International Flavors & Fragrances Inc. (IFF)

Highly Crowded

Held by 202 of 2,417 reporting institutions (95th percentile) — extremely crowded.

Data as of Q3 2026

FY2025 basis

$93.02▲ 2.43%

EOD close · as of 2026-10-30

Market Cap

$23.73B

Enterprise Value

$29.14B

EV/EBITDA

50.2×

P/S

2.2×

Revenue (FY)

$10.89B

Rev. growth

14.9%/yr

Gross margin

36%

Net margin

-3%

ROIC

-2%

Net debt / EBITDA

9.3×

Revenue· FY2025$10.89B

Net Income· FY2025-$359.0M

Free Cash Flow· FY2025$256.0M

Deep analysis

Valuation vs. its own history

Cheap or dear — against itself

Where each multiple sits in its own 14-yr range · 67th pct blended

P/E

— now

14.7×121.0×

—th

EV/EBITDA

50.3× now

8.3×38.6×

100th

rich

P/S

2.2× now

1.4×3.0×

57th

mid

P/B

1.7× now

1.2×5.7×

43th

mid

Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

Capital intensity

Reinvests 70% of operating cash flow

high

⚠

Balance-sheet strength

9.31× net debt / EBITDA

high lev.

Returns on capital

ROIC -2%

-2%

Pricing power

Gross margin 36%

36%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Returns

Why ROE is -2.5%

DuPont — the three levers

Net margin

-3.3%

profit / rev

Asset turns

0.43×

rev / assets

Leverage

1.80×

assets / year-end equity

ROE

-2.5%

on year-end equity

ROE -3% against ROIC -2% — -1% of the return on equity comes from leverage and buybacks rather than from the operating business.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

$5.99B

Cash & Equivalents

$590.0M

Net Debt

$5.40B

Net debt / EBITDA9.3×

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

-5.2%

Op. income Δ

-149.9%

Op. leverage

29.0×

High operating leverage: profit moved 29.0× as fast as sales — great in an upturn, painful in a downturn.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cost of Revenue	57.7	58.9	59.0	68.0	66.6	67.9	64.1	63.8
Gross Profit	42.3	41.1	41.0	32.0	33.4	32.1	35.9	36.2
R&D	7.8	6.7	7.0	5.4	4.8	5.5	5.8	6.4
SG&A	17.8	17.0	18.7	15.0	14.2	15.6	17.4	16.8
Operating Income	14.7	12.9	11.1	5.0	-10.7	-18.4	6.7	-3.5
Income Tax	2.7	1.9	1.5	0.6	1.9	0.6	0.4	-0.5
Net Income	8.5	8.9	7.2	2.4	-15.0	-22.5	2.3	-3.3

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2016 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

-3%

FY2025 · latest

Net margin

-3%

FY2025 · latest

ROIC

-2%

FY2025 · latest

Gross margin

36%

FY2025 · latest

Net debt / EBITDA

9.3×

FY2025 · latest

Current ratio

1.4×

FY2025 · latest

FCF margin

FY2025 · latest

Free cash flow

$256.0M

FY2025 · latest

Institutional ownership: 202 holders · 3% of shares · 95th percentile crowding — Held by 202 of 2,417 reporting institutions (95th percentile) — extremely crowded. (see the 13F tab)

A 30-second read on IFF: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$93.02▲ 2.43%

