Thai Union Group Public Company Limited TUFBY

Consumer StaplesFood & TobaccoThailand

Last close 7.55 USD on Nov 1, 2026, −11.6% year to date

Quant rating

Quant rating B Rank 27 of 174 in Consumer Staples

Growth B 65 of 174
Valuation B 67 of 174
Quality B 37 of 174
Revisions A 21 of 174
Momentum C 78 of 174

Wall Street consensus Buy (2.07)Average target 0.45 USD −94.1%

Historical valuation

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

Key data

Market cap: 1.6B
Enterprise value: 3.6B
52-week range: 5.97 – 8.95
3-year range: 5.91 – 10.00
Dividend yield: 6.05%
Beta (5 years): –
Shares outstanding: 4,255M
Next earnings: Nov 2, 2026

About the company

Thai Union Group Public Company Limited is a Thailand-based company. The Company engages in the manufacture and export of frozen and canned seafood. Its business consists of snack foods such as canned food, frozen food and snacks of various types of seafood. Its business includes the packaging and publishing business, the domestic market business, the animal feed and development of shrimp species for sale business, and a commercial shrimp hatchery and nursery. Its portfolio includes Ambient, Frozen, PetCare, and Value-Added. The Ambient category includes products such as tuna, sardines, mackerel, and salmon, packaged in cans, pouches, and trays. The Frozen segment offers frozen shrimp, frozen & chilled salmon, feed, and other frozen seafood serving domestic and international markets across retail, foodservice, and online channels. The PetCare category focuses on wet pet food and treats for cats and dogs, primarily supplied under private labels and customers’ brands.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,216	4,041	3,964	4,495	4,245	–
Revenue growth	4.3%	1.9%	−11.8%	5.9%	−3.7%	−0.9%
EPS (basic, normalized)	0.04	0.03	−0.09	0.04	0.05	–
EPS growth	15.9%	–	–	−16.9%	–	–
Gross margin	18.9%	18.5%	17.1%	17.5%	18.2%	18.0%
Net margin	3.5%	3.4%	4.0%	5.4%	5.5%	4.3%
ROE	9.9%	9.3%	8.2%	12.5%	14.4%	10.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	438
Current ratio	1.44x
Long-term debt (mil)	1,231
Net debt (mil)	2,072
Total equity (mil)	1,385
Net debt / equity	1.50x
Net debt / EBITDA	5.49x

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	4,216	+4.3%	0.9x	377	+3.1%	9.7x	0.04	+15.9%	203.2x
2026	4,104	−2.7%	0.9x	358	−5.2%	10.2x	0.03	−6.1%	216.3x
2027	4,254	+3.7%	0.9x	383	+7.1%	9.5x	0.04	+10.9%	195.0x
2028	4,423	+4.0%	0.8x	407	+6.2%	9.0x	0.04	+9.2%	178.6x

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	4,104	−0.2%	+0.9%	+1.5%	0.03	+0.3%	+2.9%	+4.0%
2027	4,254	+0.2%	+1.7%	+2.2%	0.04	+0.6%	+3.1%	+4.0%
2028	4,423	+0.4%	+2.1%	+3.4%	0.04	+0.9%	+2.5%	+4.0%

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)	33,220	35,283	34,840	35,090	29,789	33,389	34,501	35,039	32,054	33,845
Sales mean (mil)	33,514	35,784	35,595	35,202	31,290	34,134	36,026	35,111	31,388	34,597
Surprise	−0.9%	−1.4%	−2.1%	−0.3%	−4.8%	−2.2%	−4.2%	−0.2%	+2.1%	−2.2%
EPS reported	0.24	0.27	0.30	0.27	0.24	0.32	0.34	0.26	0.29	0.33
EPS mean	0.21	0.25	0.28	0.23	0.14	0.25	0.28	0.25	0.17	0.30
Surprise	+16.1%	+8.0%	+9.1%	+17.4%	+77.8%	+26.3%	+23.6%	+4.2%	+70.6%	+8.8%

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
TUFBY Thai Union Group Public Company Limited	1.6B	5.49x	3.5%	1.07x	216.3x	195.0x	10.2x	9.5x
AVSFY AVI Limited	1.7B	–	15.8%	4.73x	49.5x	46.6x	6.7x	6.3x
NOMD Nomad Foods Limited	1.7B	3.78x	4.5%	0.60x	7.5x	7.4x	7.4x	7.3x
JJSF J&J Snack Foods Corp	1.6B	−0.19x	4.1%	1.78x	21.3x	20.0x	8.9x	8.5x
SLCJY SLC Agricola SA	1.6B	–	–	–	12.5x	10.0x	–	–
FNEVY Fraser and Neave Ltd	1.5B	–	6.1%	0.70x	52.5x	48.9x	–	–
Mean		3.03x	6.8%	1.78x	59.9x	54.7x	8.3x	7.9x
Median		3.78x	4.5%	1.07x	35.4x	33.3x	8.2x	7.9x

