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olivLaw · US equity research

Tyson Foods, Inc. TSN

Poultry Slaughtering and Processing · SIC 2015 · Vertical: Food products (SIC 201x)

60.03USD+5.39% · 1 dayClose 04 Nov 2026

Tyson Foods is a global protein company with vertically integrated chicken operations and well-known brands in beef, pork and prepared foods. It reported sales of 54.4 billion USD for fiscal 2025, and its third-quarter fiscal 2026 results show a recovery in chicken and prepared foods while beef remains loss-making, which matters for the outlook for protein prices.

At the close of 04 Nov 2026, Tyson Foods, Inc. (TSN) stock was 60.03 USD (+5.39% on the day), with P/E 37.0 on diluted EPS of 1.62 USD over the last 12 months, beta 0.15, 52-week range 50.47–68.75 USD. Latest reported quarter (Q3 2026): revenue of 13.9 bn USD (−0.1% YoY), net income of 182.0 m USD (+198.4% YoY), diluted EPS 0.52 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
37.0
Diluted EPS TTM 1.62 · TTM to 27 Jun 2026
E/P (TTM)
2.70%
TTM to 27 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.15
Volatility (1y) 27%
52-week range
50.4768.75

Price history

Loading chart…

Technical reading

RSI (14)
75.0
overbought (≥ 70)
Bollinger (20, 2)
52.04 – 58.98
above the upper band · %B 1.15 · band width 12.5%
SMA 50 / 200
53.85 / 59.65
mixed trend
MACD (12, 26, 9)
1.23 / 0.87
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

CompanyS&P 500vs S&P 500Vertical median
1 month+16.1%−1.1%+17.2 pp—
3 months+3.2%−0.5%+3.6 pp—
6 months−11.8%+4.4%−16.2 pp—
Year to date+2.4%+12.3%−9.9 pp—
1 year+15.4%+13.5%+1.8 pp−8.7%
3 years+27.6%+76.4%−48.9 pp−6.0%
5 years−26.4%+63.7%−90.1 pp—
Max drawdown (1y)
−26.6%
04 May 2026 → 01 Oct 2026
Max drawdown (5y)
−54.4%
07 Feb 2022 → 23 Oct 2023
Compound annual growth (5y)
−5.9%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 27 Jun 2026

Revenue
13.9 bn USD
−0.1% YoY
Net income
182.0 m USD
+198.4% YoY
Diluted EPS
0.52
+205.9% YoY
net / operating
1.3% / 2.6%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue13.6 bn13.6 bn13.1 bn13.9 bn13.9 bn14.3 bn13.7 bn13.9 bn
Cost of revenue12.5 bn12.5 bn12.5 bn12.7 bn13.1 bn13.5 bn12.7 bn12.9 bn
Gross profit1.1 bn1.1 bn600.0 m1.1 bn726.0 m808.0 m962.0 m921.0 m
SG&A535.0 m515.0 m500.0 m538.0 m568.0 m506.0 m527.0 m559.0 m
Operating income525.0 m580.0 m100.0 m260.0 m158.0 m302.0 m435.0 m362.0 m
Depreciation & amortisation306.0 m348.0 m352.0 m ≈329.0 m ≈321.0 m376.0 m350.0 m ≈329.0 m ≈
Interest expense130.0 m120.0 m110.0 m113.0 m106.0 m104.0 m97.0 m98.0 m
Pre-tax income475.0 m478.0 m30.0 m193.0 m68.0 m127.0 m359.0 m266.0 m
Income tax111.0 m112.0 m16.0 m124.0 m10.0 m37.0 m95.0 m80.0 m
Net income357.0 m359.0 m7.0 m61.0 m47.0 m85.0 m260.0 m182.0 m
Diluted EPS0.99 ≈1.010.020.170.13 ≈0.240.730.52
Operating cash flow617.0 m1.0 bn-185.0 m ≈774.0 m ≈535.0 m942.0 m-113.0 m ≈640.0 m ≈
Capex248.0 m271.0 m193.0 m ≈227.0 m ≈287.0 m252.0 m145.0 m ≈159.0 m ≈
Dividends paid171.0 m175.0 m174.0 m ≈175.0 m ≈173.0 m177.0 m176.0 m ≈176.0 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 89 percentile of its own 35-quarter history (min 7.3, median 12.7, max 104.3; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue40.1 bn42.4 bn43.2 bn47.0 bn53.3 bn52.9 bn53.3 bn54.4 bn
Revenue YoY+4.7%+5.9%+1.8%+8.9%+13.2%−0.8%+0.8%+2.1%
Net income3.0 bn2.0 bn2.1 bn3.0 bn3.2 bn-648.0 m800.0 m474.0 m
Net income YoY+67.4%−33.3%+4.1%+47.8%+6.3%−120.0%unavailable−40.8%
Diluted EPS8.045.405.648.348.92-1.872.251.33
Diluted EPS YoY+67.8%−32.8%+4.4%+47.9%+7.0%−121.0%unavailable−40.9%
net %7.4%4.7%4.8%6.5%6.1%-1.2%1.5%0.9%
Free cash flow1.8 bn1.3 bn2.7 bn2.6 bn800.0 m-187.0 m1.5 bn1.2 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 27 Sept 2025

