INTERNATIONAL FLAVORS & FRAGRANCES INC
IFF · Industrial Organic Chemicals · 255.3M shares · +23%/yr ↑ dilution · EDGAR filings ↗
Reference price $74.49 · est. market cap ~$19.0B — last insider purchase, 2026-06-01 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C64Leading flavors/fragrances/biosciences franchise working through a portfolio reshape, impairments and an operating loss.
Strengths
- Strong franchise position (top-3 globally with Givaudan/Symrise) and high gross margin 36% (71st pct); robust FCF (90th pct)
- Improving balance sheet via Pharma Solutions divestiture; cash 90th pct
Risks
- FY2025 operating margin -3.5% and a net loss driven by a $1.153B Food Ingredients goodwill impairment
- Reported 94% 'revenue growth' is a divestiture/comparison artifact — underlying sales fell ~5%; integration/de-leveraging overhang
Notable findings
- Net lossNet loss (net margin -3.3%)
- Customer concentration~32% of revenue from one customer/distributor — In 2025, our 25 largest customers, a majority of which were multinational consumer products companies, collectively accounted for approximately 32% of our sales
- Chronic dilutionShare count +23%/yr over 4y (dilution, book value/share -70%)
- Strong balance sheetStrong balance sheet — $590M cash & investments
- Insider buyingInsider buying — 8 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$32M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
36.2%
Operating margin
-3.5%
Net margin
-3.3%
Return on equity
-2.5%
Return on assets
-1.4%
ROIC
-1.5%
Revenue growth (QoQ)
5.9%
Net-income growth
-234.5%
Debt / equity
0.4×
Net debt / EBITDA
9.3×
Current ratio
1.4×
Free cash flow
$256M
EBITDA
$580M
Tangible book value
-$158M
Cash & investments
$590M
Stock comp / revenue
0.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-01 | FRIBOURG PAUL J | Buy | 260K | $74.28 |
| 2026-06-01 | FRIBOURG PAUL J | Buy | 14K | $74.49 |
| 2026-05-04 | Teles de Mendonca Ana Paula | Tax withheld | 362 | $70.09 |
| 2026-05-04 | Finzel Ralf | Option exercise | 1.3K | — |
| 2026-05-04 | Finzel Ralf | Tax withheld | 734 | $70.09 |
| 2026-05-04 | DeVeau Michael | Option exercise | 884 | — |
| 2026-05-04 | DeVeau Michael | Tax withheld | 452 | $70.09 |
| 2026-05-04 | Borg Deborah | Option exercise | 1.8K | — |
| 2026-05-04 | Borg Deborah | Tax withheld | 713 | $70.09 |
| 2026-05-04 | Birenkrant Marc | Option exercise | 389 | — |
| 2026-05-04 | Birenkrant Marc | Tax withheld | 141 | $70.09 |
| 2026-05-04 | Teles de Mendonca Ana Paula | Option exercise | 708 | — |
| 2026-05-01 | O'Byrne Kevin | Tax withheld | 1.2K | $70.81 |
| 2026-05-01 | Khan Mehmood | Option exercise | 2.6K | — |
| 2026-05-01 | Mulligan Richard | Option exercise | 1.7K | — |
| 2026-05-01 | ICAHN BRETT | Option exercise | 1.7K | — |
| 2026-05-01 | Arora Yuvraj | Tax withheld | 1.8K | $70.81 |
| 2026-05-01 | Drosos Virginia | Option exercise | 2.3K | — |
| 2026-05-01 | Teles de Mendonca Ana Paula | Option exercise | 1.6K | — |
| 2026-05-01 | Teles de Mendonca Ana Paula | Tax withheld | 625 | $70.81 |
