Hormel Foods vs Kraft Heinz
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The short version
- Kraft Heinz is the larger business, with $24.9B of revenue in fiscal 2025 against $12.1B for Hormel Foods, about 2.1 times as much.
- Hormel Foods grew revenue faster (1.6%, against −3.5%).
- Hormel Foods kept more of each dollar of sales as operating profit (5.9% operating margin, against −18.7%).
- Kraft Heinz turned more of its sales into free cash flow (14.7% FCF margin, against 4.4%).
- Hormel Foods earned a higher return on the capital invested in it (5.1%, against −5.8%).
| Latest fiscal year | HRL · FY25 | KHC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.6B | $29.4B |
| Revenue | $12.1B | $24.9B |
| Free cash flow | $534M | $3.7B |
| Net income | $478M | −$5.8B |
| Growth | ||
| Revenue growth | 1.6% | −3.5% |
| 5-year growth | 4.7% | −1.0% |
| Share count change | 0.3% | −2.3% |
| Profitability | ||
| Gross margin | 15.6% | 33.3% |
| Operating margin | 5.9% | −18.7% |
| Net margin | 4.0% | −23.4% |
| FCF margin | 4.4% | 14.7% |
| Return on capital | 5.1% | −5.8% |
| Return on equity | 6.0% | −12.9% |
| Balance sheet | ||
| Net debt | $2.2B | $18.6B |
| Net debt / EBITDA | 2.2x | — |
| Dividends and buybacks | $633M | $2.3B |
| Valuation & quality | ||
| P/E | 33.4x | — |
| Piotroski F-score | 5 | 4 |
Revenue
FY16
HRL $9.5B
KHC $26.3B
FY17
HRL $9.2B
KHC $26.1B
FY18
HRL $9.5B
KHC $26.3B
FY19
HRL $9.5B
KHC $25.0B
FY20
HRL $9.6B
KHC $26.2B
FY21
HRL $11.4B
KHC $26.0B
FY22
HRL $12.5B
KHC $26.5B
FY23
HRL $12.1B
KHC $26.6B
FY24
HRL $11.9B
KHC $25.8B
FY25
HRL $12.1B
KHC $24.9B
HRL
KHC
Operating margin
FY16
HRL 13.9%
KHC 21.3%
FY17
HRL 13.9%
KHC 23.2%
FY18
HRL 12.4%
KHC −38.9%
FY19
HRL 12.6%
KHC 12.3%
FY20
HRL 11.5%
KHC 8.1%
FY21
HRL 9.9%
KHC 13.3%
FY22
HRL 10.5%
KHC 13.7%
FY23
HRL 8.9%
KHC 17.2%
FY24
HRL 9.0%
KHC 6.5%
FY25
HRL 5.9%
KHC −18.7%
HRL
KHC
Free cash flow
FY16
HRL $785M
KHC $1.4B
FY17
HRL $813M
KHC −$693M
FY18
HRL $852M
KHC $1.7B
FY19
HRL $629M
KHC $2.8B
FY20
HRL $761M
KHC $4.3B
FY21
HRL $770M
KHC $4.5B
FY22
HRL $856M
KHC $1.6B
FY23
HRL $778M
KHC $3.0B
FY24
HRL $1.0B
KHC $3.2B
FY25
HRL $534M
KHC $3.7B
HRL
KHC
Return on capital
FY16
HRL —
KHC 5.0%
FY17
HRL —
KHC 6.7%
FY18
HRL 19.2%
KHC −9.1%
FY19
HRL 17.2%
KHC 2.8%
FY20
HRL 15.6%
KHC 1.4%
FY21
HRL 11.6%
KHC 2.9%
FY22
HRL 10.5%
KHC 4.3%
FY23
HRL 8.3%
KHC 5.3%
FY24
HRL 8.1%
KHC 2.5%
FY25
HRL 5.1%
KHC −5.8%
HRL
KHC
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.