— Know what they know.
/
Not Investment Advice

HRL

NYSE · USD
Hormel Foods Corporation
Consumer Defensive · Packaged Foods
CEO Jeffrey Ettinger Employees 20,000 R&D / revenue 0.0%
Last price
$20.40+1.04%last session
Market cap
$11.2B
P/E (TTM)
32.4x
From 52w high
−23.3%
From 52w low
+7.6%
1-year return
−9.3%
RSI 14 · vs SMA200
54.6 · −8.6%
IS score
45.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

HRL   SPY   XLP (sector ETF) · weekly closes
90100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLP 111HRL 91

Score DNA

Each bar is a 0-100 score within the scored universe
15
Profitability
21
Growth
45
Value
55
Momentum
90
Risk (safety)
61
Quality
65
Balance sheet
83
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Insider buying
Warnings
▲ Share count rising
Observations
Moat model: None, Efficient ScalePiotroski 4 / 9Altman Z 3.5Beta 0.322 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
1
$0.20M bought
Form 144 notices (12m): 2, $817,308 proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−9
92 new holders, 97 closed
627 filers hold 44.2% · 232 added, 234 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+100
558 funds adding shares
458 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
50.7%
20-day avg 57.9%, 50-day avg 55.3%
Latest 7.2 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$12.1B
Revenue growth YoY+1.6%
Gross margin15.6%
Operating income$718.6M
Operating margin5.9%
Net income$478.2M
Net margin4.0%
EPS (diluted)$0.87
Cash flow
Operating cash flow$845.3M
Capital expenditure$310.9M
Free cash flow$534.3M
FCF conversion (FCF / OCF)63.2%
Stock-based compensation$0
FCF less SBC$534.3M
Buybacks$0
Dividends$633.2M
Balance sheet & returns
Cash & short-term investments$703.6M
Total debt$2.9B
Net debt$2.2B
Shareholders' equity$7.9B
Goodwill & intangibles$6.6B
Debt / equity0.36
ROE (TTM)4.3%
ROIC (TTM)3.2%
Operating margin by fiscal year
9.9%FY202110.5%FY20228.9%FY20239.0%FY20245.9%FY2025
Revenue $11.4B (FY2021) to $12.1B (FY2025), a 1.5% CAGR.

Valuation

P/E (TTM)32.4x
EV / EBITDA15.2x
Price / sales0.92x
Price / FCF14.4x
FCF yield6.96%
Buyback yield0.00%
SBC / revenue0.2%
Price / book1.43x
Forward P/E FY202613.8x
Forward P/E FY202713.0x
Forward P/E FY202812.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $25.00 across 4 analysts last quarter is theirs, not ours.

HRL vs industry median

245 companies in Packaged Foods
Gross margin 15.7% 27.9% Operating margin 4.7% 4.6% Net margin 2.8% 2.4% ROIC 3.2% 8.8%
HRL (TTM)Industry median Asset turnover 0.91 vs industry 0.94 · financial leverage 1.69

Earnings delivery

Next report 2026-12-03 · consensus EPS $0.38
67%
beat rate, 8 of 12 quarters
+3.6%
median EPS surprise
4
longest beat streak
-5+24+6+3-2-7+2-13+6+6+13+4
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-29 to 2026-08-27. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
HRL Hormel Foods Corporation $11.2B32.4x4.3%2.8%+1.6% −9.3%
MKC McCormick & Company, Incorpo $12.5B8.4x23.4%4.8%+13.2% −27.9%
DAR Darling Ingredients Inc. $9.7B16.3x12.1%22.5%+15.0% +93.6%
SJM The J. M. Smucker Company $13.6B59.3x3.9%14.6%+5.1% +23.9%
LW Lamb Weston Holdings, Inc. $7.4B29.0x11.8%1.7%+0.9% −17.1%
SFD Smithfield Foods, Inc. $7.3B6.9x15.9%6.5%+104.3% —
GIS General Mills, Inc. $17.7Bn/m-10.6%9.0%−4.5% —
PPC Pilgrim's Pride Corporation $7.0B12.8x14.6%0.3%+1.4% —
12-month window: SPY +15.9%, sector ETF XLP +11.4%. Past returns describe history only.

