Hormel Foods Corp HRL

Consumer StaplesFood & TobaccoUnited States of America

Last close 21.47 USD on Nov 2, 2026, −4.4% year to date

Quant rating

Quant rating C Rank 66 of 124 in Consumer Staples

Growth C 60 of 124
Valuation B 38 of 124
Quality C 56 of 124
Revisions C 60 of 124
Momentum D 90 of 124

Wall Street consensus Hold (2.73)Average target 25.31 USD +17.9%

Historical valuation

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

Key data

Market cap: 11.8B
Enterprise value: 13.8B
52-week range: 18.96 – 26.60
3-year range: 18.96 – 36.77
Dividend yield: 5.50%
Beta (5 years): 0.26
Shares outstanding: 550M
Next earnings: Dec 2, 2026

About the company

Hormel Foods Corporation is a global-branded food company. The Company develops, processes, and distributes a range of food products in a variety of markets. Its segments include Retail, Foodservice, and International. The Retail segment is primarily engaged in the processing, marketing, and sale of food products sold predominantly in the retail market. This segment also includes the Company’s MegaMex Foods, LLC joint venture. The Foodservice segment consists primarily of the processing, marketing, and sale of food products to food service, convenience store, and commercial customers located in the United States. The International segment processes, markets, and sells its products internationally. This segment also includes the results from the Company’s international joint ventures, international equity method investments, and international royalty arrangements. Its brands include PLANTERS, SKIPPY, SPAM, HORMEL NATURAL CHOICE, APPLEGATE, WHOLLY, HORMEL BLACK LABEL, and others.

Growth and profitability fiscal year ends October 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,106	11,921	12,110	12,459	11,386	–
Revenue growth	1.6%	−1.6%	−2.8%	9.4%	18.5%	4.7%
EPS (basic, normalized)	1.37	1.58	1.61	1.82	1.73	–
EPS growth	−13.3%	−1.9%	−11.5%	5.2%	–	–
Gross margin	15.7%	17.0%	16.5%	17.4%	16.9%	16.7%
Net margin	4.0%	6.8%	6.6%	8.0%	8.0%	6.7%
ROE	6.0%	10.2%	10.4%	13.8%	13.6%	10.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	868
Current ratio	1.88x
Long-term debt (mil)	2,349
Net debt (mil)	2,003
Total equity (mil)	7,843
Net debt / equity	0.26x
Net debt / EBITDA	1.56x

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	12,106	+1.6%	1.1x	1,282	−8.4%	10.8x	1.37	−13.3%	15.7x
2026	12,130	+0.2%	1.1x	1,338	+4.3%	10.3x	1.48	+8.3%	14.5x
2027	12,523	+3.2%	1.1x	1,428	+6.7%	9.7x	1.57	+5.6%	13.7x
2028	12,778	+2.0%	1.1x	1,490	+4.3%	9.3x	1.66	+6.2%	12.9x

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	12,130	−0.2%	−1.3%	−1.4%	1.48	−0.1%	−0.8%	+0.5%
2027	12,523	+0.5%	+0.4%	+0.2%	1.57	−0.4%	−0.8%	−0.5%
2028	12,778	+0.7%	0.0%	−0.4%	1.66	−0.4%	−1.0%	−0.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	2,887	2,898	3,138	2,989	2,899	3,033	3,186	3,027	2,973	2,961
Sales mean (mil)	2,967	2,952	3,144	2,936	2,907	2,980	3,228	3,067	2,954	3,039
Surprise	−2.7%	−1.8%	−0.2%	+1.8%	−0.3%	+1.8%	−1.3%	−1.3%	+0.6%	−2.6%
EPS reported	0.38	0.37	0.42	0.35	0.35	0.35	0.32	0.34	0.40	0.37
EPS mean	0.36	0.36	0.42	0.38	0.34	0.41	0.30	0.32	0.36	0.35
Surprise	+6.0%	+2.9%	−0.8%	−6.8%	+2.0%	−14.5%	+6.0%	+5.9%	+12.2%	+4.7%

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
HRL Hormel Foods Corp	11.8B	1.56x	4.0%	1.51x	14.5x	13.7x	10.3x	9.7x
MDLZ Mondelez International, Inc.	84.0B	3.14x	6.4%	3.17x	21.8x	19.7x	15.5x	14.4x
ADM Archer-Daniels-Midland Co	36.5B	1.97x	1.3%	1.55x	13.7x	13.0x	9.3x	9.0x
HSY The Hershey Company	34.4B	1.80x	7.6%	5.14x	19.7x	17.9x	12.7x	11.8x
KHC The Kraft Heinz Company	29.6B	2.86x	−23.4%	0.82x	12.2x	12.0x	9.4x	9.3x
BG Bunge Global SA	18.1B	5.43x	1.2%	1.13x	10.1x	8.7x	8.4x	7.6x
Mean		2.79x	−0.5%	2.22x	15.3x	14.2x	10.9x	10.3x
Median		2.42x	2.6%	1.53x	14.1x	13.3x	9.9x	9.5x

