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Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $396.0M dividends + $0 buybacks = $396.0M returned.
1 consecutive years of dividend increases · -8%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 11%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
$0 of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-28 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~2.1% on $1.99B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-29
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2023 | FY2016 | FY2014 | FY2013 | FY2013 | FY2012 | FY2011 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.53B 100.0% | $14.14B 100.0% | $14.64B 100.0% | $16.20B 100.0% | $14.44B 100.0% | $15.03B 100.0% | $13.90B 100.0% | $13.22B 100.0% | $13.09B 100.0% | $12.20B 100.0% |
| Cost of Revenue | $13.44B 86.5% | $12.24B 86.6% | $13.75B 93.9% | $14.70B 90.8% | — | — | — | $11.90B 90.0% | $11.54B 88.2% | $10.49B 86.0% |
| Cost of Products | — | — | — | — | — | — | — | $11.90B 90.0% | $11.54B 88.2% | $10.49B 86.0% |
| Gross Profit | $2.09B 13.5% | $1.90B 13.4% | $889.0M 6.1% | $1.50B 9.2% | $1.76B 12.2% | $1.78B 11.8% | $1.21B 8.7% | $1.32B 10.0% | $1.55B 11.8% | $1.71B 14.0% |
| Research & Development | $214.0M 1.4% | $144.0M 1.0% | $175.0M 1.2% | $157.0M 1.0% | — | — | — | $80.9M 0.6% | $75.9M 0.6% | $47.0M 0.4% |
| Selling, General & Admin | $849.0M 5.5% | $840.0M 5.9% | $1.05B 7.2% | $807.0M 5.0% | — | — | — | $815.4M 6.2% | $816.9M 6.2% | $789.8M 6.5% |
| Total Operating Expenses | $13.44B 86.5% | $12.24B 86.6% | $13.75B 93.9% | $14.70B 90.8% | — | — | — | — | — | — |
| Operating Income | $1.29B 8.3% | $1.12B 7.9% | -$56.0M -0.4% | $1.12B 6.9% | $793.8M 5.5% | $931.6M 6.2% | $338.5M 2.4% | $519.3M 3.9% | $722.6M 5.5% | $1.09B 9.0% |
| Interest Expense | $41.0M 0.3% | $66.0M 0.5% | $76.0M 0.5% | $87.0M 0.5% | — | — | — | $168.7M 1.3% | $176.7M 1.3% | $245.4M 2.0% |
| Other Income (Expense), net | $18.0M 0.1% | $9.0M 0.1% | $3.0M 0.0% | -$18.0M -0.1% | — | — | — | — | — | -$92.5M -0.8% |
| Pretax Income | $1.27B 8.2% | $1.06B 7.5% | -$129.0M -0.9% | $1.05B 6.5% | — | — | — | — | — | — |
| Income Tax Expense | $283.0M 1.8% | $271.0M 1.9% | -$41.0M -0.3% | $231.0M 1.4% | — | — | — | $46.1M 0.3% | $172.4M 1.3% | $236.1M 1.9% |
| Net Income | $987.0M 6.4% | $953.0M 6.7% | $17.0M 0.1% | $870.0M 5.4% | $452.3M 3.1% | $556.1M 3.7% | $120.7M 0.9% | $183.8M 1.4% | $361.3M 2.8% | $521.0M 4.3% |
| Per Share | ||||||||||
| EPS (Basic) | $2.52 | $2.51 | $0.05 | $2.29 | — | — | — | $1.26 | $2.23 | $3.14 |
| EPS (Diluted) | $2.51 | $2.51 | $0.05 | $2.29 | — | — | — | $1.26 | $2.21 | $3.12 |
| Weighted Avg Shares (Basic) | 392.0M | 380.1M | 380.1M | 380.1M | — | — | — | 145.5M | 162.3M | 166.0M |
| Weighted Avg Shares (Diluted) | 392.7M | 380.1M | 380.1M | 380.1M | — | — | — | 146.4M | 163.5M | 167.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-16 | 3 co-filers President, Packaged Meats | Open-market sale | 82,825 | $26.82 | $2.2m |
| 2026-06-12 | 3 co-filers President, Packaged Meats | Option exercise | 82,825 | $23.76 | $2.0m |
| 2026-06-12 | Starling Raymond A Director | Open-market sale | 3,960 | $26.77 | $106k |
| 2026-06-12 | 3 co-filers President, Packaged Meats | Option exercise | 82,825 | $0.00 | — |
| 2026-06-09 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
3 co-filers Chief Financial Officer |
| Option exercise |
| 78,579 |
| $20.00 |
| $1.6m |
| 2026-06-09 | 3 co-filers Chief Financial Officer | Exercise & sell | 78,579 | $26.36 | $2.1m |
| 2026-06-09 | 3 co-filers Chief Financial Officer | Option exercise | 78,579 | $0.00 | — |
