Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
TFF Group is a France-based family-owned company specializing in the manufacturing and distribution of high-quality oak barrels and casks for the alcoholic beverage industry. Recognized as the world leader in maturing products for wine and spirits, it holds dominant market positions, including 25% in wine barrels, 80% in Scotch whisky casks, and 18% in Bourbon barrels. The company's product portfolio primarily serves wine (43% of sales) and spirits like Scotch and Bourbon whiskies (57% of sales), where barrels are essential for imparting flavor, aroma, and body during extended aging processes that can last over a decade. TFF Group operates cooperages across two continents, including facilities in France, the US (such as Bourbon Cooperage Kentucky and Speyside Cooperage), and Scotland (like Isla Cooperage and Camlachie Cooperage), sourcing oak from managed forests and private suppliers. Its vertically integrated approach, from wood purchasing to barrel production via sawmills, supports clients like Diageo and Pernod Ricard in the beverage supply chain. TFF Group plays a pivotal role in the premium alcoholic beverages sector by enabling maturation quality that directly influences end-product excellence.
13.97% operating margin is respectable but not wide. ROIC at 4.83%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 12.6% YoY. Margins deteriorated 4.8pp alongside, both lines moving the wrong way.
ROIC dropped from 7.61% to 4.83%, capital efficiency is deteriorating. Negative free cash flow of -€18M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
€425M
▼ -12.6% YoY
Net Income (TTM)
€32M
▼ -45.5% YoY
Op. Margin
13.97%
▼ -4.8pp YoY
ROIC
4.83%
▼ -2.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-€18M
▲ +68.5% YoY
Op. Cash Flow (TTM)
-€2M
▼ -66.2% YoY
Net Debt
€313M
Cash & Equiv.
€80M
3Y CAGR: +12.0%
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