Loading financials from SEC filings…
Farm products · Consumer Defensive · Fiscal year ends Dec 31
Seaboard reported revenue of $9.7B in the fiscal year ended Dec 2025, up 7.1% from the year before. Operating income was $239M, an operating margin of 2.5%, and net income was $501M. Operating cash flow of $568M less capital expenditure of $562M left free cash flow of $6M. Net debt was $799M.
Ranks among the 7 farm products companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 9,229 | 11,243 | 9,562 | 9,100 | 9,746 |
| Cost of revenue | 8,411 | 10,213 | 9,246 | 8,524 | 9,053 |
| Gross profit | 818 | 1,030 | 316 | 576 | 693 |
| Research & development | 191 | 210 | 361 | 113 | 64.0 |
| Selling, general & admin | 360 | 373 | 403 | 420 | 454 |
| Operating income | 458 | 657 | −87.0 | 156 | 239 |
| Interest expense | 13.0 | 40.0 | 58.0 | 72.0 | 70.0 |
| Pre-tax income | 636 | 579 | 107 | 246 | 410 |
| Income tax | 65.0 | −3.0 | −120 | 156 | −91.0 |
| Net income | 571 | 582 | 227 | 90.0 | 501 |
| Diluted EPS | 490.36 | 499.66 | 202.21 | 90.62 | 514.46 |
| Diluted shares | – | 1.2 | 1.1 | 1.0 | 1.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 75.0 | 199 | 56.0 | 98.0 | 178 |
| Receivables | 762 | 923 | 749 | 791 | 756 |
| Inventory | 1,663 | 1,670 | 1,462 | 1,408 | 1,513 |
| Current assets | 4,047 | 4,017 | 3,363 | 3,518 | 3,630 |
| Net PP&E | 1,892 | 2,246 | 2,410 | 2,560 | 2,820 |
| Goodwill | 163 | 154 | 160 | 164 | 168 |
| Total assets | 7,503 | 7,902 | 7,566 | 7,665 | 8,246 |
| Payables | 404 | 429 | 400 | 418 | 397 |
| Deferred revenue | 108 | 70.0 | 66.0 | 83.0 | 77.0 |
| Current liabilities | 1,552 | 1,529 | 1,335 | 1,407 | 1,510 |
| Short-term debt | 8.0 | – | – | – | – |
| Long-term debt | 708 | 702 | 997 | 987 | 977 |
| Total liabilities | 3,069 | 2,888 | 2,932 | 2,916 | 3,011 |
| Shareholders' equity | 4,416 | 4,996 | 4,616 | 4,729 | 5,212 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 92.0 | 676 | 710 | 519 | 568 |
| Capital expenditure | 460 | 474 | 506 | 511 | 562 |
| Free cash flow | −368 | 202 | 204 | 8.0 | 6.0 |
| Depreciation & amortisation | 178 | 235 | 283 | 311 | 318 |
| Acquisitions | 7.0 | 58.0 | – | – | – |
| Share buybacks | – | – | 600 | 8.0 | 39.0 |
| Dividends paid | 10.0 | 10.0 | 10.0 | 9.0 | 9.0 |
| Dividend per share | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.8% | −15.0% | −4.8% | 7.1% |
| Operating income growth (YoY) | – | 43.4% | −113.2% | – | 53.2% |
| EPS growth (YoY) | – | 1.9% | −59.5% | −55.2% | 467.7% |
| Gross margin | 8.9% | 9.2% | 3.3% | 6.3% | 7.1% |
| Operating margin | 5.0% | 5.8% | −0.9% | 1.7% | 2.5% |
| Net margin | 6.2% | 5.2% | 2.4% | 1.0% | 5.1% |
| Return on equityBlank when equity is negative | 12.9% | 11.6% | 4.9% | 1.9% | 9.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.7% | 10.3% | −1.4% | 2.5% | 3.5% |
| Free cash flow margin | −4.0% | 1.8% | 2.1% | 0.1% | 0.1% |
| Cash conversion (CFO ÷ net income) | 0.16x | 1.16x | 3.13x | 5.77x | 1.13x |
| Receivable days | 30 | 30 | 29 | 32 | 28 |
| Inventory days | 72 | 60 | 58 | 60 | 61 |
| Payable days | 18 | 15 | 16 | 18 | 16 |
| Interest cover | 35.2x | 16.4x | −1.50x | 2.17x | 3.41x |
| Debt ÷ equity | 0.16x | 0.14x | 0.22x | 0.21x | 0.19x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 641 | 503 | 941 | 889 | 799 |
| Current ratio | 2.61x | 2.63x | 2.52x | 2.50x | 2.40x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.