EOD close · as of 2026-10-30

Market Cap

$23.73B

Enterprise Value

$29.14B

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$10.89B 100.0%	$11.48B 100.0%	$11.48B 100.0%	$12.44B 100.0%	$11.66B 100.0%	$5.08B 100.0%	$5.14B 100.0%	$3.98B 100.0%	$3.40B 100.0%	$3.12B 100.0%
Cost of Revenue	$6.95B 63.8%	$7.36B 64.1%	$7.80B 67.9%	$8.29B 66.6%	$7.92B 68.0%	$3.00B 59.0%	$3.03B 58.9%	$2.29B 57.7%	$1.93B 56.7%	$1.72B 55.2%
Cost of Products	—	—	—	—	—	—	—	$2.29B 57.7%	$1.93B 56.7%	$1.72B 55.2%
Gross Profit	$3.94B 36.2%	$4.12B 35.9%	$3.68B 32.1%	$4.15B 33.4%	$3.73B 32.0%	$2.09B 41.0%	$2.11B 41.1%	$1.68B 42.3%	$1.47B 43.3%	$1.40B 44.8%
Research & Development	$694.0M 6.4%	$671.0M 5.8%	$636.0M 5.5%	$603.0M 4.8%	$629.0M 5.4%	$357.0M 7.0%	$346.0M 6.7%	$311.6M 7.8%	$295.5M 8.7%	$258.9M 8.3%
Selling, General & Admin	$1.83B 16.8%	$2.00B 17.4%	$1.79B 15.6%	$1.77B 14.2%	$1.75B 15.0%	$949.0M 18.7%	$876.0M 17.0%	$707.5M 17.8%	$570.1M 16.8%	$572.5M 18.4%
Operating Income	-$382.0M -3.5%	$766.0M 6.7%	-$2.11B -18.4%	-$1.33B -10.7%	$585.0M 5.0%	$566.0M 11.1%	$665.0M 12.9%	$583.9M 14.7%	$552.6M 16.3%	$553.0M 17.7%
Interest Expense	$229.0M 2.1%	$305.0M 2.7%	$380.0M 3.3%	$336.0M 2.7%	$289.0M 2.5%	$132.0M 2.6%	$138.0M 2.7%	$132.6M 3.3%	$65.4M 1.9%	$53.0M 1.7%
Interest & Investment Income	$19.0M 0.2%	$15.0M 0.1%	$5.0M 0.0%	$15.0M 0.1%	$8.0M 0.1%	—	—	—	—	—
Other Income (Expense), net	-$65.0M -0.6%	-$182.0M -1.6%	-$5.0M -0.0%	$26.0M 0.2%	$58.0M 0.5%	$7.0M 0.1%	$30.0M 0.6%	$35.2M 0.9%	$49.8M 1.5%	$23.8M 0.8%
Pretax Income	-$412.0M -3.8%	$308.0M 2.7%	-$2.52B -21.9%	-$1.63B -13.1%	$354.0M 3.0%	$441.0M 8.7%	$557.0M 10.8%	$447.8M 11.3%	$537.0M 15.8%	$523.7M 16.8%
Income Tax Expense	-$53.0M -0.5%	$41.0M 0.4%	$69.0M 0.6%	$239.0M 1.9%	$75.0M 0.6%	$74.0M 1.5%	$97.0M 1.9%	$108.0M 2.7%	$241.4M 7.1%	$118.7M 3.8%
Net Income	-$359.0M -3.3%	$267.0M 2.3%	-$2.59B -22.5%	-$1.86B -15.0%	$279.0M 2.4%	$367.0M 7.2%	$460.0M 8.9%	$339.8M 8.5%	$295.7M 8.7%	$405.0M 13.0%
Per Share
EPS (Basic)	-$1.41	$1.04	-$10.14	-$7.32	$1.11	$3.25	$4.05	$3.81	$3.73	$5.07
EPS (Diluted)	-$1.41	$1.04	-$10.14	-$7.32	$1.10	$3.21	$4.00	$3.79	$3.72	$5.05
Weighted Avg Shares (Basic)	256.0M	256.0M	255.0M	255.0M	243.0M	112.0M	112.0M	87.6M	79.1M	79.6M
Weighted Avg Shares (Diluted)	256.0M	256.0M	255.0M	255.0M	243.0M	114.0M	113.0M	88.1M	79.4M	80.0M

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

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Reverse DCF — what growth does the price assume?

Solve the discounted cash flow backwards, then stress-test the assumptions.

Free-cash-flow basis

Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.

Market-implied FCF growth · 10 yr

18.7%/yr

To be worth $93.02 today, the market must believe free cash flow compounds 18.7%/yr for a decade (off $605.0M on the 3-yr avg basis).

