NYSE: IFF · Specialty Chemicals
International Flavors & Fragrances
International Flavors & Fragrances (IFF), based in New York, makes flavors, fragrances, enzymes, cultures, probiotics and food ingredients used by food, beverage, home and personal care and health product makers. It became much larger after merging with DuPont's Nutrition & Biosciences business in February 2021. In 2025 its segments were Taste ($2,481 million of sales), Food Ingredients ($3,278 million), Health & Biosciences ($2,283 million), Scent ($2,479 million) and Pharma Solutions ($369 million, sold in May 2025). Sales fell 5% to $10,890 million and IFF had a net loss of $359 million after a $1.153 billion goodwill impairment on Food Ingredients. In May 2026 it agreed to sell Food Ingredients to funds advised by CVC Capital Partners in a deal valuing the business at about $4.3 billion. IFF is also defending fragrance antitrust investigations and class actions.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 09:46 (SEC EDGAR) · Source 10-K filed: February 27, 2026
Built on10-K FY2025 · filed 2026-02-2710-Q (quarter ended 2026-09-30) · filed 2026-11-03Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- -1.7%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- -3.5%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -9.3 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 9.2x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- —
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 121.1x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.82
Higher than 4% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 3% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 5% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 98% of 304 non-financial companies
Below 0 means more cash than debt
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$87.15close on 2026-11-04
Market cap$22.28B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 121.1x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.6x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 47.7x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 1.1%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.8%
At FY2025 year-end: —
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.2x
Book value at FY2025 year-end
At FY2025 year-end: 39.0x
EBITDA for FY2025
At FY2025 year-end: 1.5%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$1.87B → $1.94B (vs. a year earlier)↑ +3.9%$1.87B → $1.94B (vs. a year earlier)
- Operating margin10.2% → 8.2% (vs. a year earlier)↓ −2.0 pts10.2% → 8.2% (vs. a year earlier)
- Net income$41M → −$55M (vs. a year earlier)↓ −$55M$41M → −$55M (vs. a year earlier)
- Diluted EPS$0.16 → $-0.22 (vs. a year earlier)↓ $-0.22$0.16 → $-0.22 (vs. a year earlier)
- Cash$569M → $272M (vs. previous quarter-end)↓ −52.2%$569M → $272M (vs. previous quarter-end)
- Long-term debt$5.7B → $6.27B (vs. previous quarter-end)↑ +10.1%$5.7B → $6.27B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 3, 2026.
Management outlook ↑ Raised
Raised the low end of 2026 guidance ranges. Source sentence
Raising Low-End of Full Year 2026 Financial Guidance Ranges
Key changes
Now expects 2026 sales of $7.5B–$7.6B. Source sentence
The Company now expects full year 2026 sales to be in the range of $7.5 billion to $7.6 billion (versus $7.4 billion to $7.6 billion previously).
Q3 net sales $1.94B, up 4%. Source sentence
Reported net sales for the third quarter were $1.94 billion, an increase of 4% versus the prior-year period.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- INTERNATIONAL FLAVORS & FRAGRANCES INC
- Headquarters
- NEW YORK, NY
- Incorporated in
- New York
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: IFF
- Industry
- Specialty Chemicals
- CIK
- 51253
- Website
- https://www.iff.com/ ↗
- IR page
- https://ir.iff.com/ ↗
Workforce (as of FY2025 year-end)
Employees
21,500
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 42–51 days after quarter end (Feb 11, 2026; Feb 18, 2025; Feb 20, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 34–51 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 3, 2026 (+34 days) | Nov 3, 2026 10-Q (+34 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 4, 2026 (+35 days) | Aug 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Mar 31, 2026 | May 5, 2026 (+35 days) | May 5, 2026 10-Q (+35 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 11, 2026 (+42 days) | Feb 27, 2026 10-K (+58 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 4, 2025 (+35 days) | Nov 4, 2025 10-Q (+35 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 5, 2025 (+36 days) | Aug 5, 2025 10-Q (+36 days) |
| Q1 FY2025 | Mar 31, 2025 | May 6, 2025 (+36 days) | May 6, 2025 10-Q (+36 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 18, 2025 (+49 days) | Feb 28, 2025 10-K (+59 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 5, 2024 (+36 days) | Nov 5, 2024 10-Q (+36 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 6, 2024 (+37 days) | Aug 6, 2024 10-Q (+37 days) |
| Q1 FY2024 | Mar 31, 2024 | May 6, 2024 (+36 days) | May 6, 2024 10-Q (+36 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 20, 2024 (+51 days) | Feb 28, 2024 10-K (+59 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Taste
Flavors
Flavor compounds for beverages, dairy, savory, sweet and snack foods.
