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Hormel Foods (HRL) stock

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NYSE: HRL NYSE Packaged Foods & Meats Next results ~November 19, 2026

C+ Fundamentals grade

Hormel Foods is a US-listed company in the packaged foods & meats industry. Its financial year ends in October.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$20

Cash-flow model

Base case. Range ~$14–$28 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 5% above our base value.

Price used: $21.25, November 3, 2026

Hormel Foods valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Hormel Foods files

Where Hormel Foods stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $12.1bn, up 0.7% on a year earlier, slower than 2.5% a quarter earlier. Free-cash-flow margin rose to 6.4% from 5.2% a year earlier. Operating margin narrowed to 4.7% from 8.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 5 of our 6 financial-health checks. Our cash-flow model value is $19.89 a share, against a share price of $20.55. At that price, our model says the market is pricing in about 2.5% a year of cash-flow growth for five years, close to the 1.3% a year revenue growth it has delivered.

Source: 10-Q filed August 27, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 19, 2026 (estimated)

Hormel Foods's trailing-twelve-month revenue grew 0.7% year on year, with a free-cash-flow margin of 6.4%. Where it stands out: stock pay as % of revenue of 0.2% ranks 5 of 39 packaged foods & meats companies we cover.

Our discounted-cash-flow model values the business at ~$20 per share in the base case (~$14–$28 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 24.4% while net income fell 54.6%: a 79pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Margins narrowing. Operating margin is down 3.7 points on a year ago.
  • Below peers: gross margin. Gross margin of 15.7% ranks 34 of 43 packaged foods & meats companies we cover (median 25.6%).

Latest results: FY2026 Q3

Filed August 27, 2026
Earnings per share
$0.37 against an average estimate of $0.35: beat by 4.6%
Revenue
$2.96bn, down 2.4% on a year earlier
Share reaction
-9.0% in the first session after the results on August 27, 2026, against +0.4% for the S&P 500
Guidance given
net sales $12.1bn to $12.2bn (fiscal 2026); organic net sales growth growth 1% to 2% (fiscal 2026)
Next report
August 27, 2026; average EPS estimate $0.37

Hormel Foods' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.0%
  • 1 week+1.8%
  • 1 month+6.5%
  • This year-4.4%
  • 1 year+4.4%
  • 5 years-41.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$12.1B
Operating margin
4.7%
Net margin
2.8%
EPS (TTM, diluted)
$0.62

Growth

Revenue growth
+0.7%
Change in growth rate
−1.7 pts
Share count change
+0.1%

Cash

Free cash flow (TTM)
$781M
FCF margin
6.4%
Stock pay % of revenue
0.2%

Earnings

Last results
August 27, 2026
Next results (est.)
November 19, 2026

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Leadership
  4. Leadership
  5. Announcement
  6. Announcement
  7. Leadership
  8. Announcement
  9. Deal
  10. Announcement
  11. Announcement
  12. Dividend
  13. Announcement
  14. Results
  15. Guidance
  16. Leadership
  17. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Hormel Foods valuation models and calculator

What the price is pricing in

The share price implies about 2.6% a year of cash-flow growth for five years.That is close to the 1.3% a year revenue growth Hormel Foods has delivered.

  • Priced in2.6%
  • Last 12 months0.7%
  • 3 years a year-0.1%
  • 5 years a year1.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($21.25, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$20
Price used
$21.25close November 3, 2026
Implied change
▼ 5%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Hormel Foods's free cash flow after stock-based pay with after-tax interest added back ($814M, FY2026 Q3 TTM), growing 1.5% and 1.9% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$14–~$28 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Hormel Foods's free cash flow after stock-based pay ( $814M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Hormel Foods as an operating company, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.4 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$20 ~$14–$28 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$15 ~$16–$27 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$19 ~$14–$27 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$22 ~$19–$28 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$20 ~$15–$22 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Hormel Foods with Packaged Foods & Meats in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +40%
  • Free-cash-flow margin 1 point lower ▼ −17%
  • Last year's free-cash-flow margin change, if it persists ▲ +27%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $17$25$35$48$66$88
8.5% $12$18$25$35$47$63
10% $9$13$19$26$36$48

