THE J. M. SMUCKER COMPANY (SJM): what the price assumes

In the published model solve dated 2026-Q2, anchored at $132.34, THE J. M. SMUCKER COMPANY (SJM) is priced for -3.5% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-06-28.

Generated: 2026-08-30 · Source: https://boothcheck.com/report/SJM

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

Solve inputs: computed at a 6% cost of capital with 4% terminal growth over a 5-year stage (computed at the 6% minimum rate; the CAPM rate 5.5% sits below it).

How unusual the bet is: within-range (limited comparison data)

Valuation X-Ray

Asset, earnings-power and peer-multiple models all land far below the price; ONLY the growth-DCF reaches it. The bet is durable compounding the static frames structurally cannot price (a moat/durability premium).

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that justify the price: Growth Families that call it expensive: Asset, Earnings, Relative

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 7.5%); the inversion above states its own rate.

Per-Model Detail (n=16)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Interest expense is not separately reported in the latest filings, so interest coverage cannot be computed.

Bullet Takeaways

• Smucker is a portfolio of staple food brands across coffee (Folgers, Dunkin', Café Bustelo), frozen handheld and spreads (Uncrustables, Jif), pet snacks (Milk-Bone, Meow Mix), and the troubled Hostess sweet-baked-snacks business it bought in 2023.
• The price pays only about 16 times through-the-cycle operating income, low enough to sit below what even a slow decline in operating profit would justify, which is the market treating Smucker as a stable, lightly-growing cash payer rather than a grower.
• The two swing variables are the Hostess turnaround, after a $961.7 million impairment in fiscal 2026 wrote down the acquired brand, and the durability of coffee pricing, where net price realization has been carrying sales as volumes soften.

Bull Case

The most encouraging thing in the recent numbers is the direction of profit despite a hard year, and that is the right place to start. Smucker grew comparable net sales 7% in fiscal 2025, with U.S. Retail Coffee net sales up $102.2 million on net price realization that added 5 percentage points from higher pricing for Folgers and Café Bustelo. Coffee is the largest and most defensible part of the portfolio: it is a daily-habit category where brand loyalty is sticky and pricing tends to hold, and Smucker has demonstrated it can take price. Into fiscal 2026 that continued, with management reporting coffee and Hostess driving profit growth and adjusted earnings rising in the most recent quarter.

Uncrustables is the genuine growth engine inside an otherwise mature business. The frozen handheld and spreads segment carries the Uncrustables, Jif and Smucker's brands, and management has repeatedly pointed to Uncrustables as a high-confidence grower bucking the volume softness elsewhere in the portfolio. A single brand scaling from snack into a broader frozen-handheld habit gives Smucker a volume story most packaged-food peers lack, and it is the kind of organic growth that does not depend on price increases that eventually meet consumer resistance.

The bull case turns on cash generation and deleveraging. At about 16 times through-the-cycle operating income the price already assumes little growth, so the company does not need to surprise to the upside; it needs to convert its staple brands into cash, pay down the debt taken on for Hostess, and stabilize the weak parts. Management's fiscal 2027 framing centers on exactly that: profit growth in coffee and Hostess, continued Uncrustables momentum, and a focus on debt reduction and disciplined capital deployment. The share count has edged down, and a portfolio of category-leading staples throwing off steady cash at a low multiple is a defensive holding the market is pricing conservatively.

Bear Case

The fragile assumption baked into the bull case is that the Hostess acquisition stops destroying value, and the evidence so far argues the other way. Smucker recorded $961.7 million of impairment charges in fiscal 2026 on the Sweet Baked Snacks reporting unit and the Hostess trademark, eliminating goodwill for that unit and reflecting lower long-term expectations for the acquired business. The 10-K is candid that the company faced "execution challenges from a distribution, merchandising, and competitive standpoint, which resulted in lost market share," and that the "sustained underperformance of the sweet baked goods category since acquisition" forced a cut to the long-term growth rate. A turnaround that requires roughly 30% profit growth to deliver is a turnaround that has not yet happened, and the impairment is the company conceding it overpaid.

