Marzetti Co. (MZTI) intrinsic value & 10-year financials
Marzetti Co. (MZTI) has a Graham intrinsic value of $121.16 per share. At $104.47 on Oct 17, 2026, the stock trades 14% below that value. Over the last 10 fiscal years revenue grew 5.4% a year to $1.9B, with an average return on invested capital of 19.6%.
- Graham intrinsic value
- $121.16
- Share price (Oct 17, 2026)
- $104.47
- Price vs Graham value
- 14% below
- Market cap
- $2.9B
- Revenue (FY2026)
- $1.9B
- Revenue growth (10-yr CAGR)
- 5.4%
- ROIC (10-yr avg)
- 19.6%
- Free cash flow (FY2026)
- $206.1M
MZTI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $1.9B | $191.6M | $6.98 | $206.1M | 12.4% | 17.6% |
| FY2025 | $1.9B | $167.3M | $6.07 | $203.5M | 11.5% | 20.5% |
| FY2024 | $1.9B | $158.6M | $5.76 | $184.0M | 10.7% | 19.2% |
| FY2023 | $1.8B | $111.3M | $4.04 | $135.7M | 7.8% | 13.7% |
| FY2022 | $1.7B | $89.6M | $3.25 | -$30.2M | 6.7% | 12.0% |
| FY2021 | $1.5B | $142.3M | $5.16 | $86.3M | 12.7% | 22.2% |
| FY2020 | $1.3B | $137.0M | $4.97 | $88.1M | 13.2% | 23.7% |
| FY2019 | $1.3B | $150.5M | $5.46 | $126.7M | 14.6% | 27.7% |
| FY2018 | $1.2B | $135.3M | $4.92 | $129.7M | 14.1% | — |
| FY2017 | $1.2B | $115.3M | $4.20 | $117.3M | 14.5% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MARZETTI CO has demonstrated mature, steady growth, with revenue compounding at 5.4% annually over the past decade.
MARZETTI CO has earned high returns on invested capital, averaging 19.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
MARZETTI CO has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MARZETTI CO is modeled at 5.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $121.16 per share.