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Friday 6 November 2026
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The J. M. Smucker Company
SJM Consumer Defensive Packaged Foods
The J. M. Smucker Company’s revenue for fiscal 2026 (year ended April 2026) was $9.1 billion, up 3.72% from fiscal 2025.
- Revenue
- +5.02%
- EPS
- +841.5%
- Free cash flow
- +511.7%
- Total debt
- −15.7%
Quarter to July 2026, against a year earlier
133.50
1.07
+0.81%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to April
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Jul ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 7,392 | 7,357 | 7,838 | 7,801 | 8,003 | 7,999 | 8,529 | 8,179 | 8,726 | 9,051 | 9,157 | +2.3% | 8,930 | 9,038 | 9,192 | +0.5% | |
| Gross margin, % | 38.35 | 38.55 | 37.20 | 38.48 | 39.22 | 33.76 | 32.85 | 38.09 | 38.79 | 33.53 | 38.65 | (4.8) pt | ||||||
| EBT | 878 | 861 | 702 | 1,027 | 1,172 | 844 | (9) | 996 | (1,047) | (62) | 422 | n/m | ||||||
| EBT margin, % | 11.88 | 11.70 | 8.95 | 13.16 | 14.64 | 10.55 | (0.11) | 12.18 | (12.00) | (0.69) | 4.61 | (12.6) pt | ||||||
| Net income | 592 | 1,339 | 514 | 780 | 876 | 632 | (91) | 744 | (1,231) | (139) | 230 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 64.00 | 65.11 | 69.30 | 68.79 | 71.45 | 74.13 | 80.31 | 78.57 | 82.01 | 84.83 | 85.74 | +3.2% | |||||
| Earnings | 5.11 | 11.79 | 4.52 | 6.84 | 7.79 | 5.84 | (0.86) | 7.14 | (11.56) | (1.30) | 2.15 | n/m | ||||||
| Cash flow | 9.17 | 10.78 | 10.09 | 11.07 | 13.97 | 10.53 | 11.25 | 11.81 | 11.38 | 13.81 | 17.88 | +4.7% | ||||||
| Capex | (1.66) | (2.73) | (3.18) | (2.37) | (2.74) | (3.87) | (4.50) | (5.63) | (3.64) | (2.85) | (3.01) | +6.2% | ||||||
| Free cash flow | 7.51 | 8.05 | 6.91 | 8.69 | 11.23 | 6.66 | 6.75 | 6.18 | 7.74 | 10.96 | 14.88 | +4.3% | ||||||
| Book value | 59.31 | 69.83 | 70.47 | 72.23 | 72.54 | 75.44 | 68.65 | 73.91 | 57.17 | 51.96 | 53.85 | (1.5%) | ||||||
| Shares, m | 116 | 113 | 113 | 113 | 112 | 108 | 106 | 104 | 106 | 107 | 107 | (0.9%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 24.68 | 9.68 | 27.07 | 16.82 | 16.86 | 23.10 | 0.00 | 16.06 | 0.00 | 0.00 | 62.09 | 13.4 | |||||
| P/S | 1.97 | 1.75 | 1.77 | 1.67 | 1.83 | 1.82 | 1.96 | 1.46 | 1.42 | 1.16 | 1.56 | 1.7 | ||||||
| P/B | 2.12 | 1.63 | 1.74 | 1.59 | 1.81 | 1.79 | 2.29 | 1.55 | 2.03 | 1.89 | 2.48 | 1.8 | ||||||
| EV/Sales | 2.67 | 2.38 | 2.51 | 2.34 | 2.39 | 2.36 | 2.33 | 2.48 | 2.29 | 1.92 | 2.29 | 2.4 | ||||||
| EV/FCF | 22.80 | 19.27 | 25.18 | 18.53 | 15.17 | 26.27 | 27.73 | 31.49 | 24.26 | 14.85 | 13.19 | 22.6 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 1,059 | 1,218 | 1,141 | 1,255 | 1,565 | 1,136 | 1,194 | 1,229 | 1,210 | 1,474 | 1,910 | +3.7% | |||||
| Capex | (192) | (308) | (360) | (269) | (307) | (417) | (477) | (586) | (387) | (304) | (321) | +5.3% | ||||||
| Free cash flow | 867 | 910 | 781 | 986 | 1,258 | 719 | 717 | 643 | 824 | 1,169 | 1,589 | +3.4% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (191) | 521 | (716) | 386 | (926) | 57 | 872 | (1,794) | (505) | (565) | (298) | +12.8% | |||||
| Net debt | 5,232 | 4,639 | 5,810 | 5,230 | 4,417 | 4,321 | 3,205 | 8,302 | 7,608 | 6,905 | 6,695 | +3.1% | ||||||
| Shareholders’ equity | 6,850 | 7,891 | 7,971 | 8,191 | 8,125 | 8,140 | 7,291 | 7,694 | 6,083 | 5,544 | 5,751 | (2.3%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 3.73 | 8.61 | 3.20 | 4.60 | 5.25 | 3.90 | (0.59) | 4.22 | (6.51) | (0.82) | 1.35 | (4.5) pt | |||||
