← International Flavors & Fragrances
The business behind the dividend
| Measure | IFF | Median | Formula |
|---|---|---|---|
| Return on equity | -2.5% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -1.9% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $9.00m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $256.00m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -3.5% | 15.0% | Operating income ÷ revenue |
| Net margin | -3.3% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.42x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -1.67x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.42x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.85x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -2.5% | 1.9% | -17.7% | -10.6% | 1.3% | 5.8% | 7.4% | 5.6% | 17.6% | 24.9% | 1.9% |
| Return on capital employed | -1.9% | 3.4% | -8.5% | -4.6% | 1.8% | 5.3% | 6.3% | 5.5% | 16.6% | 18.7% | 3.4% |
| Operating margin | -3.5% | 6.7% | -18.4% | -10.7% | 5.0% | 11.1% | 12.9% | 14.7% | 16.3% | 17.7% | 6.7% |
| Net margin | -3.3% | 2.3% | -22.5% | -15.0% | 2.4% | 7.2% | 8.9% | 8.5% | 8.7% | 13.0% | 2.4% |
| Debt to equity | 0.42x | 0.65x | 0.69x | 0.62x | 0.54x | 0.70x | 0.70x | 0.75x | 0.97x | 0.81x | 0.69x |
| Current ratio | 1.42x | 1.83x | 1.67x | 1.99x | 1.92x | 1.61x | 1.90x | 2.61x | 2.47x | 1.79x | 1.83x |
| Cash conversion | — | 4.01x | — | — | 5.15x | 1.95x | 1.52x | 1.29x | 1.32x | 1.36x | 1.52x |
How it compares in materials
Among the 35 materials companies here measured on free cash flow, International Flavors & Fragrances pays out less than 2 of them. The median for that group is 40.8%, against this company’s 159.8%.
Closest on free cash flow
- Eastman Chemical (EMN) 89.9%
- Nobility Homes (NOBH) 102.6%
- Insteel Industries (IIIN) 114.8%
- Huntsman (HUN) 125.9%
Same sector and same denominator, so the figures are comparable. All 47 in materials →