Food Products

1332 Nissui

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥13.8B¥10.7B¥2.8B(¥664M)¥22.6B¥11.5B(¥17.5B)¥29.3B¥10.5B¥26.7B

Retained capital Retained ¥141.1B of earnings over 2017–2026; annual owner earnings grew ¥13.1B, ¥0.09 per ¥1 retained.

Balance sheet Heavy net debt, ¥260.3B · dividend paid 10 of 10 yrs, never cut

2002 Nisshin Seifun Group

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥21.8B¥27.4B¥21.6B¥16.5B¥32.1B¥23.1B¥4.8B¥50.2B¥31.4B¥42.6B

Retained capital Retained ¥55.0B of earnings over 2017–2026; annual owner earnings grew ¥17.8B, ¥0.32 per ¥1 retained.

Balance sheet Net cash, +¥2.2B · dividend paid 10 of 10 yrs, never cut

2269 Meiji Holdings

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥33.2B¥38.9B¥44.9B¥45.9B¥60.7B¥39.2B¥16.2B¥58.0B¥16.2B(¥40.3B)

Retained capital Retained ¥292.9B of earnings over 2017–2026; annual owner earnings fell ¥27.7B, ¥-0.09 per ¥1 retained.

Balance sheet Modest net debt, ¥63.0B · dividend paid 10 of 10 yrs, never cut

2282 NH Foods

Revenue is Fresh Meats Business Division (71%), Processed Foods Business Division (36%) and Ballpark Business Division (2%).

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥115.7B

2801 Kikkoman

Revenue is led by Overseas Foods Wholesale (58%) and Overseas Foods Manufacturing and Sales (23%), with 2 more segments behind.

Owner earnings 2017–2026 ¥15.2B¥21.3B¥23.8B¥23.7B¥41.4B¥33.4B¥33.6B¥51.1B¥47.1B¥63.8B

Retained capital Retained ¥214.9B of earnings over 2017–2026; annual owner earnings grew ¥33.9B, ¥0.16 per ¥1 retained.

Balance sheet Net cash, +¥68.6B · dividend paid 10 of 10 yrs, cut at least once

2802 Ajinomoto

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2018–2026 ¥74.9B¥70.8B¥41.2B¥88.8B¥71.7B¥49.3B¥102.3B¥121.8B¥142.9B

Retained capital Paid out ¥45.1B more than it earned over 2018–2026; annual owner earnings grew ¥60.1B.

Balance sheet Meaningful net debt, ¥422.3B · dividend paid 9 of 9 yrs, cut at least once

2871 Nichirei

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥31.9B¥13.9B¥11.2B¥19.1B¥25.8B¥13.4B¥14.0B¥35.7B¥24.9B¥26.7B

Retained capital Retained ¥105.9B of earnings over 2017–2026; annual owner earnings grew ¥10.1B, ¥0.10 per ¥1 retained.

Balance sheet Modest net debt, ¥73.2B · dividend paid 10 of 10 yrs, never cut

AFRI Forafric Global PLC

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2020–2025 ($12M)($31M)($62M)$24M$22M($161K)

Retained capital not read

Balance sheet Net debt against an operating loss, $12M

BGS B&G Foods

Foods manufactures, sells and distributes a diverse portfolio of branded, high-quality, shelf-stable and frozen food and household products across the United States, Canada and Puerto Rico.

Owner earnings 2016–2026 $247M($22M)$168M$4M$255M($16M)$222M$104M$71M

Retained capital Paid out $631M more than it earned over 2016–2026; annual owner earnings grew $1M.

Balance sheet Heavy net debt, $1.9B · dividend paid 9 of 9 yrs, cut at least once

BRBR BellRing Brands Inc. Common Stock

We are a leader in the global convenient nutrition category, aiming to enhance the lives of our consumers by providing them with nutritious, great-tasting products they can enjoy throughout the day.

Owner earnings 2018–2025 $136M$95M$95M$225M$19M$214M$198M$256M

Retained capital Retained $719M of earnings over 2018–2025; annual owner earnings grew $114M, $0.16 per $1 retained.

Balance sheet Meaningful net debt, $1.0B

BRLS Borealis Foods Inc. Class A

The Borealis Foods Strategic Difference Unique Approach to the Product We developed and launched the first plant-based instant ramen meals providing 20 grams of complete protein per serving.

Owner earnings 2023–2024 ($22M)($17M)

Retained capital not read

Balance sheet Net debt against an operating loss, $8M

BYND Beyond Meat Inc.

