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Bakes and distributes packaged bread and bakery products under Nature's Own, Dave's Killer Bread and Wonder brands.
Bakes and distributes packaged bread and bakery products under Nature's Own, Dave's Killer Bread and Wonder brands.
Sells bread through independent distributors who buy the rights to a territory, collect loaves from the bakeries and deliver direct to store shelves, rather than shipping to grocers' warehouses. Supermarkets and mass merchants take most volume, with Walmart the largest customer. Its bakeries also make store-brand bread.
Moat: narrow (brand, distribution, scale). Direct-store-delivery network and leading bread brands are costly for smaller bakers to replicate at scale.
Headquarters: Thomasville, Georgia, US · Founded: 1919 · Employees: 10,300
Size Flowers Foods (FLO) is a United States Consumer Staples company (Food: Specialty/Candy) with a market value of $1.42B, the 2031st largest of 3,117 United States companies the cockpit tracks. Shares closed at $6.71 on 6 Nov 2026.
Performance Over six months the shares fell 20.5%, against -15.8% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 2.5% over the last twelve months (peer median +7.4%); the operating margin is 6.3% (peer median 6.3%).
Valuation It trades at 8.8× forward earnings against a peer median of 22.7× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.9 points above its cost of capital (6.0% WACC).
Credit Flowers Foods has 3 bonds outstanding ($1.30B), rated BB+ by the agencies and trading like BB+ at a weighted spread of 198 bp.
Short interest Short interest is 21.9% of the free float (15 Oct 2026).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.22B | $5.26B | $5.10B | $5.09B | $4.81B |
| Revenue growth | — | +3% | 0% | +6% | — |
| Gross profit | $2.37B | $2.40B | $2.37B | $2.30B | $2.17B |
| EBITDA | $497M | $536M | $540M | $500M | $494M |
| Net income | $55.2M | $83.8M | $248M | $123M | $228M |
| Free cash flow | $314M | $319M | $280M | $220M | $192M |
| Capital expenditure | $115M | $127M | $132M | $129M | $169M |
| Total debt | $2.01B | $2.08B | $1.36B | $1.35B | $1.19B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Flowers Foods FLO | $1.42B | -20% | +2% | 6% | 8.8× | -7.6% |
| Campbell's CPB | $6.90B | +11% | -5% | 11% | 13.7× | -3.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FLO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.0% | +1.7% | highest of 21 |
| 6-month return | -20.5% | -15.8% | 8th lowest of 21 |
| Distance from 52-week high | -45.0% | -23.9% | 3rd lowest of 21 |
| Revenue growth (TTM) | +2.5% | +7.4% | 7th lowest of 21 |
| Operating margin | 6.3% | 6.3% | 11th highest of 21 |
| Forward P/E | 8.8× | 22.7× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -7.6% | 6.8% | least demanding of 14 |
| Growth delivered (Del g) | +3.7% | +9.1% | 5th lowest of 14 |
| Hurdle (Req g minus delivered) | -11.3 pp | -7.4 pp | 4th least demanding of 14 |
| ROIC minus cost of capital | +1.9 pp | +0.2 pp | 8th highest of 21 |
| EV / EBITDA | 6.8× | 10.1× | 2nd cheapest of 14 |
| Net debt / EBITDA | 3.9× | 0.8× | 3rd most indebted of 14 |
| Bond spread | 198 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Flowers Foods FLO | United States | $1.42B | -20% | +2% | 6% | 8.8× | -7.6% | +3.7% |
| Qianhe Condiment & Food 603027.SS | China | $1.43B | -21% | -6% | 14% | 23.9× | 3.1% | +8.8% |
| Yantai China Pet Foods 002891.SZ | China | $1.39B | -15% | +21% | 4% | 32.6× | n/a | n/a |
| Chacha Food 002557.SZ | China | $1.46B | -17% | +8% | 8% | 15.8× | n/a | n/a |
| CCL Products (India) CCL.NS | India | $1.37B | -20% | +24% | 13% | 25.8× | 17.9% | +29.1% |
| NIPPN 2001.T | Japan | $1.50B | +8% | +2% | 5% | 11.3× | n/a | n/a |
| Kagome 2811.T | Japan | $1.51B | +3% | +3% | 7% | 24.0× | 2.2% | +10.0% |
| Huabao International 0336.HK | Hong Kong | $1.34B | -25% | +13% | 3% | 25.3× | 16.2% | -2.7% |
| Fufeng 0546.HK | Hong Kong | $1.31B | -37% | +1% | 4% | 7.4× | n/a | n/a |
| Manorama Industries MANORAMA.NS | India | $1.31B | +22% | +60% | 24% | 39.3× | 33.4% | +46.9% |
| Sanquan Foods 002216.SZ | China | $1.56B | -18% | +7% | 5% | 18.1× | 2.6% | -1.1% |
| Morinaga & 2201.T | Japan | $1.28B | -8% | +3% | 9% | 12.3× | -5.7% | +7.1% |
| Bikaji Foods International BIKAJI.NS | India | $1.27B | -29% | +14% | 10% | 37.4× | 38.6% | +17.5% |
| Shandong Bailong Chuangyuan Bio-Tech 605016.SS | China | $1.24B | -28% | +19% | 32% | 18.4× | 8.8% | +22.5% |
| Nomad Foods NOMD | United States | $1.64B | +24% | +3% | 13% | 7.3× | -4.1% | +3.6% |
| Three Squirrels 300783.SZ | China | $1.66B | -12% | -13% | 2% | 21.5× | 19.5% | +0.8% |
| Nisshin OilliO 2602.T | Japan | $1.22B | +13% | +8% | 3% | 18.0× | 3.1% | +10.5% |
| J & J Snack Foods JJSF | United States | $1.68B | +18% | -5% | 6% | 24.1× | 6.8% | +9.1% |
| Italmobiliare ITM.MI | Italy | $1.20B | -8% | +8% | 14% | 12.0× | n/a | n/a |
| Snowsky Salt Industry 600929.SS | China | $1.20B | -29% | +32% | 1% | 54.7× | n/a | n/a |
| Lotte 004990.KS | South Korea | $1.18B | -27% | +1% | 2% | 69.5× | n/a | n/a |
Flowers Foods has 3 bonds outstanding with $1.30B face value. The agencies rate it BB+; its bonds trade like BB+. Weighted yield 6.80%, a spread of 198 bp over government bonds.