Cash
1.2 bn USD
Financial debt
909.0 m USD
Net debt
-320.0 m USD
Equity
18.2 bn USD
Total assets
36.7 bn USD
Debt / equity
0.05x
Current ratio
1.55x
ROE
2.6%
ROA
1.3%
FCF margin
2.2%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
52.9 bn
2024
53.3 bn
2025
54.4 bn

SEC (XBRL)· 10 Nov 2025verified

Cost of revenue
2023
50.3 bn
2024
49.7 bn
2025
50.9 bn

SEC (XBRL)· 10 Nov 2025verified

Gross profit
2023
2.6 bn
2024
3.6 bn
2025
3.6 bn

SEC (XBRL)· 10 Nov 2025verified

Research & development
2023
114.0 m
2024
106.0 m
2025
126.0 m

SEC (XBRL)· 10 Nov 2025verified

SG&A
2023
2.2 bn
2024
2.2 bn
2025
2.1 bn

SEC (XBRL)· 10 Nov 2025verified

Operating income
2023
-395.0 m
2024
1.4 bn
2025
1.1 bn

SEC (XBRL)· 10 Nov 2025verified

Depreciation & amortisation
2023
1.3 bn
2024
1.4 bn
2025
1.4 bn

SEC (XBRL)· 10 Nov 2025verified

EBITDA
2023
934.0 m ≈
2024
2.8 bn ≈
2025
2.4 bn ≈

SEC (XBRL)· 10 Nov 2025derived

Interest expense
2023
355.0 m
2024
481.0 m
2025
449.0 m

SEC (XBRL)· 10 Nov 2025verified

Pre-tax income
2023
-678.0 m
2024
1.1 bn
2025
769.0 m

SEC (XBRL)· 10 Nov 2025verified

Income tax
2023
-29.0 m
2024
270.0 m
2025
262.0 m

SEC (XBRL)· 10 Nov 2025verified

Net income
2023
-648.0 m
2024
800.0 m
2025
474.0 m

SEC (XBRL)· 10 Nov 2025verified

Diluted EPS
2023
-1.87
2024
2.25
2025
1.33

SEC (XBRL)· 10 Nov 2025verified

Weighted average diluted shares
2023
284.0 m
2024
356.0 m
2025
357.0 m

SEC (XBRL)· 10 Nov 2025verified

Balance sheet · USD

Cash
2023
573.0 m
2024
1.7 bn
2025
1.2 bn

SEC (XBRL)· 10 Nov 2025verified

Receivables
2023
2.5 bn
2024
2.4 bn
2025
2.5 bn

SEC (XBRL)· 10 Nov 2025verified

Inventories
2023
5.3 bn
2024
5.2 bn
2025
5.7 bn

SEC (XBRL)· 10 Nov 2025verified

Current assets
2023
8.7 bn
2024
9.8 bn
2025
9.9 bn

SEC (XBRL)· 10 Nov 2025verified

Property, plant & equipment, net
2023
9.6 bn
2024
9.4 bn
2025
9.2 bn

SEC (XBRL)· 10 Nov 2025verified

Goodwill
2023
9.9 bn
2024
9.8 bn
2025
9.5 bn

SEC (XBRL)· 10 Nov 2025verified

Intangibles (excl. goodwill)
2023
6.1 bn
2024
5.9 bn
2025
5.6 bn

SEC (XBRL)· 10 Nov 2025verified

Total assets
2023
36.3 bn
2024
37.1 bn
2025
36.7 bn

SEC (XBRL)· 10 Nov 2025verified

Accounts payable
2023
2.6 bn
2024
2.4 bn
2025
2.6 bn

SEC (XBRL)· 10 Nov 2025verified

Short-term debt
2023
1.9 bn
2024
74.0 m
2025
909.0 m

SEC (XBRL)· 10 Nov 2025verified

Current liabilities
2023
6.5 bn
2024
4.8 bn
2025
6.4 bn

SEC (XBRL)· 10 Nov 2025verified

Equity
2023
18.3 bn
2024
18.5 bn
2025
18.2 bn

SEC (XBRL)· 10 Nov 2025verified

Cash flow · USD

Operating cash flow
2023
1.8 bn
2024
2.6 bn
2025
2.2 bn

SEC (XBRL)· 10 Nov 2025verified

