olivlawolivlaw

olivLaw · US equity research

Bridgford Foods Corporation BRID

Sausages & Other Prepared Meat Products · SIC 2013 · Vertical: Food products (SIC 201x)

5.43USD+3.04% · 1 dayClose 04 Nov 2026

Bridgford Foods makes frozen foods and snacks, mainly dry sausage, biscuits and dough products, sold across the United States. For fiscal 2025 the company reported a net loss of 13,359 thousand USD, and its gross margin fell to 19.3% as meat cost inflation squeezed profitability, which keeps the trajectory of margins in focus for investors.

At the close of 04 Nov 2026, Bridgford Foods Corporation (BRID) stock was 5.43 USD (+3.04% on the day), with market capitalisation 49.3 m USD, beta 0.14, 52-week range 5.27–8.50 USD. Latest reported quarter (Q2 2026): revenue of 50.0 m USD (−1.2% YoY), net income of -4.9 m USD, diluted EPS -0.54 USD.

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

Market cap
49.3 m USD
shares as of 24 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -1.47 · TTM to 31 Oct 2025
E/P (TTM)
-27.07%
TTM to 31 Oct 2025
Dividend yield
unavailable
Beta (2y)
0.14
Volatility (1y) 39%
52-week range
5.278.50

Price history

Loading chart…

Technical reading

RSI (14)
46.0
neutral
Bollinger (20, 2)
5.20 – 5.81
in the lower half of the band · %B 0.38 · band width 11.1%
SMA 50 / 200
5.73 / 6.86
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.11 / -0.11
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+1.7%−1.1%+2.8 pp—
3 months−12.8%−0.5%−12.4 pp—
6 months−29.5%+4.4%−33.9 pp—
Year to date−30.4%+12.3%−42.7 pp—
1 year−32.1%+13.5%−45.7 pp−1.9%
3 years−48.3%+76.4%−124.7 pp+20.8%
5 years−56.6%+63.7%−120.2 pp—
Max drawdown (1y)
−38.0%
15 Dec 2025 → 03 Nov 2026
Max drawdown (5y)
−65.9%
15 Jul 2022 → 03 Nov 2026
Compound annual growth (5y)
−15.4%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 17 Apr 2026

Revenue
50.0 m USD
−1.2% YoY
Net income
-4.9 m USD
unavailable YoY
Diluted EPS
-0.54
unavailable YoY
net / operating
-9.8% / -11.7%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue49.3 m72.2 m52.5 m50.6 m52.0 m75.8 m55.3 m50.0 m
Cost of revenue38.0 m53.9 m39.7 m39.6 m41.3 m65.9 m41.9 m41.3 m
Gross profit11.2 m18.3 m12.9 m11.1 m10.6 m10.0 m13.4 m8.8 m
SG&A14.4 m19.0 m14.9 m14.3 m14.6 m19.7 m14.6 m14.7 m
Operating income-3.4 m-648.0 k-2.0 m-3.2 m-3.9 m-9.7 m-1.2 m-5.8 m
Depreciation & amortisation——1.5 m1.6 m ≈——1.4 m1.5 m ≈
Interest expense75.0 k—88.0 k93.0 k102.0 k———
Pre-tax income-2.5 m-843.0 k-1.6 m-4.8 m-2.6 m-9.2 m-1.1 m-6.1 m
Income tax-752.0 k-192.0 k-453.0 k-915.0 k-915.0 k-2.4 m-245.0 k-1.2 m
Net income-1.8 m-651.0 k-1.1 m-3.9 m-1.6 m-6.7 m-843.0 k-4.9 m
Diluted EPS-0.20—-0.12-0.43-0.18—-0.09-0.54
Operating cash flow——-4.6 m-822.0 k ≈——4.3 m-6.1 m ≈
Capex——531.0 k1.0 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.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue174.3 m188.8 m198.0 m240.4 m265.9 m251.6 m223.6 m231.0 m
Revenue YoYunavailable+8.3%+4.9%+21.4%+10.6%−5.4%−11.1%+3.3%
Net income6.5 m6.5 m7.3 m-5.5 m45.1 m3.5 m-3.4 m-13.4 m
Net income YoYunavailable−0.5%+12.9%−175.1%unavailable−92.3%−197.3%unavailable
Diluted EPS0.720.710.81-0.614.960.38-0.37-1.47
Diluted EPS YoYunavailable−1.4%+14.1%−175.3%unavailable−92.3%−197.4%unavailable
net %3.7%3.4%3.7%-2.3%16.9%1.4%-1.5%-5.8%
Free cash flow-9.9 m-18.5 m-14.6 m-12.2 m-11.6 m1.4 m-4.4 m-9.3 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Oct 2025