On the basis ($528.3M) the requirement is 20.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.

Actual historical growth

FCF -5.4%/yr (9yr)FCF -13.3%/yr (5yr)Revenue 14.9%/yr

The market's 18.7% is more optimistic than its 9-yr track record.

▼ your estimate implies 2% downside

Fair value at your growth$91.11

price $93.02

Your assumptions — drag to stress-test

Normalized FCF · 3-yr avg$605.0M

10-yr FCF growth18.5%

Discount rate (WACC)9.6%

Default is 9.6% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.

Terminal growth2.50%

2-stage DCF · 0.26B shares (market data) · net debt $5.40B

Fair value across growth and discount rate

Hover any cell. The dark line is every pair of assumptions that reproduces today's price exactly.

Track record

Has this growth actually happened?

Hover a bar for that year's FCF and growth.

Year-over-year FCF growth · each dot is one year

mean -6.8% · volatility σ 69% · implied rate exceeded in 2/8 yrs

Forward projection

The implied path vs. realistic uncertainty

Central path = implied 18.7%/yr growth; shaded band = ±1σ (69%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.

Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.

Loading valuation...

Is the business good?

Weak

Earns -11.18pts against its cost of capital — capital is being consumed, not created.

Return on invested capital against that year's cost of capital, by fiscal year
Period	ROIC	Cost of capital	Spread
FY2019	5.3%	9.6% (today's — no rate published for this year)	-4.3pts
FY2020	4.5%	9.6% (today's — no rate published for this year)	-5.1pts
FY2021	1.5%	6.6%	-5.1pts
FY2022	-3.8%	9.6%	-13.4pts
FY2023	-7.0%	9.8%	-16.8pts
FY2024	2.7%	9.3%	-6.6pts
FY2025	-1.6%	8.6%	-10.1pts
Now	-1.8%	9.6%	-11.4pts

— ROIC (filled dot = audited fiscal year)○ current basis-- cost of capital, at each year's risk-free rate and beta (weights held at today's)○ on the dashed line = no rate published for that year end; today's WACC used

ROIC − WACC spread

-11.2pts↗ widening

robust to a ±2pt WACC move

Net margin vs 3yr ago

11.7pts

-1498.39% → -329.66%

ROIC

-1.6%

invested capital: average of quarter-ends

WACC

9.6%

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2016	44.8%	17.7%	13.0%
FY2017	43.3%	16.3%	8.7%
FY2018	42.3%	14.7%	8.5%
FY2019	41.1%	12.9%	8.9%
FY2020	41.0%	11.1%	7.2%
FY2021	32.0%	5.0%	2.4%
FY2022	33.4%	-10.7%	-15.0%
FY2023	32.1%	-18.4%	-22.5%
FY2024	35.9%	6.7%	2.3%
FY2025	36.2%	-3.5%	-3.3%

Shared scale — the distance between the lines is the cost structure▨ each line's own 10-year range

Return on equity (-3%) and return on invested capital (-2%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.

What the acquisitions cost the return

ROIC as reported

-1.6% · on $19.9B

ROIC ex-goodwill

-2.7% · on $11.8B

$8.1B of goodwill — 41% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.

The other side

The spread was positive in only 0 of the last 5 years.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Strong

Converts 2.11x of reported profit into free cash flow over 4 years, with accruals negative.

FCF / net income

2.11×↗ widening

4-year average; latest 2.27x

Sloan accruals

-4.7%

(net income − OCF) / assets · negative is better

Share count since FY2019

139.4%

measured from the first year on file, so a recent listing shows up here as dilution

SBC / revenue

0.8%

benign

Cash conversion cycle

—

DIO 79d; DPO 49d — not enough of the cycle is reported to complete it

The other side

Reported free cash flow is $256M; after share-based compensation it is $168M. The difference is a real cost that the cash flow statement adds back.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Weak

Stressed coverage falls to -1.2x — below the level at which interest is reliably covered.

