# Marfrig Global Foods (MBRF3.SA)

Canonical: https://gigainvestors.com/s/MBRF3.SA

Analysis as of: 2026-10-16T07:37:30.516Z. Financial observations: FY2004–FY2025.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

Not a wonderful business

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

Share price: BRL 18.50 per share; close as of 2026-10-15.

Estimated value: low BRL 31.45 per share, central BRL 33.15 per share, high BRL 35.11 per share. Buy at or below the central value BRL 33.15 per share. Valuation as of 2026-10-16T07:37:30.516Z; scenarios are not confidence intervals.

Expected annual return: 35.4% at the stated quote. About 35.4% a year at today's price (required return 17.0%). required return 17.0% a year (BR 10-year bond 13.0% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 1.79×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.05×

- FY2017: -0.08×

- FY2018: 0.01×

- FY2019: 0.07×

- FY2020: 0.12×

- FY2021: 0.15×

- FY2022: 0.07×

- FY2023: 0.01×

- FY2024: 0.04×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 10.4%

- ROIC, second-lowest year: -6.5%

- Typical minus recent gross margin: 1.5 pp

- Typical gross margin (annual median): 13.1%

- Recent gross margin (lower of latest and 3-year median): 11.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.5%

- ROIC including acquisitions, ten-year median: 6.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -8.8%

- FY2017: -6.5%

- FY2018: 4.2%

- FY2019: 25.4%

- FY2020: 42.2%

- FY2021: 38.1%

- FY2022: 19.6%

- FY2023: 2.2%

- FY2024: 13.2%

- FY2025: 7.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.58×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 16B

- Net income, five-year total: BRL 10B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -1.1 pp

- Working capital / revenue, final three-year average: 3.0%

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

- FY2021: 0.97×

- FY2022: 1.21×

- FY2023: -0.57×

- FY2024: 1.87×

- FY2025: 1.89×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -6.5% vs 7.6%

- Per-share earnings: -1.13 to 0.25 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 10.5%

- Ordinary dilution, 5-year annual growth: 15.1%

- Market cap gain: BRL 25B

- Cumulative retained earnings: BRL 6.5B

- Diluted shares, 10-year annual growth: 10.5%

- Diluted shares, 5-year annual growth: 15.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: BRL 1.38

- Per-share value, starting three-year median: BRL -1.13

- Per-share value, ending three-year median: BRL 0.25

- Buybacks concentrated in cheaper years (correlation): -0.13

- Average buyback yield: 3.5%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 19B

- Cumulative net income, 10 years: BRL 14B

- ROIC, first three-year median: -6.5%

- ROIC, last three-year median: 7.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL -1.30

- FY2017: BRL -0.68

- FY2018: BRL 2.25

- FY2019: BRL 0.31

- FY2020: BRL 4.74

- FY2021: BRL 6.41

- FY2022: BRL 6.28

- FY2023: BRL -2.37

- FY2024: BRL 3.17

- FY2025: BRL 0.25

### accounting: pass

- Sloan accruals: -9.0%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 36.51×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.75×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.3%

- FY2017: 1.0%

- FY2018: 2.6%

- FY2019: -3.0%

- FY2020: -4.9%

- FY2021: -9.8%

- FY2022: -2.8%

- FY2023: -10.7%

- FY2024: -7.3%

- FY2025: -9.0%

## Holders

## Price story

Down 30% since Oct 2021 · sales +10.1%

Story as of 2026-10-16T10:00:09.152Z; price observation 2026-10-15.

