The Marzetti Company (LANC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 25	$1.58	$1.49	-5.7%	—	—	—
Q3 25	$1.94	$1.78	-8.2%	—	—	—
Q2 25	$1.67	$1.62	-3.0%	—	—	—
Q1 25	$1.38	$1.35	-2.2%	—	—	—
Q4 24	$1.4	$1.37	-2.1%	—	—	—
Q3 24	$1.65	$1.87	+13.3%	—	—	—
Q2 24	$1.61	$1.59	-1.2%	—	—	—
Q1 24	$1.29	$1	-22.5%	—	—	—
Q4 23	$0.93	$0.89	-4.3%	—	—	—
Q3 23	$1.67	$1.45	-13.2%	—	—	—
Q2 23	$1.14	$1.62	+42.1%	—	—	—
Q1 23	$0.8	$1.39	+73.7%	—	—	—
Q4 22	$1.03	$0.3	-70.9%	—	—	—
Q3 22	$1.74	$1.24	-28.7%	—	—	—
Q2 22	$1.63	$1.37	-16.0%	—	—	—
Q1 22	$1.19	$1.15	-3.4%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.08	—	—	$1.9B	—
FY24	—	$5.77	—	—	$1.9B	—
FY23	—	$4.04	—	—	$1.8B	—
FY22	—	$3.26	—	—	$1.7B	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.2B	$1.2B	$1.2B	$1.3B	$1.3B	$1.5B	$1.7B	$1.8B	$1.9B	$1.9B
YoY change	+7.84%	+0.9%	+1.75%	+6.94%	+2.03%	+9.94%	+14.3%	+8.72%	+2.7%	+2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.2B	1.2B	1.2B	1.3B	1.3B	1.5B	1.7B	1.8B	1.9B	1.9B
Cost of revenue	891.5M	883.1M	919.4M	981.6M	976.4M	1.1B	1.3B	1.4B	1.4B	1.5B
Gross profit	299.6M	318.8M	303.5M	326.2M	358M	386.7M	355.7M	388.6M	432.3M	455.6M
Gross margin	25.2%	26.5%	24.8%	24.9%	26.8%	26.4%	21.2%	21.3%	23.1%	23.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	115.1M	143.3M	129.9M	149.8M	180.9M	205.4M	212.1M	222.1M	218.1M	230.2M
Operating expenses	115.1M	143.3M	129.9M	149.8M	180.9M	205.4M	212.1M	222.1M	218.1M	230.2M
Operating income	184.6M	175.5M	173.6M	176.4M	177.1M	181.4M	143.6M	166.5M	214.2M	225.4M
Operating margin	15.5%	14.6%	14.2%	13.5%	13.3%	12.4%	8.57%	9.13%	11.4%	11.8%
Non-operating income, net	63K	6K	603K	19.2M	2M	4.4M	-31.2M	-23.2M	-8.7M	-12M
Pretax income	184.6M	175.5M	174.2M	195.5M	179.1M	185.7M	112.4M	143.3M	205.5M	213.5M
Income tax	62.9M	60.2M	38.9M	45M	42.1M	43.4M	22.8M	32M	46.9M	46.1M
Net income	121.8M	115.3M	135.3M	150.5M	137M	142.3M	89.6M	111.3M	158.6M	167.3M
Net margin	10.2%	9.59%	11.1%	11.5%	10.3%	9.7%	5.34%	6.11%	8.47%	8.77%
EBITDA	208.7M	201.6M	202.5M	193.7M	216.2M	221.4M	221.2M	242.7M	285M	292.7M
EPS	4.45	4.21	4.93	5.48	4.98	5.17	3.26	4.04	5.77	6.08
Diluted EPS	4.44	4.2	4.92	5.46	4.97	5.16	3.25	4.04	5.76	6.07

