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Flowers Foods

NYSE:FLO
Snowflake Description

Established dividend payer with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FLO
NYSE
$5B
Market Cap
  1. Home
  2. US
  3. Food, Beverage & Tobacco
Company description

Flowers Foods, Inc. produces and markets bakery products in the United States. The last earnings update was 11 days ago. More info.


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FLO Share Price and Events
7 Day Returns
3%
NYSE:FLO
-0.1%
US Food
-1%
US Market
1 Year Returns
11.4%
NYSE:FLO
-1.5%
US Food
-0.4%
US Market
FLO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Flowers Foods (FLO) 3% -2.1% 0.8% 11.4% 51% 19.9%
US Food -0.1% -0.9% 2.2% -1.5% -15.4% 26%
US Market -1% -3.3% 0.8% -0.4% 30.4% 37.1%
1 Year Return vs Industry and Market
  • FLO outperformed the Food industry which returned -1.5% over the past year.
  • FLO outperformed the Market in United States of America which returned -0.4% over the past year.
Price Volatility
FLO
Industry
5yr Volatility vs Market

FLO Value

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

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Flowers Foods to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Flowers Foods.

NYSE:FLO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:FLO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Food Unlevered Beta Simply Wall St/ S&P Global 0.55
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.553 (1 + (1- 21%) (26.9%))
0.779
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:FLO using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Flowers Foods is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

NYSE:FLO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2020 187.67 Analyst x3 174.58
2021 270.00 Analyst x2 233.65
2022 274.29 Est @ 1.59% 220.80
2023 279.59 Est @ 1.93% 209.37
2024 285.65 Est @ 2.17% 198.99
2025 292.33 Est @ 2.34% 189.44
2026 299.51 Est @ 2.46% 180.56
2027 307.12 Est @ 2.54% 172.23
2028 315.09 Est @ 2.6% 164.37
2029 323.39 Est @ 2.64% 156.94
Present value of next 10 years cash flows $1,900.93
NYSE:FLO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $323.39 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$6,967.73
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $6,967.73 ÷ (1 + 7.5%)10
$3,381.33
NYSE:FLO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,900.93 + $3,381.33
$5,282.25
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $5,282.25 / 211.51
$24.97
NYSE:FLO Discount to Share Price
Calculation Result
Value per share (USD) From above. $24.97
Current discount Discount to share price of $22.99
= -1 x ($22.99 - $24.97) / $24.97
7.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Flowers Foods is available for.
Intrinsic value
8%
Share price is $22.99 vs Future cash flow value of $24.97
Current Discount Checks
For Flowers Foods to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Flowers Foods's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Flowers Foods's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Flowers Foods's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Flowers Foods's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:FLO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-07-13) in USD $0.85
NYSE:FLO Share Price ** NYSE (2019-08-16) in USD $22.99
United States of America Food Industry PE Ratio Median Figure of 45 Publicly-Listed Food Companies 26.76x
United States of America Market PE Ratio Median Figure of 3,096 Publicly-Listed Companies 17.26x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Flowers Foods.

NYSE:FLO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:FLO Share Price ÷ EPS (both in USD)

= 22.99 ÷ 0.85

27.07x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Flowers Foods is overvalued based on earnings compared to the US Food industry average.
  • Flowers Foods is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Flowers Foods's expected growth come at a high price?
Raw Data
NYSE:FLO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 27.07x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
6.8%per year
United States of America Food Industry PEG Ratio Median Figure of 33 Publicly-Listed Food Companies 1.77x
United States of America Market PEG Ratio Median Figure of 2,126 Publicly-Listed Companies 1.4x

*Line of best fit is calculated by linear regression .