Capex
2023
1.9 bn
2024
1.1 bn
2025
978.0 m

SEC (XBRL)· 10 Nov 2025verified

Free cash flow
2023
-187.0 m ≈
2024
1.5 bn ≈
2025
1.2 bn ≈

SEC (XBRL)· 10 Nov 2025derived

Investing cash flow
2023
-2.3 bn
2024
-888.0 m
2025
-665.0 m

SEC (XBRL)· 10 Nov 2025verified

Financing cash flow
2023
88.0 m
2024
-581.0 m
2025
-2.0 bn

SEC (XBRL)· 10 Nov 2025verified

Dividends paid
2023
670.0 m
2024
684.0 m
2025
697.0 m

SEC (XBRL)· 10 Nov 2025verified

Share repurchases
2023
—
2024
—
2025
—

SEC (XBRL)· 16 Nov 2020verified

Computed indicators

Growth

Revenue growth (YoY)
2.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
0.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
4.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-22.1%
computed by olivLawFY 2025
Net income growth (YoY)
-40.8%
computed by olivLawFY 2025
Net income CAGR 3Y
-47.3%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
-25.5%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-40.9%
computed by olivLawFY 2025
EPS CAGR 3Y
-47.0%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
-25.1%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
-19.3%
computed by olivLawFY 2025

Profitability

Gross margin
6.1%
computed by olivLawTTM to 27 Jun 2026
EBITDA margin
4.7%
computed by olivLawTTM to 27 Jun 2026
EBIT margin
2.3%
computed by olivLawTTM to 27 Jun 2026
Net margin
1.0%
computed by olivLawTTM to 27 Jun 2026
FCF margin
2.1%
computed by olivLawTTM to 27 Jun 2026

Returns

ROE
3.2%
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026
ROA
1.6%
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026
ROIC
5.0%
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026
ROCE
4.3%
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
60.5%
computed by olivLawTTM to 27 Jun 2026

Balance sheet

Net debt
687.0 m USD
computed by olivLawbalance sheet at 27 Jun 2026
Net debt / EBITDA
0.3x
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026
Debt / equity
0.1x
computed by olivLawbalance sheet at 27 Jun 2026
Interest coverage
3.1x
computed by olivLawTTM to 27 Jun 2026

Liquidity

Current ratio
1.4x
computed by olivLawbalance sheet at 27 Jun 2026
Quick ratio
0.5x
computed by olivLawbalance sheet at 27 Jun 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 27 Jun 2026

Cash

Operating cash flow
2.0 bn USD
computed by olivLawTTM to 27 Jun 2026
Capital expenditure
843.0 m USD
computed by olivLawTTM to 27 Jun 2026
Free cash flow
1.2 bn USD
computed by olivLawTTM to 27 Jun 2026
FCF conversion
202.3%
computed by olivLawTTM to 27 Jun 2026
Cash conversion
76.1%
computed by olivLawTTM to 27 Jun 2026

