olivLaw · US equity research
Seaboard Corporation SEB
Wholesale-Farm Product Raw Materials · SIC 5150 · Vertical: Wholesale — nondurable goods (SIC 51xx)
Seaboard Corporation is a diversified group active in pork production, grain trading and processing, ocean cargo shipping, biofuels and electric power, with operations in over 45 countries. Net sales reached 5.322 billion USD in the first six months of 2026, amid high commodity price volatility and uncertainty in global trade.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Seaboard Corporation (SEB) stock was 3,415.47 USD (−0.79% on the day), with market capitalisation 3.3 bn USD, P/E 5.9 on diluted EPS of 579.43 USD over the last 12 months, dividend yield 0.26%, beta 0.21, 52-week range 3,410.25–5,958.89 USD. Latest reported quarter (Q3 2026): revenue of 2.8 bn USD (+9.1% YoY), net income of 29.0 m USD (−73.6% YoY), diluted EPS 29.23 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)
- 24.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 3,456.71 – 4,181.47
- below the lower band · %B -0.06 · band width 19.0%
- SMA 50 / 200
- 4,004.89 / 4,742.77
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -139.21 / -96.59
- MACD below 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 | −17.0% | −5.9% | −11.0 pp | — |
| 3 months | −20.2% | −4.6% | −15.6 pp | — |
| 6 months | −24.6% | +0.2% | −24.8 pp | — |
| Year to date | −23.2% | +7.4% | −30.6 pp | — |
| 1 year | −7.2% | +8.2% | −15.4 pp | −5.3% |
| 3 years | −6.6% | +68.4% | −75.0 pp | −4.6% |
| 5 years | −15.5% | +56.5% | −72.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 03 Oct 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 | 2.5 bn | 2.3 bn | 2.5 bn | 2.5 bn | 2.4 bn | 2.4 bn | 2.9 bn | 2.8 bn |
| Cost of revenue | 2.3 bn | 2.2 bn | 2.3 bn | 2.3 bn | 2.2 bn | 2.2 bn | 2.7 bn | 2.6 bn |
| Gross profit | 223.0 m | 142.0 m | 162.0 m | 198.0 m | 191.0 m | 217.0 m | 221.0 m | 132.0 m |
| SG&A | 109.0 m | 104.0 m | 110.0 m | 114.0 m | 126.0 m | 121.0 m | 121.0 m | 119.0 m |
| Operating income | 114.0 m | 38.0 m | 52.0 m | 84.0 m | 65.0 m | 96.0 m | 100.0 m | 13.0 m |
| Depreciation & amortisation | 96.0 m | 78.0 m | 80.0 m | 78.0 m | 82.0 m | 83.0 m | 83.0 m | 82.0 m |
| Interest expense | 22.0 m | 10.0 m | 18.0 m | 21.0 m | 21.0 m | 10.0 m | 20.0 m | 21.0 m |
| Pre-tax income | 136.0 m | 40.0 m | 112.0 m | 125.0 m | 133.0 m | 143.0 m | 206.0 m | 37.0 m |
| Income tax | -20.0 m | 8.0 m | 8.0 m | 15.0 m | -122.0 m | 23.0 m | 52.0 m | 8.0 m |
| Net income | 156.0 m | 32.0 m | 104.0 m | 110.0 m | 255.0 m | 120.0 m | 154.0 m | 29.0 m |
| Diluted EPS | 160.65 ≈ | 32.95 | 105.22 | 113.71 | 266.22 ≈ | 124.24 | 159.74 | 29.23 |
| Operating cash flow | 300.0 m | -20.0 m | 81.0 m ≈ | 319.0 m ≈ | 188.0 m | -54.0 m | 24.0 m ≈ | 266.0 m ≈ |
| Capex | 138.0 m | 109.0 m | 151.0 m ≈ | 167.0 m ≈ | 135.0 m | 96.0 m | 102.0 m ≈ | 101.0 m ≈ |
| Dividends paid | 3.0 m | 2.0 m | 2.0 m ≈ | 2.0 m ≈ | 3.0 m | 2.0 m | 2.0 m ≈ | 2.0 m ≈ |
| Share repurchases | — | — | — | 14.0 m ≈ | 1.0 m | — | — | — |
≈ 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 0 percentile of its own 22-quarter history (min 6.0, median 15.0, max 570.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.6 bn | 6.8 bn | 7.1 bn | 9.2 bn | 11.2 bn | 9.6 bn | 9.1 bn | 9.7 bn |
| Revenue YoY | +13.3% | +3.9% | +4.2% | +29.5% | +21.8% | −15.0% | −4.8% | +7.1% |
