Hormel Foods Corporation

HRL · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$13,106	$17,032	$17,154	$25,649	$22,962	$26,418	$22,186	$23,678	$16,906	$20,889	$36,651	$14,225	$11,487	$7,783	$7,853	$6,092	$4,897	$3,823	$5,006	$4,979	$4,390	$3,825	$3,417	$3,357	$3,317	$2,363	$3,145	$2,438	$2,287	$1,802	$1,756	$1,876	$1,797	$1,634	$1,479	$1,125	$1,109	$783	$789	$564	$399
Enterprise value	$15,275	$19,135	$19,714	$27,955	$25,656	$25,994	$21,752	$23,847	$16,716	$20,727	$36,742	$14,147	$11,309	$7,278	$7,567	$5,930	$4,863	$4,118	$5,276	$5,157	$4,582	$3,914	$3,728	$3,471	$3,632	$2,441	$3,123	$2,411	$2,343	$1,743	$1,585	$1,638	$1,645	$1,416	$1,334	$1,049	$1,052	$760	$825	$547	$395
P/E (TTM) at period end	27.41×	21.16×	21.62×	25.65×	25.26×	29.09×	22.67×	23.39×	19.97×	23.47×	53.42×	23.60×	21.83×	15.56×	16.56×	15.40×	14.28×	13.39×	16.58×	17.40×	17.24×	16.38×	18.39×	17.73×	18.18×	13.88×	19.25×	17.51×	20.89×	22.69×	14.58×	15.90×	–	17.16×	17.12×	14.59×	15.83×	13.00×	17.20×	14.42×	10.34×
P/S (TTM) at period end	1.08×	1.43×	1.42×	2.06×	2.02×	2.75×	2.34×	2.48×	1.84×	2.19×	3.96×	1.53×	1.31×	0.95×	0.99×	0.84×	0.75×	0.57×	0.81×	0.87×	0.81×	0.80×	0.81×	0.86×	0.85×	0.68×	0.94×	0.75×	0.70×	0.58×	0.58×	0.61×	0.63×	0.58×	0.52×	0.42×	0.47×	0.34×	0.34×	0.29×	0.27×
P/B at period end	1.66×	2.13×	2.22×	3.40×	3.29×	4.11×	3.75×	4.23×	3.43×	4.70×	9.17×	3.95×	3.47×	2.76×	2.96×	2.54×	2.31×	1.90×	2.66×	2.76×	2.75×	2.73×	2.73×	3.01×	3.33×	2.70×	3.74×	3.00×	2.85×	2.29×	2.40×	2.84×	3.15×	2.54×	2.54×	2.19×	2.36×	1.87×	2.12×	1.66×	1.28×
EV / EBITDA (TTM)	15.92×	14.70×	15.17×	18.32×	19.64×	20.53×	16.12×	17.94×	11.95×	14.32×	30.81×	13.44×	12.27×	8.16×	8.83×	7.79×	7.33×	6.52×	8.64×	9.02×	8.47×	8.24×	9.36×	8.64×	9.22×	7.38×	10.22×	9.90×	10.60×	10.61×	7.19×	7.32×	8.77×	7.83×	–	–	–	–	–	–	–
EV / Sales (TTM)	1.26×	1.61×	1.63×	2.24×	2.25×	2.71×	2.29×	2.50×	1.82×	2.18×	3.97×	1.52×	1.29×	0.88×	0.96×	0.82×	0.74×	0.61×	0.85×	0.90×	0.85×	0.82×	0.89×	0.89×	0.93×	0.70×	0.93×	0.74×	0.72×	0.56×	0.52×	0.53×	0.58×	0.50×	0.47×	0.39×	0.45×	0.33×	0.36×	0.28×	0.26×
Returns
Return on equity	6.1%	10.1%	10.3%	13.3%	13.0%	14.1%	16.5%	18.1%	17.2%	20.0%	17.2%	16.7%	15.9%	17.7%	17.8%	16.5%	16.2%	14.2%	16.0%	15.9%	15.9%	16.7%	14.8%	17.0%	18.3%	19.5%	19.4%	17.1%	13.6%	10.1%	16.4%	17.8%	(4.7%)	14.8%	14.8%	15.0%	14.9%	14.4%	12.3%	11.5%	12.4%
Return on invested capital	5.1%	8.2%	8.1%	10.4%	9.4%	14.9%	17.6%	17.5%	17.8%	20.9%	17.0%	17.4%	17.1%	21.7%	20.2%	18.1%	16.8%	14.0%	14.4%	15.1%	14.6%	16.2%	12.7%	16.7%	14.8%	17.8%	17.8%	14.3%	12.6%	10.6%	20.2%	27.3%	23.2%	21.6%	19.1%	17.4%	16.8%	15.7%	12.4%	12.7%	14.0%
Dividend yield	4.8%	3.6%	3.5%	2.2%	2.3%	1.8%	2.0%	1.6%	2.0%	1.4%	0.7%	1.4%	1.5%	2.0%	1.7%	1.8%	2.1%	2.5%	1.6%	1.5%	1.6%	1.6%	1.7%	1.6%	1.5%	2.1%	1.5%	2.0%	2.1%	2.5%	2.4%	2.0%	1.8%	1.6%	–	–	–	–	–	–	–
Financial health
Current ratio	2.47×	2.32×	1.43×	2.47×	2.08×	2.38×	2.14×	1.80×	1.92×	1.93×	1.70×	2.23×	2.61×	2.95×	2.57×	1.69×	2.30×	1.84×	1.85×	1.95×	1.83×	2.22×	1.86×	2.35×	2.10×	2.08×	2.08×	2.68×	2.58×	2.72×	3.03×	2.67×	2.73×	2.93×	2.73×	2.52×	2.22×	1.71×	1.68×	2.58×	2.13×
Debt / equity	0.36×	0.36×	0.43×	0.44×	0.48×	0.20×	0.04×	0.11×	0.05×	0.06×	0.11×	0.07×	0.08×	0.09×	0.09×	0.15×	0.16×	0.22×	0.22×	0.19×	0.23×	0.27×	0.33×	0.38×	0.50×	0.21×	0.27×	0.26×	0.25×	0.16×	0.03×	0.02×	0.01×	0.01×	0.05×	0.05×	0.04×	0.11×	0.27×	0.20×	0.21×
Effective tax rate	28.0%	22.3%	21.8%	21.7%	19.3%	18.5%	19.1%	14.3%	33.7%	32.4%	35.0%	34.3%	33.6%	33.4%	33.3%	36.0%	34.5%	37.3%	35.7%	33.5%	37.4%	36.5%	35.8%	35.6%	36.0%	35.6%	35.0%	35.9%	35.9%	36.7%	38.1%	38.3%	37.5%	37.0%	37.3%	36.4%	36.7%	36.9%	42.5%	44.9%	46.2%
Share count
Diluted shares outstanding	550	549	549	550	548	547	545	544	539	542	541	540	540	538	544	541	542	549	557	558	558	561	559	561	561	567	589	602	608	611	610	613	628	614	617	617	610	602	612	602	594

