# J & J Snack Foods (JJSF.US)

Canonical: https://gigainvestors.com/s/JJSF

Analysis as of: 2026-10-16T07:29:30.674Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $78.95 per share; close as of 2026-10-15.

Estimated value: low $45.09 per share, central $51.06 per share, high $59.02 per share. Buy at or below the central value $51.06 per share. Valuation as of 2026-10-16T07:29:30.674Z; scenarios are not confidence intervals.

Expected annual return: 7.4% at the stated quote. About 7.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.40×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.11×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.02×

- FY2021: 0.06×

- FY2022: 0.04×

- FY2023: 0.07×

- FY2024: 0.07×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.5%

- ROIC, second-lowest year: 6.3%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 29.6%

- Recent gross margin (lower of latest and 3-year median): 29.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.3%

- ROIC including acquisitions, ten-year median: 8.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.4%

- FY2017: 17.8%

- FY2018: 18.5%

- FY2019: 17.9%

- FY2020: 2.9%

- FY2021: 10.8%

- FY2022: 6.3%

- FY2023: 10.1%

- FY2024: 10.0%

- FY2025: 7.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $328M

- Net income, five-year total: $334M

- Return on incremental invested capital: -2.6%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 3.5 pp

- Working capital / revenue, final three-year average: 17.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 0.90×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 18.4% vs 10.0%

- Per-share earnings: 4.05 to 4.08 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: -$582M

- Cumulative retained earnings: $166M

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.1%

- Per-share value change: $0.04

- Per-share value, starting three-year median: $4.05

- Per-share value, ending three-year median: $4.08

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 0.4%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $334M

- Cumulative net income, 10 years: $706M

- ROIC, first three-year median: 18.4%

- ROIC, last three-year median: 10.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $4.05

- FY2017: $4.21

- FY2018: $5.51

- FY2019: $5.00

- FY2020: $0.96

- FY2021: $2.91

- FY2022: $2.46

- FY2023: $4.08

- FY2024: $4.45

- FY2025: $3.36

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -7.2%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 3

- Stock compensation / operating cash flow: 3.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.52×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.37×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.7%

- FY2017: -5.3%

- FY2018: -2.1%

- FY2019: -5.2%

- FY2020: -6.8%

- FY2021: -4.0%

- FY2022: 1.7%

- FY2023: -7.3%

- FY2024: -6.3%

- FY2025: -7.2%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 55% since Nov 2024 · "JJSF Q3 Deep Dive: Margin Pressure Persists Amid Cost Initiatives and Portfolio Shifts" (finance.yahoo.com, Nov 2025) · sales +0.5%

Story as of 2026-10-16T09:58:59.455Z; price observation 2026-10-15.

Price needs cash profits to grow 6.5% a year for ten years

- 2025-05-19: JJSF Q1 Earnings Call: Theater Weakness, Cost Pressures Shape Results, Company Eyes Recovery ([finance.yahoo.com](https://finance.yahoo.com/news/jjsf-q1-earnings-call-theater-130253019.html))

- 2025-11-18: JJSF Q3 Deep Dive: Margin Pressure Persists Amid Cost Initiatives and Portfolio Shifts ([finance.yahoo.com](https://finance.yahoo.com/news/jjsf-q3-deep-dive-margin-053046375.html))

### Sales · FY2024–2025

sales +0.5%; source https://www.sec.gov/Archives/edgar/data/785956/000143774925036456/jjsf20250927_10k.htm; observed 2025-11-26.

- FY2016: $993M 

- FY2017: $1.1B 

- FY2018: $1.1B 

- FY2019: $1.2B 

- FY2020: $1.0B 

- FY2021: $1.1B 

- FY2022: $1.4B 

- FY2023: $1.6B 

- FY2024: $1.6B 

- FY2025: $1.6B 

### Gross margin · FY2025

gross margin 29.7%; source https://www.sec.gov/Archives/edgar/data/785956/000143774925036456/jjsf20250927_10k.htm; observed 2025-11-26.

