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SMITHFIELD FOODS INC

SFD

SMITHFIELD FOODS INC • NASDAQ
$21.61 ▲ 0.98% (+0.21)
Market Cap $8.50 B
52w High $26.07
52w Low $18.43
Dividend Yield 1.00%
P/E 9.73
Volume 403.24K
Outstanding Shares 393.11M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.747B ▼ $169M ▼ $248M ▲ 6.619% ▲ $0.63 ▲ $417M ▲
Q2-2025 $3.786B ▲ $238M ▲ $188M ▼ 4.966% ▼ $0.48 ▼ $347M ▼
Q1-2025 $3.771B ▼ $188M ▼ $224M ▲ 5.94% ▲ $0.57 ▲ $398M ▼
Q4-2024 $3.952B ▲ $199M ▲ $204M ▼ 5.162% ▼ $0.55 ▼ $416M ▼
Q2-2024 $3.412B $193M $301M 8.822% $0.77 $419M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $773M ▼ $11.523B ▲ $4.8B ▲ $6.466B ▲
Q2-2025 $928M $11.186B ▲ $4.64B ▼ $6.301B ▲
Q1-2025 $928M ▼ $11.146B ▲ $4.677B ▼ $6.225B ▲
Q4-2024 $943M ▲ $11.054B ▲ $4.995B ▲ $5.834B ▲
Q3-2024 $278M $10.65B $4.767B $5.601B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $248M ▲ $13M ▼ $-68M ▲ $-102M ▲ $-155M ▼ $-71M ▼
Q2-2025 $188M ▼ $274M ▲ $-86M ▼ $-198M ▼ $0 ▲ $195M ▲
Q1-2025 $223M ▲ $-167M ▼ $-85M ▼ $236M ▲ $-15M ▼ $-253M ▼
Q4-2024 $217M ▲ $683M ▲ $7M ▲ $-31M ▲ $665M ▲ $601M ▲
Q1-2024 $112M $-176M $-230M $-113M $-522M $-268M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Fresh Pork Segment
Fresh Pork Segment
 $0 ▲$2.03Bn ▲$2.08Bn ▲$2.19Bn ▲
Hog Production Segment
Hog Production Segment
 $0 ▲$930.00M ▲$840.00M ▼$810.00M ▼
Intersegment Eliminations
Intersegment Eliminations
 $0 ▲$-1320.00M ▼$-1330.00M ▼$-1470.00M ▼
Other Segment
Other Segment
 $0 ▲$100.00M ▲$120.00M ▲$130.00M ▲
Packaged Meats Segment
Packaged Meats Segment
 $0 ▲$2.02Bn ▲$2.08Bn ▲$2.09Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Smithfield’s income statement shows a business that went through a rough patch and then bounced back strongly. Sales have stayed in a fairly steady, high range over the last few years, with only a modest step down from the peak. The bigger story is profitability: margins were squeezed hard in 2023 (higher costs and tougher pork markets), leaving the company close to breakeven. In 2024, profitability recovered sharply, with much healthier gross profit, operating profit, and net income. The pattern suggests a cyclical, commodity‑influenced business that can still generate solid earnings when conditions normalize and when value‑added products gain share. The rebound in 2024 indicates that the weak 2023 period looks more like a temporary setback than a structural collapse, but it also reminds us how sensitive results can be to industry conditions and input costs.

Balance Sheet

Balance Sheet The balance sheet shows a company that is profitable but gradually slimming down. Total assets have trended lower over the last two years, which may reflect asset sales, write‑downs, or a more focused footprint. Cash levels have been creeping up, which improves financial flexibility and provides a cushion against shocks. Debt has stayed relatively stable and does not appear excessive relative to the size of the business, suggesting a manageable leverage profile. However, shareholders’ equity has drifted down, which can point to dividend payouts, share-related movements at the parent level, or past charges against equity. Overall, the balance sheet looks serviceable, but it is not obviously strengthening; it is more a case of a mature business that needs to guard against further erosion in its equity base.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently positive and has improved compared with a few years ago, even in more challenging profit years. After capital spending, Smithfield has produced positive free cash flow every year in the period shown, and that free cash flow has generally been rising. Capital expenditure has been steady and moderate, enough to support operations and some modernization, but not so heavy that it strains finances. The risk is that under‑investment could show up later in higher maintenance needs if the company skimps too much, but current data suggest a good balance between investing for the future and preserving cash. In simple terms, the business throws off reliable cash, which can support debt service, strategic projects, and returns to the parent, as long as industry conditions don’t deteriorate sharply for a prolonged period.

