International Flavors & Fragrances (IFF)
Market Price (4/10/2026): $73.17 | Market Cap: $18.7 BilSector: Materials | Industry: Specialty Chemicals
International Flavors & Fragrances (IFF)
Market Price (4/10/2026): $73.17Market Cap: $18.7 BilSector: MaterialsIndustry: Specialty Chemicals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 2.2% Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include Health & Wellness Trends, and Vegan & Alternative Foods. Themes include Nutritional Supplements, Functional Foods & Beverages, Show more. | Weak multi-year price returns2Y Excs Rtn is -42%, 3Y Excs Rtn is -78% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.3%, Rev Chg QQuarterly Revenue Change % is -6.6% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.5% Key risksIFF key risks include [1] ongoing antitrust investigations and class-action lawsuits, Show more. |
| Attractive yieldDividend Yield is 2.2% |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Health & Wellness Trends, and Vegan & Alternative Foods. Themes include Nutritional Supplements, Functional Foods & Beverages, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -42%, 3Y Excs Rtn is -78% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.3%, Rev Chg QQuarterly Revenue Change % is -6.6% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.5% |
| Key risksIFF key risks include [1] ongoing antitrust investigations and class-action lawsuits, Show more. |
Qualitative Assessment
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International Flavors & Fragrances (IFF) stock has gained about 10% since 12/31/2025 because of the following key factors:
1. Better-than-expected Q4 2025 Revenue and Balance Sheet Strength.
International Flavors & Fragrances reported fourth-quarter 2025 revenue of $2.59 billion, exceeding the consensus analyst estimate of approximately $2.54 billion, despite a reported 7% year-over-year decrease. The company also demonstrated significant progress in strengthening its balance sheet, with net debt to credit adjusted EBITDA improving to 2.6x and total liabilities declining by 41.61% year-over-year.
2. Strategic Portfolio Optimization and Divestitures.
IFF continued its strategic transformation efforts, including the completion of the divestiture of its Soy Crush, Concentrates, and Lecithin Businesses in early March 2026, and the initiation of a sale process for its Food Ingredients segment. These actions are aimed at streamlining the company's portfolio to focus on higher-growth and higher-return businesses.
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1. Better-than-expected Q4 2025 Revenue and Balance Sheet Strength.
International Flavors & Fragrances reported fourth-quarter 2025 revenue of $2.59 billion, exceeding the consensus analyst estimate of approximately $2.54 billion, despite a reported 7% year-over-year decrease. The company also demonstrated significant progress in strengthening its balance sheet, with net debt to credit adjusted EBITDA improving to 2.6x and total liabilities declining by 41.61% year-over-year.
2. Strategic Portfolio Optimization and Divestitures.
IFF continued its strategic transformation efforts, including the completion of the divestiture of its Soy Crush, Concentrates, and Lecithin Businesses in early March 2026, and the initiation of a sale process for its Food Ingredients segment. These actions are aimed at streamlining the company's portfolio to focus on higher-growth and higher-return businesses.
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Stock Movement Drivers
Fundamental Drivers
The 9.2% change in IFF stock from 12/31/2025 to 4/9/2026 was primarily driven by a 11.0% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 4092026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.99 | 73.13 | 9.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,072 | 10,890 | -1.6% |
| P/S Multiple | 1.5 | 1.7 | 11.0% |
| Shares Outstanding (Mil) | 256 | 256 | 0.0% |
| Cumulative Contribution | 9.2% |
Market Drivers
12/31/2025 to 4/9/2026| Return | Correlation | |
|---|---|---|
| IFF | 9.2% | |
| Market (SPY) | -5.4% | 11.2% |
| Sector (XLB) | 13.9% | 56.8% |
Fundamental Drivers
The 20.3% change in IFF stock from 9/30/2025 to 4/9/2026 was primarily driven by a 24.8% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 4092026 | Change |
|---|---|---|---|
| Stock Price ($) | 60.80 | 73.13 | 20.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,303 | 10,890 | -3.7% |
| P/S Multiple | 1.4 | 1.7 | 24.8% |
