HRLHORMEL FOODS CORP /DE/

Meat Packing Plants

Revenue: $12.1B; 1.6% YoY
Operating margin: 5.9%; 34% YoY
EBITDA: $983M; 26% YoY
Market cap: $11.7B
Employees: 700; $17M revenue each
Net debt / EBITDA: 1.5×; $1.5B net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
177% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
75% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
37% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$17M · 98th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 26th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$11.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$616K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$11.4B	$12.5B	$12.1B	$11.9B	$12.1B	1.6%
Operating income	$1.1B	$1.3B	$1.1B	$1.1B	$719M	33%
Net income	$909M	$1000M	$794M	$805M	$478M	41%
Operating cash flow	$1.0B	$1.1B	$1.0B	$1.3B	$845M	33%
Capex	$232M	$279M	$270M	$256M	$311M	21%
Stock-based comp	$25M	$25M	$24M	$23M	$26M	10%
Buybacks	$20M	$0	$12M	$0	$0
Dividends	$523M	$558M	$593M	$615M	$633M	3.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $201K · 1
Open-market sells, 12 mo: $817K · 2
Net: −$616K

Pay vs performance

No pay-versus-performance disclosure yet.