Hormel Foods
HRL NYSE Packaged Foods & Meats Financials FY2016–FY2025
Hormel Foods' revenue rose 1.6% to $12.1 billion in fiscal 2025. Its operating margin was 5.9%, down from 9.0% a year earlier. Free cash flow was $534 million, down 47.1%. It paid out $633 million in dividends and buybacks, 118% of free cash flow. The diluted share count rose 0.3%.
What Hormel Foods does
Hormel Foods makes and sells packaged and processed food. It started as a meat processor in 1891 in Austin, Minnesota, and has grown through its own brands and acquisitions into a global branded food company with more than $12 billion in annual revenue. Its brands include Planters, SPAM, Jennie-O, Skippy, Applegate, Wholly and Hormel Black Label.
It reports three segments. Retail sells through grocery stores, mass merchants, club stores, discount chains and e-commerce providers in the U.S., and includes its MegaMex Foods joint venture. Foodservice sells to distributors and operators such as restaurants, hospitals, schools and convenience stores. International sells through retail and foodservice channels abroad and includes operations in China and Brazil. Its largest customer, Walmart, accounted for 15.6 percent of gross sales less returns and allowances in fiscal 2025.
Hormel says its markets are highly competitive and that it competes by meeting customer and consumer preferences and offering new products. At the end of fiscal 2025 it had approximately 20,000 active employees, with over 90 percent in the U.S. About 20 percent are covered by collective bargaining agreements.
- Legal name
- HORMEL FOODS CORPORATION
- Fiscal year ends
- October 26, 2025
- Latest annual report
- 10-K · Dec 5, 2025
- Accession · CIK
- 0000048465-25-000059
0000048465
Revenue and margins
Hormel Foods had $12.1B of revenue in fiscal 2025, up 1.6% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −6.8% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $534M in fiscal 2025, 4.4% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Hormel Foods returned $633M to shareholders in fiscal 2025, 119% of free cash flow. The diluted share count rose 0.3%.
Value Hormel Foods yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$2.2B and divides by 550.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 33.4x · peers 38.3x · sector 24.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Hormel Foods can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $635M | $998M | $753M | $767M | $704M |
| Debt incl. finance leases | $3.3B | $3.3B | $3.3B | $2.9B | $2.9B |
| Net debt / EBITDA | 2.0x | 1.5x | 1.9x | 1.6x | 2.2x |
| Debt / equity | 0.5x | 0.4x | 0.4x | 0.4x | 0.4x |
| Interest coverage | 25.9x | 21.0x | 14.6x | 13.2x | 9.2x |
| Current ratio | 2.1x | 2.5x | 1.4x | 2.3x | 2.5x |
| Quick ratio | 1.1x | 1.3x | 0.7x | 1.2x | 1.2x |
| Total assets | $12.7B | $13.3B | $13.4B | $13.4B | $13.4B |
| Total liabilities | $5.7B | $5.8B | $5.7B | $5.4B | $5.5B |
| Shareholders' equity | $7.0B | $7.5B | $7.7B | $8.0B | $7.9B |
| Net debt (− = net cash) | $2.7B | $2.3B | $2.6B | $2.1B | $2.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.2M
1 insider
Sold, 12 months
$0.8M