| Net income | 3.0 m | 287.0 m | 283.0 m | 571.0 m | 582.0 m | 227.0 m | 90.0 m | 501.0 m |
| Net income YoY | −98.8% | +9,466.7% | −1.4% | +101.8% | +1.9% | −61.0% | −60.4% | +456.7% |
| Diluted EPS | 2.26 | 246.62 | 244.21 | 490.36 | 499.66 | 202.21 | 90.62 | 514.46 |
| Diluted EPS YoY | −98.9% | +10,812.4% | −1.0% | +100.8% | +1.9% | −59.5% | −55.2% | +467.7% |
| net % | 0.0% | 4.2% | 4.0% | 6.2% | 5.2% | 2.4% | 1.0% | 5.1% |
| Free cash flow | 76.0 m | -178.0 m | 32.0 m | -368.0 m | 202.0 m | 204.0 m | 8.0 m | 6.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 178.0 m USD
- Financial debt
- 977.0 m USD
- Net debt
- 799.0 m USD
- Equity
- 5.2 bn USD
- Total assets
- 8.2 bn USD
- Debt / equity
- 0.19x
- Current ratio
- 2.40x
- ROE
- 10.0%
- ROA
- 6.3%
- FCF margin
- 0.1%
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 | 7.1 bn | 9.2 bn | 11.2 bn | 9.6 bn | 9.1 bn | 9.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 6.6 bn | 8.4 bn | 10.2 bn | 9.2 bn | 8.5 bn | 9.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 574.0 m | 818.0 m | 1.0 bn | 316.0 m | 576.0 m | 693.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Research & development | 134.0 m | 191.0 m | 210.0 m | 361.0 m | 113.0 m | 64.0 m | SEC (XBRL)· 12 Feb 2026verified |
| SG&A | 329.0 m | 360.0 m | 373.0 m | 403.0 m | 420.0 m | 454.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | 245.0 m | 458.0 m | 657.0 m | -87.0 m | 156.0 m | 239.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 172.0 m | 178.0 m | 235.0 m | 283.0 m | 311.0 m | 318.0 m | SEC (XBRL)· 12 Feb 2026verified |
| EBITDA | 417.0 m ≈ | 636.0 m ≈ | 892.0 m ≈ | 196.0 m ≈ | 467.0 m ≈ | 557.0 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Interest expense | 19.0 m | 13.0 m | 40.0 m | 58.0 m | 72.0 m | 70.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | 286.0 m | 636.0 m | 579.0 m | 107.0 m | 246.0 m | 410.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 3.0 m | 65.0 m | -3.0 m | -120.0 m | 156.0 m | -91.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 283.0 m | 571.0 m | 582.0 m | 227.0 m | 90.0 m | 501.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 244.21 | 490.36 | 499.66 | 202.21 | 90.62 | 514.46 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | — | — | 1.2 m | 1.1 m | 971.1 k | 964.1 k | SEC (XBRL)· 12 Feb 2026verified |
| Dividend per share | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | SEC (XBRL)· 12 Feb 2026verified |
≈ 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 | 76.0 m | 75.0 m | 199.0 m | 56.0 m | 98.0 m | 178.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Receivables | 532.0 m | 762.0 m | 923.0 m | 749.0 m | 791.0 m | 756.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Inventories | 1.2 bn | 1.7 bn | 1.7 bn | 1.5 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 3.4 bn | 4.0 bn | 4.0 bn | 3.4 bn | 3.5 bn | 3.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 167.0 m | 163.0 m | 154.0 m | 160.0 m | 164.0 m | 168.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 54.0 m | 45.0 m | 31.0 m | 26.0 m | 19.0 m | — | SEC (XBRL)· 13 Feb 2025verified |
| Total assets | 6.4 bn | 7.5 bn | 7.9 bn | 7.6 bn | 7.7 bn | 8.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 276.0 m | 404.0 m | 429.0 m | 400.0 m | 418.0 m | 397.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Short-term debt | 55.0 m | 8.0 m | — | — | — | — | SEC (XBRL)· 15 Feb 2022verified |
