SMITHFIELD FOODS INC (SFD) 10-Year Financial Performance & Capital Metrics

SFD • • Industrial / General

Consumer DefensiveFarm ProductsAnimal Protein ProductionMeat Processors & Packers

AboutSmithfield Foods, Inc. manufactures and markets packaged meats and fresh pork in the United States and internationally. Its Packaged Meats segment processes fresh meat into various packaged meats products, including bacon, sausage, hot dogs, deli and lunch meats, dry sausage products, ham products, ready-to-eat products, and prepared foods, such as pre-cooked entrees, bacon, and sausage to retail and foodservice customers in the United States. This segment markets its packaged meats products under the Smithfield, Eckrich, Nathan's Famous, Farmland, Armour, Farmer John, Kretschmar, Krakus, John Morrell, Cook's, Gwaltney, Carando, Margherita, Curly's, and Smithfield Culinary brands, as well as under private labels. The company's Fresh Pork segment process live hogs into a variety of primal, sub-primal, and offal products, such as bellies, butts, hams, loins, picnics, and ribs. This segment sells its fresh pork products to retail, foodservice and industrial customers, as well as to export markets, including China, Mexico, Japan, South Korea, and Canada. Its Hog Production segment produces and raises its hogs on various company-owned farms and farms that are owned and operated by third-party contract farmers in the United States and Mexico. The Hog Production segment also sells grains to external customers. The company's bioscience operations use raw materials from hogs that process to manufacture heparin products, including an active pharmaceutical ingredient that mitigates the risk of blood clots. The company was founded in 1936 and is based in Smithfield, Virginia. Smithfield Foods, Inc. is a subsidiary of SFDS UK Holdings Limited.Show more

Revenue $14.14B -3.4%
EBITDA $1.46B +292.7%
Net Income $953M +5505.9%
EPS (Diluted) 2.42 +5501.9%
Gross Margin 13.41% +120.9%
EBITDA Margin 10.3% +306.5%
Operating Margin 7.91% +2166.8%
Net Margin 6.74% +5704.3%
ROE 14.07% +6131.4%
ROIC 10.02% +2337.0%
Debt/Equity 0.39 +18.3%
Interest Coverage 16.94 +2398.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 39.0%
✓Strong Piotroski F-Score: 8/9
✓Healthy dividend yield of 3.2%
✓Share count reduced 3.3% through buybacks
✓Trading at only 1.5x book value
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.22%

5Y1.36%

3Y-0.69%

TTM6.58%

Profit (Net Income) CAGR

10Y22.15%

5Y38.98%

3Y28.2%

TTM74.26%

EPS CAGR

10Y9.69%

5Y13.94%

3Y26.69%

TTM101.8%

ROCE

10Y Avg7.85%

5Y Avg8.8%

3Y Avg7.32%

Latest11.06%

Peer Comparison

Meat Processors & Packers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TSNTyson Foods, Inc.	17.1B	60.43	45.44	2.12%	0.87%	2.6%	6.88%	0.48
SFDSMITHFIELD FOODS INC	9.2B	23.41	9.67	-3.4%	5.66%	12.85%	8.55%	0.39

