NYSE: HRL · Packaged Foods & Meats
Hormel Foods
Hormel Foods, founded in 1891 in Austin, Minnesota, is a branded food company with Planters, SPAM, Jennie-O, Skippy, Applegate, Wholly, Hormel Black Label, Fontanini and more than 30 other brands, and an S&P 500 Dividend Aristocrat. It reports three segments: Retail ($7,455 million of fiscal 2025 sales), Foodservice ($3,942 million) and International ($709 million). Fiscal 2025 (ended October 26, 2025) sales rose 1.6% to $12,106 million, but net earnings fell to $478 million on lower Retail and International profits. Hormel is reshaping its portfolio: it sold 51% of Justin’s, its whole-bird turkey business and its Brazil operations in fiscal 2026, and agreed in September 2026 to buy Brakebush Brothers for $1.055 billion. The 2026 dividend rate of $1.17 marks its 60th consecutive annual increase.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 09:02 (SEC EDGAR) · Source 10-K filed: December 5, 2025
Built on10-K FY2025 · filed 2025-12-0510-Q (quarter ended 2026-07-26) · filed 2026-08-27Proxy statement (2025)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 4.7%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 5.9%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -0.8 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.2x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.77x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 35.3x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.32
Higher than 23% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 17% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 25% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 60% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 61% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-07-26
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$21.98close on 2026-11-04
Market cap$12.09B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 35.3x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.5x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 14.5x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 4.4%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 5.3%
At FY2025 year-end: 27.4x
Earnings: trailing 12 months to 2026-07-26
At FY2025 year-end: 1.7x
Book value at FY2025 year-end
At FY2025 year-end: 15.6x
EBITDA for FY2025
At FY2025 year-end: 4.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jul 26, 2026.
- Revenue$3.03B → $2.96B (vs. a year earlier)↓ −2.4%$3.03B → $2.96B (vs. a year earlier)
- Operating margin7.9% → 3.7% (vs. a year earlier)↓ −4.2 pts7.9% → 3.7% (vs. a year earlier)
- Net income$184M → $60M (vs. a year earlier)↓ −67.6%$184M → $60M (vs. a year earlier)
- Diluted EPS$0.33 → $0.11 (vs. a year earlier)↓ −66.7%$0.33 → $0.11 (vs. a year earlier)
- Cash$827M → $840M (vs. previous quarter-end)↑ +1.6%$827M → $840M (vs. previous quarter-end)
- Long-term debt$2.86B → $2.86B (vs. previous quarter-end)→ −0.0%$2.86B → $2.86B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Aug 27, 2026.
Management outlook ↑ Raised
Raised adjusted operating income guidance to $1.08B–$1.12B. Source sentence
Raises adjusted operating income 1 guidance to be in the range of $1.08 billion to $1.12 billion, reflecting growth of 6% to 10%
Key changes
Expects net sales of $12.1B–$12.2B. Source sentence
Expects net sales to be in the range of $12.1 billion to $12.2 billion, reflecting organic net sales 1 growth of 1% to 2%
Q3 net sales $2.96B, organic down 2%. Source sentence
Net sales of $2.96 billion; organic net sales 1 down 2%
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- HORMEL FOODS CORP /DE/
- Headquarters
- AUSTIN, MN
- Incorporated in
- Delaware
- Fiscal year end
- 10/25
- Exchange & ticker
- NYSE: HRL
- Industry
- Packaged Foods & Meats
- CIK
- 48465
Workforce (as of FY2025 year-end)
Employees
20,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: October 2026. In past years, Q4 results were released 31–39 days after quarter end (Dec 4, 2025; Dec 4, 2024; Nov 29, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around October 25.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 31–39 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Jul 26, 2026 | Aug 27, 2026 (+32 days) | Aug 27, 2026 10-Q (+32 days) |
| Q2 FY2026 | Apr 26, 2026 | May 28, 2026 (+32 days) | May 28, 2026 10-Q (+32 days) |
| Q1 FY2026 | Jan 25, 2026 | Feb 26, 2026 (+32 days) | Feb 26, 2026 10-Q (+32 days) |
| Q4 FY2025 | Oct 26, 2025 | Dec 4, 2025 (+39 days) | Dec 5, 2025 10-K (+40 days) |