The second fragile assumption is that coffee pricing holds while volumes do not. Smucker's recent sales growth has leaned heavily on net price realization, with one period showing a 10-percentage-point lift from pricing partially offset by a 4-point drag from volume and mix as coffee and sweet baked goods volumes fell. Pricing can carry revenue for a while, but a packaged-food company that grows the top line by charging more for fewer units is on a treadmill: at some point consumers trade down to private label, and the volume decline accelerates. Green coffee input costs are also volatile and outside the company's control, so the pricing power that looks like strength can compress margins if costs rise faster than the company can pass them through.

The leverage is the amplifier under both risks. Net debt of about $7.0 billion runs more than five times operating income, much of it taken on for the Hostess deal that just got written down. That debt has the first claim on cash flow, which constrains how much can go to deleveraging, the dividend, and brand investment all at once. The price already reflects a cautious view, paying only about 16 times through-cycle operating income, but the bear is that the through-cycle margin itself drifts lower if Hostess does not recover and coffee volumes keep eroding. A levered, slow-growth staples business with a failed acquisition on the books can stay cheap for a long time, and the debt removes the cushion to wait it out comfortably.

Valuation

At today's price the market pays only about 16 times through-the-cycle operating income, a multiple so low that the price sits below what even a 5%-a-year decline in operating profit would warrant. That is the bound, not a solved growth rate, and it tells you the market is not asking Smucker to grow; it is pricing a stable staples business in modest decline. The figure uses the company's own mid-cycle margin of about 13.5% on current revenue rather than the depressed trailing year, because the trailing margin near 4% was distorted by the large Hostess impairment and would otherwise overstate how stretched the business is.

The valuation methods split along a clear line. The relative-multiple and forward-growth methods land at or near the price, justifying it, while the asset-value and earnings-power methods call it expensive, partly because the recent impairment cut into book value and reported earnings. When the peer-multiple lens already supports the price, the stock is priced as a discounted staples name rather than a stretched one, which fits a portfolio of category-leading brands the market has marked down for the Hostess misstep and soft volumes. Against its food-and-beverage cohort, this is a below-average multiple, consistent with a slower grower carrying more leverage than most.

Solvency is where the analysis has to land, because the debt dominates the equity story. Net debt of about $7.0 billion runs more than five times operating income, and much of it financed the Hostess acquisition now written down. That leverage means the free cash flow the staple brands generate is split between servicing debt, funding the dividend, and reinvesting, and the company's own fiscal 2027 priority is debt reduction. The decisive variable for the price is therefore not the multiple, which is already cautious; it is whether the through-cycle operating margin holds as the company deleverages, because a levered business that fails to stabilize its weakest segment can see the very margin the valuation rests on drift below where the methods assume it sits.

Catalysts

Smucker closed fiscal 2026 in late April and reported results in June, framing strong full-year performance and a fiscal 2027 outlook built on profit growth in coffee and Hostess, continued Uncrustables momentum, and debt reduction. The most recent quarter showed adjusted earnings rising, with coffee and Hostess driving profit growth, even as reported results carried the weight of the year's impairment.

The Hostess turnaround is the catalyst with the most at stake. After recording $961.7 million of impairment charges in fiscal 2026 on the Sweet Baked Snacks unit and Hostess trademark, management is targeting a meaningful profit-growth recovery in the segment through improved cost management. Each quarter of sweet-baked-snacks results is a referendum on whether the integration and competitive execution problems that drove lost market share are being fixed, and the size of the prior impairment means the market will be skeptical until the numbers show it.

Coffee pricing and volume are the other watch points. Recent sales growth has leaned on net price realization, with double-digit pricing offsetting volume and mix declines in coffee. The sustainability of that pricing against green-coffee cost swings and the risk of consumers trading toward private label will shape margins, while Uncrustables remains the clearest source of organic volume growth. The trajectory of debt reduction through fiscal 2027 is the financial milestone that determines how much of the staple-brand cash flow ultimately reaches shareholders.

