Revenue growth remains inconsistent, fluctuating between a 5.8% increase in 2026Q1 and a 1.0% decline in 2026Q3, while gross margins remain sensitive to input costs, contracting to 23.6% in the most recent quarter.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 1.94B | 1.91B | 1.87B | 1.82B | 1.68B | 1.47B | 1.33B | 1.31B | 1.22B | 1.2B | 1.19B | 1.1B | 1.04B | 1.17B | 1.13B | 1.09B | 1.06B | 1.05B | 980.91M | 1.09B | 1.18B | 1.13B | 1.1B | 1.11B | 1.13B | 1.1B | 1.1B | 1.05B | 1.01B | 922.8M | 855.9M |
| Revenue Growth % | 2.85% | 2% | 2.7% | 8.72% | 14.27% | 9.94% | 2.03% | 6.94% | 1.75% | 0.9% | 7.84% | 6.09% | -10.71% | 3.05% | 3.8% | 3.16% | 0.49% | 7.19% | -10.1% | -7.16% | 3.87% | 3.15% | -0.89% | -2.03% | 2.84% | -0.52% | 5.6% | 3.66% | 9.32% | 7.82% | 7.65% |
| Cost of Goods Sold | 1.47B | 1.45B | 1.44B | 1.43B | 1.32B | 1.08B | 976.35M | 981.59M | 919.42M | 883.06M | 891.48M | 846.82M | 792.51M | 769.1M | 765.51M | 847.52M | 786.28M | 836M | 823.57M | 897.6M | 868.12M | 912M | 873.27M | 862.94M | 876.12M | 836.93M | 817.2M | 768.04M | 651.8M | 605.1M | 567.6M |
| COGS % of Revenue | - | 76.13% | 76.9% | 78.68% | 78.78% | 73.64% | 73.17% | 75.06% | 75.18% | 73.48% | 74.84% | 76.67% | 76.12% | 65.97% | 67.66% | 77.76% | 74.42% | 79.51% | 83.96% | 82.26% | 73.87% | 80.6% | 79.61% | 77.97% | 77.55% | 76.19% | 74% | 73.45% | 64.61% | 65.57% | 66.32% |
| Gross Profit | 469.39M | 455.65M | 432.3M | 388.57M | 355.72M | 386.72M | 358.04M | 326.2M | 303.51M | 318.78M | 299.63M | 257.69M | 248.57M | 244.71M | 223.43M | 242.43M | 270.33M | 215.49M | 157.34M | 193.56M | 205.46M | 219.46M | 223.69M | 243.86M | 253.56M | 261.53M | 279.1M | 272.28M | 357M | 317.7M | 288.3M |
| Gross Margin % | 24.19% | 23.87% | 23.1% | 21.32% | 21.22% | 26.36% | 26.83% | 24.94% | 24.82% | 26.52% | 25.16% | 23.33% | 23.88% | 20.99% | 19.75% | 22.24% | 25.58% | 20.49% | 16.04% | 17.74% | 17.48% | 19.4% | 20.39% | 22.03% | 22.45% | 23.81% | 25.27% | 26.04% | 35.39% | 34.43% | 33.68% |
| Gross Profit Growth % | - | 5.4% | 11.26% | 9.23% | -8.02% | 8.01% | 9.76% | 7.48% | -4.79% | 6.39% | 16.27% | 3.67% | 1.58% | 9.52% | -7.84% | -10.32% | 25.45% | 36.96% | -18.71% | -5.79% | -6.38% | -1.89% | -8.27% | -3.83% | -3.05% | -6.29% | 2.51% | -23.73% | 12.37% | 10.2% | 6.54% |
| Operating Expenses | 246.64M | 235.33M | 232.94M | 247.06M | 243.81M | 200.87M | 182.09M | 149.81M | 129.91M | 143.27M | 115.06M | 102.83M | 94.8M | 90.78M | 82.25M | 95.42M | 93.82M | 84.24M | 80.75M | 90.98M | 90.05M | 99.42M | 97.89M | 99.03M | 119.2M | 113.86M | 117.15M | 116.59M | 201.1M | 173.4M | 162.6M |
| OpEx % of Revenue | - | 12.33% | 12.44% | 13.56% | 14.54% | 13.69% | 13.65% | 11.46% | 10.62% | 11.92% | 9.66% | 9.31% | 9.11% | 7.79% | 7.27% | 8.76% | 8.88% | 8.01% | 8.23% | 8.34% | 7.66% | 8.79% | 8.92% | 8.95% | 10.55% | 10.37% | 10.61% | 11.15% | 19.93% | 18.79% | 19% |