- FY2016: 30.7% 

- FY2017: 30.5% 

- FY2018: 29.5% 

- FY2019: 29.5% 

- FY2020: 23.3% 

- FY2021: 26.1% 

- FY2022: 26.8% 

- FY2023: 30.1% 

- FY2024: 30.9% 

- FY2025: 29.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in packaged foods; annual sales are USD 1.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/785956/000143774925036456/jjsf20250927_10k.htm (filed 2025-11-26); FY2025: revenue 1583233000; grossProfit 469882000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); JJSF.US: J&J Snack Foods Corp. manufactures, markets, and distributes nutritional snack food and beverages to the food service and retail supermarket industries in the United States, Mexico, and Canada. The company operates through three segments: Food Service, Retail Supermarkets, and Frozen Beverages. It offers soft pretzels under the SUPERPRETZEL, SUPERPRETZEL BAVARIAN, NEW YORK PRETZEL, BAVARIAN BAKERY, FEDERAL PRETZEL, and BRAUHAUS brands, as well as under the private labels; frozen novelty under the DIPPIN'DOTS, LUIGI'S, WHOLE FRUIT, DOGSTERS, PHILLY SWIRL, ICEE, and MINUTE MAID brands; churros under the HOLA! and CALIFORNIA CHURROS brands; and handheld products under the private labels. The company also provides bakery products, such as fig and fruit bars, cookies, breads, rolls, crumbs, muffins, and donuts under the MRS. GOODCOOKIE, READI-BAKE, COUNTRY HOME, CAMDEN CREEK, MARY B'S, DADDY RAY'S and HILL & VALLEY brands, as well as under private labels; and frozen beverages under the ICEE, ARCTIC BLAST, SLUSH PUPPIE and PARROT ICE brands. In addition, it offers funnel cakes under the FUNNEL CAKE FACTORY brand, as well as various other food products; and sells machines and machine parts to other food and beverage companies. The company sells its products through a network of food brokers, independent sales distributors, and a direct sales force. It serves snack bars and food stand locations in chain, department and mass merchandising stores, malls and shopping centers, fast food and casual dining restaurants, stadiums and sports arenas, leisure and theme parks, convenience stores, movie theatres, warehouse club stores, schools, colleges and other institutions, and independent retailers. The company was incorporated in 1971 and is headquartered in Mount Laurel, New Jersey.

### Why customers stay

Margins ranged from 29.7% to 30.9% during 2023–25; it earns 10.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2023: grossProfit / revenue = 30.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2024: grossProfit / revenue = 30.9%.

- Source: https://www.sec.gov/Archives/edgar/data/785956/000143774925036456/jjsf20250927_10k.htm (filed 2025-11-26); FY2025: grossProfit / revenue = 29.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); 10-year return on capital observations [[2016,0.1839061072571403],[2017,0.17812787136294028],[2018,0.184959583380723],[2019,0.1792347063213891],[2020,0.02919087082407628],[2021,0.10847606001095238],[2022,0.06293199884115355],[2023,0.10062478401433625],[2024,0.09956932176103628],[2025,0.07625320679303782]]; median 0.1045504220126443. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 5.6% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2016: growth capex 2892477.460271552; upkeep 45816522.53972845; owner earnings 70281477.46027155. Growth capex / owner earnings = 0.04115561545937336.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2017: growth capex 16728819.030045778; upkeep 55451180.96995422; cash acquisitions 47698000; owner earnings 66167819.03004578. Growth capex plus acquisitions / owner earnings = 0.9736881156803817.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2018: growth capex 10357527.66109445; upkeep 49664472.33890555; cash acquisitions 0; owner earnings 100408527.66109446. Growth capex plus acquisitions / owner earnings = 0.1031538645408074.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2019: growth capex 8518000; upkeep 48610000; cash acquisitions 1156000; owner earnings 94819000. Growth capex plus acquisitions / owner earnings = 0.1020259652601272.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2020: growth capex 0; upkeep 57817000; cash acquisitions 57212000; owner earnings 13536000. Growth capex plus acquisitions / owner earnings = 4.226654846335697.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2021: growth capex 4187000; upkeep 49391000; cash acquisitions 0; owner earnings 55607000. Growth capex plus acquisitions / owner earnings = 0.07529627564874926.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2022: growth capex 34168000; upkeep 53123000; cash acquisitions 221301000; owner earnings 47235000. Growth capex plus acquisitions / owner earnings = 5.408468296813803.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2023: growth capex 41596000; upkeep 63141000; cash acquisitions 0; owner earnings 78906000. Growth capex plus acquisitions / owner earnings = 0.5271588979291816.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2024: growth capex 2968000; upkeep 70601000; cash acquisitions 7014000; owner earnings 86551000. Growth capex plus acquisitions / owner earnings = 0.11533084539751129.

- Source: https://www.sec.gov/Archives/edgar/data/785956/000143774925036456/jjsf20250927_10k.htm (filed 2025-11-26); FY2025: growth capex 3296413.45638448; upkeep 79576586.54361552; cash acquisitions 0; owner earnings 59350413.45638448. Growth capex plus acquisitions / owner earnings = 0.05554154157337005.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); Dividend observations: [[2016,28523000],[2017,30859000],[2018,33066000],[2019,36644000],[2020,42053000],[2021,44785000],[2022,48437000],[2023,53877000],[2024,56957000],[2025,60751000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/785956/000143774925036456/jjsf20250927_10k.htm (filed 2025-11-26); FY2025: cash repurchases 8000000 USD.