| Long-term debt | 707.0 m | 708.0 m | 702.0 m | 997.0 m | 987.0 m | 977.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 1.1 bn | 1.6 bn | 1.5 bn | 1.3 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | — | 3.1 bn | 2.9 bn | 2.9 bn | 2.9 bn | 3.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 3.8 bn | 4.4 bn | 5.0 bn | 4.6 bn | 4.7 bn | 5.2 bn | SEC (XBRL)· 12 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 291.0 m | 92.0 m | 676.0 m | 710.0 m | 519.0 m | 568.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 259.0 m | 460.0 m | 474.0 m | 506.0 m | 511.0 m | 562.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | 32.0 m ≈ | -368.0 m ≈ | 202.0 m ≈ | 204.0 m ≈ | 8.0 m ≈ | 6.0 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -262.0 m | -302.0 m | -437.0 m | -273.0 m | -484.0 m | -543.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | -82.0 m | 213.0 m | -116.0 m | -581.0 m | 12.0 m | 44.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividends paid | 10.0 m | 10.0 m | 10.0 m | 10.0 m | 9.0 m | 9.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | 13.0 m | — | — | 600.0 m | 8.0 m | 39.0 m | SEC (XBRL)· 12 Feb 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: 43 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet56
- Returns21
- Quality48
- Growth3
- Valuation58
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: 3,048.69 – 19,589.31 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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 · equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
- Peers: EV/EBITDA3,048.69 – 9,216.14 (Mid 6,423.82)17 companies used · median multiple 11.5x · quartiles 6.2x – 16.0xASH, CAH, CAPL, CHEF, CHSCL, COR, DIT, DPZ, HLF, HWKN, MCK, MMLP, NUS, SYY, UNFI, USFD, UVV
- Peers: P/E6,900.25 – 19,589.31 (Mid 13,106.83)18 companies used · median multiple 22.6x · quartiles 11.9x – 33.8xANDE, CAH, CAPL, CHEF, COR, DIT, DPZ, EDUC, GLP, HLF, HWKN, MCK, PFGC, RAVE, SYY, UNFI, USFD, WEYS
- Dividend discount (DDM)outside the aggregate118.27 – 159.05 (Mid 135.66)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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
Neutral profile · Score 43/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.8% | 55 (vs peers) | 11% |
| Net margin · Quality | 5.3% | 85 (vs peers) | 7% |
| FCF conversion · Quality | -1.8% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -4.7% | 0 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 1.0% | 7 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 1.3x | 50 (vs peers) | 11% |
| Interest coverage · Balance sheet | 3.8x | 35 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 5.9x | 90 (vs peers) | 11% |
| EV/EBITDA · Valuation | 6.8x | 72 (vs peers) | 11% |
| FCF yield · Valuation | -0.3% | 0 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 1.5% | 21 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet56/100 · 3/3 factors with a value
- Growth3/100 · 2/2 factors with a value
- Quality48/100 · 3/3 factors with a value
- Returns· partial21/100 · 1/2 factors with a value
- Valuation58/100 · 3/3 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
Seaboard Corporation (SEB). Latest full fiscal year: 2025; data up to 2026-10-03.