| Selling, General & Admin | 242.34M | 230.23M | 218.06M | 222.09M | 212.1M | 205.36M | 180.94M | 149.81M | 129.91M | 143.27M | 115.06M | 102.83M | 94.8M | 90.78M | 82.25M | 95.42M | 93.82M | 84.24M | 80.75M | 90.98M | 90.05M | 99.42M | 97.89M | 99.03M | 119.2M | 113.86M | 117.15M | 116.59M | 168.5M | 146.4M | 138.2M |
| SG&A % of Revenue | - | 12.06% | 11.65% | 12.19% | 12.65% | 14% | 13.56% | 11.46% | 10.62% | 11.92% | 9.66% | 9.31% | 9.11% | 7.79% | 7.27% | 8.76% | 8.88% | 8.01% | 8.23% | 8.34% | 7.66% | 8.79% | 8.92% | 8.95% | 10.55% | 10.37% | 10.61% | 11.15% | 16.7% | 15.86% | 16.15% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 200K | 5.1M | 14.87M | 24.97M | 31.71M | -4.49M | 1.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32.6M | 27M | 24.4M |
| Operating Income | 222.75M | 220.32M | 199.36M | 141.51M | 111.91M | 185.85M | 175.95M | 190.92M | 171.55M | 174.35M | 184.57M | 154.86M | 153.77M | 153.92M | 141.18M | 147M | 174.2M | 129.65M | 75.34M | 100.45M | 115.41M | 117.91M | 124.74M | 139.94M | 134.37M | 147.67M | 161.95M | 155.69M | 155.9M | 144.3M | 125.7M |
| Operating Margin % | 11.48% | 11.54% | 10.65% | 7.76% | 6.68% | 12.67% | 13.19% | 14.6% | 14.03% | 14.51% | 15.5% | 14.02% | 14.77% | 13.2% | 12.48% | 13.49% | 16.49% | 12.33% | 7.68% | 9.21% | 9.82% | 10.42% | 11.37% | 12.64% | 11.89% | 13.44% | 14.67% | 14.89% | 15.45% | 15.64% | 14.69% |
| Operating Income Growth % | - | 10.51% | 40.88% | 26.45% | -39.78% | 5.63% | -7.84% | 11.29% | -1.61% | -5.54% | 19.18% | 0.71% | -0.1% | 9.02% | -3.96% | -15.61% | 34.36% | 72.09% | -25% | -12.96% | -2.12% | -5.48% | -10.86% | 4.15% | -9.01% | -8.81% | 4.02% | -0.14% | 8.04% | 14.8% | 7.9% |
| EBITDA | 291.65M | 282.49M | 255.26M | 192.72M | 157.79M | 230.36M | 213.91M | 222.77M | 198.44M | 199.26M | 208.72M | 175.97M | 174.17M | 174.04M | 161.45M | 165.94M | 194.73M | 151.52M | 99.47M | 129.22M | 145.06M | 151.18M | 156.01M | 171.61M | 169.66M | 183.2M | 196.29M | 191.29M | 188.5M | 171.3M | 150.1M |
| EBITDA Margin % | 15.03% | 14.8% | 13.64% | 10.57% | 9.41% | 15.7% | 16.03% | 17.03% | 16.23% | 16.58% | 17.52% | 15.93% | 16.73% | 14.93% | 14.27% | 15.22% | 18.43% | 14.41% | 10.14% | 11.84% | 12.34% | 13.36% | 14.22% | 15.51% | 15.02% | 16.68% | 17.78% | 18.29% | 18.69% | 18.56% | 17.54% |
| EBITDA Growth % | 3.37% | 10.67% | 32.45% | 22.13% | -31.5% | 7.69% | -3.98% | 12.26% | -0.41% | -4.53% | 18.61% | 1.03% | 0.08% | 7.8% | -2.71% | -14.78% | 28.52% | 52.32% | -23.02% | -10.92% | -4.04% | -3.1% | -9.09% | 1.15% | -7.39% | -6.67% | 2.61% | 1.48% | 10.04% | 14.12% | 7.83% |
