olivLaw · US equity research
JBS N.V. JBS
Meat Packing Plants · SIC 2011 · Vertical: Food products (SIC 201x)
JBS N.V. is the world's largest protein company, with operations in beef, chicken, pork, fish, lamb and eggs, selling to retailers and foodservice customers in about 197 countries. Net revenue reached 86.2 billion USD in 2025, and in the first half of 2026 margins are under pressure from high livestock costs even as revenue keeps growing.
At the close of 04 Nov 2026, JBS N.V. (JBS) stock was 12.96 USD (+6.23% on the day), with P/E 6.9 on diluted EPS of 1.89 USD over the last 12 months, beta 0.31, 52-week range 10.86–18.42 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)
- 58.5
- strong (55–70)
- Bollinger (20, 2)
- 11.90 – 13.27
- in the upper half of the band · %B 0.77 · band width 10.9%
- SMA 50 / 200
- 12.44 / 14.07
- mixed trend
- MACD (12, 26, 9)
- 0.02 / -0.01
- 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 | +9.0% | −1.1% | +10.1 pp | — |
| 3 months | −5.4% | −0.5% | −4.9 pp | — |
| 6 months | −22.3% | +4.4% | −26.7 pp | — |
| Year to date | −10.1% | +12.3% | −22.4 pp | — |
| 1 year | −3.2% | +13.5% | −16.8 pp | −1.9% |
| 3 years | unavailable | +76.4% | unavailable | +13.5% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
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 0 percentile of its own 1-quarter history (min 7.6, median 7.6, max 7.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 72.9 bn | 77.2 bn | 86.2 bn |
| Revenue YoY | unavailable | +5.8% | +11.7% |
| Net income | -198.9 m | 1.8 bn | 2.0 bn |
| Net income YoY | unavailable | unavailable | +14.6% |
| Diluted EPS | -0.19 | 1.65 | 1.89 |
| Diluted EPS YoY | unavailable | unavailable | +14.5% |
| net % | -0.3% | 2.3% | 2.3% |
| Free cash flow | 876.6 m | 2.7 bn | 832.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.6 bn USD
- Financial debt
- 21.1 bn USD
- Net debt
- 16.5 bn USD
- Equity
- 9.5 bn USD
- Total assets
- 45.2 bn USD
- Debt / equity
- 2.21x
- Current ratio
- 1.60x
- ROE
- 22.9%
- ROA
- 4.7%
- FCF margin
- 1.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 72.9 bn | 77.2 bn | 86.2 bn | SEC (XBRL)· 25 Mar 2026verified |
| Cost of revenue | 65.0 bn | 65.6 bn | 74.9 bn | SEC (XBRL)· 25 Mar 2026verified |
| Gross profit | 8.0 bn | 11.6 bn | 11.3 bn | SEC (XBRL)· 25 Mar 2026verified |
| Operating income | 1.1 bn | 4.4 bn | 4.2 bn | SEC (XBRL)· 25 Mar 2026verified |
| Interest expense | 1.9 bn | 2.4 bn | 2.1 bn | SEC (XBRL)· 25 Mar 2026verified |
| Pre-tax income | -259.7 m | 2.7 bn | 2.6 bn | SEC (XBRL)· 25 Mar 2026verified |
| Income tax | -128.0 m | 743.4 m | 390.5 m | SEC (XBRL)· 25 Mar 2026verified |
| Net income | -198.9 m | 1.8 bn | 2.0 bn | SEC (XBRL)· 25 Mar 2026verified |
| Diluted EPS | -0.19 | 1.65 | 1.89 | SEC (XBRL)· 25 Mar 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.6 bn | 5.6 bn | 4.6 bn | SEC (XBRL)· 25 Mar 2026verified |
| Inventories | — | 5.0 bn | 6.1 bn | SEC (XBRL)· 25 Mar 2026verified |
| Current assets | — | 17.1 bn | 18.4 bn | SEC (XBRL)· 25 Mar 2026verified |
| Property, plant & equipment, net | 12.9 bn | 11.8 bn | 13.6 bn | SEC (XBRL)· 25 Mar 2026verified |
| Goodwill | — | 5.4 bn | 5.9 bn | SEC (XBRL)· 25 Mar 2026verified |
| Intangibles (excl. goodwill) | 2.0 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 25 Mar 2026verified |
| Total assets | — | 40.7 bn | 45.2 bn | SEC (XBRL)· 25 Mar 2026verified |
| Short-term debt | — | 2.1 bn | 833.1 m | SEC (XBRL)· 25 Mar 2026verified |
| Long-term debt | — | 17.2 bn | 20.3 bn | SEC (XBRL)· 25 Mar 2026verified |
| Current liabilities | — | 11.7 bn | 11.5 bn | SEC (XBRL)· 25 Mar 2026verified |
| Equity | 9.7 bn | 8.1 bn | 9.5 bn | SEC (XBRL)· 25 Mar 2026verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.4 bn | 4.2 bn | 2.9 bn | SEC (XBRL)· 25 Mar 2026verified |
| Capex | 1.5 bn | 1.5 bn | 2.1 bn | SEC (XBRL)· 25 Mar 2026verified |
| Free cash flow | 876.6 m ≈ | 2.7 bn ≈ | 832.7 m ≈ | SEC (XBRL)· 25 Mar 2026derived |
| Investing cash flow | -1.4 bn | -1.4 bn | -2.3 bn | SEC (XBRL)· 25 Mar 2026verified |
| Financing cash flow | 1.0 bn | -1.4 bn | -1.8 bn | SEC (XBRL)· 25 Mar 2026verified |
| Dividends paid | 448.0 m | 759.3 m | 1.6 bn | SEC (XBRL)· 25 Mar 2026verified |
≈ 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 weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
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: 40.65 – 68.49 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/E40.65 – 68.49 (Mid 47.01)5 companies used · median multiple 24.9x · quartiles 21.5x – 36.2xHRL, PPC, SFD, TSN, WYHG
- Dividend discount (DDM)unavailable · input data missing
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
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.8% | 80 (vs peers) | 22% |
| Net margin · Quality | 2.3% | 43 (vs peers) | 13% |
| FCF conversion · Quality | 41.1% | 16 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.0x | 7 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.6x | 66 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 6.9x | 100 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 189.0% | 0 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet31/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality52/100 · 3/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial100/100 · 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
JBS N.V. (JBS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 86.2 bn USD in 2025; YoY growth 11.7%; net margin 2.3%; ROE 25.6%.
The estimated value range is 40.65–68.49 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 47.01 USD, the price of 12.96 USD leaves a potential of 262.8% (value / price − 1) and a margin of safety of 72.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 14.8%
- P/E (TTM): 6.9x
- The price is below the estimated value range
What contradicts it
- FCF conversion: 41.1%
- Interest coverage: 2.0x
- Payout ratio (FCF): 189.0%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| TSNTyson Foods, Inc. | — | 37.0 | 3.2% | 1.0% | +2.1% | +3% / +28% |
| JBSJbs N.V. | — | 6.9 | 25.6% | 2.3% | +11.7% | −3% / unavailable |
| HRLHormel Foods Corporation | — | 36.2 | 4.3% | 2.8% | +1.6% | −2% / −26% |
1- and 3-year price returns: for JBS 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
JBS N.V. is the world's largest protein company, with operations in beef, chicken, pork, fish, lamb and eggs, selling to retailers and foodservice customers in about 197 countries 1. Net revenue reached 86.2 billion USD in 2025 1, and in the first half of 2026 margins are under pressure from high livestock costs even as revenue keeps growing 23.
SWOT
Strengths
- The group is the largest protein producer in the world, with large capacity and distribution across hundreds of markets 1.
- Geographic and protein diversification cushions the effect of local shocks on revenue 12.
- Experience integrating complex international acquisitions provides a solid base for growth 1.
Weaknesses
Opportunities
Risks
- Raw material priceshigh
Margins depend on the price of livestock and feed, which varies widely and is hard to control 1.
- Animal diseaseshigh
Outbreaks such as avian influenza can halt exports and weigh on demand, with significant effects on results 1.
- Food safetymedium
Product contamination can lead to recalls, legal proceedings and loss of brand confidence 1.
- Indebtednessmedium
Debt is above target and interest costs have risen, which could limit investment 3.
- Dual-class share structurelow
Voting control is concentrated with holders of Class B shares, limiting the influence of other shareholders 1.
Investment thesis
What would need to be true (bull case)
- If margins in beef and value-added products recover, results could return toward fiscal 2025 levels 13.
