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Financial statementsINTERNATIONAL FLAVORS & FRAGRANCES INC financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data INTERNATIONAL FLAVORS & FRAGRANCES INC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,116 | 3,399 | 3,978 | 5,140 | 5,084 | 11,656 | 12,440 | 11,479 | 11,484 | 10,890 |
| Cost of revenue | 1,721 | 1,926 | 2,295 | 3,027 | 2,998 | 7,921 | 8,289 | 7,798 | 7,360 | 6,952 |
| Gross profit | 1,396 | 1,472 | 1,683 | 2,113 | 2,086 | 3,735 | 4,151 | 3,681 | 4,124 | 3,938 |
| Research and development | 259 | 295 | 312 | 346 | 357 | 629 | 603 | 636 | 671 | 694 |
| Selling, general and administrative | 573 | 570 | 707 | 876 | 949 | 1,749 | 1,768 | 1,787 | 1,995 | 1,834 |
| Operating income | 553 | 553 | 584 | 665 | 566 | 585 | -1,326 | -2,110 | 766 | -382 |
| Interest expense | 53 | 65.4 | 133 | 138 | 132 | 289 | 336 | 380 | 305 | 229 |
| Interest income | 8 | 15 | 5 | 15 | 19 | |||||
| Other non-operating income | 23.8 | 49.8 | 35.2 | 30 | 7 | 58 | 26 | -5 | -182 | -65 |
| Pre-tax income | 524 | 537 | 448 | 557 | 441 | 354 | -1,625 | -2,518 | 308 | -412 |
| Income tax | 119 | 241 | 108 | 97 | 74 | 75 | 239 | 69 | 41 | -53 |
| Net income to minority interests | 0 | 0 | 2.48 | 4 | 4 | 9 | 7 | 4 | 4 | 2 |
| Net income | 405 | 296 | 340 | 456 | 363 | 270 | -1,871 | -2,591 | 263 | -361 |
| EBITDA | 655 | 671 | 758 | 988 | 891 | 1,741 | -147 | -968 | 1,781 | 580 |
| EPS, basic | 5.07 | 3.73 | 3.81 | 4.05 | 3.25 | 1.11 | -7.32 | -10.14 | 1.04 | -1.41 |
| EPS, diluted | 5.05 | 3.72 | 3.79 | 4.00 | 3.21 | 1.10 | -7.32 | -10.14 | 1.04 | -1.41 |
| Shares, basic (weighted) | 79.6 | 79.1 | 87.6 | 112 | 112 | 243 | 255 | 255 | 256 | 256 |
| Shares, diluted (weighted) | 80 | 79.4 | 88.1 | 113 | 114 | 243 | 255 | 255 | 256 | 256 |
| Dividend per share | 2.40 | 2.66 | 2.84 | 2.96 | 3.04 | 3.12 | 3.20 | 3.24 | 1.60 | 1.60 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 324 | 368 | 635 | 607 | 650 | 711 | 483 | 703 | 312 | 347 |
| Receivables | 551 | 664 | 63.5 | 876 | 929 | 1,906 | 1,818 | 1,726 | 1,624 | 1,294 |
| Inventory | 592 | 649 | 1,079 | 1,123 | 1,132 | 2,516 | 3,151 | 2,477 | 2,133 | 1,507 |
| Other current assets | 142 | 215 | 277 | 319 | 342 | 728 | 770 | 875 | 686 | 742 |
| Total current assets | 1,609 | 1,897 | 2,942 | 2,943 | 3,060 | 6,987 | 7,432 | 6,293 | 7,968 | 5,594 |
| Property, plant and equipment | 776 | 881 | 1,241 | 1,387 | 1,458 | 4,368 | 4,203 | 4,240 | 3,739 | 2,685 |
| Lease right-of-use assets | 0 | 288 | 299 | 767 | 743 | 689 | 589 | 515 | ||
| Goodwill | 1,000 | 1,156 | 5,378 | 5,497 | 5,593 | 16,432 | 13,373 | 10,635 | 9,075 | 8,226 |
| Intangible assets | 366 | 416 | 3,039 | 2,852 | 2,727 | 10,506 | 9,082 | 8,357 | 6,445 | 3,964 |
| Other non-current assets | 128 | 250 | 289 | 608 | 418 | 616 | 689 | 764 | 907 | 954 |
| Total assets | 4,017 | 4,599 | 12,889 | 13,287 | 13,555 | 39,658 | 35,522 | 30,978 | 28,723 | 25,539 |
| Accounts payable | 275 | 338 | 471 | 510 | 556 | 1,532 | 1,418 | 1,378 | 1,283 | 933 |
| Accrued liabilities | 64.4 | 88.4 | 121 | 103 | 133 | 335 | 267 | 265 | 420 | 259 |
| Deferred revenue | 1.01 | 11.1 | 4.94 | |||||||
| Short-term debt | 259 | 6.97 | 48.6 | 385 | 634 | 308 | 410 | 885 | 1,413 | 1,254 |
| Total current liabilities | 898 | 769 | 1,128 | 1,552 | 1,904 | 3,633 | 3,728 | 3,758 | 4,352 | 3,933 |
| Long-term debt | 1,067 | 1,632 | 4,504 | 3,997 | 3,779 | 10,768 | 10,373 | 9,186 | 7,564 | 4,738 |
| Lease liabilities | 253 | 265 | 670 | 672 | 642 | 550 | 533 | |||
| Other non-current liabilities | 137 | 191 | 248 | 502 | 268 | 462 | 491 | 560 | 627 | 573 |
| Total liabilities | 2,386 | 2,910 | 6,846 | 7,058 | 7,233 | 18,541 | 17,875 | 16,398 | 14,854 | 11,353 |
| Total debt | 1,325 | 1,639 | 4,595 | 4,417 | 4,444 | 10,971 | 10,580 | 9,980 | 8,891 | 5,637 |
| Paid-in capital | 152 | 163 | 3,794 | 3,823 | 3,853 | 19,826 | 19,841 | 19,874 | 19,917 | 19,918 |
| Retained earnings | 3,819 | 3,871 | 3,956 | 4,118 | 4,156 | 3,641 | 955 | -2,439 | -2,647 | -3,417 |
| Treasury stock | -1,679 | -1,726 | -1,031 | -1,023 | -1,017 | -997 | -978 | -963 | -944 | -952 |
| Other comprehensive income | -680 | -637 | -702 | -717 | -698 | -1,423 | -2,198 | -1,896 | -2,527 | -1,430 |
