Stocks SJM Financial statements
Financial statementsJ M SMUCKER Co financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data J M SMUCKER Co 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
| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7,392 | 7,357 | 7,838 | 7,801 | 8,003 | 7,999 | 8,529 | 8,179 | 8,726 | 9,051 |
| Cost of revenue | 4,557 | 4,521 | 4,922 | 4,799 | 4,864 | 5,298 | 5,727 | 5,063 | 5,341 | 6,016 |
| Gross profit | 2,835 | 2,836 | 2,916 | 3,002 | 3,139 | 2,701 | 2,802 | 3,115 | 3,385 | 3,035 |
| Research and development | 58.1 | |||||||||
| Selling, general and administrative | 1,380 | 1,363 | 1,509 | 1,474 | 1,523 | 1,360 | 1,455 | 1,446 | 1,529 | 1,497 |
| General and administrative | 314 | 288 | 292 | 298 | 324 | 259 | 313 | 306 | 323 | 328 |
| Operating income | 1,043 | 1,044 | 929 | 1,223 | 1,387 | 1,024 | 158 | 1,306 | -674 | 360 |
| Other non-operating income | -1.1 | -8.9 | -19.1 | -7.2 | -37.8 | -19.1 | -14.7 | -25.6 | -14.4 | -41.4 |
| Pre-tax income | 878 | 861 | 702 | 1,027 | 1,172 | 844 | -9.2 | 996 | -1,047 | -62.4 |
| Income tax | 286 | -478 | 187 | 247 | 296 | 212 | 82.1 | 252 | 184 | 76.3 |
| Net income | 592 | 1,339 | 514 | 780 | 876 | 632 | -91.3 | 744 | -1,231 | -139 |
| EBITDA | 1,254 | 1,250 | 1,135 | 1,433 | 1,606 | 1,259 | 382 | 1,546 | -391 | 707 |
| EPS, basic | 5.11 | 11.79 | 4.52 | 6.84 | 7.79 | 5.84 | -0.86 | 7.14 | -11.57 | -1.30 |
| EPS, diluted | 5.10 | 11.78 | 4.52 | 6.84 | 7.79 | 5.83 | -0.86 | 7.13 | -11.57 | -1.30 |
| Shares, basic (weighted) | 116 | 113 | 113 | 113 | 112 | 108 | ||||
| Shares, diluted (weighted) | 116 | 113 | 113 | 113 | 112 | 108 | ||||
| Dividend per share | 3.00 | 3.12 | 3.40 | 3.52 | 3.60 | 3.96 | 4.08 | 4.24 | 4.32 | 4.40 |
Balance sheet
| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 167 | 193 | 101 | 391 | 334 | 170 | 656 | 62 | 69.9 | 58.6 |
| Receivables | 439 | 386 | 504 | 551 | 534 | 525 | 598 | 737 | 619 | 656 |
| Inventory | 906 | 854 | 910 | 895 | 960 | 1,089 | 1,010 | 1,039 | 1,209 | 1,127 |
| Other current assets | 131 | 122 | 110 | 135 | 114 | 226 | 108 | 130 | 248 | 132 |
| Total current assets | 1,642 | 1,555 | 1,625 | 1,973 | 1,942 | 2,010 | 2,859 | 1,967 | 2,147 | 1,973 |
| Property, plant and equipment | 1,618 | 1,729 | 1,912 | 1,969 | 2,002 | 2,132 | 2,240 | 3,073 | 3,080 | 3,032 |
| Lease right-of-use assets | 0 | 148 | 142 | 107 | 103 | 175 | 115 | 149 | ||
| Goodwill | 6,077 | 5,942 | 6,311 | 6,305 | 6,024 | 6,016 | 5,217 | 7,650 | 5,710 | 5,205 |
| Intangible assets | 6,150 | 5,917 | 6,719 | 6,429 | 6,041 | 5,652 | 4,429 | 7,255 | 6,347 | 5,684 |
| Other non-current assets | 12,380 | 12,017 | 13,174 | 13,028 | 12,341 | 11,913 | 9,893 | 15,234 | 12,337 | 11,214 |
| Total assets | 15,640 | 15,301 | 16,711 | 16,970 | 16,284 | 16,055 | 14,991 | 20,274 | 17,563 | 16,219 |
| Accounts payable | 477 | 512 | 591 | 782 | 1,034 | 1,193 | 1,393 | 1,336 | 1,289 | 1,175 |
| Accrued liabilities | 88.2 | 79.8 | 85 | 99.8 | 140 | 91.8 | 113 | 152 | 118 | 115 |
| Short-term debt | 499 | 0 | 799 | 0 | 1,153 | 0 | 0 | 999 | 0 | 150 |
| Total current liabilities | 1,833 | 1,034 | 2,342 | 1,587 | 2,868 | 1,953 | 1,987 | 3,761 | 2,652 | 2,538 |
| Long-term debt | 4,446 | 4,688 | 4,686 | 5,373 | 3,517 | 4,311 | 4,314 | 6,774 | 7,037 | 6,393 |
| Lease liabilities | 0 | 120 | 113 | 76.2 | 77.2 | 144 | 84.1 | 125 | ||
| Other non-current liabilities | 88 | 105 | 110 | 98.2 | 96.8 | 80.4 | 72.4 | 65.7 | 60.4 | 160 |
| Total liabilities | 8,790 | 7,410 | 8,741 | 8,780 | 8,159 | 7,915 | 7,701 | 12,580 | 11,481 | 10,676 |
| Total debt | 4,945 | 4,688 | 5,485 | 5,373 | 4,670 | 4,311 | 4,314 | 7,773 | 7,037 | 6,543 |
| Paid-in capital | 5,725 | 5,740 | 5,756 | 5,794 | 5,528 | 5,458 | 5,372 | 5,714 | 5,739 | 5,753 |
| Retained earnings | 1,241 | 2,239 | 2,368 | 2,747 | 2,848 | 2,893 | 2,132 | 2,188 | 502 | -101 |
| Other comprehensive income | -143 | -117 | -182 | -379 | -277 | -237 | -239 | -235 | -185 | -134 |