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Revenue	425.5M	477.4M	464.9M	454.7M	461.6M	485.9M	471.4M	452.8M	466.6M	509.3M	457.8M	475.4M
Cost of revenue	326.5M	375.3M	370.7M	361.5M	352.9M	364.4M	367M	355.2M	355.7M	376.5M	351.9M	369.3M
Gross profit	99.1M	102.1M	94.2M	93.2M	108.7M	121.5M	104.5M	97.6M	110.8M	132.8M	106M	106.1M
Gross margin	23.3%	21.4%	20.3%	20.5%	23.6%	25%	22.2%	21.6%	23.8%	26.1%	23.1%	22.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	49.8M	50.1M	64.8M	56.7M	51.9M	55.6M	57.2M	53.2M	55M	57.1M	56.1M	62.1M
Operating expenses	49.8M	50.1M	64.8M	56.7M	51.9M	55.6M	57.2M	53.2M	55M	57.1M	56.1M	62.1M
Operating income	49.3M	51.3M	29.4M	36.4M	56.8M	65.8M	47.3M	44.4M	55.9M	75.7M	49.9M	44M
Operating margin	11.6%	10.8%	6.33%	8.02%	12.3%	13.5%	10%	9.81%	12%	14.9%	10.9%	9.26%
Non-operating income, net	-270K	478K	607K	-24M	857K	1.4M	-10.4M	-615K	2M	-12.4M	2M	-3.5M
Pretax income	49M	51.8M	30M	12.4M	57.6M	67.2M	36.9M	43.8M	57.9M	63.2M	51.8M	40.5M
Income tax	11.4M	11.8M	5.5M	3.3M	13.7M	15.7M	8.5M	9M	13.2M	14.2M	10.7M	8M
Net income	37.6M	40M	24.6M	9.2M	44M	51.5M	28.4M	34.8M	44.7M	49M	41.1M	32.5M
Net margin	8.83%	8.37%	5.28%	2.02%	9.52%	10.6%	6.01%	7.69%	9.58%	9.62%	8.98%	6.84%
EBITDA	60.5M	63.1M	43.1M	76M	70.4M	79.7M	73.8M	61.2M	70.2M	90.7M	65.5M	66.2M
EPS	1.37	1.45	0.89	—	1.6	1.87	1.03	—	1.62	1.78	1.49	—
Diluted EPS	1.36	1.45	0.89	—	1.59	1.87	1.03	—	1.62	1.78	1.49	—

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.5B	3.4B	3.8B	4.1B	4.3B	5.3B	3.5B	5.5B	5.2B	4.7B	2.8B
Enterprise value	3.4B	3.2B	3.6B	3.9B	4.1B	5.2B	3.5B	5.5B	5.1B	4.6B	2.7B
Shares outstanding	27.3M	27.4M	27.4M	27.4M	27.4M	27.5M	27.4M	27.5M	27.4M	27.5M	27.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	28.6	29.1	28	27.1	31.1	37.4	39.5	49.6	32.7	28.4	28.1
P/S	2.93	2.79	3.1	3.12	3.19	3.62	2.11	3.03	2.77	2.49	1.46
P/B	6.79	5.83	5.82	5.61	5.43	6.31	4.18	6.4	5.6	4.75	4.75
EV/EBITDA	16.1	15.9	17.7	20	18.9	23.3	15.9	22.5	17.8	15.9	9.16
EV/Sales	2.83	2.67	2.93	2.97	3.06	3.52	2.09	3	2.71	2.43	1.4
Earnings yield	3.49%	3.44%	3.57%	3.69%	3.22%	2.68%	2.53%	2.02%	3.06%	3.53%	3.56%
FCF yield	3.7%	3.56%	3.42%	3.11%	2.07%	1.62%	-0.85%	2.46%	3.55%	4.29%	5.99%

