The Marzetti Company

MZTI

Packaged Foods · Consumer Defensive

Price

$111.63

-1.26 (-1.12%)

Market Cap

$3.06B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Manufactures and markets specialty food products (garlic breads, rolls, dressings, dips, pasta, croutons), serving retail and foodservice channels in the U.S.

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

-1.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-9.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

28.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$218M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

The Marzetti Company'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.

Share count broadly stable

−0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 27.5M (2021) → 27.5M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

23.6%

Thin — 23.6% gross margin

Profit after running costs

Operating Margin

10.3%

Modest — 10.3% operating margin

Return on the money invested

ROCE

21.3%

Exceptional — 21.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+2.8%

Nearly flat sales (+2.8% YoY)

Profit growth

EPS YoY

+3.7%

Modest earnings growth (+3.7% YoY)

Single-digit earnings growth — steady but not exciting.

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

180%

Turns 180% of profit into real cash

Spare cash per sale

FCF Margin

12.8%

Converts sales into free cash efficiently (12.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

17.5x

Fair value — P/E 17.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.9

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

3.58%

Moderate income — 3.58% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+5.3%

Dividend growing modestly (5.3% YoY)

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