Beyond Meat is a leading plant-based meat company offering a portfolio of revolutionary plant-based meats and other innovative plant-based food and beverage products.

Owner earnings 2017–2025 ($28M)($43M)($55M)($53M)($323M)($353M)($118M)($110M)($157M)

Retained capital not read

Balance sheet Net debt against an operating loss, $938M

CAG ConAgra Brands Inc.

Conagra Brands is a branded consumer packaged goods food company that operates in many sectors of the food industry, with a significant focus on the sale of branded, value-added consumer food products, as well as foodservice items and ingredients.

Owner earnings 2017–2026 $928M$703M$772M$1.5B$1.1B$713M$633M$1.6B$1.3B$979M

Retained capital Paid out $2.3B more than it earned over 2017–2026; annual owner earnings grew $502M.

Balance sheet Net debt against an operating loss, $7.0B · dividend paid 10 of 10 yrs, cut at least once

CPB The Campbell's Company

We are a manufacturer and marketer of high-quality, branded food and beverage products.

Owner earnings 2017–2025 $950M$898M$1.0B$1.1B$760M$939M$773M$774M$705M

Retained capital Retained $1.8B of earnings over 2017–2025; annual owner earnings fell $203M, $-0.11 per $1 retained.

Balance sheet Heavy net debt, $8.9B · buybacks at an average near $45.75 · dividend paid 9 of 9 yrs, never cut

DMC Del Monte Corporation

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $198M$56M$96M$47M$30M$14M$120M$131M$181M

Retained capital Retained $164M of earnings over 2016–2025; annual owner earnings grew $28M, $0.17 per $1 retained.

Balance sheet Heavy net debt, $689M · buybacks at an average near $43.86 · dividend paid 9 of 9 yrs, cut at least once

FLO Flowers Foods

Revenue is Branded Retail (66%) and Other (34%).

Owner earnings 2011–2026 $227M$255M$222M$196M$263M$357M$192M$220M$281M$319M

Retained capital Paid out $302M more than it earned over 2011–2026; annual owner earnings grew $39M.

Balance sheet Heavy net debt, $1.7B · buybacks at an average near $20.29 · dividend paid 10 of 10 yrs, never cut

FRPT Freshpet

We price our products to be accessible to the average consumer, providing us with broad demographic appeal and allowing us to penetrate multiple classes of retail, including grocery, mass, international, digital, pet specialty, and club.

Owner earnings 2016–2025 $3M($3M)$2M$717K$388K($29M)($78M)$18M$85M$74M

Retained capital Retained $46M of earnings over 2016–2025; annual owner earnings grew $58M, $1.27 per $1 retained.

Balance sheet Modest net debt, $119M

GIS General Mills Inc.

We are a leading global manufacturer and marketer of branded consumer foods with more than 100 brands in 100 countries across six continents.

Owner earnings 2017–2026 $1.7B$2.2B$2.3B$3.2B$2.5B$2.7B$2.2B$2.7B$2.3B$1.6B

Retained capital Paid out $926M more than it earned over 2017–2026; annual owner earnings grew $150M.

Balance sheet Heavy net debt, $13.0B · buybacks at an average near $65.32 · dividend paid 10 of 10 yrs, never cut

HRL Hormel Foods Corporation

Hormel Foods Corporation develops, processes, and distributes a wide array of food products in a variety of markets and manufactures its products through various processing facilities and trusted co-manufacturers.

Owner earnings 2016–2025 $908M$903M$1.1B$758M$922M$770M$856M$778M$1.0B$534M

Retained capital Retained $3.3B of earnings over 2016–2025; annual owner earnings fell $190M, $-0.06 per $1 retained.

Balance sheet Meaningful net debt, $2.2B · dividend paid 10 of 10 yrs, never cut

HSY The Hershey Company

Hershey is a global confectionery leader known for making more moments of goodness through chocolate, sweets, mints, and other great tasting snacks.

Owner earnings 2016–2025 $744M$992M$1.3B$1.4B$1.4B$1.8B$1.9B$1.9B$2.1B$1.8B

Retained capital Retained $2.4B of earnings over 2016–2025; annual owner earnings grew $932M, $0.40 per $1 retained.

Balance sheet Meaningful net debt, $4.3B · dividend paid 10 of 10 yrs, never cut

INGR Ingredion

Ingredion Incorporated is a leading global ingredient solutions provider that transforms grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets.

