olivLaw · US equity research
Hormel Foods Corporation HRL
Meat Packing Plants · SIC 2011 · Vertical: Food products (SIC 201x)
Hormel Foods is a global branded food company with Retail, Foodservice and International segments that generated net sales of $12.1 billion in fiscal 2025. The company is working through margin pressure from commodity costs and a reshaping of its portfolio, and in its third quarter of fiscal 2026 it raised its adjusted earnings per share outlook.
At the close of 04 Nov 2026, Hormel Foods Corporation (HRL) stock was 22.76 USD (+7.06% on the day), with P/E 36.2 on diluted EPS of 0.63 USD over the last 12 months, dividend yield 5.13%, beta 0.02, 52-week range 19.19–26.51 USD. Latest reported quarter (Q3 2026): revenue of 3.0 bn USD (−2.4% YoY), net income of 59.6 m USD (−67.6% YoY), diluted EPS 0.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 71.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 18.82 – 22.32
- above the upper band · %B 1.13 · band width 17.0%
- SMA 50 / 200
- 20.69 / 22.78
- mixed trend
- MACD (12, 26, 9)
- 0.31 / 0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.3% | −1.1% | +14.4 pp | — |
| 3 months | −9.8% | −0.5% | −9.3 pp | — |
| 6 months | +10.0% | +4.4% | +5.6 pp | — |
| Year to date | −4.0% | +12.3% | −16.3 pp | — |
| 1 year | +5.5% | +13.5% | −8.1 pp | −8.7% |
| 3 years | −30.8% | +76.4% | −107.2 pp | +20.8% |
| 5 years | −47.3% | +63.7% | −111.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 26 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.1 bn | 3.0 bn | 2.9 bn | 3.0 bn | 3.2 bn | 3.0 bn | 3.0 bn | 3.0 bn |
| Cost of revenue | 2.6 bn | 2.5 bn | 2.4 bn | 2.5 bn | 2.7 bn | 2.6 bn | 2.5 bn | 2.5 bn |
| Gross profit | 521.2 m | 475.2 m | 484.4 m | 487.3 m | 444.8 m | 469.6 m | 518.5 m | 471.5 m |
| SG&A | 238.6 m | 263.0 m | 251.4 m | 258.7 m | 223.5 m | 241.7 m | 318.6 m | 323.5 m |
| Operating income | 294.5 m | 228.3 m | 248.4 m | 239.7 m | 2.2 m | 243.7 m | 217.1 m | 110.9 m |
| Depreciation & amortisation | 66.4 m | 65.9 m | 64.0 m | 64.7 m | 69.4 m | 67.1 m | 68.8 m | 66.4 m |
| Interest expense | 19.4 m | 19.5 m | 19.5 m | 19.5 m | 19.6 m | 19.7 m | 19.8 m | 19.6 m |
| Pre-tax income | 280.0 m | 218.1 m | 230.5 m | 236.5 m | -21.6 m | 234.3 m | 206.1 m | 103.2 m |
| Income tax | 60.1 m | 47.5 m | 50.7 m | 52.8 m | 34.6 m | 52.5 m | 48.7 m | 43.6 m |
| Net income | 220.2 m | 170.6 m | 180.0 m | 183.7 m | -56.1 m | 181.8 m | 157.5 m | 59.6 m |
| Diluted EPS | 0.40 ≈ | 0.31 | 0.33 | 0.33 | -0.10 ≈ | 0.33 | 0.29 | 0.11 |
| Operating cash flow | 408.6 m | 309.2 m | 56.4 m ≈ | 156.7 m ≈ | 322.9 m | 349.2 m | 178.9 m ≈ | 240.6 m ≈ |
| Capex | 83.8 m | 72.2 m | 75.1 m ≈ | 72.2 m ≈ | 91.5 m | 69.0 m | 82.2 m ≈ | 68.2 m ≈ |
| Dividends paid | 155.0 m | 155.0 m | 159.2 m ≈ | 159.5 m ≈ | 159.5 m | 159.5 m | 160.9 m ≈ | 161.0 m ≈ |
| Share repurchases | 0 | — | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 98 percentile of its own 40-quarter history (min 19.2, median 23.7, max 40.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.5 bn | 9.5 bn | 9.6 bn | 11.4 bn | 12.5 bn | 12.1 bn | 11.9 bn | 12.1 bn |