Peer Cohorts (Per Segment, With Filing Citations)

U.S. Retail Coffee (reported)

• KDP (Keurig Dr Pepper Inc.)
• FY2025 10-K: …manufacture and distribution of branded concentrates, syrups, finished beverages, and other consumables, including the sales of our own brands and third-party brands, to third-party bottlers, distributors, and retailers. • The U.S. Coffee segment reflects sales in the U.S. from the manufacture and distribution of…
• FY2025 10-K: …the prior year, primarily driven by increased debt and higher financing costs (12 percentage points), which were mostly offset by a favorable year-over-year change in unrealized mark-to-market activity (10 percentage points). Other expense (income), net reflected an unfavorable change of $192 million for the year…
• KHC (Kraft Heinz Co)
• FY2025 10-K: …care facilities, and government agencies. Our products are also sold online through various e-commerce platforms and retailers. We have key customers in different regions around the world. In 2025, the five largest customers in our North America segment accounted for approximately 46% of North America segment net…
• FY2025 10-K: …market share. Our Protect role contains platforms that are expected to have moderate growth potential, tend to generate higher gross margins, and are in markets in which we have higher market share. Our Balance role contains platforms that include commodity-heavy categories with relatively flat growth potential but…
• MDLZ (Mondelez International, Inc.)
• FY2025 10-K: …position, results of operations and cash flows and did not include an admission by Mondelēz Global. Several class action complaints also were filed against Mondelēz Global in the District Court by investors who copied and expanded upon the CFTC allegations in a series of private claims for monetary damages as well as…
• FY2025 10-K: 910 $ (231) (2.1) % Segment operating income 1,904 2,492 (588) (23.6) % Net revenues decreased $231 million (2.1%), due to unfavorable volume/mix (2.7 pp) and unfavorable currency translation rate changes (0.2 pp), partially offset by higher pricing (0.8 pp). Unfavorable volume/mix was driven by declines in biscuits &…
• POST (Post Holdings, Inc.)
• FY2025 10-K: …distributor of branded and private label dry pasta and private label nut butters, granola and dried fruit and nut products and is reported in the Post Consumer Brands segment. The acquisition was completed using cash on hand and borrowings under the Revolving Credit Facility (as defined in Note 16). Based upon the…
• FY2025 10-K: …in Jordan, Minnesota, which is under construction and is expected to commence operations in fiscal 2027. Refrigerated Retail The Refrigerated Retail segment has leased administrative offices in New Albany, Ohio; Cincinnati, Ohio; Rogers, Arkansas and Edina, Minnesota. In addition to certain of the egg products…
• GIS (GENERAL MILLS INC)
• FY2025 10-K: …located. Our North America Pet operating segment includes pet food products sold primarily in the United States and Canada in national pet superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and hospitals. Our product categories include dog…
• FY2025 10-K: RevenueNetMember us-gaap:CustomerConcentrationRiskMember gis:WalmartMember 2024-05-27 2025-05-25 0000040704 gis:NorthAmericaRetailSegmentMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember gis:WalmartMember 2024-05-27 2025-05-25 0000040704 gis:NorthAmericaFoodserviceMember…

U.S. Retail Frozen Handheld and Spreads (reported)