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	25.2%	26.5%	24.8%	24.9%	26.8%	26.4%	21.2%	21.3%	23.1%	23.9%	22.3%
Operating margin	15.5%	14.6%	14.2%	13.5%	13.3%	12.4%	8.57%	9.13%	11.4%	11.8%	11.8%
Net margin	10.2%	9.59%	11.1%	11.5%	10.3%	9.7%	5.34%	6.11%	8.47%	8.77%	23.9%
ROE	23.7%	20%	20.7%	20.7%	17.5%	16.9%	10.6%	12.9%	17.1%	16.8%	16.7%
ROA	19.2%	16.1%	16.8%	16.6%	13.8%	12.9%	8.22%	10%	13.1%	13.1%	13.1%
ROIC	30.8%	26.6%	30.2%	25.6%	22.1%	20.2%	14%	16.1%	20.2%	19.8%	19.8%
Return on tangible assets	47.3%	44.3%	38%	43.2%	30.7%	25.1%	14.7%	16.2%	20.1%	20.2%	20.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.67	3.93	4.04	3.08	3.05	2.43	2.12	2.22	2.41	2.38	2.38
Quick ratio	2.63	2.93	3.07	2.36	2.38	1.73	1.25	1.28	1.47	1.47	1.47
Debt / equity	—	—	—	0	0.03	0.04	0.04	0.03	0.06	0.06	0
Debt / assets	—	—	—	0	0.03	0.03	0.03	0.03	0.05	0.04	0.04
Net debt / EBITDA	—	—	—	-1.01	-0.79	-0.7	-0.11	-0.24	-0.37	-0.36	-0.36
Effective tax rate	34.1%	34.3%	22.3%	23%	23.5%	23.4%	20.3%	22.3%	22.8%	21.6%	21.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	43.6	43.9	44.6	47.7	48.6	53.4	61.1	66.4	68.2	69.5	69.5
EPS (basic)	4.45	4.21	4.93	5.48	4.98	5.17	3.26	4.04	5.77	6.08	6.08
EPS (diluted)	4.44	4.2	4.92	5.46	4.97	5.16	3.25	4.04	5.76	6.07	6.07
Book value per share	18.8	21	23.8	26.5	28.5	30.7	30.8	31.4	33.7	36.3	36.3
FCF per share	4.73	4.36	4.73	4.62	3.21	3.14	-1.1	4.94	6.7	7.41	6.05
Cash per share	4.32	5.23	7.51	7.15	7.22	6.84	2.2	3.22	5.96	5.88	5.88
Capex per share	0.61	0.93	1.13	2.58	3.01	3.19	4.79	3.24	2.21	2.11	2.11

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.4%	2.12%	2.53%	5.41%	6.18%	5.98%	7.85%	4.88%	3.24%	3.04%	3.04%
Capex / operating cash flow	11.2%	17.9%	21.3%	38.5%	49%	61.6%	110.1%	42.1%	25.6%	23.3%	23.8%
Payout ratio	156.5%	51.1%	47.7%	46.6%	55.2%	57.1%	96.8%	83%	61.7%	61.8%	61.8%
Dividend yield	5.46%	1.76%	1.7%	1.72%	1.78%	1.53%	2.45%	1.67%	1.89%	2.18%	3.76%

Yield

3.76%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.95

ex-dividend Jun 6, 2025

Payout ratio

62%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 6, 2025	$0.95
Mar 7, 2025	$0.95
Dec 5, 2024	$0.95