| Q3 FY2025 | Jul 27, 2025 | Aug 28, 2025 (+32 days) | Aug 28, 2025 10-Q (+32 days) |
| Q2 FY2025 | Apr 27, 2025 | May 29, 2025 (+32 days) | May 29, 2025 10-Q (+32 days) |
| Q1 FY2025 | Jan 26, 2025 | Feb 27, 2025 (+32 days) | Feb 27, 2025 10-Q (+32 days) |
| Q4 FY2024 | Oct 27, 2024 | Dec 4, 2024 (+38 days) | Dec 5, 2024 10-K (+39 days) |
| Q3 FY2024 | Jul 28, 2024 | Sep 4, 2024 (+38 days) | Sep 4, 2024 10-Q (+38 days) |
| Q2 FY2024 | Apr 28, 2024 | May 30, 2024 (+32 days) | May 30, 2024 10-Q (+32 days) |
| Q1 FY2024 | Jan 28, 2024 | Feb 29, 2024 (+32 days) | Feb 29, 2024 10-Q (+32 days) |
| Q4 FY2023 | Oct 29, 2023 | Nov 29, 2023 (+31 days) | Dec 6, 2023 10-K (+38 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Retail
Retail brands (SPAM, Planters, Skippy, Applegate and others)
Food products sold predominantly in retail channels such as grocery stores, mass merchandisers, club stores and e-commerce.
Foodservice
Foodservice products
Food products sold to foodservice distributors and operators.
International
Exports and international brands
SPAM and other products sold outside the U.S.; Brazil operations sold July 31, 2026.
From the Form 10-K, FY2025, year ended 2025-10-26.
U.S. and worldwide share of flagship products/services
The 10-K gives no market share or rank for Hormel’s brands.
Reviewed: Form 10-K (FY2025, year ended 2025-10-26) · Form 10-Q (quarter ended 2026-07-26)
07
Recent strategic focusSite analysis
Recent developments.
Fiscal 2025 results
Net sales $12,106M (+1.6%); operating income $719M; net earnings $478M; EPS $0.87.
Source: Form 10-K (FY2025, year ended 2025-10-26)
Q3 fiscal 2026
Net sales $2,961M versus $3,033M; net earnings $60M versus $184M after $155M of nonrecurring items (Brazil loss, Indonesia investment impairment, litigation settlement).
Source: Form 10-Q (quarter ended 2026-07-26)
Portfolio
Sold 51% of Justin’s (December 2025, $75.8M), the whole-bird turkey business (April 2026, $61.2M) and Brazil operations (July 2026).
Source: Form 10-Q (quarter ended 2026-07-26)
Brakebush deal
Agreed September 29, 2026 to acquire Brakebush Brothers for a base price of $1.055B in cash.
Source: Form 8-K (2026-09-30) — Item 1.01 agreement to acquire Brakebush Brothers
New CFO
Ash Bhumbla, formerly of Tyson Foods, became CFO on September 8, 2026.
Source: Form 8-K (2026-08-24) — Item 5.02 CFO appointment
Capex ÷ D&A (FY2025)
1.18x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$311M ÷ $264M = 1.18x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
0.3%
formularesearch & development expense ÷ revenue × 100
e.g.$35M ÷ $12,106M × 100 = 0.3%
M&A spend (6-year total)
$3.67B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $368M in FY2020 to $311M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-12-05
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$12.11B
As reported in the 10-K
Revenue CAGR (5 years)
+4.7%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($12,106M ÷ $9,608M) ^ (1÷5) − 1 = 4.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
5.9%▼caution
-5.5pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$719M ÷ $12,106M × 100 = 5.9%
ROE (FY2025)
6.0%
6-year average: 11.4%
As reported in the 10-K
P/B (FY2025 end)
1.66x
formulafiscal year-end closing price ÷ book value per share
e.g.$23.83 ÷ $14.36 = 1.66x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
15.6x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($13,109M + $2,857M − $671M) ÷ ($719M + $264M) = 15.6x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +4.7% a year over 5 years (modest growth)
From $9.61B in FY2020 to $12.11B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Operating margin declined: 11.5% → 5.9%
How much operating profit is left per $100 of revenue. It moved -5.5 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 59.0% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 11.4% over 6 years (latest: 6.0%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Brakebush Brothers
- Forward Consumer Partners (Justin’s)
07 · what it does
Key activities
- Retail grocery and club products
- Foodservice products for restaurants and institutions
- International exports and joint ventures
06 · what it draws on
Key resources
- About 20,000 employees, over 90% in the U.S.; about 20% under collective bargaining
- Pork and turkey supply and processing plants
- Brands such as SPAM, Planters, Skippy and Jennie-O
02 · why customers buy
Value propositions
- Branded and value-added foods (SPAM, Planters, Jennie-O, Skippy); competes on price, quality, brand and breadth of product line.
