International Flavors & Fragrances Inc.

IFF · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$17,258	$21,618	$20,670	$26,730	$38,348	$11,638	$13,777	$14,316	$12,053	$9,358	$9,601	$8,204	$6,992	$5,397	$4,218	$4,419	$3,225	$2,349	$4,165	$4,454	$3,140	$4,038	$3,276	$3,320	$2,848	$2,048	$3,984	$4,740	$5,619	$4,997	$5,331	$5,149	$4,314	$4,179	$3,926	$2,840	$2,547	$1,875	$1,684	$1,401	$1,475
Enterprise value	$23,351	$30,803	$30,821	$38,022	$49,871	$15,726	$17,860	$18,244	$13,329	$10,364	$10,492	$8,672	$7,516	$6,098	$5,016	$5,256	$4,160	$3,426	$5,226	$5,146	$3,817	$4,690	$4,148	$4,362	$3,967	$3,189	$4,018	$4,658	$5,417	$4,763	$5,104	$4,942	$4,138	$3,981	$3,807	$2,724	$2,277	$1,652	$1,467	$1,249	$1,371
P/E (TTM) at period end	–	82.20×	–	–	142.03×	32.06×	30.21×	42.44×	40.77×	23.10×	22.90×	19.79×	19.78×	21.24×	15.88×	16.90×	16.50×	10.23×	16.85×	19.66×	16.26×	20.60×	18.98×	18.87×	24.55×	16.65×	24.59×	23.26×	25.75×	26.32×	21.43×	22.78×	21.30×	24.49×	23.27×	18.12×	18.38×	14.57×	15.73×	16.34×	21.16×
P/S (TTM) at period end	1.58×	1.88×	1.80×	2.15×	3.29×	2.29×	2.68×	3.60×	3.55×	3.00×	3.18×	2.66×	2.37×	1.91×	1.51×	1.68×	1.39×	0.98×	1.83×	2.13×	1.58×	1.99×	1.72×	1.84×	1.54×	1.40×	2.77×	3.37×	3.94×	3.48×	3.70×	3.92×	3.63×	3.71×	3.86×	2.95×	2.93×	2.23×	2.26×	2.26×	2.94×
P/B at period end	1.22×	1.56×	1.41×	1.51×	1.82×	1.84×	2.22×	2.37×	7.16×	5.75×	6.04×	5.40×	4.78×	4.32×	3.82×	4.42×	4.19×	4.10×	6.75×	4.92×	3.43×	4.44×	4.41×	5.78×	5.43×	3.24×	4.64×	5.02×	5.62×	4.64×	4.77×	5.11×	4.84×	4.28×	4.09×	3.16×	3.33×	2.70×	2.55×	2.69×	3.45×
EV / EBITDA (TTM)	40.26×	17.30×	–	–	28.64×	17.65×	18.08×	24.08×	19.88×	15.81×	15.48×	12.72×	12.54×	10.83×	9.97×	10.61×	9.93×	7.95×	11.67×	12.29×	10.64×	11.69×	11.13×	11.01×	9.69×	9.69×	11.90×	13.09×	14.17×	12.27×	12.02×	12.84×	12.14×	13.38×	13.42×	10.18×	9.55×	–	–	–	–
EV / Sales (TTM)	2.14×	2.68×	2.68×	3.06×	4.28×	3.09×	3.47×	4.59×	3.92×	3.33×	3.47×	2.81×	2.55×	2.16×	1.80×	2.00×	1.79×	1.43×	2.30×	2.46×	1.92×	2.31×	2.18×	2.41×	2.15×	2.18×	2.79×	3.31×	3.80×	3.32×	3.55×	3.76×	3.48×	3.53×	3.74×	2.83×	2.62×	1.97×	1.97×	2.01×	2.74×
Returns
Return on equity	(2.6%)	1.9%	(17.7%)	(10.6%)	1.3%	5.8%	7.3%	5.6%	17.6%	24.9%	26.4%	27.3%	24.2%	20.4%	24.0%	26.2%	25.4%	40.1%	40.0%	25.0%	21.1%	21.5%	23.2%	30.6%	22.1%	19.5%	18.9%	21.6%	21.8%	17.6%	22.3%	22.4%	22.7%	17.5%	17.6%	17.4%	18.1%	18.5%	16.2%	16.4%	16.3%
Return on invested capital	(1.6%)	2.9%	(8.5%)	(4.6%)	1.4%	4.5%	5.3%	4.4%	10.3%	16.2%	18.4%	22.5%	18.9%	14.3%	16.1%	16.6%	14.1%	17.4%	16.4%	14.9%	13.1%	13.9%	12.1%	12.7%	10.7%	9.8%	21.0%	23.3%	26.7%	25.7%	27.3%	27.3%	26.7%	21.2%	18.9%	19.0%	26.9%	27.4%	24.6%	23.3%	22.0%
Dividend yield	2.4%	2.4%	4.0%	3.0%	1.7%	2.8%	2.3%	1.6%	1.7%	2.0%	1.7%	1.6%	1.2%	2.4%	2.1%	1.8%	2.4%	3.2%	1.8%	1.5%	2.2%	1.6%	1.8%	1.7%	2.0%	7.6%	4.0%	3.4%	2.8%	3.0%	2.6%	2.3%	2.7%	2.5%	2.3%	2.9%	2.9%	–	–	–	–
Financial health
Current ratio	1.42×	1.83×	1.67×	1.99×	1.92×	1.61×	1.90×	2.61×	2.47×	1.79×	1.98×	3.30×	2.95×	2.50×	2.33×	2.00×	2.33×	2.57×	2.19×	2.42×	0.99×	2.41×	1.72×	2.41×	1.60×	0.86×	2.26×	3.11×	3.53×	3.59×	3.75×	3.71×	3.88×	4.96×	5.08×	5.40×	5.17×	5.11×	4.26×	4.67×	4.24×
Debt / equity	0.42×	0.65×	0.69×	0.61×	0.53×	0.70×	0.70×	0.75×	0.97×	0.81×	0.67×	0.62×	0.64×	0.83×	0.81×	0.92×	1.32×	2.19×	1.96×	0.89×	1.04×	0.75×	1.19×	1.84×	2.23×	2.01×	0.11×	0.04×	0.02×	0.03×	0.02×	0.02×	0.01×	0.01×	0.02×	0.01×	0.02×	0.02×	0.05×	0.02×	0.04×
Effective tax rate	12.9%	13.3%	(2.7%)	(14.7%)	21.2%	16.8%	17.4%	24.1%	44.9%	22.7%	22.2%	24.5%	27.1%	42.7%	28.6%	26.7%	29.3%	19.1%	24.8%	27.7%	21.6%	30.2%	31.5%	34.0%	38.2%	33.2%	33.5%	34.5%	35.9%	36.5%	36.8%	37.3%	37.5%	37.2%	37.4%	37.8%	37.9%	38.5%	39.0%	38.5%	38.1%
Share count
Diluted shares outstanding	256	256	255	255	243	114	113	88	79	80	81	81	82	82	81	80	79	80	88	91	95	96	94	96	97	101	106	107	110	112	111	111	114	115	115	114	114	114	114	113	111

