# Tyson Foods (TSN.US)

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

Analysis as of: 2026-10-16T07:32:34.399Z. 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: $54.04 per share; close as of 2026-10-15.

Estimated value: low $34.67 per share, central $39.45 per share, high $45.81 per share. Buy at or below the central value $39.45 per share. Valuation as of 2026-10-16T07:32:34.399Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% 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: 0.52×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.08×

- FY2018: 0.07×

- FY2019: 0.07×

- FY2020: 0.07×

- FY2021: 0.09×

- FY2022: 0.08×

- FY2023: -0.01×

- FY2024: 0.03×

- FY2025: 0.03×

### moat: fail

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

- Recent gross margin fell 5.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 17.1%

- ROIC, second-lowest year: 5.9%

- Typical minus recent gross margin: 5.9 pp

- Typical gross margin (annual median): 12.5%

- Recent gross margin (lower of latest and 3-year median): 6.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: 7.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 21.8%

- FY2017: 17.8%

- FY2018: 23.4%

- FY2019: 16.0%

- FY2020: 16.4%

- FY2021: 23.8%

- FY2022: 21.0%

- FY2023: -1.8%

- FY2024: 6.4%

- FY2025: 5.9%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $7.0B

- Net income, five-year total: $6.9B

- Return on incremental invested capital: -11.2%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.7 pp

- Working capital / revenue, final three-year average: 10.0%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.93×

- FY2024: 1.34×

- FY2025: 1.81×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 21.8% vs 5.9%

- Per-share earnings: 4.53 to 1.33 (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: -1.4%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: -$6.7B

- Cumulative retained earnings: $8.9B

- Diluted shares, 10-year annual growth: -1.4%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -14.2%

- Per-share value change: -$3.21

- Per-share value, starting three-year median: $4.53

- Per-share value, ending three-year median: $1.33

- Buybacks concentrated in cheaper years (correlation): 0.17

- Average buyback yield: 1.5%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $7.3B

- Cumulative net income, 10 years: $17B

- ROIC, first three-year median: 21.8%

- ROIC, last three-year median: 5.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $4.53

- FY2017: $4.79

- FY2018: $8.05

- FY2019: $5.41

- FY2020: $5.65

- FY2021: $8.35

- FY2022: $8.92

- FY2023: -$2.28

- FY2024: $2.25

- FY2025: $1.33

### accounting: pass

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

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 3

- Stock compensation / operating cash flow: 4.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.55×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.83×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.2%

- FY2017: -2.9%

- FY2018: 0.0%

- FY2019: -1.6%

- FY2020: -5.3%

- FY2021: -2.2%

- FY2022: 1.5%

- FY2023: -6.6%

- FY2024: -4.8%

- FY2025: -4.6%

## Holders

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

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

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

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

- [Donald Yacktman](https://gigainvestors.com/YAM): 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 42% since Apr 2022 · "Tyson Cuts Beef Outlook as Q3 Volume Slumps, What It Means for 2026" (finance.yahoo.com, Aug 2026) · sales +2.1%

Story as of 2026-10-16T09:59:43.964Z; price observation 2026-10-15.

Price needs cash profits to grow 4.8% a year for ten years

- 2025-05-05: Tyson Foods Stock Falls as Sales Fall Short. Management Sees ‘Uncertainty.’ ([finance.yahoo.com](https://finance.yahoo.com/m/d38f15a1-2964-35b0-b87b-38b5fe589ccc/tyson-foods-stock-falls-as.html))

- 2025-08-04: Meatpacker Tyson Foods raises annual revenue forecast on resilient chicken demand ([investing.com](https://www.investing.com/news/stock-market-news/meatpacker-tyson-foods-raises-annual-revenue-forecast-on-resilient-chicken-demand-4167667))

- 2025-11-24: Tyson Foods' effort to beef up profits with plant closure sends shares higher ([seekingalpha.com](https://seekingalpha.com/news/4525506-tyson-foods-effort-to-beef-up-profits-with-plant-closure-sends-shares-higher?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-17: Tyson Foods Faces China Beef Export Halt And Fresh Legal Scrutiny ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/tyson-foods-faces-china-beef-090934275.html))