Efficiency

Days sales outstanding
16 days
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026
Days inventory outstanding
39 days
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026
Days payables outstanding
18 days
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026
Cash conversion cycle
38 days
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
37.0x
computed by olivLawTTM to 27 Jun 2026
Earnings yield
2.7%
computed by olivLawTTM to 27 Jun 2026
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 42 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

60.03 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
37.0x
computed by olivLawTTM to 27 Jun 2026
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
3.2%
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026
Net margin
1.0%
computed by olivLawTTM to 27 Jun 2026
Revenue growth (YoY)
2.1%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

33/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 27 Jun 2026
Latest balance sheet date: 27 Jun 2026
Source: SEC (XBRL)published 03 Aug 2026
verified 2734derived 209

Score by group

  • Valuation17
  • Balance sheet68
  • Quality49
  • Growth3
  • Returns85

Estimated value range

Low
14.02
USD per share
Mid
34.88
USD per share
High
40.34
USD per share
Price: 60.03 USD
The price is above the range
Potential to the central value: -41.9% (value / price − 1)
Margin of safety: -72.1% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

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: 14.02 – 40.34 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/E14.02 – 40.34 (Mid 34.88)
    5 companies used · median multiple 21.5x · quartiles 8.6x – 24.9x
    HRL, JBS, PPC, SFD, WYHG
  • Dividend discount (DDM)unavailable · input data missing
Multiple comparisons use the SIC vertical: Food products (SIC 201x)

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 42/100

FactorValueScoreWeight used
ROIC · Quality5.0%40 (vs peers)14%
Net margin · Quality1.0%14 (vs peers)8%
FCF conversion · Quality202.3%100 (on a fixed band)8%
Revenue CAGR 3Y · Growth0.7%6 (on a fixed band)11%
EPS CAGR 3Y · Growth-47.0%0 (on a fixed band)11%
Net debt / EBITDA · Balance sheet0.3x100 (on a fixed band)14%
Interest coverage · Balance sheet3.1x25 (on a fixed band)8%
Current ratio · Balance sheet1.4x53 (on a fixed band)6%
P/E (TTM) · Valuation37.0x17 (vs peers)14%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returns60.5%85 (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
  • Growth3/100 · 2/2 factors with a value
  • Quality49/100 · 3/3 factors with a value
  • Returns· partial85/100 · 1/2 factors with a value
  • Valuation· partial17/100 · 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

TYSON FOODS, INC. (TSN). Latest full fiscal year: 2025; data up to 2026-06-27.

Figures computed from the financial statements: revenue 54.4 bn USD in 2025; YoY growth 2.1%; net margin 1.0%; ROE 3.2%; net debt/EBITDA 0.3x.

The estimated value range is 14.02–40.34 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 34.88 USD, the price of 60.03 USD leaves a potential of -41.9% (value / price − 1) and a margin of safety of -72.1% (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: neutral 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: 202.3%
  • Net debt / EBITDA: 0.3x
  • Payout ratio (FCF): 60.5%

What contradicts it

  • Net margin: 1.0%
  • Revenue CAGR 3Y: 0.7%
  • EPS CAGR 3Y: -47.0%
  • Interest coverage: 3.1x
  • P/E (TTM): 37.0x
  • 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

P/E
37.0x
vertical median 23.2x
above median (+59.6%)
EV/EBITDA
—
vertical median —
P/S
—
vertical median 0.5x
P/B
—
vertical median 1.2x
ROE
3.2%
vertical median 7.5%
below median (−58.0%)
Net margin
1.0%
vertical median 2.8%
below median (−63.5%)
EBIT margin
2.3%
vertical median 4.6%
below median (−51.3%)
Revenue YoY
2.1%
vertical median 3.5%
below median (−38.7%)
Net debt/EBITDA
0.3x
vertical median -0.4x
above median
Dividend yield
—
vertical median 5.1%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
SFDSmithfield Foods, Inc.7.8 bn8.613.4%5.9%+9.8%−9% / unavailable
PPCPilgrim’s Pride Corporation6.9 bn21.58.6%1.7%+3.5%−24% / +13%
MAMAMama’s Creations, Inc.629.4 m78.17.5%3.5%+39.2%+18% / +230%
WYHGWing Yip Food Holdings Group Limited200.3 m24.94.8%5.9%−6.5%+8% / unavailable
BRIDBridgford Foods Corporation49.3 m—-12.3%-6.1%+3.3%−32% / −49%
JBSJbs N.V.—6.925.6%2.3%+11.7%−12% / unavailable
TSNTyson Foods, Inc.—37.03.2%1.0%+2.1%+15% / +28%
HRLHormel Foods Corporation—36.24.3%2.8%+1.6%−2% / −26%

