Stock Analysis Report

Executive Summary

Flowers Foods, Inc. produces and markets bakery products in the United States.



Established dividend payer with adequate balance sheet.

Similar Companies

Share Price & News

How has Flowers Foods's share price performed over time and what events caused price changes?

Latest Share Price and Events

Market Performance

7 Day Return




US Food


US Market

1 Year Return




US Food


US Market

Return vs Industry: FLO exceeded the US Food industry which returned 3.4% over the past year.

Return vs Market: FLO exceeded the US Market which returned 6.7% over the past year.

Share holder returns

7 Day-0.2%-0.4%1.0%
30 Day-0.09%-1.6%-1.8%
90 Day-4.7%0.8%-1.8%
1 Year21.9%17.7%6.5%3.4%9.1%6.7%
3 Year64.4%47.8%-1.4%-10.1%46.1%36.6%
5 Year42.2%20.3%47.5%29.9%66.9%48.6%

Price Volatility Vs. Market

How volatile is Flowers Foods's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Flowers Foods undervalued based on future cash flows and its price relative to the stock market?


Discount to future cash flow value

Intrinsic Value Based on Future Cash Flows

Undervalued: FLO ($22.3) is trading below our estimate of fair value ($26.32)

Significantly Undervalued: FLO is trading below fair value, but not by a significant amount.

Price Based on Earnings

PE vs Industry: FLO is poor value based on its PE Ratio (26.3x) compared to the Food industry average (25.4x).

PE vs Market: FLO is poor value based on its PE Ratio (26.3x) compared to the US market (17.5x).

Price Based on Expected Growth

Low PEG Ratio: FLO is poor value based on its PEG Ratio (4.4x)

Price Based on Value of Assets

PB vs Industry: FLO is overvalued based on its PB Ratio (3.6x) compared to the US Food industry average (2.1x).

Next Steps

Future Growth

How is Flowers Foods expected to perform in the next 1 to 3 years based on estimates from 4 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Estimates

Future Annual Growth Analysis

Earnings vs Savings Rate: FLO's forecast earnings growth (6% per year) is above the savings rate (2.7%).

Earnings vs Market: FLO's earnings (6% per year) are forecast to grow slower than the US market (14.5% per year).

High Growth Earnings: FLO's earnings are forecast to grow, but not significantly.

Revenue vs Market: FLO's revenue (1.3% per year) is forecast to grow slower than the US market (7.3% per year).

High Growth Revenue: FLO's revenue (1.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Estimates

Future Return on Equity

High Future ROE: Insufficient data to determine if FLO's Return on Equity is forecast to be high in 3 years time

Next Steps

Past Performance

How has Flowers Foods performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Past Earnings Growth Analysis

Earnings Trend: FLO's earnings have declined by -3% per year over the past 5 years.

Accelerating Growth: FLO's earnings growth over the past year (26.7%) exceeds its 5-year average (-3% per year).

Earnings vs Industry: FLO earnings growth over the past year (26.7%) exceeded the Food industry -22.7%.

Return on Equity

High ROE: FLO's Return on Equity (13.9%) is considered low.

Return on Assets

ROA vs Industry: FLO's Return on Assets is below or equal to the Food industry average last year.

Return on Capital Employed

ROCE Improving: FLO's Return on Capital Employed has declined over the past 3 years.

Next Steps

Financial Health

How is Flowers Foods's financial position?

Financial Position Analysis

Short Term Liabilities: FLO's short term assets ($569.5M) exceeds its short term liabilities ($494.9M)

Long Term Liabilities: FLO's short term assets (569.5M) do not cover its long term liabilities (1.4B)

Debt to Equity History and Analysis

Debt Level: FLO's debt to equity ratio (69.8%) is considered high

Reducing Debt: FLO's debt to equity ratio has reduced from 73.6% to 69.8% over the past 5 years.

Debt Coverage: FLO's debt is well covered by operating cash flow (39.4%).

Interest Coverage: FLO's interest payments on its debt are well covered by EBIT (27.7x coverage).

Balance Sheet

Inventory Level: FLO has a high level of physical assets or inventory.

Debt Coverage by Assets: FLO's debt is not covered by short term assets (assets are 0.6x debt).

Next Steps


What is Flowers Foods's current dividend yield, its reliability and sustainability?


Expected Dividend Yield

Dividend Yield vs Market


Current dividend yield vs market & industry

Dividend Yield and Payments Analysis

Notable Dividend: FLO's dividend (3.41%) is higher than the bottom 25% of dividend payers in the US market (1.46%).

