International Flavors & Fragrances Inc.IFF
NYSE•Basic Materials•Specialty Chemicals
International Flavors & Fragrances Inc., together with its subsidiaries, manufactures and markets food, beverage, health and biosciences, scent, and complementary adjacent products in the United States, and internationally. It operates in through Taste, Food Ingredients, Health & Biosciences, and Scent segments. The Taste segment offers savory products such as soups, sauces, meat, fish, poultry, snacks; beverages consists of juice drinks, carbonated or flavored beverages, spirits; sweets comprising, bakery products, candy, cereal, chewing gum; and dairy products, such as yogurt, ice cream, cheese, and other products, as well as spices and seasoning ingredients for meat, food service, convenience, alternative protein and culinary products. The Food Ingredients segment provides natural, artificial, and plant-based specialty food ingredients; natural antioxidants and anti-microbials used for natural food preservation and shelf-life extension for beverages, cosmetic and healthcare products, pet food and feed additives; and savory solutions, such as spices, marinades, and mixtures, and inclusion products comprising combining flavorings with fruit, vegetables and other natural ingredients, as well as soy and pea protein with value-added formulations, emulsifiers and sweeteners. The Health & Biosciences segment offers enzymes, food cultures, probiotics and specialty ingredients for food and non-food applications, as well as engages in health, food biosciences, home and personal care, animal nutrition and grain processing businesses. The Scent segment creates fragrance compounds, and fragrance ingredients. International Flavors & Fragrances Inc. was incorporated in 1909 and is headquartered in New York, New York.
International Flavors & Fragran (IFF) reported trailing twelve months revenue of $10.79B as of March 2026, a 5.6% decline year-over-year. Quarterly revenue reached $2.74B, reflecting a contraction in sales.
International Flavors & Fragran generated $821.00M in TTM net income, with quarterly EBITDA of $519.00M. The operating margin expanded from -31.8% to 10.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (10.0%) and net margin (6.2%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -35.8% a year ago, signaling stronger bottom-line efficiency.
IFF trades at a P/E of 22.1x (in line with broad market averages) and a P/S of 1.7x. The price-to-book ratio of 1.3x reflects a moderate premium to book value.
The company generated $92.00M in free cash flow over the trailing twelve months, a 276.9% increase year-over-year, indicating cash generation ability. The balance sheet shows $25.14B in total assets with $4.74B in long-term debt against $14.12B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 2.2%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue declined in 5 of the last 7 quarters — persistent contraction signals a fundamental problem.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation