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Meat and branded food company known for Spam, Skippy peanut butter and Applegate natural meats.
Meat and branded food company known for Spam, Skippy peanut butter and Applegate natural meats.
Sells to supermarkets and restaurant distributors, with shelf-stable and refrigerated meats such as SPAM, chili and pepperoni as the base. Acquisitions including Skippy in 2013, Applegate in 2015 and Planters in 2021 widened it beyond pork. The Hormel Foundation, a charitable trust, is its largest shareholder.
Moat: narrow (brand, scale). Iconic shelf-stable and refrigerated meat brands with long retailer relationships.
Headquarters: Austin, Minnesota, US · Founded: 1891 · Employees: 20,000
Size Hormel Foods (HRL) is a United States Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $12.1B, the 689th largest of 3,117 United States companies the cockpit tracks. Shares closed at $21.95 on 6 Nov 2026.
Performance Over six months the shares gained 7.4%, against -10.2% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 16 in its peer set.
Growth Revenue grew 0.7% over the last twelve months (peer median +3.5%); the operating margin is 7.4% (peer median 7.6%).
Valuation It trades at 14.4× forward earnings against a peer median of 17.0× (7th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points above its cost of capital (6.2% WACC).
Credit Hormel Foods has 4 bonds outstanding ($2.85B), rated BBB+ by the agencies and trading like A- at a weighted spread of 67 bp.
Short interest Short interest is 4.0% of the free float (15 Oct 2026).
Next results Next results expected around 3 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $12.1B | $12.1B | $11.9B | $12.1B | $12.5B |
| Revenue growth | — | +2% | -2% | -3% | — |
| Gross profit | $1.87B | $1.87B | $2.05B | $2.00B | $2.13B |
| EBITDA | $1.17B | $1.14B | $1.32B | $1.31B | $1.51B |
| Net income | $343M | $478M | $805M | $794M | $1,000M |
| Free cash flow | $781M | $534M | $1.01B | $778M | $856M |
| Capital expenditure | $311M | $311M | $256M | $270M | $279M |
| Total debt | $2.86B | $3.03B | $3.01B | $3.44B | $3.38B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hormel Foods HRL | $12.1B | +7% | +1% | 7% | 14.4× | 0.9% |
| Tyson Foods TSN | $20.6B | -13% | +3% | 3% | 17.4× | 6.7% |
| Smithfield Foods SFD | $7.60B | -26% | -2% | 7% | 13.0× | -11.5% |
| Conagra Brands CAG | $7.28B | +8% | -2% | 11% | 10.6× | -4.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HRL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.0% | +8.2% | 5th highest of 16 |
| 6-month return | +7.4% | -10.2% | 5th highest of 16 |
| Distance from 52-week high | -17.5% | -14.1% | 7th lowest of 16 |
| Revenue growth (TTM) | +0.7% | +3.5% | 7th lowest of 16 |
| Operating margin | 7.4% | 7.6% | 8th lowest of 16 |
| Forward P/E | 14.4× | 17.0× | 7th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 0.9% | -0.8% | 6th most demanding of 13 |
| Growth delivered (Del g) | +4.7% | +1.9% | 5th highest of 12 |
| Hurdle (Req g minus delivered) | -3.9 pp | -3.8 pp | 6th least demanding of 12 |
| ROIC minus cost of capital | +1.0 pp | +3.7 pp | 6th lowest of 16 |
| EV / EBITDA | 12.1× | 9.4× | 3rd most expensive of 14 |
| Net debt / EBITDA | 1.7× | 1.1× | 7th most indebted of 15 |
| Bond spread | 67 bp | 96 bp | tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hormel Foods HRL | United States | $12.1B | +7% | +1% | 7% | 14.4× | 0.9% | +4.7% |
| Magnum Ice Cream MICC.AS | Netherlands | $12.1B | +35% | +1% | 8% | 17.9× | 10.9% | +1.8% |
| Saputo SAP.TO | Canada | $12.4B | +7% | -5% | 6% | 21.2× | -1.9% | +4.2% |
| Mowi MOWI.OL | Norway | $12.4B | +12% | +10% | 13% | 17.8× | 7.5% | +10.7% |
| Henan Shuanghui Investment & Development 000895.SZ | China | $12.7B | -12% | -4% | 11% | 17.3× | -4.6% | -4.3% |
| JBS JBS | United States | $13.4B | -23% | +334% | 4% | 11.8× | -6.5% | n/a |
| Wh Group 0288.HK | Hong Kong | $10.8B | -31% | +6% | 9% | 8.4× | -16.4% | +1.9% |
| Mengniu Dairy 2319.HK | Hong Kong | $10.5B | +28% | +3% | 5% | 14.7× | 6.7% | +0.9% |
| Smithfield Foods SFD | United States | $7.60B | -26% | -2% | 7% | 13.0× | -11.5% | +1.9% |
| Tyson Foods TSN | United States | $20.6B | -13% | +3% | 3% | 17.4× | 6.7% | +4.7% |
| Emmi EMMN.SW | Switzerland | $6.32B | +16% | +4% | 7% | 21.8× | 0.3% | +5.1% |
| Yakult Honsha 2267.T | Japan | $5.15B | +3% | -1% | 9% | 17.0× | n/a | n/a |
| Want Want China 0151.HK | Hong Kong | $4.43B | -32% | +6% | 18% | 9.7× | n/a | n/a |
| Cranswick CWK.L | United Kingdom | $3.94B | +7% | +10% | 8% | 17.2× | 5.7% | +9.5% |
| Nh Foods 2282.T | Japan | $3.40B | -10% | +7% | 3% | 14.0× | n/a | n/a |
| China Feihe 6186.HK | Hong Kong | $3.16B | -20% | -4% | 15% | 11.8× | -14.7% | -1.2% |
Hormel Foods has 4 bonds outstanding with $2.85B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 5.36%, a spread of 67 bp over government bonds.