| Revenue YoY | +4.1% | −0.5% | +1.2% | +18.5% | +9.4% | −2.8% | −1.6% | +1.6% |
| Net income | 1.0 bn | 978.8 m | 908.1 m | 908.8 m | 1,000.0 m | 793.6 m | 805.0 m | 478.2 m |
| Net income YoY | +19.5% | −3.3% | −7.2% | +0.1% | +10.0% | −20.6% | +1.4% | −40.6% |
| Diluted EPS | 1.86 | 1.80 | 1.66 | 1.66 | 1.82 | 1.45 | 1.47 | 0.87 |
| Diluted EPS YoY | +18.5% | −3.2% | −7.8% | 0.0% | +9.6% | −20.3% | +1.4% | −40.8% |
| net % | 10.6% | 10.3% | 9.5% | 8.0% | 8.0% | 6.6% | 6.8% | 4.0% |
| Free cash flow | 852.1 m | 629.2 m | 760.5 m | 769.5 m | 856.1 m | 777.6 m | 1.0 bn | 534.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 26 Oct 2025
- Cash
- 670.7 m USD
- Financial debt
- 2.9 bn USD
- Net debt
- 2.2 bn USD
- Equity
- 7.9 bn USD
- Total assets
- 13.4 bn USD
- Debt / equity
- 0.36x
- Current ratio
- 2.47x
- ROE
- 6.0%
- ROA
- 3.6%
- FCF margin
- 4.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 9.6 bn | 11.4 bn | 12.5 bn | 12.1 bn | 11.9 bn | 12.1 bn | SEC (XBRL)· 05 Dec 2025verified |
| Cost of revenue | 7.8 bn | 9.5 bn | 10.3 bn | 10.1 bn | 9.9 bn | 10.2 bn | SEC (XBRL)· 05 Dec 2025verified |
| Gross profit | 1.8 bn | 1.9 bn | 2.2 bn | 2.0 bn | 2.0 bn | 1.9 bn | SEC (XBRL)· 05 Dec 2025verified |
| Research & development | 31.9 m | 33.6 m | 34.7 m | 33.7 m | 36.1 m | 35.2 m | SEC (XBRL)· 05 Dec 2025verified |
| SG&A | 761.3 m | 853.1 m | 879.3 m | 942.2 m | 1.0 bn | 996.6 m | SEC (XBRL)· 05 Dec 2025verified |
| Operating income | 1.1 bn | 1.1 bn | 1.3 bn | 1.1 bn | 1.1 bn | 718.6 m | SEC (XBRL)· 05 Dec 2025verified |
| Depreciation & amortisation | 205.8 m | 209.3 m | 235.9 m | 253.3 m | 257.8 m | 263.9 m | SEC (XBRL)· 05 Dec 2025verified |
| EBITDA | 1.3 bn ≈ | 1.3 bn ≈ | 1.5 bn ≈ | 1.3 bn ≈ | 1.3 bn ≈ | 982.5 m ≈ | SEC (XBRL)· 05 Dec 2025derived |
| Interest expense | 21.1 m | 43.3 m | 62.5 m | 73.4 m | 80.9 m | 78.0 m | SEC (XBRL)· 05 Dec 2025verified |
| Pre-tax income | 1.1 bn | 1.1 bn | 1.3 bn | 1.0 bn | 1.0 bn | 663.4 m | SEC (XBRL)· 05 Dec 2025verified |
| Income tax | 206.4 m | 217.0 m | 277.9 m | 220.6 m | 230.8 m | 185.7 m | SEC (XBRL)· 05 Dec 2025verified |
| Net income | 908.1 m | 908.8 m | 1,000.0 m | 793.6 m | 805.0 m | 478.2 m | SEC (XBRL)· 05 Dec 2025verified |
| Diluted EPS | 1.66 | 1.66 | 1.82 | 1.45 | 1.47 | 0.87 | SEC (XBRL)· 05 Dec 2025verified |
| Weighted average diluted shares | 546.6 m | 547.6 m | 549.6 m | 549.0 m | 548.8 m | 550.5 m | SEC (XBRL)· 05 Dec 2025verified |
| Dividend per share | 0.93 | 0.98 | 1.04 | 1.10 | 1.13 | 1.16 | SEC (XBRL)· 05 Dec 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.7 bn | 613.5 m | 982.1 m | 736.5 m | 741.9 m | 670.7 m | SEC (XBRL)· 05 Dec 2025verified |
| Receivables | 702.4 m | 895.7 m | 867.6 m | 817.4 m | 817.9 m | 784.8 m | SEC (XBRL)· 05 Dec 2025verified |
| Inventories | 1.1 bn | 1.4 bn | 1.7 bn | 1.7 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 05 Dec 2025verified |
| Current assets | 3.6 bn | 2.9 bn | 3.6 bn | 3.3 bn | 3.2 bn | 3.4 bn | SEC (XBRL)· 05 Dec 2025verified |
| Goodwill | 2.6 bn | 4.9 bn | 4.9 bn | 4.9 bn | 4.9 bn | 4.9 bn | SEC (XBRL)· 05 Dec 2025verified |
| Intangibles (excl. goodwill) | 1.1 bn | 1.8 bn | 1.8 bn | 1.8 bn | 1.7 bn | 1.6 bn | SEC (XBRL)· 05 Dec 2025verified |
