Tyson Foods
TSN NYSE Packaged Foods & Meats Financials FY2016–FY2025
Tyson Foods' revenue rose 2.1% to $54.4 billion in fiscal 2025. Its operating margin was 2.0%, down from 2.6% a year earlier. Free cash flow was $1.2 billion, down 19.3%. It paid out $697 million in dividends and buybacks, 59% of free cash flow. The diluted share count rose 0.3%.
About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.
What Tyson Foods does
Tyson Foods is a food company that raises, processes and sells meat and prepared foods. Founded in 1935, it is based in Springdale, Arkansas, and had approximately 133,000 employees at the end of fiscal 2025. Its brands include Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, State Fair and Aidells. It sells to grocery stores and wholesalers, warehouse clubs, restaurants and restaurant distributors, the military, schools, hospitals, convenience stores and export buyers.
It reports four segments: Beef, Pork, Chicken and Prepared Foods. Beef and Pork process live cattle and hogs into cuts of meat, including case-ready and fully cooked products. Chicken is fully vertically integrated, which means Tyson handles breeding stock, contract farmers, feed, processing and transport. Prepared Foods makes frozen and refrigerated items such as bacon, sausage, hot dogs, sandwiches and prepared meals. A fifth group, International/Other, covers foreign operations in places such as China, Mexico and Thailand.
Costs for animals and feed matter a great deal to the business. Corn, soybean meal and other feed ingredients represented roughly 53% of its cost of growing a live chicken in fiscal 2025. Tyson relies on contract farmers and independent producers for livestock. Through its subsidiary Cobb-Vantress it is also a supplier of poultry breeding stock, and through Tyson New Ventures it invests in new food technology companies.
- Legal name
- TYSON FOODS, INC.
- Fiscal year ends
- September 27, 2025
- Latest annual report
- 10-K · Nov 10, 2025
- Accession · CIK
- 0000100493-25-000095
0000100493
Revenue and margins
Tyson Foods had $54.4B of revenue in fiscal 2025, up 2.1% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −12.7% 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 $1.2B in fiscal 2025, 2.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Tyson Foods returned $697M to shareholders in fiscal 2025, 59% of free cash flow. The diluted share count rose 0.3%.
Value Tyson 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 −$7.6B and divides by 357.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 35.0x · peers 21.9x · sector 24.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Tyson Foods can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.5B | $1.0B | $573M | $1.7B | $1.2B |
| Debt incl. finance leases | $9.3B | $8.3B | $9.5B | $9.8B | $8.8B |
| Net debt / EBITDA | 1.2x | 1.3x | 9.6x | 2.9x | 3.1x |
| Debt / equity | 0.5x | 0.4x | 0.5x | 0.5x | 0.5x |
| Interest coverage | 10.3x | 12.1x | −1.1x | 2.9x | 2.5x |
| Current ratio | 1.6x | 1.8x | 1.3x | 2.0x | 1.6x |
| Quick ratio | 0.9x | 0.8x | 0.5x | 1.0x | 0.7x |
| Total assets | $36.3B | $36.8B | $36.3B | $37.1B | $36.7B |
| Total liabilities | $18.5B | $17.0B | $18.0B | $18.6B | $18.4B |
| Shareholders' equity | $17.7B | $19.7B | $18.1B | $18.4B | $18.1B |
| Net debt (− = net cash) | $6.8B | $7.3B | $8.9B | $8.1B | $7.6B |