Competitive Edge

Competitive Edge Smithfield holds a powerful competitive position in its niche. It is one of the world’s largest pork producers and processors, with full control from farms through processing to branded products on store shelves. This vertical integration gives it cost advantages, better control over quality, and resilience in supply disruptions. Its portfolio of well‑known brands across bacon, ham, hot dogs, and prepared meats creates strong shelf presence and helps it compete with peers like Tyson, Hormel, and Cargill. Wide distribution across supermarkets, foodservice, and export markets further deepens its moat. Access to Asian markets, particularly through its Chinese parent company, is a major strategic asset. Key risks to its position include intense price competition, shifts in consumer preferences away from processed meats, environmental and animal‑welfare scrutiny, disease outbreaks in livestock, and trade policy swings. Even so, its scale, brands, and integrated model provide a durable base of competitive strength.

Innovation and R&D

Innovation and R&D Innovation at Smithfield is not just about new flavors; it is deeply tied to technology, efficiency, and sustainability. On the operations side, the company is investing in automation and robotics in plants to improve safety, reduce labor intensity, and deliver more consistent product quality. Real‑time data analytics and advanced vision systems help optimize yields and reduce defects, which can support margins even when raw material prices are volatile. On the product side, Smithfield is pushing further into value‑added, branded, and convenient offerings: marinated meats, ready‑to‑eat and heat‑and‑eat products, thicker‑cut premium bacon, flavored ground pork, and deli‑style packaged meats. This shift aims to reduce dependence on commodity pork cycles and capture higher, more stable margins. Sustainability and environmental innovation—such as turning manure into renewable natural gas and promoting responsible sourcing—serve both regulatory and branding goals, appealing to customers who care about environmental impact. Overall, the innovation program looks focused on moving the business up the value chain and reinforcing its brand story, rather than on speculative or high‑risk R&D bets.

Summary

Smithfield Foods appears to be a mature, scale‑driven food company that has shown it can recover from industry downturns. Financially, the company experienced a sharp squeeze in profitability in 2023 but delivered a strong recovery in 2024, supported by resilient revenue and better margins. The balance sheet is adequate with stable debt and growing cash, though the gradual decline in total assets and equity is something to watch. The business consistently generates solid free cash flow, which underpins its ability to invest and withstand volatility. Strategically, Smithfield benefits from a wide moat built on vertical integration, major brands, and global distribution, with an important link to Asian markets. Its innovation efforts—automation, data‑driven operations, value‑added products, and sustainability projects—are aligned with lifting margins and differentiating the brand. The main uncertainties lie in the inherently cyclical and regulated nature of meat and agricultural markets: swings in hog prices, changing consumer attitudes toward meat and processed foods, environmental and animal‑welfare pressures, and trade and disease risks. Within that context, Smithfield looks like a large, cash‑generative player trying to steadily tilt its business toward higher‑margin, more resilient product categories.

NEWS

November 21, 2025 · 12:49 PM UTC

Smithfield Foods Donates 32,000 Pounds of Protein to Hampton Roads Foodbanks at the Mayflower Marathon

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November 19, 2025 · 6:45 AM UTC

Smithfield Foods to Participate in Upcoming Investor Conferences

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November 13, 2025 · 3:30 PM UTC

Smithfield Foods and Festival Foods Donate 34,000 Pounds of Protein to Fight Hunger in Wisconsin

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October 31, 2025 · 8:07 AM UTC

Smithfield Foods Donates $150,000 to Food Banks in 22 States to Fight Hunger

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October 30, 2025 · 4:15 PM UTC

Smithfield Foods Declares Quarterly Dividend

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