| Shareholders' equity | 1,626 | 1,684 | 6,033 | 6,217 | 6,310 | 21,082 | 17,655 | 14,611 | 13,834 | 14,154 |
| Minority interests | 4.89 | 5.09 | 10.4 | 12.2 | 12 | 35 | 30 | 31 | 35 | 32 |
| Total equity | 1,631 | 1,689 | 6,043 | 6,229 | 6,322 | 21,117 | 17,647 | 14,580 | 13,869 | 14,186 |
| Total liabilities and equity | 4,017 | 4,599 | 12,889 | 13,287 | 13,555 | 39,658 | 35,522 | 30,978 | 28,723 | 25,539 |
| Shares outstanding | 79.2 | 78.9 | 107 | 107 | 107 | 255 | 255 | 255 | 256 | 256 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 405 | 296 | 340 | 460 | 367 | 279 | -1,864 | -2,587 | 267 | -359 |
| Depreciation and amortization | 102 | 118 | 174 | 323 | 325 | 1,156 | 1,179 | 1,142 | 1,015 | 962 |
| Stock-based compensation | 24.6 | 26.6 | 29.4 | 34 | 36 | 54 | 49 | 65 | 77 | 88 |
| Deferred income tax | 14.4 | 58.9 | 19.4 | -59 | -68 | -236 | -237 | -371 | -323 | -270 |
| Change in receivables | -21.5 | -68.9 | -50 | 60 | -61 | -169 | -117 | 51 | -217 | -68 |
| Change in inventory | 15.5 | -18.9 | -118 | -62 | 18 | -363 | -893 | 605 | -34 | -41 |
| Change in payables | -7.64 | 29.1 | 55.1 | 55 | 28 | 419 | -57 | -39 | 40 | -57 |
| Cash from operations | 550 | 391 | 438 | 699 | 714 | 1,437 | 397 | 1,455 | 1,070 | 850 |
| Capital expenditures | -126 | -129 | -170 | -236 | -192 | -393 | -504 | -503 | -463 | -594 |
| Acquisitions | -237 | -192 | -4,857 | -49 | 0 | 0 | -110 | 0 | 0 | |
| Cash from investing | -355 | -300 | -5,013 | -226 | -187 | -18 | 745 | 558 | 326 | 2,269 |
| Debt issued | 556 | 498 | 3,257 | 0 | 200 | 3 | 0 | 0 | ||
| Debt repaid | -125 | -250 | -377 | -155 | -347 | -828 | -300 | -655 | -1,030 | -2,913 |
| Share buybacks | -127 | -58.1 | -15.5 | 0 | 0 | 0 | 0 | -38 | ||
| Dividends paid | -185 | -206 | -230 | -314 | -323 | -667 | -810 | -826 | -514 | -409 |
| Cash from financing | -34.4 | -42.6 | 4,871 | -505 | -512 | -1,304 | -1,229 | -1,851 | -1,606 | -3,091 |
| Exchange rate effect | -18.2 | -4.21 | -14.6 | 7 | 21 | -59 | -77 | 21 | -54 | 91 |
| Net change in cash | 142 | 44.1 | 280 | -25 | 36 | 56 | -164 | 183 | -264 | 119 |
| Free cash flow | 424 | 262 | 267 | 463 | 522 | 1,044 | -107 | 952 | 607 | 256 |
| Interest paid | 50.6 | 55.4 | 118 | 134 | 128 | 310 | 310 | 370 | 308 | 229 |
| Income taxes paid | 108 | 107 | 116 | 126 | 133 | 289 | 329 | 578 | 370 | 329 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 36.5% | Gross profit / revenue. |
| Operating margin | 7.1% | Operating income / revenue. |
| EBITDA margin | 13.0% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | -8.5% | Pre-tax income / revenue. |
| Net margin | 1.7% | Net income / revenue. |
| FCF margin | 4.6% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 10.4% | Cash from operations / revenue. |
| Return on equity (ROE) | 1.4% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 0.7% | Net income / average total assets. |
| Return on invested capital (ROIC) | 3.2% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| R&D / revenue | 6.5% | Research and development expense / revenue. |
| SG&A / revenue | 17.8% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 0.8% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 5.8% | Capital expenditures / revenue. |
| D&A / revenue | 5.8% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -5.2% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -4.3% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 16.5% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | -4.5% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | -1.7% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 13.6% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | -149.9% | Operating income vs the same period a year earlier. Only from a positive base. |
| EBITDA growth, 1y | -67.4% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 5y | -8.2% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -237.3% | Net income vs the same period a year earlier. Only from a positive base. |
| EPS growth, 1y | -235.6% | EPS vs the same period a year earlier. Only from a positive base. |