| Total assets | 9.9 bn | 12.7 bn | 13.3 bn | 13.4 bn | 13.4 bn | 13.4 bn | SEC (XBRL)· 05 Dec 2025verified |
| Accounts payable | 644.6 m | 793.3 m | 816.6 m | 771.4 m | 735.6 m | 731.6 m | SEC (XBRL)· 05 Dec 2025verified |
| Short-term debt | 258.7 m | 8.8 m | 8.8 m | 950.5 m | 7.8 m | 6.6 m | SEC (XBRL)· 05 Dec 2025verified |
| Long-term debt | 1.0 bn | 3.3 bn | 3.3 bn | 2.4 bn | 2.9 bn | 2.9 bn | SEC (XBRL)· 05 Dec 2025verified |
| Current liabilities | 1.5 bn | 1.4 bn | 1.5 bn | 2.3 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 05 Dec 2025verified |
| Equity | 6.4 bn | 7.0 bn | 7.5 bn | 7.7 bn | 8.0 bn | 7.9 bn | SEC (XBRL)· 05 Dec 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 1.0 bn | 1.1 bn | 1.0 bn | 1.3 bn | 845.3 m | SEC (XBRL)· 05 Dec 2025verified |
| Capex | 367.5 m | 232.4 m | 278.9 m | 270.2 m | 256.4 m | 310.9 m | SEC (XBRL)· 05 Dec 2025verified |
| Free cash flow | 760.5 m ≈ | 769.5 m ≈ | 856.1 m ≈ | 777.6 m ≈ | 1.0 bn ≈ | 534.3 m ≈ | SEC (XBRL)· 05 Dec 2025derived |
| Investing cash flow | -656.3 m | -3.6 bn | -258.0 m | -689.5 m | -236.9 m | -298.6 m | SEC (XBRL)· 05 Dec 2025verified |
| Financing cash flow | 566.2 m | 1.5 bn | -486.7 m | -600.1 m | -1.0 bn | -614.0 m | SEC (XBRL)· 05 Dec 2025verified |
| Dividends paid | 487.4 m | 523.1 m | 557.8 m | 592.9 m | 615.0 m | 633.2 m | SEC (XBRL)· 05 Dec 2025verified |
| Share repurchases | 12.4 m | 20.0 m | 0 | 12.3 m | 0 | 0 | SEC (XBRL)· 05 Dec 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 42 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
- Valuation33
- Balance sheet68
- Quality52
- Growth0
- Returns54
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.43 – 20.50 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E5.43 – 15.62 (Mid 13.51)5 companies used · median multiple 21.5x · quartiles 8.6x – 24.9xJBS, PPC, SFD, TSN, WYHG
- Dividend discount (DDM)15.24 – 20.50 (Mid 17.49)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 42/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.7% | 20 (vs peers) | 14% |
| Net margin · Quality | 2.8% | 57 (vs peers) | 8% |
| FCF conversion · Quality | 227.9% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | -1.0% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | -21.8% | 0 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | 2.4x | 46 (on a fixed band) | 14% |
| Interest coverage · Balance sheet | 7.3x | 89 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.9x | 90 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 36.2x | 33 (vs peers) | 14% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 82.1% | 54 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet68/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality52/100 · 3/3 factors with a value
- Returns· partial54/100 · 1/2 factors with a value
- Valuation· partial33/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HORMEL FOODS CORPORATION (HRL). Latest full fiscal year: 2025; data up to 2026-07-26.
Figures computed from the financial statements: revenue 12.1 bn USD in 2025; YoY growth 1.6%; net margin 2.8%; ROE 4.3%; net debt/EBITDA 2.4x.