NYSE:FLO PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 27.07x ÷ 6.8%

3.95x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Flowers Foods is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Flowers Foods's assets?
Raw Data
NYSE:FLO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-07-13) in USD $6.12
NYSE:FLO Share Price * NYSE (2019-08-16) in USD $22.99
United States of America Food Industry PB Ratio Median Figure of 70 Publicly-Listed Food Companies 2.04x
United States of America Market PB Ratio Median Figure of 5,273 Publicly-Listed Companies 1.7x
NYSE:FLO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:FLO Share Price ÷ Book Value per Share (both in USD)

= 22.99 ÷ 6.12

3.76x

* Primary Listing of Flowers Foods.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Flowers Foods is overvalued based on assets compared to the US Food industry average.
X
Value checks
We assess Flowers Foods's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Food industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Food industry average (and greater than 0)? (1 check)
  5. Flowers Foods has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

FLO Future Performance

 How is Flowers Foods expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Flowers Foods expected to grow at an attractive rate?
  • Flowers Foods's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Flowers Foods's earnings growth is positive but not above the United States of America market average.
  • Flowers Foods's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:FLO Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:FLO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 6.8%
NYSE:FLO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 1.3%
United States of America Food Industry Earnings Growth Rate Market Cap Weighted Average 18.6%
United States of America Food Industry Revenue Growth Rate Market Cap Weighted Average 3.1%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:FLO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:FLO Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 4,232 1
2021-12-31 4,199 352 223 3
2020-12-31 4,150 344 215 7
2019-12-31 4,088 341 200 7
NYSE:FLO Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-07-13 4,044 355 179
2019-04-20 4,009 295 172
2018-12-29 3,952 296 157
2018-10-06 3,945 305 215
2018-07-14 3,954 273 142
2018-04-21 3,940 313 141
2017-12-30 3,921 297 150
2017-10-07 3,916 295 85
2017-07-15 3,902 334 158
2017-04-22 3,910 320 165
2016-12-31 3,927 357 164
2016-10-08 3,917 324 183
2016-07-16 3,883 298 187

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Flowers Foods's earnings are expected to grow by 6.8% yearly, however this is not considered high growth (20% yearly).
  • Flowers Foods's revenue is expected to grow by 1.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:FLO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Flowers Foods Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:FLO Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 1.05 1.11 0.94 3.00
2020-12-31 1.01 1.04 0.94 6.00
2019-12-31 0.94 0.97 0.90 6.00
NYSE:FLO Past Financials Data
Date (Data in USD Millions) EPS *
2019-07-13 0.85
2019-04-20 0.81
2018-12-29 0.74
2018-10-06 1.02
2018-07-14 0.67
2018-04-21 0.67
2017-12-30 0.72
2017-10-07 0.40
2017-07-15 0.76
2017-04-22 0.79
2016-12-31 0.79
2016-10-08 0.87
2016-07-16 0.89

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Flowers Foods will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Flowers Foods's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Flowers Foods has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

FLO Past Performance

  How has Flowers Foods performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Flowers Foods's growth in the last year to its industry (Food).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Flowers Foods's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Flowers Foods's 1-year earnings growth exceeds its 5-year average (26.7% vs -3%)
  • Flowers Foods's earnings growth has exceeded the US Food industry average in the past year (26.7% vs -19.4%).
Earnings and Revenue History
Flowers Foods's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Flowers Foods Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:FLO Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-07-13 4,043.77 179.43 1,513.52
2019-04-20 4,009.29 171.78 1,496.92
2018-12-29 3,951.85 157.16 1,471.08
2018-10-06 3,944.81 214.85 1,461.87
2018-07-14 3,954.18 141.65 1,465.18
2018-04-21 3,939.54 140.95 1,460.63
2017-12-30 3,920.73 150.12 1,460.17
2017-10-07 3,915.83 84.63 1,461.06
2017-07-15 3,901.80 158.42 1,454.92
2017-04-22 3,910.18 164.83 1,448.36
2016-12-31 3,926.89 163.78 1,446.92
2016-10-08 3,916.53 182.98 1,436.47
2016-07-16 3,883.04 186.56 1,415.74
2016-04-23 3,836.81 187.17 1,396.11
2016-01-02 3,778.51 189.19 1,375.34
2015-10-10 3,797.48 184.96 1,390.28
2015-07-18 3,757.11 185.76 1,375.28
2015-04-25 3,741.10 176.06 1,371.52
2015-01-03 3,748.97 175.74 1,368.29
2014-10-04 3,696.80 186.25 1,323.36
2014-07-12 3,730.36 175.54 1,338.50
2014-04-19 3,755.72 179.93 1,349.45
2013-12-28 3,732.62 230.89 1,340.34
2013-10-05 3,656.90 230.94 1,327.17
2013-07-13 3,495.69 228.28 1,258.76
2013-04-20 3,279.10 210.20 1,179.67
2012-12-29 3,031.12 136.12 1,082.51
2012-10-06 2,950.62 120.59 1,068.18

