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International Flavors & Fragrances Inc. (IFF) 10-Year Financial Performance & Capital Metrics

IFF • • Industrial / General
Basic MaterialsSpecialty ChemicalsAgricultural & Food ChemicalsFood Ingredients & Nutrition
AboutInternational Flavors & Fragrances Inc., together with its subsidiaries, manufactures and sells cosmetic active and natural health ingredients for use in various consumer products in Europe, Africa, the Middle East, Greater Asia, North America, and Latin America. It operates through Nourish, Scent, Health & Biosciences, and Pharma Solutions segments. The Nourish segment offers natural and plant-based specialty food ingredients, such as flavor compounds, and savory solutions and inclusions. It also provides natural food protection ingredients consist of natural antioxidants and anti-microbials as well as beverages, sweets , and dairy products. The Scent segment provides fragrance compounds, which include fine fragrances comprising perfumes and colognes, as well as consumer fragrances; fragrance ingredients comprising synthetic and natural ingredients that could be combined with other materials to create fragrance and consumer compounds; and cosmetic active ingredients consisting of active and functional ingredients, botanicals, and delivery systems to support its customers' cosmetic and personal care product lines. The Health & Biosciences segment develops and produces enzymes, food cultures, probiotics, and specialty ingredients. The Pharma Solutions segment produces and sells cellulosics and seaweed-based pharma excipients. The company sells its products primarily to manufacturers of perfumes and cosmetics, hair and other personal care products, soaps and detergents, cleaning products, dairy, meat and other processed foods, beverages, snacks and savory foods, sweet and baked goods, dietary supplements, infant and elderly nutrition, functional food, and pharmaceutical excipients and oral care products. International Flavors & Fragrances Inc. was founded in 1833 and is headquartered in New York, New York.Show more
  • Revenue $11.48B
  • EBITDA $1.78B +284.0%
  • Net Income $243M +109.5%
  • EPS (Diluted) 0.95 +109.4%
  • Gross Margin 35.91% +12.0%
  • EBITDA Margin 15.51% +283.9%
  • Operating Margin 6.67% +136.3%
  • Net Margin 2.12% +109.5%
  • ROE 1.7% +110.7%
  • ROIC 2.4% +140.8%
  • Debt/Equity 0.69 -6.4%
  • Interest Coverage 2.51 +145.2%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 8/9
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 17.4%
  • ✓Healthy dividend yield of 2.8%
  • ✓Trading at only 1.3x book value

✗Weaknesses

  • ✗Profits declining 11.8% over 5 years
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.03%
5Y17.44%
3Y-0.49%
TTM-3.01%

Profit (Net Income) CAGR

10Y-5.2%
5Y-11.75%
3Y-3.21%
TTM82.23%

EPS CAGR

10Y-15.4%
5Y-24.99%
3Y-4.77%
TTM82.24%

ROCE

10Y Avg6.62%
5Y Avg-0.16%
3Y Avg-2.7%
Latest2.97%

Peer Comparison

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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
IFFInternational Flavors & Fragrances Inc.18.14B70.8374.560.04%-3.72%-2.89%3.32%0.69
BCPCBalchem Corporation5.38B166.0142.243.39%14.72%11.5%2.72%0.18
SXTSensient Technologies Corporation4.13B97.3033.106.92%8.72%11.79%2.37%0.60

