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Hormel Foods Corporation

HRL Consumer Defensive Packaged Foods

Hormel Foods Corporation’s revenue for fiscal 2025 (year ended October 2025) was $12.1 billion, up 1.55% from fiscal 2024.

Revenue
−2.36%
EPS
−66.7%
Free cash flow
+107.2%
Total debt
−0.06%

Quarter to July 2026, against a year earlier

22.00 0.60 −2.65%
Market cap
$12.4B
P/E
35.8×
Fwd P/E
16.8×
Dividend yield
5.19%
F-score
5/9
Altman Z
3.32
Beneish M
−2.58
Dividend safety
35/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Retail
  • Foodservice
  • International

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.20
Sold, $m 0.82
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — 1 —
Sell 1 — — — — — — 1 — — — —
Insider Ownership 47.16%

Capital & Financial Ratios $m

Size
Market Cap 12,440.00
Revenue ttm 12,146.91
Net income ttm 342.46
Free cash flow ttm 783.92
Net debt Q 1,986.68
Valuation
P/E 35.81 (above 35: high)
Forward P/E 16.80
Price / sales 1.02
Forward P/S Powerpack
Price / FCF 15.85
Price / book 1.58
Financial health
Current ratio Q 1.88 (at or above 1.5: strong)
Debt / equity Q 0.36 (at or below 0.5: strong)
Interest coverage Q 3.76
Growth
Revenue growth Q −2.36% (below 0%: shrinking)
Operating income growth Q −53.74% (below 0%: shrinking)
EPS, this year +8.10%
EPS, next year A +5.67%
Revenue, next year A +0.17%
EPS, past 5 yrs −12.12% (below 0%: weak)
EPS, next 5 yrs A +6.48%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.2×, against a ten-year median of 2.1×; over the ten years it ranged from 1.1× in 2026 to 2.8× in 2020.
P/E against its own 10 years 99.27%
10-year low 10-year high
P/S against its own 10 years 3.89%
10-year low 10-year high
P/B against its own 10 years 4.29%
10-year low 10-year high
EV/Sales against its own 10 years 3.70%
10-year low 10-year high
EV/FCF against its own 10 years 2.09%
10-year low 10-year high

Dividends raised 7 years running

Yield
5.19%
Annual rate
1.17
Payout ratio
185.7%
Growth, 2018–26
+2.81%/yr
  1. 0.94 ’18
  2. 0.84 ’19 −10
  3. 0.93 ’20 +11
  4. 0.98 ’21 +5
  5. 1.04 ’22 +6
  6. 1.10 ’23 +6
  7. 1.13 ’24 +3
  8. 1.16 ’25 +3
  9. 1.17 ’26 +1
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 753 767 704 868
Receivables 825 868 882 792
Inventory 1,680 1,576 1,747 1,802
Other — — — 11
3,297 3,246 3,406 3,526
2023 2024 2025 Q'26
Payables 771 736 732 678
ST’ Debt 951 8 7 506
Other 263 283 273 278
2,312 1,399 1,381 1,874

Compound Annual Growth %

10y 5y 3y
Sales 2.71% 4.73% (0.95%)
Cash Flow (1.59%) (5.61%) (9.36%)
Earnings (3.55%) (12.04%) (21.80%)
Book Value 7.06% 4.24% 1.63%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.36 Actual 0.37

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.30 0.32 Beat by 0.02
Q1 FY26 0.32 0.34 Beat by 0.02
Q2 FY26 0.35 0.40 Beat by 0.05
Q3 FY26 0.36 0.37 Beat by 0.01
Q4 FY26 0.38 — Reports 3 December 2026

EPS $

Jan Apr Jul Oct Year
’26 0.33 0.29 0.11 — —
’25 0.31 0.33 0.33 (0.10) 0.87
’24 0.40 0.34 0.32 0.40 1.47
’23 0.40 0.40 0.30 0.36 1.45
’22 0.44 0.48 0.40 0.51 1.82
’21 0.41 0.42 0.32 0.51 1.66
’20 0.45 0.42 0.37 0.43 1.66
Fiscal quarters ending in the months shown.

Revenue $m

Jan Apr Jul Oct Year
’26 3,027 2,973 2,961 — —
’25 2,989 2,899 3,033 3,186 12,106
’24 2,997 2,887 2,898 3,138 11,921
’23 2,971 2,978 2,963 3,198 12,110
’22 3,044 3,097 3,034 3,283 12,459
’21 2,461 2,607 2,864 3,455 11,386
’20 2,384 2,422 2,381 2,420 9,608
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jan Apr Jul Oct Year
’26 349 179 241 — —
’25 309 56 157 323 845
’24 404 236 218 409 1,267
’23 204 208 317 319 1,048
’22 384 193 186 372 1,135
’21 206 156 77 564 1,002
’20 188 360 330 250 1,128
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jan Apr Jul Oct Year
’26 280 97 175 — —
’25 237 (19) 85 231 534
’24 357 177 153 325 1,011
’23 172 155 239 217 783
’22 334 115 126 282 857
’21 167 111 23 471 772
’20 131 280 242 110 762
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 5.0% a year for ten years. It grew −0.9% a year over the last ten.

