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Givaudan SA
(OTC:GVDNY)
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Rating:71Outperform
Price Target:
$92.00
▲(9.94% Upside)
Action:Reiterated
Date:07/23/26
The score is driven primarily by solid financial performance (strong, steady margins and reliable free cash flow history) tempered by moderate leverage and uneven revenue trends. Technicals are mixed with neutral-to-positive longer-term trend support but weaker short-term momentum signals. Valuation is on the expensive side (P/E ~29), and the earnings call was balanced: reaffirmed targets and expected H2 cash improvement offset by negative H1 free cash flow, elevated working capital, and litigation-related one-offs.
Positive Factors
Cash generation
Givaudan converts a high share of earnings into free cash flow (≈0.66–0.82x net income), providing durable internal funding for capex, R&D, dividends and debt reduction. Reliable FCF supports strategic flexibility and lowers refinancing risk over the next 2–6 months.
Negative Factors
Elevated leverage
Net debt/EBITDA near 2.8x and meaningful absolute debt limit financial flexibility if cash generation weakens. With debt roughly around equity historically, higher leverage increases interest and refinancing sensitivity and constrains M&A or aggressive buybacks in the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Givaudan converts a high share of earnings into free cash flow (≈0.66–0.82x net income), providing durable internal funding for capex, R&D, dividends and debt reduction. Reliable FCF supports strategic flexibility and lowers refinancing risk over the next 2–6 months.
Read all positive factors
Givaudan SA (GVDNY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$37.10B
Dividend Yield2.27%
Average Volume (3M)7.27K
Price to Earnings (P/E)24.1
Beta (1Y)0.35
Revenue Growth7.39%
EPS Growth-4.78%
CountryUS
Employees17,580
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)2.08
Shares Outstanding461,700,000
10 Day Avg. Volume4,728
30 Day Avg. Volume7,274
Financial Highlights & Ratios
PEG Ratio-11.97
Price to Book (P/B)6.41
Price to Sales (P/S)3.89
P/FCF Ratio24.08
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Givaudan SA Business Overview & Revenue Model
Company Description
Givaudan S.A., operating through its various subsidiaries, serves the global consumer goods industry as a leading creator, supplier, and vendor of products spanning fragrance, beauty, taste, and wellbeing. The company's operations are distinctly s...
How the Company Makes Money
Givaudan makes money mainly by selling flavors, fragrances, and related ingredients/solutions to business customers (B2B), primarily large and mid-sized manufacturers in consumer packaged goods (e.g., food and beverage, personal care, home care) a...
Givaudan SA Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jan 22, 2027
Earnings Call Sentiment Neutral
The call conveyed a balanced message: solid operational momentum (notably in Fragrance & Beauty and Asia), clear signs of sequential recovery in Taste & Wellbeing, continued investment in innovation and sustainability, and re-affirmation of medium-term 2030 targets. Offsetting these positives were material nonrecurring litigation and provision charges (CHF 103m), weaker reported net income and EPS, negative adjusted free cash flow in H1, higher net debt/leverage and elevated working capital. Management expressed confidence in normalization of working capital, improved cash generation in H2 and delivery against the 2030 strategic ambitions, but the near-term financial impacts of one-offs and regional softness leave the picture mixed.Positive Updates
Group Sales Growth (Like-for-Like)
Group sales of CHF 3,799m in H1 2026, up 3.6% like-for-like (reported -1.7% in CHF due to Swiss franc strength). Growth was primarily volume-led and broadly balanced across customer groups and geographies.
Negative Updates
Nonrecurring Costs and Litigation Impact
Recorded CHF 103m of nonrecurring costs in H1 2026 (CHF 83m litigation settlements/provisions and CHF 20m acquisition/restructuring/project costs). Notable items: CHF 30m settlement in Fragrance & Beauty (antitrust-related) and CHF 53m provision in Taste & Wellbeing (adverse Missouri judgment on butter flavor litigation).
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Q2-2026 Updates
Positive
Negative
Group Sales Growth (Like-for-Like)
Group sales of CHF 3,799m in H1 2026, up 3.6% like-for-like (reported -1.7% in CHF due to Swiss franc strength). Growth was primarily volume-led and broadly balanced across customer groups and geographies.