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Revenue	$425.5M	$477.4M	$464.9M	$454.7M	$461.6M	$485.9M	$471.4M	$452.8M	$466.6M	$509.3M	$457.8M	$475.4M
YoY change	+8.54%	+11.4%	+15.2%	+0.5%	+8.47%	+1.79%	+1.4%	-0.4%	+1.08%	+4.81%	-2.89%	+4.99%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	118.1M	143.1M	205.8M	196.3M	198.3M	188.1M	60.3M	88.5M	163.4M	161.5M
Receivables	66M	69.9M	73M	75.7M	86.6M	97.9M	135.5M	115M	95.6M	95.8M
Inventory	76.1M	76.4M	90.9M	86.1M	85M	121.9M	144.7M	158.3M	173.3M	169.3M
Total current assets	267.8M	301.1M	378.9M	368.6M	385.6M	423.5M	351.8M	374.5M	444M	443.6M
Property, plant & equipment	169.6M	180.7M	190.8M	247M	316.3M	387.1M	479.5M	506.9M	532.8M	586.8M
Goodwill & intangibles	377.3M	456.4M	448.4M	557.3M	547.2M	534.3M	481.4M	426.4M	416.7M	445.5M
Total assets	634.7M	716.4M	804.5M	905.4M	993.4M	1.1B	1.1B	1.1B	1.2B	1.3B
Accounts payable	39.9M	41.4M	58M	76.7M	71.4M	110.3M	115M	111.8M	118.8M	118M
Short-term debt	—	—	—	—	7.3M	9.4M	11.4M	10.8M	12.3M	11.7M
Total current liabilities	73M	76.6M	93.8M	119.7M	126.3M	173.9M	165.6M	168.8M	184M	186.3M
Long-term debt	—	—	—	0	19.5M	23.9M	24.8M	19.2M	45.3M	43.8M
Total liabilities	121.1M	140.4M	152.2M	178.5M	210.1M	258.1M	245.7M	250.7M	281.2M	276.2M
Shareholders' equity	513.6M	576M	652.3M	726.9M	783.3M	843.1M	844.7M	862.3M	925.8M	998.5M
Total debt	—	—	—	0	26.8M	33.3M	36.2M	30M	57.7M	55.6M
Net debt	—	—	—	-196.3M	-171.5M	-154.8M	-24.1M	-58.5M	-105.8M	-105.9M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Cash & short-term investments	64.2M	95.5M	82.9M	88.5M	73.7M	133.8M	164.8M	—	135.1M	203.1M	124.6M	161.5M
Receivables	136.2M	126.9M	130.5M	115M	120.1M	100.2M	102.6M	—	101.5M	99.2M	106.9M	95.8M
Inventory	165.9M	139.4M	154.8M	158.3M	177.8M	158.2M	161.1M	—	193.7M	167.2M	191.1M	169.3M
Total current assets	377.8M	373.6M	391.6M	374.5M	386.3M	405.4M	440.7M	—	452.6M	481M	439.7M	443.6M
Property, plant & equipment	495.4M	506.4M	509.8M	506.9M	512.2M	511.4M	502.5M	536.9M	533.1M	530.1M	591.7M	586.8M
Goodwill & intangibles	480.1M	478.9M	477.6M	426.4M	426.2M	425.9M	416.7M	—	416.7M	416.7M	446.9M	445.5M
Total assets	1.1B	1.1B	1.2B	1.1B	1.1B	1.1B	1.2B	—	1.2B	1.2B	1.3B	1.3B
Accounts payable	135.4M	131.7M	138.4M	111.8M	120.3M	104.1M	120.5M	—	109.2M	104.5M	121.1M	118M
Short-term debt	—	—	—	10.8M	—	—	—	—	—	—	—	11.7M
Total current liabilities	190.9M	180.2M	196.5M	168.8M	167.2M	163.4M	189.8M	—	173.2M	167.3M	186.4M	186.3M
Long-term debt	19.4M	17.6M	17.5M	19.2M	15.3M	13.3M	11.5M	—	42.3M	41.5M	41.8M	43.8M
Total liabilities	269.2M	257.6M	284.6M	250.7M	251.5M	240.6M	259.2M	—	271.2M	260M	280.4M	276.2M