| Shares Outstanding (Mil) | 256 | 256 | 0.0% |
| Cumulative Contribution | 20.3% |
Market Drivers
9/30/2025 to 4/9/2026| Return | Correlation | |
|---|---|---|
| IFF | 20.3% | |
| Market (SPY) | -2.9% | 15.1% |
| Sector (XLB) | 15.9% | 53.9% |
Fundamental Drivers
The -3.5% change in IFF stock from 3/31/2025 to 4/9/2026 was primarily driven by a -5.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4092026 | Change |
|---|---|---|---|
| Stock Price ($) | 75.77 | 73.13 | -3.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,484 | 10,890 | -5.2% |
| P/S Multiple | 1.7 | 1.7 | 0.6% |
| Shares Outstanding (Mil) | 259 | 256 | 1.2% |
| Cumulative Contribution | -3.5% |
Market Drivers
3/31/2025 to 4/9/2026| Return | Correlation | |
|---|---|---|
| IFF | -3.5% | |
| Market (SPY) | 16.3% | 44.3% |
| Sector (XLB) | 22.0% | 68.6% |
Fundamental Drivers
The -14.0% change in IFF stock from 3/31/2023 to 4/9/2026 was primarily driven by a -12.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312023 | 4092026 | Change |
|---|---|---|---|
| Stock Price ($) | 85.02 | 73.13 | -14.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,440 | 10,890 | -12.5% |
| P/S Multiple | 1.7 | 1.7 | -1.4% |
| Shares Outstanding (Mil) | 255 | 256 | -0.4% |
| Cumulative Contribution | -14.0% |
Market Drivers
3/31/2023 to 4/9/2026| Return | Correlation | |
|---|---|---|
| IFF | -14.0% | |
| Market (SPY) | 63.3% | 35.4% |
| Sector (XLB) | 35.3% | 55.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IFF Return | 42% | -28% | -19% | 6% | -18% | 10% | -22% |
| Peers Return | 32% | -33% | 1% | 0% | 11% | -3% | -4% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 81% |
Monthly Win Rates [3] | |||||||
| IFF Win Rate | 75% | 42% | 58% | 42% | 33% | 75% | |
| Peers Win Rate | 60% | 38% | 50% | 53% | 50% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| IFF Max Drawdown | -3% | -42% | -39% | -10% | -28% | -1% | |
| Peers Max Drawdown | -7% | -42% | -31% | -19% | -21% | -10% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: EL, SBH, UG, SHW, ECL. See IFF Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/9/2026 (YTD)
How Low Can It Go
| Event | IFF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -59.9% | -25.4% |
| % Gain to Breakeven | 149.6% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -33.9% | -33.9% |
| % Gain to Breakeven | 51.3% | 51.3% |
| Time to Breakeven | 389 days | 148 days |
| 2018 Correction | ||
| % Loss | -32.1% | -19.8% |
| % Gain to Breakeven | 47.3% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -54.1% | -56.8% |
| % Gain to Breakeven | 117.7% | 131.3% |
| Time to Breakeven | 742 days | 1,480 days |
Compare to EL, SBH, UG, SHW, ECL
In The Past
International Flavors & Fragrances's stock fell -59.9% during the 2022 Inflation Shock from a high on 8/11/2021. A -59.9% loss requires a 149.6% gain to breakeven.
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About International Flavors & Fragrances (IFF)
International 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.
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Here are 1-3 brief analogies to describe International Flavors & Fragrances (IFF):
- IFF is like the 'Intel Inside' for taste, scent, and product function, providing the essential hidden ingredients that give your food, perfumes, and medicines their unique qualities.
- Think of IFF as the 3M of flavors, fragrances, and health ingredients, creating a vast array of innovative components that define countless consumer and pharmaceutical products.
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- Specialty Food Ingredients: These include natural and plant-based flavor compounds, savory solutions, and inclusions for various food and beverage applications.
- Natural Food Protection Ingredients: Products like natural antioxidants and anti-microbials designed to enhance food safety and shelf life.
- Fragrance Compounds: Custom-blended fragrances encompassing fine perfumes, colognes, and consumer fragrances for personal and home care products.
- Fragrance Ingredients: Fundamental synthetic and natural materials used as building blocks to create diverse fragrance compounds.
- Cosmetic Active Ingredients: Active and functional ingredients, botanicals, and delivery systems supporting cosmetic and personal care product lines.
- Enzymes, Food Cultures, and Probiotics: A range of biotechnological solutions utilized in food, health, and various industrial applications.
- Pharma Excipients: Cellulosics and seaweed-based ingredients crucial for pharmaceutical formulations.