Food Ingredients
Food ingredients
Specialty food ingredients, soy and pea protein, emulsifiers, sweeteners and natural food protection ingredients; agreed to be sold to CVC-advised funds in 2026.
Health & Biosciences
Enzymes, cultures and probiotics
Enzymes, cultures, probiotics and other biosciences products for food, health, home care, animal nutrition and bio-fuel.
Scent
Fragrances
Fine fragrance, consumer fragrance and fragrance ingredients for perfumes, personal care, soaps, detergents and cleaning products.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Food, home and personal care, health ingredients
Food & Beverage, Home & Personal Care, Health & Wellness
U.S. share
—
Not disclosedWorldwide share
Global leadership positions
Company-disclosed“…we hold global leadership positions in the Food & Beverage, Home & Personal Care and Health & Wellness markets…”
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Sales $10,890M (−5%; Pharma Solutions sold); net loss $359M incl. $1.153B Food Ingredients goodwill impairment; diluted EPS −$1.41.
Source: Form 10-K (FY2025)
Q2 2026
Continuing operations sales $1.954B (+2%, +6% comparable currency neutral); net income attributable to IFF $50M versus $599M.
Source: Form 10-Q (quarter ended 2026-06-30)
Food Ingredients sale
Agreed May 28, 2026 to sell Food Ingredients to CVC Capital Partners affiliates, valuing it at about $4.3B; expected net cash proceeds about $3.8B plus a ~9.9% stake.
Source: Form 8-K (2026-06-01) — Item 1.01 agreement to sell Food Ingredients to CVC Capital Partners
Antitrust settlement
Settled U.S. direct purchaser fragrance class actions ($26M); total 2025 provision $43M for U.S. class actions.
Source: Form 10-K (FY2025)
Capex ÷ D&A (FY2025)
0.62x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$594M ÷ $962M = 0.62x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
6.4%
formularesearch & development expense ÷ revenue × 100
e.g.$694M ÷ $10,890M × 100 = 6.4%
M&A spend (5-year total)
$110M
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $393M in FY2021 to $594M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
08
Key figures at a glanceFrom SEC data
FY2021–FY2025, 5 years.
Revenue (FY2025)
$10.89B
As reported in the 10-K
Revenue CAGR (4 years)
-1.7%▼caution
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($10,890M ÷ $11,656M) ^ (1÷4) − 1 = -1.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
-3.5%▼caution
-8.5pt vs. 4 years ago
formulaoperating income ÷ revenue × 100
e.g.$-382M ÷ $10,890M × 100 = -3.5%
ROE (FY2025)
-2.6%▼caution
5-year average: -4.9%
As reported in the 10-K
P/B (FY2025 end)
1.22x
formulafiscal year-end closing price ÷ book value per share
e.g.$67.39 ÷ $55.35 = 1.22x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
39.0x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($17,232M + $5,951M − $590M) ÷ ($-382M + $962M) = 39.0x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▼
Revenue grew -1.7% a year over 4 years (a shrinking trend)
From $11.66B in FY2021 to $10.89B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Operating margin declined: 5.0% → -3.5%
How much operating profit is left per $100 of revenue. It moved -8.5 points over 4 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 55.4% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 4 of 5 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▼
ROE averaged -4.9% over 5 years (latest: -2.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- CVC Capital Partners (Foxtrot US Bidco)
07 · what it does
Key activities
- Taste: flavors
- Food Ingredients: specialty ingredients, plant proteins, emulsifiers and sweeteners (to be sold)
- Health & Biosciences: enzymes, cultures, probiotics
- Scent: fragrances and fragrance ingredients
06 · what it draws on
Key resources
- About 21,500 employees (about 5,500 in the U.S.)
