International Flavors & Fragrances

IFF

Chemicals - Specialty · Basic Materials

Price

$84.28

+0.89 (+1.07%)

Market Cap

$21.52B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Strong

Valuation

Good

Dividends

Weak

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Share count rising — dilution

+5.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 243.0M (2021) → 256.0M (2025)

Winston Score History

The full picture

International Flavors & Fragrances (IFF) makes the ingredients that give food, drinks, perfumes, and household products their taste and smell. Most consumers never see the IFF name, but the company sells to major brands like Nestlé, Unilever, and Procter & Gamble, which use IFF ingredients in thousands of everyday products. IFF also makes functional ingredients like proteins and enzymes used in food production, making it one of the largest flavor and fragrance suppliers in the world.

IFF earns revenue by selling specialty ingredients directly to consumer goods manufacturers, with no significant subscription or licensing model. The company operates globally, with major customers and facilities across North America, Europe, and Asia. Its competitive position comes from long-standing customer relationships and proprietary formulas that are difficult to replicate quickly. However, IFF carries a heavy debt load from its 2021 merger with DuPont's Nutrition & Biosciences division, and reducing that debt while improving its low returns on capital remains the central challenge facing the business.

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7 Congressional buys and 4 sells on IFF in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-29.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-91.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$694M/ year

→ Flat (+3% vs prior year)

6.4% of revenue

2.1x the sector average (3%)

Steady R&D investment year-over-year

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$569M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

International Flavors & Fragrances's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

43.7%

Healthy — 43.7% gross margin

Profit after running costs

Operating Margin

8.1%

Modest — 8.1% operating margin

Return on the money invested

ROCE

3.9%

Weak — 3.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-11.7%

Shrinking sales (-11.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

400%

Turns 400% of profit into real cash

Spare cash per sale

FCF Margin

5.4%

Thin free cash flow (5.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.41

Conservative — low debt load (0.41)

Covers its interest

Interest Cover

4.15x

Adequate interest coverage (4.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

77.3x

Expensive — P/E 77.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+56.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (77.3 → 21.3)

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Dividends

Dividend

Dividend Yield

1.86%

Small dividend — 1.86% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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