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Flowers Foods has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Flowers Foods used its assets less efficiently than the US Food industry average last year based on Return on Assets.
  • Flowers Foods's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Flowers Foods's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Food industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Flowers Foods has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

FLO Health

 How is Flowers Foods's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Flowers Foods's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Flowers Foods is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Flowers Foods's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Flowers Foods's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Flowers Foods Company Filings, last reported 1 month ago.

NYSE:FLO Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-07-13 1,294.27 902.90 9.77
2019-04-20 1,267.93 949.23 11.58
2018-12-29 1,258.27 990.14 25.31
2018-10-06 1,277.57 834.82 49.73
2018-07-14 1,297.94 834.86 29.55
2018-04-21 1,291.53 834.24 34.22
2017-12-30 1,250.68 837.94 5.13
2017-10-07 1,191.97 865.41 7.07
2017-07-15 1,264.59 847.01 7.18
2017-04-22 1,244.79 901.70 6.51
2016-12-31 1,210.08 978.06 6.41
2016-10-08 1,177.22 1,004.23 7.54
2016-07-16 1,152.79 1,026.17 11.59
2016-04-23 1,155.88 1,064.29 11.47
2016-01-02 1,243.08 1,022.70 14.38
2015-10-10 1,228.42 897.11 8.78
2015-07-18 1,191.53 694.87 46.54
2015-04-25 1,158.11 717.41 7.97
2015-01-03 1,123.04 779.10 7.52
2014-10-04 1,161.20 829.92 8.08
2014-07-12 1,146.02 843.66 8.53
2014-04-19 1,137.26 856.33 8.80
2013-12-28 1,076.19 940.10 8.53
2013-10-05 1,006.32 942.82 10.66
2013-07-13 986.06 596.68 12.06
2013-04-20 946.22 655.40 14.25
2012-12-29 858.62 624.73 13.28
2012-10-06 863.66 617.42 14.14
  • Flowers Foods's level of debt (69.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (73.6% vs 69.8% today).
  • Debt is well covered by operating cash flow (39.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 27.7x coverage).
X
Financial health checks
We assess Flowers Foods's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Flowers Foods has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

