# International Flavors & Fragrances Inc. (IFF)

> Source: Nexqual · https://nexqual.com/IFF · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, International Flavors & Fragrances Inc. (IFF), nexqual.com/IFF" · informational, not investment advice.

**Price:** USD 93.83 (+3.08% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 91.03 · day 90.13–93.88 · 52w 61.3–93.89 · market cap $23.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $9.98B, net income $292M (2.9% margin), free cash flow $540M (SEC filings).
- Valuation: P/E 82.0x (avg 81.1x at the last 1 fiscal year-ends), EV/EBITDA 20.6x, net debt $5.13B.
- 5 of 80 tracked superinvestors hold IFF (13F, Q2 2026): 0 new, 3 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $1.3M; 3 not under a Rule 10b5-1 plan ($1.3M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $20.3M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.10 on a 1–5 scale) (20 analysts), mean target USD 97.18 (range 76–108).
- Total return with dividends: 1Y +45.8% vs S&P 500 +14.9%; 5Y -26.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.81, revenue estimate $1.91B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $11.7B | $12.4B | $11.5B | $11.5B | $10.9B | $9.98B |
| Gross profit | $3.73B | $4.15B | $3.68B | $4.12B | $3.94B | — |
| Operating income | $585M | -$1.33B | -$2.11B | $766M | -$382M | $754M |
| Net income | $279M | -$1.86B | -$2.59B | $267M | -$359M | $292M |
| EPS (diluted) | $1.10 | -$7.32 | -$10.14 | $1.04 | -$1.41 | — |
| Free cash flow | $1.04B | -$107M | $952M | $607M | $256M | $540M |
| Gross margin | 32.0% | 33.4% | 32.1% | 35.9% | 36.2% | — |
| Operating margin | 5.0% | -10.7% | -18.4% | 6.7% | -3.5% | 7.6% |
| Net margin | 2.4% | -15.0% | -22.5% | 2.3% | -3.3% | 2.9% |
| Revenue growth | +129.3% | +6.7% | -7.7% | +0.0% | -5.2% | — |
| Cash + short-term investments | $711M | $483M | $703M | $469M | $590M | — |
| Total debt | $11.4B | $11.0B | $10.1B | $8.98B | $5.99B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 82.0x · P/S 2.4x · EV/EBITDA 20.6x · EV/Sales 2.9x · P/FCF 44.3x · P/B 1.7x · FCF yield 2.26% · Earnings yield 1.22% · Dividend yield (paid, TTM) 1.71% · Net debt $5.13B · EV $29.1B
P/E at fiscal year-ends: Dec 2024 81.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold IFF. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Pacific Advisors |  | 5.43% | $432M | Added +0.8% |
| Carl Icahn | Icahn Capital Management | 4.10% | $339M | Unchanged |
| Hillman Capital | Hillman Capital Management | 3.61% | $5.0M | Reduced -13.6% |
| Dodge & Cox Funds | Dodge & Cox | 1.53% | $2.93B | Added +1.5% |
| First Eagle Investment | First Eagle Investment Management | 1.24% | $745M | Added +1.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-17 | Teles De Mendonca Ana Paula | President, Scent | 5,718 | $476K | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-07 | Birenkrant Marc | Controller & CAO | 1,000 | $85K | 9.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-06 | Deveau Michael | EVP, CFO | 8,825 | $755K | 62.9% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $20.3M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-01 | Fribourg Paul J | Director | 273,500 | $20.3M | 74.29 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 2.10 on a 1–5 scale), 20 analysts; mean target USD 97.18 (low 76, high 108).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Oppenheimer | Target raised | Outperform | $95 → $108 |
| 2026-10-16 | Barclays | Target raised | Overweight | $96 → $105 |
| 2026-10-07 | Citigroup | Target lowered | Buy | $101 → $100 |
| 2026-10-07 | Argus Research | Target raised | Buy | $85 → $95 |
| 2026-09-11 | Keybanc | Initiated | Sector Weight |  |
| 2026-08-07 | Barclays | Target raised | Overweight | $90 → $96 |
| 2026-08-06 | UBS | Target raised | Neutral | $84 → $91 |
| 2026-08-06 | Benchmark | Target raised | Buy | $100 → $105 |
| 2026-07-01 | Morgan Stanley | Target raised | Overweight | $93 → $95 |
| 2026-06-30 | Argus Research | Target raised | Buy | $80 → $85 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +45.8% | -26.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +46.0% | -5.9% |
| Volatility (annualized) | 34.9% | 34.2% |
| Max drawdown | -19.3% (Feb 2026→Mar 2026) | -56.4% (Nov 2021→Oct 2025) |

## Peers (Specialty Chemicals)
PPG (PPG Industries, Inc.) USD 113.09 +2.65% · LYB (LyondellBasell Industries NV) USD 65.37 +3.32% · DD (DuPont de Nemours, Inc.) USD 135.1 +0.71% · SQM (Sociedad Quimica y Minera S.A.) USD 56.37 -3.54% · RPM (RPM International Inc.) USD 101.72 +1.84% · ALB (Albemarle Corporation) USD 92.54 -2.04%

## More
Full page: https://nexqual.com/IFF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Taste | $688.0M | 35.2% | +5.2% |
| Scent | $665.0M | 34.0% | +10.3% |
| Health & Biosciences | $601.0M | 30.8% | +7.5% |
| Total revenue | $1.95B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Europe, Africa and Middle East | $715.0M | 36.6% | +3.8% |
| Greater Asia | $501.0M | 25.6% | +8.0% |
| North America | $481.0M | 24.6% | -6.8% |
| Latin America | $257.0M | 13.2% | +2.8% |
| Total revenue | $1.95B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 10% of revenue from unnamed direct customers (10-K, filed 2026-02-27).

## Company outlook (8-K filed 2026-08-04)

- "Financial Guidance on a Continuing Operations Basis Announces Enhanced $2.5B Share Repurchase Authorization;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.81 | $1.15 | -29.3% | $1.91B | 13 |
| Next quarter (ends 2026-12-31) | $0.66 | $0.93 | -28.7% | $1.82B | 11 |
| Current fiscal year (ends 2026-12-31) | $3.32 | $4.49 | -26.1% | $7.59B | 15 |
| Next fiscal year (ends 2027-12-31) | $3.99 | $4.80 | -16.8% | $7.84B | 18 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±8.7%; last 8 reports averaged ±8.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 35.1% | ±8.7% |
| 2026-12-18 | 56 | 28.9% | ±9.4% |
| 2027-02-19 | 119 | 29.5% | ±13.5% |
| 2027-03-19 | 147 | 30.3% | ±15.4% |
| 2027-05-21 | 210 | 31.2% | ±18.8% |
| 2027-06-17 | 237 | 31.2% | ±19.9% |
| 2027-09-17 | 329 | 32.3% | ±24.0% |