Detailed financial statements for The Marzetti Company (MZTI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
The Marzetti Company is a producer and distributor of various specialized food items. Their extensive product line includes garlic breads, dinner rolls, salad dressings, dips, pasta, and croutons. These offerings are supplied to both retail outlets for consumers and the commercial foodservice industry across the United States.
Analysis Summary
The Marzetti Company reported revenue of $1.93B in the most recent fiscal year, growing at a 5-year CAGR of 5.6%. Net income reached $191.6M, with a 6.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 24.7%, operating margin 12.4%, net margin 9.9%. Free cash flow grew at 19.0% CAGR over 5 years.
At the current price of $99.49, MZTI trades at a P/E of 14.25 and an ROE of 18.82%. Market capitalisation stands at $2.7B.
Balance sheet quality for MZTI: current ratio of 2.4, net cash position of $105.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $206.1M represents 108% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.20B | $1.22B | $1.31B | $1.33B | $1.47B | $1.68B | $1.82B | $1.87B | $1.91B | $1.93B |
| Cost of Revenue | $883.1M | $919.4M | $981.6M | $976.4M | $1.08B | $1.32B | $1.43B | $1.44B | $1.45B | $1.45B |
| Gross Profit | $318.8M | $303.5M | $326.2M | $358.0M | $386.7M | $355.7M | $388.6M | $432.3M | $455.6M | $477.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $143.3M | $129.9M | $149.8M | $180.9M | $205.4M | $212.1M | $222.1M | $218.1M | $230.2M | $254.6M |
| Operating Expenses | $143.3M | $129.9M | $149.8M | $182.1M | $200.9M | $243.8M | $247.1M | $232.9M | $235.3M | $238.6M |
| Operating Income | $174.4M | $171.5M | $190.9M | $175.9M | $185.9M | $111.9M | $141.5M | $199.4M | $220.3M | $238.7M |
| EBITDA | $200.4M | $200.5M | $208.2M | $215.1M | $225.9M | $189.5M | $217.7M | $270.1M | $287.6M | $263.4M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.8M |
| Pre-tax Income | $175.5M | $174.2M | $195.5M | $179.1M | $185.7M | $112.4M | $143.3M | $205.5M | $213.5M | $242.0M |
| Income Tax | $60.2M | $38.9M | $45.0M | $42.1M | $43.4M | $22.8M | $32.0M | $46.9M | $46.1M | $50.4M |
| Net Income | $115.3M | $135.3M | $150.5M | $137.0M | $142.3M | $89.6M | $111.3M | $158.6M | $167.3M | $191.6M |
| EPS | $4.21 | $4.94 | $5.49 | $4.98 | $5.17 | $3.26 | $4.04 | $5.77 | $6.08 | $6.98 |
| EPS (Diluted) | $4.20 | $4.93 | $5.47 | $4.97 | $5.16 | $3.25 | $4.04 | $5.76 | $6.07 | $6.98 |
| Shares Outstanding (Diluted) | $27.4M | $27.5M | $27.5M | $27.5M | $27.5M | $27.5M | $27.5M | $27.5M | $27.5M | $27.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $493.5M | $518.0M | $453.4M | $465.0M |
| Gross Profit | $118.8M | $137.3M | $107.2M | $114.0M |
| Operating Income | $60.4M | $76.9M | $46.6M | $54.9M |
| EBITDA | $77.5M | $93.9M | $65.9M | $26.2M |
| Net Income | $47.2M | $59.1M | $37.1M | $48.3M |
| EPS | $1.71 | $2.15 | $1.35 | $1.77 |