Profit & Loss

	May 2009	May 2010	May 2011	Apr 2012	Apr 2013	Dec 2014	Dec 2015	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	12.49B	11.2B	12.2B	13.09B	13.22B	15.03B	14.44B	16.2B	14.64B	14.14B
Revenue Growth %	0.1%	-0.1%	0.09%	0.07%	0.01%	0.14%	-0.04%	0.12%	-0.1%	-0.03%
Cost of Goods Sold+	11.86B	10.47B	10.49B	11.54B	11.9B	13.26B	12.68B	14.7B	13.75B	12.24B
COGS % of Revenue	0.95%	0.93%	0.86%	0.88%	0.9%	0.88%	0.88%	0.91%	0.94%	0.87%
Gross Profit+	632.4M	730.1M	1.71B	1.55B	1.32B	1.78B	1.76B	1.5B	889M	1.9B
Gross Margin %	0.05%	0.07%	0.14%	0.12%	0.1%	0.12%	0.12%	0.09%	0.06%	0.13%
Gross Profit Growth %	-0.45%	0.15%	1.35%	-0.1%	-0.15%	0.35%	-0.01%	-0.15%	-0.41%	1.13%
Operating Expenses+	856.3M	667.3M	619.1M	826.8M	800.4M	844M	961.6M	378M	945M	780M
OpEx % of Revenue	0.07%	0.06%	0.05%	0.06%	0.06%	0.06%	0.07%	0.02%	0.06%	0.06%
Selling, General & Admin	798.4M	705.9M	789.8M	816.9M	815.4M	902.2M	973.3M	807M	1.05B	840M
SG&A % of Revenue	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.07%	0.05%	0.07%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	57.9M	-38.6M	-170.7M	9.9M	-15M	-58.2M	-11.7M	-429M	-105M	-60M
Operating Income+	-223.9M	62.8M	1.09B	722.6M	519.3M	931.6M	793.8M	1.12B	-56M	1.12B
Operating Margin %	-0.02%	0.01%	0.09%	0.06%	0.04%	0.06%	0.05%	0.07%	-0%	0.08%
Operating Income Growth %	-1.66%	1.28%	16.44%	-0.34%	-0.28%	0.79%	-0.15%	0.41%	-1.05%	20.96%
EBITDA+	46.6M	305.1M	1.33B	965.4M	759.2M	1.16B	1.03B	1.56B	371M	1.46B
EBITDA Margin %	0%	0.03%	0.11%	0.07%	0.06%	0.08%	0.07%	0.1%	0.03%	0.1%
EBITDA Growth %	-0.92%	5.55%	3.35%	-0.27%	-0.21%	0.53%	-0.12%	0.51%	-0.76%	2.93%
D&A (Non-Cash Add-back)	270.5M	242.3M	231.9M	242.8M	239.9M	230.8M	234.1M	440M	427M	339M
EBIT	-160.4M	51.8M	1B	710.4M	398.6M	932.5M	781.7M	1.13B	-53M	1.13B
Net Interest Income+	-209.1M	-266.4M	-245.4M	-176.7M	-168.7M	-159.4M	-133.8M	-87M	-76M	-66M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	209.1M	266.4M	245.4M	176.7M	168.7M	159.4M	133.8M	87M	76M	66M
Other Income/Expense	-145.6M	-277.4M	-337.9M	-188.9M	-289.4M	-158.5M	-145.9M	-75M	-118M	-49M
Pretax Income+	-369.5M	-214.6M	757.1M	533.7M	229.9M	773.1M	647.9M	1.04B	-174M	1.07B
Pretax Margin %	-0.03%	-0.02%	0.06%	0.04%	0.02%	0.05%	0.04%	0.06%	-0.01%	0.08%
Income Tax+	-126.7M	-113.2M	236.1M	172.4M	46.1M	217M	195.6M	231M	-41M	271M
Effective Tax Rate %	0.52%	0.47%	0.69%	0.68%	0.8%	0.72%	0.7%	0.83%	-0.1%	0.89%
Net Income+	-190.3M	-101.4M	521M	361.3M	183.8M	556.1M	452.3M	870M	17M	953M
Net Margin %	-0.02%	-0.01%	0.04%	0.03%	0.01%	0.04%	0.03%	0.05%	0%	0.07%
Net Income Growth %	-2.48%	0.47%	6.14%	-0.31%	-0.49%	2.03%	-0.19%	0.92%	-0.98%	55.06%
Net Income (Continuing)	-242.8M	-101.4M	521M	361.3M	183.8M	556.1M	452.3M	811M	-133M	798M
Discontinued Operations	52.5M	0	0	0	0	0	0	70M	155M	171M
Minority Interest	18.2M	4.6M	3.1M	2.7M	13.4M	50.7M	54.4M	197M	246M	225M
EPS (Diluted)+	-1.35	-0.65	3.12	2.21	1.26	1.46	1.19	2.21	0.04	2.42
EPS Growth %	-2.41%	0.52%	5.8%	-0.29%	-0.43%	0.16%	-0.18%	0.86%	-0.98%	55.02%
EPS (Basic)	-1.35	-0.65	3.14	2.23	1.26	1.46	1.19	2.21	0.04	2.42
Diluted Shares Outstanding	141.1M	157.1M	167.2M	163.5M	146.4M	380.07M	380.07M	380.07M	393.11M	380.07M
Basic Shares Outstanding	141.1M	157.1M	166M	162.3M	145.5M	380.07M	380.07M	414.29M	393.11M	463.77M
Dividend Payout Ratio	-	-	-	-	-	-	0.07%	0.57%	19%	0.3%