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+3.02B3.12B3.4B3.98B5.14B5.08B11.66B12.44B11.48B11.48B
Revenue Growth %-0.02%0.03%0.09%0.17%0.29%-0.01%1.29%0.07%-0.08%0%
Cost of Goods Sold+1.67B1.72B1.93B2.29B3.03B3B7.92B8.29B7.8B7.36B
COGS % of Revenue0.55%0.55%0.57%0.58%0.59%0.59%0.68%0.67%0.68%0.64%
Gross Profit+1.35B1.4B1.47B1.68B2.11B2.09B3.73B4.15B3.68B4.12B
Gross Margin %0.45%0.45%0.43%0.42%0.41%0.41%0.32%0.33%0.32%0.36%
Gross Profit Growth %-0.01%0.03%0.06%0.14%0.26%-0.01%0.79%0.11%-0.11%0.12%
Operating Expenses+763.25M842.61M919.83M1.1B1.45B1.52B3.15B5.48B5.79B3.36B
OpEx % of Revenue0.25%0.27%0.27%0.28%0.28%0.3%0.27%0.44%0.5%0.29%
Selling, General & Admin494.52M572.52M570.14M707.46M876M949M1.75B1.77B1.79B2B
SG&A % of Revenue0.16%0.18%0.17%0.18%0.17%0.19%0.15%0.14%0.16%0.17%
Research & Development246.1M258.86M295.47M311.58M346M357M629M603M636M671M
R&D % of Revenue0.08%0.08%0.09%0.08%0.07%0.07%0.05%0.05%0.06%0.06%
Other Operating Expenses22.63M11.23M54.22M79.78M226M214M772M3.11B3.37B692M
Operating Income+588.35M552.96M552.63M583.88M665M566M585M-1.33B-2.11B766M
Operating Margin %0.19%0.18%0.16%0.15%0.13%0.11%0.05%-0.11%-0.18%0.07%
Operating Income Growth %-0.01%-0.06%-0%0.06%0.14%-0.15%0.03%-3.27%-0.59%1.36%
EBITDA+677.94M655.42M670.6M757.67M988M891M1.74B-147M-968M1.78B
EBITDA Margin %0.22%0.21%0.2%0.19%0.19%0.18%0.15%-0.01%-0.08%0.16%
EBITDA Growth %-0.01%-0.03%0.02%0.13%0.3%-0.1%0.95%-1.08%-5.59%2.84%
D&A (Non-Cash Add-back)89.6M102.47M117.97M173.79M323M325M1.16B1.18B1.14B1.01B
EBIT585.16M576.71M602.41M580.32M695M573M643M-1.29B-2.14B583M
Net Interest Income+-46.06M-52.99M-65.36M-132.56M-138M-132M-289M-336M-380M-305M
Interest Income0000000000
Interest Expense46.06M52.99M65.36M132.56M138M132M289M336M380M305M
Other Income/Expense-49.25M-29.24M-15.59M-136.13M-108M-125M-231M-299M-408M-488M
Pretax Income+539.1M523.72M537.04M447.76M557M441M354M-1.63B-2.52B278M
Pretax Margin %0.18%0.17%0.16%0.11%0.11%0.09%0.03%-0.13%-0.22%0.02%
Income Tax+119.85M118.69M241.38M107.98M97M74M75M239M45M31M
Effective Tax Rate %0.78%0.77%0.55%0.75%0.82%0.83%0.76%1.15%1.02%0.87%
Net Income+419.25M405.03M295.67M334.45M454M365M268M-1.87B-2.56B243M
Net Margin %0.14%0.13%0.09%0.08%0.09%0.07%0.02%-0.15%-0.22%0.02%
Net Income Growth %0.01%-0.03%-0.27%0.13%0.36%-0.2%-0.27%-7.97%-0.37%1.09%
Net Income (Continuing)419.25M405.03M295.67M339.78M460M367M279M-1.86B-2.56B247M
Discontinued Operations0000000000
Minority Interest4.67M4.89M5.09M92.23M111.29M109.43M140M89M31M35M
EPS (Diluted)+5.165.053.723.834.003.201.10-7.20-10.060.95
EPS Growth %0.02%-0.02%-0.26%0.03%0.04%-0.2%-0.66%-7.55%-0.4%1.09%
EPS (Basic)5.195.073.733.854.043.251.10-7.20-10.060.95
Diluted Shares Outstanding80.89M79.98M79.37M88.12M113.31M113.63M243M255M255M256M
Basic Shares Outstanding80.45M79.65M79.07M87.55M111.97M112.16M243M255M255M256M
Dividend Payout Ratio0.38%0.46%0.7%0.69%0.69%0.88%2.49%--2.12%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+1.44B1.61B1.9B2.94B2.94B3.06B6.99B7.43B6.29B7.99B
