International Flavors & Fragrances Inc (IFF)
Materials · Specialty Chemicals · US stock · S&P 500 component
$93.83
▲ +2.80 (3.08%)
Fair valueFair
$81 −14.1% to fair value
$40fair band $69–$98$121
Day's range
$90.13 – $93.88
52-week range
$61.30 – $93.88
About International Flavors & Fragrances Inc
Ingredients for foods, drinks, household goods and personal care products are what International Flavors and Fragrances develops and manufactures. Its work covers flavours and taste solutions, fragrance and scent ingredients, food ingredients such as texturants and proteins, and health and biosciences products including enzymes and probiotics. Customers are consumer goods and food and beverage manufacturers, which use its ingredients in their own branded products.
Revenue of $10.0 billion over the last twelve months comes from creating ingredients and compounds to customer specifications and supplying them in volume. Revenue has changed at -4.3% a year across the last three years. The operating margin is 7.6%, the business earns 3% on the capital invested in it, and net debt is 3.3 times EBITDA. The dividend yield is 1.7%. On the site's X-Ray Score it receives 24 out of 100.
Price chart
52-wk range $61.30 – $93.88Volume 1,930,432Daily, split-adjusted
Vitals
Market cap$24.1B
52-week range$61.30 – $93.88
Volume (last day)1,930,432
P/E (TTM)82.5
EBIT / EV yield2.5%
Free-cash-flow yield2.2%
Dividend yield1.7%
Revenue (TTM)$10.0B
Net income (TTM)$292M
Operating margin7.6%
Return on capital3.0%
Debt incl. leases$6.2B
Cash & securities$569M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$81middle half of models $68 – $95
Fair
−14.1% to fair value
Average of the 12 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $94
Undervalued < $69Fair $69 – $98Overvalued > $98
P/E multiple
$94
P/B multiple
$97
P/S multiple
$89
EV/EBITDA multiple
$106
EV/EBIT multiple
$97
EV/revenue multiple
$91
10-year DCF, EBITDA exit
$68
5-year DCF, EBITDA exit
$80
10-year DCF, revenue exit
$68
5-year DCF, revenue exit
$76
10-year DCF, growth exit · not used
$19
5-year DCF, growth exit · not used
$18
Dividend discount, stable
$49
Dividend discount, multi-stage
$54
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Materials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
18/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield2.5%
Free-cash-flow yield2.2%
Fair value vs price0.9×
Growth
Weak
15/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-4.3%
Growth consistency30%
Profitability
Weak
30/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital3.0%
Operating margin7.6%
Gross profitability14.9%
Financial health
Weak
35/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA3.3×
Interest cover4.0×
Dividends
Weak
19/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield1.7%
Dividends vs free cash flow76%
Dividend growth-20.4%
Quarterly results: last 6 quarters
-1.9%
Mar '25
-33.6%
Jun '25
-7.9%
Sep '25
-6.6%
Dec '25
-3.6%
Mar '26
+1.8%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.0B, diluted EPS $0.20.
Compare with peers
PPG Ppg Industries Inc66 SHW Sherwin Williams Co54 ECL Ecolab Inc.50 ALB Albemarle Corp46Other Specialty Chemicals companies by X-Ray Score.
SWOT analysis: International Flavors & Fragrances Inc
Strengthsinside the company
- No standout strength in the figures we track.
Weaknessesinside the company
- Return on invested capital is only 3.0% (median 13.5% for industry peers), so the business earns little above its cost of capital.
- Operating margin of 7.6% is thin against 16.0% for industry peers.
- Revenue has fallen 4.3% a year over three years while industry peers grew 1.3%.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Trades at 82.6x earnings, 134% above the 35.3x median of industry peers, so the price already assumes better results.
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- Earnings in Specialty Chemicals follow the industry cycle, so margins and profits can swing from year to year.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare IFF with peers and sector
Medians of 4 Specialty Chemicals peers and of 22 Materials stocks in our universe.
Largest peers (X-Ray Score): SHW 54, ECL 50, PPG 66, ALB 46.