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$28.82$23.38$32.34$32.51$40.55$35.34$40.06$27.55$28.24$22.58$21.47
Market value$15.6bn$12.6bn$17.6bn$17.7bn$22.2bn$19.4bn$22.0bn$15.1bn$15.5bn$12.4bn$11.8bn
+ Net debt (− = net cash)−$165m−$194m$166m−$423m−$411m$2.7bn$2.3bn$2.6bn$2.1bn$2.2bn$2.0bn
Enterprise value$15.5bn$12.4bn$17.8bn$17.3bn$21.8bn$22.1bn$24.3bn$17.7bn$17.6bn$14.6bn$13.8bn
Multiples
Price / sales 1.6x1.4x1.8x1.9x2.3x1.7x1.8x1.2x1.3x1.0x1.0x
Price / earnings 17.6x14.9x17.4x18.1x24.4x21.3x22.0x19.1x19.3x26.0x34.5x
Price / free cash flow 19.9x15.5x20.6x28.2x29.1x25.2x25.7x19.4x15.3x23.3x15.1x
EV / EBITDA 10.6x8.8x13.2x12.7x16.7x16.6x15.7x13.4x13.3x14.9x16.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

64 /100

Moderate moat

How hard Hormel Foods's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 17 / 20

    Cash operating profit has been a median 13.0% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 17.3%, moving by 2.1 percentage points (standard deviation) across 10 years.

  • Durability 9 / 20

    Operating margin has been a median 10.2%; its worst year was 4.7%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 7.8% of revenue.

  • Discipline 17 / 20

    The diluted share count rose 0.6% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.48 +8% $12.1bn +0%
Next $1.57 +6% $12.4bn +2%

Next year's EPS estimate has moved +0.4% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.6% on 90 days ago. In the last 30 days, 0 analysts raised Hormel Foods's forecast and 1 cut it.

Consensus EPS forecast Hormel Foods, last 90 days
$1.45 $1.50 $1.55 $1.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.49 Current fiscal year, 60 days ago: $1.50 Current fiscal year, 30 days ago: $1.49 Current fiscal year, 7 days ago: $1.48 Current fiscal year, Now: $1.48 $1.48 Next fiscal year, 90 days ago: $1.56 Next fiscal year, 60 days ago: $1.56 Next fiscal year, 30 days ago: $1.55 Next fiscal year, 7 days ago: $1.57 Next fiscal year, Now: $1.57 $1.57

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.49$1.56
60 days ago $1.50$1.56
30 days ago $1.49$1.55
7 days ago $1.48$1.57
Now $1.48$1.57