Technical analysis

1M−6.2%
3M+8.4%
1Y+12.9%
3Y−8.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Thai Union Group Public Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,216	4,041	3,964	4,495	4,245	4,408
Cost of revenue	3,417	3,293	3,288	3,709	3,470	3,628
Gross profit	798	748	676	786	774	780
Selling, general & administrative expenses	582	519	457	535	506	498
Research & development	–	–	–	–	–	–
Depreciation/amortization	20.3	18.5	18.0	19.0	19.8	21.3
Interest expense (income), operating	−20.9	−10.2	0.3	−23.1	−57.2	−32.4
Unusual expense (income)	2.8	0.2	2.9	7.0	2.1	0.1
Other operating expenses	−12.9	−19.2	−18.4	−28.4	−27.9	−24.6
Operating income	227	240	216	277	331	317
Net interest income (expense)	−48.2	−50.3	−47.2	−40.4	−60.2	−75.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	179	190	169	237	271	242
Provision for taxes	−0.5	12.6	−18.0	−24.3	22.3	24.1
Minority interest	−32.9	−31.8	−21.3	−7.7	−7.8	−8.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	146	146	166	253	241	209
Extraordinary items	–	0	−572	−47.1	0	−1.5
Net income	146	146	−406	206	241	208
EBIT, normalized	210	231	221	260	289	297
EBITDA, normalized	343	359	343	385	415	412
Basic EPS, normalized	0.04	0.03	−0.09	0.04	0.05	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Thai Union Group Public Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	437	452	479	376	293	209
Receivables	601	519	456	502	456	427
Total inventory	1,513	1,273	1,470	1,520	1,403	1,283
Prepaid expenses	18.4	16.0	47.2	49.7	72.0	41.6
Other current assets	64.0	64.2	46.5	83.4	28.5	52.2
Total current assets	2,634	2,325	2,499	2,532	2,253	2,013
Property, plant & equipment	982	894	914	867	853	933
Goodwill	420	369	393	377	406	447
Intangibles	489	439	476	468	508	550
Long-term investments	306	272	317	821	861	726
Note receivable	2.7	2.5	0	0	0	0
Other long-term assets	196	219	218	209	132	144
Total assets	5,029	4,522	4,817	5,275	5,014	4,813
Liabilities
Accounts payable	365	343	313	396	368	359
Payable/accrued	–	–	–	–	–	–
Accrued expenses	208	174	207	210	253	255
Short-term debt	422	496	250	281	291	448
Current portion of long-term debt	471	377	587	72.8	450	269
Other current liabilities	87.4	85.8	113	104	85.5	134
Total current liabilities	1,553	1,477	1,469	1,064	1,447	1,465
Long-term debt	1,497	1,127	1,143	1,390	1,397	1,227
Minority interest	234	224	215	216	87.1	118
Other liabilities	325	275	283	274	297	265
Total liabilities	3,609	3,102	3,110	2,945	3,229	3,076
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	35.4	32.5	33.9	34.5	35.9	39.7
Additional paid-in capital	634	582	581	576	600	664
Retained earnings (accumulated deficit)	1,122	992	1,012	1,575	1,065	978
Treasury stock	−232	−87.1	−86.7	−43.9	−45.7	−50.6
Other equity	−139	−100.0	167	188	129	106
Total equity	1,420	1,420	1,707	2,330	1,785	1,737
Total liabilities & shareholders' equity	5,029	4,522	4,817	5,275	5,014	4,813

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Thai Union Group Public Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	179	190	−402	190	271	242
Depreciation, depletion & amortization	134	127	122	125	126	132
Deferred taxes	–	–	–	–	–	–
Non-cash items	55.4	−13.4	641	101	39.6	81.3
Changes in working capital	−222	120	−33.1	−246	−247	−8.2
Cash from operations	146	424	327	170	189	447
Investing activities
Capital expenditures	−120	−104	−143	−154	−128	−128
Other investing cash flows	90.9	−87.7	−48.2	−2.2	−116	4.0
Cash from investing	−29.2	−192	−192	−156	−244	−124
Financing activities
Financing cash flow items	−124	−274	−108	526	−75.2	−71.0
Cash dividends paid	−88.8	−69.7	−98.5	−121	−119	−84.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	107	−60.2	137	−326	332	−118
Cash from financing	−106	−404	−70.0	79.2	138	−273
Foreign exchange effects	−6.2	−1.8	−1.4	−0.1	1.1	1.4
Net change in cash	4.8	−174	64.4	92.3	84.5	51.1
Free cash flow	25.8	320	184	15.3	61.0	319

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 1, 2026 after market close.