FLO Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.31%
Current annual income from Flowers Foods dividends. Estimated to be 3.35% next year.
If you bought $2,000 of Flowers Foods shares you are expected to receive $66 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Flowers Foods's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.49%).
  • Flowers Foods's dividend is below the markets top 25% of dividend payers in United States of America (3.84%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:FLO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
United States of America Food Industry Average Dividend Yield Market Cap Weighted Average of 30 Stocks 2.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2010 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:FLO Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.72 1.00
2021-12-31 0.80 3.00
2020-12-31 0.77 3.00
2019-12-31 0.75 3.00
NYSE:FLO Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-08-16 0.760 3.306
2019-08-07 0.760 3.331
2019-05-23 0.760 3.263
2019-05-15 0.720 3.185
2019-02-15 0.720 3.428
2018-11-16 0.720 3.726
2018-08-17 0.720 3.686
2018-08-08 0.720 3.616
2018-05-24 0.720 3.512
2018-05-16 0.680 3.423
2018-02-16 0.680 3.133
2017-11-17 0.680 3.474
2017-08-18 0.680 3.696
2017-08-09 0.680 3.835
2017-05-25 0.680 3.824
2017-05-17 0.640 3.432
2017-02-17 0.640 3.303
2016-11-18 0.640 3.415
2016-08-19 0.640 4.190
2016-08-10 0.640 4.185
2016-05-26 0.640 3.486
2016-05-19 0.580 3.114
2016-05-18 0.580 3.087
2016-02-19 0.580 3.166
2015-11-20 0.580 2.783
2015-08-18 0.580 2.333
2015-08-13 0.580 2.417
2015-08-12 0.580 2.554
2015-06-05 0.580 2.705
2015-05-28 0.530 2.412
2015-02-20 0.530 2.374
2014-11-21 0.530 2.696
2014-08-15 0.480 2.552
2014-08-12 0.480 2.485
2014-05-21 0.480 2.356
2014-05-15 0.450 2.149
2014-02-14 0.450 2.183
2013-11-22 0.450 2.113
2013-08-16 0.450 2.015
2013-08-13 0.450 1.994
2013-05-22 0.450 1.978
2013-05-16 0.427 1.897
2013-02-15 0.427 2.071
2012-11-16 0.427 2.562
2012-08-17 0.427 3.219
2012-08-14 0.427 3.206
2012-06-01 0.427 2.887
2012-05-24 0.400 2.799
2012-02-23 0.400 2.961
2011-11-18 0.400 3.110
2011-08-19 0.400 3.100
2011-08-17 0.400 3.192
2011-05-31 0.400 2.759
2011-05-19 0.356 2.472
2011-02-17 0.356 2.866
2010-11-19 0.356 3.078
2010-08-24 0.356 3.166
2010-08-19 0.356 3.104
2010-06-04 0.356 3.258
2010-06-03 0.311 2.826
2010-05-25 0.311 2.803
2010-02-16 0.311 2.729
2009-11-20 0.311 2.909
2009-08-21 0.311 2.896
2009-08-20 0.311 3.003
2009-08-19 0.311 3.039
2009-05-29 0.311 3.114
2009-05-27 0.267 2.831
2009-02-20 0.267 2.626
2008-11-14 0.267 2.519
2008-08-22 0.267 2.179
2008-08-21 0.267 2.302

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Flowers Foods's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
X
Income/ dividend checks
We assess Flowers Foods's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Flowers Foods afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Flowers Foods has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

FLO Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
A. McMullian
AGE 49
TENURE AS CEO 0.3 years
CEO Bio

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 Foods, Inc from July 2018 to May 23, 2019. Mr. McMullian began his career with Flowers Foods in 2003. He has held various positions, including associate general counsel, from 2003 to 2011, vice president and associate general counsel, from 2011 to 2015, vice president of mergers and acquisitions and deputy general counsel, from 2015 to 2017, and chief strategy officer, since May 2017 until June 27, 2018. Prior to joining Flowers Foods, Mr. McMullian was a corporate associate in the Business Practice Group at Jones Day. He served as Assistant Company secretary at Tasty baking Company Bakery. He is a Member of the State Bar of Georgia. Mr. McMullian holds a Bachelor's Degree in Finance and Real Estate, a Master's in Business Administration and a Juris Doctor Degree, all from Florida State University in Tallahassee.

CEO Compensation
  • Insufficient data for A. to compare compensation growth.
  • Insufficient data for A. to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Flowers Foods management team in years:

2.3
Average Tenure
59
Average Age
  • The tenure for the Flowers Foods management team is about average.
Management Team

R. Kinsey

TITLE
CFO & Chief Administrative Officer
COMPENSATION
$754K
AGE
58
TENURE
11.9 yrs