Cash & Short-Term Investments181.99M323.99M368.05M634.9M606.82M650M711M483M703M469M
Cash Only181.99M323.99M368.05M634.9M606.82M650M711M483M703M469M
Short-Term Investments0000000000
Accounts Receivable683.07M693M879.05M1.21B1.02B1.12B2.21B2.16B2.09B1.97B
Days Sales Outstanding82.4781.1794.4111.4872.7280.5569.3663.3566.4962.58
Inventory572.05M592.02M649.45M1.08B1.12B1.13B2.52B3.3B2.64B2.26B
Days Inventory Outstanding124.91125.57123.06171.54135.42137.82115.94145.27123.48111.88
Other Current Assets-145.18M-142.35M-215.39M-263.41M77.88M56M1.26B1.35B677M3.1B
Total Non-Current Assets+2.26B2.41B2.7B9.95B10.34B10.49B32.67B28.09B24.68B20.67B
Property, Plant & Equipment732.79M775.72M880.58M1.24B1.68B1.77B5.16B4.97B4.96B4.34B
Fixed Asset Turnover4.13x4.02x3.86x3.20x3.06x2.88x2.26x2.50x2.32x2.65x
Goodwill941.39M1B1.16B5.38B5.5B5.59B16.41B13.37B10.63B9.08B
Intangible Assets306M365.78M415.79M3.04B2.85B2.73B10.51B9.08B8.36B6.45B
Long-Term Investments00031.47M05M86M10M11M10M
Other Non-Current Assets118.39M127.71M149.95M168.2M190.2M208M427M490M449M560M
Total Assets+3.7B4.02B4.6B12.89B13.29B13.56B39.66B35.52B30.98B28.67B
Asset Turnover0.82x0.78x0.74x0.31x0.39x0.38x0.29x0.35x0.37x0.40x
Asset Growth %0.06%0.09%0.14%1.8%0.03%0.02%1.93%-0.1%-0.13%-0.07%
Total Current Liabilities+725.16M898.3M768.77M1.13B1.55B1.9B3.63B3.73B3.76B4.33B
Accounts Payable285.5M274.81M338.19M471.38M510.37M556M1.53B1.42B1.38B1.28B
Days Payables Outstanding62.3458.2964.0874.9761.5467.6970.5962.4464.563.63
Short-Term Debt132.35M258.52M6.97M48.64M384.96M634M632M597M885M1.41B
Deferred Revenue (Current)0000000000
Other Current Liabilities175.03M129.31M176.94M241.4M266.3M115M226M313M156M485M
Current Ratio1.98x1.79x2.47x2.61x1.90x1.61x1.92x1.99x1.67x1.84x
Quick Ratio1.19x1.13x1.62x1.65x1.17x1.01x1.23x1.11x0.97x1.32x
Cash Conversion Cycle145.04148.45153.38208.05146.6150.68114.7146.18125.46110.83
Total Non-Current Liabilities+1.38B1.49B2.14B5.64B5.41B5.23B14.8B14.05B12.58B10.42B
Long-Term Debt935.37M1.07B1.63B4.5B4B3.78B10.77B10.37B9.19B7.56B
Capital Lease Obligations00000265M670M672M642M534M
Deferred Tax Liabilities0051.1M655.88M641.46M593M2.52B2.28B1.94B1.59B
Other Non-Current Liabilities403.23M380.88M420.23M444.24M767.74M594M847M722M813M733M
Total Liabilities2.11B2.39B2.91B6.76B6.96B7.14B18.44B17.78B16.34B14.76B
Total Debt+1.07B1.33B1.64B4.55B4.68B4.73B12.2B11.74B10.82B9.62B
Net Debt885.73M1B1.27B3.9B4.05B4.07B11.48B11.25B10.11B9.15B
Debt / Equity0.67x0.81x0.97x0.74x0.74x0.74x0.57x0.66x0.74x0.69x
Debt / EBITDA1.57x2.02x2.44x6.01x4.73x5.30x7.01x--5.40x
Net Debt / EBITDA1.31x1.53x1.90x5.15x4.10x4.57x6.60x--5.14x
Interest Coverage12.77x10.44x8.45x4.40x4.82x4.29x2.02x-3.95x-5.55x2.51x
Total Equity+1.59B1.63B1.69B6.13B6.33B6.42B21.22B17.74B14.64B13.91B
Equity Growth %0.05%0.02%0.04%2.63%0.03%0.01%2.31%-0.16%-0.17%-0.05%
Book Value per Share19.7220.3921.2869.5155.8556.5087.3369.5857.4254.34
Total Shareholders' Equity1.59B1.63B1.68B6.03B6.22B6.31B21.08B17.66B14.61B13.88B
Common Stock14.47M14.47M14.47M16.07M16.07M16.07M35M35M35M35M
