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Flowers Foods (FLO) Stock Fundamentals, Analysis & Risk Signals

Health score, competitive moat, risk signals, and key metrics at a glance.

NYSE•Consumer Defensive•Packaged Foods
C
AverageMetricSide Score: 51/100
ProfitabilityProfit9/25
GrowthGrowth9/25
Balance Sheet & Red FlagsBalance15/25
Cash & Earnings QualityCash18/25

Strongest: Cash & Earnings Quality (18/25); weakest: Growth (9/25).

Price & Volume
Market Cap $1.53B

Flowers Foods, Inc. produces and markets packaged bakery food products in the United States. The company's principal products include fresh breads, buns, rolls, snack items, bagels, English muffins, tortillas, baking mixes, and frozen breads and rolls as well as snack items including bars, cakes, cookies, and crackers. The company offers its products under the Nature's Own, DKB, Canyon Bakehouse, Simple Mills, Wonder, and Tastykake brand names. It distributes its products through a direct-store-delivery distribution and a warehouse delivery system, as well as operates bakeries. The company's customers include national and regional restaurants, institutions and foodservice distributors, and retail in-store bakeries; wholesale distributors; mass merchandisers, supermarkets, vending outlets, and convenience stores; quick-serve chains, food wholesalers, institutions, dollar stores, and vending companies; and public health care, military commissaries, and prisons, and other governmental institutions. The company was formerly known as Flowers Industries and changed its name to Flowers Foods, Inc. in 2001. Flowers Foods, Inc. was founded in 1919 and is headquartered in Thomasville, Georgia.

Moat Signals

Competitive analysis based on 63 quarters of fundamental data

Pricing Power

Weak Moat

Operating margins are under pressure, averaging 4.8%. The business may lack pricing power or face rising costs.'

Competitive Advantage

Moderate Moat

ROE is positive at ~12.6% on average, adequate but below the threshold typically associated with wide moats.

Risk Signals

Data-driven red flags and warnings across 63 quarters

Some Concerns

Margin Pressure

Red Flag

Operating margins dropped 53.5% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Healthy

FCF covers net income by 1.2x on average — earnings are well-supported by cash generation.

Leverage Risk

Healthy

D/E ratio is 1.0 — conservative capital structure with low financial risk.

Revenue Decline

Healthy

Revenue is stable or growing over recent quarters — demand appears durable.

Cash Burn

Healthy

Free cash flow is consistently positive — the business self-funds without external capital reliance.

Share Dilution

Healthy

Share count is stable — no significant dilution or buyback activity.

Metrics at a Glance

as of April 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$5.27B
4Q
Q. Revenue
$1.57B
2Q
TTM EBITDA
$338.61M
3Q
TTM Op. Income
$168.66M
5Q
Q. Op. Income
$79.81M
6%
TTM Net Income
$72.88M
5Q
Q. Net Income
$42.05M
21%
EPS
$0.2
20%
Shares Out.
$211.87M
0%
$5.27B in TTM revenue grew 3.8% YoY, reaching $1.57B last quarter. TTM EBITDA of $338.61M and TTM operating income of $168.66M shows growth is flowing through. Net income of $72.88M TTM confirms the company is converting revenue into profit. Revenue is growing modestly — monitor for acceleration or deceleration. Across the last 8 quarters, TTM revenue has risen for 4 consecutive quarters — a improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
49.4%
2Q
EBITDA Margin
8.4%
3%
Op. Margin
5.1%
7%
Net Margin
2.7%
22%
Op. margin of 5.1% is down 0.4% YoY — costs are rising relative to revenue. Net margin at 2.7% and gross margin of 49.4% — earnings take a bigger bite when COGS stays lean.. Over the past year, Operating margin is down 7% — a improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
21.0x
24%
P/S Ratio
0.3x
6Q
P/B Ratio
1.2x
6Q
At 21.0x P/E, the stock trades in line with market averages — fairly valued. P/S of 0.3x and P/B of 1.2x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory. Over the past year, P/E is up 24% — a improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$4.18B
2Q
Cash
$11.52M
2Q
Long-Term Debt
$1.32B
4Q
Book Value
$1.30B
3Q
D/E Ratio
1.0
20%
Debt/EBITDA
10.1
3Q
With $4.18B in assets and $1.32B in long-term debt, the D/E of 1.0and book value of $1.30B — reflects moderate leverage — debt is manageable but worth monitoring. Over the past year, Debt/equity is down 20% — a improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$107.86M
20%
TTM Free Cash Flow
$296.25M
3Q
FCF Margin
5.6%
3Q
FCF / Net Income
4.1
2Q
TTM FCF of $296.25M on $107.86M in operating cash flow. The FCF / Net Income ratio of 4.1x means earnings are well backed by actual cash — high-quality earnings. Across the last 8 quarters, Free cash flow has fallen for 3 consecutive quarters — a deteriorating trend.

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Cash Generation

Moderate Moat

8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.

Demand Durability

Moderate Moat

Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.