- Natural and synthetic raw materials, crops and fermentation
- Research and creative centers
02 · why customers buy
Value propositions
- Taste, scent, nutrition and bioscience ingredients, backed by R&D it considers a key competency.
04 · how it keeps them
Customer relationships
- Co-creation with customers on product formulations, then ongoing supply.
03 · how it reaches them
Channels
- Direct sales and application teams serving consumer products companies.
01 · who it serves
Customer segments
- Food, beverage, home and personal care and health product manufacturers
- 25 largest customers about 32% of sales; none above 10%
09 · where money goes
Cost structure
FY2025, share of revenue ($10.89B)
- Cost of revenue63.8%
- Research & development6.4%
- Selling, general & administrative16.8%
- Other operating costs16.5%
Revenue here is reported net of interest expense, so these lines overlap and add up to more than 100%.
Operating profit left: -3.5% of revenue. Depreciation & amortization (inside the costs above): $962M. Capital spending: $594M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Taste $2,481M
- Food Ingredients $3,278M
- Health & Biosciences $2,283M
- Scent $2,479M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Creates and manufactures taste, scent, nutrition and bioscience ingredients that consumer product companies put into foods, beverages, personal care, cleaning and health products.
01 what it draws on
Inputs & resources
- About 21,500 employees (about 5,500 in the U.S.)
- Natural and synthetic raw materials, crops and fermentation
- Research and creative centers
02 what it does
Activities
- Taste: flavors
- Food Ingredients: specialty ingredients, plant proteins, emulsifiers and sweeteners (to be sold)
- Health & Biosciences: enzymes, cultures, probiotics
- Scent: fragrances and fragrance ingredients
03 who it serves
Customers
- Food, beverage, home and personal care and health product manufacturers
- 25 largest customers about 32% of sales; none above 10%
04 how money comes in
How it earns
- Taste $2,481M
- Food Ingredients $3,278M
- Health & Biosciences $2,283M
- Scent $2,479M
- Pharma Solutions $369M (2025, sold May 2025)
How the business makes money
- Net proceeds from business disposals $2,743M in 2025 (Pharma Solutions).
- Long-term debt cut to $4,740M from $7,564M.
- Dividend cut to $1.60 per share in 2024 (from $3.24 in 2023).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
IFF is exposed to tax law changes and product regulation.
Government funding & tax credits
Tax law changes
Changes from the IRA and OBBBA could affect its tax position.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Approvals & licenses
Product regulation
Noncompliance could force it to pause sales.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Taste
2,481 (23%)Food Ingredients
3,278 (30%)Health & Biosciences
2,283 (21%)Scent
2,479 (23%)Pharma Solutions
369 (3%)
Source: Form 10-K (FY2025) Segment net sales; consolidated $10,890M. Pharma Solutions was divested May 1, 2025; Food Ingredients is reported as discontinued operations from Q2 2026.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
CVC Capital Partners (Foxtrot US Bidco)
Pending sale of the Food Ingredients business valued at about $4.3B; IFF keeps a ~9.9% stake.
Source: Form 8-K (2026-06-01) — Item 1.01 agreement to sell Food Ingredients to CVC Capital Partners
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Multinational and regional consumer products companies.
Named by the company
No customer was 10% or more of sales; the 25 largest were about 32%.
Suppliers
Agricultural, natural and chemical raw material suppliers.
Named by the company
No single supplier is named as material.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
IFF says its market is highly competitive. Main competitors are large global companies — Givaudan, Novonesis, DSM-Firmenich, Symrise, Kerry and ADM — plus mid-sized, regional and local makers and consumer product companies that develop their own products.
Competitors named in the 10-K
Flavors, fragrances and ingredients
Peer group the company chose
2025 compensation peer group (21 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
A mix of packaged goods and chemical/pharmaceutical companies; Mondelez removed for 2025.
