The Marzetti Company

MZTI 6.5

Packaged Foods · 2.8B market cap · site

Price and target zones价格与目标区间

In the buy zone在买入区间内

$101.25

$100–120 entry买入$151.91+ full value估值上限 · 21× fwd52wk52周 $98–$176-43% off the high距高点

What the company does公司做什么

The Marzetti Company makes dressings, dips, sauces, frozen breads, and rolls. It sells these products in two ways: on grocery store shelves, and to restaurant chains. The company was named Lancaster Colony until July 2025. It has raised its dividend every year for 63 years.马泽蒂公司(The Marzetti Company)生产沙拉酱、蘸酱、酱汁、冷冻面包和面包卷。公司通过两条渠道销售:超市货架零售,以及供应连锁餐厅。公司在2025年7月之前名为Lancaster Colony。公司已连续63年每年上调股息。

Earns from营收来源 it sells packaged food to grocery stores and bulk food to restaurant chains.通过向超市销售包装食品、向连锁餐厅批量供应食品来赚钱。

Read the full description查看完整介绍

The Marzetti Company engages in manufacturing and marketing of specialty food products for the retail and foodservice channels in the United States. It operates in two segments, Retail and Foodservice. The Retail segment offers frozen garlic bread under the New York Bakery brand; frozen Parkerhouse style yeast and dinner rolls under the Sister Schubert's brand; salad dressings under the Marzetti, Cardini's, Marzetti Simply, and Girard's brands; vegetable and fruit dips under the Marzetti brand; Japanese barbecue sauces and dips under the Bachan's brand; and croutons and toppings under the New York Bakery, Chatham Village, and Marzetti brands. Its Foodservice segment sells custom-formulated sauces, salad dressings, frozen breads, yeast rolls, and frozen pasta under the Marzetti, Sister Schubert's, and Marzetti Frozen Pasta brands, as well as private labels for chain restaurants. The company sells its products through sales personnel, food brokers, and distributors to retailers and restaurants. The company was formerly known as Lancaster Colony Corporation and changed its name to The Marzetti Company in June 2025. The Marzetti Company was founded in 1896 and is based in Westerville, Ohio.

Revenue breakdown营收构成 share of revenue按营收占比计算

53%Retail零售(Retail)

47%Foodservice餐饮服务(Foodservice)

Retail零售(Retail)53% ~$1.00BThis segment sells food under the Marzetti brand and under license from restaurant chains, in grocery stores. on the shelf. Growth here comes from licensed restaurant brands and from the new Bachan's sauce line, not from the base Marzetti brand, which loses volume most quarters. A rival could still cut price to win shelf space, since store brands compete directly with Marzetti dressings. oldest and largest product line. aisle. Chick-fil-A, Buffalo Wild Wings, Olive Garden, and Cheesecake Factory. trend appeal.该分部在超市货架上以Marzetti品牌以及连锁餐厅授权品牌销售食品。这部分的增长来自授权餐厅品牌和新推出的Bachan's酱汁系列,而非基础Marzetti品牌——该品牌大多数季度都在流失销量。竞争对手仍可通过降价来抢占货架空间,因为自有品牌与Marzetti沙拉酱存在直接竞争。Foodservice餐饮服务(Foodservice)47% ~$0.91BThis segment supplies bulk sauces, dressings, and bread to restaurant chains and other food service operators. restaurant signs a multi-year supply deal, so a rival cannot win the business until the contract comes up for renewal. This makes it a steadier, harder-to-attack part of the company than the grocery-shelf side, even though its profit margin runs lower. for restaurants such as Texas Roadhouse. kitchens. their own brand name.该分部向连锁餐厅及其他餐饮运营商批量供应酱汁、沙拉酱和面包。餐厅通常签订多年期供应协议,竞争对手在合同到期续约前无法抢走这部分业务。这使该业务比超市货架业务更稳定、更难被攻击,尽管其利润率较低。

Pick a slice for detail点击某一部分查看详情

Retail零售(Retail)53% · ~$1.00B×

This is the more visible half of the business — the bottles and tubs a shopper sees这是业务中更显眼的一半——消费者在货架上看到的瓶装和盒装产品

