Associated British Foods PLC ASBFY

Consumer StaplesFood & TobaccoUnited Kingdom

Last close 26.15 USD on Nov 2, 2026, −7.8% year to date

Quant rating

Quant rating D Rank 150 of 174 in Consumer Staples

Growth C 77 of 174
Valuation C 96 of 174
Quality D 150 of 174
Revisions D 144 of 174
Momentum C 92 of 174

Historical valuation

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

Key data

Market cap: 18.3B
Enterprise value: 22.6B
52-week range: 23.36 – 30.46
3-year range: 22.88 – 34.90
Dividend yield: 3.26%
Beta (5 years): 0.90
Shares outstanding: 703M
Next earnings: Nov 3, 2026

About the company

Associated British Foods PLC is a diversified food, ingredients and retail company. Its Retail segment includes buying and merchandising value clothing and accessories through the Primark and Penneys retail chains. Grocery segment manufactures grocery products, including hot beverages, sugar, vegetable oils, balsamic vinegars, bread and baked goods, cereals, ethnic foods and meat products, which are sold to retail, wholesale and foodservice businesses. Ingredients segment manufactures yeast and bakery ingredients as well as specialty ingredients focused on enzymes, procession extracts, health and nutrition and pharmaceutical delivery systems. Sugar segment includes growing and processing of sugar beet and sugar cane for production of a range of sugar and other products in Africa, the United Kingdom and Spain. Agriculture segment manufactures specialty feed ingredients, premix and compound animal feed, as well as the provision of other products and services for the agriculture sector.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2024	2023	2022	2021	2020	5Y avg
Revenue (mil)	26,379	26,340	24,468	19,397	19,079	–
Revenue growth	0.1%	7.6%	26.1%	1.7%	7.0%	8.1%
EPS (basic, normalized)	2.50	1.74	1.67	1.10	1.05	–
EPS growth	43.6%	3.9%	52.6%	4.0%	–	–
Gross margin	23.9%	24.3%	21.1%	22.2%	22.6%	22.8%
Net margin	5.3%	7.2%	5.3%	4.1%	3.4%	5.1%
ROE	9.2%	13.1%	9.3%	6.6%	5.0%	8.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

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
2024 actual	26,379	+0.1%	0.9x	3,689	+25.8%	6.1x	2.50	+43.6%	10.5x

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
2025	–	–	–	–	–	–	–	–
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

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
ASBFY Associated British Foods PLC	18.3B	–	5.3%	1.21x	–	–	–	–
AJNMY Ajinomoto Co., Inc.	31.8B	1.86x	8.5%	6.32x	–	–	–	–
KRYAY Kerry Group PLC	17.4B	–	–	–	19.3x	17.6x	–	–
ORKLY Orkla ASA	10.5B	–	–	–	15.1x	14.8x	9.9x	9.6x
BRRLY Barry Callebaut AG	8.0B	–	1.3%	2.64x	–	–	–	–
GLAPY Glanbia PLC	5.4B	–	–	–	73.0x	68.5x	9.8x	9.3x
Mean		1.86x	5.0%	3.39x	35.8x	33.7x	9.8x	9.4x
Median		1.86x	5.3%	2.64x	19.3x	17.6x	9.8x	9.4x