04 · how it keeps them
Customer relationships
- Ongoing relationships with retailers and foodservice distributors and operators.
03 · how it reaches them
Channels
- A dedicated network of direct and indirect sales personnel, plus independent brokers and distributors.
01 · who it serves
Customer segments
- Walmart (15.6% of fiscal 2025 gross sales)
- Top five customers about 38% of gross sales
- Foodservice distributors and operators
09 · where money goes
Cost structure
FY2025, share of revenue ($12.11B)
- Cost of revenue84.4%
- Research & development0.3%
- Selling, general & administrative8.2%
- Other operating costs1.2%
Operating profit left: 5.9% of revenue. Depreciation & amortization (inside the costs above): $264M. Capital spending: $311M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Retail $7,455M
- Foodservice $3,942M
- International $709M (fiscal 2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Processes meat and other food products and sells branded and value-added foods to retailers, foodservice distributors and operators, and international customers.
01 what it draws on
Inputs & resources
- About 20,000 employees, over 90% in the U.S.; about 20% under collective bargaining
- Pork and turkey supply and processing plants
- Brands such as SPAM, Planters, Skippy and Jennie-O
02 what it does
Activities
- Retail grocery and club products
- Foodservice products for restaurants and institutions
- International exports and joint ventures
03 who it serves
Customers
- Walmart (15.6% of fiscal 2025 gross sales)
- Top five customers about 38% of gross sales
- Foodservice distributors and operators
04 how money comes in
How it earns
- Retail $7,455M
- Foodservice $3,942M
- International $709M (fiscal 2025)
How the business makes money
- U.S. sales $11,437M; foreign $669M.
- Segment profit fiscal 2025: Foodservice $555M, Retail $425M, International −$80M.
- Dividends paid were a record $633M in fiscal 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Hormel bought federal energy tax credits and faces regulatory compliance costs.
Government funding & tax credits
Energy tax credits
Fiscal 2024 tax rate benefited from purchased federal energy tax credits.
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Approvals & licenses
Government regulation
Present and future regulation brings compliance costs and potential sanctions.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025 (year ended Oct 26, 2025))
Unit: $M — bar length = revenue, (%) = share of total company revenue
Retail
7,455.2 (62%)Foodservice
3,941.8 (33%)International
709.1 (6%)
Source: Form 10-K (FY2025, year ended 2025-10-26) Total net sales $12,106.2M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025 (year ended Oct 26, 2025))
United States — 94% of revenue
Revenue by country / region (FY2025 (year ended Oct 26, 2025))
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
11,437.1 (94%)Foreign
669.1 (6%)
Source: Form 10-K (FY2025, year ended 2025-10-26) Net sales by geography.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Brakebush Brothers
Agreement to acquire for $1.055B in cash, expected to close in Q1 fiscal 2027.
Source: Form 8-K (2026-09-30) — Item 1.01 agreement to acquire Brakebush Brothers
Joint venture
Forward Consumer Partners (Justin’s)
Sold 51% of Justin’s in December 2025 and kept significant influence through Joy Topco.
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Retailers, foodservice distributors and operators, and international customers.
Named by the company
- Walmart Inc. — 15.6% of fiscal 2025 consolidated gross sales less returns and allowances (about $2.0B), in Retail and International.Form 10-K (FY2025, year ended 2025-10-26)
Suppliers
Hog and turkey producers and other raw material suppliers.
Named by the company
No single supplier is named as material.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Hormel competes with pork and turkey processors and national and regional producers of other proteins; the 10-K names no specific competitors.
Competitors named in the 10-K
The 10-K names competitor categories only.
