# Seaboard (SEB.US)

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

Analysis as of: 2026-10-16T07:31:50.323Z. Financial observations: FY1996–FY2026.

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: $3,971.81 per share; close as of 2026-10-15.

Estimated value: low $6,316.21 per share, central $7,042.90 per share, high $8,010.28 per share. Buy at or below the central value $7,042.90 per share. Valuation as of 2026-10-16T07:31:50.323Z; scenarios are not confidence intervals.

Expected annual return: 17.8% at the stated quote. About 17.8% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.61×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.02×

- FY2020: 0.03×

- FY2021: 0.05×

- FY2022: 0.06×

- FY2023: -0.01×

- FY2024: 0.02×

- FY2025: 0.02×

- LTM to Jun 2026: 0.03×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.2%

- ROIC, second-lowest year: 1.9%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 8.0%

- Recent gross margin (lower of latest and 3-year median): 6.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.9%

- ROIC including acquisitions, ten-year median: 7.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 6.6%

- FY2018: 8.4%

- FY2019: 3.2%

- FY2020: 6.7%

- FY2021: 9.1%

- FY2022: 12.7%

- FY2023: -1.7%

- FY2024: 1.9%

- FY2025: 4.0%

- LTM to Jun 2026: 5.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.75×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.5B

- Net income, five-year total: $2.0B

- Return on incremental invested capital: 5.6%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: 0.4 pp

- Working capital / revenue, final three-year average: 19.2%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.01×

- FY2024: -1.27×

- FY2025: 0.88×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.8% vs 1.9%

- Per-share earnings: 211.00 to 202.21 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.2%

- Ordinary dilution, 5-year annual growth: -3.6%

- Market cap gain: -$369M

- Cumulative retained earnings: $2.1B

- Diluted shares, 10-year annual growth: -2.2%

- Diluted shares, 5-year annual growth: -3.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -0.5%

- Per-share value change: -$8.79

- Per-share value, starting three-year median: $211.00

- Per-share value, ending three-year median: $202.21

- Buybacks concentrated in cheaper years (correlation): 0.83

- Average buyback yield: 3.2%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: $637M

- Cumulative net income, 10 years: $3.1B

- ROIC, first three-year median: 7.8%

- ROIC, last three-year median: 1.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $260.00

- FY2017: $211.00

- FY2018: -$14.52

- FY2019: $246.58

- FY2020: $243.80

- FY2021: $491.04

- FY2022: $499.66

- FY2023: $202.21

- FY2024: $90.62

- FY2025: $514.46

### accounting: pass

- Sloan accruals: -0.9%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.15×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.4%

- FY2017: 0.0%

- FY2018: -4.8%

- FY2019: 1.8%

- FY2020: -0.1%

- FY2021: 6.4%

- FY2022: -1.2%

- FY2023: -6.4%

- FY2024: -5.6%

- FY2025: -0.9%

## Holders

- [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts.

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

## Price story

Down 30% since Apr 2026 · sales +5.4%

Story as of 2026-10-16T09:59:33.927Z; price observation 2026-10-15.

Price needs cash profits to shrink 8.2% a year for ten years

### Sales · FY2025–2026

sales +5.4%; source https://www.sec.gov/Archives/edgar/data/88121/000008812126000012/seb-20251231x10k.htm; observed 2026-02-12.

- FY2017: $5.8B 

- FY2018: $6.6B 

- FY2019: $6.8B 

- FY2020: $7.1B 

- FY2021: $9.2B 

- FY2022: $11B 

- FY2023: $9.6B 

- FY2024: $9.1B 

- FY2025: $9.7B 

- FY2026: $10B 

### Gross margin · FY2026

gross margin 8%; source https://www.sec.gov/Archives/edgar/data/88121/000008812126000012/seb-20251231x10k.htm; observed 2026-02-12.

- FY2017: 9.5% 

- FY2018: 8.4% 

- FY2019: 6.5% 

- FY2020: 8.1% 

- FY2021: 8.9% 

- FY2022: 9.2% 

- FY2023: 3.3% 

- FY2024: 6.3% 

- FY2025: 6.9% 

- FY2026: 8.0% 

## Owner memo

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

### How it makes money

Operates in conglomerates; annual sales are USD 9.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/88121/000008812126000012/seb-20251231x10k.htm (filed 2026-02-12); FY2025: revenue 9746000000; grossProfit 677000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SEB.US: Seaboard Corporation, together with its subsidiaries, operates in agricultural, energy, and ocean transportation business worldwide. It operates through Pork, Commodity Trading and Milling (CT&M), Marine, Liquid Fuels, Power, and Turkey segments. The Pork segment produces and sells pork products to further processors, food service operators, grocery stores, and distributors; and hogs. The CT&M segment sources, transports, and markets wheat, corn, soybeans, soybean meal, and other commodities; and produces and sells wheat flour, maize meal, manufactured feed, and oilseed crush commodities. The Marine segment provides cargo shipping services; owns and leases dry, refrigerated, specialized containers, and other related equipment; and operates a terminal and an off-port warehouse and cargo storage. The Liquid Fuels segment owns biodiesel plants and terminal facilities. The Power segment operates as an independent power producer that generates electricity for the power grid in the Dominican Republic. The Turkey segment produces and processes turkey products to retail stores, food service outlets, and industrial entities, as well as exports products to foreign markets. The company also produces and sells sugar and alcohol. Seaboard Corporation was founded in 1918 and is headquartered in Merriam, Kansas.

### Why customers stay

Margins ranged from 3.3% to 6.9% during 2023–25; it earns 6.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 3.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 6.3%.

- Source: https://www.sec.gov/Archives/edgar/data/88121/000008812126000012/seb-20251231x10k.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 6.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2017,0.06554621848739496],[2018,0.0842345718670807],[2019,0.031701243146627034],[2020,0.06715514402495011],[2021,0.09103206196576732],[2022,0.12658959537572254],[2023,-0.017058823529411765],[2024,0.0195],[2025,0.040269646975341494],[2026,0.05939032936229853]]; median 0.062468273924846746. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 42.5% of cash earnings on expansion; earns 5.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2016: growth capex 0; upkeep 158000000; cash acquisitions 219000000; owner earnings 257000000. Growth capex plus acquisitions / owner earnings = 0.8521400778210116.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2017: growth capex 53000000; upkeep 120000000; cash acquisitions 54000000; owner earnings 247000000. Growth capex plus acquisitions / owner earnings = 0.4331983805668016.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2019: growth capex 49940458.514395356; upkeep 299059541.48560464; cash acquisitions 7000000; owner earnings 125940458.51439536. Growth capex plus acquisitions / owner earnings = 0.4521220518495008.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2020: growth capex 62907720.37973249; upkeep 196092279.6202675; cash acquisitions 27000000; owner earnings 258907720.3797325. Growth capex plus acquisitions / owner earnings = 0.3472577806790289.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 282000000; upkeep 178000000; cash acquisitions 7000000; owner earnings 570000000. Growth capex plus acquisitions / owner earnings = 0.5070175438596491.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2022: growth capex 239000000; upkeep 235000000; cash acquisitions 58000000; owner earnings 580000000. Growth capex plus acquisitions / owner earnings = 0.5120689655172413.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: growth capex 0; upkeep 506000000; owner earnings 3000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/88121/000008812126000012/seb-20251231x10k.htm (filed 2026-02-12); FY2025: growth capex 186194284.96323133; upkeep 375805715.0367687; owner earnings 438194284.9632313. Growth capex / owner earnings = 0.42491262746353436.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Incremental return on capital 0.05608620654528662, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,7000000],[2017,7000000],[2018,7000000],[2019,10000000],[2020,10000000],[2021,10000000],[2022,10000000],[2023,10000000],[2024,9000000],[2025,9000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/88121/000008812126000012/seb-20251231x10k.htm (filed 2026-02-12); FY2025: cash repurchases 39000000 USD.

### Are managers owners

Insiders own 74.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SEB.US SharesStats.PercentInsiders = 74.56700000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 8.2% yearly over ten years; actual growth was 16.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Ten-year compound average after fade. Initial solved rate -0.12705081708831462. Price 3971.8101; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 102.5 → FY2025 454.5051098400616. Closing-price date 2026-10-15.