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.35 $0.37 +4.6%
Apr 2026 $0.35 $0.40 +12.9%
Jan 2026 $0.32 $0.34 +6.1%
Oct 2025 $0.30 $0.32 +6.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 27, 2026
  • Net sales fiscal 2026 $12.1bn to $12.2bn GAAP
    “Expects net sales to be in the range of $12.1 billion to $12.2 billion, reflecting organic net sales 1 growth of 1% to 2%” source
  • Organic net sales growth fiscal 2026 1% growth to 2% growth Non-GAAP
    “Expects net sales to be in the range of $12.1 billion to $12.2 billion, reflecting organic net sales 1 growth of 1% to 2%” source
  • Diluted earnings per share fiscal 2026 $1.06 to $1.12 GAAP
    “Updates diluted earnings per share guidance to be in the range of $1.06 to $1.12” source
  • Adjusted diluted earnings per share fiscal 2026 $1.45 to $1.51 Non-GAAP Raised
    “Raises adjusted diluted earnings per share 1 guidance to be in the range of $1.45 to $1.51, reflecting growth of 6% to 10%” source
  • Adjusted diluted earnings per share growth fiscal 2026 6% growth to 10% growth Non-GAAP Raised
    “Raises adjusted diluted earnings per share 1 guidance to be in the range of $1.45 to $1.51, reflecting growth of 6% to 10%” source
  • Operating income fiscal 2026 $0.83bn to $0.87bn GAAP
    “Updates operating income guidance to be in the range of $0.83 billion to $0.87 billion, which includes the estimated loss related to the Brazil divestiture, a non-cash impairment charge related to a minority investment in Indonesia, and a litigation settlement” source
Show 4 more items
  • Adjusted operating income fiscal 2026 $1.08bn to $1.12bn Non-GAAP Raised
    “Raises adjusted operating income 1 guidance to be in the range of $1.08 billion to $1.12 billion, reflecting growth of 6% to 10%” source
  • Adjusted operating income growth fiscal 2026 6% growth to 10% growth Non-GAAP Raised
    “Raises adjusted operating income 1 guidance to be in the range of $1.08 billion to $1.12 billion, reflecting growth of 6% to 10%” source
  • Operating income (GAAP) fiscal 2026 $826m to $869m GAAP
    “Operating income (GAAP) in the range of $826 million to $869 million” source
  • Adjusted operating income (non-GAAP) fiscal 2026 $1,075m to $1,115m Non-GAAP
    “Resulting in an adjusted operating income range (non-GAAP) of $1,075 million to $1,115 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Hormel Foods's revenue by +1.5% next year and +1.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.2%, weight 54%) , management guidance (+1.4%, weight 20%) and the company's own record (+2.0%, weight 26%) . How the weights are set.

Analyst recommendations

10 analysts, Oct 2026
Buy330%
Hold770%
Sell00%

Monthly trend

  1. Oct 202621710
  2. Sep 202621710
  3. Aug 202621710
  4. Jul 202611810

Counts of recommendations published by analysts covering Hormel Foods, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.6%
of tradable shares
Days to cover
3.97
at average volume
Short interest, 1 month
+7%
to October 15, 2026
Held by institutions
91%
of shares
Held by insiders
0.5%
of shares
Employees
20,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +5.0%

$20.45 on October 31, 2025 to $21.47

ThenNowEffect
Revenue (last 12 months) $12.1bn $12.1bn +0.7%
Net margin 6.3% 2.8% −54.9%
P/E multiple 14.9x 34.5x +131.4%
Share count 550m 551m −0.1%

Biggest factor: p/e multiple.

Last 3 years −25.6%

$28.84 on November 3, 2023 to $21.47

ThenNowEffect
Revenue (last 12 months) $12.2bn $12.1bn −0.4%
Net margin 7.2% 2.8% −60.8%
P/E multiple 18.1x 34.5x +91.1%
Share count 549m 551m −0.3%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HRL+7%−5%−28%+1%−21%−4%
Industry peers (median)+9%−3%−4%−2%−16%−16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HRL42%58%42%42%33%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HRL−19%−19%−33%−19%−31%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 59% from April 21, 2022 to October 9, 2026. Getting back needed a 145% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$18.90 – $25.80
From 52-week high
−16.8%
vs 50-day average
+4.5%
vs 200-day average
−3.4%
Volatility (1 year)
28%
Beta vs S&P 500
-0.21

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±5.9%
After a week
6 up, 6 down
typical move ±6.4%
After a month
3 up, 9 down
typical move ±8.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 27, 2026 −9.0% +0.4% −8.6% −15.8%
May 28, 2026 +10.8% +0.8% +11.1% +25.5%
February 26, 2026 +1.1% −1.0% −4.4% −8.9%
February 18, 2026 +4.7% +0.2% +8.0% −4.6%
December 4, 2025 +4.6% +0.3% +1.9% −1.8%
October 29, 2025 −10.0% −1.1% −8.9% −1.9%
August 28, 2025 −12.3% −0.2% −11.6% −15.1%
May 29, 2025 +2.1% +0.3% +2.2% +0.7%
February 27, 2025 −0.3% −0.1% +0.9% +5.7%
December 4, 2024 +3.3% +0.5% +4.1% −3.6%
September 4, 2024 −3.1% −0.4% −5.4% −6.1%
May 30, 2024 −9.1% +0.2% −9.4% −10.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Hormel Foods’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.06× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

HRL Hormel Foods Grade C+ $21.28

Own 100 shares, sell the $23.00 call expiring December 18, 2026 (45 days) for $0.35 a share — $35.00 per contract.

Bid $0.35, ask $0.40, quoted Tue 3 Nov, 14:29 New York time with HRL at $21.28. Option prices move with the shares: check the live chain at your broker before trading.

  • If HRL ends below $23.00: you keep your shares and the $35.00 — 1.6% extra on the position, 13.3% a year at that pace.
  • If it ends above $23.00: your shares are sold at $23.00, a total return of 9.8% including the premium — at or above our value of ~$20.
$208 $0 −$419 Our value $20.00 Break-even $20.92 Price $21.28
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$35.00
Annualised
13.3%
Break-even
$20.92
Max gain
$207.5
Chance of selling
~28%

Results are expected around November 19, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $20.00 put and sell the $23.00 call, both expiring December 18, 2026 (45 days).

  • Net cost of $0.10 a share ($10.00 per contract of 100 shares).
  • Worst case at expiry: -6.5%, if the shares fall below $20.00 (-6.0% from today).
  • Best case at expiry: +7.6%, if the shares rise above $23.00 (+8.1%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $20.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Hormel Foods in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Hormel Foods
$11.9B $12B $12.1B $12.2B $12.3B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $12.1B Revenue (TTM), FY24 Q1: $12.1B Revenue (TTM), FY24 Q2: $12B Revenue (TTM), FY24 Q3: $12B Revenue (TTM), FY24 Q4: $11.9B Revenue (TTM), FY25 Q1: $11.9B Revenue (TTM), FY25 Q2: $11.9B Revenue (TTM), FY25 Q3: $12.1B Revenue (TTM), FY25 Q4: $12.1B Revenue (TTM), FY26 Q1: $12.1B Revenue (TTM), FY26 Q2: $12.2B Revenue (TTM), FY26 Q3: $12.1B $12.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $12.1B
FY24 Q1 $12.1B
FY24 Q2 $12B
FY24 Q3 $12B
FY24 Q4 $11.9B
FY25 Q1 $11.9B
FY25 Q2 $11.9B
FY25 Q3 $12.1B
FY25 Q4 $12.1B
FY26 Q1 $12.1B
FY26 Q2 $12.2B
FY26 Q3 $12.1B
Revenue growth, TTM YoY Hormel Foods
-4% -2% 0% 2% 4% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -2.8% Revenue growth, TTM YoY, FY24 Q1: -2.0% Revenue growth, TTM YoY, FY24 Q2: -1.8% Revenue growth, TTM YoY, FY24 Q3: -1.8% Revenue growth, TTM YoY, FY24 Q4: -1.6% Revenue growth, TTM YoY, FY25 Q1: -1.8% Revenue growth, TTM YoY, FY25 Q2: -1.0% Revenue growth, TTM YoY, FY25 Q3: 0.6% Revenue growth, TTM YoY, FY25 Q4: 1.6% Revenue growth, TTM YoY, FY26 Q1: 1.9% Revenue growth, TTM YoY, FY26 Q2: 2.5% Revenue growth, TTM YoY, FY26 Q3: 0.7% 0.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -2.8%
FY24 Q1 -2.0%
FY24 Q2 -1.8%
FY24 Q3 -1.8%
FY24 Q4 -1.6%
FY25 Q1 -1.8%
FY25 Q2 -1.0%
FY25 Q3 0.6%
FY25 Q4 1.6%
FY26 Q1 1.9%
FY26 Q2 2.5%
FY26 Q3 0.7%
Operating margin (TTM) Hormel Foods
4% 6% 8% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 8.9% Operating margin (TTM), FY24 Q1: 8.8% Operating margin (TTM), FY24 Q2: 8.5% Operating margin (TTM), FY24 Q3: 8.7% Operating margin (TTM), FY24 Q4: 9.0% Operating margin (TTM), FY25 Q1: 8.5% Operating margin (TTM), FY25 Q2: 8.5% Operating margin (TTM), FY25 Q3: 8.4% Operating margin (TTM), FY25 Q4: 5.9% Operating margin (TTM), FY26 Q1: 6.0% Operating margin (TTM), FY26 Q2: 5.8% Operating margin (TTM), FY26 Q3: 4.7% 4.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 8.9%
FY24 Q1 8.8%
FY24 Q2 8.5%
FY24 Q3 8.7%
FY24 Q4 9.0%
FY25 Q1 8.5%
FY25 Q2 8.5%
FY25 Q3 8.4%
FY25 Q4 5.9%
FY26 Q1 6.0%
FY26 Q2 5.8%
FY26 Q3 4.7%
FCF margin (TTM) Hormel Foods
4% 6% 8% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 6.4% FCF margin (TTM), FY24 Q1: 8.0% FCF margin (TTM), FY24 Q2: 8.2% FCF margin (TTM), FY24 Q3: 7.5% FCF margin (TTM), FY24 Q4: 8.5% FCF margin (TTM), FY25 Q1: 7.5% FCF margin (TTM), FY25 Q2: 5.8% FCF margin (TTM), FY25 Q3: 5.2% FCF margin (TTM), FY25 Q4: 4.4% FCF margin (TTM), FY26 Q1: 4.8% FCF margin (TTM), FY26 Q2: 5.7% FCF margin (TTM), FY26 Q3: 6.4% 6.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 6.4%
FY24 Q1 8.0%
FY24 Q2 8.2%
FY24 Q3 7.5%
FY24 Q4 8.5%
FY25 Q1 7.5%
FY25 Q2 5.8%
FY25 Q3 5.2%
FY25 Q4 4.4%
FY26 Q1 4.8%
FY26 Q2 5.7%
FY26 Q3 6.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Hormel Foods took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $12.1B
  2. Cost of revenue $10.2B · 84.4%
  3. Gross profit $1.9B · 15.6%
  4. Selling, general and admin $997M · 8.2%
  5. Other operating costs $141M · 1.2%
  6. Operating income $719M · 5.9%
  7. Income tax $186M · 1.5%
  8. Net income $478M · 4.0%

Shares of revenue. Source: Hormel Foods's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Oct 2009 2010 Oct 2010 2011 Oct 2011 2012 Oct 2012 2013 Oct 2013 2014 Oct 2014 2015 Oct 2015 2016 Oct 2016 2017 Oct 2017 2018 Oct 2018 2019 Oct 2019 2020 Oct 2020 2021 Oct 2021 2022 Oct 2022 2023 Oct 2023 2024 Oct 2024 2025 Oct 2025 LTM Jul 2026
Income
Revenue 6.5 7.2 7.9 8.2 8.8 9.3 9.3 9.5 9.2 9.5 9.5 9.6 11.4 12.5 12.1 11.9 12.1 12.1
Gross profit 1.1 1.2 1.3 1.3 1.4 1.6 1.8 2.2 2.0 2.0 1.9 1.8 1.9 2.2 2.0 2.0 1.9 1.9
EBITDA — — — 0.9 0.9 1.1 1.2 1.5 1.4 1.3 1.4 1.3 1.3 1.5 1.3 1.3 1.0 0.8
Operating income — — — 0.8 0.8 0.9 1.1 1.3 1.3 1.2 1.2 1.1 1.1 1.3 1.1 1.1 0.7 0.6
Net income 0.3 0.4 0.5 0.5 0.5 0.6 0.7 0.9 0.8 1.0 1.0 0.9 0.9 1.0 0.8 0.8 0.5 0.3
Diluted EPS $0.64 $0.73 $0.87 $0.93 $0.97 $1.12 $1.27 $1.64 $1.57 $1.86 $1.80 $1.66 $1.66 $1.82 $1.45 $1.47 $0.87 $0.62
Growth (year on year)
Revenue −3.3% +10.5% +9.3% +4.3% +6.3% +6.5% −0.6% +2.8% −3.7% +4.1% −0.5% +1.2% +18.5% +9.4% −2.8% −1.6% +1.6% +0.7%
EBITDA — — — — +3.3% +14.1% +13.1% +21.2% −3.3% −4.7% +1.5% −4.1% +2.0% +16.3% −14.4% +0.0% −25.9% −33.5%
Operating income — — — — +3.2% +15.6% +14.6% +24.0% −3.6% −7.6% +1.4% −8.0% +2.0% +16.9% −18.3% −0.4% −32.7% −43.2%
Net income +20.1% +15.4% +19.9% +5.5% +5.2% +14.5% +13.8% +29.7% −4.9% +19.5% −3.3% −7.2% +0.1% +10.0% −20.6% +1.4% −40.6% −54.6%
Diluted EPS +22.1% +15.0% +19.2% +6.9% +4.8% +14.9% +13.4% +29.1% −4.3% +18.5% −3.2% −7.8% 0.0% +9.6% −20.3% +1.4% −40.8% −54.6%
Margins
Gross margin 16.8% 17.2% 16.9% 16.2% 16.1% 16.8% 19.5% 22.7% 21.8% 20.7% 19.8% 19.0% 16.9% 17.4% 16.5% 17.0% 15.6% 15.7%
EBITDA margin — — — 10.9% 10.6% 11.4% 13.0% 15.3% 15.4% 14.1% 14.3% 13.6% 11.7% 12.4% 10.9% 11.1% 8.1% 7.0%
Operating margin — — — 9.5% 9.2% 10.0% 11.5% 13.9% 13.9% 12.4% 12.6% 11.5% 9.9% 10.5% 8.9% 9.0% 5.9% 4.7%
Net margin 5.2% 5.5% 6.0% 6.1% 6.0% 6.5% 7.4% 9.3% 9.2% 10.6% 10.3% 9.5% 8.0% 8.0% 6.6% 6.8% 4.0% 2.8%
Free-cash-flow margin 7.1% 5.5% 5.0% 4.7% 6.1% 6.3% 9.2% 8.2% 8.9% 8.9% 6.6% 7.9% 6.8% 6.9% 6.4% 8.5% 4.4% 6.4%
Cash flow
Cash from operations 0.6 0.5 0.5 0.5 0.6 0.7 1.0 1.0 1.0 1.2 0.9 1.1 1.0 1.1 1.0 1.3 0.8 1.1
Capital spending 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.3 0.2 0.4 0.3 0.4 0.2 0.3 0.3 0.3 0.3 0.3
Free cash flow 0.5 0.4 0.4 0.4 0.5 0.6 0.8 0.8 0.8 0.9 0.6 0.8 0.8 0.9 0.8 1.0 0.5 0.8
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow after stock pay 0.4 0.4 0.4 0.4 0.5 0.6 0.8 0.8 0.8 0.8 0.6 0.7 0.7 0.8 0.8 1.0 0.5 0.8
Balance sheet
Cash 0.4 0.5 0.5 0.7 0.4 0.3 0.3 0.4 0.4 0.5 0.7 1.7 0.6 1.0 0.7 0.7 0.7 0.8
Total debt 0.4 0.4 0.3 0.3 0.3 0.3 0.4 0.3 0.3 0.6 0.3 1.3 3.3 3.3 3.3 2.9 2.9 2.9
Net debt (negative = net cash) −0.0 −0.1 −0.2 −0.4 −0.2 −0.1 0.1 −0.2 −0.2 0.2 −0.4 −0.4 2.7 2.3 2.6 2.1 2.2 2.0
Diluted shares 542m 541m 544m 538m 540m 540m 541m 542m 539m 544m 545m 547m 548m 550m 549m 549m 550m 551m
Returned to shareholders
Dividends 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.6 0.6 0.6 0.6 0.6
Buybacks 0.0 0.1 0.2 0.1 0.1 0.1 0.0 0.1 0.1 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 —
Total returned 0.1 0.2 0.3 0.2 0.2 0.3 0.3 0.4 0.4 0.4 0.6 0.5 0.5 0.6 0.6 0.6 0.6 0.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · July 26, 2026
What it owns · $13.3bn
Short-term assets $3.5bnLonger-term assets $9.8bn
What it owes, and who funded it · $9.7bn
Short-term liabilities $1.9bnShareholders' equity $7.8bn
  • Short-term assets cover short-term liabilities $3.5bn of assets due within a year against $1.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $840m of cash against $2.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 36% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 47% to 36% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.1bn of operating cash flow against $2.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $574m against $79m of interest.

From Hormel Foods's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$641M
Buybacks, last 3 fiscal years
$12.3M
Diluted share count
+0.1%
year over year
Total shareholder yield
5.4%
dividends 5.4% + buybacks 0.0% of market value
Dividend payout ratio
187%
of net income paid out
Sales & admin spending
9.1%
of revenue
Days sales outstanding
21 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in packaged foods & meats
Last 12 months unless stated HRL HSY CAG SEB CPB SFD Median
Revenue, last 12 months $12.1bn $12.3bn $11.2bn $10.3bn $9.7bn $15.2bn $1.5bn
Revenue growth, last 12 months 0.7% 6.7% −1.8% 8.2% −5.0% −0.6% 2.1%
Revenue growth, 3-year average −0.1% 3.2% −2.9% −0.6% 1.4% −2.4% 1.5%
Revenue growth, latest quarter −2.4% 3.0% −1.4% 17.8% −7.9% −8.3% −1.8%
Gross margin 15.7% 41.9% 23.8% 8.1% 28.1% 12.6% 25.6%
Operating margin 4.7% 20.8% −15.2% 3.4% 8.7% 7.6% 3.1%
Operating margin, 3-year average 7.3% 19.9% 0.8% 2.8% 10.0% 7.2% 4.8%
Net margin 2.8% 14.6% −17.0% 6.2% 4.1% 5.9% 2.1%
Cash from operations / revenue 9.0% 20.9% 11.4% 4.6% 10.7% 8.6% 8.0%
Free-cash-flow margin 6.4% 17.3% 7.8% −0.2% 6.4% 6.1% 3.9%
Free-cash-flow margin, 3-year average 6.4% 16.1% 10.0% 0.0% 6.2% — 5.7%
Stock pay / revenue 0.2% 0.6% 0.4% — 0.6% 0.1% 0.6%
Change in share count 0.1% −1.9% −0.1% −1.3% 0.0% 1.4% 0.0%

Median of all 44 companies we cover in packaged foods & meats. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 packaged foods & meats companies
Measure Company Peer median Rank
Revenue growth Growth 0.7% 2.2% 27 of 44
Change in growth rate Growth -1.7pp -1.0pp 28 of 44
Gross margin Profitability 15.7% 25.6% 34 of 43
Operating margin Profitability 4.7% 3.4% 16 of 42
Net margin Profitability 2.8% 2.3% 20 of 44
Free-cash-flow margin Cash generation 6.4% 4.3% 15 of 43
Stock pay as % of revenue Cash generation 0.2% 0.6% 5 of 39
Long-term debt as % of assets Balance sheet 17.7% 18.5% 17 of 35
Change in share count Balance sheet 0.1% 0.1% 22 of 40
Days sales outstanding Balance sheet 21 days 33 days 6 of 35

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to October 26, 2025
Products and services
Line of business Revenue Share YoY
Perishable Meat $8.8B 72.9% ▲ 3.2%
Shelf Stable $3.3B 27.1% ▼ 2.6%
Geography
Region Revenue Share YoY
United States $11.4B 94.5% ▲ 1.4%
Outside the US $669M 5.5% ▲ 5.1%

From Hormel Foods's 10-K filed December 5, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6B
Institutions reporting
618
Shares held vs prior quarter
▼ 4.0%
Positions opened / closed
82 / 93

