At a glance
Flowers Foods Inc is worth $1.30B, about 15 times its fiscal 2025 earnings. Revenue grew 3.0% to $5.26B in fiscal 2025, with 1.6% kept as profit; over 5 years it has grown 3.7% a year. It pays a 12.38% dividend yield, raised every year for at least 9 years, and returned $1.09B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −46.7% over the past year with dividends reinvested and −20.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 19.8% in the 2020 crash (S&P 500: 33.7%) and 15.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 8 months after the lows.
The business in plain English
Flowers Foods, founded in 1919 and based in Thomasville, Georgia, describes itself as the second-largest producer and marketer of packaged bakery foods in the US. Its products include breads, buns, rolls, bagels, English muffins, tortillas, snack cakes, cookies, crackers, bars and baking mixes. Brands include Nature's Own, Dave's Killer Bread, Canyon Bakehouse, Wonder, Tastykake and Simple Mills, a better-for-you snack maker acquired on February 21, 2025.
Flowers makes money by baking these products in its bakeries and supplying them to retailers and foodservice customers. Several large customers account for a significant portion of sales. It relies on direct-store-delivery (DSD), in which independent distributors take products straight to stores. In the fiscal year ended January 3, 2026, sales were about $5.26 billion. Branded retail products made up 65.9%. The remaining 34.1%, classed as other, covers store-brand and non-retail sales.
The core bread business has been under pressure. In fiscal 2025, demand for traditional loaf bread kept softening, partly because shopping habits changed. Sales rose 3%, helped by Simple Mills, an extra week and growth at Dave's Killer Bread, Nature's Own Keto and Wonder cakes. But higher operating costs more than offset the benefit. Management began a review of its brands and operations late in fiscal 2025 and targets sales growth of 1% to 2% a year, excluding acquisitions.
Price history
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FLO -46.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Branded Retail | $3.46B | 65.9% |
| Other | $1.79B | 34.1% |
Latest results
- In Q2 FY2026 (ended Jul 18, 2026), revenue was $1.19B, down 4% from a year earlier, and net income was $40.7M (-30.3%).
- For fiscal 2025, revenue was $5.26B (+3.0% year over year; +3.7% a year from FY2020 to FY2025) with a 1.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.7% watch |
|---|---|
| Operating margin | 3.3% weak |
| Free cash flow margin | 6.1% watch |
| Return on equity (FY2025) | 6.4% weak |
| Return on assets (FY2025) | 2% weak |
| Net cash (cash minus debt) | $-1.63B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.39B | $152.3M | $356.5M |
| FY2021 | $4.33B | $206.2M | $208.6M |
| FY2022 | $4.81B | $228.4M | $191.8M |
| FY2023 | $5.09B | $123.4M | $220.3M |
| FY2024 | $5.10B | $248.1M | $280.6M |
| FY2025 | $5.26B | $83.8M | $319.1M |
Valuation snapshot
| Market value | $1.30B |
|---|---|
| P/E ratio | 15.3 |
| Dividend yield | 12.38% |
Rank among 1514 US companies
Market value at each year end
Flowers Foods’s market value went from $4.15B at the end of 2016 to $1.30B on Oct 28, 2026, down 69%; since the end of 2025 it is down 43%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.30B | -43.3% |
| 2025 | $2.30B | -47.2% |
| 2024 | $4.35B | -8.4% |
| 2023 | $4.75B | -21.7% |
| 2022 | $6.07B | +4.5% |
| 2021 | $5.81B | +21.3% |
| 2020 | $4.79B | +4.1% |
| 2019 | $4.60B | +18.0% |
| 2018 | $3.90B | -3.8% |
| 2017 | $4.05B | -2.4% |
| 2016 | $4.15B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FLO price data to Oct 28, 2026 | -39.8% | -46.7% | -30.1% | -20.5% | -4.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -39.8% |
| 2025 | -43.7% |
| 2024 | -4.3% |
| 2023 | -18.7% |
| 2022 | +8.1% |
| 2021 | +25.6% |
| 2020 | +7.7% |
| 2019 | +21.8% |
| 2018 | -0.9% |
| 2017 | +0.2% |
| 2016 | -3.5% |
| 2015 | +14.9% |
| 2014 | -8.4% |
| 2013 | +41.4% |
| 2012 | +26.2% |
| 2011 | +8.8% |
| 2010 | +16.7% |
| 2009 | +0.5% |
| 2008 | +6.4% |
| 2007 | +34.1% |
| 2006 | -0.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 0.4% over that stretch · deepest drop along the way 33.6%, back to its old high 25.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 11.4% over that stretch · deepest drop along the way 19.8%, back to its old high 4.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 4.9% over that stretch · deepest drop along the way 15.7%, back to its old high 7.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($38K) and 2 sales ($1.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 1, 2026 | Ryals McMullian Chairman and CEO, Director | sell | $1.7M |
| Jun 8, 2026 | Diego Anthony Scaglione Chief Financial Officer | buy | $38K |
| Oct 8, 2026 | Cindy Cox Chief Human Resources Officer | sell | $26K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.7% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.55% | Jun 30, 2026 |
| Fuller & Thaler Asset Management, Inc. | 6.11% | Jun 30, 2025 |
| STATE STREET CORPORATION | 4.1% | Jun 30, 2026 |
ETFs with the most weight in FLO
| FXG First Trust Consumer Staples AlphaDEX Fund | 3.32% |
| PEY Invesco High Yield Equity Dividend Achievers™ ETF | 2.49% |
| FDIV MarketDesk Focused U.S. Dividend ETF | 2.15% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 1.79% |
| HSMV First Trust Horizon Managed Volatility Small/Mid ETF | 1.43% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 1.41% |
| HEJD VictoryShares Hedged Equity Income ETF | 1.28% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.77% |
What could go wrong
- Independent distributor model faces legal risk. Flowers' direct-store-delivery network relies on independent distributors. Court or regulatory rulings that treat them as employees could hurt results. California litigation already led the company to switch to an employee model there.
