SEABOARD CORP /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SEABOARD CORP /DE/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,379	5,809	6,583	6,840	7,126	9,229	11,243	9,562	9,100	9,746
Cost of revenue	4,882	5,260	6,033	6,394	6,552	8,411	10,213	9,246	8,524	9,053
Gross profit	497	549	550	446	574	818	1,030	316	576	693
Research and development			77	143	134	191	210	361	113	64
Selling, general and administrative	267	309	314	336	329	360	373	403	420	454
Operating income	230	240	236	110	245	458	657	-87	156	239
Interest expense	29	29	44	36	19	13	40	58	72	70
Interest income					22	22	32	62	68	74
Other non-operating income	154	187	-225	180	41	178	-78	147	77	103
Pre-tax income	384	427	11	290	286	636	579	107	246	410
Income tax	70	181	8	3	3	65	-3	-120	156	-91
Net income to minority interests	2	-1	0	0	0	1	2	1	2	5
Net income	312	247	3	287	283	570	580	226	88	496
EBITDA	332	358	370	248	417	636	892	196	467	557
EPS, basic	266.50	211.01	2.26	246.62	244.21	490.36	499.66	202.21	90.62	514.46
EPS, diluted	266.50	211.01	2.26	246.62	244.21	490.36	499.66	202.21	90.62	514.46
Shares, basic (weighted)	1.17	1.17	1.17	1.17	1.16	1.16	1.16	1.12	0.97	0.96
Shares, diluted (weighted)	1.17	1.17	1.17	1.17	1.16	1.16	1.16	1.12	0.97	0.96
Dividend per share		6.00	6.00	9.00	9.00	9.00	9.00	9.00	9.00	9.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	77	116	194	125	76	75	199	56	98	178
Short-term investments	1,277	1,576	1,336	1,434	1,465	1,416	1,086	973	1,075	1,052
Receivables	627	482	551	646	532	762	923	749	791	756
Inventory	762	780	815	1,086	1,178	1,663	1,670	1,462	1,408	1,513
Other current assets	61	80	76	75	103	131	139	123	146	131
Total current assets	2,848	3,128	3,027	3,414	3,354	4,047	4,017	3,363	3,518	3,630
Property, plant and equipment	1,006	1,077	1,160	1,431	1,582	1,892	2,246	2,410	2,560	2,820
Lease right-of-use assets				446	390	496	445	394	382	362
Goodwill	19	22	167	164	167	163	154	160	164	168
Intangible assets	3	2	69	58	54	45	31	26	19
Long-term investments					87	156	185	207	141	208
Other non-current assets	109	81	80	101	154	209	239	283	93	118
Total assets	4,755	5,161	5,307	6,349	6,399	7,503	7,902	7,566	7,665	8,246
Accounts payable	194	256	238	368	276	404	429	400	418	397
Accrued liabilities	118	118	123	131	110	143	158	143	128	122
Deferred revenue	66	47	70	80	89	108	70	66	83	77
Short-term debt	17	53	39	62	55	8
Total current liabilities	785	818	784	1,189	1,076	1,552	1,529	1,335	1,407	1,510
Long-term debt	499	482	739	730	707	708	702	997	987	977
Lease liabilities				379	318	360	318	304	276	275
Other non-current liabilities	98	102	119	136	188	219	268	190	147	147
Total liabilities	1,580	1,753	1,935	2,748	2,571	3,069	2,888	2,932	2,916	3,011
Total debt	499	482	778	792	762	716	702	997	987	977
Retained earnings	3,465	3,750	3,727	4,030	4,287	4,847	5,417	5,025	5,104	5,552
Other comprehensive income	-304	-354	-410	-440	-471	-432	-422	-410	-376	-341
Shareholders' equity	3,162	3,397	3,318	3,591	3,817	4,416	4,996	4,616	4,729	5,212
Minority interests	13	11	11	10	11	18	18	18	20	23
Total equity	3,175	3,408	3,372	3,601	3,828	4,434	5,014	4,634	4,749	5,235
Total liabilities and equity	4,755	5,161	5,307	6,349	6,399	7,503	7,902	7,566	7,665	8,246
Shares outstanding	1.17	1.17	1.17	1.16	1.16	1.16	1.16	0.97	0.97	0.96