Cash
876.0 k USD
Financial debt
3.8 m USD
Net debt
2.9 m USD
Equity
115.5 m USD
Total assets
147.2 m USD
Debt / equity
0.03x
Current ratio
2.98x
ROE
-11.0%
ROA
-8.8%
FCF margin
-4.0%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
251.6 m
2024
223.6 m
2025
231.0 m

SEC (XBRL)· 28 Jan 2026verified

Cost of revenue
2023
181.3 m
2024
167.3 m
2025
186.4 m

SEC (XBRL)· 28 Jan 2026verified

Gross profit
2023
70.4 m
2024
56.3 m
2025
44.6 m

SEC (XBRL)· 28 Jan 2026verified

SG&A
2023
65.6 m
2024
62.4 m
2025
63.5 m

SEC (XBRL)· 28 Jan 2026verified

Operating income
2023
4.6 m
2024
-6.3 m
2025
-18.8 m

SEC (XBRL)· 28 Jan 2026verified

Depreciation & amortisation
2023
6.6 m
2024
6.5 m
2025
6.4 m

SEC (XBRL)· 28 Jan 2026verified

EBITDA
2023
11.2 m ≈
2024
273.0 k ≈
2025
-12.4 m ≈

SEC (XBRL)· 28 Jan 2026derived

Interest expense
2023
579.0 k
2024
—
2025
—

SEC (XBRL)· 29 Jan 2024verified

Pre-tax income
2023
4.5 m
2024
-4.7 m
2025
-18.1 m

SEC (XBRL)· 28 Jan 2026verified

Income tax
2023
1.0 m
2024
-1.3 m
2025
-4.7 m

SEC (XBRL)· 28 Jan 2026verified

Net income
2023
3.5 m
2024
-3.4 m
2025
-13.4 m

SEC (XBRL)· 28 Jan 2026verified

Diluted EPS
2023
0.38
2024
-0.37
2025
-1.47

SEC (XBRL)· 28 Jan 2026verified

Balance sheet · USD

Cash
2023
15.7 m
2024
10.2 m
2025
876.0 k

SEC (XBRL)· 28 Jan 2026verified

Receivables
2023
28.6 m
2024
30.4 m
2025
24.1 m

SEC (XBRL)· 28 Jan 2026verified

Inventories
2023
40.6 m
2024
33.3 m
2025
37.1 m

SEC (XBRL)· 28 Jan 2026verified

Current assets
2023
87.5 m
2024
78.0 m
2025
63.6 m

SEC (XBRL)· 28 Jan 2026verified

Property, plant & equipment, net
2023
67.5 m
2024
64.6 m
2025
61.8 m

SEC (XBRL)· 28 Jan 2026verified

Total assets
2023
167.0 m
2024
157.4 m
2025
147.2 m

SEC (XBRL)· 28 Jan 2026verified

Accounts payable
2023
7.2 m
2024
5.7 m
2025
8.8 m

SEC (XBRL)· 28 Jan 2026verified

Short-term debt
2023
1.0 m
2024
1.1 m
2025
3.1 m

SEC (XBRL)· 28 Jan 2026verified

Long-term debt
2023
2.8 m
2024
1.7 m
2025
673.0 k

SEC (XBRL)· 28 Jan 2026verified

Current liabilities
2023
18.0 m
2024
16.5 m
2025
21.3 m

SEC (XBRL)· 28 Jan 2026verified

Total liabilities
2023
37.5 m
2024
29.2 m
2025
31.7 m

SEC (XBRL)· 28 Jan 2026verified

Equity
2023
129.5 m †
2024
128.1 m †
2025
115.5 m †

SEC (XBRL)· 28 Jan 2026verified

Cash flow · USD

Operating cash flow
2023
4.0 m
2024
-497.0 k
2025
-5.7 m

SEC (XBRL)· 28 Jan 2026verified

Capex
2023
2.6 m
2024
3.9 m
2025
3.6 m

SEC (XBRL)· 28 Jan 2026verified

Free cash flow
2023
1.4 m ≈
2024
-4.4 m ≈
2025
-9.3 m ≈

SEC (XBRL)· 28 Jan 2026derived

Investing cash flow
2023
-2.4 m
2024
-3.8 m
2025
-3.4 m

SEC (XBRL)· 28 Jan 2026verified

Financing cash flow
2023
-2.2 m
2024
-1.1 m
2025
-270.0 k

SEC (XBRL)· 28 Jan 2026verified

Computed indicators

Growth

Revenue growth (YoY)
3.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
-4.6%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
3.1%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
18.3%
computed by olivLawTTM to 17 Apr 2026
EBITDA margin
-6.2%
computed by olivLawTTM to 17 Apr 2026
EBIT margin
-8.8%
computed by olivLawTTM to 17 Apr 2026
Net margin
-6.1%