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International Flavors & Fragrances (IFF) primarily sells its products to other companies, specifically to various manufacturers across a broad range of industries. Based on the provided company description, specific names of major customer companies are not disclosed. Instead, the description identifies the following categories of manufacturers as IFF's primary customers:
- Manufacturers of perfumes and cosmetics
- Manufacturers of hair and other personal care products
- Manufacturers of soaps and detergents
- Manufacturers of cleaning products
- Manufacturers of dairy, meat, and other processed foods
- Manufacturers of beverages
- Manufacturers of snacks and savory foods
- Manufacturers of sweet and baked goods
- Manufacturers of dietary supplements
- Manufacturers of infant and elderly nutrition products
- Manufacturers of functional food products
- Manufacturers of pharmaceutical excipients and oral care products
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J. Erik Fyrwald, Chief Executive Officer
J. Erik Fyrwald became the Chief Executive Officer of International Flavors & Fragrances Inc. in February 2024. He has over four decades of executive and operational experience in the nutrition, agriculture, and chemicals industries. Prior to joining IFF, Mr. Fyrwald served as Chief Executive Officer of Syngenta since 2016. During his tenure at Syngenta, the company was acquired by ChemChina, and the Syngenta Group grew significantly in revenue and EBITDA. Before Syngenta, he was the CEO of Univar Solutions from May 2012 to May 2016. From 2008 to 2011, he served as Chairman and Chief Executive Officer of Nalco, which later merged with Ecolab Inc., where he then became President. Mr. Fyrwald began his career at DuPont in 1981, holding various leadership roles including Group Vice President of the Agriculture and Nutrition Division.
Michael DeVeau, Executive Vice President and Chief Financial Officer
Michael DeVeau was appointed Executive Vice President and Chief Financial Officer of IFF, effective January 1, 2025. He has been with IFF since 2009, holding several senior finance leadership roles across the global organization. His previous positions at IFF include Senior Vice President, Corporate Finance and Investor Relations; Divisional CFO for the Scent division; and Chief Strategy Officer, where he helped guide corporate strategy. Before joining IFF, Mr. DeVeau held leadership positions in investor relations, finance, and corporate development at PepsiCo, and began his career as an equity research analyst at Citigroup Investment Research.
Yuvraj Arora, President, Taste Division and Chief Commercial Officer
Yuvraj Arora assumed the role of President, Taste Division and Chief Commercial Officer in January 2025. Previously, he served as President, Nourish at IFF.
Deborah Borg, EVP, Chief People & Culture Officer
Deborah Borg has served as IFF's Executive Vice President and Chief People & Culture Officer since August 2022. She also took on leadership of IFF's corporate communications function in December 2022. With over 20 years of experience, she is recognized as a leader in human resources, culture, employee engagement, and business strategy. Prior to her time at IFF, Ms. Borg was the Chief Human Resources and Communications Officer at Bunge Limited since 2016.
Ana Paula Mendonça, President, Scent
Ana Paula Mendonça serves as the President of the Scent division at IFF, maintaining her leadership role in this segment.
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```htmlFor International Flavors & Fragrances (IFF), key risks to the business include intense competition and customer concentration, global supply chain disruptions alongside macroeconomic and geopolitical uncertainties, and high leverage coupled with integration risks stemming from past mergers.
Key Risks to International Flavors & Fragrances (IFF)
- Intense Competition and Customer Concentration: International Flavors & Fragrances operates in a highly competitive industry with major global players such as Givaudan and DSM-Firmenich, as well as Symrise and Kerry. To maintain its competitive edge, IFF must continuously innovate and secure its "core list" status with large multinational customers. The potential loss of a major customer or reduced demand from key clients could significantly impact IFF's financial performance, despite no single customer accounting for 10% or more of sales in 2025. The industry also faces the threat of new entrants and the potential for consumer goods companies to develop in-house competing products.
- Global Supply Chain Disruptions and Macroeconomic/Geopolitical Uncertainties: IFF's extensive global operations expose it to a range of economic, political, and supply chain risks. The company relies on a vast array of raw materials, including natural essential oils and synthetic chemicals, sourced globally. Geopolitical events, trade wars, tariffs, natural disasters, or pandemics can significantly disrupt raw material availability and pricing. Additionally, global economic downturns, inflation, and currency fluctuations can impact consumer spending on discretionary products, thereby affecting demand for IFF's ingredients and its financial results.
