SEB
SEABOARD CORP /DE/
Next earnings Jul 27, 2026
Last earnings +1.8% on 2026-05-05
$4,337.15
▼ -5.53%$4,337.15▲ +52.87%
over 1Y
L $2,837.13H $5,956.04
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-5.5%
1W-8.4%
1M-17.5%
3M-26.5%
YTD-1.9%
1Y+52.9%
Hold
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Asset-rich, cheaply valued agribusiness trading below book, but commodity cyclicality makes earnings violently volatile.
Net income $501M · FY2025
The read
Middling fundamentals offset by an attractive price (~351% below fair value) — worth a look on the value angle.
Seaboard is a diversified, family-controlled agribusiness spanning pork production, commodity trading & milling, marine shipping, sugar/alcohol, and power. FY2025 was a strong rebound year: revenue grew 7.1% to $9.75B, gross profit rose 20.3%, operating income jumped 53.2% to $239M, and net income surged 456.7% to $501M (diluted EPS $514.46) off a deeply depressed FY2024 base of just $90M. Notably, net income ($501M) far exceeds operating income ($239M), meaning a large share of earnings came from non-operating sources — equity-method affiliates and investment results — which is characteristic of Seaboard's structure but makes earnings quality and repeatability harder to gauge.
The defining feature is extreme cyclicality. The net-income history — $571M, $582M, $227M, $90M, $501M over FY2021-2025 — swings wildly with commodity prices (hog/pork, grain), freight rates, and currency, on razor-thin margins (gross 7.1%, operating 2.5%). This is inherent to a commodity-processing and trading business and means any single year's result, including the strong FY2025, is a poor guide to the next.
Is SEB a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~90d expiry
- Long 100 shares @ ~4337.15
- Short call 4550 @ ~272.47 est
debit $406,468max +$48,532max −$406,467BE 4064.68
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $9.23B | $11.2B | $9.56B | $9.10B | $9.75B |
| Gross profit | $818M | $1.03B | $316M | $576M | $693M |
| Operating income | $458M | $657M | -$87.0M | $156M | $239M |
| Net income | $571M | $582M | $227M | $90.0M | $501M |
| Diluted EPS | — | $499.66 | $202.21 | $90.62 | $514.46 |
| Net margin | 6.2% | 5.2% | 2.4% | 1.0% | 5.1% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$4.96B
EV / EBITDA8.9
EV / Sales0.5
EV / FCF826.9
P / FCF692.4
PEG (trailing)0.02
Earnings yield12.1%
FCF yield0.1%
Quality & risk
ROIC (est.)3.0%
Free cash flow$6.00M
Total debt$985M
Net cash-$807M
Altman Z-Score3.36 safe
Piotroski F-Score7/9
Capital returns
Buyback yield0.9%
Dividend yield (est.)0.2%
Shareholder yield1.2%
Shares Δ YoY-1.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRoutine disclosure cadence — no material red flags in recent filings.
Recent filings
all on EDGAR ↗10-QPeriod ending 2026-04-042026-05-05open ↗8-KPeriod ending 2026-05-052026-05-05open ↗8-KPeriod ending 2026-04-222026-04-22open ↗ARSPeriod ending 2025-12-312026-03-06open ↗DEF 14APeriod ending 2026-04-202026-03-06open ↗10-KPeriod ending 2025-12-312026-02-12open ↗8-KPeriod ending 2026-02-122026-02-12open ↗10-QPeriod ending 2025-09-272025-10-28open ↗8-KPeriod ending 2025-10-282025-10-28open ↗10-QPeriod ending 2025-06-282025-07-29open ↗8-KPeriod ending 2025-07-292025-07-29open ↗8-KPeriod ending 2025-05-212025-05-21open ↗
Frequently asked
- Is SEABOARD CORP /DE/ (SEB) a buy?
- SEB currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Asset-rich, cheaply valued agribusiness trading below book, but commodity cyclicality makes earnings violently volatile.
- What is SEB's fair value?
- A Modified-Graham model based on SEB's SEC fundamentals estimates a fair value of about $19,549.48. It is an estimate from reported earnings, not a price target.
- Is SEB overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, SEB currently appears undervalued relative to its SEC-grounded earnings power.
- What is SEABOARD CORP /DE/'s quality score?
- SEB scores 72.99230385631715/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000088121, latest 10-Q filed 2026-05-05) · EODHD · Proprietary analysis · as of 6/21/2026, 9:01:28 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 5:01 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.