- 2026-08-03: Tyson Foods cuts fiscal 2026 profit forecast on beef losses ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/tyson-foods-cuts-fiscal-2026-130314044.html))

- 2026-09-03: Tyson Foods Revises 2026 Outlook Due to ‘Beef Pressures,’ And Stock Takes a Hit ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/tyson-foods-revises-2026-outlook-152226353.html))

### Sales · FY2024–2025

sales +2.1%; source https://www.sec.gov/Archives/edgar/data/100493/000010049325000095/tsn-20250927.htm; observed 2025-11-10.

- FY2016: $37B 

- FY2017: $38B 

- FY2018: $40B 

- FY2019: $42B 

- FY2020: $43B 

- FY2021: $47B 

- FY2022: $53B 

- FY2023: $53B 

- FY2024: $53B 

- FY2025: $54B 

### Gross margin · FY2025

gross margin 6.5%; source https://www.sec.gov/Archives/edgar/data/100493/000010049325000095/tsn-20250927.htm; observed 2025-11-10.

- FY2016: 12.7% 

- FY2017: 13.2% 

- FY2018: 12.7% 

- FY2019: 11.8% 

- FY2020: 12.5% 

- FY2021: 13.9% 

- FY2022: 12.5% 

- FY2023: 5.0% 

- FY2024: 6.8% 

- FY2025: 6.5% 

## Owner memo

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

### How it makes money

Operates in farm products; annual sales are USD 54.4 billion.

- Source: https://eodhd.com/api/fundamentals/TSN.US.json#2025-09-30 (filed 2025-11-10); FY2025: revenue 54441000000; grossProfit 3562000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TSN.US: Tyson Foods, Inc., together with its subsidiaries, operates as a food company worldwide. It operates through four segments: Beef, Pork, Chicken, and Prepared Foods. The company processes live fed cattle and hogs; fabricates dressed beef and pork carcasses into primal and sub-primal meat cuts, as well as case ready beef and pork, and fully cooked meats; raises and processes chickens into fresh, frozen, and value-added chicken products, including breaded chicken strips, nuggets, patties, and other ready-to-fix or fully cooked chicken parts; and supplies poultry breeding stock. It also manufactures and markets frozen and refrigerated food products, including ready-to-eat sandwiches, flame-grilled hamburgers, Philly steaks, pepperoni, bacon, breakfast sausage, turkey, lunchmeat, hot dogs, flour and corn tortilla products, appetizers, snacks, prepared meals, ethnic foods, side dishes, meat dishes, breadsticks, and processed meats under the Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, Gallo Salame, ibp, and State Fair brands. The company sells its products through its sales staff to grocery retailers, grocery wholesalers, meat distributors, warehouse club stores, military commissaries, industrial food processing companies, chain restaurants or their distributors, live markets, international export companies, and domestic distributors who serve restaurants and food service operations, such as plant and school cafeterias, convenience stores, hospitals, and other vendors, as well as through independent brokers and trading companies. Tyson Foods, Inc. was founded in 1935 and is headquartered in Springdale, Arkansas.

### Why customers stay

Margins ranged from 5% to 6.8% during 2023–25; it earns 17.1% on its capital.

- Source: https://eodhd.com/api/fundamentals/TSN.US.json#2023-09-30 (filed 2025-11-10); FY2023: grossProfit / revenue = 5%.

- Source: https://eodhd.com/api/fundamentals/TSN.US.json#2024-09-30 (filed 2025-11-10); FY2024: grossProfit / revenue = 6.8%.

- Source: https://eodhd.com/api/fundamentals/TSN.US.json#2025-09-30 (filed 2025-11-10); FY2025: grossProfit / revenue = 6.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-10); 10-year return on capital observations [[2016,0.21786952694645031],[2017,0.1780068560329059],[2018,0.23438856872187575],[2019,0.15978057604720833],[2020,0.16382418568210919],[2021,0.2375183445671874],[2022,0.20956271302501744],[2023,-0.018155108215033744],[2024,0.06373540527137066],[2025,0.05858346885578901]]; median 0.17091552085750755. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices rose 3.3%; sales volumes were flat.