computed by olivLawTTM to 17 Apr 2026
FCF margin
-2.0%
computed by olivLawTTM to 17 Apr 2026

Returns

ROE
-12.3%
computed by olivLawTTM to 17 Apr 2026 · balance sheet at 10 Jul 2026
ROA
-9.6%
computed by olivLawTTM to 17 Apr 2026 · balance sheet at 10 Jul 2026
ROIC
-14.5%
computed by olivLawTTM to 17 Apr 2026 · balance sheet at 10 Jul 2026
ROCE
-17.8%
computed by olivLawTTM to 17 Apr 2026 · balance sheet at 10 Jul 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
8.4 m USD
computed by olivLawbalance sheet at 10 Jul 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.1x
computed by olivLawbalance sheet at 10 Jul 2026
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
2.4x
computed by olivLawbalance sheet at 10 Jul 2026
Quick ratio
1.0x
computed by olivLawbalance sheet at 10 Jul 2026
Cash ratio
0.0x
computed by olivLawbalance sheet at 10 Jul 2026

Cash

Operating cash flow
-2.1 m USD
computed by olivLawTTM to 17 Apr 2026
Capital expenditure
2.5 m USD
computed by olivLawTTM to 17 Apr 2026
Free cash flow
-4.6 m USD
computed by olivLawTTM to 17 Apr 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
35 days
computed by olivLawTTM to 17 Apr 2026 · balance sheet at 10 Jul 2026
Days inventory outstanding
76 days
computed by olivLawTTM to 17 Apr 2026 · balance sheet at 10 Jul 2026
Days payables outstanding
16 days
computed by olivLawTTM to 17 Apr 2026 · balance sheet at 10 Jul 2026
Cash conversion cycle
95 days
computed by olivLawTTM to 17 Apr 2026 · balance sheet at 10 Jul 2026

Market and valuation

Market capitalisation
49.3 m USD
computed by olivLawbalance sheet at 10 Jul 2026
Enterprise value
57.7 m USD
computed by olivLawbalance sheet at 10 Jul 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-28.7%
computed by olivLawTTM to 17 Apr 2026
P/B
0.5x
computed by olivLawbalance sheet at 10 Jul 2026
P/S
0.2x
computed by olivLawTTM to 17 Apr 2026 · balance sheet at 10 Jul 2026
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
0.2x
computed by olivLawTTM to 17 Apr 2026 · balance sheet at 10 Jul 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-9.3%
computed by olivLawTTM to 17 Apr 2026 · balance sheet at 10 Jul 2026
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

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 37.5% of at least 60%
  • valuation methods computed: 0 of at least 1

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

Closing price

5.43 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 49.3 m USD

Key indicators

Market capitalisation
49.3 m USD
computed by olivLawbalance sheet at 10 Jul 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.5x
computed by olivLawbalance sheet at 10 Jul 2026
EV/EBITDA
unavailable
insufficient data
ROE
-12.3%
computed by olivLawTTM to 17 Apr 2026 · balance sheet at 10 Jul 2026
Net margin
-6.1%
computed by olivLawTTM to 17 Apr 2026
Revenue growth (YoY)
3.3%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 10 Jul 2026
Latest balance sheet date: 10 Jul 2026
Share count (cover of the latest filing), as of: 24 Aug 2026
Source: SEC (XBRL)published 24 Aug 2026
verified 1799derived 82