Figures computed from the financial statements: revenue 9.7 bn USD in 2025; YoY growth 7.1%; net margin 5.3%; ROE 10.7%; net debt/EBITDA 1.3x.
The estimated value range is 4,974.47–14,402.73 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 9,765.33 USD, the price of 3,415.47 USD leaves a potential of 185.9% (value / price − 1) and a margin of safety of 65.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 43/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 5.3%
- Current ratio: 2.4x
- P/E (TTM): 5.9x
- EV/EBITDA: 6.8x
- The price is below the estimated value range
What contradicts it
- FCF conversion: -1.8%
- Revenue CAGR 3Y: -4.7%
- EPS CAGR 3Y: 1.0%
- FCF yield: -0.3%
- Shareholder yield (distributions): 1.5%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Wholesale — nondurable goods (SIC 51xx) · same major group (2-digit SIC) · compared with 39 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 | |
|---|---|---|---|---|---|---|
| MCKMcKESSON CORPORATION | 123.8 bn | 27.6 | — | 1.1% | +12.4% | +22% / +128% |
| CORCencora, Inc. | 64.8 bn | 25.2 | 104.3% | 0.8% | +9.3% | −8% / +67% |
| CAHCardinal Health, Inc. | 61.9 bn | 34.1 | — | 0.7% | +14.2% | +26% / +150% |
| SYYSysco Corporation | 37.0 bn | 20.0 | 59.1% | 2.1% | +3.9% | −1% / +4% |
| USFDUs Foods Holding Corp. | 22.9 bn | 29.9 | 18.0% | 2.0% | +4.1% | +36% / +144% |
| PFGCPerformance Food Group Company | 17.3 bn | 43.7 | 8.2% | 0.6% | +7.2% | +13% / +69% |
| DPZDomino’s Pizza, Inc. | 11.2 bn | 19.4 | — | 11.9% | +5.0% | −19% / −13% |
| CHEFChefs’ Warehouse, Inc. | 4.5 bn | 44.9 | 16.2% | 2.3% | +9.4% | +69% / +284% |
| ASHAshland Inc. | 3.5 bn | 126.0 | 2.8% | 2.8% | −13.7% | +44% / −5% |
| SEBSeaboard Corporation | 3.3 bn | 5.9 | 10.7% | 5.3% | +7.1% | −7% / −7% |
| HWKNHawkins, Inc. | 3.2 bn | 36.9 | 16.0% | 7.5% | +11.2% | +17% / +147% |
| UNFIUnited Natural Foods, Inc. | 2.8 bn | 34.3 | 5.3% | 0.3% | −2.0% | +23% / +216% |
| WKCWorld Kinect Corporation | 1.9 bn | — | -11.5% | -0.4% | −12.5% | +58% / +74% |
| ANDEAndersons, Inc. | 1.9 bn | 9.3 | 16.1% | 1.8% | −2.2% | +7% / +11% |
| HLFHerbalife Ltd. | 1.6 bn | 8.8 | — | 3.4% | +0.9% | +17% / +16% |
| GLPGlobal Partners LP | 1.4 bn | 7.3 | — | 0.9% | +8.1% | −5% / +14% |
| UVVUniversal Corporation | 1.0 bn | — | -0.2% | -0.1% | −1.3% | −22% / −27% |
| CAPLCrossamerica Partners LP | 752.4 m | 15.7 | — | 1.2% | −10.6% | −3% / −17% |
| WEYSWeyco Group, Inc. | 602.4 m | 17.4 | 13.8% | 12.4% | −4.9% | +111% / +114% |
| MGPIMgp Ingredients, Inc. | 382.9 m | — | -34.5% | -51.4% | −23.8% | −22% / −79% |
| NUSNu Skin Enterprises, Inc. | 220.5 m | — | -32.5% | -15.7% | −14.3% | −54% / −73% |
| PTLEPTL Limited | 118.0 m | — | -24.8% | -1.6% | −27.0% | −32% / unavailable |
| BANLCbl International Limited | 79.8 m | — | -14.0% | -0.6% | −9.1% | −48% / −86% |
| HFFGHf Foods Group Inc. | 77.6 m | — | -15.5% | -2.8% | +2.2% | −43% / −70% |
| MMLPMartin Midstream Partners L.P. | 77.1 m | — | — | -1.4% | +1.2% | −25% / −24% |
1- and 3-year price returns: for SEB 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1,843.16 Total return -46% · Per year -46% | 3,274.36 Total return -4% · Per year -4% | 4,953.72 Total return 45% · Per year 45% |
| 3 years | 1,474.91 Total return -56% · Per year -24% | 2,976.84 Total return -12% · Per year -4% | 4,988.32 Total return 47% · Per year 14% |
| 5 years | 1,180.23 Total return -65% · Per year -19% | 2,706.36 Total return -20% · Per year -4% | 5,023.17 Total return 49% · Per year 8% |