| 2026-05-01 | Birenkrant Marc | Option exercise | 397 | — |
| 2026-05-01 | Birenkrant Marc | Tax withheld | 144 | $70.81 |
| 2026-05-01 | Fyrwald J Erik | Option exercise | 16K | — |
| 2026-05-01 | Fyrwald J Erik | Tax withheld | 7.8K | $70.81 |
| 2026-05-01 | Finzel Ralf | Option exercise | 2.0K | — |
| 2026-05-01 | Finzel Ralf | Tax withheld | 1.1K | $70.81 |
| 2026-05-01 | DeVeau Michael | Option exercise | 1.4K | — |
| 2026-05-01 | DeVeau Michael | Tax withheld | 710 | $70.81 |
| 2026-05-01 | Borg Deborah | Option exercise | 2.4K | — |
| 2026-05-01 | Borg Deborah | Tax withheld | 960 | $70.81 |
| 2026-05-01 | Arora Yuvraj | Option exercise | 3.6K | — |
| 2026-05-01 | O'Byrne Kevin | Option exercise | 4.3K | — |
| 2026-04-01 | DeVeau Michael | Option exercise | 4.7K | — |
| 2026-04-01 | Fyrwald J Erik | Option exercise | 19K | — |
| 2026-04-01 | Fyrwald J Erik | Tax withheld | 8.8K | $72.57 |
| 2026-04-01 | Finzel Ralf | Option exercise | 2.2K | — |
| 2026-04-01 | Finzel Ralf | Tax withheld | 868 | $72.57 |
| 2026-04-01 | Lourenco Leticia Goncalves | Option exercise | 4.3K | — |
| 2026-04-01 | Lourenco Leticia Goncalves | Option exercise | 3.0K | — |
| 2026-04-01 | Lourenco Leticia Goncalves | Tax withheld | 1.3K | $72.57 |
| 2026-04-01 | Lourenco Leticia Goncalves | Tax withheld | 1.9K | $72.57 |
| 2026-04-01 | Birenkrant Marc | Option exercise | 473 | — |
| 2026-04-01 | Birenkrant Marc | Tax withheld | 171 | $72.57 |
| 2026-04-01 | Muller Andres Roberto | Option exercise | 2.6K | — |
| 2026-04-01 | Muller Andres Roberto | Tax withheld | 759 | $72.57 |
| 2026-04-01 | Borg Deborah | Option exercise | 2.0K | — |
| 2026-04-01 | Borg Deborah | Tax withheld | 819 | $72.57 |
| 2026-04-01 | Landsman Stephen N | Option exercise | 3.2K | — |
| 2026-04-01 | Landsman Stephen N | Tax withheld | 1.2K | $72.57 |
| 2026-04-01 | DeVeau Michael | Tax withheld | 2.4K | $72.57 |
| 2026-04-01 | Teles de Mendonca Ana Paula | Option exercise | 2.6K | — |
| 2026-04-01 | Teles de Mendonca Ana Paula | Tax withheld | 932 | $72.57 |
| 2026-04-01 | Arora Yuvraj | Option exercise | 4.3K | — |
| 2026-04-01 | Arora Yuvraj | Tax withheld | 2.2K | $72.57 |
| 2026-03-13 | Fyrwald J Erik | Buy | 13K | $69.85 |
| 2026-03-12 | FRIBOURG PAUL J | Buy | 142K | $70.13 |
| 2026-03-12 | FRIBOURG PAUL J | Buy | 14K | $70.07 |
| 2026-03-12 | Fyrwald J Erik | Buy | 900 | $68.87 |
| 2026-03-06 | FRIBOURG PAUL J | Buy | 3 | $73.93 |
| 2026-02-09 | FRIBOURG PAUL J | Buy | 146 | $74.63 |
| 2026-01-02 | Muller Andres Roberto | Option exercise | 1.8K | — |
| 2026-01-02 | Muller Andres Roberto | Tax withheld | 633 | $68.03 |
| 2025-12-15 | FRIBOURG PAUL J | Sell | 3 | $63.35 |
| 2025-12-12 | Landsman Stephen N | Buy | 3.1K | $63.48 |
| 2025-12-10 | FRIBOURG PAUL J | Sell | 25 | $65.27 |
| 2025-12-01 | Finzel Ralf | Option exercise | 11K | — |
| 2025-12-01 | Finzel Ralf | Tax withheld | 5.2K | $69.27 |
| 2025-11-18 | FRIBOURG PAUL J | Sell | 187 | $65.42 |
| 2025-11-11 | ICAHN BRETT | Grant | 13K | $64.44 |
| 2025-11-10 | ICAHN BRETT | Grant | 20K | $62.96 |
| 2025-11-07 | O'Byrne Kevin | Grant | 5.2K | $62.46 |
