NYSE: IFF
International Flavors & Fragrances
Materials · Industrial Organic Chemicals
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$20.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.31B |
| FY2017, ended Dec 31, 2017 | $12.0B |
| FY2018, ended Dec 31, 2018 | $14.3B |
| FY2019, ended Dec 31, 2019 | $13.8B |
| FY2020, ended Dec 31, 2020 | $27.1B |
| FY2021, ended Dec 31, 2021 | $38.4B |
| FY2022, ended Dec 31, 2022 | $26.7B |
| FY2023, ended Dec 31, 2023 | $20.7B |
| FY2024, ended Dec 31, 2024 | $21.6B |
| FY2025, ended Dec 31, 2025 | $17.2B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $20.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$10.8B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.12B |
| FY2017, ended Dec 31, 2017 | $3.40B |
| FY2018, ended Dec 31, 2018 | $3.98B |
| FY2019, ended Dec 31, 2019 | $5.14B |
| FY2020, ended Dec 31, 2020 | $5.08B |
| FY2021, ended Dec 31, 2021 | $11.7B |
| FY2022, ended Dec 31, 2022 | $12.4B |
| FY2023, ended Dec 31, 2023 | $11.5B |
| FY2024, ended Dec 31, 2024 | $11.5B |
| FY2025, ended Dec 31, 2025 | $10.9B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $10.8B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $405M | $424M |
| FY2017, ended Dec 31, 2017 | $296M | $262M |
| FY2018, ended Dec 31, 2018 | $340M | $267M |
| FY2019, ended Dec 31, 2019 | $456M | $463M |
| FY2020, ended Dec 31, 2020 | $363M | $522M |
| FY2021, ended Dec 31, 2021 | $270M | $1.04B |
| FY2022, ended Dec 31, 2022 | −$1.87B | −$107M |
| FY2023, ended Dec 31, 2023 | −$2.59B | $952M |
| FY2024, ended Dec 31, 2024 | $263M | $607M |
| FY2025, ended Dec 31, 2025 | −$361M | $256M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $277M | $540M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$569M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $324M |
| FY2017, ended Dec 31, 2017 | $368M |
| FY2018, ended Dec 31, 2018 | $635M |
| FY2019, ended Dec 31, 2019 | $607M |
| FY2020, ended Dec 31, 2020 | $650M |
| FY2021, ended Dec 31, 2021 | $711M |
| FY2022, ended Dec 31, 2022 | $483M |
| FY2023, ended Dec 31, 2023 | $703M |
| FY2024, ended Dec 31, 2024 | $469M |
| FY2025, ended Dec 31, 2025 | $590M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $569M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$5.70B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.33B |
| FY2017, ended Dec 31, 2017 | $1.64B |
| FY2018, ended Dec 31, 2018 | $4.60B |
| FY2019, ended Dec 31, 2019 | $4.42B |
| FY2020, ended Dec 31, 2020 | $4.44B |
| FY2021, ended Dec 31, 2021 | $11.3B |
| FY2022, ended Dec 31, 2022 | $10.8B |
| FY2023, ended Dec 31, 2023 | $9.98B |
| FY2024, ended Dec 31, 2024 | $8.89B |
| FY2025, ended Dec 31, 2025 | $5.95B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $5.70B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 223% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.255M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 79.0M |
| FY2017, ended Dec 31, 2017 | 78.9M |
| FY2018, ended Dec 31, 2018 | 107M |
| FY2019, ended Dec 31, 2019 | 107M |
| FY2020, ended Dec 31, 2020 | 249M |
| FY2021, ended Dec 31, 2021 | 255M |
| FY2022, ended Dec 31, 2022 | 255M |
| FY2023, ended Dec 31, 2023 | 255M |
| FY2024, ended Dec 31, 2024 | 256M |
| FY2025, ended Dec 31, 2025 | 255M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 255M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $21.0M more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $127M | $24.6M | — |
| FY2017, ended Dec 31, 2017 | $58.1M | $26.6M | — |
| FY2018, ended Dec 31, 2018 | $15.5M | $29.4M | $2.05B |
| FY2019, ended Dec 31, 2019 | $0 | $34.0M | — |
| FY2020, ended Dec 31, 2020 | $0 | $36.0M | — |
| FY2021, ended Dec 31, 2021 | — | $54.0M | $16.0B |
| FY2022, ended Dec 31, 2022 | — | $49.0M | — |
| FY2023, ended Dec 31, 2023 | $0 | $65.0M | — |
| FY2024, ended Dec 31, 2024 | $0 | $77.0M | — |
| FY2025, ended Dec 31, 2025 | $38.0M | $88.0M | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $109M | $88.0M | — |
Revenue (TTM)
$10.8B
+11.5% YoY
Net income (TTM)
$277M
n/m YoY
Cash
$569M
−30.3% YoY
Total debt
$5.70B
−7.8% YoY
Valuation
At current price- Market Cap
- $23.7B
- P/E
- 85.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.2×
- Price / Book
- 1.7×
- EV / EBITDA
- 43.9×
Growth
Trailing 12 months- Revenue (TTM)
- $10.8B
- Revenue Growth YoY
- 11.5%
- Revenue CAGR 3Y
- −4.3%
- Revenue CAGR 5Y
- 16.5%
- EPS Growth YoY
- n/m. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- n/m. TTM vs. TTM a year earlier
Profitability
Trailing 12 months- Gross Margin
- 36.6%
- Operating Margin
- −2.7%
- Net Margin
- 2.6%
- FCF Margin
- 5.0%
- Return on Equity
- 2.0%
Earnings
Trailing 12 months- Net Income
- $277M
- EPS (diluted)
- $1.07
- EBITDA
- $657M
- Operating Income
- −$291M
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $569M
- Total Debt
- $5.70B
- Net Debt
- $5.13B
- Total Assets
- $25.2B
- Total Liabilities
- $11.1B
- Shareholders' Equity
- $14.0B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.16B
- Capital Expenditure
- $621M
- Free Cash Flow
- $540M
Dividends and risk
Last 12 months- Dividend Yield
- 1.7%
- Dividend / Share
- $1.60
- Beta (5Y)
- 0.91
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 11.5% year over year, at $10.8B.