Balance Sheet

	May 2009	May 2010	May 2011	Apr 2012	Apr 2013	Dec 2014	Dec 2015	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.78B	3.32B	3.34B	3.3B	3.55B	3.75B	3.74B	5.54B	4.92B	4.2B
Cash & Short-Term Investments	119M	451.2M	374.7M	324.3M	310.6M	433.5M	704.9M	547M	687M	943M
Cash Only	119M	451.2M	374.7M	324.3M	310.6M	433.5M	704.9M	547M	687M	943M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	595.2M	621.5M	709.6M	624.7M	663.2M	864M	760M	756M	577M	558M
Days Sales Outstanding	17.4	20.25	21.23	17.41	18.31	20.98	19.21	17.03	14.39	14.4
Inventory	1.9B	1.86B	2.02B	2.07B	2.35B	2.21B	2.1B	2.93B	2.54B	2.41B
Days Inventory Outstanding	58.38	64.83	70.29	65.52	72.02	60.77	60.43	72.83	67.31	71.9
Other Current Assets	136.7M	0	0	0	0	0	0	1.31B	1.12B	289M
Total Non-Current Assets+	4.42B	4.39B	4.27B	4.12B	4.16B	6.38B	6.15B	8.3B	8.4B	6.85B
Property, Plant & Equipment	2.44B	2.36B	2.31B	2.28B	2.3B	2.75B	2.87B	3.79B	3.73B	3.51B
Fixed Asset Turnover	5.11x	4.75x	5.28x	5.75x	5.75x	5.46x	5.04x	4.28x	3.93x	4.03x
Goodwill	820M	822.9M	793.3M	768.2M	782.4M	1.63B	1.62B	1.62B	1.63B	1.61B
Intangible Assets	392.2M	389.6M	386.6M	381.8M	390.4M	1.38B	1.37B	1.28B	1.27B	1.27B
Long-Term Investments	601.6M	625M	582.5M	522.6M	532.4M	498M	142.5M	224M	191M	202M
Other Non-Current Assets	161.2M	192.4M	202.4M	173.4M	161M	124.4M	158M	1.4B	1.58B	260M
Total Assets+	7.2B	7.71B	7.61B	7.42B	7.72B	10.13B	9.89B	13.85B	13.32B	11.05B
Asset Turnover	1.73x	1.45x	1.60x	1.76x	1.71x	1.48x	1.46x	1.17x	1.10x	1.28x
Asset Growth %	-0.19%	0.07%	-0.01%	-0.02%	0.04%	0.31%	-0.02%	0.4%	-0.04%	-0.17%
Total Current Liabilities+	1.29B	1.19B	1.23B	1.14B	1.75B	1.47B	1.54B	2.59B	2.45B	1.71B
Accounts Payable	390.2M	383.8M	434.4M	415.8M	429.1M	675.1M	686.1M	1.01B	789M	777M
Days Payables Outstanding	12.01	13.38	15.12	13.15	13.16	18.59	19.75	25.2	20.94	23.16
Short-Term Debt	338.3M	89.7M	143.7M	63.5M	676.1M	48.1M	30.3M	9M	69M	17M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	648M	519.5M	533.4M	517.5M	439.9M	523.5M	831M	831M	250M
Current Ratio	2.16x	2.79x	2.72x	2.90x	2.03x	2.55x	2.42x	2.14x	2.01x	2.46x
Quick Ratio	0.69x	1.23x	1.07x	1.08x	0.69x	1.05x	1.06x	1.01x	0.97x	1.05x
Cash Conversion Cycle	63.76	71.7	76.4	69.79	77.17	63.16	59.89	64.67	60.76	63.14
Total Non-Current Liabilities+	3.34B	3.76B	2.84B	2.9B	2.86B	4.07B	3.47B	3.69B	3.38B	3.29B
Long-Term Debt	2.65B	2.92B	1.98B	1.9B	1.83B	2.68B	2.26B	2.03B	2.01B	1.98B
Capital Lease Obligations	0	0	0	0	0	0	0	359M	325M	302M
Deferred Tax Liabilities	0	0	0	290.8M	205.8M	697.5M	668.2M	588M	474M	518M
Other Non-Current Liabilities	686.2M	838.4M	856.7M	704.2M	824.8M	697.1M	548.3M	711M	575M	486M
Total Liabilities	4.62B	4.95B	4.06B	4.03B	4.61B	5.54B	5.02B	6.28B	5.83B	5B
Total Debt+	2.99B	3.01B	2.12B	1.96B	2.51B	2.73B	2.29B	2.47B	2.46B	2.36B
Net Debt	2.87B	2.56B	1.75B	1.64B	2.19B	2.29B	1.58B	1.92B	1.78B	1.42B
Debt / Equity	1.16x	1.09x	0.60x	0.58x	0.81x	0.59x	0.47x	0.33x	0.33x	0.39x
Debt / EBITDA	64.12x	9.86x	1.60x	2.03x	3.30x	2.35x	2.23x	1.59x	6.64x	1.62x
Net Debt / EBITDA	61.57x	8.38x	1.32x	1.70x	2.89x	1.97x	1.54x	1.23x	4.79x	0.97x
Interest Coverage	-1.07x	0.24x	4.46x	4.09x	3.08x	5.84x	5.93x	12.84x	-0.74x	16.94x
Total Equity+	2.58B	2.76B	3.55B	3.39B	3.11B	4.59B	4.87B	7.57B	7.49B	6.06B
Equity Growth %	-0.16%	0.07%	0.29%	-0.04%	-0.08%	0.48%	0.06%	0.55%	-0.01%	-0.19%
Book Value per Share	18.28	17.57	21.22	20.73	21.25	12.08	12.83	19.92	19.05	15.94
Total Shareholders' Equity	2.56B	2.76B	3.55B	3.39B	3.1B	4.54B	4.82B	7.37B	7.24B	5.83B
Common Stock	71.8M	83M	83M	78.7M	69.5M	0	0	0	0	0
Retained Earnings	1.65B	1.54B	2.06B	2.33B	2.32B	590.8M	1.01B	3.89B	3.59B	3.18B
Treasury Stock	0	-65.5M	0	-67.9M	-68.8M	0	0	0	0	0
Accumulated OCI	-388.5M	-427.5M	-169.2M	-510.9M	-616.2M	-218.6M	-377.7M	-708M	-500M	-452M
Minority Interest	18.2M	4.6M	3.1M	2.7M	13.4M	50.7M	54.4M	197M	246M	225M