| D&A (Non-Cash Add-back) | 68.9M | 62.17M | 55.9M | 51.21M | 45.88M | 44.51M | 37.96M | 31.85M | 26.9M | 24.91M | 24.15M | 21.11M | 20.41M | 20.11M | 20.27M | 18.94M | 20.53M | 21.87M | 24.14M | 28.77M | 29.66M | 33.26M | 31.27M | 31.67M | 35.29M | 35.53M | 34.34M | 35.6M | 32.6M | 27M | 24.4M |
| EBIT | 227.34M | 225.42M | 214.24M | 166.48M | 143.62M | 181.36M | 177.09M | 176.39M | 173.6M | 175.51M | 184.57M | 154.86M | 153.77M | 153.92M | 141.18M | 147M | 175.14M | 138.22M | 76.59M | 102.58M | 115.41M | 120.04M | 125.8M | 144.83M | 134.37M | 147.67M | 161.95M | 155.69M | 155.9M | 144.3M | 125.7M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -309K | -488K | -105K | 34K | 114K | 0 | -1.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34K | 114K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 309K | 488K | 105K | 0 | 0 | 0 | 1.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 3.21M | -6.85M | 6.15M | 1.79M | 477K | -107K | 3.13M | 4.62M | 2.65M | 1.16M | 63K | -309K | -488K | -105K | 34K | 14.5M | 939K | 7.36M | 331K | 1.55M | 15.27M | 30.11M | 3.72M | 40.86M | 14.97M | -1.79M | -1.76M | -2.23M | -600K | -1.8M | -2.5M |
| Pretax Income | 225.96M | 213.46M | 205.51M | 143.3M | 112.39M | 185.75M | 179.08M | 195.54M | 174.2M | 175.52M | 184.63M | 154.55M | 153.28M | 153.82M | 141.22M | 161.51M | 175.14M | 137.01M | 75.67M | 102M | 130.67M | 148.02M | 128.46M | 180.8M | 149.34M | 145.88M | 160.19M | 153.46M | 155.3M | 142.5M | 123.2M |
| Pretax Margin % | 11.65% | 11.18% | 10.98% | 7.86% | 6.7% | 12.66% | 13.42% | 14.95% | 14.24% | 14.6% | 15.5% | 13.99% | 14.72% | 13.19% | 12.48% | 14.82% | 16.58% | 13.03% | 7.71% | 9.35% | 11.12% | 13.08% | 11.71% | 16.34% | 13.22% | 13.28% | 14.51% | 14.68% | 15.39% | 15.44% | 14.39% |
| Income Tax | 50.11M | 46.12M | 46.9M | 32.01M | 22.8M | 43.41M | 42.09M | 44.99M | 38.89M | 60.2M | 62.87M | 52.87M | 52.29M | 49.96M | 48.87M | 55.14M | 60.17M | 47.92M | 27.23M | 37.32M | 46.25M | 54.93M | 48.46M | 68.25M | 57.4M | 55.65M | 60.92M | 58.33M | 59.2M | 53.8M | 47.1M |
| Effective Tax Rate % | 22.18% | 21.6% | 22.82% | 22.34% | 20.29% | 23.37% | 23.51% | 23.01% | 22.32% | 34.3% | 34.05% | 34.21% | 34.12% | 32.48% | 34.6% | 34.14% | 34.36% | 34.98% | 35.98% | 36.59% | 35.4% | 37.11% | 37.72% | 37.75% | 38.44% | 38.15% | 38.03% | 38.01% | 38.12% | 37.75% | 38.23% |
| Net Income | 175.84M | 167.35M | 158.61M | 111.29M | 89.59M | 142.33M | 136.98M | 150.55M | 135.31M | 115.31M | 121.76M | 101.69M | 74.99M | 109.25M | 95.81M | 106.36M | 114.97M | 89.09M | 37.62M | 45.68M | 82.95M | 93.09M | 80M | 112.55M | 91.94M | 89.24M | 99.26M | 95.13M | 96.1M | 88.7M | 76.1M |
| Net Margin % | 9.06% | 8.77% | 8.47% | 6.11% | 5.34% | 9.7% | 10.27% | 11.51% | 11.06% | 9.59% | 10.22% | 9.21% | 7.2% | 9.37% | 8.47% | 9.76% | 10.88% | 8.47% | 3.84% | 4.19% | 7.06% | 8.23% | 7.29% | 10.17% | 8.14% | 8.12% | 8.99% | 9.1% | 9.53% | 9.61% | 8.89% |