Retained Earnings3.6B3.82B3.87B3.96B4.12B4.16B3.64B955M-2.44B-2.6B
Treasury Stock-1.56B-1.68B-1.73B-1.03B-1.02B-1.02B-997M-978M-963M-944M
Accumulated OCI-613.44M-680.1M-637.48M-702.23M-716.89M-697.54M-1.42B-2.2B-1.9B-2.53B
Minority Interest4.67M4.89M5.09M92.23M111.29M109.43M140M89M31M35M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+467.31M550.14M390.76M437.57M699M714M1.44B397M1.44B1.07B
Operating CF Margin %0.15%0.18%0.11%0.11%0.14%0.14%0.12%0.03%0.13%0.09%
Operating CF Growth %-0.1%0.18%-0.29%0.12%0.6%0.02%1.01%-0.72%2.62%-0.26%
Net Income411.67M405.03M295.67M339.78M460.27M367.37M279M-1.84B-2.56B247M
Depreciation & Amortization89.6M102.47M117.97M173.79M323.33M325.36M1.16B1.18B1.14B1.01B
Stock-Based Compensation23.16M24.59M26.57M29.4M34.48M36M54M49M65M77M
Deferred Taxes13.04M14.35M58.89M19.4M-59.28M-67.72M-236M-294M-369M-304M
Other Non-Cash Items-68.52M-57.18M-107.7M2.93M-21.35M-20.44M337M2.37B2.68B150M
Working Capital Changes-35.37M46.15M-633K-128.6M-38.49M73.73M-153M-1.07B485M-115M
Change in Receivables-91.71M-21.54M-68.85M-49.96M-9.47M-60.98M-169M-117M51M-217M
Change in Inventory-37.63M15.45M-18.91M-117.64M-62.13M17.92M-363M-893M605M-34M
Change in Payables94.52M-7.64M29.11M55.14M55.46M27.92M419M-57M-39M40M
Cash from Investing+-577.16M-355.46M-299.93M-5.01B-225.87M-187M-18M745M574M326M
Capital Expenditures-101.03M-126.41M-128.97M-173.42M-242.05M-191.79M-397M-506M-503M-463M
CapEx % of Revenue0.03%0.04%0.04%0.04%0.05%0.04%0.03%0.04%0.04%0.04%
Acquisitions----------
Investments----------
Other Investing5.17M7.15M19.94M13.34M50.07M18.93M18M8M27M789M
Cash from Financing+-165.03M-34.43M-42.56M4.87B-505M-512M-1.3B-1.23B-1.85B-1.61B
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-158.87M-184.9M-206.12M-230.22M-314M-323M-667M-810M-826M-514M
Share Repurchases----------
Other Financing-22.01M-21.57M-22.12M2.24B-35M-42M-31M-75M-84M-46M
Net Change in Cash----------
Free Cash Flow+366.29M423.73M261.78M264.15M457M522M1.04B-109M936M602M
FCF Margin %0.12%0.14%0.08%0.07%0.09%0.1%0.09%-0.01%0.08%0.05%
FCF Growth %-0.02%0.16%-0.38%0.01%0.73%0.14%0.99%-1.1%9.59%-0.36%
FCF per Share4.535.303.303.004.034.594.28-0.433.672.35
FCF Conversion (FCF/Net Income)1.11x1.36x1.32x1.31x1.54x1.96x5.36x-0.21x-0.56x4.40x
Interest Paid46.76M50.58M55.44M117.58M134M128M310M310M370M308M
Taxes Paid102.73M107.9M107.39M116.14M126M133M289M329M578M370M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)26.89%25.11%17.81%8.56%7.29%5.73%1.94%-9.59%-15.84%1.7%
Return on Invested Capital (ROIC)19.76%16.22%14.82%6.74%4.88%4.06%2.03%-3.22%-5.89%2.4%
Gross Margin44.71%44.78%43.32%42.31%41.11%41.03%32.04%33.37%32.07%35.91%
Net Margin13.87%13%8.7%8.41%8.83%7.18%2.3%-15.02%-22.35%2.12%
Debt / Equity0.67x0.81x0.97x0.74x0.74x0.74x0.57x0.66x0.74x0.69x
Interest Coverage12.77x10.44x8.45x4.40x4.82x4.29x2.02x-3.95x-5.55x2.51x
FCF Conversion1.11x1.36x1.32x1.31x1.54x1.96x5.36x-0.21x-0.56x4.40x
Revenue Growth-2.12%3.08%9.06%17.03%29.23%-1.09%129.27%6.73%-7.73%0.04%