Score by group

38% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · input data missing

no valuation method could be computed

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

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-14.5%0 (vs peers)28%
Net margin · Quality-6.1%0 (vs peers)17%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-4.6%0 (on a fixed band)22%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet2.4x100 (on a fixed band)11%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-9.3%0 (on a fixed band)22%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality0/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 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

BRIDGFORD FOODS CORPORATION (BRID). Latest full fiscal year: 2025; data up to 2026-07-10.

Figures computed from the financial statements: revenue 231.0 m USD in 2025; YoY growth 3.3%; net margin -6.1%; ROE -12.3%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 2.4x

What contradicts it

  • ROIC: -14.5%
  • Net margin: -6.1%
  • Revenue CAGR 3Y: -4.6%
  • FCF yield: -9.3%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

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
—
vertical median 24.9x
EV/EBITDA
—
vertical median —
P/S
0.2x
vertical median 1.0x
below median (−78.8%)
P/B
0.5x
vertical median 1.5x
below median (−69.0%)
ROE
-12.3%
vertical median 7.5%
below median (−264.4%)
Net margin
-6.1%
vertical median 2.8%
below median (−315.1%)
EBIT margin
-8.8%
vertical median 4.6%
below median (−290.9%)
Revenue YoY
3.3%
vertical median 3.5%
below median (−5.2%)
Net debt/EBITDA
—
vertical median -0.1x
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% / −48%
TSNTyson Foods, Inc.—37.03.2%1.0%+2.1%+3% / +28%
JBSJbs N.V.—6.925.6%2.3%+11.7%−12% / unavailable
HRLHormel Foods Corporation—36.24.3%2.8%+1.6%−2% / −26%

1- and 3-year price returns: for BRID 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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    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

    Bridgford Foods makes frozen foods and snacks, mainly dry sausage, biscuits and dough products, sold across the United States. For fiscal 2025 the company reported a net loss of 13,359 thousand USD, and its gross margin fell to 19.3% as meat cost inflation squeezed profitability, which keeps the trajectory of margins in focus for investors 1.

    SWOT

    Strengths

    • The company has a broad product range, a national distribution network and long relationships with food service and retail customers, giving it flexibility in production 1.
    • Its ability to produce more private label products offers a way to adapt to price-sensitive consumer demand 1.
    • The company maintains a pace of product and process innovation, tested in an in-house test kitchen 1.

    Weaknesses

    • The gross margin fell in fiscal 2025 and the company reported a significant net loss, which points to weak profitability 1.
    • Reliance on a few large customers concentrates revenue and exposes it to their purchasing decisions 1.
    • Concentrated family ownership can limit the influence of minority shareholders over strategic decisions 1.

    Opportunities

    • Rising demand for private label products could bring new volume if production and distribution adapt efficiently 1.
    • Reorganizing the direct-store-delivery network could lower operating costs and consolidate distribution 1.
    • New private label partnerships and contracts could diversify the revenue base 1.

    Threats

    • Persistent inflation in meat and labor costs could compress margins further 1.
    • Food contamination risks and product recalls could seriously damage reputation and sales 1.
    • Tighter financing conditions and credit covenants could limit liquidity if performance does not improve 12.

    Risks

    • Customer concentrationhigh

      Dependence on a few large retail customers could reduce revenue or bargaining power if one of them cuts its purchases 1.

    • Raw material costshigh

      Prices for meat, flour and other inputs are volatile, and companies that cannot pass these costs on quickly may see margins shrink 1.

    • Credit covenant breachmedium

      The company was out of compliance with a quick ratio covenant at October 31, 2025, and if it cannot meet financial covenant requirements, liquidity could be affected 1.

    • Family controlmedium

      The founding family controls most of the stock, which could limit minority shareholders' influence over mergers or asset sales 1.