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$12,147	$12,106	$11,921	$12,110	$12,459	$11,386	$9,608	$9,497	$9,546	$9,168	$9,523	$9,264	$9,316	$8,752	$8,231	$7,895	$7,221	$6,534	$6,755	$6,193	$5,745	$5,414	$4,780	$4,200	$3,910	$3,885	$3,474	$3,358	$3,261	$3,257	$3,099	$3,046	$3,065	$2,854	$2,814	$2,836	$2,681	$2,340	$2,293	$2,314	$1,960	$1,502
Cost of revenue	($10,242)	($10,214)	($9,899)	($10,110)	($10,294)	($9,458)	($7,782)	($7,613)	($7,566)	($7,164)	($7,365)	($7,455)	($7,751)	($7,339)	($6,899)	($6,561)	($5,982)	($5,435)	($5,693)	($5,190)	($4,362)	($4,130)	($3,656)	($3,187)	($2,947)	($2,989)	($2,675)	($2,315)	($2,340)	($2,445)	($2,356)	($2,257)	($2,309)	($2,175)	($2,158)	($2,238)	($2,120)	($1,818)	($1,815)	($1,902)	($1,584)	($1,157)
Gross profit	$1,904	$1,892	$2,022	$2,000	$2,165	$1,928	$1,826	$1,885	$1,979	$1,997	$2,158	$1,809	$1,565	$1,413	$1,332	$1,334	$1,239	$1,099	$1,062	$1,003	$1,383	$1,284	$1,124	$1,013	$963	$896	$799	$1,043	$921	$812	$743	$789	$756	$679	$656	$598	$562	$522	$478	$412	$376	$345
Operating expenses
Research and development	–	($35)	($36)	($34)	($35)	($34)	($32)	($32)	($34)	($34)	($35)	($32)	($30)	($30)	($30)	($29)	($28)	($25)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,107)	($997)	($1,005)	($942)	($879)	($853)	($761)	($728)	($841)	($759)	($872)	($744)	($651)	($627)	($606)	($619)	($605)	($567)	($553)	($522)	($937)	($864)	($768)	($709)	($652)	($596)	($536)	($737)	($677)	($591)	($579)	($568)	($532)	($492)	($475)	($430)	($407)	($377)	($344)	($292)	($271)	($237)
Total operating expenses	($1,331)	($1,173)	($954)	($928)	($852)	($805)	($726)	($688)	($800)	($720)	($834)	($741)	($633)	($607)	($551)	($592)	($592)	($562)	($545)	($519)	($932)	($859)	($744)	($703)	($645)	($592)	($534)	($802)	($738)	($644)	($622)	($606)	($569)	($524)	($509)	($464)	($442)	($413)	($379)	($324)	($302)	($265)
Total costs and expenses	($11,573)	($11,388)	($10,853)	($11,038)	($11,146)	($10,264)	($8,508)	($8,301)	($8,366)	($7,891)	($8,199)	($8,197)	($8,385)	($7,946)	($7,449)	($7,153)	($6,574)	($5,997)	($6,238)	($5,709)	($5,295)	($4,988)	($4,399)	($3,890)	($3,592)	($3,581)	($3,209)	($3,117)	($3,078)	($3,088)	($2,977)	($2,863)	($2,878)	($2,699)	($2,667)	($2,703)	($2,561)	($2,231)	($2,194)	($2,226)	($1,886)	($1,422)
Operating income	$574	$719	$1,068	$1,072	$1,313	$1,123	$1,100	$1,196	$1,180	$1,277	$1,324	$1,067	$932	$806	$781	$742	$647	$537	$517	$484	$451	$426	$380	$310	$318	$304	$265	$241	$183	$168	$122	$183	$187	$155	$146	$134	$120	$110	$99	$88	$74	$80
Earnings
EBITDA	$846	$960	$1,302	$1,299	$1,526	$1,306	$1,266	$1,349	$1,329	$1,399	$1,447	$1,193	$1,052	$921	$892	$857	$762	$664	$631	$611	$572	$541	$475	$398	$401	$394	$331	$306	$244	$221	$164	$221	$224	$188	$181	–	–	–	–	–	–	–
