📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

The Marzetti Company engages in manufacturing and marketing of specialty food products for the retail and foodservice channels in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding MZTI

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	370.8K	$51.3M	0.08%	Mar 2026
Steve Cohen Point72 Asset Management	62.2K	$8.6M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q4 2025

Confident Specific

Management repeatedly used words like 'record', 'pleased', 'strong results', and provided specific growth percentages (e.g., net sales up 5%, gross profit up 8.7%) to convey confidence.

Q1 2026

Confident Specific

Management uses definitive language like 'record sales', 'first quarter records', 'category-leading', and provides precise percentages (e.g., '5.8% increase', '7.2% increase in gross profit', '650 basis points market share increase'). They acknowledge challenges ('dynamic and challenging time') but pivot to execution and strategic pillars, demonstrating confidence.

Q2 2026

Mixed

Management expressed strong confidence in the Bachan's acquisition and highlighted record gross profit, but acknowledged softer retail demand due to the government shutdown and a difficult operating environment. Language like 'we were very satisfied' and 'low single-digit volume growth' hedges optimism.

Q3 2026 latest

Confident Specific

Management provided specific growth metrics (Bachan's 25% sales growth, 50% TDP increase, New York Bakery 4.4% sales growth with 260 bps share gain) and precise financial details (record gross profit $107.2M, 11th straight margin improvement, $80M full-year CapEx). Challenges like weather and category softness were addressed with concrete corrective actions.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is strengthened by the successful Bachan's acquisition and consistent gross margin expansion, indicating operational discipline. However, retail volume declined 5.6% due to weather, category softness, and club channel lapping, which tempers near-term top-line optimism. The shift toward authentic flavors M&A opens a new growth avenue beyond legacy and licensed brands. Key metrics to watch next quarter: Q4 retail volume recovery, club channel initiative results (Chick-fil-A 3-pack, Olive Garden multi-pack), Bachan's sales contribution and integration costs, and soybean oil price management. The company's strong balance sheet and cash flow support both organic reinvestment and further acquisitions, making the long-term trajectory more attractive despite short-term headwinds.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Record gross profit $107.2M; Bachan's acquired for $400M, sales growth 25%+

Revenue & Profitability

Q3 2026 consolidated net sales declined 1% to $453.4 million. Gross profit increased 1.2% to a record $107.2 million, with gross margin expanding 50 basis points. Operating income decreased $3.3 million due to higher SG&A. Diluted EPS fell 9.4% to $1.35. Year-to-date operating cash flow grew 32%. The company ended the quarter debt-free with $218 million in cash and paid a $1.00 per share dividend (5% increase).

Outlook

Management monitors U.S. economic performance and consumer behavior. Category softness is noted in produce and pourable dressings (down ~5%), while the frozen bread category is down about 1.5%. Input cost inflation is expected to tick up; soybean oil coverage is in place through end of summer. The food service industry remains flat. The MAHA and GLP-1 trends are seen as tailwinds for flavor enhancements, but the Iran war is flagged as a macroeconomic risk.

Growth Drivers

Key growth drivers include the Bachan's acquisition (sales growth >25% and TDPs up 50% in Q1 2026), new product launches (Marzetti Protein Ranch dressing, Olive Garden Zesty Italian Dressing, larger Chick-fil-A Avocado Lime Ranch), and food service growth from national chains like Chick-fil-A and Taco Bell. Frozen bread growth continues with New York Bakery (up 4.4%) and its gluten-free item reaching ~$20 million. Retail benefits from new distribution and innovation.

Balance Sheet & CapEx

Year-to-date payments for property additions totaled $54.6 million. Full-year fiscal 2026 capital expenditure forecast is $80 million, allocated to cost savings projects, manufacturing improvements, and the Atlanta facility to support future growth. IT investments (e.g., SAP, trade system) are largely completed, reducing future IT spending. The Bachan's acquisition was funded by a $200 million term loan and cash on hand.

Margins

Consolidated gross margin expanded 50 basis points in Q3, marking the 11th straight quarter of year-over-year improvement. This was driven by supply chain productivity, value engineering, and revenue management. SG&A increased 9.5% due to acquisition costs, IT, and personnel investments. Adjusted operating income increased 1% year-to-date. Bachan's is expected to have an operating margin similar to Marzetti's current level, with gross margins accretive but higher marketing spend.

Key Risks

Management flagged January/February weather hurting Northeast sales, category softness in produce and pourable dressings, lapping pipeline builds, and the macroeconomic impact of the Iran war. Soybean oil price volatility is a risk, though near-term coverage is in place. Club channel distribution changes (Costco rotating Olive Garden dressing) and slower-than-expected Texas Roadhouse retail distribution are execution risks. Consumer demand uncertainty and inflation are ongoing concerns.

Generated by AI · Q3 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q3 2026 Q3 2026 2026-05-04

Q3 FY2026 saw a 1% sales decline but record gross profit, driven by cost savings and strong frozen bread and sauce brands. Bachan's acquisition closed, expanding the portfolio and expected to drive future growth. Inflation and commodity risks are actively managed.

Q2 2026 Q2 2026 2026-02-03

Q2 net sales rose 1.7% to $518M, with gross profit up 3.4% and EPS up 20.8%. Announced $400M acquisition of Bachan’s, expected to be accretive to growth and margins. Retail and food service segments showed resilience amid industry headwinds.

Q1 2026 Q1 2026 2025-11-04

Net sales rose 5.8% to $493M, with record gross profit and operating income. Retail and food service segments saw growth, driven by strong brands and licensing, while cost inflation was offset by pricing and productivity. Cash flow and dividends increased, with a debt-free balance sheet.

Q4 2025 Q4 2025 2025-08-21

Record sales and profit were achieved, driven by strong retail and licensing growth, strategic marketing, and cost savings. Outlook for 2026 is positive, with continued margin expansion, new product launches, and stable industry conditions expected.

Q3 2025 Q3 2025 2025-04-30

Net sales declined 2.9% but gross profit and operating income hit record Q3 levels, driven by cost savings, licensing growth, and improved margins. Retail licensing and core brands gained share, while food service faced weather and traffic headwinds. Cash position remains strong and capital investments continue.

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