Price needs cash profits to shrink 11.6% a year for ten years

### Sales · FY2024–2025

sales +10.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 19B 

- FY2017: BRL 10B 

- FY2018: BRL 30B 

- FY2019: BRL 49B 

- FY2020: BRL 67B 

- FY2021: BRL 85B 

- FY2022: BRL 125B 

- FY2023: BRL 132B 

- FY2024: BRL 149B 

- FY2025: BRL 164B 

### Gross margin · FY2025

gross margin 11.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 11.5% 

- FY2017: 13.5% 

- FY2018: 12.9% 

- FY2019: 13.1% 

- FY2020: 17.4% 

- FY2021: 20.1% 

- FY2022: 13.1% 

- FY2023: 10.1% 

- FY2024: 13.2% 

- FY2025: 11.6% 

## Owner memo

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

### How it makes money

Operates in packaged foods; annual sales are BRL 164 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.516Z); FY2025: revenue 163962737000; grossProfit 19000406000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MBRF3.SA: MBRF Global Foods Company S.A., through its subsidiaries, operates in the food industry in Brazil and internationally. It operates through Beef North America, Beef South America, and BRF segments. The company produces, processes, distributes, and sells animal-based proteins, such as beef, pork, lamb, fish, and poultry; pasta, margarine, vegetable, pet food, and plant-based proteins; processed hamburgers; and various ready-to-eat products. It also engages in leather industrialization; trading activities; transportation; transportation leasing; energy generation, trading, and related services; processing, sale, distribution, and retail of animal feed and nutritional products; road freight; manufacture, distribution, and marketing of pet food products; and processing of canned meats and other processed products. In addition, the company provides administrative and marketing services, logistics services, and consulting services. It imports, sells, and exports its products to restaurant and supermarket chains, and homes. The company sells its products under the Sadia, Sadia Bassi, Perdigão, Perdigão Montana, Perdigão Na Brasa, Qualy, Claybom, Deline, Banvit, Paty, and Quickfood brands. MBRF Global Foods Company S.A. was founded in 1986 and is headquartered in São Paulo, Brazil.

### Why customers stay

Margins ranged from 10.1% to 13.2% during 2023–25; it earns 10.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.516Z); FY2023: grossProfit / revenue = 10.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.516Z); FY2024: grossProfit / revenue = 13.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.516Z); FY2025: grossProfit / revenue = 11.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.516Z); 10-year return on capital observations [[2016,-0.08797511608569597],[2017,-0.06512900375560182],[2018,0.04189006426902185],[2019,0.25411108003313526],[2020,0.4219586670353871],[2021,0.38068987975257385],[2022,0.19640162346974735],[2023,0.02182291561897103],[2024,0.13217894565714075],[2025,0.07645052990800565]]; median 0.10431473778257319. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 10 years; bought back BRL 2.1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.516Z); FY2018: growth capex 23463000; upkeep 653165000; owner earnings 1395260000. Growth capex / owner earnings = 0.016816220632713617.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.516Z); FY2019: growth capex 0; upkeep 955696000; owner earnings 459907000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.516Z); FY2020: growth capex 0; upkeep 1376185000; owner earnings 3319177000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.516Z); FY2021: growth capex 541398000; upkeep 1563272000; owner earnings 4213504600. Growth capex / owner earnings = 0.12849113775739085.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.516Z); FY2022: growth capex 0; upkeep 3731851000; owner earnings 5046049400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.516Z); FY2023: growth capex 0; upkeep 3503035000; owner earnings 871708800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.516Z); FY2024: growth capex 0; upkeep 3773373000; owner earnings 5240292000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.516Z); FY2025: growth capex 0; upkeep 5340888000; owner earnings 677733134.9127741. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.516Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,1283405000],[2021,3744927000],[2022,2769703000],[2023,340763000],[2024,3135078000],[2025,3847269000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.516Z); FY2025: cash repurchases 2050304000 BRL.

### Are managers owners

Insiders own 45.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MBRF3.SA SharesStats.PercentInsiders = 45.859 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 11.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.516Z); Ten-year compound average after fade. Initial solved rate -0.17441506932291723. Price 18.5; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -1.0603570506934048 → FY2025 0.48107361046851743. Closing-price date 2026-10-15.

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

- 2016-10: BRL 5.66 per share

- 2016-11: BRL 6.47 per share

- 2016-12: BRL 6.57 per share

- 2017-01: BRL 6.42 per share

- 2017-02: BRL 6.21 per share

- 2017-03: BRL 5.68 per share

- 2017-04: BRL 7.18 per share

- 2017-05: BRL 6.26 per share

- 2017-06: BRL 6.72 per share

- 2017-07: BRL 6.38 per share

- 2017-08: BRL 7.09 per share

- 2017-09: BRL 6.43 per share

- 2017-10: BRL 6.39 per share

- 2017-11: BRL 6.81 per share

- 2017-12: BRL 7.28 per share

- 2018-01: BRL 6.77 per share

- 2018-02: BRL 5.94 per share

- 2018-03: BRL 5.91 per share

- 2018-04: BRL 7.88 per share

- 2018-05: BRL 7.87 per share

- 2018-06: BRL 8.09 per share

- 2018-07: BRL 8.15 per share

- 2018-08: BRL 5.69 per share

- 2018-09: BRL 5.27 per share

- 2018-10: BRL 6.37 per share

- 2018-11: BRL 6.16 per share

- 2018-12: BRL 5.43 per share

- 2019-01: BRL 6.05 per share

- 2019-02: BRL 5.47 per share

- 2019-03: BRL 5.95 per share

- 2019-04: BRL 7.28 per share

- 2019-05: BRL 6.79 per share

- 2019-06: BRL 6.25 per share

- 2019-07: BRL 6.59 per share

- 2019-08: BRL 8.30 per share

- 2019-09: BRL 10.96 per share

- 2019-10: BRL 10.69 per share

- 2019-11: BRL 10.64 per share

- 2019-12: BRL 9.90 per share

- 2020-01: BRL 10.91 per share

- 2020-02: BRL 12.00 per share

- 2020-03: BRL 8.80 per share

- 2020-04: BRL 12.77 per share

- 2020-05: BRL 12.96 per share

- 2020-06: BRL 12.54 per share

- 2020-07: BRL 14.33 per share

- 2020-08: BRL 17.70 per share

- 2020-09: BRL 15.16 per share

- 2020-10: BRL 13.69 per share

- 2020-11: BRL 14.60 per share

- 2020-12: BRL 14.43 per share

- 2021-01: BRL 13.21 per share

- 2021-02: BRL 13.82 per share

- 2021-03: BRL 17.51 per share

- 2021-04: BRL 19.28 per share

- 2021-05: BRL 18.27 per share

- 2021-06: BRL 19.03 per share

- 2021-07: BRL 19.50 per share

- 2021-08: BRL 20.37 per share

- 2021-09: BRL 25.51 per share

- 2021-10: BRL 26.35 per share

- 2021-11: BRL 23.44 per share

- 2021-12: BRL 21.94 per share

- 2022-01: BRL 22.35 per share

- 2022-02: BRL 22.04 per share

- 2022-03: BRL 21.28 per share

- 2022-04: BRL 18.64 per share

- 2022-05: BRL 15.54 per share

- 2022-06: BRL 12.04 per share

- 2022-07: BRL 13.13 per share

- 2022-08: BRL 13.08 per share

- 2022-09: BRL 9.81 per share

- 2022-10: BRL 10.64 per share

- 2022-11: BRL 8.70 per share

- 2022-12: BRL 8.65 per share

- 2023-01: BRL 7.66 per share

- 2023-02: BRL 6.33 per share

- 2023-03: BRL 6.60 per share

- 2023-04: BRL 6.47 per share

- 2023-05: BRL 6.60 per share

- 2023-06: BRL 7.23 per share

- 2023-07: BRL 7.38 per share

- 2023-08: BRL 7.41 per share

- 2023-09: BRL 7.13 per share

- 2023-10: BRL 6.46 per share

- 2023-11: BRL 9.72 per share

- 2023-12: BRL 9.70 per share

- 2024-01: BRL 9.41 per share

- 2024-02: BRL 9.90 per share

- 2024-03: BRL 10.31 per share

- 2024-04: BRL 9.45 per share

- 2024-05: BRL 11.28 per share

- 2024-06: BRL 12.36 per share

- 2024-07: BRL 11.31 per share

- 2024-08: BRL 14.56 per share

- 2024-09: BRL 13.64 per share

- 2024-10: BRL 15.69 per share

- 2024-11: BRL 18.77 per share

- 2024-12: BRL 17.03 per share

- 2025-01: BRL 15.89 per share

- 2025-02: BRL 13.63 per share

- 2025-03: BRL 18.06 per share

- 2025-04: BRL 21.48 per share

- 2025-05: BRL 25.41 per share

- 2025-06: BRL 22.90 per share

- 2025-07: BRL 21.30 per share

- 2025-08: BRL 24.93 per share

- 2025-09: BRL 19.42 per share

- 2025-10: BRL 17.87 per share

- 2025-11: BRL 19.33 per share

- 2025-12: BRL 19.98 per share

- 2026-01: BRL 18.67 per share

- 2026-02: BRL 20.68 per share

- 2026-03: BRL 21.64 per share

- 2026-04: BRL 17.43 per share

- 2026-05: BRL 16.01 per share

- 2026-06: BRL 18.03 per share

- 2026-07: BRL 17.54 per share

- 2026-08: BRL 18.26 per share

- 2026-09: BRL 16.78 per share

- 2026-10: BRL 18.83 per share

## Annual estimated value (BRL per share)

- FY2020: low BRL 21.26 per share, central BRL 22.75 per share, high BRL 23.37 per share

- FY2021: low BRL 50.91 per share, central BRL 60.95 per share, high BRL 65.08 per share

- FY2022: low BRL 70.38 per share, central BRL 89.41 per share, high BRL 96.28 per share

- FY2023: low BRL 59.16 per share, central BRL 62.57 per share, high BRL 66.51 per share

- FY2024: low BRL 43.86 per share, central BRL 46.65 per share, high BRL 49.85 per share

- FY2025: low BRL 31.98 per share, central BRL 33.66 per share, high BRL 35.60 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

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.