# International Flavors & Fragrances (IFF) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/IFF/thesis · /stocks/IFF/memo

## Financial Snapshot

---
ticker: IFF
step: 04
generated: 2026-05-13
source: quick-research
---

### International Flavors & Fragrances Inc. (IFF) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $12.44B | $11.48B | $11.48B | ~flat |
| Gross Margin | ~35% | ~35% | ~36% | |
| Operating Margin | ~5% | ~-5% (impairments) | ~7% | |
| Net Income | ~$500M | ~-$2.5B (write-downs) | ~$250M | |
| EPS (diluted) | ~$2.00 | ~-$10.00 (non-cash) | ~$1.00 | |

*FY2023 GAAP net loss driven by large non-cash goodwill impairments on the 2021 N&B acquisition — not reflective of operating performance. Adjusted EBITDA is the more relevant metric: ~$2.0B in FY2024 (target: $2.0-2.15B in 2025). Q1 2025 revenue: $2.84B.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Free Cash Flow | $607M |
| Capital Expenditures | $1.07B (elevated; normalizing) |
| Adjusted EBITDA | ~$2.0B |
| Total Debt | ~$10B+ (post-N&B merger) |
| Net Debt / EBITDA | ~3.0x (target: <3x post-divestitures) |

#### Key Ratios (approximate)
- P/E: ~20x (adj.) | EV/EBITDA: ~10x | FCF Yield: ~4%
- Revenue Growth (FY2024): ~flat | Adj. EBITDA Margin: ~17%
- Fitch upgrade to 'BBB' (investment grade) after debt reduction

#### Growth Profile
IFF is in a multi-year restructuring phase following the overpriced 2021 N&B acquisition (~$26B). Revenue has been flat as divestitures and weak organic growth offset each other. The $2.85B Pharma Solutions sale (completed May 2025) and ongoing Food Ingredients exploration provide deleveraging capital. FY2025 guidance: revenue $10.6-10.9B (lower, reflecting Pharma Solutions divestiture) with adjusted EBITDA $2.0-2.15B — EBITDA margin expansion is the core recovery story.

#### Forward Estimates
- FY2026 Guidance: 1-4% sales growth; 3-8% EBITDA growth; net debt/EBITDA target <2.5x
- Analyst avg. price target: ~$83-99 (JPMorgan $92, Citi $96)
- Return on capital improvement: from 2.77% to 5.32% over last 12 months; projected 6.37%
- Capital allocation: $1.2B debt tender completed; revolving credit facility undrawn ($2B capacity)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/IFF/fundamental

## Navigation

- Overview: /stocks/IFF
- Financials (this page): /stocks/IFF/financials
- Thesis: /stocks/IFF/thesis
- Investment Memo: /stocks/IFF/memo
- Coverage universe: /stocks