Implied
5.0%
10 years, reported
−0.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to October

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jul ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 9,523 9,168 9,546 9,497 9,608 11,386 12,459 12,110 11,921 12,106 12,147 +2.7% 12,127 12,351 12,453 +0.9%
Gross margin, % 22.66 21.78 20.74 19.84 19.00 16.93 17.37 16.51 16.96 15.63 15.68 (7.0) pt
EBT 1,317 1,279 1,181 1,210 1,115 1,126 1,278 1,013 1,035 663 522 (7.3%)
EBT margin, % 13.83 13.95 12.38 12.74 11.60 9.89 10.26 8.37 8.69 5.48 4.30 (8.3) pt
Net income 891 847 1,013 979 908 909 1,000 793 805 478 342 (6.7%)
Per share, $
Per share, $ Revenue 17.99 17.35 17.99 17.77 17.86 21.04 22.86 22.16 21.75 22.00 22.06 +2.3%
Earnings 1.68 1.60 1.91 1.83 1.69 1.68 1.84 1.45 1.47 0.87 0.63 (7.1%)
Cash flow 1.96 1.96 2.34 1.73 2.10 1.85 2.08 1.92 2.31 1.54 1.98 (2.7%)
Capex (0.47) (0.41) (0.72) (0.48) (0.68) (0.43) (0.51) (0.48) (0.47) (0.56) (0.56) +2.0%
Free cash flow 1.49 1.55 1.62 1.25 1.42 1.43 1.57 1.43 1.84 0.97 1.42 (4.7%)
Book value 8.41 9.35 10.56 11.08 11.95 12.90 13.84 14.16 14.60 14.39 14.27 +6.1%
Shares, m 529 528 531 535 538 541 545 546 548 550 550 +0.4%
Valuation, ×
Valuation, × P/E 22.92 19.48 22.85 22.34 29.44 25.57 25.38 22.29 20.78 24.82 35.81 23.6
P/S 2.14 1.80 2.43 2.30 2.77 2.04 2.03 1.47 1.40 0.98 1.02 1.9
P/B 4.58 3.33 4.13 3.69 4.14 3.33 3.36 2.30 2.09 1.50 1.58 3.2
EV/Sales 2.12 1.77 2.44 2.30 2.72 2.28 2.22 1.68 1.58 1.16 1.19 2.0
EV/FCF 25.56 19.93 27.07 32.70 34.34 33.60 32.21 25.98 18.64 26.25 18.38 27.6
Cash, $m
Cash, $m Operating cash flow 1,040 1,034 1,242 923 1,128 1,002 1,135 1,048 1,267 845 1,092 (2.3%)
Capex (249) (218) (380) (256) (366) (230) (278) (265) (256) (311) (308) +2.5%
Free cash flow 791 816 862 667 762 772 857 783 1,011 534 784 (4.3%)
Balance, $m
Balance, $m Working capital 977 968 911 1,256 2,075 1,532 2,164 985 1,847 2,025 1,652 +8.4%
Net debt (165) (194) 166 (438) (428) 2,689 2,301 2,556 2,092 2,154 1,987 n/m
Shareholders’ equity 4,451 4,940 5,605 5,926 6,430 6,978 7,540 7,739 8,004 7,916 7,860 +6.6%
Returns, %
Returns, % ROA 14.23 12.69 13.39 12.05 10.08 8.04 7.69 5.93 5.99 3.56 2.56 (10.7) pt
ROIC 19.30 16.81 12.78 13.62 11.46 7.26 8.34 6.51 6.61 4.46 3.64 (14.8) pt
ROE 21.06 18.03 19.20 16.98 14.70 13.56 13.78 10.39 10.23 6.01 4.30 (15.1) pt
People
People Employees 21,100 20,200 20,100 18,800 19,100 20,000 20,000 20,000 20,000 20,000 — (0.6%)
Revenue/emp, $m 0.45 0.45 0.47 0.51 0.50 0.57 0.62 0.61 0.60 0.61 — +3.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Oct 2025 · latest quarter Jul 2026

Business profile

Updated

Hormel Foods Corporation is a global manufacturer and marketer of branded food products. Founded in 1891, it is headquartered in Austin. Its portfolio includes Planters, SPAM, Jennie-O, Skippy, Applegate, Wholly, Hormel Black Label, Fontanini, Bacon1 and Hormel pepperoni, alongside more than 30 other brands.

