MARZETTI CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MARZETTI CO 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

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,202	1,223	1,308	1,334	1,467	1,676	1,823	1,872	1,909	1,930
Cost of revenue	883	919	982	976	1,080	1,321	1,434	1,439	1,453	1,453
Gross profit	319	304	326	358	387	356	389	432	456	477
Selling, general and administrative	126	130	150	181	205	212	222	218	230	255
Operating income	174	172	191	176	186	112	142	199	220	239
Interest expense								0	0	1.76
Other non-operating income	1.16	2.66	4.62	3.13	-0.11	0.48	1.79	6.15	7.11	5.02
Pre-tax income	176	174	196	179	186	112	143	206	213	242
Income tax	60.2	38.9	45	42.1	43.4	22.8	32	46.9	46.1	50.4
Net income	115	135	151	137	142	89.6	111	159	167	192
EBITDA	199	198	223	214	230	158	193	255	282	310
EPS, basic	4.21	4.93	5.48	4.98	5.17	3.26	4.04	5.77	6.08	6.98
EPS, diluted	4.20	4.92	5.46	4.97	5.16	3.25	4.04	5.76	6.07	6.98
Shares, basic (weighted)	27.4	27.4	27.4	27.4	27.5	27.4	27.5	27.4	27.5	27.4
Shares, diluted (weighted)	27.4	27.5	27.5	27.5	27.5	27.5	27.5	27.5	27.5	27.4
Dividend per share	2.15	2.35	2.55	2.75	2.95	3.15	3.35	3.55	3.75	3.95

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	143	206	196	198	188	60.3	88.5	163	161	25.1
Receivables	69.9	73	75.7	86.6	97.9	135	115	95.6	95.8	105
Inventory	76.4	90.9	86.1	85	122	145	158	173	169	205
Other current assets	11.7	9.3	10.5	15.7	15.7	11.3	12.8	11.7	17	25.3
Total current assets	301	379	369	386	423	352	374	444	444	361
Property, plant and equipment	181	191	247	293	365	451	482	478	535	552
Lease right-of-use assets			0	23	22.5	28.2	24.7	55.1	52.2	42.6
Goodwill	168	168	208	208	208	208	208	208	223	500
Intangible assets	60.2	56.2	70.3	65.2	58.8	32.3	4.84	0	0	125
Other non-current assets	6.4	10.6	11.1	17.9	23.6	18.4	18.4	21.7	21.6	24
Total assets	716	804	905	993	1,101	1,090	1,113	1,207	1,275	1,605
Accounts payable	41.4	58	76.7	71.4	110	115	112	119	118	157
Accrued liabilities	35.3	35.8	43	54.8	63.6	50.6	57	65.2	68.3	64.8
Short-term debt									0	10
Total current liabilities	76.6	93.8	120	126	174	166	169	184	186	232
Long-term debt									0	189
Lease liabilities			0	17.9	17.2	20.5	17	44.6	42.7	35
Other non-current liabilities	38.6	41.6	35.9	31.7	28.3	20.7	17.7	15.4	13.1	19.4
Total liabilities	140	152	179	210	258	246	251	281	276	552
Total debt									0	199
Retained earnings	1,207	1,279	1,360	1,421	1,482	1,485	1,504	1,565	1,628	1,711
Treasury stock	-737	-738	-745	-751	-759	-767	-776	-784	-792	-828
Shareholders' equity	576	652	727	783	843	845	862	926	998	1,053
Total equity	576	652	727	783	843	845	862	926	998	1,053
Total liabilities and equity	716	804	905	993	1,101	1,090	1,113	1,207	1,275	1,605
Shares outstanding	27.4	27.5	27.5	27.5	27.5	27.5	27.5	27.5	27.5	27.3

