International Flavors & Fragrances Inc. (IFF) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-99.5%

$0.52

vs $94.96 price

Levered DCF

$5.83

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.78

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-46.16×	89×	-8.05×	-14.56×	136.95×	33.49×	31.94×	34.88×
P/B	1.22×	1.56×	1.41×	1.51×	1.74×	1.93×	2.32×	1.95×
P/S	1.58×	1.88×	1.8×	2.15×	3.14×	2.4×	2.81×	2.96×
EV / EBITDA	29.93×	19.27×	-30.89×	-345.42×	26.73×	18.13×	18.19×	20.78×
Gross margin	36.2%	35.9%	32.1%	33.4%	32.0%	41.0%	41.1%	42.3%
Operating margin	7.7%	6.7%	-18.4%	-10.7%	5.0%	11.1%	12.9%	14.7%
Net margin	-3.3%	2.1%	-22.3%	-15.0%	2.3%	7.2%	8.8%	8.4%
Current ratio	1.42×	1.84×	1.67×	1.99×	1.92×	1.61×	1.9×	2.61×
Debt / equity	0.47×	0.69×	0.74×	0.67×	0.58×	0.75×	0.75×	0.75×
Interest coverage	3.68×	2.51×	-5.55×	-3.95×	2.02×	4.29×	4.82×	4.4×
Dividend yield	2.4%	2.4%	4.0%	3.0%	1.8%	2.6%	2.2%	2.0%
Payout ratio	-113.3%	211.5%	-32.2%	-43.4%	248.9%	88.5%	69.2%	68.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.6%	1.8%	-17.6%	-10.6%	1.3%	5.8%	7.3%	5.5%
Return on invested capital	3.2%	2.6%	-7.5%	-4.1%	1.3%	3.8%	4.5%	3.8%
Return on assets	-1.4%	0.8%	-8.3%	-5.3%	0.7%	2.7%	3.4%	2.6%
Free cash flow yield	1.5%	2.8%	4.5%	-0.4%	2.8%	4.3%	3.2%	2.2%
Earnings yield	-2.1%	1.1%	-12.4%	-7.0%	0.7%	3.0%	3.1%	2.8%
Enterprise value	$23.3B	$30.8B	$30.8B	$38B	$48.1B	$16.3B	$18.5B	$15.7B
Net debt / EBITDA	7.78×	5.73×	-10.16×	-102.38×	6.39×	4.54×	4×	5.2×
Cash conversion cycle (days)	124	111	125	146	115	151	147	208