High Dividend: FLO's dividend (3.41%) is low compared to the top 25% of dividend payers in the US market (3.77%).

Stable Dividend: FLO's dividends per share have been stable in the past 10 years.

Growing Dividend: FLO's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (86%), FLO's payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: FLO's dividends in 3 years are forecast to be covered by earnings (73.8% payout ratio).

Next Steps


What is the CEO of Flowers Foods's salary, the management and board of directors tenure and is there insider trading?


Average management tenure


A. McMullian (49yo)




Mr. A. Ryals McMullian, Jr., is President and Chief Executive Officer of Flowers Foods, Inc. since May, 2019 and has been its Director since August 16, 2019. He served as Chief Operating Officer at Flowers ...

Management Age and Tenure


Average Tenure


Average Age

Experienced Management: FLO's management team is considered experienced (2.4 years average tenure).

Board Age and Tenure


Average Tenure


Average Age

Experienced Board: FLO's board of directors are considered experienced (5.4 years average tenure).

Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

BuyUS$31,31018 Mar 19
Debo Mukherjee
Max PriceUS$20.20

Ownership Breakdown

Management Team

  • Stephen Avera (63yo)

    Chief Legal Counsel

    • Tenure: 2.4yrs
    • Compensation: US$613.90k
  • Allen Shiver (63yo)

    Non-Executive Special Advisor

    • Tenure: 0.4yrs
    • Compensation: US$1.41m
  • R. Kinsey (58yo)

    CFO & Chief Administrative Officer

    • Tenure: 12.1yrs
    • Compensation: US$754.44k
  • Karyl Lauder (63yo)

    Senior VP & Chief Accounting Officer

    • Tenure: 12.8yrs
  • Bradley Alexander (60yo)

    Chief Operating Officer

    • Tenure: 0.4yrs
    • Compensation: US$717.45k
  • A. McMullian (49yo)


    • Tenure: 0.4yrs
  • Stephanie Tillman (48yo)

    VP of Compliance & Assistant General Counsel

    • Tenure: 8.8yrs
  • David Wheeler (56yo)

    Chief Sales Officer

    • Tenure: 2.4yrs
    • Compensation: US$573.76k
  • J. Rieck

    Treasurer & VP of Investor Relations & Financial Analysis

    • Tenure: 3.3yrs
  • Harish Ramani

    Senior VP & Chief Information Officer

    • Tenure: 2.1yrs

Board Members

  • George Deese (73yo)

    Non-Executive Chairman of The Board

    • Tenure: 4.8yrs
    • Compensation: US$647.48k
  • Jim Spear (64yo)

    Independent Director

    • Tenure: 4.8yrs
    • Compensation: US$252.50k
  • Dave Singer (63yo)

    Independent Director

    • Tenure: 9.8yrs
    • Compensation: US$245.00k
  • C. Wood (75yo)

    Independent Director

    • Tenure: 18.6yrs
    • Compensation: US$332.10k
  • Mel Stith (72yo)

    Independent Director

    • Tenure: 15.3yrs
    • Compensation: US$230.00k
  • Ben Griswold (78yo)

    Presiding Director

    • Tenure: 6.8yrs
    • Compensation: US$260.00k
  • Margaret Lewis (65yo)

    Independent Director

    • Tenure: 5.4yrs
    • Compensation: US$244.12k
  • A. McMullian (49yo)


    • Tenure: 0.4yrs
  • Rhonda Gass (55yo)

    Independent Director

    • Tenure: 3.8yrs
    • Compensation: US$244.67k

Company Information

Flowers Foods, Inc.'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Flowers Foods, Inc.
  • Ticker: FLO
  • Exchange: NYSE
  • Founded: 1919
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Market Cap: US$4.717b
  • Shares outstanding: 211.51m
  • Website: https://www.flowersfoods.com

Number of Employees


  • Flowers Foods, Inc.
  • 1919 Flowers Circle
  • Thomasville
  • Georgia
  • 31757
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FLONYSE (New York Stock Exchange)YesCommon StockUSUSDMar 2001
FWFDB (Deutsche Boerse AG)YesCommon StockDEEURMar 2001


Flowers Foods, Inc. produces and markets bakery products in the United States. The company operates through two segments, Direct-Store-Delivery and Warehouse Delivery. The Direct-Store-Delivery segment pro ...

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/14 01:05
End of Day Share Price2019/10/11 00:00
Annual Earnings2018/12/29

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.


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