Flowers Foods, Inc. (FLO) 10-Year Financial Performance & Capital Metrics

FLO • • Industrial / General

Consumer DefensivePackaged FoodsSnack Foods & BakeryBakery & Baked Goods

AboutFlowers Foods, Inc. produces and markets packaged bakery products in the United States. It offers fresh breads, buns, rolls, snack cakes, and tortillas, as well as frozen breads and rolls under the Nature's Own, Dave's Killer Bread, Wonder, Canyon Bakehouse, Mrs. Freshley's, and Tastykake brand names. The company distributes its products through a direct-store-delivery distribution and a warehouse delivery system, as well as operates 46 bakeries comprising 44 owned and two leased. Its customers include mass merchandisers, supermarkets and other retailers, convenience stores, national and regional restaurants, quick-serve chains, retail in-store bakeries, foodservice distributors, food wholesalers, institutions, dollar stores, and vending companies. The company was formerly known as Flowers Industries and changed its name to Flowers Foods, Inc. in 2001. Flowers Foods, Inc. was founded in 1919 and is headquartered in Thomasville, Georgia.Show more

Revenue $5.1B +0.2%
EBITDA $508M +56.4%
Net Income $248M +101.0%
EPS (Diluted) 1.17 +101.7%
Gross Margin 49.5% +2.5%
EBITDA Margin 9.94% +56.0%
Operating Margin 6.82% +101.0%
Net Margin 4.86% +100.5%
ROE 17.97% +103.5%
ROIC 9.6% +90.6%
Debt/Equity 0.96 -3.6%
Interest Coverage 9.38 +98.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓18 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

✗Weak momentum: RS Rating 14 (bottom 14%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.13%

5Y4.35%

3Y5.63%

TTM0.26%

Profit (Net Income) CAGR

10Y3.51%

5Y8.56%

3Y6.36%

TTM-19.38%

EPS CAGR

10Y3.62%

5Y8.45%

3Y6.45%

TTM-19.3%

ROCE

10Y Avg10.09%

5Y Avg10.42%

3Y Avg9.91%

Latest12.4%

Peer Comparison

Bakery & Baked Goods

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FLOFlowers Foods, Inc.	2.34B	11.10	9.49	0.25%	3.78%	13.66%	11.97%	0.96

