IFF
International Flavors & Fragrances Inc.
IFF's fundamentals are mixed, but it looks expensive: trading at 120x earnings, about twice its usual 55x. Its downside scenario is about six times its upside.
IFF Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| Healthy | |
| Under pressure |
IFF's profitability and cash flow are currently healthy, but its revenue and balance sheet are under pressure.
IFF PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 23x | $80.38 | — |
| Cheap | 31x | $20.86 | -74% |
| Fair | 54x | $36.49 | -55% |
| Expensive | 119x | $79.68 | -0.9% |
| Current | 120x | $80.38 | — |
Historical ranges are pointers, not guarantees.
IFF's PE is in its expensive range at 120x. On analysts' estimates for next year's earnings, today's price would be 23x, in its cheap range.
IFF Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Strong decline | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect IFF's earnings and revenue to decline, though with profitability improving. However, they disagree widely on these estimates.
IFF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.53 | +427% |
| Q3 2026 | $0.67 | +$2.28 |
| Q2 2026 | $1.05 | +$2.59 |
| Q1 2026 | $3.23 | +$6.49 |
| Q4 2025 | -$1.41 | -248% |
| Q3 2025 | -$1.61 | +$7.49 |
| Q2 2025 | -$1.54 | +$7.69 |
| Q1 2025 | -$3.26 | +$6.52 |
| Q4 2024 | $0.95 | +$11.00 |
IFF has returned to profit: it earned $0.67 per share over the past year, after losing money the year before.
IFF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.9B | -28% |
| Q2 2026 | $2B | -29% |
| Q1 2026 | $2.7B | -3.6% |
| Q4 2025 | $2.6B | -6.6% |
| Q3 2025 | $2.7B | -7.9% |
| Q2 2025 | $2.8B | -4.3% |
| Q1 2025 | $2.8B | -1.9% |
| Q4 2024 | $2.8B | +2.5% |
IFF's revenue has slid since its 2022 peak: $1.9B last quarter, down 28% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.2% | -0.2 points |
| Q2 2026 | 8.1% | +0.9 points |
| Q1 2026 | 10% | +42 points |
| Q4 2025 | 3.8% | -0.8 points |
| Q3 2025 | 8.4% | -0.1 points |
| Q2 2025 | 7.2% | +0.5 points |
| Q1 2025 | -32% | -39 points |
| Q4 2024 | 4.6% | +98 points |
IFF's operating margin was 8.2% last quarter, about level with the same quarter a year ago.
IFF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$7M | -122% |
| Q2 2026 | $286M | +96% |
| Q1 2026 | $92M | +$144M |
| Q4 2025 | $130M | -38% |
| Q3 2025 | $32M | -88% |
| Q2 2025 | $146M | -5.8% |
| Q1 2025 | -$52M | -$33M |
| Q4 2024 | $208M | -61% |
IFF usually generates cash, though not every quarter: the latest was −$7M, but it generated $501M over the past year.
IFF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.6% | -4M shares |
| 1 year | -1.6% | -4M shares |
| 3 years | -1.2% | -3M shares |
| 5 years | -0.8% | -2M shares |
| Available history | +123% | +140M shares |
IFF has 253M diluted shares, down 1.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $513M |
| Q2 2026 | $36M |
| Q1 2026 | $35M |
| Q4 2019 | — |
IFF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.9x | Elevated |
| Q2 2026 | 3.0x | Elevated |
| Q1 2026 | 3.0x | Moderate |
| Q4 2025 | 9.3x | High |
| Q3 2025 | 8.8x | High |
| Q2 2025 | 8.4x | High |
| Q1 2025 | 13.6x | High |
| Q4 2024 | 4.8x | High |
IFF's net debt is about 3.9 years of its operating earnings (EBITDA), down from 8.8 years a year ago.
IFF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.6 | Neutral |
| Stochastic | 37.9 | Neutral |
IFF's weekly RSI is 48 (neutral) and its Stochastic is 38 (neutral).
IFF PE vs Basic Materials Sector
| Metric | IFF | Sector median | Relative |
|---|---|---|---|
| PE | 120x | 19x | 545% above |
| PE % | 84 | 40 | 44 pts above |
IFF is trading at 120x earnings, a 545% premium to the Basic Materials sector's median of 19x.
IFF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $86.7 | 7.3% below |
| 20 week MA | $84.2 | 4.5% below |
| 50 week MA | $77.5 | 3.7% above |
| 100 week MA | $75.7 | 6.2% above |
| 200 week MA | $81.1 | 0.9% below |
IFF's trend is mixed: it's above two of its five weekly moving averages, and 0.9% below its 200-week average.
IFF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $127.3 | $110.1 | -14% |
| 2021 | $110.1 | $143.1 | +30% |
| 2022 | $143.1 | $103.9 | -27% |
| 2023 | $103.9 | $81.0 | -22% |
| 2024 | $81.0 | $84.6 | +4.5% |
| 2025 | $84.6 | $67.5 | -20% |
| 2026 YTD | $67.5 | $80.4 | +19% |
IFF has finished lower in four of the last six years. It's up 19% so far in 2026.