Cash Flow

	May 2009	May 2010	May 2011	Apr 2012	Apr 2013	Dec 2014	Dec 2015	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	304.6M	258.2M	616.4M	570.1M	172.7M	813.1M	797.8M	517M	1.03B	1.14B
Operating CF Margin %	0.02%	0.02%	0.05%	0.04%	0.01%	0.05%	0.06%	0.03%	0.07%	0.08%
Operating CF Growth %	20.76%	-0.15%	1.39%	-0.08%	-0.7%	3.71%	-0.02%	-0.35%	1%	0.1%
Net Income	-242.8M	-101.4M	521M	361.3M	183.8M	556.1M	452.3M	811M	-139M	798M
Depreciation & Amortization	270.5M	242.3M	231.9M	242.8M	239.9M	230.8M	234.1M	440M	427M	339M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	-94M	35.3M	158.2M	90.2M	-5.3M	62M	63.9M	2M	-130M	91M
Other Non-Cash Items	108.6M	24.3M	-208M	-72.8M	67.6M	-175.1M	-195.7M	-428M	325M	194M
Working Capital Changes	262.3M	57.7M	-86.7M	-51.4M	-313.3M	139.3M	243.2M	-308M	551M	-285M
Change in Receivables	53.9M	-12.6M	-63.8M	47.8M	-39.9M	-91.7M	83.5M	-33M	157M	-6M
Change in Inventory	225.6M	46.5M	-178.4M	-89.8M	-273.9M	17.9M	141.5M	-307M	469M	138M
Change in Payables	-91.7M	-12.6M	36.6M	2.5M	14.7M	77.4M	19.8M	121M	-215M	-19M
Cash from Investing+	434.3M	-133.8M	254.3M	-286.6M	-303.7M	-291.7M	-75M	193M	-322M	-469M
Capital Expenditures	-174.5M	-174.7M	-176.8M	-2.3M	-278M	-301.4M	-375.2M	-338M	-401M	-350M
CapEx % of Revenue	0.01%	0.02%	0.01%	0%	0.02%	0.02%	0.03%	0.02%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	657.9M	9M	49M	-284.3M	-1.7M	20.7M	-53.8M	-52M	-126M	-106M
Cash from Financing+	-674.3M	208.9M	-945.6M	-328.4M	115.7M	-286.3M	-446.5M	-477M	-533M	-464M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-30M	-496M	-323M	-288M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-77.5M	-64.6M	-23.9M	14.1M	-14.5M	-360.2M	-290M	35M	-199M	-144M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	130.1M	83.5M	439.6M	279.4M	-105.3M	511.7M	422.6M	179M	633M	787M
FCF Margin %	0.01%	0.01%	0.04%	0.02%	-0.01%	0.03%	0.03%	0.01%	0.04%	0.06%
FCF Growth %	1.29%	-0.36%	4.26%	-0.36%	-1.38%	5.86%	-0.17%	-0.58%	2.54%	0.24%
FCF per Share	0.92	0.53	2.63	1.71	-0.72	1.35	1.11	0.47	1.61	2.07
FCF Conversion (FCF/Net Income)	-1.60x	-2.55x	1.18x	1.58x	0.94x	1.46x	1.76x	0.59x	60.82x	1.19x
Interest Paid	0	0	0	0	0	0	0	84M	0	79M
Taxes Paid	0	0	0	0	0	0	0	152M	0	130M