### Are managers owners

Insiders own 22.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); JJSF.US SharesStats.PercentInsiders = 22.323 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 6.5% yearly over ten years; actual decline was 1.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); Ten-year compound average after fade. Initial solved rate 0.08045769243474132. Price 78.95; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.6184774937092103 → FY2025 3.036137377551897. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $122.15 per share

- 2016-11: $121.43 per share

- 2016-12: $133.43 per share

- 2017-01: $127.57 per share

- 2017-02: $133.80 per share

- 2017-03: $135.56 per share

- 2017-04: $134.58 per share

- 2017-05: $130.10 per share

- 2017-06: $132.07 per share

- 2017-07: $131.40 per share

- 2017-08: $127.49 per share

- 2017-09: $131.30 per share

- 2017-10: $133.17 per share

- 2017-11: $151.11 per share

- 2017-12: $151.83 per share

- 2018-01: $138.44 per share

- 2018-02: $134.33 per share

- 2018-03: $136.56 per share

- 2018-04: $137.41 per share

- 2018-05: $141.62 per share

- 2018-06: $152.47 per share

- 2018-07: $144.96 per share

- 2018-08: $145.50 per share

- 2018-09: $150.89 per share

- 2018-10: $156.16 per share

- 2018-11: $156.87 per share

- 2018-12: $144.59 per share

- 2019-01: $154.35 per share

- 2019-02: $155.28 per share

- 2019-03: $158.84 per share

- 2019-04: $157.18 per share

- 2019-05: $160.85 per share

- 2019-06: $160.95 per share

- 2019-07: $185.84 per share

- 2019-08: $193.06 per share

- 2019-09: $192.00 per share

- 2019-10: $190.76 per share

- 2019-11: $185.00 per share

- 2019-12: $184.27 per share

- 2020-01: $165.84 per share

- 2020-02: $160.82 per share

- 2020-03: $121.00 per share

- 2020-04: $127.03 per share

- 2020-05: $128.63 per share

- 2020-06: $127.13 per share

- 2020-07: $123.13 per share

- 2020-08: $135.95 per share

- 2020-09: $130.39 per share

- 2020-10: $135.57 per share

- 2020-11: $145.39 per share

- 2020-12: $155.37 per share

- 2021-01: $152.66 per share

- 2021-02: $158.76 per share

- 2021-03: $157.03 per share

- 2021-04: $164.61 per share

- 2021-05: $175.58 per share

- 2021-06: $174.41 per share

- 2021-07: $164.38 per share

- 2021-08: $163.76 per share

- 2021-09: $152.82 per share

- 2021-10: $147.55 per share

- 2021-11: $136.58 per share

- 2021-12: $157.96 per share

- 2022-01: $151.69 per share

- 2022-02: $163.72 per share

- 2022-03: $155.10 per share

- 2022-04: $149.70 per share

- 2022-05: $128.22 per share

- 2022-06: $139.66 per share

- 2022-07: $135.51 per share

- 2022-08: $149.03 per share

- 2022-09: $129.47 per share

- 2022-10: $147.61 per share

- 2022-11: $164.02 per share

- 2022-12: $149.71 per share

- 2023-01: $143.30 per share

- 2023-02: $141.21 per share

- 2023-03: $148.22 per share

- 2023-04: $153.20 per share

- 2023-05: $153.95 per share

- 2023-06: $158.36 per share

- 2023-07: $160.32 per share

- 2023-08: $162.13 per share

- 2023-09: $163.65 per share

- 2023-10: $156.61 per share

- 2023-11: $164.55 per share

- 2023-12: $167.14 per share

- 2024-01: $159.23 per share

- 2024-02: $145.08 per share

- 2024-03: $144.56 per share

- 2024-04: $137.29 per share

- 2024-05: $162.71 per share

- 2024-06: $162.37 per share

- 2024-07: $168.70 per share

- 2024-08: $170.19 per share

- 2024-09: $172.12 per share

- 2024-10: $164.12 per share

- 2024-11: $173.79 per share

- 2024-12: $155.13 per share

- 2025-01: $137.23 per share

- 2025-02: $131.44 per share

- 2025-03: $131.72 per share

- 2025-04: $129.59 per share

- 2025-05: $115.17 per share

- 2025-06: $113.41 per share

- 2025-07: $112.89 per share

- 2025-08: $111.57 per share

- 2025-09: $96.09 per share

- 2025-10: $84.65 per share

- 2025-11: $92.35 per share

- 2025-12: $90.37 per share

- 2026-01: $95.00 per share

- 2026-02: $87.06 per share

- 2026-03: $79.27 per share

- 2026-04: $88.26 per share

- 2026-05: $76.12 per share

- 2026-06: $73.45 per share

- 2026-07: $76.50 per share

- 2026-08: $88.18 per share

- 2026-09: $76.45 per share

- 2026-10: $78.95 per share

## Annual estimated value (USD per share)

- FY2016: low $54.33 per share, central $69.43 per share, high $80.04 per share

- FY2017: low $58.14 per share, central $74.49 per share, high $86.01 per share

- FY2018: low $59.05 per share, central $75.12 per share, high $86.87 per share

- FY2019: low $66.75 per share, central $83.55 per share, high $95.75 per share

- FY2020: low $53.45 per share, central $59.18 per share, high $66.81 per share

- FY2021: low $53.93 per share, central $59.43 per share, high $66.75 per share

- FY2022: low $38.76 per share, central $44.02 per share, high $51.03 per share

- FY2023: low $45.97 per share, central $54.93 per share, high $63.81 per share

- FY2024: low $47.00 per share, central $55.50 per share, high $64.26 per share

- FY2025: low $46.81 per share, central $52.74 per share, high $60.63 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/785956/000143774925036456/jjsf20250927_10k.htm); period 2025-09-27, filed 2025-11-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.