Marzetti dressings and dipsMarzetti沙拉酱和蘸酱 — refrigerated salad dressing and vegetable dip, the company's冷藏沙拉酱和蔬菜蘸酱,公司历史最悠久、规模最大的产品线
New York Bakery frozen garlic breadNew York Bakery冷冻蒜香面包 — a frozen bread product sold in the grocery freezer在超市冷冻柜销售的冷冻面包产品
Sister Schubert's rollsSister Schubert's面包卷 — frozen dinner rolls sold under a heritage Southern brand.以南方传统品牌销售的冷冻晚餐面包卷
Licensed restaurant-brand dressings授权连锁餐厅品牌沙拉酱 — bottled dressings sold at retail under license from以授权方式在零售端销售的瓶装沙拉酱,授权方包括Chick-fil-A、Buffalo Wild Wings、Olive Garden和Cheesecake Factory等连锁餐厅
Bachan's — a Japanese-style barbecue sauce brand bought in 2026 for its fast growth and一个日式风味烧烤酱品牌,公司在2026年收购,看中其快速增长和潮流吸引力

Foodservice餐饮服务(Foodservice)47% · ~$0.91B×

This half of the business is less visible to a shopper but just as large. A chain业务的另一半对消费者来说不那么显眼,但规模同样庞大。像Texas Roadhouse这样的连锁餐厅会签订多年期供应合同

Restaurant chain supply contracts连锁餐厅供应合同 — bulk sauces and dressings made to a chain's own recipe,按连锁餐厅自有配方定制生产的批量酱汁和沙拉酱
Frozen dinner rolls for restaurants餐厅用冷冻晚餐面包卷 — table-service bread supplied directly to restaurant直接供应给餐厅厨房的桌边面包
Private-label and co-manufactured products自有品牌及代工产品 — food made for other companies to sell under为其他公司代工生产、以对方品牌名义销售的食品

Company facts公司资料

Founded成立时间: 1896
Former name曾用名: Lancaster Colony Corporation
Employees员工人数: 3,500
Industry行业: Packaged Foods
Country国家: United States

Investment thesis投资逻辑 from the watchlist来自关注列表

Would upgrade on

ANALYZED 8/28 — ACCUMULATE, first file. The Marzetti Company (ex-Lancaster Colony), a 63-year Dividend King ~40% below its Nov-25 high on a real, sector-wide GLP-1 / private-label volume headwind in its core dressings/dips category — not a sentiment overreaction. The dividend is safer than ever (FCF payout 68%→53%) even after a $400M debt-funded Bachan's bet; growth now leans on that unproven deal + a finite margin-expansion lever. FV $120-155. Entry $100-120. Trim 21x fwd.

🟢 8/28 分析——增持，首份报告。 The Marzetti Company（原 Lancaster Colony），63 年的股息之王，比 2025 年 11 月高点低约 40%，因其核心沙拉酱/蘸酱品类真实的、全行业的 GLP-1/自有品牌销量逆风——而非情绪过度反应。股息比以往更安全（FCF 派息率 68%→53%），即便在债务融资的 Bachan's 押注之后；增长如今依赖这笔未经验证的收购 + 一个有限的利润率扩张杠杆。公允价值 $120-155，买入区 $100-120，减持 21x fwd。

Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动

Free cash flow自由现金流

$136M 2023to至$206M 2026+14.9%/yr

Revenue营业收入

$1.82B 2023to至$1.93B 2026+1.9%/yr

EBITDA

$218M 2023to至$315M 2026+13.1%/yr

Net income净利润

$111M 2023to至$192M 2026+19.9%/yr

Shares outstanding流通股数 lower is better越低越好

28M 2023to至27M 2026-0.3%/yr

Total debt总负债 lower is better越低越好

$30M 2023to至$254M 2026+103.8%/yr

Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例

Gross profit毛利润

25%

Operating profit营业利润

11%

Net profit净利润

10%

of every $1 of revenue每 $1 营收中的占比

Return on equity净资产收益率: 19%
Revenue growth营收增长: -2%
Dividend yield股息率: 3.98%

Competitors竞争对手

Kraft HeinzClorox (Hidden Valley)Campbell's

Why customers stay客户为什么留下

a restaurant chain's supply contract and a licensed retail dressing deal are both hard for a rival to win mid-contract, even though the base grocery-shelf brand faces real price competition from store brands.连锁餐厅的供应合同以及授权零售沙拉酱协议,在合同期内都很难被竞争对手抢走,不过基础超市货架品牌仍面临自有品牌的实质性价格竞争。

Related companies相关公司 🟠 Consumer-staples volume / GLP-1 (new 8/28)

STZ MZTI INGR

One demand question, three ways: are packaged food/beverage volumes softening cyclically, or is GLP-1 + moderation a secular step-down?

They resolve on the same macro read — size the theme once. STZ is the widest moat; MZTI the safest dividend; INGR the most leverage-exposed (Tate & Lyle deal).

Sources来源

SEC filings (EDGAR)Company website Yahoo Finance barchart.com SEC filing