Peer group the company chose
2025–2027 LTIP peer group (20 food companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Publicly traded food industry companies used for relative TSR, unchanged from the prior cycle.
- The Campbell's Companysite ↗
- Hain Celestialsite ↗
- PepsiCosite ↗
- Cloroxsite ↗
- Hersheysite ↗
- Pilgrim’s Pridesite ↗
- Coca-Cola Companysite ↗
- J.M. Smuckersite ↗
- Post Holdingssite ↗
- Conagra Brandssite ↗
- Kellanovasite ↗
- Seaboardsite ↗
- Flowers Foodssite ↗
- Kraft Heinzsite ↗
- TreeHouse Foodssite ↗
- Fresh Del Monte Producesite ↗
- McCormicksite ↗
- Tyson Foodssite ↗
- General Millssite ↗
- Mondelez Internationalsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-12-05
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-12-05
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-12-05
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-12-05
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 9,608 | 11,386 | 12,459 | 12,110 | 11,921 | 12,106 |
| Operating income | 1,100 | 1,123 | 1,313 | 1,072 | 1,068 | 719 |
| Pretax income | 1,115 | 1,126 | 1,278 | 1,013 | 1,035 | 663 |
| Net income (attributable) | 908 | 909 | 1,000 | 794 | 805 | 478 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 18.5% | 9.4% | -2.8% | -1.6% | 1.6% |
| Operating margincalcoperating income ÷ revenue × 100 | 11.5% | 9.9% | 10.5% | 8.9% | 9.0% | 5.9% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 9.5% | 8.0% | 8.0% | 6.6% | 6.8% | 4.0% |
| Balance sheet ($M) | ||||||
| Total assets | 9,908 | 12,696 | 13,307 | 13,449 | 13,435 | 13,393 |
| Total equity | 6,430 | 6,978 | 7,540 | 7,739 | 8,004 | 7,916 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 1,304 | 3,324 | 3,299 | 3,309 | 2,859 | 2,857 |
| Equity ratio | 64.9% | 54.9% | 56.6% | 57.5% | 59.5% | 59.0% |
| ROE | 14.1% | 13.6% | 13.8% | 10.4% | 10.2% | 6.0% |
| Cash flow ($M) | ||||||
| Operating CF | 1,128 | 1,002 | 1,135 | 1,048 | 1,267 | 845 |
| Investing CF | -656 | -3,626 | -258 | -690 | -237 | -299 |
| Financing CF | 566 | 1,521 | -487 | -600 | -1,030 | -614 |
| Free cash flowcalccash flow from operations − capital expenditures | 761 | 770 | 856 | 778 | 1,010 | 534 |
| Cash and equivalents | 1,714 | 614 | 982 | 737 | 742 | 671 |
| Per share & other | ||||||
| EPS ($) | 1.66 | 1.66 | 1.82 | 1.45 | 1.47 | 0.87 |
| BVPS ($) | 11.90 | 12.86 | 13.79 | 14.15 | 14.57 | 14.36 |
| Dividend per share ($) | 0.93 | 0.98 | 1.04 | 1.10 | 1.13 | 1.16 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 56.0% | 59.0% | 57.1% | 75.9% | 76.9% | 133.3% |
| P/E (x) | 29.9 | 25.5 | 25.8 | 21.7 | 21.1 | 27.4 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 20.2 | 19.3 | 18.1 | 14.9 | 14.5 | 15.6 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 4.17 | 3.29 | 3.41 | 2.22 | 2.13 | 1.66 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-07-26 | $2.96B-2.4% | $111M-53.7% | $60M-67.6% | $0.11 |
| 2026-04-26 | $2.97B+2.5% | $217M-12.6% | $157M-12.5% | $0.29 |
| 2026-01-25 | $3.03B+1.3% | $244M+6.7% | $182M+6.6% | $0.33 |
| 2025-10-26 † | $3.19B+1.5% | $2M-99.3% | −$56M-125.5% | — |
| 2025-07-27 | $3.03B | $240M | $184M | $0.33 |
| 2025-04-27 | $2.9B | $248M | $180M | $0.33 |
| 2025-01-26 | $2.99B | $228M | $171M | $0.31 |
| 2024-10-27 † | $3.14B | $294M | $220M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
5.1%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$719M × (1 − 23.5%) ÷ $10,818M × 100 = 5.1%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
5.88%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $13.11B ÷ ($13.11B + $2.86B) = 82.1%
e.g.Debt weight: $2.86B ÷ ($13.11B + $2.86B) = 17.9%
e.g.WACC: 6.7% × 82.1% + 2.7% × (1 − 23.5%) × 17.9% = 5.88%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 4.9%–7.2% and ROIC − WACC runs −2.1 to +0.2 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 5.88% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.32 (price-derived adjusted beta, but correlation with the market is low (R² 0.00), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 6.71%
- Cost of debt
