Seaboard Corp /De/SEB · NYSE

Results over the years

Fiscal years from SEC filings (10-K).

Why the market may be pricing it low

• The company spans pork, grain trading, shipping, fuels, power, and an equity-method turkey stake, making it hard for investors to track which commodity cycle drives results.

  Seaboard’s operations are heavily commodity-driven and financial performance for certain segments is cyclical based on respective global commodity markets and trends in economic activity.MD&A

• In 2025 the U.S. imposed tariffs and trading partners retaliated, and the company itself cannot predict the ongoing impact on results.

  During 2025, the U.S. government imposed tariffs and trade restrictions on certain products from some foreign jurisdictions, and in response to these actions, some countries imposed retaliatory tariffs on certain products produced in the U.S.MD&A

• The turkey business is only a 52.5% non-controlling equity-method stake in Butterball, so its contribution to earnings is opaque and not under direct control.

  The Turkey segment represents Seaboard’s 52.5% non-controlling investment in Butterball, which is accounted for using the equity method of accounting.Risk factors

What could close the gap

• If efforts to boost margins through new higher-value pork products succeed despite near-full plant capacity, the largest segment's valuation could be reassessed.

  Seaboard is continually looking for ways to enhance the plant’s operational efficiency, while also looking to increase margins by introducing new, higher margin value-added products.Risk factors

How a buyer could still lose (value trap)

• Recent operating income is more than double the 3-year average, so if the boost proves temporary, the low P/E could be illusory once earnings normalize.

  Based on the figures below

• The pork segment, the most capital-intensive unit at about 41% of fixed assets and 37% of inventories, could amplify losses if commodity prices reverse.

  This segment is Seaboard’s most capital-intensive segment, representing approximately 41% of Seaboard’s total fixed assets and approximately 37% of total inventories as of December 31, 2025.Risk factors

Financial quality (Piotroski F-score)

• ✓Profitable (ROA > 0)
• ✓Positive operating cash flow
• ✓ROA up on last year
• ✓Cash flow exceeds net profit
• ✓Leverage down on last year
• ✗Current ratio up on last year
• ✓No new shares issued
• ✓Gross margin up on last year
• ✓Asset turnover up on last year

Scored out of the checks with data, scaled to 9. Compares the latest year with the year before.

Figures

Sales

$10.5bn

Operating profit

$274m

Net profit

$558m

Operating cash flow

$424m

Cash

$1.5bn

Debt

$969m

Equity

$5.5bn

Latest twelve months to 2026-10-03; F-score for the fiscal year to 2025-12-31