Read all positive updates
Company Guidance
Guidance from the call reaffirmed the 2030 targets of 4–6% like‑for‑like sales growth and an average adjusted free cash flow margin above 12% over the 2026–2030 cycle; management expects stronger cash generation in H2 after adjusted free cash flow of minus CHF119m (‑3.1% of sales) in H1, and reiterated net investment guidance of 4–5% of sales (net investments were 5.4% in H1). They signalled low single‑digit input cost inflation in H2 (with a $10 oil move ≈ 1% effect on synthetics), that partial U.S. tariff refunds will be passed back to customers in H2 (broadly offsetting inflation‑related pricing), and a continued sequential recovery in Taste & Wellbeing alongside strong momentum in Fragrance & Beauty. Financial pacing to note: H1 adjusted EBITDA CHF923m (margin 24.3% vs 25.2% prior), adjusted EPS H1 CHF60.25, net debt CHF4.6bn (net debt/EBITDA 2.8x) and net working capital 30.8% of sales (expect meaningful improvement by year‑end); management expects full‑year EBITDA to be around the mid‑24% range on current visibility.Givaudan SA Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.49B | 7.47B | 7.41B | 6.92B | 7.12B | 6.68B |
| Gross Profit | 3.20B | 3.25B | 3.27B | 2.72B | 2.63B | 2.70B |
| EBITDA | 1.77B | 1.79B | 1.79B | 1.47B | 1.37B | 1.44B |
| Net Income | 964.22M | 1.07B | 1.09B | 893.00M | 856.00M | 821.00M |
Balance Sheet | ||||||
| Total Assets | 12.08B | 11.86B | 12.10B | 11.13B | 11.51B | 11.43B |
| Cash, Cash Equivalents and Short-Term Investments | 314.88M | 742.00M | 762.00M | 608.00M | 488.00M | 278.00M |
| Total Debt | 4.89B | 4.42B | 4.75B | 4.91B | 5.00B | 4.67B |
| Total Liabilities | 7.66B | 7.30B | 7.52B | 7.13B | 7.27B | 7.49B |
| Stockholders Equity | 4.39B | 4.54B | 4.58B | 3.99B | 4.23B | 3.93B |
Cash Flow | ||||||
| Free Cash Flow | 1.09B | 1.21B | 1.33B | 1.10B | 588.00M | 969.00M |
| Operating Cash Flow | 1.42B | 1.51B | 1.63B | 1.37B | 892.00M | 1.23B |
| Investing Cash Flow | -693.38M | -380.00M | -448.00M | -467.00M | -451.00M | -921.00M |
| Financing Cash Flow | -703.10M | -1.11B | -1.03B | -699.00M | -229.00M | -440.00M |
Givaudan SA Technical Analysis
Neutral
83.68
Price Trends
82.32
Negative
78.14
Positive
77.00
Positive
Market Momentum
-0.25
Positive
46.82
Neutral
25.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GVDNY, the sentiment is Neutral. The current price of 83.68 is above the 20-day moving average (MA) of 81.03, above the 50-day MA of 82.32, and above the 200-day MA of 77.00, indicating a neutral trend. The MACD of -0.25 indicates Positive momentum. The RSI at 46.82 is Neutral, neither overbought nor oversold. The STOCH value of 25.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GVDNY.
Givaudan SA Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $5.47B | 33.52 | 12.79% | 0.56% | 10.14% | 16.56% | |
76 Outperform | $78.29B | 37.24 | 21.41% | 1.02% | 7.11% | -0.48% | |
71 Outperform | $37.10B | 24.07 | 27.97% | 2.27% | 7.39% | -4.78% | |
67 Neutral | $5.74B | 36.15 | 13.02% | 1.22% | 8.12% | 16.87% | |
66 Neutral | $22.03B | 79.22 | 2.05% | 1.86% | -11.72% | ― | |
62 Neutral | $1.44B | -528.50 | -0.22% | 2.49% | 7.63% | -104.57% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
GVDNY
Givaudan SA
80.23
-6.39
-7.38%
BCPC
Balchem
171.61
10.47
6.50%
ECL
Ecolab
279.28
6.83
2.51%
IFF
International Flavors & Fragrances
86.35
21.74
33.66%
SXT
Sensient Technologies
134.84
23.38
20.97%
SCL
Stepan Company
63.42
14.89
30.67%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.