| EPS (Diluted) | $1.71 | $2.15 | $1.35 | $1.77 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $143.1M | $205.8M | $196.3M | $198.3M | $188.1M | $60.3M | $88.5M | $163.4M | $161.5M | $161.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $69.9M | $73.0M | $75.7M | $86.6M | $97.9M | $135.5M | $115.0M | $95.6M | $95.8M | $95.8M |
| Inventory | $76.4M | $90.9M | $86.1M | $85.0M | $121.9M | $144.7M | $158.3M | $173.3M | $169.3M | $169.3M |
| Total Current Assets | $301.1M | $378.9M | $368.6M | $385.6M | $423.5M | $351.8M | $374.5M | $444.0M | $443.6M | $443.6M |
| Property, Plant & Equipment | $180.7M | $190.8M | $247.0M | $316.3M | $387.1M | $479.5M | $506.9M | $532.8M | $586.8M | $586.8M |
| Goodwill | $168.0M | $168.0M | $208.4M | $208.4M | $208.4M | $208.4M | $208.4M | $208.4M | $222.8M | $222.8M |
| Intangible Assets | $60.2M | $56.2M | $70.3M | $65.2M | $58.8M | $32.3M | $4.8M | 0 | 0 | 0 |
| Total Assets | $716.4M | $804.5M | $905.4M | $993.4M | $1.10B | $1.09B | $1.11B | $1.21B | $1.27B | $1.27B |
| Accounts Payable | $41.4M | $58.0M | $76.7M | $71.4M | $110.3M | $115.0M | $111.8M | $118.8M | $118.0M | $118.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $76.6M | $93.8M | $119.7M | $126.3M | $173.9M | $165.6M | $168.8M | $184.0M | $186.3M | $186.3M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $140.4M | $152.2M | $178.5M | $210.1M | $258.1M | $245.7M | $250.7M | $281.2M | $276.2M | $276.2M |
| Retained Earnings | $1.21B | $1.28B | $1.36B | $1.42B | $1.48B | $1.49B | $1.50B | $1.56B | $1.63B | $1.63B |
| Total Equity | $576.0M | $652.3M | $726.9M | $783.3M | $843.1M | $844.7M | $862.3M | $925.8M | $998.5M | $998.5M |
| Total Debt | 0 | 0 | 0 | $26.8M | $33.3M | $36.2M | $30.0M | $57.7M | $55.6M | $55.6M |
| Net Debt | -$143.1M | -$205.8M | -$196.3M | -$171.5M | -$154.8M | -$24.1M | -$58.5M | -$105.8M | -$105.9M | -$105.9M |
| Working Capital | $224.5M | $285.1M | $248.9M | $259.4M | $249.6M | $186.2M | $205.7M | $260.0M | $257.3M | $257.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $124.6M | $201.6M | $218.4M | $161.5M |
| Total Assets | $1.28B | $1.33B | $1.36B | $1.27B |
| Total Liabilities | $280.4M | $296.0M | $311.3M | $276.2M |
| Total Equity | $996.2M | $1.03B | $1.04B | $998.5M |
| Total Debt | $41.8M | $77.5M | $37.2M | $55.6M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $115.3M | $135.3M | $150.5M | $137.0M | $142.3M | $89.6M | $111.3M | $158.6M | $167.3M | $191.6M |
| Depreciation & Amortization | $24.9M | $26.9M | $31.8M | $38.0M | $44.5M | $45.9M | $51.2M | $55.9M | $62.2M | $71.4M |
| Stock-based Compensation | $4.2M | $5.0M | $6.0M | $6.1M | $7.1M | $9.6M | $9.1M | $11.4M | $9.0M | $10.2M |
| Change in Working Capital | -$1.6M | $359,000 | $17.2M | -$21.4M | -$19.8M | -$73.6M | $20.1M | $18.2M | $3.2M | -$2.9M |
| Operating Cash Flow | $144.4M | $160.7M | $197.6M | $170.8M | $174.2M | $101.8M | $225.9M | $251.6M | $261.5M | $283.8M |
| Capital Expenditure | -$27.0M | -$31.0M | -$70.9M | -$82.6M | -$87.9M | -$132.0M | -$90.2M | -$67.6M | -$58.0M | -$77.7M |
| Acquisitions | -$35.2M | -$318,000 | -$55.4M | $129,000 | $150,000 | $368,000 | $1.2M | 0 | -$78.8M | -$399.3M |
| Stock Repurchased | -$866,000 | -$1.1M | -$7.4M | -$5.5M | -$8.5M | -$7.6M | -$9.2M | -$7.6M | -$8.0M | -$36.3M |