- Source: https://www.sec.gov/Archives/edgar/data/100493/000010049325000095/tsn-20250927.htm (filed 2025-11-10); [p0] d ending on the Saturday closest to September 30. The Company’s accounting cycle resulted in a 52-week year for fiscal 2025, 2024 and 2023. General Sales grew 2.1%, or $1.1 billion to $54.4 billion in fiscal 2025, largely due to higher average sales prices in our Beef, Pork and Prepared Foods segments, partially offset by $653 million of increased legal contingency accruals which reduced sales. We reported operating income of $1,098 million in fiscal 2025 as compared to an operating income of $1,409 million in fiscal 2024, as we experienced lower operating income in our Beef and Pork segments, partially offset by higher operating income in our Chicken and Prepared Foods segments and International/Other. In fiscal 2025, our operating income was impacted by $738 million of legal contingency accruals, $343 million of goodwill and intangible impairments, $45 million of restructuring and related charges, $41 million of charges related to a product recall and $23 million related to brand and product line discontinuations. In fiscal 2024, our results were impacted by $182 million of plant closure and disposal charges, $174 million of legal contingency accruals and $31 million of restructuring and related charges. Market Environment According to the most recently published USDA data, domestic protein production (beef, pork, chicken and turkey) decreased slightly in fiscal 2025 compared to fiscal 2024. The Beef segment continues to experience limited supply of market-ready cattle as well as increased cattle costs. Additionally, uncertainty exists regarding the timing of the anticipated cattle herd rebuilding. The Pork segment experienced sufficient supply of market-ready hogs and increased hog costs. The Chicken segment experienced reduced feed ingredient costs, but costs began to stabilize in the back half of fiscal 2025. The 

[p1] he recent changes in trade policies and tariffs both domestically and internationally, we may experience some sales disruptions and other impacts associated with tariffs. There is uncertainty regarding the impact the current changes will have on the price and demand of our products in the affected countries, commodity pricing and other general economic conditions, and uncertainty in future changes that may have a material impact. Margins Our total operating margin was 2.0% in fiscal 2025. Operating margins by segment were as follows: •Beef – (5.2)% •Pork – (3.4)% •Chicken – 8.5% •Prepared Foods – 9.0% 24 Strategy We are a world-class food company and recognized leader in protein. Our strategy is to deliver margins in the core protein business by driving efficiencies and valuing-up offerings to better serve consumers; grow branded portfolio by innovating new occasions, categories and channels; and scale in international markets by delivering profitable value-added food offerings in high growth categories. During fiscal 2025, the Company initiated a network optimization plan to optimize our global operations and logistics network. We anticipate recognizing total pretax charges of $86 million related to actions approved through September 27, 2025, which include $99 million that have resulted or will result in cash outflows and $94 million of non-cash charges, partially offset by $107 million gain recognized from the sale of storage facilities. Additionally, we received $252 million in proceeds associated with the sale of storage facilities during fiscal 2025. We expect to incur costs related to the network optimization plan over a multi-year period and anticipate additional charges in the future as further actions are approved. In fiscal 2025, we recognized charges of $45 million related to the network optimization plan, 

[p2] internationally, we may experience some sales disruptions and other impacts associated with tariffs. There is uncertainty regarding the impact the current changes will have on the price and demand of our products in the affected countries, commodity pricing and other general economic conditions, and uncertainty in future changes that may have a material impact. Margins Our total operating margin was 2.0% in fiscal 2025. Operating margins by segment were as follows: •Beef – (5.2)% •Pork – (3.4)% •Chicken – 8.5% •Prepared Foods – 9.0% 24 Strategy We are a world-class food company and recognized leader in protein. Our strategy is to deliver margins in the core protein business by driving efficiencies and valuing-up offerings to better serve consumers; grow branded portfolio by innovating new occasions, categories and channels; and scale in international markets by delivering profitable value-added food offerings in high growth categories. During fiscal 2025, the Company initiated a network optimization plan to optimize our global operations and logistics network. We anticipate recognizing total pretax charges of $86 million related to actions approved through September 27, 2025, which include $99 million that have resulted or will result in cash outflows and $94 million of non-cash charges, partially offset by $107 million gain recognized from the sale of storage facilities. Additionally, we received $252 million in proceeds associated with the sale of storage facilities during fiscal 2025. We expect to incur costs related to the network optimization plan over a multi-year period and anticipate additional charges in the future as further actions are approved. In fiscal 2025, we recognized charges of $45 million related to the network optimization plan, which included a gain of $107 million from the sale of storage facilit