The estimated value range is 10.34–18.06 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 15.50 USD, the price of 22.76 USD leaves a potential of -31.9% (value / price − 1) and a margin of safety of -46.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 42/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns, valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 227.9%
- Interest coverage: 7.3x
- Current ratio: 1.9x
What contradicts it
- ROIC: 3.7%
- Revenue CAGR 3Y: -1.0%
- EPS CAGR 3Y: -21.8%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Food products (SIC 201x) · same industry group (3-digit SIC) · compared with 7 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SFDSmithfield Foods, Inc. | 7.8 bn | 8.6 | 13.4% | 5.9% | +9.8% | −9% / unavailable |
| PPCPilgrim’s Pride Corporation | 6.9 bn | 21.5 | 8.6% | 1.7% | +3.5% | −24% / +13% |
| MAMAMama’s Creations, Inc. | 629.4 m | 78.1 | 7.5% | 3.5% | +39.2% | +18% / +230% |
| WYHGWing Yip Food Holdings Group Limited | 200.3 m | 24.9 | 4.8% | 5.9% | −6.5% | +8% / unavailable |
| BRIDBridgford Foods Corporation | 49.3 m | — | -12.3% | -6.1% | +3.3% | −32% / −49% |
| JBSJbs N.V. | — | 6.9 | 25.6% | 2.3% | +11.7% | −12% / unavailable |
| TSNTyson Foods, Inc. | — | 37.0 | 3.2% | 1.0% | +2.1% | +3% / +28% |
| HRLHormel Foods Corporation | — | 36.2 | 4.3% | 2.8% | +1.6% | +5% / −31% |
1- and 3-year price returns: for HRL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Hormel Foods is a global branded food company with Retail, Foodservice and International segments that generated net sales of $12.1 billion in fiscal 2025 1. The company is working through margin pressure from commodity costs and a reshaping of its portfolio, and in its third quarter of fiscal 2026 it raised its adjusted earnings per share outlook 3.
SWOT
Strengths
- A broad portfolio of well-known brands, a strong retail presence and a long history of dividend increases 1.
- A solid balance sheet, operating cash generation and ample liquidity at the end of the third quarter of fiscal 2026 23.
- The Foodservice segment has grown for several consecutive quarters, supported by solutions-based offerings for operators 3.
Weaknesses
- Margins under pressure from raw material costs, with gross margin declining in fiscal 2025 1.
- High dependence on a few large customers, particularly one large retail chain, which concentrates commercial risk 1.
- Impairments on intangible assets and equity investments have weighed on reported results 12.
Opportunities
- Growth in value-added products and premium proteins could offset lower volumes in commodity lines 3.
- Focusing the portfolio on markets with the strongest long-term growth could improve returns on international investment 3.
- Savings from the transformation programme could support profit growth if delivered on schedule 1.
Risks
- Raw material costshigh
Volatile prices for pork, beef and nuts could compress margins again, especially if hedging does not fully offset increases 1.
- Customer concentrationhigh
Losing one of the largest customers could significantly affect that segment's results, given the high share of the top five customers 1.
- Asset impairmentsmedium
Impairment tests on intangible assets and the international unit could lead to further charges if growth and margin assumptions are not met 12.
- Restructuring and transformationmedium
Savings from the restructuring and modernisation programmes could be smaller or later than estimated, affecting profitability 1.
- Operational disruptionlow
An incident at a major plant or supplier could disrupt production and distribution, as a fire at a peanut butter facility showed 1.
Investment thesis
What would need to be true (bull case)
- If organic sales growth stays within the guided range and raw material costs stabilise, adjusted earnings could grow in line with the updated outlook 3.
- Rising operating cash flow and a solid balance sheet could support dividends and investment in brands and capacity 21.
- Steady growth in Foodservice and the success of premium brands could offset weakness in other categories 3.
What would break the thesis
- If cost pressure and softer demand persist, margins could remain below historical levels and limit profit growth.
- Repeated impairments of assets and investments could point to deeper problems in certain segments or in international strategy.
- Dependence on a small number of large customers could magnify the impact of any order reduction or pricing renegotiation.
What to watch
- Delivery against the updated adjusted earnings per share guidance and net sales outlookQ4 2026
- Trend in pork, beef and nut costs and its effect on gross marginfiscal 2027
- Direction of Retail volumes and whether Foodservice growth continuesQ1 2027
- Completion of the transformation programme and the savings reported2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Hormel Foods Corporation, founded in 1891 in Austin, Minnesota as a meat processor, has expanded through organic growth and acquisitions into a branded food group sold in all 50 U.S. states and several international markets 1. Its brands include Planters, SPAM, Jennie-O, Skippy and Applegate, and its main raw materials are pork, turkey, beef, chicken and nuts 1. Walmart accounts for 15.6% of consolidated gross sales and the top five customers for about 38% 1.