Interest coverage at each level of EBITDA decline
EBITDA decline	Interest coverage
0%	-1.67x
5%	-1.58x
10%	-1.50x
15%	-1.42x
20%	-1.33x
25%	-1.25x
30%	-1.17x
35%	-1.08x
40%	-1.00x
45%	-0.92x
50%	-0.83x
55%	-0.75x
60%	-0.67x

Stress

At 0% EBITDA, coverage is -1.67×

Interest stays covered across the whole range tested (to −60%). Interest expense is held constant; only EBIT declines.

Interest coverage, stressed

-1.17×

EBIT after a 30% decline

Net debt / EBITDA

10.42×

includes $643,000,000 of lease liabilities

Interest coverage, today

-1.67×

Can the maturities be paid?

This schedule comes from a filing dated 2013-12-31, 4687 days old. Maturities are shown relative to that date, not to today.

cumulative principal duecash + free cash flow held flat at $256M/yr

Ladder as of 2013-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.

What is on hand

Cash & equivalents

$590M

excludes restricted cash

Net debt

$5.4B

total debt less cash

Current ratio

1.42×

current assets / current liabilities

Quick ratio

1.04×

excludes inventory

Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.

The other side

Net debt is 10.4x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Demanding

At $93.02, free cash flow must compound 19.03%/yr for 10 years. It has done -9.4%/yr over 6 years.

Achieved free cash flow growth by year against the growth the price requires
Fiscal year	FCF growth	Price requires
FY2020	12.7%	19.0%
FY2021	100.0%	19.0%
FY2022	−110.2%	19.0%
FY2024	−36.2%	19.0%
FY2025	−57.8%	19.0%

The rate the price requires sits inside the range this business has delivered — matched or beaten in 1 of 5 years. Shaded band is ±1σ of its own free-cash-flow growth.

Implied FCF growth

19.0%

for 10 years, discounted at 9.6% (computed WACC)

Achieved FCF growth

-9.4%

6-year CAGR, on the same basis as the requirement above

Required vs achieved

—

above 1 means the price asks for more than the record

Each multiple against its own 14-year history

P/E

— FY · 81.3× TTM

14.7×121×

—th

11 yrs

EV/EBITDA

50.3× FY · 20.5× TTM

8.3×38.6×

100th

12 yrs

P/S

2.2× FY · 2.4× TTM

1.4×3.0×

57th

14 yrs

P/B

1.7× FY · 1.7× TTM

1.2×5.7×

43th

14 yrs

last fiscal year TTM medianshaded = middle half

The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.

P / E

not reported for this company

P / S

2.1× · med 3.7× · 2.5×–10.5×

EV / EBITDA

49.3× · med 22.0× · 16.7×–37.0×

P / B

1.6× · med 4.2× · 2.9×–9.8×

IFF cohort median p25–p7539 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

The implied rate has been matched or beaten in 1 of the last 5 years.

Basis: FY2025Source: SEC EDGAR XBRL

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IFF vs. Industrial Organic Chemicals peers