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	3.78B	3.93B	3.92B	3.95B	4.12B	4.39B	4.33B	4.81B	5.09B	5.1B
Revenue Growth %	0.01%	0.04%	-0%	0.01%	0.04%	0.06%	-0.01%	0.11%	0.06%	0%
Cost of Goods Sold+	1.96B	2.03B	2.01B	2.07B	2.16B	2.2B	2.18B	2.5B	2.63B	2.58B
COGS % of Revenue	0.52%	0.52%	0.51%	0.52%	0.52%	0.5%	0.5%	0.52%	0.52%	0.5%
Gross Profit+	1.82B	1.9B	1.91B	1.89B	1.97B	2.19B	2.16B	2.3B	2.46B	2.53B
Gross Margin %	0.48%	0.48%	0.49%	0.48%	0.48%	0.5%	0.5%	0.48%	0.48%	0.5%
Gross Profit Growth %	0.01%	0.05%	0.01%	-0.01%	0.04%	0.11%	-0.02%	0.07%	0.07%	0.03%
Operating Expenses+	1.52B	1.64B	1.75B	1.67B	1.74B	1.87B	1.86B	2B	2.29B	2.18B
OpEx % of Revenue	0.4%	0.42%	0.45%	0.42%	0.42%	0.43%	0.43%	0.42%	0.45%	0.43%
Selling, General & Admin	1.38B	1.47B	1.51B	1.51B	1.58B	1.69B	1.72B	1.85B	2.12B	2B
SG&A % of Revenue	0.37%	0.37%	0.39%	0.38%	0.38%	0.39%	0.4%	0.39%	0.42%	0.39%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	135.95M	165.75M	240.24M	165.42M	167.72M	176.97M	140.8M	150.02M	166.11M	176.92M
Operating Income+	297.88M	264.9M	161M	212.34M	225.43M	321.49M	294.92M	303.21M	172.87M	348.29M
Operating Margin %	0.08%	0.07%	0.04%	0.05%	0.05%	0.07%	0.07%	0.06%	0.03%	0.07%
Operating Income Growth %	0.08%	-0.11%	-0.39%	0.32%	0.06%	0.43%	-0.08%	0.03%	-0.43%	1.01%
EBITDA+	430.05M	405.77M	307.72M	356.47M	369.66M	462.87M	431.48M	445.17M	324.58M	507.5M
EBITDA Margin %	0.11%	0.1%	0.08%	0.09%	0.09%	0.11%	0.1%	0.09%	0.06%	0.1%
EBITDA Growth %	0.06%	-0.06%	-0.24%	0.16%	0.04%	0.25%	-0.07%	0.03%	-0.27%	0.56%
D&A (Non-Cash Add-back)	132.18M	140.87M	146.72M	144.12M	144.23M	141.38M	136.56M	141.96M	151.71M	159.21M
EBIT	319.85M	284.44M	185.85M	232.85M	250.93M	239.36M	302.31M	327.63M	193.72M	366.07M
Net Interest Income+	-4.85M	-14.35M	-13.62M	-7.93M	-11.1M	-12.09M	-8M	-5.28M	-16.03M	-19.62M
Interest Income	21.97M	20.55M	22.94M	27.75M	27.75M	26.7M	23.53M	23.64M	20.58M	17.51M
Interest Expense	26.82M	34.91M	36.56M	35.69M	38.85M	38.79M	31.53M	28.92M	36.61M	37.13M
Other Income/Expense	-4.85M	-15.36M	-11.71M	-15.18M	-13.35M	-120.78M	-24.15M	-4.5M	-15.76M	-19.35M
Pretax Income+	293.03M	249.54M	149.29M	197.16M	212.08M	200.71M	270.77M	298.71M	157.11M	328.94M
Pretax Margin %	0.08%	0.06%	0.04%	0.05%	0.05%	0.05%	0.06%	0.06%	0.03%	0.06%
Income Tax+	103.84M	85.76M	-827K	40M	47.55M	48.39M	64.58M	70.32M	33.69M	80.83M
Effective Tax Rate %	0.65%	0.66%	1.01%	0.8%	0.78%	0.76%	0.76%	0.76%	0.79%	0.75%
Net Income+	189.19M	163.78M	150.12M	157.16M	164.54M	152.32M	206.19M	228.39M	123.42M	248.12M
Net Margin %	0.05%	0.04%	0.04%	0.04%	0.04%	0.03%	0.05%	0.05%	0.02%	0.05%
Net Income Growth %	0.08%	-0.13%	-0.08%	0.05%	0.05%	-0.07%	0.35%	0.11%	-0.46%	1.01%
Net Income (Continuing)	189.19M	163.78M	150.12M	157.16M	164.54M	152.32M	206.19M	228.39M	123.42M	248.12M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.89	0.78	0.71	0.74	0.78	0.72	0.97	1.07	0.58	1.17
EPS Growth %	0.09%	-0.12%	-0.09%	0.04%	0.05%	-0.08%	0.35%	0.1%	-0.46%	1.02%
EPS (Basic)	0.89	0.79	0.71	0.75	0.78	0.72	0.98	1.08	0.59	1.18