Recent 8-K filings

2026-09-30Material Agreement; Regulation FD; Exhibits
2026-08-27Earnings Release; Exhibits
2026-08-24Officer/Director Change
2026-07-28Officer/Director Change
2026-06-12Officer/Director Change; Exhibits
2026-05-28Earnings Release; Exhibits

Context

Shares outstanding550,350,790
Free float52.8%
Institutional ownership44.2%
Beta0.32
Dividend yield5.74%
Last dividend$0.29 on 2026-10-13
50 / 200-day average$21.63 / $22.97
Large-cap Consumer Defensive median P/E23.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where HRL sits among 31 scored companies in Packaged Foods (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureHRLIndustry medianIndustry percentileSector median
P/E (TTM) 32.8x 14.1x
86th		 20.0x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 0.9x 0.8x
63rd		 1.1x
Price / book 1.4x 1.7x
33rd		 2.5x
Price / tangible book 9.9x 3.4x
88th		 4.0x
Price / free cash flow 14.4x 9.3x
70th		 14.7x
Price / operating cash flow 10.3x 6.9x
76th		 9.4x
Enterprise value $13.2B $3.3B
80th		 $5.1B
EV / sales 1.1x 1.0x
53rd		 1.3x
EV / EBITDA 15.1x 9.3x
77th		 12.3x
EV / EBIT 22.0x 13.3x
75th		 16.5x
EV / free cash flow 16.9x 15.9x
56th		 18.2x
Earnings yield 3.1% 6.2%
37th		 3.9%
FCF yield 7.0% 9.1%
37th		 6.5%
Operating cash flow yield 9.7% 14.0%
27th		 10.4%
Graham number (per share) $14.11 $42.65
15th		 $35.68

Profitability (TTM)

MeasureHRLIndustry medianIndustry percentileSector median
Gross margin 15.7% 26.9%
17th		 34.4%
EBITDA margin 7.2% 10.7%
27th		 10.7%
Operating margin 4.7% 7.7%
30th		 7.6%
EBIT margin 4.9% 7.8%
33rd		 6.9%
Net margin 2.8% 3.5%
33rd		 3.3%
NOPAT margin 3.1% 4.9%
23rd		 4.8%
FCF margin 6.4% 8.2%
33rd		 7.6%
Operating cash flow margin 9.0% 10.9%
27th		 11.1%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 9.1% 16.1%
20th		 21.1%
Stock comp / revenue 0.2% 0.5%
21st		 0.5%
Effective tax rate 34.4% 23.2%
93rd		 23.2%

Returns on capital

MeasureHRLIndustry medianIndustry percentileSector median
ROE (on average equity) 4.3% 10.0%
36th		 10.4%
ROA 2.6% 4.5%
37th		 4.9%
ROIC 3.8% 7.1%
30th		 8.2%
ROCE 5.3% 8.3%
27th		 9.1%
Return on tangible assets 4.5% 7.2%
27th		 7.2%
Cash ROIC (OCF / invested capital) 11.1% 14.6%
37th		 15.0%
Gross profitability (GP / assets) 14.3% 21.2%
7th		 32.4%
ROIC, 3-yr average 4.6% 6.1%
29th		 6.4%
ROIC, 5-yr average 7.5% 7.3%
56th		 7.8%
ROE, 5-yr average 9.7% 9.7%
50th		 11.4%
Incremental ROIC 49.1% 34.8%
52nd		 12.8%