- 2.73%
- Tax rate
- 23.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 82% : 18%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 5.88%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.32 (price-derived adjusted beta. Raw β -0.01, R² 0.00, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × -0.014 + 0.33 = 0.321
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.32 × 5.5% = 6.7%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
2.1%
Perpetual FCF growth: g = r − FCF ÷ EV = 5.9% − 3.8%
Past FCF growth (FY2020–FY2025)
-6.8%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+4.7%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $534M (operating CF − capex); enterprise value $14.25B = market cap $12.09B (latest close, 2026-11-04) + debt $2.86B − cash and short-term investments $704M; r = WACC of 5.9% using this page’s default assumptions (β 0.32, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$14.06B
FCF $534M ÷ (5.9% − 2.1%)
Theoretical ÷ actual enterprise value
0.99x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 3.9% | 4.9% | 5.9% | 6.9% | 7.9% |
|---|---|---|---|---|---|
| 0% | 0.96x | 0.77x | 0.64x | 0.54x | 0.47x |
| 2% | 1.97x | 1.29x | 0.96x | 0.77x | 0.64x |
| 4% | — | 4.17x | 1.97x | 1.29x | 0.96x |
| 6% | — | — | — | 4.17x | 1.97x |
| 8% | — | — | — | — | — |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.36x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.7%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 108%
Most profit comes from core operations.
- ✓
Days sales outstanding: 27 → 24 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-12-05
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-12-05
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$845M ÷ $478M = 1.77x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$719M ÷ $663M × 100 = 108%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($818M + $785M) ÷ 2 ÷ $12,106M × 365 = 24 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($1,576M + $1,747M) ÷ 2 ÷ $10,214M × 365 = 59 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else — common shares, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 43.8%
- Directors & officers (shares)
- 0.6%
- Everyone else (est.)
- 55.6%
- Directors & officers (voting power)
- 0.6%
- Institutional-ownership rank
- 415 of 416
- Beta (adjusted)
- 0.32
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 100% of covered companies have more
above 1 = swings more than the market
- 241.1M shares reported by 623 13F filers ÷ 550.4M common shares outstanding on 2026-08-23. Option positions are excluded.
- Only the listed common shares are counted; other share classes (often held by founders) are not in this figure.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2025-12-17 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-08-23)
20
Strengths & weaknessesSite analysis
Strengths
1. Dividend record
60th consecutive year of dividend increases; 2026 annualized rate $1.17.
Evidence: Form 10-K (FY2025, year ended 2025-10-26)
2. Strong brands
Planters, SPAM, Jennie-O, Skippy, Applegate and more than 30 other brands.
Evidence: Form 10-K (FY2025, year ended 2025-10-26)
3. Foodservice profitability
Foodservice segment profit of $555M on $3,942M of fiscal 2025 sales.
Evidence: Form 10-K (FY2025, year ended 2025-10-26)
Weaknesses
1. Falling profits
Net earnings fell from $1,000M (fiscal 2022) to $478M (fiscal 2025).
Evidence: Form 10-K (FY2025, year ended 2025-10-26)
2. Retail profit collapse
Q4 fiscal 2025 Retail segment profit fell 70% to $46M.
Evidence: Form 10-K (FY2025, year ended 2025-10-26)
3. Customer concentration
Walmart alone was 15.6% of gross sales.
Evidence: Form 10-K (FY2025, year ended 2025-10-26)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
27.4x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
4.87%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
133%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
4.1%
(Operating CF − capex) ÷ market cap
1. Dividend aristocrat
60 straight years of dividend increases.