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
$1.0M
1 insider
Sold, 12 months
$6.2M
2 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 4, 2026 | Jeffrey K SchomburgerPresident & CEO Elect, Director | Bought | 19,450 | $51.50 | $1.0M | Form 4 |
| Nov 28, 2025 | John H TysonChairman of the Board, Director | Sold | 100,301 | $58.05 | $5.8M | Form 4 |
| Nov 25, 2025 | Curt CalawayChief Financial Officer | Sold | 6,539 | $57.19 | $0.4M | Form 4 |
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 | 3 / 9 | 7 / 9 | 4 / 9 |
| Accruals ratio | −6.6% | −4.9% | −4.6% |
| Altman Z'' | 3.08 | 3.84 | 3.53 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
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|---|---|---|---|---|---|---|---|---|
| Tyson Foods TSN | $20.1B | 2.1% | 2.0% | 2.2% | 2.8% | 35.0x | 4 | |
| Mondelez International MDLZ | $82.0B | 5.8% | 9.2% | 8.4% | 6.0% | 31.6x | 5 | Compare → |
| Kraft Heinz KHC | $29.4B | −3.5% | −18.7% | 14.7% | −5.8% | — | 4 | Compare → |
| Pilgrim's Pride PPC | $6.7B | 3.5% | 8.7% | 3.5% | 20.1% | 12.2x | 4 | Compare → |
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10 years of figures
US$ 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 | $36.9B | $38.3B | $40.1B | $42.4B | $43.2B | $47.0B | $53.3B | $52.9B | $53.3B | $54.4B |
| Gross profit | $4.7B | $5.1B | $5.1B | $5.0B | $5.4B | $6.5B | $6.7B | $2.6B | $3.6B | $3.6B |
| Research and development | $96.0M | $113M | $114M | $97.0M | $98.0M | $114M | $108M | $114M | $106M | $126M |
| Operating income | $2.8B | $2.9B | $3.0B | $2.8B | $3.0B | $4.4B | $4.4B | −$395M | $1.4B | $1.1B |
| Interest expense | $249M | $279M | $350M | $462M | $485M | $428M | $365M | $355M | $481M | $449M |
| Pretax income | $2.6B | $2.6B | $2.7B | $2.4B | $2.7B | $4.0B | $4.1B | −$678M | $1.1B | $769M |
| Income tax | $826M | $850M | −$291M | $381M | $593M | $981M | $900M | −$29.0M | $270M | $262M |
| Net income | $1.8B | $1.8B | $3.0B | $2.0B | $2.1B | $3.0B | $3.2B | −$648M | $800M | $474M |
| Diluted EPS | $4.53 | $4.79 | $8.04 | $5.40 | $5.64 | $8.34 | $8.92 | −$1.87 | $2.25 | $1.33 |
| Diluted shares | 0.39B | 0.37B | 0.37B | 0.37B | 0.37B | 0.37B | 0.36B | 0.28B | 0.36B | 0.36B |
| Cash flow | ||||||||||
| Cash from operations | $2.7B | $2.6B | $3.0B | $2.5B | $3.9B | $3.8B | $2.7B | $1.8B | $2.6B | $2.2B |
| Capital expenditure | $695M | $1.1B | $1.2B | $1.3B | $1.2B | $1.2B | $1.9B | $1.9B | $1.1B | $978M |
| Free cash flow | $2.0B | $1.5B | $1.8B | $1.3B | $2.7B | $2.6B | $800M | −$187M | $1.5B | $1.2B |
| Depreciation and amortization | $697M | $748M | $933M | $1.1B | $1.2B | $1.2B | $1.2B | $1.3B | $1.4B | $1.4B |
| Stock-based compensation | $81.0M | $92.0M | $69.0M | $77.0M | $89.0M | $91.0M | $93.0M | $61.0M | $101M | $100M |
| Acquisitions | $0.0M | $3.1B | $1.5B | $2.5B | $0.0M | $0.0M | $0.0M | $262M | $0.0M | $0.0M |
| Share buybacks | $1.9B | $860M | $427M | $252M | $207M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $216M | $319M | $431M | $537M | $601M | $636M | $653M | $670M | $684M | $697M |
| Dividends and buybacks | $2.2B | $1.2B | $858M | $789M | $808M | $636M | $653M | $670M | $684M | $697M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $349M | $318M | $270M | $484M | $1.4B | $2.5B | $1.0B | $573M | $1.7B | $1.2B |
| Total debt | $6.3B | $10.2B | $9.9B | $11.9B | $11.3B | $9.3B | $8.3B | $9.5B | $9.8B | $8.8B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $74.0M | $126M | $168M |