• CAG (CONAGRA BRANDS, INC.)
• FY2025 10-K: ​ ​ ​ ​ ​ ​ ​ ($ in millions) ​ Fiscal 2025 ​ Fiscal 2024 ​ % Inc ​ Reporting Segment Net Sales Net Sales (Dec) ​ Grocery & Snacks ​ $ 4,899.3 ​ $ 4,958.7 ​ (1.2)% ​ Refrigerated & Frozen ​ ​ 4,662.3 ​ ​ 4,865.5 ​ (4.2)% ​ International ​ ​ 956.5 ​ ​ 1,078.3 ​ (11.3)% ​ Foodservice ​ ​ 1,094.7 ​ ​ 1,148.4 ​ (4.7)% ​…
• FY2025 10-K: 03; $ ( 37.1 ) Net derivative gains (losses) allocated to Grocery & Snacks ​ $ ( 4.8 ) ​ $ ( 6.1 ) ​ $ 6.0 Net derivative gains (losses) allocated to Refrigerated & Frozen ​ ​ ( 3.1 ) ​ ​ ( 1.2 ) ​ ​ 9.6 Net derivative gains (losses) allocated to International ​ ​ 7.1 ​ ​ ( 5.6 ) ​ ​ 2.5 Net derivative gains (losses)…
• GIS (GENERAL MILLS INC)
• FY2025 10-K: 9; wholesome natural pet food; ● refrigerated and frozen dough; ● baking mixes and ingredients; ● yogurt; and ● super-premium ice cream. Our Cereal Partners Worldwide (CPW) joint venture with Nestlé S.A. (Nestlé) competes in the ready-to-eat cereal category in markets outside North America, and our Häagen-Dazs Japan,…
• FY2025 10-K: …the Pet segment to the North America Pet segment to reflect that pet food results outside North America are recorded in the International segment. There were no changes to the composition of our reportable segments or information reviewed by our CODM and no impact on our historical segment operating results. Our…
• HRL (HORMEL FOODS CORPORATION)
• FY2025 10-K: …is included in segment profit; however, earnings attributable to the Company's corporate venturing investments and noncontrolling interests are excluded. These items are included below as Net Unallocated Expense and Noncontrolling Interest when reconciling to Earnings Before Income Taxes. The Company is an integrated…
• FY2025 10-K: …the significant expense categories regularly provided to the CODM, are provided below. Certain portions of these expenses are retained at the corporate level and are presented in Net Unallocated Expense. The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations,…
• MKC (McCORMICK & COMPANY, INCORPORATED)
• FY2025 10-K: …the current year and the prior fiscal year. Rates of constant currency and organic growth (decline) follow: For the year ended November 30, 2025 Percentage change as reported Impact of foreign currency exchange Percentage change on both a constant currency and organic basis Net sales: Consumer segment: Americas 2.0 %…
• FY2025 10-K: …of such loss can be reasonably estimated. At November 30, 2025 and 2024, no material reserves were recorded. The determination of probability and the estimation of the actual amount of any such loss are inherently unpredictable, and it is therefore possible that the eventual outcome of such claims and litigation…
• POST (Post Holdings, Inc.)
• FY2025 10-K: …by incremental HPAI pricing (partially offset by the pass-through of lower grain costs) and 3% higher volumes. Sales of side dishes were up $15.5 million, or 6%, driven by 6% higher volumes primarily due to the inclusion of seven months of PPI. Sales of all other products were up $48.9 million, primarily driven by…
• FY2025 10-K: …in Jordan, Minnesota, which is under construction and is expected to commence operations in fiscal 2027. Refrigerated Retail The Refrigerated Retail segment has leased administrative offices in New Albany, Ohio; Cincinnati, Ohio; Rogers, Arkansas and Edina, Minnesota. In addition to certain of the egg products…
• KHC (Kraft Heinz Co)
• FY2025 10-K: …market share. Our Protect role contains platforms that are expected to have moderate growth potential, tend to generate higher gross margins, and are in markets in which we have higher market share. Our Balance role contains platforms that include commodity-heavy categories with relatively flat growth potential but…
• FY2025 10-K: …us-gaap:CostOfSalesMember 2023-12-31 2024-12-28 0001637459 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember 2023-01-01 2023-12-30 0001637459 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2024-12-29…

U.S. Retail Pet Foods (reported)