- What has to hold
- Earnings recover.
- The other side
- Payout ratio is high after the earnings drop.
Evidence: Form 10-K (FY2025, year ended 2025-10-26)
2. Portfolio reshaping
Exiting low-return businesses and adding Brakebush.
- What has to hold
- Mix improves.
- The other side
- Execution risk.
Evidence: Form 8-K (2026-09-30) — Item 1.01 agreement to acquire Brakebush Brothers
Fiscal years end in late October. Shares and book value per share are from the balance sheets (not tagged in XBRL).
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
100x+
$704M vs. $7M
Interest coverage (operating income ÷ interest expense)
9.2x
$719M vs. $78M
Free cash flow ÷ dividends paid
0.8x
$534M vs. $633M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -2.8% in FY2023 ($12.46B → $12.11B) | Not yet, as of FY2025 |
| Operating income | -32.7% in FY2025 ($1.07B → $719M) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net earnings stayed above $478M in every year 2020–2025.
Source: Form 10-K (FY2025, year ended 2025-10-26)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Hormel has settled most protein antitrust cases (pork, poultry wages, red meat wages) and in Q3 fiscal 2026 agreed to pay $37.5 million to turkey direct purchasers; other turkey claims remain pending.
1 open matter (1 flagged as major) · 2 settled or closed
In re Turkey Antitrust Litigation
PendingAntitrustMajorTurkey purchasers v. Hormel (Jennie-O) and other processors (N.D. Ill.)
Alleged conspiracy (2010–2017) to fix turkey prices, including via Agri Stats. Hormel agreed to pay $37.5M to the direct purchaser class (subject to court approval) and continues to defend direct-action and indirect purchaser claims.
- Amounts
- $37.5 million settlement with direct purchaser class
Source: Form 10-Q (quarter ended 2026-07-26) — Commitments and Contingencies
In re Pork Antitrust Litigation
SettledAntitrustPork purchasers v. Hormel and other processors (D. Minn.)
Hormel paid $11.8M to class plaintiffs (fiscal 2024) and $0.2M to one direct-action plaintiff; the court granted summary judgment dismissing Hormel from the federal litigation.
- Amounts
- $12.0 million
Source: Form 10-K (FY2025, year ended 2025-10-26) — Commitments and Contingencies
Poultry and red meat wages antitrust cases
SettledAntitrustPlant workers v. Jennie-O / Hormel and other processors
Settled in August 2024 for $3.5M (poultry wages) and $13.5M (red meat wages), both paid in fiscal 2025.
- Amounts
- $17.0 million
Source: Form 10-K (FY2025, year ended 2025-10-26) — Commitments and Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-07-26) — Note on Commitments and Contingencies, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Raw materials & energy
Commodity costs
- Company disclosure (summarized from the 10-K)
- Pork, turkey, beef and nut input costs can swing margins.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Customer/supplier concentration
Retailer concentration
- Company disclosure (summarized from the 10-K)
- Top five customers about 38% of gross sales.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Law & regulation
Antitrust litigation
- Company disclosure (summarized from the 10-K)
- Turkey antitrust claims by direct-action plaintiffs and indirect purchasers remain pending.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4M&A & integration
Portfolio changes
- Company disclosure (summarized from the 10-K)
- Divestitures and the Brakebush acquisition must be executed and integrated.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Disaster
Animal disease
- Company disclosure (summarized from the 10-K)
- Avian influenza and other animal diseases can disrupt supply.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
▪ The imposition of tariffs, quotas, trade barriers, or other restrictions could increase the cost of key inputs or reduce their availability. Read more
In particular, recent U.S. tariffs imposed or threatened to be imposed on a variety of countries, and any retaliatory actions taken by such countries, could result in the Company incurring additional costs to procure key inputs.
Any of these outcomes could adversely impact the Company's reputation, results of operations, and financial condition.