| Dividends Paid | -$59.0M | -$64.5M | -$70.1M | -$75.6M | -$81.2M | -$86.8M | -$92.4M | -$97.9M | -$103.5M | -$108.8M |
| Free Cash Flow | $117.3M | $129.7M | $126.7M | $88.1M | $86.3M | -$30.2M | $135.7M | $184.0M | $203.5M | $206.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $69.5M | $88.6M | $70.5M | $55.2M |
| Capital Expenditure | -$15.6M | -$17.7M | -$21.3M | -$23.1M |
| Free Cash Flow | $53.9M | $70.9M | $49.3M | $32.1M |
| Dividends Paid | -$26.3M | -$27.6M | -$27.5M | -$27.4M |
| Stock-based Compensation | $2.6M | $2.6M | $2.4M | $2.5M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1.8% | +6.9% | +2.0% | +9.9% | +14.3% | +8.7% | +2.7% | +2.0% | +1.1% | |
| Net Income Growth (YoY) | +17.3% | +11.3% | -9.0% | +3.9% | -37.1% | +24.2% | +42.5% | +5.5% | +14.5% | |
| EPS Growth (YoY) | +17.3% | +11.1% | -9.3% | +3.8% | -36.9% | +23.9% | +42.8% | +5.4% | +14.8% | |
| Shares Change (YoY) | +0.1% | +0.3% | -0.1% | +0.1% | -0.2% | +0.0% | -0.1% | +0.1% | -0.3% | |
| FCF Growth (YoY) | +10.5% | -2.3% | -30.5% | -2.0% | -134.9% | +550.0% | +35.6% | +10.6% | +1.3% | |
| Gross Margin | 26.5% | 24.8% | 24.9% | 26.8% | 26.4% | 21.2% | 21.3% | 23.1% | 23.9% | 24.7% |
| Operating Margin | 14.5% | 14.0% | 14.6% | 13.2% | 12.7% | 6.7% | 7.8% | 10.7% | 11.5% | 12.4% |
| EBITDA Margin | 16.7% | 16.4% | 15.9% | 16.1% | 15.4% | 11.3% | 11.9% | 14.4% | 15.1% | 13.6% |
| Net Margin | 9.6% | 11.1% | 11.5% | 10.3% | 9.7% | 5.3% | 6.1% | 8.5% | 8.8% | 9.9% |
| FCF Margin | 9.8% | 10.6% | 9.7% | 6.6% | 5.9% | -1.8% | 7.4% | 9.8% | 10.7% | 10.7% |
| Effective Tax Rate | 34.3% | 22.3% | 23.0% | 23.5% | 23.4% | 20.3% | 22.3% | 22.8% | 21.6% | 20.8% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.28 | $4.72 | $4.60 | $3.21 | $3.14 | $-1.10 | $4.94 | $6.70 | $7.40 | $7.52 |
| Dividends Per Share | $2.15 | $2.35 | $2.55 | $2.75 | $2.95 | $3.16 | $3.36 | $3.57 | $3.77 | $3.97 |
| Shares Outstanding (Basic) | $27.4M | $27.4M | $27.4M | $27.4M | $27.5M | $27.4M | $27.5M | $27.4M | $27.5M | $27.4M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | 18.82% |
| Return on Invested Capital | 17.18% |
| Return on Assets | 15.03% |
| Gross Margin | 24.73% |
| Operating Margin | 12.37% |
| Net Margin | 9.93% |
Financial Health
| Debt / Equity | 0.06 |
| Current Ratio | 2.38 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 10.95 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 29.13 | 28.02 | 26.82 | 31.12 | 37.43 | 39.50 | 49.77 | 32.68 | 28.42 | 16.36 |
| P/B | 5.83 | 5.82 | 5.56 | 5.43 | 6.31 | 4.18 | 6.40 | 5.59 | 4.75 | 3.13 |
| P/S | 2.79 | 3.10 | 3.09 | 3.19 | 3.62 | 2.11 | 3.03 | 2.76 | 2.49 | 1.62 |
| Gross Margin | 26.5% | 24.8% | 24.9% | 26.8% | 26.4% | 21.2% | 21.3% | 23.1% | 23.9% | 24.7% |
| Operating Margin | 14.5% | 14.0% | 14.6% | 13.2% | 12.7% | 6.7% | 7.8% | 10.7% | 11.5% | 12.4% |
| Net Margin | 9.6% | 11.1% | 11.5% | 10.3% | 9.7% | 5.3% | 6.1% | 8.5% | 8.8% | 9.9% |
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Explore sector: Consumer Defensive · Packaged Foods
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