• FRPT (FRESHPET, INC.)
• FY2025 10-K: …nutrition and veterinary nutritionists. Our team often identifies pet parents' needs by evaluating emerging demand trends in both pet food and human food. New products are refined iteratively with the help of consumer panel data to arrive at products that we believe can be commercially successful. The success of our…
• FY2025 10-K: …product choices to improve the well-being of our pets, enrich pet parents' lives, and contribute to communities. Our Products Freshpet's business operates in a single segment: the manufacturing, marketing and distribution of fresh dog food, cat food, and dog treats. All Freshpet products are made according to our…
• CENT (Central Garden & Pet Company)
• FY2025 10-K: …animal categories. The pet supplies segment includes dog and cat treats, chews, toys, beds, containment, grooming products, waste management solutions; aquatics, reptile, small animal, and pet bird supplies, including toys, enclosures, habitats, bedding, food and supplements; as well as equine and livestock products,…
• FY2025 10-K: …United States, enabling us to serve both mass-market customers and independent pet specialty retail stores. This network supports traditional brick-and-mortar outlets as well as increasingly omnichannel and online-only retailers. Our integrated logistics system also consolidates products from other manufacturers with…
• GIS (GENERAL MILLS INC)
• FY2025 10-K: …the Pet segment to the North America Pet segment to reflect that pet food results outside North America are recorded in the International segment. There were no changes to the composition of our reportable segments or information reviewed by our CODM and no impact on our historical segment operating results. Our…
• FY2025 10-K: …located. Our North America Pet operating segment includes pet food products sold primarily in the United States and Canada in national pet superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and hospitals. Our product categories include dog…

Sweet Baked Snacks (reported)

• FLO (FLOWERS FOODS, INC)
• FY2025 10-K: …bakery foods in the U.S. with Fiscal 2025 sales of $5.3 billion. We operate in the highly competitive fresh bakery market and the acquisition of Simple Mills, completed on February 21, 2025, expands our presence in the better-for-you snacking category. Our product offerings include a wide range of fresh breads, buns,…
• FY2025 10-K: …old, enjoys 93% brand awareness (Source: Kantar Brand Health Tracking Study - Summer 2025 ). Wonder's Classic White loaf is the #2 UPC in the white loaf segment based on dollars and units in the U.S. (Source: Circana Total US MultiOutlet+w/Conv L53 Weeks Ending 1/4/26 ). Wonder's sales, at estimated retail, including…
• JJSF (J&J SNACK FOODS CORP.)
• FY2025 10-K: The Food Service and the Frozen Beverages segments sell primarily to foodservice channels. The Retail Supermarkets segment sells primarily to the retail supermarket channel. The Company's customers in the Food Service segment include snack bars and food stands in chain, department and mass merchandising stores, malls…
• FY2025 10-K: …and/or products to approximately 132,000 Company-owned and customer-owned dispensers. Other Products Other products sold by the Company include funnel cakes sold under the FUNNEL CAKE FACTORY brand name and smaller amounts of various other food products. These products are sold in the Food Service and Frozen…
• HSY (HERSHEY CO)
• FY2025 10-K: …also diversifying our portfolio to capture profitable and incremental growth across the broader snacking continuum. ◦ Our products frequently play an important role in special moments among family and friends. Seasons are an important part of our business model and for consumers, as they are highly anticipated,…
• FY2025 10-K: …and loyalty, effectiveness of marketing and promotional activity, the ability to identify and satisfy consumer preferences, as well as convenience and service. We have also experienced increased competition from other snack items, and through innovation and acquisitions, we are continuing to expand the boundaries of…
• MDLZ (Mondelez International, Inc.)
• FY2025 10-K: …and powdered beverages around the world. We aim to be the global leader in snacking. Our strategy is to drive long-term growth by focusing on four strategic priorities: accelerating consumer-centric growth, driving operational excellence, creating a winning growth culture and scaling sustainable snacking. We believe…
• FY2025 10-K: …and cakes & pastries) • Chocolate • Gum & candy • Beverages • Cheese & grocery Seasonality Demand for our products is generally balanced throughout the year, with increases in the fourth quarter primarily because of holidays and other seasonal events. Depending on the timing of Easter, the holiday sales may shift…
• CAG (CONAGRA BRANDS, INC.)
• FY2025 10-K: …including manufacturing facilities, within each reporting segment, are described in Item 2, Properties . Reporting Segments Our reporting segments are as follows: Grocery & Snacks The Grocery & Snacks reporting segment principally includes branded, shelf-stable food products sold in various retail channels in the…
• FY2025 10-K: ​ ​ ​ ​ ​ ​ ​ ($ in millions) ​ Fiscal 2025 ​ Fiscal 2024 ​ % Inc ​ Reporting Segment Net Sales Net Sales (Dec) ​ Grocery & Snacks ​ $ 4,899.3 ​ $ 4,958.7 ​ (1.2)% ​ Refrigerated & Frozen ​ ​ 4,662.3 ​ ​ 4,865.5 ​ (4.2)% ​ International ​ ​ 956.5 ​ ​ 1,078.3 ​ (11.3)% ​ Foodservice ​ ​ 1,094.7 ​ ​ 1,148.4 ​ (4.7)% ​…

