Loading…
Global dairy processor making cheese, fluid milk and dairy ingredients, with operations across Canada, the US, Argentina, Australia and the UK.
Global dairy processor making cheese, fluid milk and dairy ingredients, with operations across Canada, the US, Argentina, Australia and the UK.
Buys milk and turns it into cheese, milk and ingredients, so profit depends on the spread between its selling prices and the cost of milk, which is regulated in Canada and the US. The US is its largest sector, with Canada, Argentina, Australia and the UK behind. The Saputo family controls it.
In one line: Canada's dairy peer to Lactalis.
Moat: narrow (scale, brand, distribution). Large-scale multi-country dairy processing network and established retail/foodservice brand relationships.
Headquarters: Montreal, Canada · Founded: 1954 · Employees: 19,200
Size Saputo (SAP.TO) is a Canada Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $12.4B, the 66th largest of 420 Canada companies the cockpit tracks. Shares closed at C$43.99 on 6 Nov 2026.
Performance Over six months the shares gained 6.6%, against -3.5% for the median peer and +5.2% for the Canada market (cap-weighted) — 8th highest of 17 in its peer set.
Growth Revenue fell 4.6% over the last twelve months (peer median +3.2%); the operating margin is 6.2% (peer median 7.8%).
Valuation It trades at 21.2× forward earnings against a peer median of 15.8× (2nd most expensive of 17).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.7 points above its cost of capital (5.0% WACC).
Credit Saputo has 1 bond outstanding ($389M) and trading like A- at a weighted spread of 96 bp.
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$18.2B | C$17.6B | C$17.8B | C$17.3B | C$17.8B |
| Revenue growth | — | -1% | +3% | -3% | — |
| Gross profit | C$2.54B | C$2.78B | C$2.58B | C$2.52B | C$2.73B |
| EBITDA | C$1.74B | C$1.64B | C$1.51B | C$1.45B | C$1.57B |
| Net income | C$510M | C$672M | -C$176M | C$265M | C$622M |
| Free cash flow | C$1.02B | C$1.18B | C$815M | C$550M | C$408M |
| Capital expenditure | C$331M | C$339M | C$386M | C$654M | C$641M |
| Total debt | C$2.97B | C$3.27B | C$3.59B | C$3.99B | C$4.04B |
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 |
|---|---|---|---|---|---|---|
| Saputo SAP.TO | $12.4B | +7% | -5% | 6% | 21.2× | -1.9% |
| Kraft Heinz KHC | $29.2B | +5% | -2% | 17% | 12.5× | -3.9% |
| Bega Cheese BGA.AX | $1.36B | +23% | +7% | 3% | 24.9× | 18.4% |
| Savencia SAVE.PA | $871M | -11% | -2% | 3% | 5.4× | -3.8% |
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 | SAP.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.2% | +8.5% | 2nd highest of 17 |
| 6-month return | +6.6% | -3.5% | 8th highest of 17 |
| Distance from 52-week high | -2.4% | -16.7% | 3rd highest of 17 |
| Revenue growth (TTM) | -4.6% | +3.2% | lowest of 17 |
| Operating margin | 6.2% | 7.8% | 5th lowest of 17 |
| Forward P/E | 21.2× | 15.8× | 2nd most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | -1.9% | 0.3% | 6th least demanding of 14 |
| Growth delivered (Del g) | +4.2% | +2.4% | 6th highest of 13 |
| Hurdle (Req g minus delivered) | -6.1 pp | -3.8 pp | 4th least demanding of 13 |
| ROIC minus cost of capital | +3.7 pp | +3.8 pp | 9th highest of 17 |
| EV / EBITDA | 11.4× | 9.7× | 4th most expensive of 15 |
| Net debt / EBITDA | 1.4× | 1.7× | 8th least indebted of 16 |
| Bond spread | 96 bp | 81 bp | 2nd widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Magnum Ice Cream MICC.AS | Netherlands | $12.1B | +35% | +1% | 8% | 17.9× | 10.9% | +1.8% |
| Hormel Foods HRL | United States | $12.1B | +7% | +1% | 7% | 14.4× | 0.9% | +4.7% |
| 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 |
| Danone BN.PA | France | $48.3B | +8% | 0% | 15% | 17.0× | -0.8% | +2.9% |
| China Feihe 6186.HK | Hong Kong | $3.16B | -20% | -4% | 15% | 11.8× | -14.7% | -1.2% |
Saputo has 1 bond outstanding with $389M face value. Weighted yield 4.25%, a spread of 96 bp over government bonds.