Hormel Foods vs J.M. Smucker
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The short version
- Hormel Foods is the larger business, with $12.1B of revenue in fiscal 2025 against $9.1B for J.M. Smucker.
- J.M. Smucker grew revenue faster (3.7%, against 1.6%).
- Hormel Foods kept more of each dollar of sales as operating profit (5.9% operating margin, against 4.0%).
- J.M. Smucker turned more of its sales into free cash flow (12.8% FCF margin, against 4.4%).
- Hormel Foods earned a higher return on the capital invested in it (5.1%, against 2.2%).
- Investors pay more for each dollar of J.M. Smucker’s earnings: a P/E of 60.7x against 33.4x for Hormel Foods.
| Latest fiscal year | HRL · FY25 | SJM · FY26 |
|---|---|---|
| Size | ||
| Market cap | $11.6B | — |
| Revenue | $12.1B | $9.1B |
| Free cash flow | $534M | $1.2B |
| Net income | $478M | −$139M |
| Growth | ||
| Revenue growth | 1.6% | 3.7% |
| 5-year growth | 4.7% | 2.5% |
| Share count change | 0.3% | — |
| Profitability | ||
| Gross margin | 15.6% | 33.5% |
| Operating margin | 5.9% | 4.0% |
| Net margin | 4.0% | −1.5% |
| FCF margin | 4.4% | 12.8% |
| Return on capital | 5.1% | 2.2% |
| Return on equity | 6.0% | −2.4% |
| Balance sheet | ||
| Net debt | $2.2B | $6.9B |
| Net debt / EBITDA | 2.2x | 7.5x |
| Dividends and buybacks | $633M | $470M |
| Valuation & quality | ||
| P/E | 33.4x | 60.7x |
| Piotroski F-score | 5 | — |
Revenue
FY17
HRL $9.2B
SJM $7.4B
FY18
HRL $9.5B
SJM $7.4B
FY19
HRL $9.5B
SJM $7.8B
FY20
HRL $9.6B
SJM $7.8B
FY21
HRL $11.4B
SJM $8.0B
FY22
HRL $12.5B
SJM $8.0B
FY23
HRL $12.1B
SJM $8.5B
FY24
HRL $11.9B
SJM $8.2B
FY25
HRL $12.1B
SJM $8.7B
FY26
HRL —
SJM $9.1B
HRL
SJM
Operating margin
FY17
HRL 13.9%
SJM 14.1%
FY18
HRL 12.4%
SJM 14.2%
FY19
HRL 12.6%
SJM 11.9%
FY20
HRL 11.5%
SJM 15.7%
FY21
HRL 9.9%
SJM 17.3%
FY22
HRL 10.5%
SJM 12.8%
FY23
HRL 8.9%
SJM 1.9%
FY24
HRL 9.0%
SJM 16.0%
FY25
HRL 5.9%
SJM −7.7%
FY26
HRL —
SJM 4.0%
HRL
SJM
Free cash flow
FY17
HRL $813M
SJM $867M
FY18
HRL $852M
SJM $896M
FY19
HRL $629M
SJM $781M
FY20
HRL $761M
SJM $986M
FY21
HRL $770M
SJM $1.3B
FY22
HRL $856M
SJM $719M
FY23
HRL $778M
SJM $717M
FY24
HRL $1.0B
SJM $643M
FY25
HRL $534M
SJM $817M
FY26
HRL —
SJM $1.2B
HRL
SJM
Return on capital
FY17
HRL —
SJM 5.8%
FY18
HRL 19.2%
SJM 8.5%
FY19
HRL 17.2%
SJM 5.2%
FY20
HRL 15.6%
SJM 6.8%
FY21
HRL 11.6%
SJM 8.0%
FY22
HRL 10.5%
SJM 6.1%
FY23
HRL 8.3%
SJM 1.1%
FY24
HRL 8.1%
SJM 7.2%
FY25
HRL 5.1%
SJM −3.6%
FY26
HRL —
SJM 2.2%
HRL
SJM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.