Diluted Shares Outstanding	213.36M	210.35M	210.44M	211.63M	211.97M	212.34M	213.03M	213.23M	213.36M	212.14M
Basic Shares Outstanding	212.27M	209.97M	209.57M	211.63M	211.51M	211.78M	211.39M	211.13M	210.42M	210.6M
Dividend Payout Ratio	0.64%	0.8%	0.94%	0.96%	0.97%	1.1%	0.85%	0.82%	1.58%	0.82%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	500.31M	476.84M	507.19M	543.72M	553.92M	838.2M	746.12M	804.94M	687.71M	656.36M
Cash & Short-Term Investments	14.38M	6.41M	5.13M	25.31M	11.04M	307.48M	185.87M	165.13M	22.53M	5M
Cash Only	14.38M	6.41M	5.13M	25.31M	11.04M	307.48M	185.87M	165.13M	22.53M	5M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	279.5M	272.83M	290.18M	291.4M	299.53M	302.21M	318.2M	349.48M	345.61M	347.52M
Days Sales Outstanding	27	25.36	27.01	26.91	26.51	25.14	26.82	26.54	24.78	24.85
Inventory	168.47M	170.39M	172.38M	187.7M	194.51M	193.34M	203.46M	242.31M	270.88M	262.69M
Days Inventory Outstanding	31.32	30.68	31.31	33.15	32.93	32.13	34.14	35.35	37.56	37.2
Other Current Assets	22.01M	6.31M	17.35M	17.03M	33.45M	27.04M	26.02M	33.8M	33.65M	26.81M
Total Non-Current Assets+	2.34B	2.28B	2.15B	2.3B	2.62B	2.48B	2.51B	2.51B	2.74B	2.74B
Property, Plant & Equipment	804.97M	781.03M	732.03M	743.85M	1.12B	1.03B	1.09B	1.12B	1.24B	1.28B
Fixed Asset Turnover	4.69x	5.03x	5.36x	5.31x	3.69x	4.25x	3.97x	4.27x	4.11x	3.98x
Goodwill	464.93M	465.58M	464.78M	545.38M	545.24M	545.24M	545.24M	545.24M	677.8M	679.9M
Intangible Assets	875.47M	835.96M	742.44M	794.93M	750.21M	714.92M	695.43M	664.38M	657.74M	626.37M
Long-Term Investments	3.64M	3.49M	3.43M	3.13M	3.5M	3.24M	3.15M	11.51M	7.92M	3.8M
Other Non-Current Assets	194.75M	198.17M	209.85M	214.53M	207.79M	187.89M	172.16M	162.38M	155.93M	150.91M
Total Assets+	2.84B	2.76B	2.66B	2.85B	3.18B	3.32B	3.25B	3.31B	3.43B	3.4B
Asset Turnover	1.33x	1.42x	1.47x	1.39x	1.30x	1.32x	1.33x	1.45x	1.49x	1.50x
Asset Growth %	0.18%	-0.03%	-0.04%	0.07%	0.12%	0.05%	-0.02%	0.02%	0.03%	-0.01%
Total Current Liabilities+	403.74M	340.62M	393.95M	400.34M	528.14M	504.11M	519.92M	564.42M	659.15M	548.6M
Accounts Payable	171.92M	173.1M	181.39M	242.08M	233.01M	225.92M	268.5M	343.38M	318.6M	260.71M
Days Payables Outstanding	31.96	31.17	32.95	42.75	39.45	37.55	45.05	50.09	44.18	36.92
Short-Term Debt	92.68M	31.39M	17.79M	15.55M	17.5M	16.9M	17.16M	17.96M	18.18M	14.46M
Deferred Revenue (Current)	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	88.44M	64.97M	117.78M	59.93M	125.76M	133.32M	123.2M	105.39M	116.35M	141.31M
Current Ratio	1.24x	1.40x	1.29x	1.36x	1.05x	1.66x	1.44x	1.43x	1.04x	1.20x
Quick Ratio	0.82x	0.90x	0.85x	0.89x	0.68x	1.28x	1.04x	1.00x	0.63x	0.72x
Cash Conversion Cycle	26.36	24.87	25.38	17.31	19.99	19.72	15.9	11.8	18.16	25.14
Total Non-Current Liabilities+	1.2B	1.21B	1.02B	1.19B	1.39B	1.45B	1.32B	1.31B	1.42B	1.44B
Long-Term Debt	930.02M	946.67M	820.14M	974.59M	862.78M	960.1M	890.61M	891.84M	1.05B	1.02B
Capital Lease Obligations	0	0	0	16.05M	343.52M	293.85M	252.55M	237.09M	236.9M	254.47M
Deferred Tax Liabilities	146.46M	145.85M	82.98M	102.66M	121.39M	143.25M	133.76M	134.83M	91.25M	124.23M
