Smithfield Foods, Inc.
SFD Consumer Defensive Packaged Foods
Smithfield Foods, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $15.5 billion, up 9.82% from fiscal 2024. In the quarter to June 2026, revenue fell 2.27%, EPS grew 27.1%, free cash flow fell 1.54% and total debt was flat, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Smithfield Foods, Inc. (SFD) Beneish M-score
Smithfield Foods, Inc.'s Beneish M-score for fiscal 2025 is −1.78; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.78 | 1.07 |
| FY2024 | −2.85 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.67 | — | 1.54 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.93 | — | 0.38 | |
| Sales growth index | 1.10 | — | 0.98 | |
| Depreciation index | 1.03 | — | 0.12 | |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | (0.01) | — | −0.02 | |
| Leverage index | 0.92 | — | −0.30 | |
| Beneish M-score | Elevated | −1.78 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CAG Conagra Brands compare | −3.5× |
| DAR Darling Ingredients Inc. compare | −2.9× |
| LW Lamb Weston compare | −2.9× |
| CPB The Campbell's Company compare | −2.6× |
| HRL Hormel Foods Corporation compare | −2.6× |
| INGR Ingredion Incorporated compare | −2.5× |
| PPC Pilgrim's Pride Corporation compare | −2.4× |
| SFD Smithfield Foods, Inc. | −1.8× |
| MICC The Magnum Ice Cream Company N.V. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI