Maple Leaf Foods Inc. MFI

Consumer StaplesFood & TobaccoCanada

Last close 27.32 CAD on Nov 3, 2026, +12.0% year to date

Quant rating

Quant rating D Rank 15 of 21 in Consumer Staples

Growth C 14 of 21
Valuation C 11 of 21
Quality D 15 of 21
Revisions D 15 of 21
Momentum D 16 of 21

Wall Street consensus Buy (2.00)Average target 33.80 CAD +23.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.4B
Enterprise value: 4.6B
52-week range: 22.80 – 31.87
3-year range: 17.08 – 31.87
Dividend yield: 3.05%
Beta (5 years): 0.87
Shares outstanding: 124M
Next earnings: Nov 4, 2026

About the company

Maple Leaf Foods Inc. is a Canada-based protein-focused consumer packaged goods company producing food under brands including Maple Leaf, Maple Leaf Prime, Maple Leaf Natural Selections, Schneiders, Mina, Greenfield Natural Meat Co., LightLife and Field Roast. It does business primarily in Canada, the United States and Asia. Its portfolio includes prepared meats, ready-to-cook and ready-to-serve meals, snack kits, value-added fresh poultry, and plant protein products. Maple Leaf's products include Maple Leaf Original Natural Bacon, Maple Leaf Prime Chicken, Maple Leaf Less Salt Natural Bacon, and Maple Leaf Lazy Maple Natural Bacon. Schneiders offers various products, including frozen breakfast, bacon, chicken, pepperettes, mini charcuterie kits, wieners, sausages, schnitzels, specialty sausages, sliced meats, meat pies, ham, bologna and deli. LightLife makes plant-based proteins. LightLife's products include smart dogs, tempeh, smart bacon, smart sausage and plant-based deli.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,913	3,633	4,841	4,739	4,521	–
Revenue growth	7.7%	−24.9%	2.2%	4.8%	5.1%	−1.9%
EPS (basic, normalized)	1.09	0.78	0.09	−0.26	1.03	–
EPS growth	39.7%	766.7%	–	–	–	–
Gross margin	16.9%	15.3%	9.7%	9.3%	14.7%	13.2%
Net margin	1.1%	−0.3%	−2.6%	−6.6%	2.3%	−1.2%
ROE	3.1%	−0.8%	−7.9%	−16.9%	5.2%	−3.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	168
Current ratio	1.56x
Long-term debt (mil)	1,306
Net debt (mil)	1,157
Total equity (mil)	1,360
Net debt / equity	0.85x
Net debt / EBITDA	2.43x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,913	+7.7%	1.2x	476	−12.3%	9.6x	1.09	+39.7%	25.1x
2026	4,065	+3.9%	1.1x	527	+10.8%	8.7x	1.57	+44.2%	17.4x
2027	4,245	+4.4%	1.1x	571	+8.4%	8.0x	1.80	+14.3%	15.2x
2028	4,407	+3.8%	1.0x	604	+5.7%	7.6x	2.01	+11.9%	13.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,065	−0.1%	−0.8%	−1.4%	1.57	0.0%	−0.8%	−1.8%
2027	4,245	−0.2%	−1.1%	−1.5%	1.80	−0.1%	−1.9%	−2.8%
2028	4,407	−1.5%	−2.6%	−3.1%	2.01	−0.4%	−3.0%	−6.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,153	1,261	1,260	1,237	1,241	1,362	1,356	991	963	1,020
Sales mean (mil)	1,198	1,287	1,245	1,216	1,193	1,331	1,168	988	957	1,040
Surprise	−3.7%	−2.0%	+1.2%	+1.8%	+4.0%	+2.3%	+16.1%	+0.3%	+0.6%	−1.9%
EPS reported	0.04	0.18	0.18	0.38	0.43	0.56	0.49	0.32	0.34	0.44
EPS mean	0.12	0.19	0.23	0.24	0.27	0.44	0.35	0.26	0.30	0.42
Surprise	−68.0%	−6.5%	−20.0%	+56.7%	+59.3%	+27.8%	+39.4%	+23.1%	+14.8%	+3.9%

Peer comparison Food & Tobacco

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MFI Maple Leaf Foods Inc.	3.4B	2.43x	1.1%	2.51x	17.4x	15.2x	8.7x	8.0x
SAP Saputo Inc.	16.2B	1.49x	3.9%	2.31x	20.2x	17.9x	11.1x	10.6x
KWPCY Kewpie Corp	5.7B	−0.42x	5.9%	–	26.9x	24.4x	–	–
TATYY Tate & Lyle PLC	4.7B	–	4.4%	1.57x	15.5x	12.0x	8.7x	7.5x
FRPT Freshpet, Inc.	4.7B	0.39x	12.6%	2.73x	32.3x	34.4x	16.0x	13.1x
CALM Cal-Maine Foods, Inc.	4.3B	−1.60x	10.9%	1.21x	−23.9x	67.2x	−71.8x	11.0x
Mean		0.46x	6.5%	2.07x	14.7x	28.5x	−5.5x	10.0x
Median		0.39x	5.2%	2.31x	18.8x	21.1x	8.7x	10.6x

Technical analysis

1M+10.3%
3M−3.7%
1Y+11.0%
3Y+39.6%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Maple Leaf Foods Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,913	3,633	4,841	4,739	4,521	4,304
Cost of revenue	3,250	3,076	4,370	4,300	3,856	3,601
Gross profit	663	557	471	439	666	702
Selling, general & administrative expenses	397	392	405	432	467	491
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−0.9	0	–	–	–	–
Unusual expense (income)	97.7	19.9	45.3	236	11.4	3.6
Other operating expenses	−30.2	−4.1	12.4	14.4	14.5	16.8
Operating income	199	150	8.2	−243	173	191
Net interest income (expense)	−86.7	−148	−142	−49.6	−17.5	−22.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−8.5	−10.4	−9.1	−6.4	−5.4	−8.7
Net income before taxes	104	−8.3	−143	−299	150	160
Provision for taxes	59.6	3.6	−17.6	12.9	46.9	46.6
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	43.9	−11.9	−125	−312	103	113
Extraordinary items	498	108	–	–	–	–
Net income	542	96.6	−125	−312	103	113
EBIT, normalized	296	170	53.6	−6.8	184	195
EBITDA, normalized	531	435	325	227	385	391
Basic EPS, normalized	1.09	0.78	0.09	−0.26	1.03	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Maple Leaf Foods Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	143	176	203	91.1	162	101
Receivables	204	216	306	274	202	193
Total inventory	483	723	657	630	548	524
Prepaid expenses	24.4	42.3	44.9	50.3	25.0	64.5
Other current assets	0	22.8	0	0.6	0	0.6
Total current assets	855	1,180	1,211	1,046	937	883
Property, plant & equipment	1,788	2,284	2,406	2,463	2,351	1,944
Goodwill	387	477	477	477	659	653
Intangibles	240	340	345	361	365	341
Long-term investments	177	55.4	72.9	29.0	22.3	15.9
Note receivable	–	–	–	–	–	–
Other long-term assets	94.8	93.9	90.0	67.6	51.6	23.6
Total assets	3,542	4,431	4,603	4,443	4,386	3,860
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	515	561	548	485	526	502
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	20.6	341	439	39.2	36.6	80.5
Other current liabilities	126	54.7	45.2	110	106	85.0
Total current liabilities	661	957	1,032	634	669	667
Long-term debt	1,212	1,538	1,692	1,854	1,391	906
Minority interest	–	–	–	–	–	–
Other liabilities	348	397	364	292	290	355
Total liabilities	2,221	2,892	3,088	2,780	2,350	1,928
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	930	898	873	850	847	839
Additional paid-in capital	11.9	12.5	3.2	0	5.4	5.9
Retained earnings (accumulated deficit)	343	587	597	810	1,212	1,125
Treasury stock	−5.4	−3.4	−7.2	−25.9	−26.2	−23.9
Other equity	41.0	44.0	47.8	29.5	−2.5	−13.4
Total equity	1,321	1,538	1,515	1,663	2,036	1,932
Total liabilities & shareholders' equity	3,542	4,431	4,603	4,443	4,386	3,860

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Maple Leaf Foods Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	542	96.6	−125	−312	103	113
Depreciation, depletion & amortization	235	265	271	234	201	196
Deferred taxes	−37.6	30.7	87.0	57.4	−17.3	−5.9
Non-cash items	−154	139	43.8	263	149	98.8
Changes in working capital	−150	−66.5	−100	−193	−131	−80.9
Cash from operations	435	465	177	49.3	305	321
Investing activities
Capital expenditures	−125	−95.5	−198	−356	−580	−433
Other investing cash flows	5.6	13.0	9.6	−21.3	−43.1	15.1
Cash from investing	−120	−82.5	−189	−377	−623	−417
Financing activities
Financing cash flow items	−38.8	−2.3	−3.4	2.9	−0.5	−0.6
Cash dividends paid	−178	−86.7	−92.5	−99.1	−89.1	−78.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−132	−321	220	353	469	179
Cash from financing	−348	−410	124	257	380	99.5
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−32.5	−27.5	112	−71.0	61.2	3.5
Free cash flow	310	369	−21.3	−306	−276	−111

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.