SJMJ M SMUCKER Co

Canned, Fruits, Veg, Preserves, Jams & Jellies

Revenue: $9.1B; 3.7% YoY
Operating margin: 4.0%; 152% YoY
EBITDA: $707M; 281% YoY
Market cap: $13.9B
Employees: 400; $23M revenue each
Net debt / EBITDA: 9.2×; $6.5B net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$11M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
32% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
32% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$23M · 100th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 31st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
9.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$13.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$17M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$8.0B	$8.5B	$8.2B	$8.7B	$9.1B	3.7%
Operating income	$1.0B	$158M	$1.3B	−$674M	$360M	153%
Net income	$632M	−$91M	$744M	−$1.2B	−$139M	89%
Operating cash flow	$1.1B	$1.2B	$1.2B	$1.2B	$1.5B	22%
Capex	$418M	$477M	$587M	$394M	$317M	19%
Stock-based comp	$22M	$26M	$24M	$30M	$24M	21%
Buybacks	$270M	$368M	$373M	$3M	$6M	70%
Dividends	$418M	$430M	$438M	$455M	$465M	2.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $100K · 1
Open-market sells, 12 mo: $18M · 11
Net: −$17M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$11M	$6M	88	92
FY2025	$11M	$8M	101	104
FY2024	$10M	$4M	96	111
FY2023	$11M	$12M	125	125
FY2022	$9M	$8M	108	113