Away From Home (reported)

• CAG (CONAGRA BRANDS, INC.)
• FY2025 10-K: …us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2023-05-29 2024-05-26 0000023217 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2022-05-30 2023-05-28 0000023217…
• FY2025 10-K: …of our products occurs seasonally, during or immediately following the purchase of agricultural crops. Trademarks and Intellectual Property Our intellectual property rights, including our trademarks, licensing agreements, trade secrets, patents, and copyrights are of material importance to our business, and we…
• HRL (HORMEL FOODS CORPORATION)
• FY2025 10-K: Company's products. For example, during the fourth quarter of fiscal 2025, the Company issued a voluntary, class 1 recall related to certain chicken products sold in foodservice channels. In addition, during the third quarter of fiscal 2024, the Company voluntarily recalled a limited number of Planters ® products due…
• FY2025 10-K: U.S. and other countries. Some of the more significant owned or licensed trademarks used by the Company or its affiliates are: HORMEL, ALWAYS TENDER, APPLEGATE, AUSTIN BLUES, BACON 1, BLACK LABEL, BREAD READY, BURKE, CAFÉ H, CERATTI, CHI-CHI'S, COLUMBUS, COMPLEATS, CORN NUTS, CURE 81, DAN'S PRIZE, DI LUSSO, DINTY…
• GIS (GENERAL MILLS INC)
• FY2025 10-K: …principally wheat and oats. This operation holds physical inventories that are carried at net realizable value and uses derivatives to manage its net inventory position and minimize its market exposures. TRADEMARKS AND PATENTS Our products are marketed under a variety of valuable trademarks. Some of the more…
• FY2025 10-K: …• Cedar Rapids, Iowa • Albuquerque, New Mexico • Milwaukee, Wisconsin • Irapuato, Mexico • Buffalo, New York International • Rooty Hill, Australia • Sanhe, China • Nashik, India • Campo Novo do Pareceis, Brazil • Shanghai, China • San Adrian, Spain • Pouso Alegre, Brazil • Arras, France • Guangzhou, China • Labatut,…
• MKC (McCORMICK & COMPANY, INCORPORATED)
• FY2025 10-K: …in our business are dairy products, pepper, garlic, onion, capsicums (red peppers and paprika), salt, tomato products, sugar, and soybean oil. Pepper, along with various spices and herbs, is generally sourced from countries outside the U.S. Raw materials such as dairy products, onion and soybean oil are primarily…
• FY2025 10-K: …incorporated by reference in Part III, Item 10 of this Report, the other executive officer of McCormick is Ana G. Sanchez. Ms. Sanchez is 51 years old and, during the last five years, has held the following positions with McCormick: February 2022 to present - President, EMEA; and February 2020 to January 2022 - Vice…
• TSN (TYSON FOODS, INC.)
• FY2025 10-K: …tsn:PreparedFoodsMember tsn:A2022ProgramMember 2022-10-02 2023-09-30 0000100493 us-gaap:EmployeeSeveranceMember us-gaap:CorporateAndOtherMember tsn:A2022ProgramMember 2022-10-02 2023-09-30 0000100493 us-gaap:EmployeeSeveranceMember tsn:A2022ProgramMember 2022-10-02 2023-09-30 0000100493…
• FY2025 10-K: …on attracting the best talent, recognizing and rewarding performance, while continually developing, engaging and retaining our team members. We focus on the team member experience, removing barriers to engagement, further modernizing the human resources process, focusing on frontline team member retention and…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.