- High Leverage and Integration Risks: IFF carries a substantial amount of indebtedness, with total debt of approximately $5.994 billion as of December 31, 2025. This high leverage could adversely affect its financial condition and ability to make necessary investments. The company has also faced significant integration challenges following its merger with DuPont's Nutrition & Biosciences business. This includes a substantial $1.15 billion goodwill impairment charge in the Food Ingredients segment in the first quarter of 2025, underscoring difficulties in valuing and integrating assets post-merger. While strategic divestitures, such as the sale of its Pharma Solutions business, are aimed at reducing debt and streamlining operations, these portfolio adjustments also create short-term revenue pressures.
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The emerging threat to International Flavors & Fragrances (IFF) is the rise of **synthetic biology and precision fermentation** for the production of flavors, fragrances, enzymes, probiotics, and other specialty ingredients. This technology allows for the precise engineering of microorganisms to produce complex molecules that traditionally would be sourced from agriculture, extracted from plants, or synthesized through chemical processes. This presents a clear threat by offering alternative, potentially more sustainable, cost-effective, and scalable methods of ingredient production with higher purity, directly challenging IFF's existing supply chains, manufacturing processes, and R&D for a significant portion of its Nourish, Scent, and Health & Biosciences segments.
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For International Flavors & Fragrances (IFF), the addressable markets for their main products and services are as follows:
Nourish Segment
- Food Ingredients (general): The global food ingredients market was valued at USD 368.28 billion in 2025 and is projected to increase to approximately USD 561.61 billion by 2034.
- Specialty Food Ingredients: The global specialty food ingredients market was estimated at USD 112.89 billion in 2025 and is predicted to reach USD 187.38 billion by 2035. Another source reported the market size at USD 179.8 billion in 2023, projected to reach USD 240.9 billion by 2028.
- Flavor Compounds: The global flavor compounds market is projected to grow from USD 29.7 billion in 2025 to USD 52.7 billion by 2035.
- Food Flavors: The global food flavors market size was valued at USD 16.70 billion in 2025 and is projected to grow to USD 26.52 billion by 2034.
Scent Segment
- Fragrance Market (overall): The global fragrance market was estimated at USD 58.89 billion in 2025 and is projected to reach USD 89.41 billion by 2033. Another estimate places the global fragrance market size at approximately USD 66.59 billion in 2024, projected to reach USD 98.32 billion by 2030.
- Fine Fragrances: The global fine fragrances market size was estimated at USD 43.3 billion in 2022 and is expected to reach USD 71.2 billion by 2030.
- Fragrance Ingredients: The global fragrance ingredients market size was valued at USD 18.28 billion in 2025 and is projected to grow to USD 28.78 billion by 2034.
Health & Biosciences Segment
- Specialty Ingredients: The global specialty ingredients market size was valued at USD 142.5 billion in 2023 and is projected to reach USD 215.8 billion by 2030.
- Functional Food Ingredients (including probiotics): The functional food ingredient market size is estimated at USD 19.96 billion in 2025, with projections showing USD 23.18 billion by 2031.
- Bioactive Ingredients (includes probiotics and other specialty ingredients): The global bioactive ingredients market size was valued at USD 127.5 billion in 2024, with expectations to reach USD 279.9 billion by 2034.
Pharma Solutions Segment
- Pharmaceutical Excipients: The global pharmaceutical excipients market size is valued at USD 9.31 billion in 2025 and is expected to surpass around USD 16.14 billion by 2035. Another source indicates the market size was USD 9.1 billion in 2023 and is expected to grow to USD 18 billion by 2032.
- Seaweed Extracts (used in various industries including pharmaceuticals): The global seaweed extracts market size was valued at USD 1.41 billion in 2025 and is projected to grow to USD 4.61 billion by 2034. Another report estimates the market at USD 1.7 billion in 2024, growing to USD 2.5 billion in 2034. A broader estimate for the global seaweed extract market was USD 17.5 billion in 2024, projected to reach USD 20.9 billion by 2029.
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International Flavors & Fragrances (IFF) anticipates several key drivers to fuel its revenue growth over the next two to three years:
- Strategic Portfolio Optimization and Focus on Core Segments: IFF is actively divesting non-core, lower-margin businesses, such as its Pharma Solutions and Food Ingredients segments, to concentrate on its higher-value core areas: Nourish, Scent, and Health & Biosciences. This strategic realignment is expected to drive more profitable growth by directing resources to these key segments.