| 2026-06-02 | Gallagher Marie T. Director | Grant | 6,915 | $0.00 | $0 |
| 2026-06-02 | Quelch John Director | Grant | 6,915 | $0.00 | $0 |
| 2026-06-02 | Starling Raymond A Director | Grant | 6,915 | $0.00 | $0 |
| 2026-03-10 | 2 co-filers President & CEO | Grant86d late | 146,190 | $0.00 | $0 |
| 2026-03-10 | 2 co-filers Group filing | Grant86d late | 78,353 | $0.00 | $0 |
| 2026-03-10 | 2 co-filers Chief Legal Officer | Grant86d late | 10,676 | $0.00 | $0 |
| 2026-03-10 | 2 co-filers Chief Manufacturing Officer | Grant86d late | 81,446 | $0.00 | $0 |
| 2026-03-10 | 2 co-filers Chief Financial Officer | Grant85d late | 78,353 | $0.00 | $0 |
| 2026-03-10 | Watts Keller D. Chief Business Officer | Tax withholding86d late | 10,684 | $23.76 | $254k |
| 2026-03-10 | 2 co-filers President, North America Pork | Grant86d late | 78,637 | $0.00 | $0 |
| 2026-03-10 | 2 co-filers Chief Human Resources Officer | Grant86d late | 14,672 | $0.00 | $0 |
| 2026-03-10 | 2 co-filers President, Packaged Meats | Grant86d late | 93,305 | $0.00 | $0 |
| 2026-03-10 | 2 co-filers President, Hog Production | Grant86d late | 34,319 | $0.00 | $0 |
| 2026-03-10 | 2 co-filers President, Hog Production | Tax withholding86d late | 5,000 | $23.76 | $119k |
| 2026-03-10 | 2 co-filers President & CEO | Tax withholding86d late | 21,978 | $23.76 | $522k |
| 2026-03-10 | 2 co-filers President, North America Pork | Tax withholding86d late | 10,315 | $23.76 | $245k |
| 2026-03-10 | 2 co-filers Chief Human Resources Officer | Tax withholding86d late | 1,632 | $23.76 | $39k |
| 2026-03-10 | 2 co-filers President, Packaged Meats | Tax withholding86d late | 14,028 | $23.76 | $333k |
| 2026-03-10 | 2 co-filers Group filing | Tax withholding86d late | 11,780 | $23.76 | $280k |
| 2026-03-10 | 2 co-filers Chief Legal Officer | Tax withholding86d late | 1,072 | $23.76 | $25k |
| 2026-03-10 | 2 co-filers Chief Manufacturing Officer | Tax withholding86d late | 10,684 | $23.76 | $254k |
| 2026-03-10 | 2 co-filers Chief Financial Officer | Tax withholding85d late | 11,780 | $23.76 | $280k |
| 2026-01-28 | Brobst Robert Allen Jr Chief Accounting Officer | Tax withholding127d late | 822 | $23.65 | $19k |
| 2026-01-28 | Smith Charles Shane President & CEO | Tax withholding127d late | 5,569 | $23.65 | $132k |
| 2026-01-28 | Owens Donovan President, North America Pork | Tax withholding127d late | 3,159 | $23.65 | $75k |
| 2026-01-28 | Bennett Isham Jay Chief Human Resources Officer | Tax withholding127d late | 992 | $23.65 | $23k |
| 2026-01-28 | France Steven President, Packaged Meats | Tax withholding127d late | 3,848 | $23.65 | $91k |
| 2026-01-28 | Westerbeek Kraig A. President, Hog Production | Tax withholding127d late | 1,224 | $23.65 | $29k |
| 2026-01-28 | He Hank Shenghua Director | Tax withholding127d late | 3,849 | $23.65 | $91k |
| 2026-01-28 | Checkovich Tennille J. Chief Legal Officer | Tax withholding127d late | 708 | $23.65 | $17k |
| 2026-01-28 | Sutton Doug Chief Manufacturing Officer | Tax withholding127d late | 3,159 | $23.65 | $75k |
| 2026-01-28 | Hall Mark L. Chief Financial Officer | Tax withholding126d late | 3,848 | $23.65 | $91k |
EOD close · as of 2026-10-29
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 15% against ROIC 11% — 3% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 15.6% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.6× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2013 | FY2013 | FY2014 | FY2016 | FY2023 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 90.0 | — | — | — | 90.8 | 93.9 | 86.6 | 86.5 |