Watch
Operating margin narrowed 9.9 pts in a year, to −2.7%.
Watch
Net debt is 7.8× EBITDA ($5.13B), a heavy load.
Note
Free cash flow of $540M, 5.0% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K58Nothing notable
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 28, 2025 · Read the filing on EDGAR
- Sales were flat at $11.48 billion, but IFF swung to a $766 million operating profit from a $2.11 billion loss as write-downs shrank.
- IFF expects another large goodwill write-down of $1.0 billion to $1.5 billion in early 2025, tied to splitting Nourish into two segments.
- Net debt fell to 3.84 times EBITDA from 4.51 times, helped by debt repayment; the Pharma Solutions sale is expected to close in the second quarter of 2025.
- The debt limit tightens to 3.75 times by the end of 2025, below the current ratio, and $1.41 billion of notes fall due within 12 months.
Business momentum
Strong improvement
“The increase in gross profit was primarily driven by volume increases and productivity gains”
Outlook
Cautious
“Inflationary pressure and price uncertainty may continue in 2025.”
Financial stress
Moderate
“At December 31, 2024, our net debt to credit adjusted EBITDA(1) ratio was 3.84 to 1.0 as defined by the credit facility agreements”
Tone against the previous report
More positive
Red flags
- Medium
Large write-down
“we anticipate incurring a material impairment charge in the first quarter of fiscal 2025, estimated to be in the range of $1.0 billion to $1.5 billion”
- Minor
Large write-down
“Loss on assets classified as held for sale was $347 million in 2024.”
Positives
Underlying sales grew 6% once business sales and currency moves are excluded, driven by higher volumes
“On a comparable basis, currency neutral sales increased 6% driven by volume increases across various business lines.”
Gross margin improved to 35.9% from 32.1% of sales
“Gross profit in 2024 increased $443 million, or 12% on a reported basis, to $4.124 billion (35.9% of sales) compared to $3.681 billion (32.1% of sales) in the 2023 period.”
Lower debt cut interest costs by $75 million
“Interest expense decreased $75 million to $305 million in 2024 compared to $380 million in 2023.”
Concerns
Debt repayments lean on planned business sales, with $1.41 billion of notes due within a year against $471 million cash
“We anticipate that cash flows from operations, cash proceeds generated from planned business divestitures and availability under our existing credit facilities will be sufficient to meet our investing and financing needs”
Operating cash flow fell 26% as money was tied up in receivables and inventory
“Cash flows provided by operating activities in 2024 were $1.070 billion, or 9.3% of sales, compared to $1.439 billion, or 12.5% of sales, in 2023.”
Selling and administrative costs rose 12%, partly from legal costs tied to the fragrance investigations
“legal fees and provisions incurred for the ongoing investigations of the fragrance businesses”
New risks since the previous report
Weight-loss drugs could change what consumers buy, reducing demand for IFF's ingredients
“the development of new weight management pharmaceutical products such as glucagon-like peptide-1 (GLP-1) receptor agonists, may affect consumer behavior”
New tariffs and trade measures could raise costs and hurt demand
“the imposition of or changes in customs, tariffs, other trade protection measures (including with respect to China, Canada, Mexico, European Union or other jurisdictions by the U.S.)”
Growing use of AI tools could expose confidential data or weaken patents
“The use of AI by us, our employees or any of our third-party partners may result in unauthorized disclosure of personal data, proprietary information and trade secrets”
Biggest risks named
- Substantial debt, tightening loan limits and possible credit rating cuts
- Further goodwill write-downs, including an expected $1.0–1.5 billion charge in 2025
- Completing the Pharma Solutions sale and wider strategic transformation
- Antitrust investigations and related class action lawsuits
- Weaker customer demand from consumer, regulatory and economic trends
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | −2 | |
| Tone against the previous report | +2 | |
| Financial stress | −8 | |
| Red flags | −4.5 | |
| New risks | −1.5 | |
| Score | 58 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 27, 2026 | Pro | |||
| 10-K | Feb 28, 2025 | 58 | Strong improvement | 1 medium1 minor | |
| 10-K | Feb 28, 2024 | 28 | Sharp deterioration | 2 medium | |
| 10-K | Feb 27, 2023 | 24 | Sharp deterioration | 2 medium2 minor | |
| 10-K | Feb 28, 2022 | 51 | Mixed | 2 minor | |
| 10-K | Feb 22, 2021 | 45 | Weakening | 2 medium | |
| 10-K | Mar 3, 2020 | 58 | Improving | 1 medium1 minor | |
| 10-K | Feb 26, 2019 | 62 | Improving | None | |
| 10-K | Feb 27, 2018 | 52 | Mixed | 1 minor | |
| 10-K | Feb 28, 2017 | 54 | Stable | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 4, 2026. View filings on SEC EDGAR