FLOFlowers Foods, Inc.
Is the business good?
The checks split: earnings fully cash-backed (4.2×), but margins compressing.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
Efficiency-driven, thin margins turned over fast (the retail model). ROE 7% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is FLO?
Flowers Foods, Inc. earns 3.8% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 5.2 points below what the capital costs: growth destroys value
- Operating margin
- 2.7%
Operating margin · Packaged Foods median 7.7% · 12 months to Q2 2026
- Cash conversion
- 4.25×
Cash conversion · 2.06× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.24%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 7.3% |
| FY2021 | 6.8% |
| FY2022 | 6.3% |
| FY2023 | 3.4% |
| FY2024 | 6.8% |
| FY2025 | 3.3% |
Details›
- Gross margin12 months to Q2 2026
- 49%
- Operating margin12 months to Q2 2026
- 2.7%
- Net margin12 months to Q2 2026
- 1.1%
- Free cash flow margin
- 5.9%
- Revenue, trailing twelve months
- $5.22B
- Free cash flow, trailing twelve months
- $306M
- Net income, trailing twelve months
- $55M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 3.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from FLO and who it buys from, as the companies report it.
- WMTWalmart22%
Share of revenue · FY2025 10-K
- Top 10 customers58%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; FLO’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.