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	115	135	151	137	142	89.6	111	159	167	192
Depreciation and amortization	24.9	26.9	31.8	38	44.5	45.9	51.2	55.9	62.2	71.4
Stock-based compensation	4.25	5.04	5.97	6.12	7.13	9.56	9.08	11.4	8.98	10.2
Deferred income tax	2.36	-9.23	6.7	11.9	3.3	1.08	7.89	-10.3	-6.09	22.1
Change in inventory	0.15	-14.5	6.28	1.02	-36.8	-22.8	-13.6	-15	8.02	-26.7
Change in payables	4.69	15.7	14.7	2.74	31.8	-17.1	14.6	14.4	-1.28	30.3
Cash from operations	146	161	198	171	174	102	226	252	261	284
Capital expenditures	-27	-31	-70.9	-82.6	-87.9	-132	-90.2	-67.6	-58	-77.7
Acquisitions	-35.2	-0.32	-55.4	0	0		0	0	-78.8	-399
Cash from investing	-60.6	-31.5	-127	-83.3	-89	-132	-90.8	-67.4	-148	-470
Debt repaid								0	0	-25
Share buybacks	-0.87	-1.1	-7.41	-5.46	-8.53	-7.56	-9.2	-7.65	-7.99	-36.3
Dividends paid	-59	-64.5	-70.1	-75.6	-81.2	-86.8	-92.4	-97.9	-104	-109
Cash from financing	-60.8	-66.6	-80.2	-85.5	-95.4	-97.3	-107	-109	-115	49.8
Net change in cash	25	62.6	-9.46	1.99	-10.2	-128	28.2	75	-1.97	-136
Free cash flow	119	130	127	88.1	86.3	-30.2	136	184	203	206
Interest paid	0	0	0	0	0	0	0	0	0	1.7
Income taxes paid	59	46.2	38.6	31	40.7	17.8	26.3	53.6	52.5	33.1

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $100.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	24.7%	Gross profit / revenue.
Operating margin	12.4%	Operating income / revenue.
EBITDA margin	16.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.5%	Pre-tax income / revenue.
Net margin	9.9%	Net income / revenue.
FCF margin	10.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.7%	Cash from operations / revenue.
Effective tax rate	20.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.3%	Net income / average total assets.
Return on invested capital (ROIC)	18.3%	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%.
SG&A / revenue	13.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.0%	Capital expenditures / revenue.
D&A / revenue	3.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.1%	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	4.3%	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	8.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	5.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	9.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	17.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	14.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	19.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	15.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	20.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	6.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.9%	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	10.3%	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	1.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	14.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	19.0%	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	5.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.6%	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	6.0%	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	5.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.9%	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	4.5%	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	25.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.0%	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	7.8%	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	-0.3%	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	-0.1%	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	1.56x	Current assets / current liabilities.
Quick ratio	0.56x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.19x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	12.4%	Total debt / total assets.
Liabilities / assets	34.4%	Total liabilities / total assets.
Net debt	$174.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.56x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	135x	Operating income / interest expense.
Working capital	$129.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	39.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$427.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.34x	Revenue / average total assets.
Fixed asset turnover	3.55x	Revenue / average property, plant and equipment.
Inventory turnover	7.76x	Cost of revenue / average inventory.
Days inventory	47 days	365 x average inventory / cost of revenue.
Receivables turnover	19.2x	Revenue / average receivables.
Days sales outstanding	19 days	365 x average receivables / revenue.
Days payables	35 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	32 days	Days inventory + days sales outstanding - days payables.
FCF conversion	107.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	27.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.98	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.
EPS, basic	$6.98	Net income per basic share, as reported (split-adjusted).
Revenue per share	$70.42	Revenue / diluted weighted shares.
FCF per share	$7.52	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.36	Cash from operations / diluted weighted shares.
Book value per share	$38.59	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.66	Tangible book value / shares outstanding.
Cash per share	$0.92	(Cash + short-term investments) / shares outstanding.
Dividend per share	$3.95	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	56.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	52.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	17.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.76B	Share price x shares outstanding.
Enterprise value	$2.93B	Market cap + total debt - cash - short-term investments.
P/E	14.4x	Market cap / net income. Only when net income is positive.
P/S	1.43x	Market cap / revenue.
P/B	2.62x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.45x	Market cap / tangible book value, when positive.
P/FCF	13.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.71x	Market cap / cash from operations, when positive.
EV/Sales	1.52x	Enterprise value / revenue.
EV/EBIT	12.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.44x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.5%	Free cash flow / market cap.
Earnings yield	7.0%	Net income / market cap (the inverse of P/E).
Dividend yield	3.9%	Dividends paid over the period / market cap.
Shareholder yield	5.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.72x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MARZETTI CO's revenue in fiscal 2026?

MARZETTI CO reported revenue of $1.93B for fiscal 2026, 1.1% higher than the year before.

Was MARZETTI CO profitable in fiscal 2026?

Yes. Net income was $191.6M, a net margin of 9.9%.

How much free cash flow did MARZETTI CO generate in fiscal 2026?

Cash from operations of $283.8M minus capital expenditures of $77.7M left free cash flow of $206.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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