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	314	246	3	287	283	571	582	227	90	501
Depreciation and amortization	102	118	134	138	172	178	235	283	311	318
Deferred income tax	47	39	-13	-53	11	-12	-112	-154	130	-76
Change in receivables	18	-12	-58	-84	104	-228	-188	176	-46	26
Change in inventory	6	-21	-61	-158	-99	-462	-20	200	61	-93
Change in payables			-25	114	-99	117	26	-32	-5	-42
Cash from operations	427	245	238	171	291	92	676	710	519	568
Capital expenditures	-158	-173	-162	-349	-259	-460	-474	-506	-511	-562
Acquisitions	-219	-54	-264	-7	-27	-7	-58
Purchases of investments	-691	-767	-1,130	-1,026	-739	-2,031	-567	-2,519	-1,366	-2,851
Cash from investing	-374	-266	-349	-253	-262	-302	-437	-273	-484	-543
Debt issued	3	38	251	43	37		1	310
Debt repaid	-5	-17	-46	-35	-69	-55	-8	-8	-10	-11
Share buybacks			-5	-17	-13			-600	-8	-39
Dividends paid		-7	-7	-10	-10	-10	-10	-10	-9	-9
Cash from financing	-27	58	190	11	-82	213	-116	-581	12	44
Exchange rate effect	1	2	-1	2	4	-4
Net change in cash	27	39	78	-69	-49	-1	124	-143	42	80
Free cash flow	269	72	76	-178	32	-368	202	204	8	6
Interest paid	29	30	43	36	16	10	35	56	57	75
Income taxes paid	31	32	35	31	55	104	101	47	40	-6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 4, 2026; growth uses fiscal years. Valuation uses the share price of $3,969.18 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	8.1%	Gross profit / revenue.
Operating margin	3.4%	Operating income / revenue.
EBITDA margin	6.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.9%	Pre-tax income / revenue.
Net margin	6.2%	Net income / revenue.
FCF margin	-0.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.6%	Cash from operations / revenue.
Effective tax rate	-5.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.3%	Net income / average total assets.
Return on invested capital (ROIC)	4.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	4.7%	Selling, general and administrative expense / revenue.
Capex / revenue	4.9%	Capital expenditures / revenue.
D&A / revenue	3.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	20.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-12.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	53.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-28.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-0.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	19.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-14.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	463.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-5.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	11.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	467.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	1.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	16.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	9.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-25.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-69.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-28.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.40x	Current assets / current liabilities.
Quick ratio	1.25x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.72x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.18x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	11.2%	Total debt / total assets.
Liabilities / assets	36.5%	Total liabilities / total assets.
Net debt	-$235.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.35x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.79x	Operating income / interest expense.
Working capital	$2.36B	Current assets - current liabilities.
Goodwill and intangibles / assets	1.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$5.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.18x	Revenue / average total assets.
Fixed asset turnover	3.58x	Revenue / average property, plant and equipment.
Inventory turnover	5.23x	Cost of revenue / average inventory.
Days inventory	70 days	365 x average inventory / cost of revenue.
Receivables turnover	11.5x	Revenue / average receivables.
Days sales outstanding	32 days	365 x average receivables / revenue.
Days payables	16 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	86 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-3.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	104.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$661.94	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$10,725.00	Revenue / diluted weighted shares.
FCF per share	-$24.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$498.02	Cash from operations / diluted weighted shares.
Book value per share	$5,728.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5,554.00	Tangible book value / shares outstanding.
Cash per share	$1,260.00	(Cash + short-term investments) / shares outstanding.
Payout ratio	1.4%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.80B	Share price x shares outstanding.
Enterprise value	$3.57B	Market cap + total debt - cash - short-term investments.
P/E	6.00x	Market cap / net income. Only when net income is positive.
P/S	0.37x	Market cap / revenue.
P/B	0.69x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.71x	Market cap / tangible book value, when positive.
P/OCF	7.97x	Market cap / cash from operations, when positive.
EV/Sales	0.35x	Enterprise value / revenue.
EV/EBIT	10.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.32x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.6%	Free cash flow / market cap.
Earnings yield	16.7%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	0.2%	(Dividends paid + share buybacks) / market cap.
PEG	6.13x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was SEABOARD CORP /DE/'s revenue in fiscal 2025?

SEABOARD CORP /DE/ reported revenue of $9.75B for fiscal 2025, 7.1% higher than the year before.

Was SEABOARD CORP /DE/ profitable in fiscal 2025?

Yes. Net income was $496.0M, a net margin of 5.1%.

How much free cash flow did SEABOARD CORP /DE/ generate in fiscal 2025?

Cash from operations of $568.0M minus capital expenditures of $562.0M left free cash flow of $6.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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