1- and 3-year price returns: for TSN 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

Tyson Foods is a global protein company with vertically integrated chicken operations and well-known brands in beef, pork and prepared foods. It reported sales of 54.4 billion USD for fiscal 2025, and its third-quarter fiscal 2026 results show a recovery in chicken and prepared foods while beef remains loss-making, which matters for the outlook for protein prices.

SWOT

Strengths

  • Full vertical integration in chicken, from genetic material to distribution, together with well-known brands that support pricing and market share.
  • International presence across many export markets, with owned operations and joint ventures in Asia and Latin America.
  • Diversification across four protein and prepared food segments, which may dampen the effect of price cycles in any single sector.

Weaknesses

  • The Beef segment has repeatedly reported operating losses, and cattle costs remain high because of limited supply.
  • Dependence on one dominant customer creates a concentration risk for revenue.
  • Concentrated control within the Tyson family and the Tyson Limited Partnership may limit the influence of minority shareholders over decisions.

Opportunities

  • If the recovery in Chicken and brand growth continue, the company could improve total margins in coming years.
  • Network optimization and efficiency programs could lower costs and support profitability if implemented successfully.
  • Expansion in international markets with value-added protein products could bring growth in high-demand categories.

Threats

  • Volatility in grain, feed, cattle and hog prices can directly affect margins.
  • Tariffs and changes in trade policy can reduce access to export markets and raise sourcing costs.
  • Animal disease outbreaks can close export markets and reduce demand for the company's products.

Risks

  • Commodity and input costshigh

    The company does not fully hedge commodity price changes, and cost increases might not be fully passed through to prices.

  • Customer concentrationhigh

    A single large customer accounts for a significant share of sales, and an interruption of that relationship could have a material impact if not replaced.

  • Legal contingency accrualsmedium

    The company has recorded significant legal contingency accruals in recent years, and new claims could affect operating results.

  • Controlling shareholder influencemedium

    Holders of most of the voting power can influence major decisions, including mergers, which could discourage a change of control that other shareholders favor.

  • Trade and animal disease riskslow

    Border closures due to animal disease or tariffs could reduce access to export markets.

Investment thesis

What would need to be true (bull case)

  • If growth in the Chicken segment continues and the brands keep gaining share, the company could exceed its adjusted profit outlook for fiscal 2026.
  • Margin improvement in Prepared Foods, supported by well-known brands, could support long-term profitability.
  • Efficiency programs and network optimization could generate savings that offset cost pressure.

What would break the thesis

  • If cattle supply remains limited, the Beef segment could keep reporting losses and weigh on total profit.
  • High raw material and energy costs might not be fully offset by pricing, especially if competition intensifies.
  • Legal accruals can reduce results from one quarter to the next, and their timing is hard to anticipate.

What to watch

  • Delivery of total adjusted operating income within the 2.1 to 2.3 billion USD outlook2026
  • Trend in the Beef segment loss against the outlook rangeQ4 2026
  • Confirmation of free cash flow within the forecast range2026
  • Annual 10-K with updated segment figures after the change in segment reportingnext 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

Tyson Foods, Inc. (NYSE: TSN), founded in 1935 and headquartered in Springdale, Arkansas, is a global food company focused on protein, with brands including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, State Fair, Aidells and ibp. According to the 10-K, it had about 133,000 employees on September 27, 2025. Its model rests on vertical integration, from breeding and feed to processing and distribution, most notably in chicken, where Cobb-Vantress is one of the leading breeding stock suppliers in the world. The company sold products in about 140 countries and regions in fiscal 2025, and exports represent less than 10% of its business.

Sales depend on a small number of large customers. Walmart accounted for roughly 18.7% of consolidated sales in fiscal 2025, so an extended discontinuance of that relationship could have a material impact if not replaced. Sales go to grocery retailers, foodservice distributors, restaurants, warehouse clubs and institutional buyers such as schools and the military.