- Archer-Daniels-Midlandsite ↗
- Ballsite ↗
- Bausch Healthsite ↗
- Catalentsite ↗
- Celanesesite ↗
- Church & Dwightsite ↗
- Cloroxsite ↗
- Colgate-Palmolivesite ↗
- Constellation Brandssite ↗
- Cortevasite ↗
- Eastman Chemicalsite ↗
- Ecolabsite ↗
- Estée Lauder Companiessite ↗
- General Millssite ↗
- Hersheysite ↗
- Ingredionsite ↗
- Keurig Dr Peppersite ↗
- Kimberly-Clarksite ↗
- McCormicksite ↗
- Viatrissite ↗
- Zoetissite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
| Line item | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|
| Income statement ($M) | |||||
| Revenue | 11,656 | 12,440 | 11,479 | 11,484 | 10,890 |
| Operating income | 585 | -1,326 | -2,110 | 766 | -382 |
| Pretax income | 354 | -1,625 | -2,518 | 308 | -412 |
| Net income (attributable) | 279 | -1,864 | -2,587 | 267 | -359 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 6.7% | -7.7% | 0.0% | -5.2% |
| Operating margincalcoperating income ÷ revenue × 100 | 5.0% | -10.7% | -18.4% | 6.7% | -3.5% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 2.4% | -15.0% | -22.5% | 2.3% | -3.3% |
| Balance sheet ($M) | |||||
| Total assets | 39,658 | 35,522 | 30,978 | 28,723 | 25,539 |
| Total equity | 21,117 | 17,655 | 14,611 | 13,869 | 14,186 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 11,295 | 10,767 | 9,980 | 8,891 | 5,951 |
| Equity ratio | 53.2% | 49.7% | 47.2% | 48.2% | 55.4% |
| ROE | 2.0% | -9.6% | -16.0% | 1.9% | -2.6% |
| Cash flow ($M) | |||||
| Operating CF | 1,437 | 397 | 1,455 | 1,070 | 850 |
| Investing CF | -18 | 745 | 558 | 326 | 2,269 |
| Financing CF | -1,304 | -1,229 | -1,851 | -1,606 | -3,091 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,044 | -107 | 952 | 607 | 256 |
| Cash and equivalents | 711 | 483 | 703 | 469 | 590 |
| Per share & other | |||||
| EPS ($) | 1.10 | -7.32 | -10.14 | 1.04 | -1.41 |
| BVPS ($) | 82.81 | 69.24 | 57.23 | 54.10 | 55.35 |
| Dividend per share ($) | 3.12 | 3.20 | 3.24 | 1.60 | 1.60 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 283.6% | — | — | 153.8% | — |
| P/E (x) | 137.0 | — | — | 81.3 | — |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 28.1 | — | — | 16.9 | 39.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.82 | 1.51 | 1.41 | 1.56 | 1.22 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $1.94B+3.9% | $160M-16.2% | −$55M-234.1% | $-0.22 |
| 2026-06-30 | $1.95B+1.8% | $158M+11.3% | $51M-91.5% | $0.20 |
| 2026-03-31 | $2.74B-3.6% | $273M | $170M | $0.66 |
| 2025-12-31 † | $4.26B+53.7% | $188M+48.0% | $18M | — |
| 2025-09-30 | $1.87B | $191M | $41M | $0.16 |
| 2025-06-30 | $1.92B | $142M | $599M | $2.33 |
| 2025-03-31 | $2.84B | −$903M | −$1.02B | $-3.98 |
| 2024-12-31 † | $2.77B | $127M | −$25M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
Data left out of this analysis
- FY2020: FY2020 is before IFF’s February 2021 merger with DuPont’s Nutrition & Biosciences business, which more than doubled revenue and share count, so it is not comparable.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
-1.5%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$-382M × (1 − 17.5%) ÷ $21,449M × 100 = -1.5%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
7.85%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $17.23B ÷ ($17.23B + $5.95B) = 74.3%
e.g.Debt weight: $5.95B ÷ ($17.23B + $5.95B) = 25.7%
e.g.WACC: 9.5% × 74.3% + 3.8% × (1 − 17.5%) × 25.7% = 7.85%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 6.6%–9.4% and ROIC − WACC runs −10.9 to −8.0 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 7.85% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.82 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 9.46%
- Cost of debt
- 3.85%
- Tax rate
- 17.5% (effective rate, FY2021–FY2024)
- Capital structure (equity : debt)
- 74% : 26%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 7.85%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.82 (price-derived adjusted beta. Raw β 0.73, R² 0.12, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.733 + 0.33 = 0.821
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.82 × 5.5% = 9.5%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
6.9%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.8% − 0.9%
Past FCF growth (FY2021–FY2025)
-29.6%
Compound annual rate, 4 years
Past revenue growth (FY2021–FY2025)
