PPCPILGRIMS PRIDE CORP

Poultry Slaughtering And Processing

Revenue: $18.5B; 3.5% YoY
Operating margin: 8.7%; 3.5% YoY
EBITDA: $2.1B; 6.7% YoY
Market cap: $6.8B
Employees: 2,319; $8M revenue each
Net debt / EBITDA: 1.2×; $2.5B net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 1 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
127% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
153% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$8M · 95th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 30th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$303K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$14.8B	$17.5B	$17.4B	$17.9B	$18.5B	3.5%
Operating income	$211M	$1.2B	$522M	$1.5B	$1.6B	7.1%
Net income	$31M	$746M	$322M	$1.1B	$1.1B	0.4%
Operating cash flow	$326M	$670M	$678M	$2.0B	$1.4B	31%
Capex	$382M	$487M	$558M	$459M	$255M	44%
Stock-based comp	$12M	$7M	$7M	$15M	$29M	97%
Dividends	—	—	$0	$0	$2.0B

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 18, 2026	JBS USA HOLDING LUX S.A R.L.	SCHEDULE 13D/A	82.1%	Passive
Oct 28, 2024	JBS USA HOLDING LUX S.A R.L.	SC 13D/A	82.4%	Passive
Feb 18, 2022	JBS USA HOLDING LUX S.A R.L.	SC 13D/A	—	Passive
Aug 13, 2021	JBS USA HOLDING LUX S.A R.L.	SC 13D/A	—	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $303K · 1
Net: −$303K

Pay vs performance

No pay-versus-performance disclosure yet.