Other Non-Current Liabilities	120.75M	117.84M	111.98M	63.47M	33.67M	29.56M	29.53M	30.28M	32.51M	35.94M
Total Liabilities	1.6B	1.55B	1.41B	1.59B	1.91B	1.95B	1.84B	1.87B	2.08B	1.99B
Total Debt+	1.02B	978.06M	837.93M	1.01B	1.28B	1.32B	1.21B	1.19B	1.35B	1.36B
Net Debt	1.01B	971.65M	832.81M	986.78M	1.27B	1.02B	1.02B	1.03B	1.33B	1.35B
Debt / Equity	0.82x	0.81x	0.67x	0.80x	1.02x	0.96x	0.86x	0.83x	1.00x	0.96x
Debt / EBITDA	2.38x	2.41x	2.72x	2.84x	3.48x	2.86x	2.80x	2.68x	4.16x	2.68x
Net Debt / EBITDA	2.34x	2.39x	2.71x	2.77x	3.45x	2.19x	2.37x	2.31x	4.09x	2.67x
Interest Coverage	11.11x	7.59x	4.40x	5.95x	5.80x	8.29x	9.35x	10.48x	4.72x	9.38x
Total Equity+	1.24B	1.21B	1.25B	1.26B	1.26B	1.37B	1.41B	1.44B	1.35B	1.41B
Equity Growth %	0.11%	-0.03%	0.03%	0.01%	0%	0.09%	0.03%	0.02%	-0.06%	0.04%
Book Value per Share	5.83	5.75	5.94	5.95	5.96	6.47	6.62	6.77	6.34	6.65
Total Shareholders' Equity	1.24B	1.21B	1.25B	1.26B	1.26B	1.37B	1.41B	1.44B	1.35B	1.41B
Common Stock	199K	199K	199K	199K	199K	199K	199K	199K	199K	199K
Retained Earnings	877.82M	910.52M	919.66M	945.41M	947.05M	932.09M	962.38M	1B	932.47M	977.55M
Treasury Stock	-174.63M	-261.81M	-235.49M	-231.65M	-226.29M	-225.41M	-232.3M	-252.61M	-281.32M	-286.01M
Accumulated OCI	-96.8M	-83.28M	-84.56M	-109.17M	-106.02M	6.42M	2.59M	1.47M	621K	6.83M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	327.26M	356.56M	297.39M	295.89M	366.95M	454.46M	344.61M	360.89M	349.35M	412.66M
Operating CF Margin %	0.09%	0.09%	0.08%	0.07%	0.09%	0.1%	0.08%	0.08%	0.07%	0.08%
Operating CF Growth %	0.04%	0.09%	-0.17%	-0.01%	0.24%	0.24%	-0.24%	0.05%	-0.03%	0.18%
Net Income	189.19M	163.78M	150.12M	157.16M	164.54M	152.32M	206.19M	228.39M	123.42M	248.12M
Depreciation & Amortization	132.18M	140.87M	146.72M	144.12M	144.23M	141.38M	136.56M	141.96M	151.71M	159.21M
Stock-Based Compensation	15.69M	18.76M	16.09M	8.15M	7.43M	12.86M	21.34M	25.82M	26.95M	29.74M
Deferred Taxes	18.29M	-14.46M	-61.31M	21.66M	18.61M	-31.15M	6.78M	1.45M	-43.34M	30.95M
Other Non-Cash Items	-3.09M	42.67M	40M	24.23M	31.04M	142.55M	7.75M	13.27M	24.5M	26.09M
Working Capital Changes	-25M	4.94M	5.76M	-59.43M	1.11M	36.52M	-34.01M	-49.99M	66.12M	-81.44M
Change in Receivables	-16.87M	-7.89M	0	-8.28M	0	-25.02M	-10.6M	0	5.01M	-4.51M
Change in Inventory	-9.72M	-1.53M	0	-8.42M	0	-1.77M	-9.77M	0	-15.16M	8.23M
Change in Payables	14.56M	-519K	10.84M	60.86M	-14.15M	-5.77M	38.08M	82.13M	-26.59M	-59.64M
Cash from Investing+	-469.81M	-70.05M	-35.4M	-301.81M	-97.09M	-73.99M	-191.44M	-151.09M	-403.81M	-172.67M
Capital Expenditures	-90.77M	-101.73M	-75.23M	-99.42M	-103.69M	-97.93M	-200.65M	-169.07M	-129.08M	-132.09M
CapEx % of Revenue	0.02%	0.03%	0.02%	0.03%	0.03%	0.02%	0.05%	0.04%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	11.18M	25.01M	39.84M	-2.21M	6.59M	23.94M	9.21M	26.98M	2M	-40.58M
