International Flavors & Fragrances Inc.
- Open
- 79.53
- Day high
- 81.05
- Day low
- 78.95
- Prev close
- 79.22
- Volume
- 331K
- Mkt cap
- $20.7B
- P/E (TTM)
- 24.7
- EPS (TTM)
- $3.28
- P/B
- 1.5
- P/S
- 1.9
- Yield
- 1.97%
- Per share
- $1.60
- ▲Insiders net buying $20.3M over the last 3 months (2 open-market buys, 0 sales)
- 🏛Institutions mixed (13F)
International Flavors & Fragrances Inc. (IFF) is a Basic Materials company listed on NYSE. The stock is up 6% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 0 sales (SEC Form 4).
International Flavors & Fragrances Inc. (IFF) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IFF earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $1.08 | $1.25 | +15.7% | $2.7B | +3.7% |
| Feb 11, 2026 | $0.85 | $0.80 | -5.9% | $2.6B | -1.1% |
| Nov 4, 2025 | $1.02 | $1.05 | +2.9% | $2.7B | +2.3% |
| Feb 18, 2025 | $0.83 | $0.97 | +16.9% | $2.8B | +3.3% |
| Feb 20, 2024 | $0.75 | $0.72 | -4.0% | $2.7B | +0.2% |
| Feb 8, 2023 | $0.94 | $0.97 | +3.2% | $2.8B | -1.5% |
| Feb 9, 2022 | $1.04 | $1.10 | +5.8% | $3.0B | +3.0% |
| Aug 5, 2021 | $1.51 | $1.50 | -0.7% | $3.1B | +0.0% |
| Feb 10, 2021 | $1.19 | $1.32 | +10.9% | $1.3B | +1.3% |
| Feb 12, 2020 | $1.42 | $1.46 | +2.8% | $1.3B | +0.7% |
| Feb 13, 2019 | $1.29 | $1.22 | -5.4% | $1.2B | +2.3% |
| Nov 5, 2018 | $1.54 | $1.54 | +0.0% | $908M | +6.5% |
IFF insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 2, 2026 | FRIBOURG PAUL Jdirector | Buy | 13,500 | $74.49 |
| Jun 2, 2026 | FRIBOURG PAUL Jdirector | Buy | 260,000 | $74.28 |
| May 6, 2026 | DeVeau Michaelofficer: EVP, CFO | Tax | 452 | $70.09 |
| May 6, 2026 | DeVeau Michaelofficer: EVP, CFO | Option | 884 | — |
| May 6, 2026 | Finzel Ralfofficer: EVP, Global Operations Officer | Option | 1,326 | — |
| May 6, 2026 | Finzel Ralfofficer: EVP, Global Operations Officer | Tax | 734 | $70.09 |
| May 6, 2026 | Borg Deborahofficer: EVP, Chief Ppl&Culture Officer | Tax | 713 | $70.09 |
| May 6, 2026 | Birenkrant Marcofficer: Controller & CAO | Tax | 141 | $70.09 |
| May 6, 2026 | Teles de Mendonca Ana Paulaofficer: President, Scent | Option | 708 | — |
| May 6, 2026 | Teles de Mendonca Ana Paulaofficer: President, Scent | Tax | 362 | $70.09 |
| May 6, 2026 | Birenkrant Marcofficer: Controller & CAO | Option | 389 | — |
| May 6, 2026 | Borg Deborahofficer: EVP, Chief Ppl&Culture Officer | Option | 1,768 | — |
| May 5, 2026 | JAMISON CYNTHIA Tdirector | Grant | 2,569 | — |
| May 5, 2026 | Mantas Jesus Bdirector | Grant | 2,281 | — |
| May 5, 2026 | FRIBOURG PAUL Jdirector | Grant | 2,281 | — |
Source: IFF SEC Form 4 filings, latest Jun 2, 2026. For informational purposes only — not investment advice.
See the full IFF insider & 13F page →International Flavors & Fragrances Inc. company profile
Overview
International Flavors & Fragrances Inc. (NYSE:IFF) is a leading global specialty chemicals company founded in 1833 and headquartered in New York. The company has evolved through numerous mergers and acquisitions over nearly two centuries to become one of the world's largest creators of flavors, fragrances, and specialty ingredients. IFF serves manufacturers across consumer goods industries, providing essential ingredients that enhance taste, smell, nutrition, and functionality in everyday products. The company underwent significant transformation in recent years through major acquisitions and strategic restructuring, positioning itself as a comprehensive solutions provider across four key business segments.
Business
IFF operates in the specialty chemicals industry, specifically focusing on flavors, fragrances, and functional ingredients that are essential components in consumer products. The company's products are invisible to most consumers but critical to the final products they use daily. The company operates through four main business segments: 1. Nourish segment (approximately 50% of revenue): This division creates flavor compounds and food ingredients that enhance taste in processed foods, beverages, and culinary products. The segment includes both traditional flavoring agents that make foods taste like vanilla, strawberry, or other desired flavors, as well as functional food ingredients like natural antioxidants and antimicrobials that extend shelf life and improve nutritional profiles. 2. Scent segment (approximately 20% of revenue): This business produces fragrance compounds used in perfumes, colognes, personal care products, household cleaners, and detergents. The segment creates both the individual aromatic ingredients and complete fragrance formulations that give products their distinctive scents. 3. Health & Biosciences segment (approximately 20% of revenue): This division develops enzymes, probiotics, food cultures, and specialty ingredients used in dietary supplements, functional foods, and industrial applications. These products serve health and wellness trends by providing beneficial bacteria for gut health, enzymes for food processing, and bioactive compounds for nutritional enhancement. 4. Pharma Solutions segment (approximately 10% of revenue): This business produces excipients - inactive ingredients that serve as carriers, binders, or stabilizers in pharmaceutical formulations. These cellulose and seaweed-based materials help drugs maintain their form, control release rates, and improve patient compliance. Note that IFF completed the divestiture of this segment in early 2025.