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

- 2016-10: $3,385.00 per share

- 2016-11: $4,093.00 per share

- 2016-12: $3,951.99 per share

- 2017-01: $3,850.00 per share

- 2017-02: $3,632.45 per share

- 2017-03: $4,169.46 per share

- 2017-04: $4,234.01 per share

- 2017-05: $4,049.51 per share

- 2017-06: $3,995.00 per share

- 2017-07: $4,275.00 per share

- 2017-08: $4,295.67 per share

- 2017-09: $4,505.00 per share

- 2017-10: $4,400.12 per share

- 2017-11: $4,325.04 per share

- 2017-12: $4,410.00 per share

- 2018-01: $4,336.00 per share

- 2018-02: $4,052.00 per share

- 2018-03: $4,265.00 per share

- 2018-04: $4,007.05 per share

- 2018-05: $4,075.01 per share

- 2018-06: $3,962.74 per share

- 2018-07: $3,638.00 per share

- 2018-08: $3,684.78 per share

- 2018-09: $3,710.04 per share

- 2018-10: $3,865.00 per share

- 2018-11: $3,722.00 per share

- 2018-12: $3,538.01 per share

- 2019-01: $3,864.17 per share

- 2019-02: $3,899.26 per share

- 2019-03: $4,284.70 per share

- 2019-04: $4,495.58 per share

- 2019-05: $4,100.00 per share

- 2019-06: $4,136.74 per share

- 2019-07: $4,081.64 per share

- 2019-08: $4,130.18 per share

- 2019-09: $4,375.00 per share

- 2019-10: $4,219.09 per share

- 2019-11: $4,111.57 per share

- 2019-12: $4,250.55 per share

- 2020-01: $3,855.61 per share

- 2020-02: $3,415.00 per share

- 2020-03: $2,812.80 per share

- 2020-04: $3,011.10 per share

- 2020-05: $2,940.00 per share

- 2020-06: $2,933.82 per share

- 2020-07: $2,703.25 per share

- 2020-08: $2,683.00 per share

- 2020-09: $2,836.69 per share

- 2020-10: $3,445.00 per share

- 2020-11: $3,202.73 per share

- 2020-12: $3,031.00 per share

- 2021-01: $3,146.21 per share

- 2021-02: $3,313.14 per share

- 2021-03: $3,689.99 per share

- 2021-04: $3,577.99 per share

- 2021-05: $3,665.00 per share

- 2021-06: $3,868.73 per share

- 2021-07: $4,110.00 per share

- 2021-08: $4,254.60 per share

- 2021-09: $4,099.99 per share

- 2021-10: $3,850.02 per share

- 2021-11: $3,890.02 per share

- 2021-12: $3,935.01 per share

- 2022-01: $3,819.99 per share

- 2022-02: $3,859.48 per share

- 2022-03: $4,205.49 per share

- 2022-04: $4,224.99 per share

- 2022-05: $4,139.38 per share

- 2022-06: $3,882.58 per share

- 2022-07: $4,060.64 per share

- 2022-08: $3,862.34 per share

- 2022-09: $3,402.66 per share

- 2022-10: $3,746.38 per share

- 2022-11: $3,952.85 per share

- 2022-12: $3,775.21 per share

- 2023-01: $3,920.50 per share

- 2023-02: $3,949.98 per share

- 2023-03: $3,770.01 per share

- 2023-04: $3,941.07 per share

- 2023-05: $3,799.43 per share

- 2023-06: $3,560.72 per share

- 2023-07: $3,605.00 per share

- 2023-08: $3,770.33 per share

- 2023-09: $3,753.00 per share

- 2023-10: $3,506.95 per share

- 2023-11: $3,514.99 per share

- 2023-12: $3,570.10 per share

- 2024-01: $3,603.00 per share

- 2024-02: $3,287.59 per share

- 2024-03: $3,223.92 per share

- 2024-04: $3,310.11 per share

- 2024-05: $3,341.13 per share

- 2024-06: $3,160.74 per share

- 2024-07: $3,247.91 per share

- 2024-08: $3,110.37 per share

- 2024-09: $3,137.00 per share

- 2024-10: $2,766.01 per share

- 2024-11: $2,613.98 per share

- 2024-12: $2,429.66 per share

- 2025-01: $2,438.34 per share

- 2025-02: $2,802.11 per share

- 2025-03: $2,697.12 per share

- 2025-04: $2,585.98 per share

- 2025-05: $2,677.18 per share

- 2025-06: $2,861.20 per share

- 2025-07: $3,167.18 per share

- 2025-08: $3,969.20 per share

- 2025-09: $3,647.00 per share

- 2025-10: $3,369.98 per share

- 2025-11: $4,679.57 per share

- 2025-12: $4,444.82 per share

- 2026-01: $5,082.28 per share

- 2026-02: $5,132.70 per share

- 2026-03: $5,654.02 per share

- 2026-04: $5,685.93 per share

- 2026-05: $5,081.93 per share

- 2026-06: $4,464.33 per share

- 2026-07: $4,413.26 per share

- 2026-08: $3,910.25 per share

- 2026-09: $3,948.00 per share

- 2026-10: $3,971.81 per share

## Annual estimated value (USD per share)

- FY2016: low $3,273.53 per share, central $3,581.67 per share, high $3,991.87 per share

- FY2017: low $3,652.48 per share, central $3,970.47 per share, high $4,393.78 per share

- FY2018: low $4,096.68 per share, central $4,880.08 per share, high $5,499.50 per share

- FY2019: low $2,634.31 per share, central $2,829.05 per share, high $3,088.28 per share

- FY2020: low $3,642.67 per share, central $3,978.80 per share, high $4,426.27 per share

- FY2021: low $4,694.77 per share, central $5,744.38 per share, high $6,525.78 per share

- FY2022: low $5,394.59 per share, central $6,896.84 per share, high $7,919.81 per share

- FY2023: low $4,147.22 per share, central $4,615.68 per share, high $5,239.30 per share

- FY2024: low $4,742.11 per share, central $5,255.24 per share, high $5,938.31 per share

- FY2025: low $6,041.46 per share, central $6,726.42 per share, high $7,638.25 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/88121/000008812126000012/seb-20251231x10k.htm); period 2025-12-31, filed 2026-02-12.

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.