Revenue by Segment

2015201620172018201920202021202220232024
Nourish------6.26B6.83B6.06B5.87B
Nourish Growth-------9.02%-11.26%-3.12%
Scent------2.25B2.3B2.39B2.44B
Scent Growth-------2.09%4.00%1.96%
Health & Biosciences------2.33B2.34B2.08B2.11B
Health & Biosciences Growth-------0.43%-11.03%1.49%
Pharma Solutions------809M971M945M961M
Pharma Solutions Growth-------20.02%-2.68%1.69%
Flavors1.44B1.5B1.63B1.99B2.85B3.11B----
Flavors Growth-3.71%9.06%21.98%43.17%9.10%----
Fragrances1.58B1.62B1.77B1.5B1.54B1.97B----
Fragrances Growth-2.51%9.06%-15.29%3.16%27.89%----

Revenue by Geography

2015201620172018201920202021202220232024
EMEA945.67M964.93M1.07B1.4B2.08B1.99B4.09B4.22B3.83B3.84B
EMEA Growth-2.04%10.43%31.04%49.09%-4.53%105.95%3.08%-9.13%0.16%
North America718.61M769.08M901.82M1.01B1.17B1.23B3.5B3.85B3.48B3.44B
North America Growth-7.02%17.26%12.01%15.88%4.93%184.88%10.12%-9.76%-1.06%
Asia839.12M880.04M903.55M991.01M1.16B1.16B2.73B2.88B2.68B2.73B
Asia Growth-4.88%2.67%9.68%17.35%-0.11%134.84%5.43%-6.92%2.02%
Latin America519.78M502.3M527.76M580.08M724.84M706.94M1.34B1.49B1.49B1.47B
Latin America Growth--3.36%5.07%9.91%24.95%-2.47%88.98%11.68%-0.07%-1.21%

Frequently Asked Questions

Valuation & Price

International Flavors & Fragrances Inc. (IFF) has a price-to-earnings (P/E) ratio of 74.6x. This suggests investors expect higher future growth.

Growth & Financials

International Flavors & Fragrances Inc. (IFF) reported $11.07B in revenue for fiscal year 2024. This represents a 297% increase from $2.79B in 2011.

International Flavors & Fragrances Inc. (IFF) grew revenue by 0.0% over the past year. Growth has been modest.

International Flavors & Fragrances Inc. (IFF) reported a net loss of $412.0M for fiscal year 2024.

Dividend & Returns

Yes, International Flavors & Fragrances Inc. (IFF) pays a dividend with a yield of 2.83%. This makes it attractive for income-focused investors.

International Flavors & Fragrances Inc. (IFF) has a return on equity (ROE) of 1.7%. This is below average, suggesting room for improvement.

International Flavors & Fragrances Inc. (IFF) generated $332.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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