0%	1.3%
Gross profit	199	192	188	197	170	199	233	257	253	258
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	91	70	70	69	58	67	111	102	100	101
Net income	68	81	57	65	59	65	76	92	87	100
Diluted EPS (US$)	—	—	—	—	—	—	—	—	—	—
Diluted shares (millions)	66	67	68	69	70	72	73	72	73	73
Cash flow
Cash from operations	98	43	101	100	75	85	72	95	139	131
Capital expenditure	16	17	28	20	18	31	23	27	18	34
Free cash flow	82	26	73	80	57	54	49	68	121	96
Dividends paid	22	23	23	24	24	24	25	25	26	26
Share buybacks	29	34	19	34	32	30	32	33	14	6
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Balance sheet at fiscal year end
Cash and short-term investments	187	138	186	239	209	146	149	171	195	177
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	920	931	947	978	985	1,019	1,019	1,084	1,147	1,254
Total liabilities	209	197	197	218	222	250	236	261	277	313
Shareholders' equity	711	734	751	760	763	769	783	823	871	941
Margins and ratios
Gross margin	38.2%	37.0%	36.3%	37.4%	36.2%	34.9%	33.9%	33.4%	35.0%	35.3%
Operating margin	17.5%	13.6%	13.6%	13.1%	12.4%	11.8%	16.1%	13.2%	13.9%	13.8%
Net margin	13.0%	15.6%	11.0%	12.3%	12.5%	11.4%	11.1%	11.9%	12.0%	13.7%
Free cash flow margin	15.8%	5.1%	14.1%	15.2%	12.1%	9.4%	7.1%	8.8%	16.7%	13.2%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	9.6%	11.2%	7.7%	8.6%	7.8%	8.5%	9.8%	11.4%	10.2%	11.1%
Return on assets	7.4%	8.7%	6.1%	6.7%	6.0%	6.5%	7.5%	8.7%	7.8%	8.3%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

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