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$9,978	$10,890	$11,484	$11,479	$12,440	$11,656	$5,084	$5,140	$3,978	$3,399	$3,116	$3,023	$3,089	$2,953	$2,821	$2,788	$2,623	$2,326	$2,389	$2,277	$2,095	$1,993	$2,034	$1,902	$1,809	$1,844	$1,463	$1,439	$1,407	$1,427	$1,436	$1,440	$1,315	$1,189	$1,126	$1,017	$963	$870	$840	$746	$621	$501
Cost of revenue	($6,234)	($6,952)	($7,360)	($7,798)	($8,289)	($7,921)	($2,998)	($3,027)	($2,295)	($1,926)	($1,721)	($1,672)	($1,726)	($1,669)	($1,646)	($1,683)	($1,530)	($1,392)	($1,418)	($1,324)	($1,211)	($1,169)	($1,160)	($1,092)	($1,036)	($1,063)	($762)	($735)	($714)	($723)	($731)	($706)	($641)	($579)	($548)	($498)	($475)	($433)	($414)	($373)	($311)	($246)
Gross profit	$3,744	$3,938	$4,124	$3,681	$4,151	$3,735	$2,086	$2,113	$1,683	$1,472	$1,396	$1,352	$1,362	$1,284	$1,176	$1,105	$1,093	$934	$971	$952	$884	$824	$873	$809	$773	$780	$700	$704	$693	$704	$705	$733	$674	$610	$578	$518	$488	$436	$425	$373	$310	$255
Operating expenses
Research and development	($684)	($694)	($671)	($636)	($603)	($629)	($357)	($346)	($312)	($295)	($259)	($246)	($254)	($260)	($234)	($220)	($219)	($185)	($197)	($199)	($186)	($180)	($175)	($159)	($144)	($135)	($113)	($104)	($98)	($94)	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,754)	($1,834)	($1,995)	($1,787)	($1,768)	($1,749)	($949)	($876)	($707)	($570)	($573)	($495)	($508)	($506)	($454)	($444)	($447)	($391)	($401)	($375)	($352)	($339)	($341)	($309)	($305)	($313)	($259)	($263)	($239)	($227)	($317)	($308)	($289)	($269)	($281)	($235)	($221)	($198)	($192)	($174)	($151)	($126)
Total operating expenses	($2,990)	($4,320)	($3,358)	($5,791)	($5,477)	($3,150)	($1,520)	($1,448)	($1,099)	($920)	($843)	($763)	($770)	($768)	($689)	($677)	($676)	($594)	($616)	($587)	($555)	($558)	($563)	($523)	($462)	($495)	($441)	($423)	($386)	($372)	($365)	($349)	($325)	($304)	($315)	($264)	($249)	($222)	($214)	($194)	($170)	($140)
Total costs and expenses	($9,224)	($11,272)	($10,718)	($13,589)	($13,766)	($11,071)	($4,518)	($4,475)	($3,394)	($2,846)	($2,563)	($2,435)	($2,496)	($2,437)	($2,335)	($2,360)	($2,207)	($1,986)	($2,034)	($1,912)	($1,766)	($1,727)	($1,723)	($1,616)	($1,498)	($1,558)	($1,203)	($1,158)	($1,101)	($1,095)	($1,096)	($1,056)	($967)	($883)	($863)	($763)	($724)	($655)	($629)	($567)	($481)	($386)
Operating income	$754	($382)	$766	($2,110)	($1,326)	$585	$566	$665	$584	$553	$553	$588	$592	$516	$487	$428	$416	$340	$355	$365	$329	$267	$310	$286	$312	$286	$260	$281	$307	$332	$340	$384	$349	$306	$264	$254	$239	$214	$211	$179	$140	$115
Earnings
EBITDA	$1,702	$580	$1,781	($968)	($147)	$1,741	$891	$988	$758	$671	$655	$678	$682	$600	$563	$503	$496	$419	$431	$448	$419	$359	$401	$372	$396	$409	$329	$338	$356	$382	$388	$425	$385	$341	$298	$284	$268	$238	–	–	–	–