| Current assets | $4.9B | $6.3B | $5.7B | $7.0B | $7.6B | $9.8B | $9.6B | $8.7B | $9.8B | $9.9B |
| Current liabilities | $2.8B | $4.0B | $5.0B | $5.5B | $4.2B | $6.3B | $5.3B | $6.5B | $4.8B | $6.4B |
| Inventory | $2.7B | $3.2B | $3.5B | $3.9B | $3.9B | $4.4B | $5.5B | $5.3B | $5.2B | $5.7B |
| Property and equipment, net | $5.2B | $5.6B | $6.2B | $7.3B | $7.6B | $7.8B | $8.7B | $9.6B | $9.4B | $9.2B |
| Total assets | $22.4B | $28.1B | $29.0B | $32.9B | $34.5B | $36.3B | $36.8B | $36.3B | $37.1B | $36.7B |
| Total liabilities | $12.7B | $17.5B | $16.4B | $18.8B | $19.1B | $18.5B | $17.0B | $18.0B | $18.6B | $18.4B |
| Shareholders' equity | $9.6B | $10.5B | $12.8B | $14.0B | $15.3B | $17.7B | $19.7B | $18.1B | $18.4B | $18.1B |
| Margins | ||||||||||
| Gross margin | 12.7% | 13.2% | 12.7% | 11.8% | 12.5% | 13.9% | 12.5% | 5.0% | 6.8% | 6.5% |
| Operating margin | 7.7% | 7.6% | 7.4% | 6.5% | 7.0% | 9.3% | 8.3% | −0.8% | 2.6% | 2.0% |
| EBITDA margin | 9.6% | 9.6% | 9.7% | 9.1% | 9.7% | 11.9% | 10.5% | 1.8% | 5.3% | 4.5% |
| Net margin | 4.8% | 4.6% | 7.4% | 4.7% | 4.8% | 6.5% | 6.1% | −1.2% | 1.5% | 0.9% |
| FCF margin | 5.5% | 4.0% | 4.4% | 3.0% | 6.2% | 5.6% | 1.5% | −0.4% | 2.7% | 2.2% |
| Returns | ||||||||||
| Return on capital | 12.4% | 11.0% | 13.9% | 9.7% | 9.2% | 13.3% | 13.3% | −1.2% | 3.9% | 2.8% |
| Return on capital employed | 14.5% | 13.4% | 12.4% | 10.8% | 10.4% | 14.6% | 14.3% | −1.3% | 4.5% | 3.5% |
| Return on equity | 18.3% | 17.6% | 25.5% | 14.8% | 14.1% | 18.5% | 17.3% | −3.4% | 4.4% | 2.6% |
| Return on assets | 7.8% | 7.0% | 10.4% | 6.4% | 6.1% | 8.6% | 8.9% | −1.8% | 2.2% | 1.3% |
| Growth | ||||||||||
| Revenue growth | −10.9% | 3.7% | 4.7% | 5.9% | 1.8% | 9.0% | 13.3% | −0.8% | 0.8% | 2.1% |
| Net income growth | 44.9% | 0.3% | 67.4% | −33.3% | 4.1% | 47.8% | 6.3% | −120.0% | — | −40.8% |
| EPS growth | 53.6% | 5.7% | 67.9% | −32.8% | 4.4% | 47.9% | 7.0% | −121.0% | — | −40.9% |
| FCF growth | 17.8% | −24.3% | 15.2% | −28.9% | 113.3% | −1.6% | −69.6% | −123.4% | — | −19.3% |
| Share count change | −5.6% | −5.1% | −0.3% | −0.8% | −0.3% | 0.0% | −0.6% | −21.8% | 25.4% | 0.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.7x | 2.7x | 2.5x | 3.0x | 2.4x | 1.2x | 1.3x | 9.6x | 2.9x | 3.1x |
| Debt / equity | 0.7x | 1.0x | 0.8x | 0.9x | 0.7x | 0.5x | 0.4x | 0.5x | 0.5x | 0.5x |
| Interest coverage | 11.4x | 10.5x | 8.5x | 6.0x | 6.2x | 10.3x | 12.1x | −1.1x | 2.9x | 2.5x |
| Current ratio | 1.8x | 1.6x | 1.1x | 1.3x | 1.8x | 1.6x | 1.8x | 1.3x | 2.0x | 1.6x |
| Quick ratio | 0.8x | 0.8x | 0.4x | 0.6x | 0.9x | 0.9x | 0.8x | 0.5x | 1.0x | 0.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.9% | 2.8% | 3.0% | 3.0% | 2.8% | 2.6% | 3.5% | 3.7% | 2.1% | 1.8% |
| Stock comp / revenue | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 0.2% | 0.2% |
| Payouts / FCF | 106.9% | 77.1% | 48.7% | 62.9% | 30.2% | 24.2% | 81.6% | — | 46.9% | 59.2% |
| Quality scores | ||||||||||
| Piotroski F-score | 8.0 | 7.0 | 5.0 | 6.0 | 7.0 | 8.0 | 7.0 | 3.0 | 7.0 | 4.0 |
| Altman Z'' | 3.5 | 3.0 | 3.0 | 3.0 | 3.5 | 4.0 | 4.6 | 3.1 | 3.8 | 3.5 |
| Accruals ratio | −4.2% | −3.3% | 0.0% | −1.7% | −5.4% | −2.2% | 1.5% | −6.6% | −4.9% | −4.6% |
Source: SEC EDGAR XBRL filings (CIK 0000100493). 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.