- Global scale and protein diversification can support revenue even when one segment is under pressure 12.
- Growing demand for branded and prepared products could reduce dependence on commodity prices 3.
What would break the thesis
What to watch
- Trend in North American beef margins after imports of live cattle from Mexico resumeQ3 2026
- Net leverage relative to the long-term targetQ3 2026
- Effect of the Souderton and Memphis plant closures on costs2027
- Results from the Oman and Saudi Arabia investments and completion of the Oman transactionnext 10-K
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
JBS N.V., a Dutch company based in Amstelveen, became the holding entity of JBS S.A. of Brazil through a 2025 restructuring, and its Class A shares trade on the NYSE under the symbol JBS since June 2025 1. The group was founded in 1953 and grew through major acquisitions including Swift, PPC and Seara 1. It produces and sells fresh and frozen meat, value-added and branded products, and entered the egg sector in 2025 through Mantiqueira 1.
The company operates through seven reportable segments in fiscal 2025: Brazil, Seara, Beef North America, Pork USA, Pilgrim's Pride, Australia and Miscellaneous 1. From 2026 quarterly reporting uses six segments, with Miscellaneous no longer reported separately 2. Brands include Swift, Pilgrim's Pride, Seara, Friboi, Moy Park and Primo, and production sites are located close to raw material supply and consumer markets 1.
Quarterly results are reported under IFRS, and the adjusted EBITDA measure is also presented under USGAAP in the earnings release 3. In 2026 the company announced investments in Oman and Saudi Arabia aimed at the halal market, while new US facilities for ready-to-eat products were also announced 1.
Segments
JBS Beef North America
The North American beef segment reported record sales in the second quarter of 2026, but margins stayed negative due to tight supply of live cattle 3. The company announced the closure of two plants, in Souderton and Memphis, with production to be absorbed by other US plants 3.
Market context
The protein market is fragmented and sensitive to live animal price cycles, animal disease and export regulation 1. Sales are dominated by the United States, which accounted for 51% of net revenue in fiscal 2025, followed by South America at 29% 1. Export demand from Asia and the Middle East remains important, with Asia representing 50% of export revenue in 2025 1.
Market pressure also comes from softening consumer demand: in the US domestic pork demand weakened as inflation pressured consumers, although exports rose 4.7% in January through May 2026 3. On the supply side, restrictions on live cattle imports from Mexico have constrained deliveries to the US market 3.
Trends
- Live cattle price cycleheadwind
Live cattle prices have risen much faster than finished product prices, compressing beef margins in the US and Australia 3. If supply stays tight, margin pressure could persist.
- Demand for value-added productstailwind
Growth in prepared and branded products in the US, Brazil and Europe supports revenue and helps stabilise margins, according to the earnings release 3.
- Animal health and trade restrictionsmixed
Avian flu outbreaks and export restrictions can interrupt deliveries to key markets, as happened in Brazil in 2025 1. The impact depends on how long and how wide the restrictions are.
- Financing costs and debtheadwind
Interest expense has risen and leverage remains above the long-term target, limiting financial flexibility if margins do not improve 3.
Competitive position
Competition in meat comes from global and regional players, and the group's advantage lies in production scale and geographic diversification across several protein types 1. Price pressure is most visible in chicken and pork, where prices are volatile 1.
The company cites competition as a risk that can affect market share and profitability, and differentiation through brands and value-added products is its strategic response 1. In export markets competition can intensify when rivals' products are contaminated or recalled 1.
- Tyson FoodsTSN
US meat and chicken producer, named in the sources as a former supplier of the Brazilian and Mexican poultry operations the group acquired 1.
- Marfrig Global Foods
Brazilian meat company from which the group acquired the Seara and Moy Park businesses 1.
- Cargill
Privately held US company from which the group acquired its pork business in 2015 1.
- Danish Crown
Danish meat cooperative from which the group acquired Plumrose USA and Tulip 1.
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.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report15 Sept 2026Other events · Financial statements and exhibits
- Current report19 Aug 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report11 Aug 2026Results of operations · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)15 Jun 2026
- Current report (foreign issuer)14 May 2026
- Current report (foreign issuer)12 May 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / JBS N.V. · 25 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / JBS N.V. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / JBS N.V. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.