Growth

MeasureHRLIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 0.7% 5.1%
30th		 3.8%
Revenue growth (QoQ) -0.4% 2.1%
43rd		 4.3%
Revenue CAGR, 3 yr -0.1% 2.6%
24th		 3.8%
Revenue CAGR, 5 yr 3.3% 5.1%
33rd		 5.1%
Gross profit CAGR, 3 yr -2.5% 2.4%
14th		 4.0%
Operating income CAGR, 3 yr -21.1% 4.7%
5th		 4.3%
Net income growth (TTM YoY) -54.6% 3.8%
10th		 5.6%
Net income CAGR, 3 yr -26.9% 2.4%
11th		 5.4%
EPS growth (TTM YoY) -54.6% 3.9%
10th		 4.7%
EPS CAGR, 3 yr -27.0% 4.3%
11th		 6.8%
EPS CAGR, 5 yr -16.9% 3.9%
16th		 4.1%
FCF growth (TTM YoY) 24.4% 10.7%
61st		 23.4%
FCF CAGR, 3 yr -2.5% 16.5%
19th		 14.6%
Operating cash flow CAGR, 3 yr -0.3% 12.1%
12th		 6.4%
Book value CAGR, 3 yr 0.4% 1.3%
27th		 5.3%
Dividend CAGR, 3 yr 0.5% 1.4%
38th		 1.7%
Sustainable growth rate -3.7% 8.3%
10th		 8.3%

Margin history & stability

MeasureHRLIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 16.3% 29.4%
14th		 34.7%
Operating margin, 3-yr average 7.3% 7.3%
48th		 6.7%
Net margin, 3-yr average 5.2% 4.7%
62nd		 4.2%
FCF margin, 3-yr average 6.4% 6.7%
45th		 6.5%
Revenue stability (0-1) 0.65 0.75
28th		 0.81
Earnings stability (0-1) 0.66 0.36
93rd		 0.34
Margin stability (0-1) 0.96 0.94
86th		 0.95

Liquidity (latest quarter)

MeasureHRLIndustry medianIndustry percentileSector median
Cash & short-term investments $868.4M $161.5M
83rd		 $279.3M
Net cash (− = net debt) −$2.0B −$971.9M
33rd		 −$1.0B
Working capital $1.7B $294.4M
93rd		 $285.9M
Current ratio 1.88 1.85
53rd		 1.43
Quick ratio 0.92 0.88
57th		 0.86
Cash ratio (cash + ST investments / current liabilities) 0.46 0.25
73rd		 0.28
Defensive interval (days) 439 days 251 days
67th		 251 days

Leverage & solvency (latest quarter)

MeasureHRLIndustry medianIndustry percentileSector median
Total debt $2.9B $1.4B
67th		 $1.8B
Debt / equity 0.36 0.70
33rd		 0.75
Net debt / equity 0.25 0.37
44th		 0.55
Debt / assets 21.5% 30.4%
30th		 31.6%
Debt / capital 26.7% 41.0%
33rd		 43.0%
Debt / EBITDA 3.27 3.27
50th		 2.69
Net debt / EBITDA 2.28 2.28
50th		 2.14
Interest coverage (EBIT / interest) 7.6x 4.7x
63rd		 4.7x
Cash interest coverage 13.9x 6.8x
63rd		 8.2x
Debt payback (years of OCF) 2.6 yrs 3.6 yrs
38th		 2.8 yrs
Liabilities / assets 40.9% 53.9%
30th		 56.2%
IS credit model rating A+ — —
Implied credit spread (bps) 125 225
33rd		 225

Efficiency

MeasureHRLIndustry medianIndustry percentileSector median
Asset turnover 0.91 0.91
47th		 0.94
Fixed asset turnover 5.62 3.90
76th		 4.44
Inventory turnover 5.7 5.8
40th		 6.0
Receivables turnover 16.2 13.8
70th		 12.1
Days sales outstanding 23 days 27 days
30th		 30 days
Days inventory outstanding 65 days 63 days
60th		 61 days
Days payables outstanding 25 days 32 days
10th		 38 days
Cash conversion cycle (days) 62 days 48 days
63rd		 37 days
Capex / revenue 2.6% 2.8%
37th		 3.1%
Capex / depreciation 1.14 0.80
80th		 0.92
Operating expense ratio 12.2% 19.4%
23rd		 24.8%