- Exit P/E± 744.21
- Net margin± 520.95
- Annual revenue growth± 468.74
- Annual dilution± 43.77
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.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
Seaboard Corporation is a diversified group active in pork production, grain trading and processing, ocean cargo shipping, biofuels and electric power, with operations in over 45 countries. Net sales reached 5.322 billion USD in the first six months of 2026, amid high commodity price volatility and uncertainty in global trade 123.
SWOT
Strengths
- Diversification across several industries and countries reduces dependence on a single economic cycle or market.
- Vertical integration in Pork and biofuel production gives better control over costs and quality.
- The company has solid liquidity and available credit lines that support its planned investments.
Weaknesses
- Most operations are commodity-driven, making financial results highly volatile.
- Exposure to less developed countries brings currency, political and regulatory risks.
- Rising working capital in CT&M consumed cash in the first half of 2026.
Opportunities
- The new dual-fueled vessels and greater cargo capacity could improve efficiency in the Marine segment.
- Developing biogas from hog farms and power from barges could create new revenue sources.
- The company is evaluating strategic acquisitions and investments that could expand and diversify its operations.
Threats
- Tariffs and trade restrictions could reduce market access and demand for cargo shipping.
- Geopolitical conflict and energy price volatility could raise operating costs.
- Animal disease and food safety incidents could affect production and brand reputation.
Risks
- International operations riskshigh
Currency devaluation, price controls, government instability and regulatory changes could affect revenues and cash flows from abroad 1.
- Trade policy and tariffshigh
Rapid changes in tariffs and trade agreements could reduce sales and margins, with effects that are difficult to anticipate 1.
- Commodity price volatilityhigh
Prices of pork, grain, fuel and biofuels are cyclical and can fluctuate sharply, and hedging with derivatives does not fully cover the exposure 1.
- Animal health and food safety risksmedium
Animal disease, contamination or product recalls could affect production, exports and consumer confidence 1.
- Cyber and operational risksmedium
Cyber-attacks or supplier disruptions could interrupt production, distribution and other critical functions 1.
Investment thesis
What would need to be true (bull case)
- Diversification across several segments and the growth of Liquid Fuels in 2026 could support revenues even when some commodity markets are weak 23.
- Vertical integration and the new Marine fleet could improve long-term margins if fuel costs stay under control 12.
- Solid liquidity and borrowing capacity could allow continued investment in projects such as EDM IV without major funding pressure 12.
What would break the thesis
- Results are highly sensitive to commodity prices and tariffs, which could produce rapid declines in profitability 12.
- The Pork segment posted weak operating income in the first half of 2026, and animal health problems could worsen this trend 12.
- Operating cash flow was negative in the first half of 2026, and high working capital could limit financial flexibility if this persists 2.