Ranked against 39 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

IFF — · med 33.1× · p25–p75 21.2×–54.1×

not enough peer data

—

P / S

IFF 2.1× · med 3.7× · p25–p75 2.5×–10.5×

82nd pct

EV / EBITDA

IFF 49.3× · med 22.0× · p25–p75 16.7×–37.0×

21st pct

P / B

IFF 1.6× · med 4.2× · p25–p75 2.9×–9.8×

89th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

IFF -5.2% · med 5.7% · p25–p75 0.2%–19.3%

15th pct

ProfitabilityMargins vs the sector

Gross margin

IFF 36.2% · med 58.1% · p25–p75 39.9%–82.7%

21st pct

Operating margin

IFF -3.5% · med 13.4% · p25–p75 6.7%–22.0%

16th pct

Net margin

IFF -3.3% · med 9.7% · p25–p75 2.4%–20.3%

20th pct

FCF margin

IFF 2.4% · med 13.1% · p25–p75 6.2%–23.7%

19th pct

Returns on capitalHow hard the capital works

Return on equity

IFF -2.5% · med 11.2% · p25–p75 2.3%–19.8%

25th pct

Return on invested capital

IFF -1.8% · med 8.6% · p25–p75 2.9%–15.4%

22nd pct

LeverageLess debt scores higher

Net debt / EBITDA

IFF 9.3× · med 0.8× · p25–p75 -1.1×–2.4×

3rd pct

13F convictionInstitutional breadth & ownership

13F holders

IFF 202 · med 166 · p25–p75 94–258

67th pct

Institutional ownership

IFF 3.1% · med 2.5% · p25–p75 1.1%–4.1%

67th pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
TEVATEVA PHARMACEUTICAL IN…	$48.4B	34.3×	18.1×	2.8×	4.3%	51.8%	8.2%	17.8%	14.5%	-0.7×	7
IDXXIDEXX LABORATORIES INC…	$45.4B	44.0×	30.3×	10.5×	10.4%	61.8%	24.6%	66.0%	51.5%	0.2×	362
ONCBeOne Medicines Ltd.	$42.3B	—	65.7×	7.9×	40.2%	87.5%	5.4%	6.6%	5.4%	-6.1×	61
ELESTEE LAUDER COMPANIES…	$39.4B	217.6×	25.3×	2.6×	5.0%	75.5%	1.2%	4.8%	4.2%	0.3×	224
KVUEKenvue Inc.	$37.6B	25.7×	12.8×	2.5×	-2.1%	58.1%	9.7%	13.7%	12.0%	0.1×	257
BIIBBIOGEN INC.	$36.9B	28.4×	16.4×	3.7×	2.2%	75.7%	13.1%	7.1%	5.3%	2.4×	288
ZTSZoetis Inc.	$32.6B	13.1×	10.3×	3.4×	2.3%	71.8%	28.2%	78.3%	21.5%	1.7×	388
RPRXRoyalty Pharma plc	$29.4B	37.0×	24.1×	12.3×	5.1%	—	32.4%	7.9%	4.1%	5.3×	161
PPGPPG INDUSTRIES INC	$26.5B	17.3×	12.9×	1.7×	0.2%	41.3%	9.9%	19.8%	10.3%	2.1×	311
UTHRUNITED THERAPEUTICS Co…	$25.5B	21.3×	15.1×	8.0×	10.6%	87.9%	41.9%	18.8%	18.8%	-1.0×	202
CHDCHURCH & DWIGHT CO INC…	$25.1B	35.1×	20.3×	4.0×	1.6%	44.7%	11.9%	18.4%	11.9%	1.4×	287
INSMINSMED Inc	$24.4B	—	—	40.2×	66.7%	79.7%	-211%	-173%	-99.8%	—	154
DOWDOW INC.	$24.3B	—	—	0.6×	-7.0%	6.3%	-6.1%	-15.3%	-7.2%	—	353
ALNYALNYLAM PHARMACEUTICAL…	$23.3B	74.7×	38.9×	6.3×	65.2%	81.8%	8.4%	39.8%	39.8%	-3.0×	163
IFFINTERNATIONAL FLAVORS …	$23.2B	—	49.3×	2.1×	-5.2%	36.2%	-3.3%	-2.5%	-1.8%	9.3×	202
LYBLyondellBasell Industr…	$21.1B	—	30.9×	0.7×	-9.7%	8.5%	-2.4%	-7.3%	-3.3%	9.2×	255
DDDuPont de Nemours, Inc…	$19.0B	—	25.8×	2.8×	1.9%	34.5%	-11.4%	-5.6%	-4.6%	3.0×	6
CFCF Industries Holdings…	$17.9B	13.2×	6.4×	2.5×	19.3%	38.5%	25.4%	37.2%	22.3%	0.8×	261
EXELEXELIXIS, INC.	$16.4B	23.8×	17.7×	7.1×	7.0%	96.4%	33.7%	36.2%	36.2%	-0.5×	196
HALOHALOZYME THERAPEUTICS,…	$14.9B	51.2×	35.2×	10.7×	37.6%	83.6%	22.7%	649%	14.5%	4.2×	187
NBIXNEUROCRINE BIOSCIENCES…	$14.9B	31.3×	22.0×	5.2×	21.4%	98.2%	16.7%	14.7%	14.7%	-1.1×	181
RPMRPM INTERNATIONAL INC/…	$13.0B	19.8×	14.4×	1.7×	6.7%	41.4%	8.4%	20.0%	11.3%	2.1×	183
RGENREPLIGEN CORP	$12.0B	219.3×	126.0×	16.2×	16.4%	52.3%	6.6%	2.3%	1.8%	-0.3×	109
ELANElanco Animal Health I…	$11.6B	—	—	2.5×	6.2%	55.0%	-4.9%	-3.5%	-2.2%	—	122
TWSTTwist Bioscience Corp	$11.5B	—	—	30.5×	20.3%	50.7%	-20.6%	-16.4%	-16.4%	—	67

