The Marzetti Company

Worth knowing

• Buybacks largely absorbed by stock pay. Stock-based pay expense $31M vs $52M spent repurchasing shares over the 3 fiscal years to FY Jun 2026. Shares outstanding changed −0.9% from June 2023 to August 2026.

  Over three fiscal years Marzetti recorded $31M of stock-based pay expense and spent $52M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−0.9%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Marzetti recorded $31M of stock-based pay expense and spent $52M repurchasing shares. The share count barely moved (−0.9%), so much of the repurchasing offset new employee shares rather than shrinking the count.

• Profits growing faster than sales. Since FY Jun 2023: revenue +5.9%, operating profit +69%.

  Since FY Jun 2023, Marzetti's revenue grew 5.9% while operating profit grew 69%: each extra dollar of sales is adding more profit.

• Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $1.5B in FY Jun 2021 to $1.9B in FY Jun 2026.

  Marzetti's fiscal-year revenue rose in each of the five years to FY Jun 2026, from $1.5B to $1.9B.

• Profit is backed by cash. Free cash flow is 108% of reported profit.

  Marzetti's free cash flow is 108% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.