What to watch
- Development of Marine operating income and fuel costs after the conflict involving IranQ3 2026
- Timing and final budget of capital expenditures, including progress on the EDM IV barge2026
- Evolution of CT&M working capital and operating cash flowsQ3 2026
- Updates to tariff and animal health risk factors in the next annual reportnext 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.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
Seaboard is a diversified group with six reportable segments: Pork, CT&M, Marine, Liquid Fuels, Power and Turkey, plus a sugar and alcohol operation in Argentina 1. Most operations are commodity-driven, making financial performance volatile and cyclical 1. The company is largely controlled by the Bresky family, which owns approximately 74% of the common stock 1.
Net sales were 9.8 billion USD in 2025, up from the prior year, driven mainly by the CT&M and Marine segments 1. In the first half of 2026, sales rose to 5.322 billion USD and operating income to 196 million USD, supported particularly by the Liquid Fuels segment 23.
Seaboard has approximately 14,000 employees, mostly in the United States, the Caribbean, Central and South America, and Africa 1. The company has a significant capital budget, including construction of the new EDM IV barge in the Dominican Republic 12.
Segments
Pork
The Pork segment produces and processes pork through Seaboard Foods, is vertically integrated, and about 25% of its sales go to Mexico, Japan, China and other foreign markets 1. In the second quarter of 2026 Pork sales were 502 million USD with operating income of 17 million USD, weaker than the prior year 2.
CT&M
CT&M, managed as Seaboard Overseas and Trading Group, trades, processes and transports grains and oilseeds, mainly in Africa and South America, sourcing about 15 million metric tons per year 1. Higher sales in the first half of 2026 reflected larger commodity volumes, while working capital rose significantly 2.
Marine
The Marine segment provides dry, refrigerated and specialized cargo shipping between the U.S. and 27 countries in the Caribbean and Central and South America, with a fleet that now includes dual-fueled vessels 1. Higher voyage-related costs reduced operating income in the first half of 2026 2.
Market context
Seaboard's markets are shaped by global prices for pork, grain, fuel and electricity, which are cyclical and volatile 1. Higher fuel costs linked to the 2026 conflict involving Iran raised shipping costs and commodity market volatility 2.
U.S. trade policy, tariffs and retaliatory measures by other countries could reduce access to some markets and demand for shipping services, although the impact on 2025 results was not material 1. The biofuel market depends on world diesel prices and government mandates 1.
Trends
- Fuel price and freight cost volatilitymixed
The conflict involving Iran raised fuel and shipping costs, but segments can partly pass these costs on through surcharges, which could limit short-term impact 2.
- Stronger demand for biofuels and environmental creditstailwind
Higher Liquid Fuels sales, supported by environmental credits and larger volumes, supported company results in 2026 2.
- Trade tensions and tariffsheadwind
Rapid changes in U.S. trade policy and countermeasures by other countries could reduce revenues and margins, especially for segments with foreign exposure 1.
- Animal health and food safety risksheadwind
Animal disease or product contamination could affect pork production, supply and consumer confidence, representing an ongoing risk 1.
Competitive position
In Pork, Seaboard Foods competes with many regional, national and international producers on quality, service and price, and is ranked among the top hog producers in the U.S. 1. In biofuels competition is mainly based on price 1.
In CT&M the company competes with numerous global traders and local processors, while in Marine competition centers on price, sailing frequency and customer service 1. In Turkey, Butterball faces regional and national producers competing on brand and quality 1.
- Triumph Foods
Partner in the STF joint venture in Iowa and in Seaboard de Mexico USA, and also supplies hogs for processing 1.
- Regional and national pork and processed meat producers
Compete in the Pork segment on quality, service and price, with no single dominant leader identified in the source 1.
- International grain traders
Compete in CT&M with numerous global traders and local grain-processed product producers 1.
- Other biofuel producers
Compete in Liquid Fuels mainly on price, in markets where government policy influences demand 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
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Current report22 Apr 2026Shareholder vote
- Proxy statement06 Mar 2026
- Annual report12 Feb 2026
- Current report12 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Seaboard Corporation · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-04 · SEC / Seaboard Corporation · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Seaboard Corporation · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.