    • Food safetymedium

      USDA and FDA rules are strict, and failing to comply or a contamination incident could lead to fines, recalls and lost sales 1.

    Investment thesis

    What would need to be true (bull case)

    • If demand for private label products holds and the company manages its costs, it could regain margins and return to profitability 1.
    • Long relationships with large retail customers and a national presence could support stable volumes if products remain competitive 1.
    • Reorganizing the distribution network could reduce fixed costs and improve operating efficiency 1.

    What would break the thesis

    • If inflation in meat and labor costs persists, margins could stay weak and losses could continue 1.
    • Dependence on a few large customers could become a vulnerability if they change their purchasing strategy 1.
    • If the company fails to keep its credit covenants, access to financing could become more expensive or more restrictive 12.

    What to watch

    • Trend in gross margin and meat costs in quarterly reportsQ1 2027
    • Compliance with credit covenants and renewal of the Wells Fargo credit line2027

    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

    Bridgford Foods Corporation, a California corporation organized in 1952, is primarily engaged in the manufacturing, marketing and distribution of an extensive line of frozen and snack food products throughout the United States 1. The company runs two segments: frozen food products, sold to both food service and retail customers, and snack food products, distributed through its direct-store-delivery network and customer-managed warehouses 1. At October 31, 2025 it had 668 employees, of whom about 44% are covered by collective bargaining agreements 1.

    During fiscal 2025 the company shifted toward producing more private label products as consumers facing higher inflation looked for more affordable options 1. Its customer base is concentrated: Wal-Mart accounted for 33.5% of revenues and Dollar General for 14.2%, so the loss of either would have a significant effect 1.

    The Bridgford family beneficially owns about 80% of the stock and can exert substantial influence over corporate matters 1. The company has a revolving line of credit of up to 7,500 thousand USD available until July 31, 2026, and it was in violation of a quick ratio covenant at October 31, 2025, which Wells Fargo waived on December 12, 2025 1.

    Market context

    The market for processed meat and snack products in the United States is highly competitive, with national, regional and local producers fighting for retail shelf space, institutional distribution and customer preference 1. Higher inflation pushed consumers toward private label products, which could add pricing pressure but could also support volumes for a producer able to supply them 1. Costs for pork, beef and flour remain volatile, influenced by geopolitical conflicts and tariffs 1.

    Trends

    • Demand for private labelmixed

      Budget-conscious consumers have moved toward private label products, and the company has reoriented production toward them, which could support near-term volumes 1.

    • Input cost inflationheadwind

      Meat, labor, freight and utility costs have risen, and the company expects this trend to continue through fiscal 2026, which could compress margins 1.

    • Route network reductiontailwind

      The company intends to reorganize its direct-store-delivery routes in response to lower volume through that channel, which could reduce distribution costs if the plan is carried out 1.

    • Interest rate and pension sensitivitymixed

      Rising discount rates for pension obligations can change the projected benefit obligation and net periodic cost, and interest rate movements also affect the company's financing 2.

    Competitive position

    The company names as principal competitors national, regional and local producers and distributors of refrigerated, frozen and non-refrigerated snack foods, several of which have substantially greater financial and marketing resources 1. Competition centers on retail shelf space, institutional distribution and customer preference, and the company says innovation, quality and consistency are its main attributes 1.

    Competition intensifies as large retail chains expand their own brands and large customers demand lower prices and bigger promotions, which can reduce supplier margins 1. The company relies on manufacturing flexibility, national presence and long-standing customer relationships in food service to compete 1.

    • National snack and dry sausage producers

      Nationwide producers named in general terms by the company as principal competitors in snacks and meat products, without specific names in the source.

    • Regional and local producers

      Regional and local makers of snacks and frozen products that compete for shelf space and institutional distribution, as the company describes.

    • Large food service distributors

      Broadline and specialty distributors that are also customers of the company but may compete through their own private label products.

    • Large retail chains with private label

      Large retailers developing their own products, which can compete directly with company products for shelf space.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-10-31 · SEC / Bridgford Foods Corporation · 28 Jan 2026
    2. [2] Form 10-Q, quarter ended 2026-07-10 · SEC / Bridgford Foods Corporation · 24 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Bridgford Foods Corporation · 02 Jun 2008

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