Interest income	$17	$24	$48	$15	$28	$47	$36	$32	$28	$15	$6	$3	$3	$5	$7	–	$5	$20	–	$14	$5	$9	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($79)	($78)	($81)	($73)	($63)	($43)	($21)	($18)	($26)	($13)	($13)	($13)	($13)	($12)	($13)	($23)	($27)	($28)	($28)	($28)	($26)	($28)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$522	$663	$1,035	$1,013	$1,278	$1,126	$1,115	$1,210	$1,181	$1,279	$1,317	$1,057	$922	$799	$758	$719	$625	$528	$461	$470	$431	$407	$368	$289	$294	$285	$264	$251	$217	$171	$126	$195	$191	$161	$151	$138	$121	$111	$95	$80	$71	$72
Income tax expense	($179)	($186)	($231)	($221)	($278)	($217)	($206)	($231)	($169)	($432)	($427)	($370)	($316)	($268)	($253)	($240)	($225)	($182)	($172)	($168)	($144)	($152)	($134)	($104)	($105)	($103)	($94)	($88)	($78)	($61)	($46)	($74)	($73)	($60)	($56)	($52)	($44)	($41)	($35)	($34)	($32)	($33)
Net income	$343	$478	$805	$794	$1,000	$909	$908	$979	$1,012	$847	$890	$686	$603	$526	$500	$474	$396	$343	$286	$302	$286	$255	$234	$186	$189	$182	$170	$163	$139	$110	$79	$120	$118	($27)	$95	$86	$77	$70	$60	$46	$39	$39
Per share
Diluted EPS (GAAP)	$0.63	$0.87	$1.47	$1.45	$1.82	$1.66	$1.66	$1.80	$1.86	$1.57	$1.64	$1.27	$1.12	$0.975	$0.93	$0.87	$0.73	$0.635	$0.52	$0.54	$0.51	$0.46	$0.42	$0.33	$0.34	$0.33	$0.30	$0.28	$0.23	$0.18	$0.13	$0.20	$0.19	($0.0425)	$0.16	$0.14	$0.13	$0.12	$0.10	$0.075	$0.065	$0.065
Basic EPS (GAAP)	$0.63	$0.87	$1.47	$1.45	$1.84	$1.68	$1.69	$1.83	$1.91	$1.60	$1.68	$1.30	$1.14	$0.995	$0.95	$0.89	$0.74	$0.64	$0.5275	$0.55	$0.52	$0.46	$0.42	$0.34	$0.34	$0.33	$0.30	$0.28	$0.23	$0.18	$0.13	$0.20	$0.19	($0.0425)	$0.16	$0.14	$0.13	$0.12	$0.10	$0.075	$0.065	$0.065
Basic shares outstanding	551	550	548	546	545	541	538	535	531	528	529	528	528	529	527	533	533	537	541	549	551	552	554	554	555	553	563	584	599	608	611	610	613	628	614	606	605	610	602	612	602	594
Margins
Gross margin	15.7%	15.6%	17.0%	16.5%	17.4%	16.9%	19.0%	19.8%	20.7%	21.8%	22.7%	19.5%	16.8%	16.1%	16.2%	16.9%	17.2%	16.8%	15.7%	16.2%	24.1%	23.7%	23.5%	24.1%	24.6%	23.1%	23.0%	31.1%	28.2%	24.9%	24.0%	25.9%	24.7%	23.8%	23.3%	21.1%	20.9%	22.3%	20.8%	17.8%	19.2%	23.0%
Operating margin	4.7%	5.9%	9.0%	8.9%	10.5%	9.9%	11.5%	12.6%	12.4%	13.9%	13.9%	11.5%	10.0%	9.2%	9.5%	9.4%	9.0%	8.2%	7.7%	7.8%	7.8%	7.9%	8.0%	7.4%	8.1%	7.8%	7.6%	7.2%	5.6%	5.2%	3.9%	6.0%	6.1%	5.4%	5.2%	4.7%	4.5%	4.7%	4.3%	3.8%	3.8%	5.3%
Net margin	2.8%	4.0%	6.8%	6.6%	8.0%	8.0%	9.5%	10.3%	10.6%	9.2%	9.3%	7.4%	6.5%	6.0%	6.1%	6.0%	5.5%	5.2%	4.2%	4.9%	5.0%	4.7%	4.9%	4.4%	4.8%	4.7%	4.9%	4.9%	4.3%	3.4%	2.6%	4.0%	3.9%	(0.9%)	3.4%	3.0%	2.9%	3.0%	2.6%	2.0%	2.0%	2.6%

