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Hormel Foods Corporation (HRL)

NYSE / Consumer Defensive / Packaged Foods

Share price

20.19 USD Market dataClose of Oct 15, 2026

Market capitalisation

11.11B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Dec 5, 2025
Ratios computed
Oct 15, 2026
Filed years
17, FY2008 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

5.0% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

23.21x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

4.8% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 9.52B USDFY2016 Net income: 890.1M USDFY2017 Revenue: 9.17B USDFY2017 Net income: 846.7M USDFY2018 Revenue: 9.55B USDFY2018 Net income: 1.01B USDFY2019 Revenue: 9.50B USDFY2019 Net income: 978.8M USDFY2020 Revenue: 9.61B USDFY2020 Net income: 908.1M USDFY2021 Revenue: 11.39B USDFY2021 Net income: 908.8M USDFY2022 Revenue: 12.46B USDFY2022 Net income: 1000.0M USDFY2023 Revenue: 12.11B USDFY2023 Net income: 793.6M USDFY2024 Revenue: 11.92B USDFY2024 Net income: 805.0M USDFY2025 Revenue: 12.11B USDFY2025 Net income: 478.2M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 23.21x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Packaged Foods industry (31 companies), 23.21x sits at the 64th percentile; the middle half of that group runs from 11.25x to 25.18x.

Is it good

Return on invested capital was 5.0% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Consumer Defensive sector (102 companies), 5.0% sits at the 38th percentile; the middle half of that group runs from 2.7% to 14.1%.

Is it safe

Interest coverage was 9.21x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether Hormel Foods Corporation's return on invested capital stayed above the median of the Consumer Defensive sector, year by year. (FY2024 to FY2025, 2 fiscal years of Hormel Foods Corporation with a comparable figure)
The direction
Which way Hormel Foods Corporation's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Hormel Foods Corporation)
What could explain it
What in Hormel Foods Corporation's filed statements could explain the movements. (7 readings drawn from the statement lines Hormel Foods Corporation filed)
What to check next
What to check next on Hormel Foods Corporation, and where in its filings. (3 questions for Hormel Foods Corporation)
In one paragraph
One paragraph on Hormel Foods Corporation's returns, cash, balance sheet and price. (16 of sixteen figures read for Hormel Foods Corporation)

These are HRL’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research HRLPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Dec 5, 2025, accession 0000048465-25-000059.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Hormel Foods Corporation: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax5.0% ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Return on equity6.0% ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Return on capital employed, pre-tax6.0% ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Return on assets3.6% ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Gross margin15.6% ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Operating margin5.9% ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Net margin4.0% ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
HRL 4.0%
MICC 3.7%MKC 11.5%SJM -1.5%JBS 2.4%KHC -23.4%
-23.4%11.5%
Net margin: HRL against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Hormel Foods Corporation: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.39 ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Current ratio2.47 ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Quick ratio1.20 ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Interest coverage9.21x ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Altman Z-score3.27 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Net debt2.34B ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Total assets 13.39BTotal liabilities 5.48BShareholders' equity 7.90BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Hormel Foods Corporation owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Dec 5, 2025, 0000048465-25-000059).

Hormel Foods Corporation: balance sheet position
Total assets13.39B FiledFY2025 10-K, filed Dec 5, 2025
Total liabilities5.48B FiledFY2025 10-K, filed Dec 5, 2025
Shareholders' equity7.90B FiledFY2025 10-K, filed Dec 5, 2025
Cash703.6M FiledFY2025 10-K, filed Dec 5, 2025
Total debt3.05B FiledFY2025 10-K, filed Dec 5, 2025
Net debt2.34B
Current ratio2.47
Debt to equity0.39

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Hormel Foods Corporation: what the market charges, each with its source
FigureValue, source and document
Price to earnings23.21x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
P/E on trailing twelve months31.44x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.41x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Price to sales0.92x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Enterprise value to EBIT18.78x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Enterprise value to EBITDA13.73x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Diluted earnings per share0.87 USD FiledFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Graham number16.76 USD ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059

We publish no fair value or price target of our own. Value HRL on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Hormel Foods Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Hormel Foods Corporation: valuation
Share price20.19 USD
Market capitalisation11.11B USD
Enterprise value to EBITDA13.73x
Graham number16.76 USD
Diluted earnings per share, FY20250.87 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 15.43x, median 23.48x, high 35.00x, latest 31.44x. 2,522 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Hormel Foods Corporation