Owner earnings 2016–2025 $575M$560M$456M$460M$616M$172M($63M)$838M$1.2B$722M

Retained capital Retained $2.9B of earnings over 2016–2025; annual owner earnings grew $397M, $0.14 per $1 retained.

Balance sheet Modest net debt, $927M · dividend paid 10 of 10 yrs, never cut

JBS JBS N.V. Class A

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2023–2025 $877M$2.7B$833M

Retained capital not read

Balance sheet Meaningful net debt, $16.1B

JBSS John B. Sanfilippo & Son Inc.

We are one of the leading processors and distributors of tree nuts and peanuts in the United States, and we also manufacture and distribute a complete portfolio of private brand bars.

Owner earnings 2016–2025 $74M$42M$53M$68M$49M$86M$2M$104M$73M$4M

Retained capital Retained $85M of earnings over 2016–2025; annual owner earnings grew $4M, $0.05 per $1 retained.

Balance sheet Modest net debt, $42M · dividend paid 10 of 10 yrs, cut at least once

JJSF J&J Snack Foods

Snack foods and distributes frozen beverages which it markets nationally to the foodservice and retail supermarket industries.

Owner earnings 2016–2025 $73M$83M$77M$90M$34M$48M($27M)$109M$99M$82M

Retained capital Retained $217M of earnings over 2016–2025; annual owner earnings grew $20M, $0.09 per $1 retained.

Balance sheet Net cash, +$92M · buybacks at an average near $122 · dividend paid 10 of 10 yrs, never cut

K Kellanova

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2016–2024 $764M($98M)$958M$590M$1.5B$1.2B$968M$1.1B

Retained capital Retained $664M of earnings over 2016–2024; annual owner earnings grew $546M.

Balance sheet Meaningful net debt, $5.2B · buybacks at an average near $67.36 · dividend paid 8 of 8 yrs, never cut

KHC The Kraft Heinz Company

Kraft Heinz sells branded packaged food — ketchup and sauces, cheese, and shelf-stable grocery staples — under a stable of well-known labels. It sells mostly to grocery chains, large-format retailers, and discounters, who put the goods in front of shoppers, and earns its keep on the gap between what a shopper pays for the brand and what the food costs to make, package, and ship. The bulk of the business is in North America, with a smaller slice sold abroad.

Owner earnings 2016–2025 $1.4B($693M)$1.7B$2.8B$4.3B$4.5B$1.6B$3.0B$3.2B$3.7B

Retained capital Paid out $15.9B more than it earned over 2016–2025; annual owner earnings grew $2.4B.

Balance sheet Net debt against an operating loss, $18.6B · dividend paid 10 of 10 yrs, cut at least once

LANC Lancaster Colony

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2017–2025 $119M$130M$166M$133M$130M$56M$175M$184M$203M

Retained capital Retained $420M of earnings over 2017–2025; annual owner earnings grew $49M, $0.12 per $1 retained.

Balance sheet Net cash, debt-free, +$161M · dividend paid 9 of 9 yrs, never cut

LW Lamb Weston

Lamb Weston is a leading global producer, distributor, and marketer of value-added frozen potato products and is headquartered in Eagle, Idaho.

Owner earnings 2017–2025 $338M$338M$519M$406M$406M$227M$539M$491M$461M

Retained capital Retained $3.0B of earnings over 2017–2025; annual owner earnings grew $99M, $0.03 per $1 retained.

Balance sheet Heavy net debt, $3.7B · dividend paid 9 of 9 yrs, never cut

LWAY Lifeway Foods Inc.

Lifeway has grown to become the largest producer and marketer of kefir in the U.S. and an important player in the broader market spaces of probiotic-based products and natural, "better for you" foods.

Owner earnings 2015–2025 $5M$696K($407K)$3M$4M$4M$538K$14M$10M$7M

Retained capital Retained $30M of earnings over 2015–2025; annual owner earnings grew $8M, $0.28 per $1 retained.

Balance sheet Net cash, +$2M

MAMA Mama's Creations Inc.

Mama's Creations Inc. is a leading marketer and manufacturer of fresh deli-prepared foods, found in over 12,000 grocery, mass, club and convenience stores nationally.

Owner earnings 2012–2026 ($2M)$777K$764K$2M$3M$130K$5M$11M$4M$10M

Retained capital Retained $22M of earnings over 2012–2026; annual owner earnings grew $8M, $0.38 per $1 retained.

Balance sheet Net cash, +$14M

MDLZ Mondelez International Inc.