During the Company’s fiscal 2025 quantitative impairment testing, the International reporting unit with a goodwill balance of $258.9 million was identified as having modest fair value in excess of its carrying amount and is considered at heightened risk of impairment. Separately, impairments were recognized on the Planters ® and Chi-Chi's ® trade names for $59.1 million and $2.9 million, respectively. The Justin’s ® trade name was also identified as having heightened risk of impairment. As of October 26, 2025, the total carrying value of indefinite-lived intangible assets considered at heightened risk, including the trade names impaired, was $683.3 million. If the Company continues to face unfavorable changes in any of the factors impacting its intangible assets, the Company may be required to record impairment charges in connection with such assets, which could adversely affect the…
Furthermore, in the fourth quarter of fiscal 2025, the Company commenced a corporate restructuring plan, the focus of which is to reduce administrative expenses, improve efficiencies, and align the workforce to the Company’s future needs, while enabling continued investment in the Company’s growth. The program includes a voluntary early retirement program for certain groups of employees, the closing of certain open roles, involuntary role reductions, and making select changes to benefit programs. If the Company is unable to fully realize the anticipated benefits of this corporate restructuring plan, including the reduction of expenses and the enablement of continued investment in the Company's growth, the Company's results of operations could be adversely impacted.
The Company relies on suppliers, distributors, and other third parties to source key inputs, deliver products to customers, and support its operations. Read more
Any termination of, or adverse change in, the Company's relationship with any of these companies could decrease the Company's sales, increase the Company's costs, and negatively impact the Company's results of operations.
The Company may be adversely impacted if the Company is affected by cybersecurity attacks or other security breaches. Read more
IT systems are an important part of the Company’s business operations. The Company also increasingly relies upon third-party service providers for a variety of business functions, including cloud-based services. The Company has programs in place to prevent, detect, contain, and respond to cyber incidents. However, the Company may be unable to anticipate security incidents, detect attacks, or implement adequate preventive measures as cyber threats continue to evolve and cyberattacks have become more sophisticated and frequent, including through the use of enhanced technologies and capabilities (such as artificial intelligence) by threat actors with a wide range of expertise and motives. For example, threat actors have increasingly targeted organizations in the U.S. and…
The Company and third parties with whom it does business face attempts by others to gain unauthorized access to, sabotage, take control of, and corrupt, its or their IT systems and data. Read more
As a result of these types of attempts, both the Company and third
parties with whom it does business have experienced information security, cybersecurity, and data privacy incidents. Read more
None of these incidents have had a material impact on the Company's business strategy, results of operations, or financial condition. If the Company or third parties with whom the Company does business experience additional significant information security, cybersecurity, or data privacy incidents or fail to detect and appropriately respond to significant incidents, the Company's business operations could be severely disrupted and it could be exposed to costly government enforcement actions and private litigation. In addition, the Company's customers and consumers could delay, reduce, or cease purchases of the Company's products. Any of these outcomes could adversely affect the Company's reputation, results of operations, and financial condition.
No longer in the text (4)
Volatility in financial markets and the deterioration of national and global economic conditions could impact the Company’s operations as follows:
The Company has no manufacturing operations in Russia, Ukraine, or the Middle East, yet it has experienced inflated fuel costs and supply chain shortages and delays due to the impact of the military conflicts on the global economy. Read more
If these conflicts or others arise or escalate further, the Company could, among other things, face additional supply chain disruptions, rising prices for oil and other commodities, volatility in capital markets and foreign exchange rates, rising interest rates, or heightened cybersecurity risks, any of which may adversely affect the Company’s business.
If a highly pathogenic human disease outbreak developed, such as COVID-19, it may negatively impact the global economy, demand for Company products, the supply chain, the Company’s co-manufacturers, and/or the Company’s workforce availability including leadership, and the Company’s financial results could suffer. The Company has developed contingency plans to address infectious disease scenarios and the potential impact on its operations and will continue to update these plans, as necessary. There can be no assurance given, however, that these plans will be effective in eliminating the negative effects of any such diseases on the Company’s operating results.
Any of these risks could impact the Company’s financial results and business reputation.
30 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Dec 5, 2025 ↗ with the 10-K filed Dec 5, 2024 ↗.
26
What to watch going forwardSite analysis
- Closing and integration of Brakebush (expected Q1 fiscal 2027).
- Retail segment margin recovery.
- Turkey antitrust litigation.
- Transform and Modernize savings.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 09:02 (SEC EDGAR) · Source 10-K filed: December 5, 2025
Built on10-K FY2025 · filed 2025-12-05Proxy statement (2025)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Hormel Foods’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.