[p3] o Part II, Item 8, Notes to the Consolidated Financial Statements, Note 7: Restructuring and Related Charges. SUMMARY OF RESULTS Sales in millions 2025 2024 2023 Sales $ 54,441 $ 53,309 $ 52,881 Change in sales volume — % — % Change in average sales price 3.3 % 0.6 % Sales growth 2.1 % 0.8 % 2025 vs. 2024 – •Sales Volume – Volumes were essentially flat and resulted in a decrease of $10 million as decreased sales volume in our Beef, Pork and Prepared Foods segments were offset by increased sales volume in our Chicken segment. •Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase of $1,795 million, driven by increased pricing in our Beef, Pork and Prepared Foods segments, while pricing in our Chicken segment was relatively flat. ◦The above changes in average sales price exclude the impacts of $698 million and $45 million reductions of Sales from the recognition of legal contingency accruals in fiscal 2025 and 2024, respectively. 2024 vs. 2023 – •Sales Volume – Volumes were essentially flat and resulted in an increase of $19 million as increased sales volume in our Beef, Pork and Prepared Foods segments were mostly offset by decreased sales volume in our Chicken segment. •Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase of $298 million, driven by increased pricing in our Beef segment. ◦The above changes in average sales price exclude the impacts of $45 million and $156 million reductions of Sales from the recognition of legal contingency accruals in fiscal 2024 and 2023, respectively. Cost of Sales in millions 2025 2024 2023 Cost of sales $ 50,879 $ 49,682 $ 50,250 Gross profit 3,562 3,627 Cost of sales as a percentage of sales 93.5 % 93.2 % 2025 vs. 2024 – •Cost of sales increased $1,197 mil

[p4] 5 vs. 2024 – •Sales Volume – Volumes were essentially flat and resulted in a decrease of $10 million as decreased sales volume in our Beef, Pork and Prepared Foods segments were offset by increased sales volume in our Chicken segment. •Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase of $1,795 million, driven by increased pricing in our Beef, Pork and Prepared Foods segments, while pricing in our Chicken segment was relatively flat. ◦The above changes in average sales price exclude the impacts of $698 million and $45 million reductions of Sales from the recognition of legal contingency accruals in fiscal 2025 and 2024, respectively. 2024 vs. 2023 – •Sales Volume – Volumes were essentially flat and resulted in an increase of $19 million as increased sales volume in our Beef, Pork and Prepared Foods segments were mostly offset by decreased sales volume in our Chicken segment. •Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase of $298 million, driven by increased pricing in our Beef segment. ◦The above changes in average sales price exclude the impacts of $45 million and $156 million reductions of Sales from the recognition of legal contingency accruals in fiscal 2024 and 2023, respectively. Cost of Sales in millions 2025 2024 2023 Cost of sales $ 50,879 $ 49,682 $ 50,250 Gross profit 3,562 3,627 Cost of sales as a percentage of sales 93.5 % 93.2 % 2025 vs. 2024 – •Cost of sales increased $1,197 million. Lower sales volume decreased cost of sales by $10 million while higher input cost per pound increased cost of sales by $1,207 million. •The $1,207 million impact of higher input cost per pound was impacted by: •Increase in cattle costs of approximately $1,840 million in our Beef segment. •

[p5] resulted in a decrease of $10 million as decreased sales volume in our Beef, Pork and Prepared Foods segments were offset by increased sales volume in our Chicken segment. •Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase of $1,795 million, driven by increased pricing in our Beef, Pork and Prepared Foods segments, while pricing in our Chicken segment was relatively flat. ◦The above changes in average sales price exclude the impacts of $698 million and $45 million reductions of Sales from the recognition of legal contingency accruals in fiscal 2025 and 2024, respectively. 2024 vs. 2023 – •Sales Volume – Volumes were essentially flat and resulted in an increase of $19 million as increased sales volume in our Beef, Pork and Prepared Foods segments were mostly offset by decreased sales volume in our Chicken segment. •Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase of $298 million, driven by increased pricing in our Beef segment. ◦The above changes in average sales price exclude the impacts of $45 million and $156 million reductions of Sales from the recognition of legal contingency accruals in fiscal 2024 and 2023, respectively. Cost of Sales in millions 2025 2024 2023 Cost of sales $ 50,879 $ 49,682 $ 50,250 Gross profit 3,562 3,627 Cost of sales as a percentage of sales 93.5 % 93.2 % 2025 vs. 2024 – •Cost of sales increased $1,197 million. Lower sales volume decreased cost of sales by $10 million while higher input cost per pound increased cost of sales by $1,207 million. •The $1,207 million impact of higher input cost per pound was impacted by: •Increase in cattle costs of approximately $1,840 million in our Beef segment. •Increase in raw material and other input costs of approximately

[p6] rk and Prepared Foods segments were offset by increased sales volume in our Chicken segment. •Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase of $1,795 million, driven by increased pricing in our Beef, Pork and Prepared Foods segments, while pricing in our Chicken segment was relatively flat. ◦The above changes in average sales price exclude the impacts of $698 million and $45 million reductions of Sales from the recognition of legal contingency accruals in fiscal 2025 and 2024, respectively. 2024 vs. 2023 – •Sales Volume – Volumes were essentially flat and resulted in an increase of $19 million as increased sales volume in our Beef, Pork and Prepared Foods segments were mostly offset by decreased sales volume in our Chicken segment. •Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase of $298 million, driven by increased pricing in our Beef segment. ◦The above changes in average sales price exclude the impacts of $45 million and $156 million reductions of Sales from the recognition of legal contingency accruals in fiscal 2024 and 2023, respectively. Cost of Sales in millions 2025 2024 2023 Cost of sales $ 50,879 $ 49,682 $ 50,250 Gross profit 3,562 3,627 Cost of sales as a percentage of sales 93.5 % 93.2 % 2025 vs. 2024 – •Cost of sales increased $1,197 million. Lower sales volume decreased cost of sales by $10 million while higher input cost per pound increased cost of sales by $1,207 million. •The $1,207 million impact of higher input cost per pound was impacted by: •Increase in cattle costs of approximately $1,840 million in our Beef segment. •Increase in raw material and other input costs of approximately $345 million in our Prepared Foods segment. •Increase in hog costs of approxim

[p7]  volume in our Chicken segment. •Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase of $1,795 million, driven by increased pricing in our Beef, Pork and Prepared Foods segments, while pricing in our Chicken segment was relatively flat. ◦The above changes in average sales price exclude the impacts of $698 million and $45 million reductions of Sales from the recognition of legal contingency accruals in fiscal 2025 and 2024, respectively. 2024 vs. 2023 – •Sales Volume – Volumes were essentially flat and resulted in an increase of $19 million as increased sales volume in our Beef, Pork and Prepared Foods segments were mostly offset by decreased sales volume in our Chicken segment. •Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase of $298 million, driven by increased pricing in our Beef segment. ◦The above changes in average sales price exclude the impacts of $45 million and $156 million reductions of Sales from the recognition of legal contingency accruals in fiscal 2024 and 2023, respectively. Cost of Sales in millions 2025 2024 2023 Cost of sales $ 50,879 $ 49,682 $ 50,250 Gross profit 3,562 3,627 Cost of sales as a percentage of sales 93.5 % 93.2 % 2025 vs. 2024 – •Cost of sales increased $1,197 million. Lower sales volume decreased cost of sales by $10 million while higher input cost per pound increased cost of sales by $1,207 million. •The $1,207 million impact of higher input cost per pound was impacted by: •Increase in cattle costs of approximately $1,840 million in our Beef segment. •Increase in raw material and other input costs of approximately $345 million in our Prepared Foods segment. •Increase in hog costs of approximately $295 million in our Pork segment. •Increase of $43 mill