Mondelez makes and sells packaged snacks — chiefly biscuits and chocolate under brands like Oreo, Ritz, LU, Cadbury and Tate's — to the retailers that stock their shelves around the world, who in turn sell them to shoppers. It earns its money the way any branded-food maker does: buy commodities like cocoa, wheat and dairy, turn them into branded packages, and sell each one for more than it cost to make. The bulk of sales come from Europe and North America, with the rest of the world behind.

Owner earnings 2016–2025 $2.0B$1.6B$3.1B$3.0B$3.1B$3.2B$3.0B$3.6B$3.5B$3.2B

Retained capital Paid out $3.4B more than it earned over 2016–2025; annual owner earnings grew $1.2B.

Balance sheet Heavy net debt, $17.3B · dividend paid 10 of 10 yrs, never cut

MICC The Magnum Ice Cream Company N.V.

Revenue is Europe and ANZ (40%), Americas (35%) and AMEA (25%).

Owner earnings 2023–2025 €636M€792M€126M

Retained capital not read

Balance sheet net position not read (debt under-captured)

MKC McCormick & Company Incorporated

McCormick de Mexico is a prominent food company in Mexico, with a broad portfolio, including mayonnaise, spices, marmalades, mustard, hot sauce, and tea, sold under McCormick brands.

Owner earnings 2016–2025 $549M$690M$652M$773M$876M$642M$451M$1.0B$713M$740M

Retained capital Retained $2.8B of earnings over 2016–2025; annual owner earnings grew $200M, $0.07 per $1 retained.

Balance sheet Meaningful net debt, $3.5B · dividend paid 10 of 10 yrs, never cut

MZTI Marzetti Co.

Marzetti Company is a manufacturer and marketer of specialty food products for the retail and foodservice channels.

Owner earnings 2017–2025 $119M$130M$166M$133M$130M$56M$175M$184M$203M

Retained capital Retained $420M of earnings over 2017–2025; annual owner earnings grew $49M, $0.12 per $1 retained.

Balance sheet Net cash, debt-free, +$161M · dividend paid 9 of 9 yrs, never cut

NOMD Nomad Foods Limited

Nomad Foods Limited market leader with solid European platform and strong acquisition opportunities.

Owner earnings 2016–2025 €244M€151M€280M€307M€449M€298M€295M€423M€427M€321M

Retained capital Retained €154M of earnings over 2016–2025; annual owner earnings grew €165M.

Balance sheet Heavy net debt, €2.0B · dividend paid 2 of 10 yrs, never cut

OTLY Oatly Group AB

Revenue is Europe and International (56%), North America (29%) and Greater China (15%).

Owner earnings 2019–2025 ($47M)($57M)($241M)($318M)($218M)($154M)($36M)

Retained capital not read

Balance sheet Net debt against an operating loss, $123M

PLAG Planet Green Holdings Corp.

Planet Green is engaged in a number of diverse business activities, including consumer products, chemical products and online advertising.

Owner earnings 2016–2025 ($30M)($674K)($15M)($6M)($4M)($2M)($5M)$811K($2M)

Retained capital not read

Balance sheet Net debt against an operating loss, $5M

POST Post Holdings

We are a consumer packaged goods holding company with businesses operating in the center-of-the-store, refrigerated, foodservice and food ingredient categories.

Owner earnings 2016–2025 $381M$196M$494M$414M$393M$397M$127M$447M$502M$488M

Retained capital Retained $263M of earnings over 2016–2025; annual owner earnings grew $122M, $0.47 per $1 retained.

Balance sheet Heavy net debt, $7.3B · dividend paid 1 of 10 yrs, never cut

PPC Pilgrim's Pride Corporation

Pilgrim's Pride Corporation is primarily engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken and pork products to retailers, distributors and foodservice operators.

Owner earnings 2016–2025 $564M$529M$218M$318M$369M($55M)$183M$258M$1.5B$915M

Retained capital Retained $2.5B of earnings over 2016–2025; annual owner earnings grew $465M, $0.19 per $1 retained.

Balance sheet Modest net debt, $2.6B · dividend paid 2 of 10 yrs, cut at least once

SENEA Seneca Foods

The Company's business strategies are designed to grow its market share and enhance sales and margins.

Owner earnings 2016–2025 $29M($500K)($46M)$59M$96M$151M($6M)($254M)($120M)$298M

Retained capital Retained $245M of earnings over 2016–2025; annual owner earnings fell $19M, $-0.08 per $1 retained.