  1. The Magnum Ice Cream Company N.V. (MICC)Market cap 11.29B USD
  2. McCormick & Company, Incorporated (MKC)Market cap 12.30B USD
  3. The J. M. Smucker Company (SJM)Market cap 13.45B USD
  4. JBS N.V. (JBS)Market cap 28.21B USD
  5. The Kraft Heinz Company (KHC)Market cap 27.61B USD

Same industry (Packaged Foods) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Hormel Foods Corporation: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield4.8% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Free cash flow534.3M USD ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Free cash flow margin4.4% ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Dividend yield5.8% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Payout ratio132.4% ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
FY2016 Free cash flow: 784.5M USDFY2016 Net income: 890.1M USDFY2017 Free cash flow: 812.6M USDFY2017 Net income: 846.7M USDFY2018 Free cash flow: 852.1M USDFY2018 Net income: 1.01B USDFY2019 Free cash flow: 629.2M USDFY2019 Net income: 978.8M USDFY2020 Free cash flow: 760.5M USDFY2020 Net income: 908.1M USDFY2021 Free cash flow: 769.5M USDFY2021 Net income: 908.8M USDFY2022 Free cash flow: 856.1M USDFY2022 Net income: 1000.0M USDFY2023 Free cash flow: 777.6M USDFY2023 Net income: 793.6M USDFY2024 Free cash flow: 1.01B USDFY2024 Net income: 805.0M USDFY2025 Free cash flow: 534.3M USDFY2025 Net income: 478.2M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Hormel Foods Corporation: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
23.21xFY2025Oct 15, 2026
1.41xFY2025Oct 15, 2026
18.78xFY2025Oct 15, 2026
4.8%FY2025Oct 15, 2026
5.0%FY2025Dec 5, 2025
5.8%FY2025Oct 15, 2026
0.39FY2025Dec 5, 2025
2.47FY2025Dec 5, 2025
0.92xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
3.27FY2025Oct 15, 2026
-2.48FY2025Dec 5, 2025
5/9FY2025Dec 5, 2025

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 17 filed fiscal years on record, FY2008 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Hormel Foods Corporation filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Hormel Foods Corporation: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202512.11B718.6M478.2M0.87534.3M5.9%6.0%10-K, Dec 5, 20250000048465-25-000059
FY202411.92B1.07B805.0M1.471.01B9.0%10.1%10-K, Dec 5, 20240000048465-24-000051
FY202312.11B1.07B793.6M1.45777.6M8.8%10.3%10-K, Dec 6, 20230000048465-23-000083
FY202212.46B1.31B1000.0M1.82856.1M10.5%13.3%10-K, Dec 6, 20220000048465-22-000051
FY202111.39B1.12B908.8M1.66769.5M9.9%13.0%10-K, Dec 10, 20210000048465-21-000067
FY20209.61B1.10B908.1M1.66760.5M11.4%14.1%10-K, Dec 4, 20200000048465-20-000043
FY20199.50B1.20B978.8M1.80629.2M12.6%16.5%10-K, Dec 6, 20190000048465-19-000057
FY20189.55B1.18B1.01B1.86852.1M12.4%18.1%10-K, Dec 7, 20180000048465-18-000046
FY20179.17B1.28B846.7M1.57812.6M13.9%17.1%10-K, Dec 20, 20170001104659-17-074227
FY20169.52B1.32B890.1M1.64784.5M13.9%20.0%10-K, Dec 21, 20160001104659-16-163147
  • Revenue, compound annual growth FY2016 to FY2025: 2.7%
  • Earnings, compound annual growth FY2016 to FY2025: -6.7%
  • Earnings per share, compound annual growth FY2016 to FY2025: -6.8%
  • Free cash flow, compound annual growth FY2016 to FY2025: -4.2%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Hormel Foods Corporation: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.48 ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Piotroski F-score5/9 ComputedFY2025 10-K, filed Dec 5, 2025, 0000048465-25-000059
Named tests met2 of 30 Computed
Beta0.02 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 2 met, 28 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Defensive investor (Benjamin Graham); Z-score and coverage (Edward Altman)
Does not
Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Figures we could not read(1)
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • One figure could not be read on this company: PEG Ratio.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.