-1.7%
Compound annual rate, 4 years
Inputs (FY2025): free cash flow $256M (operating CF − capex); enterprise value $27.65B = market cap $22.28B (latest close, 2026-11-04) + debt $5.95B − cash and short-term investments $590M; r = WACC of 7.8% using this page’s default assumptions (β 0.82, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$28.44B
FCF $256M ÷ (7.8% − 6.9%)
Theoretical ÷ actual enterprise value
1.03x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.8% | 6.8% | 7.8% | 8.8% | 9.8% |
|---|---|---|---|---|---|
| 0% | 0.16x | 0.14x | 0.12x | 0.11x | 0.09x |
| 2% | 0.24x | 0.19x | 0.16x | 0.14x | 0.12x |
| 4% | 0.51x | 0.33x | 0.24x | 0.19x | 0.16x |
| 6% | — | 1.16x | 0.51x | 0.33x | 0.24x |
| 8% | — | — | — | 1.16x | 0.51x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 4.58x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.5%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 60 → 56 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,624M + $1,731M) ÷ 2 ÷ $10,890M × 365 = 56 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($2,133M + $2,245M) ÷ 2 ÷ $6,952M × 365 = 115 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 10 of 416
- Beta (adjusted)
- 0.82
Reported total 110.5%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 2% of covered companies have more
above 1 = swings more than the market
- 282.0M shares reported by 752 13F filers ÷ 255.1M shares outstanding on 2026-07-31. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-18 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
19
Strengths & weaknessesSite analysis
Strengths
1. Global leadership positions
IFF says it holds global leadership positions in Food & Beverage, Home & Personal Care and Health & Wellness markets.
Evidence: Form 10-K (FY2025)
2. Customer diversity
No customer accounted for 10% or more of sales.
Evidence: Form 10-K (FY2025)
3. Debt reduction
Interest-bearing debt fell from $11.3B (2021) to about $6.0B (2025) using divestiture proceeds.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Merger write-downs
Net losses in 2022 (−$1,864M), 2023 (−$2,587M) and 2025 (−$359M), driven by goodwill impairments.
Evidence: Form 10-K (FY2025)
2. Dividend cut
Dividend per share halved from $3.24 (2023) to $1.60 (2024).
Evidence: Form 10-K (FY2025)
3. Antitrust exposure
Fragrance antitrust investigations and class actions continue in several countries.
Evidence: Form 10-K (FY2025) — Note 21 Commitments and Contingencies
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
—
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.37%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
1.5%
(Operating CF − capex) ÷ market cap
1. Focused portfolio
After selling Pharma Solutions and Food Ingredients, IFF will focus on Taste, Scent and Health & Biosciences.
- What has to hold
- Remaining businesses grow faster.
- The other side
- Antitrust liabilities remain uncertain.
Evidence: Form 8-K (2026-06-01) — Item 1.01 agreement to sell Food Ingredients to CVC Capital Partners
2. Lower debt
Divestiture proceeds cut debt.
- What has to hold
- Proceeds are used for deleveraging.
- The other side
- Lower earnings base after sales.
Evidence: Form 10-K (FY2025)
FY2020 is left out (pre-merger with DuPont Nutrition & Biosciences). Reported figures are not restated for the 2025 Pharma Solutions sale; from Q2 2026 Food Ingredients is a discontinued operation.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.5x
$590M vs. $1.25B
Interest coverage (operating income ÷ interest expense)
-1.7x
−$382M vs. $229M
Free cash flow ÷ dividends paid
0.6x
$256M vs. $409M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -7.7% in FY2023 ($12.44B → $11.48B) | Not yet, as of FY2025 |
| Operating income | -326.7% in FY2022 ($585M → −$1.33B) | Yes, by FY2024 |
Covers only the 5 fiscal years on record (FY2021–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash flow through losses
Cash from operations stayed positive every year 2021–2025 ($397M–$1,455M) despite net losses in 2022, 2023 and 2025.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
IFF’s main legal exposure is a set of fragrance antitrust investigations and related class actions; it says their resolution could have a material adverse effect. Legacy Frutarom cases in Israel are mostly settled.