Balance sheet Heavy net debt, $423M · buybacks at an average near $5.87 · dividend paid 10 of 10 yrs, never cut

SENEB Seneca Foods Corp.

The Company's business strategies are designed to grow its market share and enhance sales and margins.

Owner earnings 2016–2025 $29M($500K)($46M)$59M$96M$151M($6M)($254M)($120M)$298M

Retained capital Retained $245M of earnings over 2016–2025; annual owner earnings fell $19M, $-0.08 per $1 retained.

Balance sheet Heavy net debt, $423M · buybacks at an average near $5.87 · dividend paid 10 of 10 yrs, never cut

SFD Smithfield Foods Inc.

Headquartered in Smithfield, Virginia, since 1936, Smithfield Foods, Inc., together with its subsidiaries, produces a wide variety of packaged meats and fresh pork products primarily in the United States.

Owner earnings 2023–2025 $335M$566M$718M

Retained capital not read

Balance sheet Modest net debt, $461M

SJM The J.M. Smucker Company

We operate principally in one industry, the manufacturing and marketing of branded food and beverage products on a worldwide basis, although the majority of our sales are in the United States.

Owner earnings 2017–2026 $867M$1.0B$935M$1.0B$1.3B$901M$970M$990M$927M$1.2B

Retained capital Paid out $2.2B more than it earned over 2017–2026; annual owner earnings grew $87M.

Balance sheet Heavy net debt, $6.5B · dividend paid 10 of 10 yrs, never cut

SMPL The Simply Good Foods Company

We develop, market and sell consists primarily of protein bars, ready-to-drink protein shakes, sweet and salty protein snacks and confectionery products marketed under the Quest, Atkins, and OWYN brand names.

Owner earnings 2018–2025 $59M$72M$57M$126M$105M$160M$210M$158M

Retained capital Retained $474M of earnings over 2018–2025; annual owner earnings grew $113M, $0.24 per $1 retained.

Balance sheet Modest net debt, $151M · buybacks at an average near $32.68

TR Tootsie Roll Industries

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2016–2025 $82M$26M$82M$80M$57M$68M$54M$76M$121M$112M

Retained capital Retained $245M of earnings over 2016–2025; annual owner earnings grew $39M, $0.16 per $1 retained.

Balance sheet Net cash, debt-free, +$177M · buybacks at an average near $34.90 · dividend paid 10 of 10 yrs, never cut

TSN Tyson Foods Inc.

Tyson raises and buys animals, then slaughters and cuts chicken, beef, and pork into the meat that fills grocery cases and feeds restaurants. It also packages branded prepared foods — nuggets, sausage, lunch meat — that carry a name and fetch a steadier price. Most of the money comes from turning live animals into boxed protein at vast scale and selling it on by the truckload to retailers and foodservice.

Owner earnings 2016–2025 $2.0B$1.9B$2.0B$1.3B$2.7B$2.6B$1.5B$423M$1.5B$1.2B

Retained capital Retained $8.3B of earnings over 2016–2025; annual owner earnings fell $948M, $-0.11 per $1 retained.

Balance sheet Heavy net debt, $7.6B · dividend paid 10 of 10 yrs, cut at least once

TWG Top Wealth Group Holding Limited

We are one of the major suppliers of caviar in Hong Kong.

Owner earnings 2021–2022 $61K($53K)

Retained capital not read

Balance sheet Net cash, debt-free, +$2M

UTZ Utz Brands

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2018–2025 $3M$8M$17M$21M$35M$9M

Retained capital Paid out $109M more than it earned over 2018–2025; annual owner earnings grew $13M.

Balance sheet Heavy net debt, $729M · dividend paid 4 of 6 yrs, never cut

VITL Vital Farms

Our eggs and butter are sourced through a distributed supply chain of small farms that uphold our high animal welfare standards and produce exceptional products.

Owner earnings 2018–2025 $10M($7M)$9M$14M($14M)$43M$56M$24M

Retained capital Retained $152M of earnings over 2018–2025; annual owner earnings grew $37M, $0.24 per $1 retained.

Balance sheet Net cash, +$44M

WYHG Wing Yip Food Holdings Group Limited

Revenue is led by Revenue from sales of cured pork sausages (40%) and Revenue from sales of snack products (35%), with 4 more lines behind.

Owner earnings 2022–2025 ($9M)$17M$2M($18M)

Retained capital Retained $44M of earnings over 2022–2025; annual owner earnings fell $3M, $-0.06 per $1 retained.

Balance sheet Net cash, +$67M