Cash flow & earnings quality

MeasureHRLIndustry medianIndustry percentileSector median
Operating cash flow / net income 3.19 2.35
77th		 1.87
FCF / net income 2.28 1.87
77th		 1.28
FCF / operating cash flow 71.5% 74.0%
41st		 71.9%
Capex / operating cash flow 28.5% 26.0%
59th		 29.5%
Accruals ratio -5.6% -7.2%
73rd		 -6.1%
Sloan accruals ratio -4.5% -2.7%
37th		 -3.9%
Earnings quality score (0-1) 0.75 0.75
5th		 0.75

Dividends & buybacks

MeasureHRLIndustry medianIndustry percentileSector median
Dividend yield 5.7% 0.0%
77th		 1.8%
Dividend per share (TTM) $1.17 $0.00
60th		 $0.64
Payout ratio (dividends / net income) 187.0% 34.1%
91st		 32.1%
Dividends / FCF 82.1% 37.4%
89th		 27.4%
Dividend growth (YoY) 1.8% 1.6%
65th		 1.8%
Buyback yield 0.0% 0.4%
3rd		 0.9%
Shareholder yield (dividends + buybacks) 5.7% 4.3%
60th		 3.6%
Share count change (YoY) 0.1% 0.0%
57th		 -0.2%
Buybacks, last 5 years $0 $53.4M
0th		 $184.1M

Scores & forensic checks

MeasureHRLIndustry medianIndustry percentileSector median
IS score 46 49
43rd		 53
IS profitability 15 27
20th		 32
IS growth 21 51
7th		 50
IS value 45 59
27th		 49
IS momentum 55 71
20th		 73
IS risk (safety) 90 65
63rd		 80
IS quality 61 61
47th		 65
IS balance sheet 65 43
60th		 53
IS earnings quality 83 73
87th		 76
IS cash flow 61 52
60th		 57
Piotroski F-score (0-9) 4 5
3rd		 6
Altman Z-score 3.5 2.6
63rd		 3.2
Beneish M-score −2.90 −2.77
33rd		 −2.71
Ohlson O-score −8.71 −7.98
23rd		 −7.61
IS credit score 76 61
67th		 64

Per share

MeasureHRLIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $0.62 $1.57
33rd		 $2.03
Book value per share $14.23 $15.77
43rd		 $16.28
Tangible book per share $2.58 $3.64
47th		 $3.52
Revenue per share $22.04 $36.47
27th		 $41.08
FCF per share $1.42 $3.02
27th		 $3.18
Operating cash flow per share $1.98 $3.90
23rd		 $4.93
Cash per share $1.58 $1.42
53rd		 $2.81

Size (TTM)

MeasureHRLIndustry medianIndustry percentileSector median
Market cap $11.2B $2.3B
87th		 $4.0B
Revenue $12.1B $3.1B
87th		 $5.2B
EBITDA $872.4M $324.9M
67th		 $426.9M
Net income $342.6M $164.2M
80th		 $167.0M
Free cash flow $780.9M $315.9M
77th		 $345.6M
Total assets $13.3B $3.8B
80th		 $4.8B
Shareholders' equity $7.8B $1.4B
97th		 $1.6B
Employees 20,000 7,010
87th		 9,700

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-13Bhumbla Ash
Executive VP & CFO
 Award / grant 62,468——62,468
2026-10-05Newlands William A
Director, other: Chairman of the Board
 Open-market buy 10,000$20.10$201,00076,375
2026-10-03Myers Kevin L
SENIOR VICE PRESIDENT
 Tax withholding 864$20.25$17,49657,042
2026-09-30Policinski Christopher J.
Director
 Award / grant 2,830$19.94$56,438128,982
2026-09-30Schoneman Debbra L.
Director
 Award / grant 1,514$19.94$30,18817,370
2026-09-30White Steven Andrew
Director
 Award / grant 3,028$19.94$60,37546,613
2026-09-30Newlands William A
Director, other: Chairman of the Board
 Award / grant 7,635$19.94$152,25066,375
2026-09-30Bhojwani Gary C.
Director
 Award / grant 3,028$19.94$60,37533,205
2026-07-08Bhojwani Gary C.
Director
 Open-market sale 20,200$24.51$495,15932,002
2026-06-09Bonifant William W.
GVP, Chief Supply Chain Ofc.
 Award / grant 5,734——17,954
2026-06-09Bonifant William W.
GVP, Chief Supply Chain Ofc.
 Award / grant 34,900$23.98$836,90234,900
2026-06-09Borrelli Domenic
EVP, Retail
 Award / grant 8,341——8,341