The company develops, processes and distributes meat, nuts and other foods. It sells them through three segments: Retail, Foodservice and International. Retail supplies grocery stores, mass merchandisers, club stores, natural-food chains, drugstores, dollar and discount chains, and e-commerce providers. Foodservice supplies distributors and operators serving restaurants, hospitality, healthcare, K-12 schools, colleges and universities, and convenience stores. International sells through retail and foodservice channels outside the U.S.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Retail 7,455 61.58%
Foodservice 3,942 32.56%
International 709 5.86%
Gross margin 15.63%
Operating margin 5.94%
Pre-tax margin 5.48%

Revenue by segment since 2009

Hormel Foods Corporation vs peers in Packaged Foods (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GIS General Mills, Inc. $19.5B — (loss-making) 11.3× −2.83% (below 0%: shrinking) −66.67% (below 0%: shrinking) −28.59% (below 0%: shrinking) 33.88% 14.43% Compare
SJM The J. M. Smucker Company $14.2B 62.1× 14.5× +5.02% (above 0%: growing) n/m +511.71% (above 0%: growing) 44.14% 23.05% Compare
JBS JBS N.V. $13.7B 12.5× 14.4× +13.82% (above 0%: growing) n/m +238.90% (above 0%: growing) 10.83% 2.50% Compare
MKC McCormick & Company, Incorporated $13.5B 9.0× 8.6× +17.39% (above 0%: growing) −57.14% (below 0%: shrinking) −45.61% (below 0%: shrinking) 39.26% 10.72% Compare
HRL Hormel Foods Corporation $12.4B 35.8× 16.8× −2.36% (below 0%: shrinking) −66.67% (below 0%: shrinking) +107.16% (above 0%: growing) 15.92% 2.49%
MICC The Magnum Ice Cream Company N.V. $12.3B — — — — — — — Compare
DAR Darling Ingredients Inc. $8.0B 9.5× 8.2× +14.52% (above 0%: growing) +1,323.67% (above 0%: growing) +428.22% (above 0%: growing) 26.66% 18.61% Compare
SFD Smithfield Foods, Inc. $7.7B 8.5× 10.5× −8.27% (below 0%: shrinking) −63.32% (below 0%: shrinking) +160.00% (above 0%: growing) 9.11% 3.70% Compare
LW Lamb Weston $7.6B 29.9× 20.3× +0.66% (above 0%: growing) −54.35% (below 0%: shrinking) −47.29% (below 0%: shrinking) 15.96% 4.92% Compare
Median of peers $12.9B 11.0× 11.3× +5.02% −57.14% +160.00% 26.66% 10.72%

All 68 Packaged Foods stocks →

From the latest earnings call

Updated

  • John Ghingo said retail volume was affected by portfolio actions, pricing elasticity and additional softness, while several priority businesses recorded consumption growth.
  • Jeff Ettinger said Hormel Foods tightened its organic net sales outlook and raised and narrowed adjusted EPS guidance after assessing fourth-quarter conditions.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 42.83%
Held by the ten largest 26.71%
Holder Shares Stake Change
Vanguard 36.86m 6.70% +294.60k
State Street 25.87m 4.70% −1.61m
BlackRock 19.71m 3.58% −4.01m
Invesco 15.17m 2.76% +253.48k
Two Sigma 12.33m 2.24% +338.98k
Dimensional Fund Advisors 9.37m 1.70% +2.52m
Geode Capital Management 8.19m 1.49% +17.67k
ProShare Advisors LLC 7.63m 1.39% +807.55k
Morgan Stanley 6.19m 1.12% −951.45k
Norges Bank 5.70m 1.04% +5.70m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 17 December 2025

Ownership

Directors and executive officers, together 0.58%
The Hormel Foundation 46.62%
The Vanguard Group100 Vanguard Blvd., Malvern, Pennsylvania 6.33%
State Street CorporationOne Congress Street, Suite 5.02%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Hormel Foods Corporation (HRL) Latest News

29 Oct

Impact 3 · · Barchart

24 Oct

Impact 3 · · The Motley Fool

23 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.
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22 Oct

Impact 3 · · PR Newswire
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19 Oct

Impact 3 · · TIKR
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14 Oct

Impact 3 · · PR Newswire

13 Oct

Impact 3 · · Zacks

12 Oct

Impact 4 · · Insider Monkey
Impact 3 · · PR Newswire

8 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Insider Monkey

7 Oct

Impact 3 · · Zacks
Impact 3 · · The Motley Fool

6 Oct

Impact 3 · · PR Newswire

1 Oct

Impact 4 · · Zacks
Impact 4 · · 24/7 Wall St.
Impact 4 · · just-food.com

30 Sep

Impact 4 · · MarketBeat
Impact 4 · · fooddive.com
Impact 4 · · qz.com
Impact 4 · · Barrons.com
Impact 4 ·
Impact 3 · · Investing.com

29 Sep

Impact 4 · · PR Newswire
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Impact 3 · · Simply Wall St.

HRL metrics, ten years each

stockrow.com/HRL · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com