Cash from Financing+	141M	-287.82M	-263.27M	26.09M	-284.12M	-84.04M	-274.78M	-222.17M	-88.15M	-257.52M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-120.44M	-131.07M	-140.98M	-150.21M	-159.99M	-167.27M	-175.9M	-186.5M	-195.22M	-203.03M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	18.97M	23.25M	18.58M	691K	-110K	-4.91M	-6.02M	-282K	-533K	-190K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	239.9M	254.84M	222.16M	196.47M	263.27M	356.54M	133.76M	191.82M	220.28M	280.58M
FCF Margin %	0.06%	0.06%	0.06%	0.05%	0.06%	0.08%	0.03%	0.04%	0.04%	0.05%
FCF Growth %	0.04%	0.06%	-0.13%	-0.12%	0.34%	0.35%	-0.62%	0.43%	0.15%	0.27%
FCF per Share	1.12	1.21	1.06	0.93	1.24	1.68	0.63	0.90	1.03	1.32
FCF Conversion (FCF/Net Income)	1.73x	2.18x	1.98x	1.88x	2.23x	2.98x	1.67x	1.58x	2.83x	1.66x
Interest Paid	24.11M	26.9M	34.2M	32.75M	36.43M	35.92M	52.62M	27.59M	34.59M	35.95M
Taxes Paid	80.06M	84.11M	72M	13.7M	39.12M	68.76M	69.4M	53.04M	99.12M	46.38M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	15.99%	13.35%	12.2%	12.53%	13.05%	11.55%	14.81%	16%	8.83%	17.97%
Return on Invested Capital (ROIC)	10.78%	8.96%	5.66%	7.36%	7.07%	9.79%	9.17%	9.27%	5.03%	9.6%
Gross Margin	48.04%	48.39%	48.75%	47.7%	47.73%	49.95%	49.77%	47.94%	48.3%	49.5%
Net Margin	5.01%	4.17%	3.83%	3.98%	3.99%	3.47%	4.76%	4.75%	2.42%	4.86%
Debt / Equity	0.82x	0.81x	0.67x	0.80x	1.02x	0.96x	0.86x	0.83x	1.00x	0.96x
Interest Coverage	11.11x	7.59x	4.40x	5.95x	5.80x	8.29x	9.35x	10.48x	4.72x	9.38x
FCF Conversion	1.73x	2.18x	1.98x	1.88x	2.23x	2.98x	1.67x	1.58x	2.83x	1.66x
Revenue Growth	0.79%	3.93%	-0.16%	0.79%	4.36%	6.4%	-1.3%	10.97%	5.93%	0.25%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Branded Retail	-	-	-	-	2.48B	2.91B	2.88B	3.14B	3.26B	3.26B
Branded Retail Growth	-	-	-	-	-	17.34%	-1.26%	9.17%	3.95%	-0.04%
Other	-	-	-	-	-	-	-	1.67B	1.83B	1.84B
Other Growth	-	-	-	-	-	-	-	-	9.66%	0.76%
Non Retail And Other	-	-	-	-	997.05M	866.01M	920.55M	-	-	-
Non Retail And Other Growth	-	-	-	-	-	-13.14%	6.30%	-	-	-
Store Branded Retail	-	-	-	-	645.09M	609.89M	534.79M	-	-	-
Store Branded Retail Growth	-	-	-	-	-	-5.46%	-12.31%	-	-	-
Direct Store Delivery	3.18B	3.28B	3.32B	3.34B	-	-	-	-	-	-
Direct Store Delivery Growth	-	3.30%	1.05%	0.65%	-	-	-	-	-	-
Warehouse Delivery	599.16M	642.71M	602.17M	611.8M	-	-	-	-	-	-
Warehouse Delivery Growth	-	7.27%	-6.31%	1.60%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Flowers Foods, Inc. (FLO) has a price-to-earnings (P/E) ratio of 9.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Flowers Foods, Inc. (FLO) reported $5.13B in revenue for fiscal year 2024. This represents a 85% increase from $2.77B in 2011.

Flowers Foods, Inc. (FLO) grew revenue by 0.2% over the past year. Growth has been modest.

Yes, Flowers Foods, Inc. (FLO) is profitable, generating $194.0M in net income for fiscal year 2024 (4.9% net margin).

Dividend & Returns

Yes, Flowers Foods, Inc. (FLO) pays a dividend with a yield of 8.62%. This makes it attractive for income-focused investors.

Flowers Foods, Inc. (FLO) has a return on equity (ROE) of 18.0%. This is reasonable for most industries.

Flowers Foods, Inc. (FLO) generated $325.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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