| Shareholders' equity | 6,850 | 7,891 | 7,971 | 8,191 | 8,125 | 8,140 | 7,291 | 7,694 | 6,083 | 5,544 |
| Total equity | 6,850 | 7,891 | 7,971 | 8,191 | 8,125 | 8,140 | 7,291 | 7,694 | 6,083 | 5,544 |
| Total liabilities and equity | 15,640 | 15,301 | 16,711 | 16,970 | 16,284 | 16,055 | 14,991 | 20,274 | 17,563 | 16,219 |
| Shares outstanding | 113 | 114 | 114 | 114 | 108 | 106 | 104 | 106 | 106 | 107 |
Cash flow statement
| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 592 | 1,339 | 514 | 780 | 876 | 632 | -91.3 | 744 | -1,231 | -139 |
| Depreciation and amortization | 212 | 206 | 206 | 210 | 220 | 236 | 224 | 240 | 283 | 346 |
| Stock-based compensation | 22 | 15.4 | 20.7 | 26.8 | 28.7 | 22.3 | 25.6 | 23.9 | 29.9 | 23.6 |
| Deferred income tax | -79.4 | -803 | -93.5 | 7.6 | -13.9 | -38.1 | -191 | -40.5 | -108 | -103 |
| Change in receivables | 8.9 | 54.7 | -53 | -49.1 | 22 | 7.5 | -74.8 | 41.5 | 117 | -36.9 |
| Change in inventory | -10.4 | 54 | -5.3 | 12.6 | -110 | -179 | -135 | 2.9 | -181 | 83.3 |
| Change in payables | 2.1 | 19 | 43.7 | 182 | 261 | 150 | 152 | -81.7 | -36.5 | -112 |
| Cash from operations | 1,059 | 1,218 | 1,141 | 1,255 | 1,565 | 1,136 | 1,194 | 1,229 | 1,210 | 1,474 |
| Capital expenditures | -192 | -322 | -360 | -269 | -307 | -418 | -477 | -587 | -394 | -317 |
| Acquisitions | 0 | 0 | -1,903 | 0 | 0 | 0 | 0 | -3,921 | 0 | 0 |
| Cash from investing | -190 | -278 | -1,924 | -272 | 311 | -356 | 256 | -3,965 | -100 | -259 |
| Debt issued | 0 | 800 | 1,500 | 798 | 0 | 798 | 0 | 4,285 | 650 | 0 |
| Debt repaid | -200 | -1,050 | -700 | -900 | -700 | -1,157 | 0 | -1,791 | -1,300 | -500 |
| Stock issued | 3.9 | 0 | 7.1 | 4.5 | 16.3 | 21.6 | 3.2 | 1.9 | ||
| Share buybacks | -438 | -7 | -5.4 | -4.2 | -678 | -270 | -368 | -373 | -3.3 | -5.6 |
| Dividends paid | -339 | -350 | -378 | -397 | -403 | -418 | -430 | -438 | -455 | -465 |
| Cash from financing | -806 | -922 | 699 | -689 | -1,944 | -945 | -965 | 2,142 | -1,103 | -1,227 |
| Exchange rate effect | -6.2 | 7.4 | -7.3 | -4.8 | 11 | -0.7 | -0.1 | -0.2 | 0.5 | 0.4 |
| Net change in cash | 57 | 25.8 | -91.3 | 290 | -56.8 | -164 | 486 | -594 | 7.9 | -11.3 |
| Free cash flow | 867 | 896 | 781 | 986 | 1,258 | 719 | 717 | 643 | 817 | 1,156 |
| Interest paid | 162 | 159 | 213 | 193 | 170 | 155 | 153 | 171 | 411 | 383 |
| Income taxes paid | 367 | 337 | 251 | 227 | 333 | 233 | 255 | 317 | 332 | 42.1 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 38.7% | Gross profit / revenue. |
| Operating margin | 9.0% | Operating income / revenue. |
| EBITDA margin | 12.6% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 4.6% | Pre-tax income / revenue. |
| Net margin | 2.5% | Net income / revenue. |
| FCF margin | 17.3% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 20.9% | Cash from operations / revenue. |
| Effective tax rate | 45.6% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 4.0% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 1.4% | Net income / average total assets. |
| Return on invested capital (ROIC) | 3.7% | 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 | 16.7% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 0.3% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 3.5% | Capital expenditures / revenue. |
| D&A / revenue | 3.6% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 3.7% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 2.0% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 2.5% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | -10.3% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 2.7% | 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 | -0.7% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income CAGR, 3y | 31.8% | 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 | -23.6% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA CAGR, 3y | 22.8% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | -15.1% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 