Analyst consensus

Hold30 analysts

Bearish · 7 · Hold · 17 · Bullish · 6

Earnings history

	EPS	Estimate
Q4 2024	$0.42	$0.43	Miss
Q1 2025	$0.35	$0.38	Miss
Q2 2025	$0.35	$0.34	Beat
Q3 2025	$0.35	$0.40	Miss
Q4 2025	$0.32	$0.30	Beat
Q1 2026	$0.34	$0.32	Beat
Q2 2026	$0.40	$0.35	Beat
Q3 2026	$0.37	$0.35	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEOJeffrey Ettinger

Employees20,000

SectorConsumer Defensive

IndustryPackaged Foods

CountryUS

ExchangeNew York Stock Exchange

Websitewww.hormelfoods.com

Hormel Foods Corporation is a prominent global food company that specializes in the creation, preparation, and supply of a diverse array of meat, nut, and other culinary items. Its extensive clientele spans retail outlets, institutional food providers (foodservice), specialty delis, and various commercial enterprises across the United States and internationally. The company's operations are strategically structured into four main divisions: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. Hormel's product portfolio is broad, encompassing numerous perishable goods such as fresh meats, frozen food selections, convenient refrigerated meal options, a variety of sausages, hams, guacamole, and bacon. Additionally, it offers a wide range of non-perishable items, including canned luncheon meats, various nut butters, snack nuts, chili, microwave-ready meals, hashes, stews, tortillas, salsas, and tortilla chips. Beyond these offerings, Hormel Foods is also actively involved in the processing, promotion, and distribution of both branded and unbranded products derived from pork, beef, poultry, and turkey. The company further supplies nutritional food items and supplements, dessert and beverage mixes, and industrial-grade gelatin. Its extensive product line is marketed under numerous widely recognized brand names, including SKIPPY, SPAM, Hormel, Natural Choice, Applegate, Justin's, Jennie-O, Café H, Herdez, Black Label, Sadler's, Columbus, Gatherings, Wholly, Planters, NUT-rition, Planters Cheez Balls, and Corn Nuts. These products reach consumers through a multi-channel distribution network, utilizing internal sales teams, independent brokers, and various distributors. Founded in 1891 as Geo. A. Hormel & Company, the organization was officially rebranded as Hormel Foods Corporation in January 1995. Its corporate headquarters are located in Austin, Minnesota.

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