- Innovation and Investment in Research & Development (R&D): The company emphasizes continuous innovation as a crucial growth engine, allocating significant investments in R&D. These investments are aimed at developing new and unique flavors, fragrances, and specialty ingredients, leveraging advancements in biotechnology and AI. Examples include biodegradable scent technologies and upcycled flavor ingredients.
- Capitalizing on Evolving Consumer Preferences: IFF is strategically positioned to benefit from increasing consumer demand for natural, sustainable, clean-label, and personalized products, particularly within the health and wellness space. This includes addressing growing interest in gut health, protein, and plant-based solutions across its Taste, Scent, and Health & Biosciences segments.
- Volume Growth and Favorable Pricing: The company expects a recovery in sales volumes and the implementation of favorable net pricing strategies to contribute to comparable currency-neutral sales growth. These improvements are linked to ongoing productivity initiatives and operational efficiencies across its businesses.
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Capital Allocation Decisions of International Flavors & Fragrances (IFF) (2021-2026)
Share Repurchases
- International Flavors & Fragrances (IFF) announced a $500 million share repurchase authorization in the second quarter of 2025, reflecting confidence in the company's long-term value.
- The share repurchase program commenced in the fourth quarter of 2025, with $38 million returned to shareholders through repurchases year-to-date as of March 2026.
- The program is primarily intended to offset annual share dilution from equity compensation, which is estimated to be approximately $80 million to $100 million per year.
Share Issuance
- The completion of the merger with DuPont's Nutrition & Biosciences (N&B) business in February 2021 resulted in the issuance of IFF common stock, with former DuPont shareholders owning approximately 55.4% of IFF's outstanding shares on a fully diluted basis.
- Basic and diluted weighted average shares outstanding increased from 243 million in 2021 to 255-256 million from 2022 to 2025.
Outbound Investments
- IFF completed the divestiture of its Pharma Solutions business to Roquette for approximately $2.564 billion in cash in 2025, with total consideration of $2.651 billion including an earnout estimate, significantly strengthening the company's capital structure.
- In 2022, IFF divested its Savory Solutions business for $900 million and its Flavor Specialty Ingredients business for $220 million as part of its portfolio optimization strategy.
- The company launched a formal sale process for its Food Ingredients business in early 2026 and completed the divestiture of its Soy Crush, Concentrates, and Lecithin businesses in March 2026.
Capital Expenditures
- Capital expenditures totaled $594 million for the full year 2025 and averaged $491.4 million annually from fiscal years 2021 to 2025.
- Capital expenditures are strategically directed towards high-return areas, including innovation, capacity expansion, productivity, and digitalization within its core businesses.
- Recent capital investments include expanding IFF's Latin American footprint with a new enzyme hub and Brazil Application Lab in March 2026, and inaugurating an expanded LMR Naturals facility in Grasse, France, in November 2025.
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|---|---|---|---|---|---|---|---|
| 03272026 | AXTA | Axalta Coating Systems | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.2% | 3.2% | -0.6% |
| 03272026 | IFF | International Flavors & Fragrances | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 2.2% | 2.2% | -0.1% |
| 03132026 | IP | International Paper | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -4.2% | -4.2% | -9.4% |