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprJunJulSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired10180,278$2.4M
Open-market buyAcquired110,000$201,000
Open-market saleDisposed120,200$495,159
Tax withholdingDisposed22,586$54,467
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 2 notices · 33,600 shares · $817,308
FiledFilerShares proposedEst. proceeds
2026-07-08Gary C. Bhojwani20,200$495,708
2025-12-12Elsa A Murano13,400$321,600
2025-03-27Murano Elsa A4,500$136,800
2024-09-27Lykken Steven J9,800$312,688
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 4 trades (0 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-13Kevin HernHouseSale$1,001 - $15,0002026-09-02
2026-08-13Kevin HernHouseSale (Full)$1,001 - $15,0002026-09-02
2026-08-12Kevin HernHouseSale (Full)$1,001 - $15,0002026-09-02
2026-01-13Ro KhannaHouseSale$1,001 - $15,0002026-02-10
2017-08-31Thomas R. CarperSenatePurchase$1,001 - $15,0002017-09-06
2017-08-31Thomas R. CarperSenatePurchase$1,001 - $15,0002017-09-05
2017-08-31Thomas Richard CarperSenatePurchase$1,001 - $15,0002017-09-05
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
STATE STREET CORP25,867,365$642.0M4.70%
BlackRock, Inc.19,705,555$489.1M3.58%
VANGUARD CAPITAL MANAGEMENT LLC19,391,572$481.3M3.52%
Invesco Ltd.15,171,561$376.6M2.76%
VANGUARD PORTFOLIO MANAGEMENT LLC14,801,507$367.4M2.69%
TWO SIGMA INVESTMENTS, LP12,325,712$305.9M2.24%
DIMENSIONAL FUND ADVISORS LP9,372,480$232.7M1.70%
GEODE CAPITAL MANAGEMENT, LLC8,186,164$202.8M1.49%
ProShare Advisors LLC7,630,462$189.4M1.39%
NORGES BANK5,704,004$141.6M1.04%
GOLDMAN SACHS GROUP INC5,371,484$133.3M0.98%
MAIRS & POWER INC3,398,047$84.3M0.62%
MORGAN STANLEY2,739,475$68.0M0.50%
NORTHERN TRUST CORP2,398,158$59.5M0.44%
FIRST TRUST ADVISORS LP2,324,143$57.7M0.42%

Institutional ownership by quarter

2023-092026-0644.2%
% of shares held by 13F filers
2023-092026-06627
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3062744.2%9223223497
2026-03-3163645.7%8426418676
2025-12-3164244.5%12223820976
2025-09-3060443.1%73231219104
2025-06-3064443.0%9123622278
2025-03-3163842.6%8321423486
2024-12-3164742.0%10424021870
2024-09-3062740.2%7224821760
2024-06-3062040.6%6925222183
2024-03-3164440.7%8922924262
2023-12-3162441.1%9422622888
2023-09-3063041.4%5422723962

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-02-09SCHEDULE 13GSTATE STREET CORPORATION5.0%27,318,643
2025-05-13SCHEDULE 13GSTATE STREET CORPORATION5.0%27,611,445
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.01%$192.8M
VTSAX0.01%$192.8M
VSMPX0.01%$192.8M
VTI0.01%$192.8M
RSP0.19%$186.7M
VOO0.01%$152.7M