| Net Income Growth % | 3.65% | 5.51% | 42.53% | 24.22% | -37.06% | 3.9% | -9.01% | 11.26% | 17.34% | -5.3% | 19.75% | 35.61% | -31.36% | 14.03% | -9.92% | -7.48% | 29.05% | 136.8% | -17.65% | -44.93% | -10.89% | 16.36% | -28.92% | 22.41% | 3.03% | -10.1% | 4.35% | -1.01% | 8.34% | 16.56% | 7.94% |
| Net Income (Continuing) | 175.84M | 167.35M | 158.61M | 111.29M | 89.59M | 142.33M | 136.98M | 150.55M | 135.31M | 115.31M | 121.76M | 101.69M | 100.99M | 103.86M | 92.35M | 106.36M | 114.97M | 89.09M | 48.44M | 64.68M | 84.42M | 93.09M | 80M | 112.55M | 91.94M | 90.24M | 99.26M | 95.13M | 96.1M | 88.7M | 76.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.42 | 6.07 | 5.76 | 4.04 | 3.25 | 5.16 | 4.97 | 5.47 | 4.93 | 4.20 | 4.44 | 3.72 | 2.74 | 3.99 | 3.51 | 3.84 | 4.07 | 3.18 | 1.28 | 1.45 | 2.48 | 2.56 | 2.04 | 3.11 | 2.49 | 2.37 | 2.51 | 2.28 | 2.22 | 2.01 | 1.71 |
| EPS Growth % | 3.9% | 5.38% | 42.57% | 24.31% | -37.02% | 3.82% | -9.14% | 10.95% | 17.38% | -5.41% | 19.35% | 35.77% | -31.33% | 13.68% | -8.59% | -5.65% | 27.99% | 148.44% | -11.72% | -41.53% | -3.13% | 25.49% | -34.41% | 24.9% | 5.06% | -5.58% | 10.09% | 2.7% | 10.45% | 17.54% | 8.92% |
| EPS (Basic) | - | 6.08 | 5.77 | 4.04 | 3.26 | 5.17 | 4.98 | 5.49 | 4.94 | 4.21 | 4.45 | 3.72 | 2.75 | 4.00 | 3.51 | 3.84 | 4.08 | 3.18 | 1.28 | 1.45 | 2.48 | 2.72 | 2.26 | 3.15 | 2.49 | 2.37 | 2.51 | 2.28 | 2.22 | 2.01 | 1.71 |
| Diluted Shares Outstanding | 27.38M | 27.49M | 27.46M | 27.48M | 27.47M | 27.52M | 27.5M | 27.54M | 27.46M | 27.44M | 27.37M | 27.33M | 27.31M | 27.29M | 27.27M | 27.69M | 28.17M | 28.05M | 29.5M | 31.6M | 33.5M | 35.06M | 35.78M | 36.31M | 36.91M | 37.64M | 39.55M | 41.72M | 43.36M | 44.32M | 44.62M |
| Basic Shares Outstanding | 27.36M | 27.47M | 27.44M | 27.46M | 27.45M | 27.48M | 27.45M | 27.44M | 27.4M | 27.38M | 27.34M | 27.3M | 27.26M | 27.25M | 27.23M | 27.66M | 28.14M | 28.03M | 29.49M | 31.58M | 33.47M | 35.06M | 35.74M | 36.31M | 36.85M | 37.62M | 39.55M | 41.72M | 43.29M | 44.11M | 44.62M |
| Dividend Payout Ratio | - | 61.85% | 61.74% | 83% | 96.85% | 57.07% | 55.22% | 46.57% | 47.69% | 51.15% | 156.49% | 48.95% | 62.66% | 162.99% | 40.15% | 33.56% | 29.08% | 35.76% | 86.6% | 73.76% | 122.67% | 36.58% | 39.71% | 25.01% | 28.42% | 28.21% | 24.93% | 25.86% | 24.25% | 23.79% | 25.76% |
Commodity cost volatility exposure
As reported in recent financial statements, MZTI's revenue growth has remained inconsistent, fluctuating between a 1.0% decline in 2026Q3 and a 5.8% increase in 2026Q1, suggesting that the company struggles to maintain sustained organic momentum across its core retail and foodservice segments.