| 03062026 | ARIS | Aris Mining | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -3.9% | -3.9% | -16.7% |
| 03062026 | EMN | Eastman Chemical | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 9.8% | 9.8% | -6.0% |
| 03312025 | IFF | International Flavors & Fragrances | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -20.5% | -4.3% | -22.3% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 73.21 |
| Mkt Cap | 22.6 |
| Rev LTM | 12,780 |
| Op Inc LTM | 1,126 |
| FCF LTM | 696 |
| FCF 3Y Avg | 435 |
| CFO LTM | 1,260 |
| CFO 3Y Avg | 1,462 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.9% |
| Rev Chg 3Y Avg | -2.1% |
| Rev Chg Q | 5.2% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Mgn LTM | 12.9% |
| Op Mgn 3Y Avg | 12.4% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 13.0% |
| CFO/Rev 3Y Avg | 13.3% |
| FCF/Rev LTM | 9.5% |
| FCF/Rev 3Y Avg | 7.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 22.6 |
| P/S | 2.3 |
| P/EBIT | 17.6 |
| P/E | 11.1 |
| P/CFO | 19.0 |
| Total Yield | 3.9% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 3.0% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.3% |
| 3M Rtn | -0.4% |
| 6M Rtn | -1.2% |
| 12M Rtn | 9.3% |
| 3Y Rtn | -8.4% |
| 1M Excs Rtn | -1.9% |
| 3M Excs Rtn | 3.0% |
| 6M Excs Rtn | -6.9% |
| 12M Excs Rtn | -22.1% |
| 3Y Excs Rtn | -76.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Food Ingredients | 3,365 | ||||
| Scent | 2,439 | 2,393 | 2,301 | 2,254 | 2,064 |
| Taste | 2,428 | ||||
| Health & Biosciences | 2,203 | 2,081 | 2,339 | 2,329 | 134 |
| Pharma Solutions | 1,049 | 945 | 971 | 809 | |
| Nourish | 6,060 | 6,829 | 6,264 | 2,886 | |
| Total | 11,484 | 11,479 | 12,440 | 11,656 | 5,084 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Health & Biosciences | 577 | 588 | 634 | 625 | 40 |
| Scent | 545 | 461 | 423 | 463 | 416 |
| Taste | 460 | ||||
| Food Ingredients | 408 | ||||
| Pharma Solutions | 215 | 199 | 222 | 165 | 0 |
| Other | 9 | -2 | -11 | ||
| Entity Realignment Costs | -6 | ||||
| Restructuring and Other Charges | -29 | -68 | -12 | -41 | -17 |
| Strategic Initiative Costs | -33 | -31 | -8 | ||
| Impairment of Goodwill | -64 | -2,623 | -2,250 | ||
| Regulatory Costs | -73 | -50 | 0 | ||
| Divestiture and Integration Costs | -228 | -174 | -201 | ||
| Depreciation & Amortization | -1,015 | -1,142 | -1,179 | -1,156 | -325 |
| Nourish | 732 | 1,176 | 1,172 | 599 | |
| Impairment of Long-Lived Assets | -120 | ||||
| N&B (Nutrition & Biosciences, Inc.) Inventory Step-Up Costs | 0 | -368 | |||
| Business Divestiture Costs | -42 | ||||
| Employee Separation Costs | -29 | -3 | |||
| Frutarom Acquisition Related Costs | -2 | -1 | |||
| Gains (Losses) on Sale of Fixed Assets | 1 | -4 | |||
| Integration Related Costs | -105 | ||||
| N&B (Nutrition & Biosciences, Inc.) Transaction Related Costs | -91 | -29 | |||
| Shareholder Activism Related Costs | -7 | ||||
| Compliance Review & Legal Defense Costs | -3 | ||||
| Frutarom Integration Related Costs | -10 | ||||
| N&B (Nutrition & Biosciences, Inc.) Integration Related Costs | -97 | ||||
| Total | 766 | -2,110 | -1,326 | 585 | 566 |
Price Behavior
Price Behavior
| Market Price | $73.13 | |
| Market Cap ($ Bil) | 18.7 | |
| First Trading Date | 12/31/1981 | |
| Distance from 52W High | -11.4% | |
| 50 Days | 200 Days | |
| DMA Price | $74.00 | $68.33 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -1.2% | 7.0% |
| 3M | 1YR | |
| Volatility | 33.6% | 28.7% |
| Downside Capture | 0.09 | 0.35 |
| Upside Capture | 73.52 | 51.66 |
| Correlation (SPY) | 9.4% | 39.7% |
IFF Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.85 | 0.18 | 0.31 | 0.35 | 0.72 | 0.70 |
| Up Beta | 1.10 | 0.55 | 0.27 | 0.91 | 0.96 | 0.79 |
| Down Beta | -0.84 | -0.44 | -0.17 | -0.07 | 0.44 | 0.41 |