| ROIC | 5.39 | 5.21 | 4.21 | 5.70 | 6.91 | 5.14 | 0.94 | 5.10 | (3.08) | 1.81 | 4.15 | (3.6) pt | ||||||
| ROE | 8.51 | 18.07 | 6.45 | 9.59 | 10.70 | 7.75 | (1.18) | 9.93 | (17.87) | (2.39) | 3.93 | (10.9) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 7,140 | 7,000 | 7,400 | 7,300 | 7,100 | 6,700 | 5,800 | 9,000 | 8,000 | 8,000 | — | +1.3% | |||||
| Revenue/emp, $m | 1.04 | 1.05 | 1.06 | 1.07 | 1.13 | 1.19 | 1.47 | 0.91 | 1.09 | 1.13 | — | +1.0% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Apr 2026 · latest quarter Jul 2026
Business profile
Where the money comes from and where it goes Fiscal 2024
| U.S. Retail Coffee | 2,704 | 33.07% |
|---|---|---|
| U.S. Retail Pet Foods | 1,823 | 22.29% |
| U.S. Retail Frozen Handheld and Spreads | 1,816 | 22.20% |
| Away From Home | 712 | 8.70% |
| Sweet Baked Snacks | 637 | 7.79% |
| Other | 487 | 5.96% |
| Gross margin | 38.09% | |
| Operating margin | 15.97% | |
| Pre-tax margin | 12.18% |
The J. M. Smucker Company 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% | |
| 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% | Compare |
| 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 | $12.4B | 11.0× | 11.3× | +0.66% | −60.23% | +107.16% | 15.96% | 4.92% |
From the latest earnings call
- Tucker Marshall said the company raised its Uncrustables growth outlook to high single digits and advanced pre-production spending for capacity in McCalla, Alabama.
- Mark Smucker said coffee pricing and promotional activity would reflect commodity volatility, category dynamics and the consumer environment.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
87.13%
Held by the ten largest
43.21%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 12.69m | 11.90% | +96.29k |
| BlackRock | 7.39m | 6.93% | +663.07k |
| State Street | 6.57m | 6.16% | +77.41k |
| Dimensional Fund Advisors | 4.59m | 4.30% | +670.66k |
| Geode Capital Management | 2.91m | 2.73% | +67.73k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | 2.79m | 2.62% | +603.84k |
| Citadel Advisors | 2.69m | 2.52% | +755.87k |
| Invesco | 2.35m | 2.21% | +30.90k |
| Goldman Sachs | 2.17m | 2.04% | +857.41k |
| Fidelity (FMR) | 1.92m | 1.80% | −271.62k |
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 26 June 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 10.94m | 5.75m | 88.48 |
| 2025 | 10.98m | 7.81m | 100.91 |
| 2024 | 10.37m | 3.89m | 95.89 |
| 2023 | 11.35m | 11.78m | 124.86 |
| 2022 | 8.51m | 8.49m | 107.64 |
Ownership
Directors and executive officers, together
2.80%
Vanguard Capital Management LLC
7.20%
State Street Corporation
6.60%
BlackRock, Inc.
5.90%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
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
The J. M. Smucker Company (SJM) Latest News
29 Oct
19 Oct
24 Sep
23 Sep
27 Aug
26 Aug
SJM metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
The J. M. Smucker Company is a branded food, beverage and pet-products manufacturer and marketer. Founded in 1897 and headquartered in Orrville, it sells principally in North America, with most sales in the United States. Mark Smucker is Chief Executive Officer, President and Chair of the Board.
Its products cover everyday grocery, frozen and snack occasions: coffee; frozen handheld sandwiches; peanut butter and fruit spreads; sweet baked goods; dog snacks; cat food; toppings and syrups; portion-control products; and baking mixes and ingredients. Its principal brands include Folgers, Dunkin’, Café Bustelo, Uncrustables, Jif, Smucker’s, Hostess, Milk-Bone and Meow Mix.