TFF Group (TFF) AI Stock Analysis

• Market Cap: €340.24M
• Dividend Yield: 2.75%
• Average Volume (3M): 9.57K
• Price to Earnings (P/E): 6.6
• Beta (1Y): 0.33
• Revenue Growth: -12.56%
• EPS Growth: -45.58%
• Country: FR
• Employees: 1,802
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Packaging & Containers
• EPS (TTM): 0.71
• Shares Outstanding: 21,680,000
• 10 Day Avg. Volume: 4,122
• 30 Day Avg. Volume: 9,570
• PEG Ratio: -0.32
• Price to Book (P/B): 0.93
• Price to Sales (P/S): 1.06
• P/FCF Ratio: -25.83
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €16.00
• Price Target Upside: -13.28% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.81
• Revenue Forecast (FY): €321.20M

• Rating: 67 Neutral
• Price Target: €17.00 ▼(-7.86% Downside)
• Action: Reiterated Date: 10/23/25
• Date: Action: Reiterated 10/23/25

TFF Group's overall stock score is driven by a reasonable valuation and a strong gross profit margin. However, negative revenue growth and cash flow challenges weigh on the score. Technical indicators show mixed signals, with short-term bullish momentum but longer-term bearish trends.

Positive Factors

High gross profit margin

A 57.24% gross margin signals durable production economics and pricing power in cooperage. High gross margins provide a structural buffer against raw‑material cost swings, supporting long‑term margin sustainability and allowing reinvestment in product quality and service capabilities.

Healthy capital structure

An equity ratio near 49% and a manageable 0.81 debt/equity indicate a solid capital base and limited structural leverage. This balance-sheet strength supports investment in production capacity, cushions cyclical demand drops, and preserves financial flexibility for strategic initiatives.

Specialized, sticky market niche

A focused cooperage business serving wine and spirits creates structural customer stickiness: barrels are recurring, specification‑sensitive purchases and lifecycle services foster long‑term relationships. This niche specialization supports steady core demand and differentiated competitive positioning.

Negative Factors

Negative revenue trend

An -8.02% revenue decline signals shrinking top‑line activity that can persist across quarters if end‑market demand or market share weakness continues. Sustained revenue contraction pressures operating leverage, limits scale benefits, and can force margin tradeoffs or capital rationing.

Weak cash generation

Significantly negative FCF growth and a 0.03 operating‑cash‑to‑net‑income ratio show poor cash conversion. Structurally weak cash flow constrains capex, reduces buffer for cyclical downturns, and increases reliance on external financing for growth or dividends over the medium term.

Declining profitability metrics

A falling net margin (7.22%) and ROE at 6.30% reflect erosion in shareholder returns and operational profitability. Persistently lower margins and ROE limit reinvestment capacity, weaken the case for sustainable dividends, and may signal competitiveness or cost‑structure challenges.

TFF Group Business Overview & Revenue Model

Company Description

TFF Group manufactures and distributes barrels and wood products for the aging of wines, spirits, and alcohols in France, rest of Europe, Australasia, the United States, and internationally. The company also offers staves, cooperages, casks, wood and oenological products, and stainless steel containers. It primarily serves wine, whisky, and bourbon markets. The company was formerly known as Tonnellerie François Frères. TFF Group was founded in 1910 and is based in Saint-Romain, France.

How the Company Makes Money

TFF Group makes money primarily by selling new oak barrels to wineries and spirits producers. Revenue is generated through cooperage manufacturing where pricing typically reflects barrel size/specifications, oak sourcing, and value-added production choices (e.g., wood selection and toasting profiles). In addition to new-barrel sales, the company earns revenue from complementary offerings tied to oak processing and barrel lifecycle needs, such as related wood products and services offered to beverage producers. null

TFF Group Financial Statement Overview

Summary

TFF Group shows a mixed financial performance. The gross profit margin is strong at 57.24%, but the net profit margin has declined to 7.22%. Revenue growth is negative at -8.02%, and cash flow issues are significant, with negative free cash flow growth of -24.47%.

Income Statement

The income statement shows a mixed performance. The gross profit margin has improved over the years, reaching 57.24% in the latest period, indicating efficient cost management. However, the net profit margin has declined to 7.22% from 11.60% the previous year, reflecting challenges in maintaining profitability. Revenue growth has been negative at -8.02%, which is concerning, though historically, the company has shown periods of strong growth. EBIT and EBITDA margins have decreased, suggesting pressure on operational efficiency.

Balance Sheet

The balance sheet reflects a stable financial position with a debt-to-equity ratio of 0.81, which is manageable but has increased over the years, indicating rising leverage. The return on equity has decreased to 6.30%, showing reduced profitability for shareholders. The equity ratio remains healthy at around 49%, suggesting a solid capital structure with a good proportion of equity financing.

Cash Flow

Cash flow analysis reveals significant challenges. Free cash flow has been negative, with a growth rate of -24.47%, indicating cash flow issues. The operating cash flow to net income ratio is low at 0.03, suggesting limited cash generation from operations relative to net income. The free cash flow to net income ratio is negative, highlighting cash flow constraints despite reported profits.

Breakdown	TTM	Apr 2025	Apr 2024	Apr 2023	Apr 2022	Apr 2021
Income Statement
Total Revenue	366.14M	425.43M	486.55M	439.79M	302.62M	260.88M
Gross Profit	169.19M	243.53M	265.30M	81.33M	39.62M	37.30M
EBITDA	65.17M	81.01M	115.16M	90.50M	63.62M	53.55M
Net Income	23.29M	30.70M	56.45M	52.82M	35.86M	20.04M
Balance Sheet
Total Assets	981.52M	995.14M	968.99M	843.55M	735.00M	659.67M
Cash, Cash Equivalents and Short-Term Investments	96.71M	79.67M	92.94M	102.34M	97.58M	94.64M
Total Debt	397.73M	392.80M	359.53M	286.50M	234.44M	232.65M
Total Liabilities	464.31M	476.77M	457.86M	381.31M	308.88M	285.93M
Stockholders Equity	485.77M	487.57M	489.70M	442.45M	407.54M	368.34M
Cash Flow
Free Cash Flow	16.49M	-17.53M	-55.72M	-29.16M	17.98M	40.40M
Operating Cash Flow	36.08M	9.90M	3.54M	-1.73M	29.93M	48.27M
Investing Cash Flow	-19.24M	-34.09M	-70.38M	-28.68M	-23.53M	-10.19M
Financing Cash Flow	-4.84M	13.42M	56.21M	38.98M	-7.52M	-24.95M

TFF Group Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 18.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:TFF, the sentiment is Negative. The current price of 18.45 is above the 20-day moving average (MA) of 17.44, above the 50-day MA of 17.33, and above the 200-day MA of 18.11, indicating a bearish trend. The MACD of -0.34 indicates Positive momentum. The RSI at 29.60 is Positive, neither overbought nor oversold. The STOCH value of 32.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:TFF.

TFF Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALDEL	68 Neutral	€67.12M	1.86	9.39%	2.13%	-7.45%	―
TFF	67 Neutral	€340.24M	6.59	―	2.75%	-12.56%	-45.58%
OPM	66 Neutral	€1.99B	12.33	8.94%	3.86%	-0.29%	-1.66%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
ALCAT	56 Neutral	€73.07M	8.49	13.33%	6.23%	-23.79%	-56.20%
ALBI	46 Neutral	€80.55M	-6.46	―	―	7.25%	―
VRLA	46 Neutral	€1.93B	29.84	―	7.54%	-3.17%	-37.20%