| Up Capture | 106% | 53% | 80% | 64% | 46% | 38% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 7 | 20 | 33 | 66 | 134 | 380 |
| Down Capture | 169% | 17% | 35% | 24% | 82% | 97% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 15 | 22 | 30 | 59 | 117 | 369 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IFF | |
|---|---|---|---|---|
| IFF | 6.0% | 30.5% | 0.20 | - |
| Sector ETF (XLB) | 37.1% | 19.5% | 1.49 | 67.9% |
| Equity (SPY) | 29.1% | 17.4% | 1.36 | 41.6% |
| Gold (GLD) | 61.3% | 27.8% | 1.72 | 7.9% |
| Commodities (DBC) | 26.9% | 16.7% | 1.41 | 4.7% |
| Real Estate (VNQ) | 17.7% | 15.4% | 0.86 | 55.5% |
| Bitcoin (BTCUSD) | -10.9% | 43.9% | -0.14 | 18.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IFF | |
|---|---|---|---|---|
| IFF | -9.7% | 30.3% | -0.29 | - |
| Sector ETF (XLB) | 7.4% | 18.9% | 0.29 | 58.0% |
| Equity (SPY) | 11.4% | 17.0% | 0.52 | 46.7% |
| Gold (GLD) | 22.2% | 17.8% | 1.02 | 12.1% |
| Commodities (DBC) | 11.5% | 18.8% | 0.50 | 9.7% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 49.8% |
| Bitcoin (BTCUSD) | 3.6% | 56.5% | 0.29 | 14.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IFF | |
|---|---|---|---|---|
| IFF | -2.0% | 29.6% | -0.01 | - |
| Sector ETF (XLB) | 10.9% | 20.6% | 0.47 | 60.0% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 52.1% |
| Gold (GLD) | 14.1% | 15.9% | 0.74 | 6.5% |
| Commodities (DBC) | 8.5% | 17.6% | 0.40 | 15.5% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 49.5% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 11.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/11/2026 | 5.9% | 6.0% | -9.6% |
| 11/4/2025 | 4.1% | 6.2% | 9.3% |
| 8/5/2025 | -6.3% | -8.6% | -7.2% |
| 5/6/2025 | -7.1% | -3.4% | -3.5% |
| 2/18/2025 | -5.2% | -7.1% | -6.8% |
| 11/5/2024 | -11.6% | -9.8% | -10.2% |
| 8/6/2024 | -2.4% | 0.1% | 6.4% |
| 5/6/2024 | 6.4% | 8.9% | 10.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 12 | 13 |
| # Negative | 14 | 11 | 10 |
| Median Positive | 3.8% | 4.5% | 4.7% |
| Median Negative | -6.1% | -8.6% | -10.5% |
| Max Positive | 6.4% | 11.9% | 18.8% |
| Max Negative | -19.4% | -19.1% | -24.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 10.50 Bil | 10.65 Bil | 10.80 Bil | -0.9% | Lowered | Guidance: 10.75 Bil for 2025 | |
| 2026 Adjusted Operating EBITDA | 2.05 Bil | 2.10 Bil | 2.15 Bil | 1.2% | Raised | Guidance: 2.08 Bil for 2025 | |
| 2026 Comparable Currency Neutral Sales Growth | 1.0% | 2.5% | 4.0% | 0 | Affirmed | Guidance: 2.5% for 2025 | |
| 2026 Comparable Currency Neutral Adjusted Operating EBITDA Growth | 3.0% | 5.5% | 8.0% | -26.7% | Lowered | Guidance: 7.5% for 2025 | |
Prior: Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 10.60 Bil | 10.75 Bil | 10.90 Bil | 0 | Affirmed | Guidance: 10.75 Bil for 2025 | |
| 2025 Adjusted Operating EBITDA | 2.00 Bil | 2.08 Bil | 2.15 Bil | 0 | Affirmed | Guidance: 2.08 Bil for 2025 | |
| 2025 Comparable Currency Neutral Sales Growth | 1.0% | 2.5% | 4.0% | 0 | 0 | Affirmed | Guidance: 2.5% for 2025 |
| 2025 Comparable Currency Neutral Adjusted Operating EBITDA Growth | 5.0% | 7.5% | 10.0% | 0 | 0 | Affirmed | Guidance: 7.5% for 2025 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Landsman, Stephen N | EVP, General Counsel | Direct | Buy | 12122025 | 63.48 | 3,100 | 196,788 | 958,548 | Form |
| 2 | Fribourg, Paul J | Direct | Buy | 8082025 | 64.80 | 15,450 | 1,001,183 | 1,001,183 | Form | |
| 3 | Fyrwald, J Erik | Chief Executive Officer | Direct | Buy | 8072025 | 64.95 | 15,300 | 993,714 | 5,025,073 | Form |
| 4 | O'Byrne, Kevin | Direct | Buy | 5232025 | 76.05 | 4,500 | 342,240 | 585,307 | Form | |
| 5 | Palau, Hernandez Margarita | Direct | Buy | 5202025 | 77.42 | 850 | 65,807 | 185,266 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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