Bradley Alexander

TITLE
Chief Operating Officer
COMPENSATION
$717K
AGE
60
TENURE
0.3 yrs

Stephen Avera

TITLE
Chief Legal Counsel
COMPENSATION
$614K
AGE
63
TENURE
2.3 yrs

David Wheeler

TITLE
Chief Sales Officer
COMPENSATION
$574K
AGE
56
TENURE
2.3 yrs

Allen Shiver

TITLE
Non-Executive Special Advisor
COMPENSATION
$1M
AGE
63
TENURE
0.3 yrs

A. McMullian

TITLE
President
AGE
49
TENURE
0.3 yrs

Karyl Lauder

TITLE
Senior VP & Chief Accounting Officer
AGE
63
TENURE
12.6 yrs

Harish Ramani

TITLE
Senior VP & Chief Information Officer
TENURE
1.9 yrs

J. Rieck

TITLE
Treasurer & VP of Investor Relations & Financial Analysis
TENURE
3.1 yrs

Stephanie Tillman

TITLE
VP of Compliance & Assistant General Counsel
AGE
48
TENURE
8.6 yrs
Board of Directors Tenure

Average tenure and age of the Flowers Foods board of directors in years:

6.6
Average Tenure
68.5
Average Age
  • The tenure for the Flowers Foods board of directors is about average.
Board of Directors

George Deese

TITLE
Non-Executive Chairman of The Board
COMPENSATION
$647K
AGE
73
TENURE
4.7 yrs

A. McMullian

TITLE
President
AGE
49

Amos McMullian

TITLE
Chairman Emeritus
COMPENSATION
$482K
AGE
81
TENURE
13.6 yrs

C. Wood

TITLE
Independent Director
COMPENSATION
$332K
AGE
75
TENURE
18.4 yrs

Ben Griswold

TITLE
Presiding Director
COMPENSATION
$260K
AGE
78
TENURE
6.6 yrs

Dave Singer

TITLE
Independent Director
COMPENSATION
$245K
AGE
63
TENURE
9.6 yrs

Jim Spear

TITLE
Independent Director
COMPENSATION
$253K
AGE
64
TENURE
4.6 yrs

Mel Stith

TITLE
Independent Director
COMPENSATION
$230K
AGE
72
TENURE
15.1 yrs

Margaret Lewis

TITLE
Independent Director
COMPENSATION
$244K
AGE
65
TENURE
5.3 yrs

Rhonda Gass

TITLE
Independent Director
COMPENSATION
$245K
AGE
55
TENURE
3.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
18. Mar 19 Buy Debo Mukherjee Individual 14. Mar 19 14. Mar 19 1,550 $20.20 $31,310
X
Management checks
We assess Flowers Foods's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Flowers Foods has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

FLO News

Simply Wall St News

Is Flowers Foods, Inc. (NYSE:FLO) A Smart Choice For Dividend Investors?

For the purpose of this article, we only scrutinise the last decade of Flowers Foods's dividend payments. … Conclusion To summarise, shareholders should always check that Flowers Foods's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend. … Earnings per share have not been growing, but we respect a company that maintains a relatively stable dividend.

Simply Wall St -

Do Directors Own Flowers Foods, Inc. (NYSE:FLO) Shares?

View our latest analysis for Flowers Foods NYSE:FLO Ownership Summary, July 29th 2019 What Does The Institutional Ownership Tell Us About Flowers Foods? … We can see that Flowers Foods does have institutional investors; and they hold 66% of the stock. … Insider Ownership Of Flowers Foods The definition of company insiders can be subjective, and does vary between jurisdictions.

Simply Wall St -

Despite Its High P/E Ratio, Is Flowers Foods, Inc. (NYSE:FLO) Still Undervalued?

See our latest analysis for Flowers Foods How Do I Calculate A Price To Earnings Ratio? … The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Flowers Foods: P/E of 28.77 = $23.41 ÷ $0.81 (Based on the year to April 2019.) Is A High P/E Ratio Good? … NYSE:FLO Price Estimation Relative to Market, July 17th 2019 Its relatively high P/E ratio indicates that Flowers Foods shareholders think it will perform better than other companies in its industry classification.

Simply Wall St -

Is Flowers Foods, Inc. (NYSE:FLO) A High Quality Stock To Own?