21.7% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 7.3% | 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 | -1.2% | 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 | 41.6% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 17.3% | 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 | -1.7% | 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 | 1.9% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 2.5% | 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 | 4.1% | 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 | -8.9% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -8.7% | 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 | -7.4% | 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 | -7.7% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 2.7% | 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 | -0.1% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 0.87x | Current assets / current liabilities. |
| Quick ratio | 0.29x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.02x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 1.14x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 40.4% | Total debt / total assets. |
| Liabilities / assets | 64.5% | Total liabilities / total assets. |
| Net debt | $6.50B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 5.62x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Working capital | -$297.6M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 66.8% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$5.07B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.57x | Revenue / average total assets. |
| Fixed asset turnover | 3.04x | Revenue / average property, plant and equipment. |
| Inventory turnover | 4.73x | Cost of revenue / average inventory. |
| Days inventory | 77 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 14.9x | Revenue / average receivables. |
| Days sales outstanding | 25 days | 365 x average receivables / revenue. |
| Days payables | 78 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 23 days | Days inventory + days sales outstanding - days payables. |
| FCF conversion | 692.1% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 16.8% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| Book value per share | $53.85 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | -$47.51 | Tangible book value / shares outstanding. |
| Cash per share | $0.40 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 203.5% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 29.4% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 0.4% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $12.93B | Share price x shares outstanding. |
| Enterprise value | $19.43B | Market cap + total debt - cash - short-term investments. |
| P/E | 56.4x | Market cap / net income. Only when net income is positive. |
| P/S | 1.41x | Market cap / revenue. |
| P/B | 2.25x | Market cap / shareholders' equity. Only when equity is positive. |
| P/FCF | 8.14x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 6.77x | Market cap / cash from operations, when positive. |
| EV/Sales | 2.12x | Enterprise value / revenue. |
| EV/EBIT | 23.5x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 16.8x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 12.2x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 12.3% | Free cash flow / market cap. |
| Earnings yield | 1.8% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 3.6% | Dividends paid over the period / market cap. |
| Shareholder yield | 3.7% | (Dividends paid + share buybacks) / market cap. |
What was J M SMUCKER Co's revenue in fiscal 2026?
J M SMUCKER Co reported revenue of $9.05B for fiscal 2026, 3.7% higher than the year before.
Was J M SMUCKER Co profitable in fiscal 2026?
No. It reported a net loss of $138.7M.
How much free cash flow did J M SMUCKER Co generate in fiscal 2026?
Cash from operations of $1.47B minus capital expenditures of $317.4M left free cash flow of $1.16B.