Interest income	$15	$19	$15	$5	$15	$8	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($187)	($229)	($305)	($380)	($336)	($289)	($132)	($138)	($133)	($65)	($53)	($46)	($46)	($47)	($42)	($45)	($49)	($62)	($74)	($42)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$351	($412)	$308	($2,518)	($1,625)	$354	$441	$557	$448	$537	$524	$539	$549	$485	$443	$374	$360	$277	$284	$329	$313	$246	$281	$252	$266	$188	$184	$244	$311	$340	$299	$394	$360	$324	$282	$270	$252	$223	$209	$175	$139	$113
Income tax expense	($76)	$53	($41)	($69)	($239)	($75)	($74)	($97)	($108)	($241)	($119)	($120)	($135)	($132)	($189)	($107)	($96)	($81)	($54)	($82)	($87)	($53)	($85)	($79)	($90)	($72)	($61)	($82)	($107)	($122)	($109)	($145)	($134)	($121)	($105)	($101)	($95)	($84)	($81)	($68)	($54)	($43)
Net income	$290	($361)	$263	($2,591)	($1,871)	$270	$363	$456	$340	$296	$405	$419	$415	$354	$254	$267	$264	$196	$230	$247	$226	$193	$196	$173	$176	$116	$123	$162	$204	$218	$190	$249	$226	$202	$171	$169	$157	$139	$129	$107	$86	$70
Per share
Diluted EPS (GAAP)	$1.14	($1.41)	$1.04	($10.14)	($7.32)	$1.10	$3.21	$4.00	$3.79	$3.72	$5.05	$5.16	$5.06	$4.29	$3.09	$3.26	$3.26	$2.46	$2.86	$2.82	$2.48	$2.04	$2.05	$1.83	$1.84	$1.20	$1.22	$1.53	$1.90	$1.99	$1.70	$2.24	$2.03	$1.77	$1.48	$1.47	$1.37	$1.22	$1.13	$0.94	$0.76	$0.63
Basic EPS (GAAP)	$1.14	($1.41)	$1.04	($10.14)	($7.32)	$1.11	$3.25	$4.05	$3.81	$3.73	$5.07	$5.19	$5.09	$4.32	$3.11	$3.30	$3.29	$2.48	$2.89	$2.86	$2.50	$2.06	$2.08	$1.84	$1.86	$1.21	$1.22	$1.53	$1.90	$2.00	$1.71	$2.24	$2.03	$1.78	$1.48	$1.47	$1.37	$1.22	$1.13	$0.94	$0.76	$0.63
Basic shares outstanding	256	256	256	255	255	243	112	112	88	79	80	80	81	81	81	80	79	78	79	87	91	94	94	94	95	96	101	106	107	109	111	111	111	114	115	115	114	114	114	114	113	111
Margins
Gross margin	37.5%	36.2%	35.9%	32.1%	33.4%	32.0%	41.0%	41.1%	42.3%	43.3%	44.8%	44.7%	44.1%	43.5%	41.7%	39.6%	41.7%	40.2%	40.6%	41.8%	42.2%	41.4%	42.9%	42.5%	42.7%	42.3%	47.9%	48.9%	49.2%	49.3%	49.1%	50.9%	51.2%	51.3%	51.3%	51.0%	50.7%	50.2%	50.7%	50.0%	49.9%	50.9%
Operating margin	7.6%	(3.5%)	6.7%	(18.4%)	(10.7%)	5.0%	11.1%	12.9%	14.7%	16.3%	17.7%	19.5%	19.2%	17.5%	17.2%	15.3%	15.9%	14.6%	14.9%	16.0%	15.7%	13.4%	15.3%	15.0%	17.2%	15.5%	17.8%	19.5%	21.8%	23.3%	23.7%	26.7%	26.5%	25.7%	23.4%	25.0%	24.9%	24.6%	25.1%	24.0%	22.5%	22.9%
Net margin	2.9%	(3.3%)	2.3%	(22.6%)	(15.0%)	2.3%	7.1%	8.9%	8.5%	8.7%	13.0%	13.9%	13.4%	12.0%	9.0%	9.6%	10.0%	8.4%	9.6%	10.9%	10.8%	9.7%	9.6%	9.1%	9.7%	6.3%	8.4%	11.3%	14.5%	15.3%	13.2%	17.3%	17.2%	17.0%	15.1%	16.6%	16.3%	15.9%	15.3%	14.3%	13.8%	13.9%