See our latest analysis for Flowers Foods How Do You Calculate Return On Equity? … The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Flowers Foods: 14% = US$172m ÷ US$1.3b (Based on the trailing twelve months to April 2019.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … In my book the highest quality companies have high return on equity, despite low debt.

Simply Wall St -

Does Flowers Foods, Inc.'s (NYSE:FLO) June Stock Price Reflect Its Future Growth?

FLO is available at a PE (price-to-earnings) ratio of 28.01x today, which tells us the stock is overvalued based on current earnings compared to the Food industry average of 24.8x , and overvalued compared to the US market average ratio of 17.5x. … NYSE:FLO Price Estimation Relative to Market, June 11th 2019 We understand FLO seems to be overvalued based on its current earnings, compared to its industry peers. … However, seeing as Flowers Foods is perceived as a high-growth stock, we must also account for its earnings growth, which is captured in the PEG ratio.

Simply Wall St -

Does Flowers Foods, Inc.'s (NYSE:FLO) Recent Track Record Look Strong?

See our latest analysis for Flowers Foods Did FLO beat its long-term earnings growth trend and its industry? … Flowers Foods's track record can be a valuable insight into its earnings performance, but it certainly doesn't tell the whole story. … You should continue to research Flowers Foods to get a better picture of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for FLO’s future growth?

Simply Wall St -

Are Investors Undervaluing Flowers Foods, Inc. (NYSE:FLO) By 34%?

by taking the expected future cash flows and discounting them to their present value. … I will use the Discounted Cash Flow (DCF) model! … If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model

Simply Wall St -

How Much Of Flowers Foods, Inc. (NYSE:FLO) Do Insiders Own?

A look at the shareholders of Flowers Foods, Inc. … Generally speaking, as a company grows, institutions will increase their ownership. … Taking a look at our data on the ownership groups (below), it's seems that.

Simply Wall St -

Should You Buy Flowers Foods, Inc. (NYSE:FLO) For Its 3.3% Dividend?

Regular readers know we like to apply the same approach to each dividend stock, and we hope you'll find our analysis useful. … In this case, Flowers Foods likely looks attractive to investors, given its 3.3% dividend yield and a payment history of over ten years. … When buying stocks for their dividends, you should always run through the checks below, to see if the dividend looks sustainable.

Simply Wall St -

Is Flowers Foods, Inc.'s (NYSE:FLO) High P/E Ratio A Problem For Investors?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … Flowers Foods has a price to earnings ratio of 28.44, based on the last twelve months. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

FLO Company Info

Description

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 produces and markets fresh breads, buns, rolls, tortillas, and snack cakes. This segment offers its products primarily under the Nature’s Own, Dave’s Killer Bread, Tastykake, Wonder, and Cobblestone Bread Company brand names. It operates 39 bakeries, as well as sells its products primarily through a network of independent distributors to retail and foodservice customers. The Warehouse Delivery segment produces snack cakes, frozen breads, and rolls for national retail, foodservice, vending, and co-pack customers through a network of warehouse channels. This segment markets its products under the Mrs. Freshley’s, Alpine Valley Bread, and European Bakers brands. It also sells products under franchised and licensed trademarks and trade names, such as Sunbeam, Bunny, and Sara Lee. 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.

Details
Name: Flowers Foods, Inc.
FLO
Exchange: NYSE
Founded: 1919
$4,862,705,894
211,513,958
Website: http://www.flowersfoods.com
Address: Flowers Foods, Inc.
1919 Flowers Circle,
Thomasville,
Georgia, 31757,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE FLO Common Stock New York Stock Exchange US USD 22. Mar 2001
DB FWF Common Stock Deutsche Boerse AG DE EUR 22. Mar 2001
Number of employees
Current staff
Staff numbers
9,200
Flowers Foods employees.
Industry
Packaged Foods and Meats
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/08/18 23:37
End of day share price update: 2019/08/16 00:00
Last estimates confirmation: 2019/08/15
Last earnings filing: 2019/08/07
Last earnings reported: 2019/07/13
Last annual earnings reported: 2018/12/29


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.