2 insiders
Of sales under plans
0%
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✕ |
| Gross margin rose | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | ✕ | ✕ | ✓ |
| F-score | 5 / 9 | 8 / 9 | 5 / 9 |
| Accruals ratio | −1.9% | −3.4% | −2.7% |
| Altman Z'' | 4.26 | 4.85 | 4.70 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Hormel Foods HRL | $11.6B | 1.6% | 5.9% | 4.4% | 5.1% | 33.4x | 5 | |
| Hershey HSY | — | 4.4% | 12.3% | 15.6% | 11.5% | — | — | Compare → |
| Conagra Brands CAG | $7.1B | −2.9% | −14.4% | 8.7% | −8.3% | — | 5 | Compare → |
| Campbell's CPB | $6.2B | −5.0% | 8.7% | 7.0% | 6.2% | 15.8x | 5 | Compare → |
| J.M. Smucker SJM | — | 3.7% | 4.0% | 12.8% | 2.2% | 60.7x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $9.5B | $9.2B | $9.5B | $9.5B | $9.6B | $11.4B | $12.5B | $12.1B | $11.9B | $12.1B |
| Gross profit | $2.2B | $2.0B | $2.0B | $1.9B | $1.8B | $1.9B | $2.2B | $2.0B | $2.0B | $1.9B |
| Research and development | $34.7M | $34.2M | $33.8M | $32.5M | $31.9M | $33.6M | $34.7M | $33.7M | $36.1M | $35.2M |
| Operating income | $1.3B | $1.3B | $1.2B | $1.2B | $1.1B | $1.1B | $1.3B | $1.1B | $1.1B | $719M |
| Interest expense | $12.9M | $12.7M | $26.5M | $18.1M | $21.1M | $43.3M | $62.5M | $73.4M | $80.9M | $78.0M |
| Pretax income | $1.3B | $1.3B | $1.2B | $1.2B | $1.1B | $1.1B | $1.3B | $1.0B | $1.0B | $663M |
| Income tax | $427M | $432M | $169M | $231M | $206M | $217M | $278M | $221M | $231M | $186M |
| Net income | $890M | $847M | $1.0B | $979M | $908M | $909M | $1.0B | $794M | $805M | $478M |
| Diluted EPS | $1.64 | $1.57 | $1.86 | $1.80 | $1.66 | $1.66 | $1.82 | $1.45 | $1.47 | $0.87 |
| Diluted shares | 0.54B | 0.54B | 0.54B | 0.55B | 0.55B | 0.55B | 0.55B | 0.55B | 0.55B | 0.55B |
| Cash flow | ||||||||||
| Cash from operations | $1.0B | $1.0B | $1.2B | $923M | $1.1B | $1.0B | $1.1B | $1.0B | $1.3B | $845M |
| Capital expenditure | $256M | $221M | $390M | $294M | $368M | $232M | $279M | $270M | $256M | $311M |
| Free cash flow | $785M | $813M | $852M | $629M | $761M | $770M | $856M | $778M | $1.0B | $534M |
| Depreciation and amortization | $132M | $131M | $162M | $165M | $206M | $209M | $236M | $253M | $258M | $264M |
| Stock-based compensation | $17.8M | $15.6M | $20.6M | $19.7M | $22.5M | $24.7M | $24.9M | $24.1M | $23.2M | $25.6M |
| Acquisitions | $281M | $521M | $858M | $0.0M | $271M | $3.4B | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $87.9M | $94.5M | $46.9M | $174M | $12.4M | $20.0M | $0.0M | $12.3M | $0.0M | $0.0M |
| Dividends paid | $297M | $346M | $388M | $437M | $487M | $523M | $558M | $593M | $615M | $633M |
| Dividends and buybacks | $384M | $441M | $435M | $611M | $500M | $543M | $558M | $605M | $615M | $633M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $415M | $444M | $459M | $688M | $1.7B | $635M | $998M | $753M | $767M | $704M |
| Total debt | — | $250M | $625M | $250M | $1.3B | $3.3B | $3.3B | $3.3B | $2.9B | $2.9B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $61.0M | $53.0M | $44.5M | $36.1M | $27.5M | $23.1M |
| Current assets | $2.0B | $2.0B | $2.1B | $2.4B | $3.6B | $2.9B | $3.6B | $3.3B | $3.2B | $3.4B |