Analyst consensus

Buy34 analysts

Bearish · 1 · Hold · 8 · Bullish · 25

Earnings history

	EPS	Estimate
Q3 2024	$1.04	$1.07	Miss
Q4 2024	$0.97	$0.83	Beat
Q1 2025	$1.20	$1.13	Beat
Q2 2025	$1.15	$1.12	Beat
Q3 2025	$1.05	$1.02	Beat
Q4 2025	$0.80	$0.83	Miss
Q1 2026	$1.25	$1.07	Beat
Q2 2026	$0.82	$1.07	Miss

Peers

Company overview

IPO dateDec 17, 1974

CEOJon Erik Fyrwald

Employees21,500

SectorBasic Materials

IndustryChemicals - Specialty

CountryUS

ExchangeNew York Stock Exchange

Websitewww.iff.com

International Flavors & Fragrances Inc. (IFF), through its various subsidiaries, operates as a global developer and purveyor of active cosmetic and natural health ingredients. These vital components are incorporated into a wide array of consumer goods distributed across significant markets such as Europe, Africa, the Middle East, Greater Asia, North America, and Latin America. The company's activities are organized into four principal divisions: 1. Nourish: This segment focuses on natural and plant-derived specialty food ingredients, offering items like flavor compounds, savory solutions, and inclusions. It also provides natural food protection solutions, including antioxidants and anti-microbials, for use in beverages, confectionery, and dairy items. 2. Scent: The Scent division creates fragrance compounds, encompassing luxurious fine fragrances (perfumes and colognes) and everyday consumer fragrances. It further supplies essential fragrance ingredients, both synthetic and natural, which are blended to formulate new scents. Additionally, this segment delivers cosmetic active ingredients, such as functional compounds, botanicals, and advanced delivery systems, designed to enhance customers' cosmetic and personal care product lines. 3. Health & Biosciences: This segment is dedicated to the research, development, and production of enzymes, food cultures, probiotics, and other specialized biological ingredients. 4. Pharma Solutions: This division is responsible for manufacturing and distributing cellulosic and seaweed-derived pharmaceutical excipients. IFF's diverse customer base primarily consists of manufacturers in sectors including perfumery, cosmetics, hair and personal care, soaps and detergents, cleaning products, dairy, meat and processed foods, beverages, snacks and savory items, sweet and baked goods, dietary supplements, infant and elderly nutrition, functional foods, and producers of pharmaceutical excipients and oral care products. Established in 1833, International Flavors & Fragrances Inc. is headquartered in New York, New York.

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