- Shrinking demand for traditional loaf bread. Fresh packaged bread sales softened in fiscal 2025, especially traditional loaves, partly as shopping habits changed. The company expects the category to stay challenging. In downturns, shoppers may also trade down to cheaper generic options.
- Costly software upgrade could disrupt operations. Flowers is upgrading its ERP system, the core software behind orders, production and finances. It expects the upgrade to cost about $325 million and the rollout to finish in fiscal 2027. Problems could disrupt operations.
- Acquisitions like Simple Mills may disappoint. Deals such as the February 2025 Simple Mills purchase are a key part of Flowers' growth strategy. If acquired brands miss expected sales or margins, results suffer and their value may be written down.
- Dependence on several big customers. Several large customers account for a significant portion of sales. Losing one, or one favoring other brands, could hurt results. Retail consolidation also gives big buyers more leverage over prices and terms.
- Rising labor, ingredient and fuel costs. Higher labor costs hurt results in fiscal 2024 and 2025. Pricier or scarce ingredients, packaging, fuel and utilities, plus tariffs, could squeeze thin margins. Operating profit was 3.3% of sales in fiscal 2025.
Recent events
- Bylaws or fiscal year changed
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released; Other company announcement
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Executive or board change
- Quarterly results released
- Executive or board change
For income and retirement investors
Flowers has raised its dividend at least nine years in a row through fiscal 2025. Dividends per share rose from $0.79 in fiscal 2020 to about $0.98. In fiscal 2025, dividends came to about 2.5 times earnings but about 66% of free cash flow (cash left after running and investing in the business). The yield was about 12.4% as of October 28, 2026. A yield that high often signals doubt that the payout will last. Share repurchases were small: $118 million over fiscal 2021–2025.
In the 2008 financial crisis the stock fell 33.6% at its worst and took about 26 months to recover. It dropped 19.8% in the 2020 COVID crash and 15.7% in the 2022 bear market, recovering within eight months both times. Its steepest losses came later, alongside weaker results: the share price fell 43.7% in 2025 and another 39.8% in 2026 through October 28. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Flowers Foods make money?
Flowers Foods makes money by baking packaged bakery foods and supplying them to retailers and foodservice customers. In the fiscal year ended January 3, 2026, sales were about $5.26 billion. Branded retail products, such as Nature's Own and Dave's Killer Bread, brought in 65.9%. Store-brand and non-retail sales made up the other 34.1%. The company relies on direct-store-delivery, in which independent distributors take products straight to stores. Profit margins were thin: operating profit was 3.3% of sales in fiscal 2025.
What brands does Flowers Foods own?
Flowers Foods' brands include Nature's Own, Dave's Killer Bread, Canyon Bakehouse, Simple Mills, Wonder and Tastykake. It acquired Simple Mills on February 21, 2025, adding better-for-you crackers, cookies, snack bars and baking mixes found in more than 30,000 stores. Late in fiscal 2025 the company began a review of its brands and operations. The review led it to write down the value of two regional brands, part of a shift toward investing in its national brands.
Does Flowers Foods raise its dividend every year?
Yes, through fiscal 2025. Flowers has raised its dividend at least nine years in a row, and the streak may be longer. Dividends per share grew from $0.79 in fiscal 2020 to about $0.98 in fiscal 2025, about 4.5% a year. Earnings have not kept pace. Earnings per share fell from $0.72 to $0.40 over the same span, so fiscal 2025 dividends came to about 2.5 times earnings.
Is Flowers Foods' dividend safe?
No dividend is guaranteed, and Flowers' cushion has thinned. Fiscal 2025 dividends were about 2.5 times earnings, though free cash flow of about $319 million covered the roughly $209 million paid. As of July 18, 2026, the company had about $1.69 billion of debt and $53 million of cash. The yield was about 12.4% as of October 28, 2026. A yield that high often means investors doubt the payout will hold.
Why has Flowers Foods stock fallen so much?
The drop has come alongside weaker results. The share price fell 43.7% in calendar 2025 and another 39.8% in 2026 through October 28. In fiscal 2025, net income fell 66.2% to about $84 million. Demand for traditional loaf bread softened, higher costs outweighed sales gains, and the company wrote down the value of two regional brands. In the quarter ended July 18, 2026, revenue fell 4% and net income fell 30.3% from a year earlier.