| Current liabilities | $1.1B | $1.1B | $1.1B | $1.1B | $1.5B | $1.4B | $1.5B | $2.3B | $1.4B | $1.4B |
| Inventory | $986M | $921M | $964M | $1.0B | $1.1B | $1.4B | $1.7B | $1.7B | $1.6B | $1.7B |
| Property and equipment, net | $1.1B | $1.2B | $1.5B | $1.6B | $1.9B | $2.1B | $2.1B | $2.2B | $2.2B | $2.2B |
| Total assets | $7.0B | $7.0B | $8.1B | $8.1B | $9.9B | $12.7B | $13.3B | $13.4B | $13.4B | $13.4B |
| Total liabilities | $1.9B | $2.0B | $2.5B | $2.2B | $3.5B | $5.7B | $5.8B | $5.7B | $5.4B | $5.5B |
| Shareholders' equity | $4.4B | $4.9B | $5.6B | $5.9B | $6.4B | $7.0B | $7.5B | $7.7B | $8.0B | $7.9B |
| Margins | ||||||||||
| Gross margin | 22.7% | 21.8% | 20.7% | 19.8% | 19.0% | 16.9% | 17.4% | 16.5% | 17.0% | 15.6% |
| Operating margin | 13.9% | 13.9% | 12.4% | 12.6% | 11.5% | 9.9% | 10.5% | 8.9% | 9.0% | 5.9% |
| EBITDA margin | 15.3% | 15.4% | 14.1% | 14.3% | 13.6% | 11.7% | 12.4% | 10.9% | 11.1% | 8.1% |
| Net margin | 9.4% | 9.2% | 10.6% | 10.3% | 9.5% | 8.0% | 8.0% | 6.6% | 6.8% | 4.0% |
| FCF margin | 8.2% | 8.9% | 8.9% | 6.6% | 7.9% | 6.8% | 6.9% | 6.4% | 8.5% | 4.4% |
| Returns | ||||||||||
| Return on capital | — | — | 19.2% | 17.2% | 15.6% | 11.6% | 10.5% | 8.3% | 8.1% | 5.1% |
| Return on capital employed | 24.4% | 21.6% | 18.3% | 17.1% | 14.3% | 11.4% | 11.4% | 9.3% | 9.2% | 6.0% |
| Return on equity | 21.1% | 18.1% | 19.2% | 17.0% | 14.7% | 13.6% | 13.8% | 10.4% | 10.2% | 6.0% |
| Return on assets | 13.6% | 12.1% | 13.4% | 12.1% | 10.1% | 8.0% | 7.7% | 5.9% | 6.0% | 3.6% |
| Growth | ||||||||||
| Revenue growth | 2.8% | −3.7% | 4.1% | −0.5% | 1.2% | 18.5% | 9.4% | −2.8% | −1.6% | 1.6% |
| Net income growth | 29.7% | −4.9% | 19.5% | −3.3% | −7.2% | 0.1% | 10.0% | −20.6% | 1.4% | −40.6% |
| EPS growth | 29.1% | −4.3% | 18.5% | −3.2% | −7.8% | 0.0% | 9.6% | −20.3% | 1.4% | −40.8% |
| FCF growth | −7.5% | 3.6% | 4.9% | −26.2% | 20.9% | 1.2% | 11.3% | −9.2% | 29.9% | −47.1% |
| Share count change | 0.3% | −0.6% | 0.9% | 0.3% | 0.3% | 0.2% | 0.4% | −0.1% | −0.0% | 0.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | −0.1x | 0.1x | −0.3x | −0.3x | 2.0x | 1.5x | 1.9x | 1.6x | 2.2x |
| Debt / equity | — | 0.1x | 0.1x | 0.0x | 0.2x | 0.5x | 0.4x | 0.4x | 0.4x | 0.4x |
| Interest coverage | 102.9x | 100.7x | 44.5x | 66.2x | 52.2x | 25.9x | 21.0x | 14.6x | 13.2x | 9.2x |
| Current ratio | 1.9x | 1.9x | 1.8x | 2.1x | 2.4x | 2.1x | 2.5x | 1.4x | 2.3x | 2.5x |
| Quick ratio | 1.0x | 1.0x | 1.0x | 1.2x | 1.7x | 1.1x | 1.3x | 0.7x | 1.2x | 1.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.7% | 2.4% | 4.1% | 3.1% | 3.8% | 2.0% | 2.2% | 2.2% | 2.2% | 2.6% |
| Stock comp / revenue | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% |
| Payouts / FCF | 49.0% | 54.2% | 51.1% | 97.2% | 65.7% | 70.6% | 65.2% | 77.8% | 60.9% | 118.5% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | 5.0 | 4.0 | 5.0 | 3.0 | 6.0 | 5.0 | 8.0 | 5.0 |
| Altman Z'' | 6.8 | 7.1 | 6.3 | 7.3 | 6.2 | 4.4 | 4.9 | 4.3 | 4.9 | 4.7 |
| Accruals ratio | −2.3% | −2.7% | −3.0% | 0.7% | −2.4% | −0.8% | −1.0% | −1.9% | −3.4% | −2.7% |
Source: SEC EDGAR XBRL filings (CIK 0000048465). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.