3 open matters (2 flagged as major) · 1 settled or closed
Fragrance antitrust investigations
PendingAntitrustMajorEuropean Commission, UK CMA, Swiss and Mexican competition authorities
Since March 2023 the European Commission, UK CMA and Swiss Competition Commission have investigated potential anticompetitive conduct in fragrances; Mexico is also investigating. DOJ confirmed closing its investigation on February 5, 2026. IFF has applied for leniency in several jurisdictions and paid a €16M EC settlement in 2024 over deleted messages.
Source: Form 10-K (FY2025) — Note 21 Commitments and Contingencies
Fragrance price-fixing class actions
PendingClass actionMajorPurchasers v. IFF, Firmenich, Givaudan, Symrise
Class actions in Canada and the U.S. against IFF, Firmenich, Givaudan and Symrise allege Sherman Act and Competition Act violations. IFF settled the U.S. direct purchaser class for $26M (preliminary approval November 2025) and recorded $43M of provisions in 2025; a new class action was filed January 27, 2026.
- Amounts
- $43M provision (2025)
Source: Form 10-K (FY2025) — Note 21 Commitments and Contingencies
Frutarom bonus disputes
PendingLawsuitIFF, Frutarom v. Ori Yehudai; shareholders v. Frutarom
IFF and Frutarom sued Frutarom’s former CEO over a $20M bonus; a related class action by former Frutarom minority shareholders was certified in September 2025 and Frutarom sought rehearing.
Source: Form 10-K (FY2025) — Note 21 Commitments and Contingencies
Frutarom securities class action (Israel)
SettledClass actionShareholders v. IFF, Frutarom and former officers
A 2019 Israeli class action over the Frutarom acquisition and improper payments was settled for about $7M (paid by insurers), approved November 2025.
Source: Form 10-K (FY2025) — Note 21 Commitments and Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2025) — Note 21 Commitments and Contingencies, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Law & regulation
Fragrance antitrust matters
- Company disclosure (summarized from the 10-K)
- EC, UK CMA, Swiss and Mexican authorities are investigating fragrance competition; class actions in the U.S. and Canada. DOJ closed its probe in February 2026.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2M&A & integration
Portfolio reshaping
- Company disclosure (summarized from the 10-K)
- Sale of Food Ingredients ($4.3B valuation) and earlier divestitures change the business mix.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Raw materials & energy
Raw material costs
- Company disclosure (summarized from the 10-K)
- Natural and crop-based raw materials can be volatile.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with Givaudan, Novonesis, DSM-Firmenich, Symrise, Kerry and ADM, and with customers that make their own products.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 5FX & interest rates
Currency
- Company disclosure (summarized from the 10-K)
- Most sales are outside the U.S.
- Company’s stated mitigation
- We actively monitor our foreign currency exposures in all major markets in which we operate, and employ a variety of techniques to mitigate the impact of exchange rate fluctuations, including foreign currency hedging activities.
- This site’s assessment
- Impact Med / Likelihood High
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
• We are exposed to AI-related risks and opportunities that if we fail to properly manage, could result in material liabilities, or otherwise materially adversely affect our business, results of operations, and financial condition.
We face intense global competition from multinational and specialized companies across our product offerings, as well as consumer product companies developing their own alternatives. Read more
Competitors may have greater resources, proprietary technologies, or benefit from recent industry consolidation, enabling them to respond more effectively to customer or market demands. As we expand into adjacent markets, such as functional foods and specialty fine ingredients, we encounter additional risks, including price sensitivity and lower margins. Our ability to compete depends on, among other things, innovation, product quality, regulatory compliance, pricing, logistical efficiency, digital proficiency, customer service, and intellectual property protection. Failure to invest in growth, scale new concepts, or adapt to technological advancements could erode our competitive position. Increased…
Beyond large multinational customers, our customer base continues to be diverse. Read more
Based on fiscal-year 2025 sales, we had approximately 20,000 customers, approximately 69% of which are small and mid-sized companies. This diversity requires ongoing adjustments to product development, manufacturing, distribution, marketing, and infrastructure to support varied go-to-market models. Managing a geographically and operationally diverse portfolio adds complexity, and failure to maintain relationships or gain market share with these customers could adversely affect our growth.