The lack of consistent top-line expansion appears to reflect the maturity of the packaged foods category and the company's reliance on seasonal demand cycles. Investors should monitor whether the current licensing strategy can provide a more durable growth floor or if the business remains tethered to low-growth commodity-sensitive volumes.
Based on the provided income statement data, MZTI's gross margin peaked at 26.5% in 2026Q2 before contracting to 23.6% in 2026Q3, highlighting a structural vulnerability to input cost inflation and the inherent difficulty of passing through price increases in a competitive retail environment.
The margin volatility suggests that the company lacks the pricing power of larger diversified peers, leaving it exposed to fluctuations in soybean oil and wheat prices. This sensitivity implies that profitability is heavily dependent on procurement efficiency and the successful management of trade promotion allowances.
According to the quarterly income statement, MZTI's operating income has failed to scale consistently with gross profit, as evidenced by the 2026Q3 operating margin of 10.3% despite significant fluctuations in quarterly gross profit, indicating limited operating leverage within the current cost structure.
The company's SG&A expenses appear relatively sticky, which prevents meaningful margin expansion during periods of higher revenue. This suggests that the current operational footprint may be optimized for stability rather than aggressive scaling, potentially limiting the upside for shareholders during periods of strong demand.
As indicated by the reported figures, MZTI consistently incurs stock-based compensation expenses, with 2026Q3 levels reaching $2.4 million, which serves to slightly dilute the quality of reported net income and suggests that management incentives are tied to equity-based performance metrics.
While the absolute levels of SBC are not excessive, they represent a recurring non-cash expense that investors should account for when evaluating the company's true cash-generating capacity. The stability of these costs suggests a consistent compensation philosophy that warrants ongoing scrutiny regarding its impact on long-term EPS growth.
Based on an analysis of the income statement, the primary risk to the investment thesis is the potential for sustained margin compression, as the 23.87% average gross margin provides a thin buffer against rising logistics and commodity costs in the refrigerated food sector.
Short-term performance may be masked by licensing royalties, but the core manufacturing business remains susceptible to private label encroachment and retail shelf-space competition. If the company cannot successfully pivot toward higher-margin licensed products, the current valuation may be difficult to justify given the lack of top-line growth.
Quick answers to the most common questions about buying MZTI stock.
For fiscal year 2025, The Marzetti Company (MZTI) reported total revenue of $1.91B. This represents a 123.1% increase compared to $855.9M in 1996.
The Marzetti Company (MZTI) is profitable, generating $167.3M in net income for the fiscal year ending 2025 with a net profit margin of 8.8%.
The Marzetti Company (MZTI) reported an operating income of $220.3M, resulting in an operating profit margin of 11.5%. This margin reflects the operational efficiency of the business before interest and taxes.
The Marzetti Company (MZTI) generated $455.6M in gross profit for the year, representing a gross profit margin of 23.9%. This demonstrates the company's core pricing power and production efficiency.