FLO
FLOWERS FOODS INC
Consumer Staples • CIK: 0001128928
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Market Cap
$2.28B
P/E (TTM)
26.3x
Rev Growth (TTM)
+3.0%
Net Margin (TTM)
1.6%
FCF Yield (TTM)
14.0%
FCF Margin (TTM)
6.1%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$319M
Q4 '26
$79M+158%
Q3 '26
$30M-70%
FCF Margin
TTM6.1%
Q4 '266.4%+157%
Sector: 6.9%Below Avg
OCF Margin8.5%
OCF/NI5.32x
CapEx Coverage3.5x
FCF Yield14.0%
FCF Growth (2Y)+18%
Cash Conversion Cycle
-15 days
DSO: 0+DIO: 27−DPO: 43
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM9.3%
Div Yield9.1%
+Buyback (TTM)0.2%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)9.1%
FCF Payout Ratio65.1%
Free Cash Flow (TTM)$319.1M
Stock Repurchases (TTM)$5.5M
Capital Return / FCF66.7%
Est. Dividends Paid (TTM)$207.6M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
4.1%
Moderate
-0.1% YoY-12.9%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
2.4%
8Q: 4.5%
Asset Turnover
1.25x
8Q: 1.35x
Leverage (1+D/E)
2.35x
D/E: 1.35x
DuPont: 7.1% ≈ 4.1% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
5.55x
8Q:5.22x
-52.7%
Invested Cap Turn
2.23x
8Q:2.08x
+22.5%
CapEx Intensity
5.4%
8Q:4.6%
CapEx/Depreciation
0.76x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $5.3B | $1.2B↑0.5% | $1.2B↓1.3% | $1.2B↓20.0% | $1.6B↑39.9% | $1.1B↓6.7% | $1.2B↓2.8% | $1.2B↓22.3% | $1.6B |
Operating Income | $174.0M | $-71.1M↓206.9% | $66.5M↓28.8% | $93.4M↑9.7% | $85.1M↑38.8% | $61.4M↓32.0% | $90.2M↓5.3% | $95.2M↓6.2% | $101.5M |
Net Income | $83.8M | $-67.1M↓269.7% | $39.5M↓32.3% | $58.4M↑10.1% | $53.0M↑22.9% | $43.1M↓33.6% | $65.0M↓3.0% | $67.0M↓8.3% | $73.0M |
Operating Cash Flow | $446.2M | $125.4M↑130.6% | $54.4M↓58.4% | $130.8M↓3.5% | $135.6M↑4.1% | $130.3M↑14.3% | $113.9M↑80.1% | $63.3M↓39.8% | $105.1M |
Free Cash Flow | $319.1M | $78.6M↑158.3% | $30.4M↓69.6% | $100.0M↓9.1% | $110.1M↑29.8% | $84.8M↓4.2% | $88.6M↑150.5% | $35.4M↓50.8% | $71.8M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
26.3x
Volatile
8Q: 69.7x-6636%
Valuation Lenses
Earnings
26.3x
vs – sector
Cash Flow
12.4x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
6.4P/E per %ROIC
ROIC: 4.1%
Shareholder Returns
Dividend
9.1%
Buyback
0.2%
Total Yield
9.3%
Market Cap$2.28B
EV$3.95B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
61/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
6.0%
8Q:–
Return on Invested Capital (ROIC)Top 25%
4.1%
8Q:–
-12.9%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 2.4%
Asset Turnover: 1.25x
Earnings Quality
Cash Conversion
5.32x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin48.9%
Capital Efficiency
Invested Capital Turnover2.23x
Working Capital
Cash Conversion Cycle-15 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
62/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
3.0%
OpInc Growth YoY
-215.9%
EPS Growth YoY
-65.0%
FCF 3Y CAGR
18.5%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
48.9%
Operating
3.3%
Below Avg in sector
Net
1.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+4.5 pts
FCF: 6.1% | Net: 1.6%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Leveraged
Net Debt / EBITDA
–Net Debt: $1.74B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
1.35x
Balance sheet risk & solvency analysis