Share structure

Shares outstanding550,350,790
Float290,794,356
Free float52.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$11.4B$12.5B$12.1B$11.9B$12.1B
Cost of revenue$9.5B$10.3B$10.1B$9.9B$10.2B
Gross profit$1.9B$2.2B$2.0B$2.0B$1.9B
R&D$0$0$0$0$0
SG&A$853.1M$879.3M$942.2M$1.0B$996.6M
Operating income$1.1B$1.3B$1.1B$1.1B$718.6M
EBITDA$1.4B$1.6B$1.3B$1.4B$1.0B
Pretax income$1.1B$1.3B$1.0B$1.0B$663.4M
Income tax$217.0M$277.9M$220.6M$230.8M$185.7M
Net income$908.8M$1,000.0M$793.6M$805.0M$478.2M
EPS, diluted$1.66$1.82$1.45$1.47$0.87
Diluted shares547.6M549.6M549.0M548.8M550.5M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$634.7M$998.3M$753.2M$766.6M$703.6M
Receivables$904.0M$874.8M$824.6M$868.3M$881.6M
Inventory$1.4B$1.7B$1.7B$1.6B$1.7B
Total current assets$2.9B$3.6B$3.3B$3.2B$3.4B
PP&E, net$2.1B$2.1B$2.2B$2.2B$2.2B
Goodwill & intangibles$6.8B$6.7B$6.7B$6.7B$6.6B
Total assets$12.7B$13.3B$13.4B$13.4B$13.4B
Accounts payable$793.3M$816.6M$771.4M$735.6M$731.6M
Total current liabilities$1.4B$1.5B$2.3B$1.4B$1.4B
Long-term debt$3.3B$3.3B$2.4B$2.9B$2.9B
Total liabilities$5.7B$5.8B$5.7B$5.4B$5.5B
Shareholders' equity$7.0B$7.5B$7.7B$8.0B$7.9B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$909.1M$1.0B$792.9M$804.6M$478.2M
Depreciation & amortization$228.4M$262.8M$253.3M$257.8M$263.9M
Stock-based compensation$24.7M$24.9M$24.1M$23.2M$0
Change in working capital−$165.8M−$371.8M−$124.8M$68.2M−$243.3M
Operating cash flow$1.0B$1.1B$1.0B$1.3B$845.3M
Capital expenditure−$230.2M−$277.7M−$270.2M−$256.4M−$310.9M
Free cash flow$771.7M$857.3M$777.6M$1.0B$534.3M
Investing cash flow−$3.6B−$258.0M−$689.5M−$236.9M−$293.6M
Net debt issued / repaid$2.0B−$8.7M−$6.8M−$461.3M−$7.8M
Buybacks−$20.0M$0−$12.3M$0$0
Dividends paid−$523.1M−$557.8M−$592.9M−$615.0M−$633.2M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin16.9%17.4%16.5%17.0%15.6%
Operating margin9.9%10.5%8.9%9.0%5.9%
Net margin8.0%8.0%6.6%6.8%4.0%
FCF margin6.8%6.9%6.4%8.5%4.4%
ROE13.6%13.8%10.4%10.2%6.0%
ROIC9.4%10.4%8.2%8.2%5.1%
ROA8.0%7.7%5.9%6.0%3.6%
Debt / equity0.480.440.430.360.36
Interest coverage27.0x21.4x14.8x13.8x9.5x
Current ratio2.082.471.432.322.47
Revenue growth+18.5%+9.4%−2.8%−1.6%+1.6%
EPS growth+0.2%+9.5%−20.4%+1.2%−40.7%
P/E at year end22.5x23.0x20.8x20.0x27.4x
EV / EBITDA at year end16.5x15.8x14.6x13.2x15.2x
FCF yield at year end3.77%3.72%4.71%6.27%4.07%
Dividend payout57.6%55.8%74.7%76.4%132.4%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Perishable Meat$6.3B$6.6B$8.5B——
Retail Segment———$7.4B$7.5B
Foodservice Segment———$3.8B$3.9B
Shelf Stable$2.7B$3.4B$3.6B——
Poultry$2.1B$2.1B———
International Segment———$701.5M$709.1M
Other Products$353.5M$380.4M———