Technical analysis

1M+7.3%
3M−7.7%
1Y−11.7%
3Y+13.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Associated British Foods PLC, fiscal years, most recent first
	2024	2023	2022	2021	2020	2019
Total revenue	26,379	26,340	24,468	19,397	19,079	17,830
Cost of revenue	20,068	19,934	19,311	15,086	14,777	13,816
Gross profit	6,310	6,406	5,158	4,311	4,303	4,013
Selling, general & administrative expenses	4,173	4,000	3,497	2,864	3,099	2,873
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−140	−154	−154	−124	−109	−72.9
Unusual expense (income)	310	−9.2	104	253	175	194
Other operating expenses	0	0	0	0	0	0
Operating income	1,967	2,569	1,710	1,318	1,138	1,018
Net interest income (expense)	−138	−147	−120	−98.1	−139	−145
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	86.8	93.2	70.6	8.0	−2.7	3.8
Net income before taxes	1,915	2,515	1,660	1,228	996	878
Provision for taxes	499	573	337	406	312	283
Minority interest	−27.1	−32.8	−29.7	−22.8	−27.5	−12.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,389	1,909	1,293	799	657	582
Extraordinary items	–	–	–	–	–	–
Net income	1,389	1,909	1,293	799	657	582
EBIT, normalized	2,193	2,441	1,666	1,454	1,208	1,142
EBITDA, normalized	3,530	3,686	2,764	2,447	2,441	2,314
Basic EPS, normalized	2.50	1.74	1.67	1.10	1.05	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Associated British Foods PLC, fiscal years, most recent first
	2024	2023	2022	2021	2020	2019
Assets
Cash & short-term investments	1,433	2,174	1,805	2,425	3,170	2,594
Receivables	2,145	2,109	2,069	1,861	1,749	1,568
Total inventory	4,459	3,984	4,096	3,839	3,073	2,843
Prepaid expenses	291	252	260	221	209	169
Other current assets	78.6	36.7	119	593	188	185
Total current assets	8,406	8,556	8,349	8,940	8,389	7,360
Property, plant & equipment	11,940	10,961	10,055	9,192	10,904	11,054
Goodwill	1,758	1,720	1,568	1,474	1,545	1,492
Intangibles	807	768	748	657	628	592
Long-term investments	679	677	528	474	496	377
Note receivable	–	0	66.9	59.3	75.6	49.9
Other long-term assets	2,561	2,269	2,031	1,770	1,179	399
Total assets	26,151	24,950	23,346	22,567	23,217	21,325
Liabilities
Accounts payable	1,606	1,521	1,458	1,554	1,289	1,163
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,833	1,674	1,575	1,455	1,370	1,206
Short-term debt	178	115	85.5	144	0	114
Current portion of long-term debt	569	444	538	396	851	463
Other current liabilities	1,284	1,059	914	1,076	1,000	1,087
Total current liabilities	5,470	4,813	4,570	4,625	4,510	4,034
Long-term debt	4,250	4,267	3,988	3,898	4,216	4,682
Minority interest	172	121	124	121	114	107
Other liabilities	1,267	1,071	921	858	743	533
Total liabilities	11,159	10,272	9,603	9,503	9,584	9,357
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	54.2	55.1	54.5	51.4	61.8	57.6
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	15,669	15,185	13,738	12,356	13,559	11,506
Treasury stock	–	–	–	–	–	–
Other equity	−732	−562	−49.6	657	12.4	404
Total equity	14,992	14,678	13,743	13,064	13,633	11,968
Total liabilities & shareholders' equity	26,151	24,950	23,346	22,567	23,217	21,325

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Associated British Foods PLC, fiscal years, most recent first
	2024	2023	2022	2021	2020	2019
Operating activities
Net income	1,915	2,515	1,660	1,228	996	878
Depreciation, depletion & amortization	1,339	1,245	1,098	993	1,233	1,172
Deferred taxes	–	–	–	–	–	–
Non-cash items	344	15.7	26.0	270	238	331
Changes in working capital	−575	−5.2	−735	−1,175	−525	−138
Cash from operations	3,024	3,771	2,049	1,316	1,942	2,243
Investing activities
Capital expenditures	−1,673	−1,554	−1,329	−878	−862	−796
Other investing cash flows	695	−194	207	28.5	90.7	133
Cash from investing	−977	−1,748	−1,122	−849	−771	−663
Financing activities
Financing cash flow items	−205	−201	−151	−105	−199	−147
Cash dividends paid	−889	−659	−427	−434	−67.3	−347
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,334	−1,199	−1,010	−234	−437	−374
Cash from financing	−2,428	−2,059	−1,588	−773	−704	−867
Foreign exchange effects	−38.0	−165	−90.4	84.4	−82.5	−7.7
Net change in cash	−419	−201	−752	−221	385	705
Free cash flow	1,352	2,218	720	438	1,080	1,447

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 2, 2026 after market close.