Peers = companies sharing IFF's sector (Industrial Organic Chemicals) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

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Open-market buys

$32.5m · 3 holders

Discretionary sales

$1.3m · 4 holders

10b5-1 plan sales

$0 · scheduled in advance

Filed late

5 of 61 filings

6 open-market purchases and 6 discretionary sales against the share price · hover a marker

2025-10-31$60.65 – $94.152026-10-23

Shares held by reporting insiders1 → 16 insiders reporting — no comparable change

2025-11-06 · 9,1962026-08-17 · 2,961,737 (16 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-08-17	Teles De Mendonca Ana Paula President, Scent	Open-market sale	5,718	$83.19	$476k
2026-08-07	Birenkrant Marc Controller & CAO	Open-market sale	1,000	$85.00	$85k
2026-08-06	Deveau Michael EVP, CFO	Open-market sale	8,825	$85.55	$755k
2026-06-01	2 co-filers Group filing

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

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Revenue growth against receivables growth by fiscal year

Fiscal year

Revenue growth

Receivables growth

Gap

FY2020

-1.1%

6.5%

7.6 points

FY2021

129.3%

not reported

FY2022

6.7%

not reported

FY2023

-7.7%

not reported

FY2024

0.0%

not reported

FY2025

-5.2%

not reported

Working capital day counts by fiscal year

Fiscal year

DSO

DIO

DPO

Cash conversion cycle

FY2019

63.4 days

135.4 days

61.5 days

137.3 days

FY2020

68.2 days

137.8 days

67.7 days

138.4 days

FY2021

not reported

115.9 days

70.6 days

not reported

FY2022

not reported

138.8 days

62.4 days

not reported

FY2023

not reported

115.9 days

64.5 days

not reported

FY2024

not reported

105.8 days

63.6 days

not reported

FY2025

not reported

79.1 days

49 days

not reported

Accruals as a percent of assets, by fiscal year

Fiscal year

Accruals / assets

FY2019

-1.8 percent

FY2020

-2.6 percent

FY2021

-2.9 percent

FY2022

-6.4 percent

FY2023

-13.1 percent

FY2024

-2.8 percent

FY2025

-4.7 percent

Step	Amount	Running total
Net income	−$359M	−$359M
Share-based comp	$88M	−$271M
Other non-cash & working capital	$1.12B	$850M
Operating cash flow	$850M	$850M
Capex	−$594M	$256M
Free cash flow	$256M	$256M
FCF after SBC	$168M	$168M

International Flavors & Fragrances Inc. (IFF)

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is -2.5%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Has this growth actually happened?

The implied path vs. realistic uncertainty

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

When the debt comes due · $0 scheduled

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -55%

IFF vs. Industrial Organic Chemicals peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Buy / Sell Volume by Quarter

IFF vs. Industrial Organic Chemicals peers

Where it ranks

Peer table

Institutional Trends (8 Quarters)

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -55%

Ownership Map

Reverse DCF — what growth does the price assume?

Has this growth actually happened?

The implied path vs. realistic uncertainty

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is -2.5%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed