# Sanford (SARDF.US)

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

Analysis as of: 2026-10-16T07:33:44.698Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: NZD.

## 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: $2.78 per share; close as of 2026-10-14.

Estimated value: low $1.27 per share, central $1.45 per share, high $1.68 per share. Buy at or below the central value $1.45 per share. Valuation as of 2026-10-16T07:33:44.698Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NZ 10-year bond 5.0% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.38×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.11×

- FY2020: 0.07×

- FY2021: 0.03×

- FY2022: 0.13×

- FY2023: 0.06×

- FY2024: 0.09×

- FY2025: 0.09×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.8%

- ROIC, second-lowest year: 2.2%

- Typical minus recent gross margin: -2.0 pp

- Typical gross margin (annual median): 19.6%

- Recent gross margin (lower of latest and 3-year median): 21.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.0%

- ROIC including acquisitions, ten-year median: 1.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 6.1%

- FY2020: 2.8%

- FY2021: 1.5%

- FY2022: 7.5%

- FY2023: 2.2%

- FY2024: 3.8%

- FY2025: 4.1%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.91×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 150M

- Net income, five-year total: NZD 166M

- Return on incremental invested capital: -6.9%

- Working capital / revenue, annual change: 1.5 pp

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

- FY2021: 1.00×

- FY2022: 0.96×

- FY2023: -1.83×

- FY2024: 0.69×

- FY2025: 1.33×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.8% vs 3.8%

- Per-share earnings: 0.21 to 0.21 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- Per-share value growth: 0.3%

- Per-share value change: NZD 0.00

- Per-share value, starting three-year median: NZD 0.21

- Per-share value, ending three-year median: NZD 0.21

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 2.8%

- ROIC, last three-year median: 3.8%

Chart: Earnings per share; fiscal year observations.

- FY2019: NZD 0.45

- FY2020: NZD 0.21

- FY2021: NZD 0.17

- FY2022: NZD 0.60

- FY2023: NZD 0.11

- FY2024: NZD 0.21

- FY2025: NZD 0.68

### accounting: pass

- Sloan accruals: -7.1%

- Receivables to sales index (DSRI): 0.79×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.13×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.66×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -0.8%

- FY2020: 0.5%

- FY2021: -1.7%

- FY2022: 1.1%

- FY2023: -2.9%

- FY2024: -5.1%

- FY2025: -7.1%

## Holders

## Price story

Down 32% since Nov 2025 · sales +0.2%

Story as of 2026-10-16T09:59:56.214Z; price observation 2026-10-14.

Price needs cash profits to grow 9.1% a year for ten years

### Sales · FY2024–2025

sales +0.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: NZD 545M 

- FY2020: NZD 469M 

- FY2021: NZD 490M 

- FY2022: NZD 532M 

- FY2023: NZD 553M 

- FY2024: NZD 583M 

- FY2025: NZD 584M 

### Gross margin · FY2025

gross margin 26.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 19.7% 

- FY2020: 17.6% 

- FY2021: 14.0% 

- FY2022: 18.2% 

- FY2023: 19.6% 

- FY2024: 21.6% 

- FY2025: 26.5% 

## Owner memo

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

### How it makes money

Operates in farm products; annual sales are NZD 584.1 million.

- Source: https://eodhd.com/api/fundamentals/SARDF.US.json#2025-09-30 (filed 2026-10-16T07:33:44.698Z); FY2025: revenue 584109000; grossProfit 154766000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 19.6% to 26.5% during 2023–25; it earns 3.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/SARDF.US.json#2023-09-30 (filed 2026-10-16T07:33:44.698Z); FY2023: grossProfit / revenue = 19.6%.

- Source: https://eodhd.com/api/fundamentals/SARDF.US.json#2024-09-30 (filed 2026-10-16T07:33:44.698Z); FY2024: grossProfit / revenue = 21.6%.

- Source: https://eodhd.com/api/fundamentals/SARDF.US.json#2025-09-30 (filed 2026-10-16T07:33:44.698Z); FY2025: grossProfit / revenue = 26.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.698Z); 7-year return on capital observations [[2019,0.061458533298373766],[2020,0.02779618417257525],[2021,0.015467361666447972],[2022,0.0745355867481933],[2023,0.02174228111916286],[2024,0.038160970535306545],[2025,0.04075650229956226]]; median 0.038160970535306545. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.698Z); FY2019: growth capex 0; upkeep 38348000; owner earnings 24232000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.698Z); FY2021: growth capex 2232000; upkeep 36847000; owner earnings 16263000. Growth capex / owner earnings = 0.13724405091311567.

- Source: https://eodhd.com/api/fundamentals/SARDF.US.json#2022-09-30 (filed 2026-10-16T07:33:44.698Z); FY2022: growth capex 16300206.64036201; upkeep 37141793.35963799; owner earnings 53643206.64036201. Growth capex / owner earnings = 0.3038633903756505.

- Source: https://eodhd.com/api/fundamentals/SARDF.US.json#2024-09-30 (filed 2026-10-16T07:33:44.698Z); FY2024: growth capex 12963982.438982114; upkeep 32952017.561017886; owner earnings 13493982.438982114. Growth capex / owner earnings = 0.9607232333081368.

- Source: https://eodhd.com/api/fundamentals/SARDF.US.json#2025-09-30 (filed 2026-10-16T07:33:44.698Z); FY2025: growth capex 0; upkeep 23046000; owner earnings 84954000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.698Z); Dividend observations: [[2019,21507000],[2020,17766000],[2021,201000],[2022,201000],[2023,14964000],[2024,10286000],[2025,9352000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 46.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SARDF.US SharesStats.PercentInsiders = 46.831 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.698Z); Ten-year compound average after fade. Initial solved rate 0.11741279388233294. Price 2.78; FX 0.56204; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-14.

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

- 2016-12: $4.57 per share

- 2017-05: $5.15 per share

- 2017-06: $5.18 per share

- 2017-07: $5.05 per share

- 2017-09: $5.25 per share

- 2018-10: $5.12 per share

- 2019-04: $4.50 per share

- 2019-09: $4.35 per share

- 2022-04: $3.10 per share

- 2022-09: $2.79 per share

- 2022-11: $2.35 per share

- 2023-01: $2.80 per share

- 2023-04: $2.02 per share

- 2023-06: $3.03 per share

- 2023-09: $2.34 per share

- 2023-11: $2.81 per share

- 2024-11: $2.40 per share

- 2025-03: $2.71 per share

- 2025-05: $3.25 per share

- 2025-11: $4.06 per share

- 2025-12: $2.78 per share

- 2026-01: $2.78 per share

- 2026-02: $2.78 per share

- 2026-03: $2.78 per share

- 2026-04: $2.78 per share

- 2026-05: $2.78 per share

- 2026-06: $2.78 per share

- 2026-07: $2.78 per share

- 2026-08: $2.78 per share

- 2026-09: $2.78 per share

- 2026-10: $2.78 per share

## Annual estimated value (USD per share)

- FY2023: low $1.21 per share, central $1.37 per share, high $1.60 per share

- FY2024: low $0.90 per share, central $1.03 per share, high $1.19 per share

- FY2025: low $1.27 per share, central $1.45 per share, high $1.68 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.