Control is concentrated. Tyson Limited Partnership and members of the Tyson family together hold control of approximately 71.94% of the total voting power, which gives them substantial influence over major corporate decisions. The company relies on the controlled company exemptions from certain New York Stock Exchange governance requirements.

Segments

Chicken

The Chicken segment covers raising and processing chickens with contract farmers, and producing fresh, frozen and value-added products such as nuggets and breaded strips. Its segment operating margin was 8.5% in fiscal 2025, and in the third quarter of fiscal 2026 segment sales were 4,255 million USD with average prices up 2.2%. According to the results release, it has been the main recent growth driver.

Beef and Pork

Beef and Pork process live animals and sell primal cuts and ready-to-sell products. Beef posted operating losses in fiscal 2025 and in the third quarter of fiscal 2026, reflecting limited supply of market-ready cattle and high costs, while Pork returned to operating profit in the third quarter of fiscal 2026 with a 3.8% margin.

Market context

Domestic protein production (beef, pork, chicken and turkey) decreased slightly in fiscal 2025 according to USDA data cited in the 10-K, but increased in the third quarter of fiscal 2026 compared with the same period a year earlier. For fiscal 2026 the USDA projects total protein production to increase about 1%, and the company notes that supply of market-ready cattle remains limited. Geopolitical tensions in the Middle East have increased volatility in energy and commodity markets, affecting transportation, energy and cooking oil costs.

Changes in trade policy and tariffs may affect exports, which account for less than 10% of the business, mainly chicken leg quarters and paws, boxed beef and variety meats. The company says tariffs could change prices and demand in affected countries.

Trends

  • Recovery in the Chicken segmenttailwind

    The company reported consecutive quarters of growth in Chicken, with higher adjusted segment profit in the third quarter of fiscal 2026, partly offsetting losses in Beef.

  • Cattle herd rebuilding cycleheadwind

    Limited supply of market-ready cattle and uncertainty about the timing of the herd rebuild could keep costs high for the Beef segment.

  • Raw material and energy costsmixed

    Higher meat costs and volatile energy and freight costs affect Prepared Foods and International margins, although the company seeks to offset them through pricing.

  • Trade policy and tariffsheadwind

    Tariffs and import restrictions could reduce demand for exports but may also shift domestic pricing and commodity costs.

Competitive position

Tyson's products compete with those of other food producers and processors and with prepared food manufacturers, both domestically and in international markets. According to the 10-K, the main competitive elements are advertising, promotions, price, product safety and quality, brand identification, innovation and customer service.

The company notes that competitive pressure may force price reductions or higher marketing spending, which could weigh on margins if sales volumes do not rise to offset the lower prices.

  • Other US meat and chicken processors

    Direct competitors in chicken, pork and beef in the domestic market, referred to generically in the 10-K.

  • International chicken producers

    Competitors in export markets and Asia-Pacific, where Tyson operates through subsidiaries and joint ventures.

  • Frozen prepared food manufacturers

    Competitors for the Prepared Foods segment, where they compete for freezer shelf space and brand loyalty.

  • Private-label retailers

    Private-label products may attract consumers during periods of economic uncertainty, as the 10-K warns.

News & filings

In the press

SEC filings

  • Current report03 Sept 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Current report24 Aug 2026
    Other events · Financial statements and exhibits
  • Current report24 Aug 2026
    Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
  • Current report13 Aug 2026
    Regulation FD disclosure
  • Current report11 Aug 2026
    Material agreement · Other events · Financial statements and exhibits
  • Current report10 Aug 2026
    Other events · Financial statements and exhibits
  • Quarterly report03 Aug 2026
  • Current report03 Aug 2026
    Results of operations · Financial statements and exhibits
  • Current report18 Jun 2026
    Departure or appointment of officers · Financial statements and exhibits
  • Departure or appointment of officers · Financial statements and exhibits

Sources

  1. [1] Form 10-K, fiscal year ended 2025-09-27 · SEC / Tyson Foods, Inc. · 10 Nov 2025
  2. [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Tyson Foods, Inc. · 03 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Tyson Foods, Inc. · 03 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.