Interparfums
IPARNASDAQUSD
- — Source valuation snapshot. Not a live recalculation.
- — Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- — Diluted earnings per share from the latest filed annual.
- $135.56 Prior regular-session close from the quote source.
- $132.23–$134.75 Regular-session low and high so far today.
- 99.1K Regular-session shares traded · Nov 11, 1:48 PM ET.
- Feb 23 projected Projected for 2027-02-23 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $77.21–$138.13 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own IPAR if Inter Parfums converts a high-margin premium fragrance portfolio into steady revenue growth and strong free cash flow, which funds shareholder returns and drives EPS compounding — provided its brand/license relationships and retail distribution hold.
IPAR price history
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INVESTMENT THESIS
What must happen next
Sustained revenue growth causally depends on maintaining and renewing the company's major brand/license and distribution relationships; if those relationships fail to renew or are narrowed, revenue will slow quickly.HoldingMateriality: High
Revenue rose from $879.5m (2021) to $1,488.5m (2025), a ~69% increase (2021-2025). If these relationships persist, the company can keep its historical top-line momentum and leverage fixed costs; if they break, revenue and the margin base will erode and EPS will fall despite buybacks.
Watch: Non-renewal or termination of a top licensing agreement or major distributor contract (one or more of the company's largest brand relationships) would directly remove revenues before any wider market shift appears.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue rose from $879.5m (2021) to $1,488.5m (2025), a ~69% increase (2021-2025).
Open source ↗The company's gross-margin profile is sustained by premium pricing and product mix, giving it pricing power to absorb input cost swings and protecting headline profitability.StrengtheningMateriality: High
Gross profit has been stable and high: $839.1m (2023), $927.3m (2024), $947.2m (2025) while revenue grew — implying gross margins around ~63–64%. High and stable gross margins preserve operating leverage and cash flow even if SG&A or marketing must rise; a durable premium position supports predictable profits.
Watch: Sustained price erosion from competitors or a pivot by fashion houses to in‑house/franchised fragrance programs that forces lower wholesale pricing.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Gross profit has been stable and high: $839.1m (2023), $927.3m (2024), $947.2m (2025) while revenue grew — implying gross margins.
Open source ↗The business's low capital intensity and operating leverage causally produce strong operating cash flow, enabling buybacks/dividends that compound EPS even if top-line growth moderates.StrengtheningMateriality: Medium
Operating cash flow rose from $105.8m (2023) to $187.6m (2024) to $214.9m (2025), demonstrating improving cash generation. If cash conversion continues, shareholders get both operational growth and policy-driven EPS compounding; if cash is redirected to poor acquisitions or capex, the EPS tailwind disappears.
Watch: Management pivoting to large, value-destroying acquisitions financed with cash/debt instead of returning capital.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow rose from $105.8m (2023) to $187.6m (2024) to $214.9m (2025), demonstrating improving cash generation.
Open source ↗
Full investment case & evidence
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Original research
Sustained revenue growth causally depends on maintaining and renewing the company's major brand/license and distribution relationships; if those relationships fail to renew or are narrowed, revenue will slow quickly. If these relationships persist, the company can keep its historical top-line momentum and leverage fixed costs; if they break, revenue and the margin base will erode and EPS will fall despite buybacks.
The company's gross-margin profile is sustained by premium pricing and product mix, giving it pricing power to absorb input cost swings and protecting headline profitability. High and stable gross margins preserve operating leverage and cash flow even if SG&A or marketing must rise; a durable premium position supports predictable profits.
The business's low capital intensity and operating leverage causally produce strong operating cash flow, enabling buybacks/dividends that compound EPS even if top-line growth moderates. If cash conversion continues, shareholders get both operational growth and policy-driven EPS compounding; if cash is redirected to poor acquisitions or capex, the EPS tailwind disappears.
All standing thesis claims
Original report summary
Inter Parfums converts a high-margin premium fragrance portfolio into steady revenue growth and strong free cash flow, which funds shareholder returns and drives EPS compounding — provided its brand/license relationships and retail distribution hold.
BULL CASE / BEAR CASE
Bull case and bear case for Interparfums
Where the evidence on Interparfums stands: Holding on the latest evidence (Nov 9, 2026). Of its 3 thesis points, 2 strengthening and 1 holding.
Bull case: what the evidence supports
Sustained revenue growth causally depends on maintaining and renewing the company's major brand/license and distribution relationships; if those relationships fail to renew or are narrowed, revenue will slow quickly.
The company's gross-margin profile is sustained by premium pricing and product mix, giving it pricing power to absorb input cost swings and protecting headline profitability.
The business's low capital intensity and operating leverage causally produce strong operating cash flow, enabling buybacks/dividends that compound EPS even if top-line growth moderates.
Bear case: what would count against it
Non-renewal or termination of a top licensing agreement or major distributor contract (one or more of the company's largest brand relationships) would directly remove revenues before any wider market shift appears.
Sustained price erosion from competitors or a pivot by fashion houses to in‑house/franchised fragrance programs that forces lower wholesale pricing.
Management pivoting to large, value-destroying acquisitions financed with cash/debt instead of returning capital.
Thesis-Break Engine
Thesis-break watch · Interparfums
No break has crossed Interparfums’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MIXEDReported results of operations (earnings release).
Interparfums filed an SEC 8-K on 2026-11-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MIXEDReported results of operations (earnings release).
Interparfums filed an SEC 8-K on 2026-10-20: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MIXEDOther material event.
Interparfums filed an SEC 8-K on 2026-09-22: Other material event. It is a dated development that tests the current thesis.
RISKS / FALSIFIERS
What could break the thesis
- Non-renewal or termination of a top licensing agreement or major distributor contract (one or more of the company's largest brand relationships) would directly remove revenues before any wider market shift appears.
- Sustained price erosion from competitors or a pivot by fashion houses to in‑house/franchised fragrance programs that forces lower wholesale pricing.
- Management pivoting to large, value-destroying acquisitions financed with cash/debt instead of returning capital.
IPAR news
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FINANCIAL STATEMENTS
IPAR income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
IPAR: quick answers
- When does Interparfums (IPAR) report earnings next?
- Interparfums's next results are projected for February 23, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 4, 2026. Earnings calendar
- What is IPAR's short interest?
- As of October 30, 2026, 1.9M IPAR shares were sold short, 6.04% of its shares outstanding, down 0.9% from the count before. At the stock's average daily volume that is 9.8 days to cover. FINRA publishes the count twice a month. IPAR short interest history
- Which well-known investors own IPAR?
- 1 of the 37 well-known funds tracked here reported IPAR shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
IPAR in well-known investors’ portfolios
1 of 37 funds reported IPAR shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.01% | $1.4M | −29.9% | Q2 2026 |