Shareholders' equity	862.1M	879.5M	873.2M	862.3M	878.8M	908.3M	912.9M	—	945.1M	979.9M	996.2M	998.5M
Total debt	19.4M	17.6M	17.5M	30M	15.3M	13.3M	11.5M	—	42.3M	41.5M	41.8M	55.6M
Net debt	-44.8M	-77.9M	-65.4M	-58.5M	-58.5M	-120.5M	-153.2M	—	-92.8M	-161.5M	-82.7M	-105.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	121.8M	115.3M	135.3M	150.5M	137M	142.3M	89.6M	111.3M	158.6M	167.3M
Depreciation & amortization	24.1M	24.9M	26.9M	31.8M	38M	44.5M	45.9M	51.2M	55.9M	62.2M
Stock-based compensation	3.3M	4.2M	5M	6M	6.1M	7.1M	9.6M	9.1M	11.4M	9M
Change in working capital	-300K	-5.4M	-15.4M	2.4M	-24.2M	-51.6M	-56.5M	5.5M	3.8M	4.4M
Operating cash flow	148.4M	142.6M	145.4M	183.6M	168.3M	142.5M	119.6M	211.5M	236.8M	248.5M
Capital expenditure	-16.7M	-25.5M	-31M	-70.7M	-82.5M	-87.7M	-131.6M	-89M	-60.6M	-58M
Investing cash flow	-17.4M	-60.6M	-31.5M	-126.9M	-83.3M	-89M	-132.2M	-90.8M	-67.4M	-148.2M
Dividends paid	-190.5M	-59M	-64.5M	-70.1M	-75.6M	-81.2M	-86.8M	-92.4M	-97.9M	-103.5M
Share repurchases	-155K	-866K	-1.1M	-7.4M	-5.5M	-8.5M	-7.6M	-9.2M	-7.6M	-8M
Financing cash flow	-192.6M	-60.8M	-66.6M	-80.2M	-85.5M	-95.4M	-97.3M	-106.9M	-109.2M	-115.3M
Net change in cash	-61.6M	21.2M	47.4M	-23.4M	-488K	-41.9M	-110M	13.8M	60.2M	-14.9M
Free cash flow	129.2M	119.4M	129.7M	126.7M	88.1M	86.3M	-30.2M	135.7M	184M	203.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Net income	37.6M	40M	24.6M	9.2M	44M	51.5M	28.4M	34.8M	44.7M	49M	41.1M	32.5M
Depreciation & amortization	11.2M	11.8M	13.7M	14.5M	13.6M	13.9M	14.4M	14M	14.4M	15M	15.7M	17.1M
Stock-based compensation	2.5M	2.8M	1.7M	2.2M	2.6M	2.9M	3.5M	2.4M	2.4M	2.5M	1.6M	2.5M
Change in working capital	-22.1M	35.4M	-29.4M	21.6M	-26.5M	41M	-4.4M	-6.2M	-37M	39.6M	-33.2M	35M
Operating cash flow	29.4M	91.7M	22.3M	43.2M	39.4M	105.7M	36.9M	42.7M	29.2M	100.3M	27.1M	86.8M
Capital expenditure	-23.4M	-31.9M	-22.3M	-11.3M	-18.3M	-18.8M	-14.8M	-8.6M	-17.6M	-11M	-15.1M	-14.3M
Investing cash flow	-23.5M	-32.3M	-23.1M	-11.9M	-19.7M	-20.5M	-17.1M	-10.1M	-19.9M	-12.8M	-18.7M	-18M
Dividends paid	-22.1M	-23.5M	-23.4M	-23.4M	-23.4M	-24.8M	-24.9M	-24.8M	-24.9M	-26.3M	-26.2M	-26.2M
Share repurchases	-84K	-125K	-9M	-13K	-6.7M	-42K	-929K	-24K	-1.4M	-3K	-76K	-6.5M
Financing cash flow	-23.4M	-26M	-33.2M	-24.3M	-30.6M	-25.3M	-27.9M	-25.3M	-28.4M	-26.8M	-26.8M	-33.3M
Net change in cash	-17.6M	33.4M	-34M	7M	-11M	59.9M	-8.1M	7.2M	-19.1M	60.7M	-18.4M	35.5M
Free cash flow	26.3M	57.7M	21.4M	30.4M	17.3M	87.1M	61.1M	18.5M	2.3M	96.6M	30.8M	73.9M

Date	Ratio
Jan 28, 1998	3:2
Jul 21, 1994	4:3
Apr 16, 1993	4:3
May 1, 1992	3:2
Dec 28, 1987	110:100
Jul 29, 1986	5:4
Jan 5, 1983	3:2

The Marzetti Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history