As part of our strategic transformation and portfolio optimization, we have completed several divestitures in recent years and continue to evaluate additional transactions, including strategic alternatives for our Food Ingredients segment. Read more
Successfully completing such transactions depends on factors beyond our control, such as industry and macroeconomic conditions, third party interest and financing, underlying asset performance, regulatory approvals, and entanglements with the rest of our businesses. Moreover, such transactions are complex, costly, and time-consuming, and may divert management’s and employees’ attention, lead to significant stranded and separation costs, and dis-synergies, risk of assuming liabilities, failure to meet business case objectives for such transactions, as well as employee turnover, and negative impacts on customer and supplier relationships. Strategic…
At the same time, we also continue to pursue collaborations, joint ventures, partnerships, acquisitions to enhance innovation, expand our product portfolio, and support growth, but these transactions also involve significant risks. Read more
Negotiating and implementing such arrangements is similarly complex and time-consuming, and we may fail to close deals, agree on favorable terms, or avoid post-closing disputes. Revenue from collaborations depends on our partners’ performance, and these arrangements may not lead to timely or successful product development or commercialization. Acquisitions present additional risks, including integration challenges, failure to achieve anticipated synergies, cost savings, or revenue growth, and exposure to incremental liabilities or contractual obligations to minority investors. We may also incur impairment charges if acquired businesses underperform.
Failure to enter into such transactions or complete them on time, manage costs, or negotiate favorable terms could increase expenses, hinder our portfolio strategy, and negatively affect our financial condition. Read more
Even when successful, expected benefits may not be realized or may take longer than anticipated, and failure to meet these challenges could materially impact our business and results of operations.
We manage inventory based on shelf life, sourcing levels, and anticipated demand. Read more
Effective inventory control is critical to meeting customer needs without incurring excess storage costs. If we fail to accurately forecast customer demand, it may lead
As further described in our consolidated financial statements, we are currently subject to antitrust investigations in a number of countries and class action lawsuits in the U.S. Read more
and Canada alleging antitrust violations by us and certain of our competitors. Additional suits and investigations may follow, and outcomes are uncertain. Enforcement actions could result in regulators imposing significant fines, penalties, or business restrictions, adversely affecting results of operations, liquidity, or financial condition, and overall business.
No longer in the text (4)
• Inflationary trends and pricing uncertainty, including in the price of our input costs, such as raw materials, transportation and energy, could adversely affect our business and financial results in the short term and result in uncertainties in the long term.
• Our success depends on attracting and retaining talented people within our business and our management team. Read more
Changes to management, including turnover of our top executives, and significant shortfalls in recruitment, retention or transition of employees or our management team could adversely affect our ability to compete and achieve our strategic goals.
As of December 31, 2024, our total debt was $8.977 billion. There may be circumstances in which required payments of principal and/or interest on our debt could adversely affect our cash flows, our operating results or our ability to return capital to our shareholders. In addition, our existing Revolving Credit Facility and Term Loan are also at variable interest rates, exposing us to potentially material interest rate risk at our current level of indebtedness.
Furthermore, our degree of leverage could adversely affect our future credit ratings. Read more
If we are unable to maintain or improve our current investment grade rating or improve our leverage, it could adversely affect our future cost of funding, liquidity and access to capital markets. The Company does not have any rating downgrade triggers that would accelerate the maturity dates of its senior unsecured debt. However, any downgrade in our credit rating may, depending on the extent of such downgrade, negatively impact our ability to raise additional debt capital, our liquidity and capital position, and may increase our cost of borrowing for new capital raises. In addition, our existing Revolving Credit Facility and Term Loan have pricing grids that are based on credit rating, such that our cost of borrowing may increase if our public debt rating decreases. The pricing grid rates have…
76 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 27, 2026 ↗ with the 10-K filed Feb 28, 2025 ↗.
25
What to watch going forwardSite analysis
- Closing of the Food Ingredients sale (expected by end of Q2 2027).
- Outcome of EC/CMA fragrance antitrust investigations.
- Organic growth in Taste, Scent and Health & Biosciences.
- Use of sale proceeds (debt reduction, buybacks).
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 09:46 (SEC EDGAR) · Source 10-K filed: February 27, 2026
Built on10-K FY2025 · filed 2026-02-27Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent International Flavors & Fragrances’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.