Revenue by region · FY2025

UNITED STATES$11.4B · 94%
Non-US$669.1M · 6%

Street estimates by fiscal year

Next report 2026-12-03 · consensus EPS $0.38 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$12.1B$12.0B – $12.3B$1.48$1.47 – $1.50613.8x
2027$12.5B$12.3B – $13.1B$1.57$1.42 – $1.61513.0x
2028$12.8B$12.6B – $12.9B$1.65$1.63 – $1.68112.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-27$0.35$0.37+4.5%$3.0B$3.0B−2.4%
2026-05-28$0.35$0.40+12.9%$3.0B$3.0B+0.3%
2026-02-26$0.32$0.34+6.3%$3.1B$3.0B−1.3%
2025-12-04$0.30$0.32+6.1%$3.2B$3.2B−1.2%
2025-08-28$0.40$0.35−12.8%$3.0B$3.0B+1.6%
2025-05-29$0.34$0.35+2.4%$2.9B$2.9B−0.2%
2025-02-27$0.38$0.35−7.0%$2.9B$3.0B+1.4%
2024-12-04$0.43$0.42−2.3%$3.1B$3.1B−0.1%
2024-09-04$0.36$0.37+2.8%$2.9B$2.9B−1.6%
2024-05-30$0.36$0.38+5.6%$3.0B$2.9B−2.7%
2024-02-29$0.33$0.41+24.2%$2.9B$3.0B+3.0%
2023-11-29$0.44$0.42−4.5%$3.3B$3.2B−1.9%
2023-08-31$0.41$0.40−2.4%$3.0B$3.0B−2.8%
2023-06-01$0.40$0.400.0%$3.1B$3.0B−2.5%
2023-03-02$0.45$0.40−11.1%$3.1B$3.0B−3.4%
2022-11-30$0.50$0.51+2.0%$3.4B$3.3B−2.7%
2022-09-01$0.41$0.40−2.4%$3.0B$3.0B+0.4%
2022-06-02$0.47$0.48+2.1%$3.1B$3.1B+0.9%
2022-03-01$0.44$0.440.0%$2.9B$3.0B+4.3%
2021-12-09$0.50$0.51+2.0%$3.0B$3.5B+16.5%
2021-09-02$0.39$0.390.0%$2.8B$2.9B+2.7%
2021-05-20$0.41$0.42+2.4%$2.4B$2.6B+8.0%
2021-02-18$0.41$0.410.0%$2.4B$2.5B+3.4%
2020-11-24$0.44$0.43−2.3%$2.5B$2.4B−2.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.106-150.106-220.106-290.107-060.107-130.107-200.107-270.108-030.108-100.108-170.208-240.108-31
Week ofNotionalSharesTrades
2026-08-31$122.1M5,590,32885,569
2026-08-24$226.1M10,052,226106,821
2026-08-17$119.7M4,940,04278,028
2026-08-10$89.6M3,665,74773,812
2026-08-03$64.4M2,555,93760,983
2026-07-27$93.5M3,645,23073,125

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1550.7%
DateShort shareShort volumeTotal volume
2026-10-1550.7%1,003,2971,979,447
2026-10-1442.2%857,2072,032,505
2026-10-1354.2%995,2681,837,630
2026-10-1258.8%1,386,7182,357,337
2026-10-0968.5%1,826,7622,665,479
2026-10-0871.1%2,241,4273,153,156
2026-10-0754.0%1,261,3322,337,146
2026-10-0650.9%1,165,6562,292,139
2026-10-0547.8%1,177,3572,460,698
2026-10-0248.8%1,344,8812,756,048
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.3Jan+2.5Feb+1.9Mar-1.0Apr-0.6May-0.1Jun+0.6Jul+0.1Aug-0.7Sep-0.1Oct+2.9Nov+1.8Dec
MonthAvg returnUp yearsYears
Jan+0.3%45%20
Feb+2.5%60%20
Mar+1.9%81%21
Apr−1.0%45%20
May−0.6%45%20
Jun−0.1%50%20
Jul+0.6%65%20
Aug+0.1%55%20
Sep−0.7%45%20
Oct−0.1%65%20
Nov+2.9%70%20
Dec+1.8%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1454.6
MFI39.8
ADX36.6
Stochastic %K / %D81.1 / 62.4
Williams %R-12.8
CCI164
TSI / signal-23.8 / -38.4
Chaikin money flow-0.14
ATR$0.46
Bollinger width7.9%
Volume vs 20-day avg0.98x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$19.62 (+4.0%)
SMA 50$21.23 (−3.9%)
SMA 200$22.31 (−8.6%)
EMA 21$19.90 (+2.5%)
EMA 50$20.90 (−2.4%)
EMA 200$22.40 (−8.9%)
Bollinger upper$20.40 (0.0%)
Bollinger lower$18.84 (+8.3%)
Parabolic SAR$18.81 (+8.5%)
Open the live chart, 110+ indicators