Revenue model
IFF generates revenue primarily through product sales to manufacturers who incorporate IFF's ingredients into their finished consumer goods. The company operates on a business-to-business model, selling directly to large multinational corporations, regional manufacturers, and local producers across various industries. The company's revenue streams include: 1. Direct sales of flavor compounds to food and beverage manufacturers who use these ingredients in products like snacks, dairy items, beverages, and processed foods. 2. Fragrance sales to personal care companies, household product manufacturers, and fine fragrance houses who incorporate scents into perfumes, soaps, detergents, and cosmetics. 3. Specialty ingredient sales to supplement manufacturers, pharmaceutical companies, and industrial processors who need functional additives like enzymes, probiotics, and excipients. IFF's business model benefits from several factors that can increase margins: Innovation and R&D capabilities allow the company to command premium pricing for novel ingredients and custom formulations. Long-term customer relationships provide stability and reduce price sensitivity, as changing suppliers often requires extensive reformulation and regulatory approval. Scale advantages in procurement and manufacturing help reduce input costs. Portfolio diversification across end markets provides resilience against sector-specific downturns. However, several factors can pressure margins: Raw material cost inflation directly impacts profitability, particularly for petroleum-based synthetic ingredients and agricultural inputs. Customer consolidation increases buyer power and pricing pressure. Generic competition in commodity-like ingredients reduces pricing power. Economic downturns can lead to customer destocking and demand for lower-cost alternatives. Regulatory changes may require costly reformulations or restrict certain ingredients.
Competitive moat
IFF possesses a moderate to strong competitive moat built on several key advantages, though the strength varies across business segments. The company's primary moat stems from its extensive R&D capabilities and intellectual property portfolio, which includes thousands of proprietary formulations, manufacturing processes, and ingredient combinations that competitors cannot easily replicate. Customer switching costs provide significant protection, as manufacturers face substantial time, cost, and regulatory hurdles when changing flavor or fragrance suppliers. Food and beverage companies often spend months or years developing products around specific ingredient profiles, making supplier changes disruptive and expensive. Additionally, many IFF ingredients require regulatory approval, creating further barriers to switching. The company benefits from scale advantages in both R&D investment and global manufacturing footprint, allowing it to serve multinational customers across multiple regions while spreading fixed costs over a large revenue base. IFF's technical expertise and application knowledge accumulated over nearly two centuries creates institutional knowledge that newer competitors struggle to match. However, the moat faces several challenges: Commoditization pressure in certain ingredient categories reduces differentiation and pricing power. Large competitors like Givaudan, Firmenich, and Symrise possess similar capabilities and resources. Customer consolidation increases buyer power and reduces IFF's negotiating leverage. Vertical integration threats exist as some large customers develop internal capabilities or acquire smaller specialty ingredient companies. The moat appears strongest in complex, custom formulations requiring deep technical expertise and weakest in commodity-like ingredients where competition is primarily price-based. Recent strategic focus on innovation and customer co-creation aims to strengthen differentiation and deepen customer relationships.
Risks & safety
IFF presents moderate financial risk with improving but still elevated leverage levels and volatile earnings performance. • Debt and solvency: Net debt-to-EBITDA ratio of approximately 3.8x as of 2024, down from 4.5x but still above management's target of 3x or below. Total debt of approximately $10-11 billion against $13.9 billion in shareholder equity provides adequate cushion. • Cash position: Cash and short-term investments of $469-613 million provides limited liquidity buffer. Free cash flow turned positive at $607 million for 2024 after negative periods, but remains volatile. • Valuation metrics: Trading at EV/EBITDA of approximately 19-32x based on recent quarters, indicating elevated valuation. Price-to-book ratio of 1.5-1.6x suggests modest premium to book value. • Operational considerations: Recent completion of Pharma Solutions divestiture should improve balance sheet flexibility. Company maintains current ratio above 1.8x indicating adequate short-term liquidity. However, earnings volatility and large goodwill/intangible assets on balance sheet create potential impairment risks.
Recent development
Over the past few years, IFF has undergone significant strategic transformation under new leadership. The company implemented a comprehensive strategic refresh beginning in 2023 under CEO Erik Fyrwald, focusing on four key pillars: people development, customer focus, innovation excellence, and operational efficiency. A major development was the divestiture of the Pharma Solutions segment in early 2025, completed ahead of schedule. This strategic move allows IFF to focus resources on its core growth businesses while improving the balance sheet through debt reduction. The company reduced its quarterly dividend by 50% in 2023 to accelerate deleveraging efforts. IFF has pivoted to an end-to-end business-led operating model, moving away from a more centralized structure to give individual business units greater autonomy and customer focus. This includes opening new creative centers in Shanghai with plans for additional facilities in Mexico City and India to better serve regional markets and drive innovation closer to customers. The company significantly increased R&D and capital expenditure investments, targeting approximately 6% of sales for CapEx to modernize facilities and expand capabilities. Major investments include a €130 million joint venture with Kemira called Alpha Bio for enzymatic biomaterials, representing a push into sustainable, bio-based ingredients. Portfolio optimization has been a key theme, with management conducting comprehensive reviews of business units through return-on-invested-capital analysis. This has led to operational improvements in underperforming segments like Functional Ingredients and exploration of additional potential divestitures to focus on higher-return businesses. The company has also emphasized productivity initiatives targeting $350-400 million in annual cost savings between 2023-2025, while simultaneously investing in digital transformation including careful ERP system implementations to improve operational efficiency.
IFF company profile · for informational purposes only — not investment advice.
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