Key Ratios

Metric	2008	2009	2010	2011	2012	2014	2015	2022	2023	2024
Return on Equity (ROE)	-6.74%	-3.8%	16.52%	10.41%	5.66%	14.44%	9.56%	13.98%	0.23%	14.07%
Return on Invested Capital (ROIC)	-2.72%	0.88%	15.48%	10.5%	7.54%	11.46%	8.92%	10.5%	-0.45%	10.02%
Gross Margin	5.06%	6.52%	14.05%	11.83%	9.98%	11.81%	12.16%	9.23%	6.07%	13.41%
Net Margin	-1.52%	-0.91%	4.27%	2.76%	1.39%	3.7%	3.13%	5.37%	0.12%	6.74%
Debt / Equity	1.16x	1.09x	0.60x	0.58x	0.81x	0.59x	0.47x	0.33x	0.33x	0.39x
Interest Coverage	-1.07x	0.24x	4.46x	4.09x	3.08x	5.84x	5.93x	12.84x	-0.74x	16.94x
FCF Conversion	-1.60x	-2.55x	1.18x	1.58x	0.94x	1.46x	1.76x	0.59x	60.82x	1.19x
Revenue Growth	10.01%	-10.29%	8.93%	7.31%	0.97%	13.69%	-3.94%	12.19%	-9.62%	-3.4%

Revenue by Segment

	2011	2012	2024
Packaged Meats	-	-	8.32B
Packaged Meats Growth	-	-	-
Fresh Pork	11.09B	11.08B	7.87B
Fresh Pork Growth	-	-0.15%	-28.92%
Hog Production	3.05B	3.14B	3B
Hog Production Growth	-	2.70%	-4.25%
Other	-	-	471M
Other Growth	-	-	-
Intersegment Eliminations	-	-	-5.52B
Intersegment Eliminations Growth	-	-	-
International	1.47B	1.47B	-
International Growth	-	0.12%	-

Revenue by Geography

	2011	2012	2024
United States of America	11.66B	11.79B	-
United States of America Growth	-	1.08%	-
International	1.43B	1.43B	-
International Growth	-	0.07%	-

Frequently Asked Questions

Valuation & Price

SMITHFIELD FOODS INC (SFD) has a price-to-earnings (P/E) ratio of 9.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

SMITHFIELD FOODS INC (SFD) reported $15.26B in revenue for fiscal year 2024. This represents a 36% increase from $11.25B in 2004.

SMITHFIELD FOODS INC (SFD) saw revenue decline by 3.4% over the past year.

Yes, SMITHFIELD FOODS INC (SFD) is profitable, generating $864.0M in net income for fiscal year 2024 (6.7% net margin).

Dividend & Returns

Yes, SMITHFIELD FOODS INC (SFD) pays a dividend with a yield of 3.24%. This makes it attractive for income-focused investors.

SMITHFIELD FOODS INC (SFD) has a return on equity (ROE) of 14.1%. This is reasonable for most industries.

SMITHFIELD FOODS INC (SFD) generated $472.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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