About Hormel Foods Corporation

Hormel Foods Corporation is a prominent global food company that specializes in the creation, preparation, and supply of a diverse array of meat, nut, and other culinary items. Its extensive clientele spans retail outlets, institutional food providers (foodservice), specialty delis, and various commercial enterprises across the United States and internationally. The company's operations are strategically structured into four main divisions: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. Hormel's product portfolio is broad, encompassing numerous perishable goods such as fresh meats, frozen food selections, convenient refrigerated meal options, a variety of sausages, hams, guacamole, and bacon. Additionally, it offers a wide range of non-perishable items, including canned luncheon meats, various nut butters, snack nuts, chili, microwave-ready meals, hashes, stews, tortillas, salsas, and tortilla chips. Beyond these offerings, Hormel Foods is also actively involved in the processing, promotion, and distribution of both branded and unbranded products derived from pork, beef, poultry, and turkey. The company further supplies nutritional food items and supplements, dessert and beverage mixes, and industrial-grade gelatin. Its extensive product line is marketed under numerous widely recognized brand names, including SKIPPY, SPAM, Hormel, Natural Choice, Applegate, Justin's, Jennie-O, Café H, Herdez, Black Label, Sadler's, Columbus, Gatherings, Wholly, Planters, NUT-rition, Planters Cheez Balls, and Corn Nuts. These products reach consumers through a multi-channel distribution network, utilizing internal sales teams, independent brokers, and various distributors. Founded in 1891 as Geo. A. Hormel & Company, the organization was officially rebranded as Hormel Foods Corporation in January 1995. Its corporate headquarters are located in Austin, Minnesota.

https://www.hormelfoods.com

Key executives

NameTitlePayBorn
John F. GhingoPresident & Director$2.7M1973
Jeffrey EttingerInterim Chief Executive Officer & Director$1.6M1958
Ash BhumblaExecutive Vice President & Chief Financial Officer$1.3M1987
Colleen R. BatchelerSenior Vice President of External Affairs, General Counsel & Corporate Secretary$1.2M1974
Kevin L. MyersSenior Vice President of Research & Development, Food Safety and Quality$837,7601965
Swen NeufeldtGroup Vice President & President of Hormel Foods International$688,1681974
Jason LevineGroup VP & Chief Marketing Officer——
Jess BlombergDirector of Investor Relations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
James P. Snee Former President and Chief Executive Officer2025$1.1M$2.0M$1.5M$7.4M
Jeffrey M. Ettinger Interim Chief Executive Officer and Board Member2025$323,077$1.8M$380,769$6.4M
Jacinth C. Smiley Former Executive Vice President and Chief Financial Officer2025$606,731$715,018$521,800$2.7M
John F. Ghingo President and Board Member2025$561,923$515,424$534,474$2.4M
Colleen R. Batcheler Senior Vice President, External Corporate Secretary2025$561,346$485,032$437,600$2.2M
Swen Neufeldt Group Vice President, Hormel Foods International2025$363,077$475,051$276,738$1.6M

Employees

20k201819k201919k202020k202120k202220k202320k202420k2025

Dividends

Ex-dateAmountPaid
2026-10-13$0.29252026-11-16
2026-07-13$0.29252026-08-17
2026-04-13$0.29252026-05-15
2026-01-12$0.29252026-02-17
2025-10-14$0.292025-11-17
2025-07-14$0.292025-08-15
2025-04-14$0.292025-05-15
2025-01-13$0.292025-02-18

Moat model

None · Efficient Scale · 2026-07-26
Cost advantage30
Intangibles19
Switching costs12
Network effect45
Efficient scale85
Our component scores (0-100) and overall 33.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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