| Gross Profit | 10.0 | 8.7 | 11.8 | 12.2 | 9.2 | 6.1 | 13.4 | 13.5 |
| R&D | 0.6 | — | — | — | 1.0 | 1.2 | 1.0 | 1.4 |
| SG&A | 6.2 | — | — | — | 5.0 | 7.2 | 5.9 | 5.5 |
| Operating Income | 3.9 | 2.4 | 6.2 | 5.5 | 6.9 | -0.4 | 7.9 | 8.3 |
| Income Tax | 0.3 | — | — | — | 1.4 | -0.3 | 1.9 | 1.8 |
| Net Income | 1.4 | 0.9 | 3.7 | 3.1 | 5.4 | 0.1 | 6.7 | 6.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SFD: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MKC | $12.6B | 16.0× | 12.3× | 1.8× | 1.7% | 37.9% | 11.5% | 13.8% | 8.6% | 2.6× | — |
| HRL | $11.5B | 24.0× | 13.9× | 0.9× | 1.6% | 15.6% | 4.0% | 6.1% | 4.4% | 2.2× | 144 |
| DAR | $8.7B | 141.4× | 12.7× | 1.4× | 7.4% | 24.0% | 1.0% | 1.3% | 1.3% | -0.1× | 143 |
| LW | $7.3B | 25.6× | 11.3× | 1.1× | 2.5% | 20.6% | 4.4% | 15.9% | 5.0% | 3.9× | 142 |
| TAP | $7.3B | — | — | 0.6× | -5.1% | 32.8% | -16.4% | -20.9% | -12.9% | — | 145 |
| SFD | $7.3B | 7.4× | 5.7× | 0.5× | 9.8% | 13.5% | 6.4% | 14.5% | 11.2% | 1.2× | 54 |
| CELH | $7.1B | 112.6× | 43.4× | 2.8× | 85.5% | 50.4% | 4.3% | 9.1% | 5.8% | 1.6× | 108 |
| PRMB | $7.0B | 121.7× | 11.4× | 1.1× | 29.3% | 30.3% | 0.9% | 2.0% | 0.7% | 4.6× | 63 |
| PPC | $6.6B | 6.1× | 4.4× | 0.4× | 3.5% | 12.7% | 5.9% | 29.4% | 16.0% | 1.2× | 71 |
| CPB | $6.3B | 16.0× | 5.4× | 0.6× | -5.0% | 28.1% | 4.1% | 10.5% | 8.3% | 0.5× | 164 |
| INGR | $6.0B | 8.6× | 5.5× | 0.8× | -2.8% | 25.3% | 10.1% | 17.1% | 12.0% | 0.6× | 153 |
| POST | $3.6B | 14.8× | 8.2× | 0.4× | 3.0% | 28.7% | 4.1% | 8.9% | 3.0% | 5.5× | 95 |
| FIZZ | $3.3B | 17.9× | 11.6× | 2.8× | -1.7% | 37.0% | 15.6% | 28.9% | 28.9% | -1.4× | 40 |
| COCO | $3.2B | 47.3× | 36.0× | 5.3× | 18.2% | 36.5% | 11.7% | 21.5% | 21.5% | -2.4× | 70 |
| FRPT | $3.2B | 25.1× | 17.9× | 2.9× | 13.0% | 40.8% | 12.6% | 11.5% | 11.5% | -1.7× | 56 |
Peers = companies sharing SFD's sector (Meat Packing Plants) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Earns 4.4pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2013 | 3.5% | 8.8% (today's — no rate published for this year) | -5.2pts |
| FY2014 | 10.0% | 8.8% (today's — no rate published for this year) | 1.2pts |
| FY2016 | 9.1% | 8.8% (today's — no rate published for this year) | 0.3pts |
| FY2023 | 11.5% | 9.1% | 2.4pts |
| FY2023 | -0.4% | 9.1% | -9.6pts |
| FY2024 | 10.4% | 8.4% | 2.0pts |
| FY2025 | 10.7% | 7.9% | 2.8pts |
| Now | 11.2% | 8.8% | 2.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2011 | 14.0% | 9.0% | 4.3% |
| FY2012 | 11.8% | 5.5% | 2.8% |
| FY2013 | 10.0% | 3.9% | 1.4% |
| FY2013 | 8.7% | 2.4% | 0.9% |
| FY2014 | 11.8% | 6.2% | 3.7% |
| FY2016 | 12.2% | 5.5% | 3.1% |
| FY2023 | 9.2% | 6.9% | 5.4% |
| FY2023 | 6.1% | -0.4% | 0.1% |
| FY2024 | 13.4% | 7.9% | 6.7% |
| FY2025 | 13.5% | 8.3% | 6.4% |
Leverage and buybacks account for 3 points of the 15% return on equity in FY2025. The business earns 11% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$1.6B of goodwill — 22% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 16.81% against 13.15% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Covers interest 22.1x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 31.51x |
| 5% | 29.94x |
| 10% | 28.36x |
| 15% | 26.79x |
| 20% | 25.21x |
| 25% | 23.63x |
| 30% | 22.06x |
| 35% | 20.48x |
| 40% | 18.91x |
| 45% | 17.33x |
| 50% | 15.76x |
| 55% | 14.18x |
| 60% | 12.60x |
Ladder as of 2025-12-28 (10-K); cash from the 2025-12-28 balance sheet; FCF from FY2025. No cash figure on the matching balance sheet, so no coverage line is drawn.
Balance sheet at 2025-12-28. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: free_cash_flow.