| 2025-11-07 | O'Byrne Kevin | Grant | 2.0K | $62.09 |
| 2025-11-06 | O'Byrne Kevin | Grant | 1.5K | $62.91 |
| 2025-10-30 | FRIBOURG PAUL J | Buy | 39 | $63.64 |
| 2025-09-29 | FRIBOURG PAUL J | Sell | 7 | $60.87 |
| 2025-09-02 | Borg Deborah | Tax withheld | 1.2K | $66.55 |
| 2025-09-02 | Borg Deborah | Option exercise | 12K | — |
| 2025-09-02 | Borg Deborah | Option exercise | 2.3K | — |
| 2025-09-02 | Borg Deborah | Tax withheld | 5.9K | $66.55 |
| 2025-08-27 | FRIBOURG PAUL J | Buy | 71 | $66.91 |
| 2025-08-07 | FRIBOURG PAUL J | Buy | 15K | $64.80 |
| 2025-08-07 | Fyrwald J Erik | Buy | 15K | $64.95 |
| 2025-06-02 | Teles de Mendonca Ana Paula | Tax withheld | 329 | $75.71 |
| 2025-06-02 | Teles de Mendonca Ana Paula | Option exercise | 643 | — |
| 2025-05-22 | O'Byrne Kevin | Buy | 4.5K | $76.05 |
| 2025-05-19 | Palau Hernandez Margarita | Buy | 850 | $77.42 |
| 2025-05-19 | Landsman Stephen N | Buy | 2.0K | $77.58 |
| 2025-05-19 | Landsman Stephen N | Buy | 10K | $77.22 |
| 2025-05-19 | Yildiz Beril | Sell | 2.4K | $77.33 |
| 2025-05-15 | Khan Mehmood | Buy | 3.7K | $75.33 |
| 2025-05-15 | Khan Mehmood | Buy | 300 | $75.32 |
| 2025-05-09 | Fyrwald J Erik | Buy | 24K | $73.97 |
| 2025-05-08 | Fyrwald J Erik | Buy | 700 | $74.00 |
| 2025-05-05 | Teles de Mendonca Ana Paula | Tax withheld | 404 | $79.15 |
| 2025-05-05 | Teles de Mendonca Ana Paula | Tax withheld | 361 | $79.15 |
| 2025-05-05 | Borg Deborah | Tax withheld | 903 | $79.15 |
| 2025-05-05 | Borg Deborah | Option exercise | 1.8K | — |
| 2025-05-05 | Teles de Mendonca Ana Paula | Option exercise | 707 | — |
| 2025-05-05 | Teles de Mendonca Ana Paula | Option exercise | 791 | — |
| 2025-05-05 | DeVeau Michael | Tax withheld | 452 | $79.15 |
| 2025-05-05 | Arora Yuvraj | Option exercise | 17K | — |
| 2025-05-05 | Yildiz Beril | Option exercise | 849 | — |
| 2025-05-05 | Yildiz Beril | Tax withheld | 307 | $79.15 |
| 2025-05-05 | Arora Yuvraj | Tax withheld | 8.9K | $79.15 |
| 2025-05-05 | DeVeau Michael | Option exercise | 884 | — |
| 2025-05-05 | Finzel Ralf | Option exercise | 1.3K | — |
| 2025-05-05 | Finzel Ralf | Tax withheld | 677 | $79.15 |
| 2025-05-01 | Fyrwald J Erik | Option exercise | 16K | — |
| 2025-05-01 | Arora Yuvraj | Option exercise | 3.6K | — |
| 2025-05-01 | Arora Yuvraj | Tax withheld | 1.8K | $77.85 |
| 2025-05-01 | Teles de Mendonca Ana Paula | Option exercise | 1.6K | — |
| 2025-05-01 | Teles de Mendonca Ana Paula | Tax withheld | 811 | $77.85 |
| 2025-05-01 | Yildiz Beril | Option exercise | 952 | — |
| 2025-05-01 | Yildiz Beril | Tax withheld | 344 | $77.85 |
| 2025-05-01 | Finzel Ralf | Option exercise | 2.0K | — |
| 2025-05-01 | Finzel Ralf | Tax withheld | 1.0K | $77.85 |
| 2025-05-01 | DeVeau Michael | Option exercise | 1.4K | — |
| 2025-05-01 | DeVeau Michael | Tax withheld | 710 | $77.85 |
| 2025-05-01 | Borg Deborah | Option exercise | 2.4K | — |
| 2025-05-01 | Borg Deborah | Tax withheld | 1.2K | $77.85 |
| 2025-05-01 | Palau Hernandez Margarita | Option exercise | 1.5K | — |