Top buyers and sellers, Q2 2026: 312 institutions bought and 322 sold ; the biggest buyer was Dimensional Fund Advisors LP (+2.5M shares) and the biggest seller Blackrock, Inc (−4.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
State Street Corp $642M 25.9M 10.7% ▼ 5.9%
Blackrock, Inc. $489M 19.7M 8.2% ▼ 16.9%
Vanguard Capital Management LLC $481M 19.4M 8.0% ▲ 0.6%
Invesco Ltd. $377M 15.2M 6.3% ▲ 1.7%
Vanguard Portfolio Management LLC $367M 14.8M 6.1% ▲ 0.8%
Two Sigma Investments, LP $306M 12.3M 5.1% ▲ 2.8%
Dimensional Fund Advisors LP $233M 9.4M 3.9% ▲ 36.8%
Geode Capital Management, LLC $203M 8.2M 3.4% ▲ 0.2%
Proshare Advisors LLC $189M 7.6M 3.2% ▲ 11.8%
Morgan Stanley $154M 6.2M 2.6% ▼ 13.3%
Norges Bank $142M 5.7M 2.4% —
Goldman Sachs Group Inc $133M 5.4M 2.2% ▲ 76.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Hormel Foods's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $201,000 1 trade by 1 insider, last 12 months Insider sales History → $816,759 2 trades by 2 insiders · 0% under pre-set plans
Net ▼ $615,759 net selling
Insider Date Trade Shares Price Value
Newlands William A Director October 5, 2026 Buy 10,000 $20.10 $201,000
Bhojwani Gary C. Director July 8, 2026 Sell 20,200 $24.51 $495,159
Murano Elsa A Director December 11, 2025 Sell 13,400 $24.00 $321,600

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 21 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Hormel Foods shares.

  • Kevin Hern(R-OK 1):Sale (full), $1,001 - $15,000, traded August 13, 2026, filed September 1, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded September 25, 2025, filed October 22, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded September 11, 2025, filed October 22, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 19, 2026 estimated from the company's past filing pattern, not announced

  • August 27, 2026
  • May 28, 2026
  • February 26, 2026
  • February 18, 2026
  • December 4, 2025
  • October 29, 2025

Recent SEC filings

Data status

When each part of this page on Hormel Foods was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Hormel Foods in brief

What does Hormel Foods do?
Hormel Foods is a US-listed company in the packaged foods & meats industry. Its financial year ends in October.
What is Hormel Foods's stock ticker?
Hormel Foods trades under the ticker HRL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Hormel Foods's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Hormel Foods reported revenue of $12.1B, 0.7% higher than a year earlier, according to its SEC filings.
What is Hormel Foods's free cash flow?
Hormel Foods's free-cash-flow margin is 6.4% of revenue over the trailing twelve months, ranking 15 of the 43 packaged foods & meats companies we cover.
What is Hormel Foods's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Hormel Foods's free cash flow after stock-based pay gives ~$20 per share in the base case, and ~$14–$28 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Hormel Foods's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are State Street Corp, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Hormel Foods's market cap?
On November 2, 2026, Hormel Foods's market capitalisation was about $11.8B, with a price-to-earnings ratio of 34.5 and net debt of $2B. Market figures come from third-party market data and may be delayed.
Does Hormel Foods pay a dividend?
Yes: Hormel Foods paid $641M in dividends over the trailing twelve months, a dividend yield of 5.42% and a payout ratio of 187.0%.
How much debt does Hormel Foods have?
Hormel Foods's debt-to-equity ratio is 36.4%, from its latest balance sheet (46.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Hormel Foods's competitors?
In our Packaged Foods & Meats peer group, the companies closest to Hormel Foods are The Hershey Company, Conagra Brands Inc., Seaboard Corp, Campbell's Co and Smithfield Foods Inc. The side-by-side comparison below sets their revenue, margins and growth against Hormel Foods's.
Are insiders buying or selling Hormel Foods stock?
Over the last 12 months, Hormel Foods's directors and officers reported 1 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Hormel Foods's next earnings date?
Around November 19, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Hormel Foods announces its own schedule.