| Metric | IFF | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 24 | 52 | 53 |
| Valuation | 18 | 47 | 46 |
| Growth | 14 | 57 | 57 |
| Profitability | 30 | 66 | 55 |
| Financial health | 35 | 57 | 50 |
| Dividends | 19 | 60 | 56 |
Sector leaders: highest X-Ray Score in Materials
IFF ranks #22 of 23 in Materials and #5 of 5 in Specialty Chemicals by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for IFF
Each factor is rated by where IFF stands among the 23 Materials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 3 Good · 6 Average · 12 Bad of 21
Growth: 0 · 0 · 2
Profitability: 1 · 0 · 4
Financial strength: 0 · 2 · 2
Valuation: 1 · 1 · 3
Cash flow: 1 · 2 · 0
Efficiency: 0 · 1 · 1
| Factor | IFF | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −4.3% | Bad beats 28% | +0.6% | – | – |
| Revenue growth, last year | −5.2% | Bad beats 7% | +5.3% | +0.0% | ▼ Worse |
| Profitability | |||||
| Gross margin | 37.5% | Good beats 78% | 27.9% | 33.4% | ▲ Better |
| Operating margin | 7.6% | Bad beats 28% | 11.8% | -3.5% | ▲ Better |
| Net margin | 2.9% | Bad beats 24% | 7.8% | -3.3% | ▲ Better |
| Return on invested capital | 3.0% | Bad beats 24% | 10.0% | – | – |
| Return on equity | 2.1% | Bad beats 20% | 14.8% | -2.5% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 3.3x | Bad beats 20% | 2.4x | 6.3x | ▲ Better |
| Interest cover | 4.0x | Bad beats 25% | 7.8x | -1.7x | ▲ Better |
| Current ratio | 2.06 | Average beats 63% | 1.61 | 1.83 | ▲ Better |
| Piotroski F-score | 6 / 9 | Average beats 46% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 82.6x | Bad beats 3% | 21.6x | – | – |
| Price / book | 1.7x | Good beats 76% | 3.1x | 1.5x | ≈ In line |
| Price / sales | 2.4x | Average beats 37% | 2.1x | 1.9x | ▼ Worse |
| EV / EBITDA | 17.5x | Bad beats 33% | 14.2x | 27.4x | ▲ Better |
| Free cash flow yield | 2.2% | Bad beats 17% | 3.4% | 2.8% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 5.4% | Average beats 34% | 7.7% | 5.3% | ≈ In line |
| Cash from operations / net income | 3.98 | Good beats 87% | 1.50 | – | – |
| Accruals (lower is better) | −3.5% | Average beats 39% | −4.2% | – | – |
| Efficiency | |||||
| Inventory turnover | 4.1x | Bad beats 19% | 5.3x | 3.1x | ▲ Better |
| Days sales outstanding | 52 days | Average beats 57% | 54 days | 53 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 0 Good · ● 4 Average · ● 10 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldBad
Risk models
Altman Z''Bad
Piotroski F-ScoreAverage
Growth
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioAverage
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginBad
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 28/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $11.7B | $12.4B | $11.5B | $11.5B | $10.9B |
| Operating income | $585M | −$1.3B | −$2.1B | $766M | −$382M |
| Net income | $279M | −$1.9B | −$2.6B | $267M | −$359M |
| Operating cash flow | $1.4B | $397M | $1.5B | $1.1B | $850M |
| Operating margin | 5.0% | -10.7% | -18.4% | 6.7% | -3.5% |
| Free cash flow | $1.0B | −$107M | $952M | $607M | $256M |
| Diluted EPS | $1.10 | $-7.32 | $-10.14 | $1.04 | $-1.41 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 89.53 | Bullish |
| EMA 10 | 89.93 | Bullish |
| SMA 20 | 86.85 | Bullish |
| EMA 20 | 88.02 | Bullish |
| SMA 50 | 85.48 | Bullish |
| EMA 50 | 85.39 | Bullish |
| SMA 100 | 81.59 | Bullish |
| EMA 100 | 82.33 | Bullish |
| SMA 200 | 77.19 | Bullish |
| EMA 200 | 78.59 | Bullish |
Oscillators (daily)
| RSI (14) | 79.84 | Bearish |
| MACD (12, 26) | 2.09 | Bullish |
| Momentum (12) | 11.81 | Bullish |
| Stochastic %K (14) | 99.56 | Bearish |
| Williams %R (14) | -0.44 | Bearish |
| CCI (20) | 130.3 | Bearish |
Pivot points (classic, last session)
S3 87.60 | S2 88.86 | S1 91.35 | Pivot 92.61 | R1 95.10 | R2 96.36 | R3 98.85 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.60 USD
Yield on today's price
1.71%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.4000 | |
| 0.4000 | |
| 0.4000 | |
| 0.4000 | |
| 0.4000 | |
| 0.4000 | |
| 0.4000 | |
| 0.4000 | |
| 0.4000 | |
| 0.4000 | |
| 0.4000 | |
| 0.8100 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold IFF
| ETF | Share of the fund |
|---|---|
| XLB Materials Select Sector SPDR | 2.71% |
| FEGE First Eagle Global Equity | 0.84% |
| DON WisdomTree U.S. MidCap Dividend | 0.78% |
| RPV Invesco S&P 500 Pure Value | 0.60% |
| SPHQ Invesco S&P 500 Quality | 0.23% |
| RSP Invesco S&P 500 Equal Weight | 0.21% |
| VBR Vanguard Small-Cap Value | 0.21% |
| IWS iShares Russell Mid-Cap Value | 0.20% |
The eight funds with the largest weight in IFF among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
IFF stock splits
IFF has split its stock once since 1994. The latest was a 3-for-1 split on 20 Jan 1994.
Full IFF stock split history →IFF SEC filings
8-KSEC EDGAR
Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Other events
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Entered a material agreement; Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.