| 2025-05-01 | O'Byrne Kevin | Option exercise | 1.9K | — |
| 2025-05-01 | O'Byrne Kevin | Tax withheld | 394 | $77.85 |
| 2025-05-01 | JAMISON CYNTHIA T | Option exercise | 604 | — |
| 2025-05-01 | INTRIERI VINCENT J | Option exercise | 604 | — |
| 2025-05-01 | Costa Mark J | Option exercise | 1.9K | — |
| 2025-05-01 | Khan Mehmood | Option exercise | 604 | — |
| 2025-05-01 | Fyrwald J Erik | Tax withheld | 8.1K | $77.85 |
| 2025-04-04 | Strzelecki Angela | Tax withheld | 579 | $73.12 |
| 2025-04-04 | DeVeau Michael | Option exercise | 1.3K | — |
| 2025-04-04 | DeVeau Michael | Option exercise | 712 | — |
| 2025-04-04 | DeVeau Michael | Tax withheld | 257 | $73.12 |
| 2025-04-04 | DeVeau Michael | Tax withheld | 462 | $73.12 |
| 2025-04-04 | Borg Deborah | Option exercise | 4.6K | — |
| 2025-04-04 | Borg Deborah | Tax withheld | 2.5K | $73.12 |
| 2025-04-04 | Strzelecki Angela | Option exercise | 503 | — |
| 2025-04-04 | Strzelecki Angela | Tax withheld | 230 | $73.12 |
| 2025-04-04 | Strzelecki Angela | Option exercise | 1.3K | — |
| 2025-03-05 | O'Byrne Kevin | Buy | 6.5K | $80.44 |
| 2025-03-04 | DeVeau Michael | Tax withheld | 42 | $79.79 |
| 2025-03-04 | Fyrwald J Erik | Buy | 25K | $80.24 |
| 2025-03-04 | Teles de Mendonca Ana Paula | Tax withheld | 15 | $79.79 |
| 2025-03-04 | Borg Deborah | Grant | 269 | — |
| 2025-03-04 | Borg Deborah | Tax withheld | 123 | $79.79 |
| 2025-03-04 | Teles de Mendonca Ana Paula | Grant | 35 | — |
| 2025-03-04 | Strzelecki Angela | Grant | 96 | — |
| 2025-03-04 | Strzelecki Angela | Tax withheld | 34 | $79.79 |
| 2025-03-04 | Johnson Jennifer Amy | Grant | 186 | — |
| 2025-03-04 | Johnson Jennifer Amy | Tax withheld | 77 | $79.79 |
| 2025-03-04 | Herriott Simon | Grant | 237 | — |
| 2025-03-04 | Herriott Simon | Tax withheld | 86 | $79.79 |
| 2025-03-04 | DeVeau Michael | Grant | 101 | — |
| 2025-01-15 | Yildiz Beril | Grant | 4.0K | — |
| 2025-01-15 | Yildiz Beril | Tax withheld | 1.3K | $84.17 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-06-01 | Material agreementOtherExhibits | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-05-04 | Shareholder vote | filing ↗ |
| 2026-02-11 | ResultsExhibits | filing ↗ |
| 2025-11-04 | 5.03Exhibits | filing ↗ |
| 2025-11-04 | ResultsExhibits | filing ↗ |
| 2025-10-22 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-23 | 0001140361-26-026107 ↗ |
| 8-K | 2026-06-01 | 2026-05-28 | 0001193125-26-249963 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0000051253-26-000017 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0000051253-26-000015 ↗ |
| 8-K | 2026-05-04 | 2026-04-29 | 0001140361-26-018910 ↗ |
| 10-K | 2026-02-27 | 2025-12-31 | 0000051253-26-000006 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0000051253-26-000003 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0000051253-25-000047 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0000051253-25-000049 ↗ |
| 8-K | 2025-11-04 | 2025-10-29 | 0001140361-25-040332 ↗ |
| 8-K | 2025-10-22 | 2025-10-16 | 0001140361-25-038926 ↗ |
| 8-K | 2025-08-07 | 2025-08-06 | 0001140361-25-029609 ↗ |