[p8]  higher average sales prices, which accounted for an increase of $1,795 million, driven by increased pricing in our Beef, Pork and Prepared Foods segments, while pricing in our Chicken segment was relatively flat. ◦The above changes in average sales price exclude the impacts of $698 million and $45 million reductions of Sales from the recognition of legal contingency accruals in fiscal 2025 and 2024, respectively. 2024 vs. 2023 – •Sales Volume – Volumes were essentially flat and resulted in an increase of $19 million as increased sales volume in our Beef, Pork and Prepared Foods segments were mostly offset by decreased sales volume in our Chicken segment. •Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase of $298 million, driven by increased pricing in our Beef segment. ◦The above changes in average sales price exclude the impacts of $45 million and $156 million reductions of Sales from the recognition of legal contingency accruals in fiscal 2024 and 2023, respectively. Cost of Sales in millions 2025 2024 2023 Cost of sales $ 50,879 $ 49,682 $ 50,250 Gross profit 3,562 3,627 Cost of sales as a percentage of sales 93.5 % 93.2 % 2025 vs. 2024 – •Cost of sales increased $1,197 million. Lower sales volume decreased cost of sales by $10 million while higher input cost per pound increased cost of sales by $1,207 million. •The $1,207 million impact of higher input cost per pound was impacted by: •Increase in cattle costs of approximately $1,840 million in our Beef segment. •Increase in raw material and other input costs of approximately $345 million in our Prepared Foods segment. •Increase in hog costs of approximately $295 million in our Pork segment. •Increase of $43 million related to restructuring and related charges. 25 •Decrease of approximately $340 mil

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 196 million of shares.

- Source: https://eodhd.com/api/fundamentals/TSN.US.json#2016-09-30 (filed 2025-11-10); FY2016: growth capex 0; upkeep 695000000; cash acquisitions 0; owner earnings 1778000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TSN.US.json#2017-09-30 (filed 2025-11-10); FY2017: growth capex 183471695.01520586; upkeep 885528304.9847941; cash acquisitions 3081000000; owner earnings 1649471695.0152059. Growth capex plus acquisitions / owner earnings = 1.979101372203366.

- Source: https://eodhd.com/api/fundamentals/TSN.US.json#2018-09-30 (filed 2025-11-10); FY2018: growth capex 251364003.21128416; upkeep 948635996.7887158; cash acquisitions 1474000000; owner earnings 2964364003.211284. Growth capex plus acquisitions / owner earnings = 0.5820351351393432.

- Source: https://eodhd.com/api/fundamentals/TSN.US.json#2019-09-30 (filed 2025-11-10); FY2019: growth capex 161000000; upkeep 1098000000; cash acquisitions 2462000000; owner earnings 1980000000. Growth capex plus acquisitions / owner earnings = 1.3247474747474748.

- Source: https://eodhd.com/api/fundamentals/TSN.US.json#2020-09-30 (filed 2025-11-10); FY2020: growth capex 7000000; upkeep 1192000000; cash acquisitions 0; owner earnings 2061000000. Growth capex plus acquisitions / owner earnings = 0.003396409509946628.

- Source: https://eodhd.com/api/fundamentals/TSN.US.json#2021-09-30 (filed 2025-11-10); FY2021: growth capex 0; upkeep 1209000000; cash acquisitions 0; owner earnings 3052000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TSN.US.json#2022-09-30 (filed 2025-11-10); FY2022: growth capex 685000000; upkeep 1202000000; cash acquisitions 0; owner earnings 3238000000. Growth capex plus acquisitions / owner earnings = 0.211550339715874.