The segment mix shows significant reliance on U.S. retail channels, alongside a foodservice segment that has grown steadily 12. In fiscal 2025 the company began a corporate restructuring plan intended to reduce administrative expenses and redirect resources toward growth 1.
In the third quarter of fiscal 2026 Hormel announced the sale of its Brazil operations under the Ceratti brand, part of an effort to simplify the portfolio and focus international strategy on markets with the strongest long-term growth 3.
Segments
Foodservice
The Foodservice segment supplies distributors and operators in restaurants, hospitality, healthcare and education, with net sales of $3.94 billion in fiscal 2025 1.
Market context
The processed meat and branded food market is highly competitive, and the company competes on price, quality, brand and product breadth, mainly with pork and turkey producers and national and regional producers of beef, chicken, fish, nuts and plant-based proteins 1.
Raw material prices, particularly for pork bellies, beef and nuts, weighed heavily on margins in fiscal 2025, and the company expects beef and nut costs to stay above historical averages in fiscal 2026 1.
Trends
- Raw material cost pressureheadwind
Costs for pork, beef and nuts compressed gross margin, and companies in the sector could keep feeling the pressure if prices stay elevated 12.
- Transformation and efficiency programmetailwind
The Transform and Modernize initiative has produced savings in procurement, production and logistics that partly offset inflation, with a goal of meaningful operating profit growth through fiscal 2026 13.
- Pressured consumer demandmixed
A difficult consumer environment reduced Retail volumes in the third quarter of fiscal 2026, while the Foodservice segment kept growing 23.
- Trade policy and tariffsheadwind
Tariffs and trade restrictions had a minor impact in fiscal 2025 but could raise input costs or reduce their availability if they intensify 1.
Competitive position
Hormel competes directly with pork and turkey manufacturers and with national and regional producers of beef, chicken, fish, nuts and plant-based proteins, and differentiates on brand, quality, product range and customer service 1.
The company says it maintains its position through product innovation and long-term relationships with industry partners, while competition in processed proteins and nut snacks remains intense 1.
- Pork and turkey meat manufacturers
Direct competitors in the core processed meat lines, referred to generically in the company's filings and not named.
- National beef and chicken producers
Competitors in adjacent protein categories whose prices follow the same raw material cycles.
- Nut and snack producers
Rivals in the snack nut segment where Hormel competes through brands such as Planters.
- Plant-based protein producers
Companies offering plant-based alternatives, identified as rivals in the company's filings.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Hormel Foods Stock: Is HRL Underperforming the Consumer Defensive Sector?Yahoo Finance — News · 21 Sept 2026 · EN
- Hormel (HRL) Expanded Adjusted Operating Margin Despite a Volume Decline. Can Cost Savings Carry the Turnaround?Yahoo Finance — News · 04 Sept 2026 · EN
- Hormel vs. General Mills: Don’t Let the Bigger Dividend Check Fool YouYahoo Finance — News · 02 Sept 2026 · EN
- Hormel’s (HRL) New CEO Inherits Rising Profits And Falling SalesYahoo Finance — News · 28 Aug 2026 · EN
- Why Hormel Foods Stock Swooned by 10% TodayYahoo Finance — News · 27 Aug 2026 · EN
- Hormel Foods Corporation Q3 2026 Earnings Call SummaryYahoo Finance — News · 27 Aug 2026 · EN
- Hormel Foods narrows sales forecastYahoo Finance — News · 27 Aug 2026 · EN
- Hormel Foods Shares Rise on Strong Q2 EarningsBloomberg Markets · 28 May 2026 · EN
The latest news item in our archive is from 21 Sept 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report29 Oct 2026Departure or appointment of officers
- Current report23 Oct 2026Departure or appointment of officers
- Current report30 Sept 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report27 Aug 2026
- Current report27 Aug 2026Results of operations · Financial statements and exhibits
- Current report24 Aug 2026Departure or appointment of officers
- Current report28 Jul 2026Departure or appointment of officers
- Current report12 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report28 May 2026
- Current report28 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-10-26 · SEC / Hormel Foods Corporation · 05 Dec 2025
- [2] Form 10-Q, quarter ended 2026-07-26 · SEC / Hormel Foods Corporation · 27 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Hormel Foods Corporation · 27 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.