| Operating cash flow growth, 1y | -20.6% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 28.9% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 3.5% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -57.8% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 5y | -13.3% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 0.0% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | -20.6% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | -12.0% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 2.3% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -7.1% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 17.5% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | -11.1% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -10.4% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 13.5% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | 0.0% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 0.1% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 17.6% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 1.87x | Current assets / current liabilities. |
| Quick ratio | 0.34x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.05x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 0.47x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 25.3% | Total debt / total assets. |
| Liabilities / assets | 46.5% | Total liabilities / total assets. |
| Net debt | $6.00B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 4.25x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Working capital | $4.32B | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 46.5% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $1.71B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.44x | Revenue / average total assets. |
| Fixed asset turnover | 4.11x | Revenue / average property, plant and equipment. |
| Inventory turnover | 5.19x | Cost of revenue / average inventory. |
| Days inventory | 70 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 7.69x | Revenue / average receivables. |
| Days sales outstanding | 47 days | 365 x average receivables / revenue. |
| Days payables | 48 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 70 days | Days inventory + days sales outstanding - days payables. |
| FCF conversion | 275.3% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 56.0% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.72 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $43.07 | Revenue / diluted weighted shares. |
| FCF per share | $1.98 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $4.50 | Cash from operations / diluted weighted shares. |
| Book value per share | $52.95 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $6.81 | Tangible book value / shares outstanding. |
| Cash per share | $1.09 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 224.7% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 81.6% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 124.2% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $21.22B | Share price x shares outstanding. |
| Enterprise value | $27.22B | Market cap + total debt - cash - short-term investments. |
| P/E | 117x | Market cap / net income. Only when net income is positive. |
| P/S | 1.95x | Market cap / revenue. |
| P/B | 1.60x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 12.4x | Market cap / tangible book value, when positive. |
| P/FCF | 42.4x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 18.6x | Market cap / cash from operations, when positive. |
| EV/Sales | 2.50x | Enterprise value / revenue. |
| EV/EBIT | 34.9x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 19.3x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 54.3x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 2.4% | Free cash flow / market cap. |
| Earnings yield | 0.9% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 1.9% | Dividends paid over the period / market cap. |
| Shareholder yield | 4.9% | (Dividends paid + share buybacks) / market cap. |
What was INTERNATIONAL FLAVORS & FRAGRANCES INC's revenue in fiscal 2025?
INTERNATIONAL FLAVORS & FRAGRANCES INC reported revenue of $10.89B for fiscal 2025, 5.2% lower than the year before.
Was INTERNATIONAL FLAVORS & FRAGRANCES INC profitable in fiscal 2025?
No. It reported a net loss of $361.0M.
How much free cash flow did INTERNATIONAL FLAVORS & FRAGRANCES INC generate in fiscal 2025?
Cash from operations of $850.0M minus capital expenditures of $594.0M left free cash flow of $256.0M.