Technical analysis

1M+7.6%
3M−12.8%
1Y+5.0%
3Y−26.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Hormel Foods Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	12,106	11,921	12,110	12,459	11,386	9,608
Cost of revenue	10,205	9,899	10,110	10,294	9,458	7,782
Gross profit	1,901	2,022	2,000	2,165	1,928	1,826
Selling, general & administrative expenses	905	969	908	845	819	729
Research & development	35.2	36.1	33.7	34.7	33.6	31.9
Interest expense (income), operating	106	−51.1	−42.8	−27.2	−47.8	−35.6
Unusual expense (income)	149	0	28.4	–	–	0
Other operating expenses	0	0	0	0	0	0
Operating income	706	1,068	1,072	1,313	1,123	1,100
Net interest income (expense)	−53.8	−32.5	−58.6	−34.5	3.6	14.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	11.4	0	0	0	0	0
Net income before taxes	663	1,035	1,013	1,278	1,126	1,115
Provision for taxes	186	231	221	278	217	206
Minority interest	0.4	0.4	0.7	−0.2	−0.3	−0.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	478	805	794	1,000	909	908
Extraordinary items	–	–	–	–	–	–
Net income	478	805	794	1,000	909	908
EBIT, normalized	961	1,017	1,058	1,285	1,096	1,065
EBITDA, normalized	1,225	1,275	1,311	1,548	1,324	1,270
Basic EPS, normalized	1.37	1.58	1.61	1.82	1.73	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Hormel Foods Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	704	767	753	998	635	1,732
Receivables	882	868	825	875	904	744
Total inventory	1,747	1,576	1,680	1,716	1,369	1,073
Prepaid expenses	73.2	35.3	39.0	48.0	25.0	18.3
Other current assets	0	0	0	0	14.9	12.4
Total current assets	3,406	3,246	3,297	3,637	2,948	3,579
Property, plant & equipment	2,386	2,342	2,298	2,215	2,181	1,951
Goodwill	4,924	4,923	4,928	4,926	4,929	2,613
Intangibles	1,647	1,733	1,757	1,803	1,822	1,076
Long-term investments	534	719	725	271	299	308
Note receivable	–	–	–	–	–	–
Other long-term assets	496	470	443	455	517	380
Total assets	13,393	13,435	13,449	13,307	12,696	9,908
Liabilities
Accounts payable	732	736	771	817	793	645
Payable/accrued	–	–	–	–	–	–
Accrued expenses	624	634	575	615	590	578
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	6.6	7.8	951	8.8	8.8	259
Other current liabilities	18.8	21.9	15.2	32.9	23.5	22.5
Total current liabilities	1,381	1,399	2,312	1,473	1,416	1,504
Long-term debt	2,851	2,851	2,359	3,291	3,315	1,045
Minority interest	14.6	10.6	4.1	4.9	5.5	4.8
Other liabilities	1,246	1,180	1,039	1,003	987	929
Total liabilities	5,492	5,441	5,714	5,772	5,723	3,483
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	8.1	8.0	8.0	8.0	7.9	7.9
Additional paid-in capital	620	571	506	469	360	290
Retained earnings (accumulated deficit)	7,517	7,678	7,493	7,313	6,882	6,523
Treasury stock	–	–	–	–	–	–
Other equity	−244	−263	−272	−256	−277	−395
Total equity	7,901	7,993	7,735	7,535	6,973	6,426
Total liabilities & shareholders' equity	13,393	13,435	13,449	13,307	12,696	9,908

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Hormel Foods Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	478	805	793	1,000	909	908
Depreciation, depletion & amortization	264	258	253	263	228	206
Deferred taxes	52.9	87.7	31.8	177	28.7	32.0
Non-cash items	294	48.5	94.6	66.8	1.5	10.9
Changes in working capital	−243	68.2	−125	−372	−166	−29.0
Cash from operations	845	1,267	1,048	1,135	1,002	1,128
Investing activities
Capital expenditures	−311	−256	−270	−279	−232	−368
Other investing cash flows	12.3	19.5	−419	20.9	−3,393	−289
Cash from investing	−299	−237	−690	−258	−3,626	−656
Financing activities
Financing cash flow items	5.0	5.4	–	0	0	0.1
Cash dividends paid	−633	−615	−593	−558	−523	−487
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	14.2	−421	−7.1	71.2	2,044	1,053
Cash from financing	−614	−1,030	−600	−487	1,521	566
Foreign exchange effects	−3.9	5.6	−3.8	−21.7	2.6	3.5
Net change in cash	−71.2	5.3	−246	369	−1,101	1,041
Free cash flow	534	1,010	778	856	770	761

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.