JJSFJ&J SNACK FOODS CORP

Cookies & Crackers

Revenue: $1.6B; 0.5% YoY
Operating margin: 5.3%; 29% YoY
EBITDA: $158M; 16% YoY
Market cap: $1.6B
Employees: 2,023; $783K revenue each
Net debt / EBITDA: -0.2×; −$35M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 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
252% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
42% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
14% of assets
Over 40% of assets
Shareholder dissentYes
76% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeNo
$783K · 61st pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.2× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$49K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.1B	$1.4B	$1.6B	$1.6B	$1.6B	0.5%
Operating income	$71M	$62M	$110M	$118M	$84M	28%
Net income	$56M	$47M	$79M	$87M	$66M	24%
Operating cash flow	$101M	$26M	$172M	$173M	$165M	4.6%
Capex	$54M	$87M	$105M	$74M	$83M	13%
Stock-based comp	$4M	$4M	$5M	$6M	$6M	1.6%
Buybacks	$0	$0	$0	$0	$8M
Dividends	$45M	$48M	$54M	$57M	$61M	6.7%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 3, 2021	SHREIBER GERALD B	SC 13D	20.3%	Passive

Insider trading

Open-market buys, 12 mo: $49K · 1
Open-market sells, 12 mo: $0 · 0
Net: $49K

Pay vs performance

No pay-versus-performance disclosure yet.