- Source: https://eodhd.com/api/fundamentals/TSN.US.json#2024-09-30 (filed 2025-11-10); FY2024: growth capex 0; upkeep 1132000000; cash acquisitions 0; owner earnings 1068000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TSN.US.json#2025-09-30 (filed 2025-11-10); FY2025: growth capex 0; upkeep 978000000; cash acquisitions 0; owner earnings 857000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-10); Dividend observations: [[2016,216000000],[2017,319000000],[2018,431000000],[2019,537000000],[2020,601000000],[2021,636000000],[2022,653000000],[2023,670000000],[2024,684000000],[2025,697000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/TSN.US.json#2025-09-30 (filed 2025-11-10); FY2025: cash repurchases 196000000 USD.

### Are managers owners

Insiders own 2.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TSN.US SharesStats.PercentInsiders = 2.6149999999999998 percentage points; cache date 2026-10-16.

### What could break it

"We depend on contract farmers and independent producers to supply us with livestock." (SEC filing, Nov 2025)

- Source: https://www.sec.gov/Archives/edgar/data/100493/000010049325000095/tsn-20250927.htm (filed 2025-11-10); We depend on contract farmers and independent producers to supply us with livestock.

### What the price says

The price assumes cash profits grow 4.8% yearly over ten years; actual decline was 2.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-10); Ten-year compound average after fade. Initial solved rate 0.056339078510584506. Price 54.04; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.953995157384988 → FY2025 2.4005602240896358. Closing-price date 2026-10-15.

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

- 2016-10: $70.85 per share

- 2016-11: $56.81 per share

- 2016-12: $61.68 per share

- 2017-01: $62.79 per share

- 2017-02: $62.56 per share

- 2017-03: $61.71 per share

- 2017-04: $64.26 per share

- 2017-05: $57.34 per share

- 2017-06: $62.63 per share

- 2017-07: $63.36 per share

- 2017-08: $63.30 per share

- 2017-09: $70.45 per share

- 2017-10: $72.91 per share

- 2017-11: $82.25 per share

- 2017-12: $81.07 per share

- 2018-01: $76.11 per share

- 2018-02: $74.38 per share

- 2018-03: $73.19 per share

- 2018-04: $70.10 per share

- 2018-05: $67.47 per share

- 2018-06: $68.85 per share

- 2018-07: $57.65 per share

- 2018-08: $62.81 per share

- 2018-09: $59.53 per share

- 2018-10: $59.92 per share

- 2018-11: $58.95 per share

- 2018-12: $53.40 per share

- 2019-01: $61.92 per share

- 2019-02: $61.66 per share

- 2019-03: $69.43 per share

- 2019-04: $75.01 per share

- 2019-05: $75.89 per share

- 2019-06: $80.74 per share

- 2019-07: $79.50 per share

- 2019-08: $93.04 per share

- 2019-09: $86.14 per share

- 2019-10: $82.79 per share

- 2019-11: $89.89 per share

- 2019-12: $91.04 per share

- 2020-01: $82.63 per share

- 2020-02: $67.83 per share

- 2020-03: $57.87 per share

- 2020-04: $62.19 per share

- 2020-05: $61.44 per share

- 2020-06: $59.71 per share

- 2020-07: $61.45 per share

- 2020-08: $62.80 per share

- 2020-09: $59.48 per share

- 2020-10: $57.23 per share

- 2020-11: $65.20 per share

- 2020-12: $64.44 per share

- 2021-01: $64.31 per share

- 2021-02: $67.67 per share

- 2021-03: $74.30 per share

- 2021-04: $77.45 per share

- 2021-05: $79.50 per share

- 2021-06: $73.76 per share

- 2021-07: $71.46 per share

- 2021-08: $78.52 per share

- 2021-09: $78.94 per share

- 2021-10: $79.97 per share

- 2021-11: $78.96 per share

- 2021-12: $87.16 per share

- 2022-01: $90.89 per share

- 2022-02: $92.66 per share

- 2022-03: $89.63 per share

- 2022-04: $93.16 per share

- 2022-05: $89.61 per share

- 2022-06: $86.06 per share

- 2022-07: $88.01 per share

- 2022-08: $75.38 per share

- 2022-09: $65.93 per share

- 2022-10: $68.35 per share

- 2022-11: $66.28 per share

- 2022-12: $62.25 per share

- 2023-01: $65.75 per share

- 2023-02: $59.24 per share

- 2023-03: $59.32 per share

- 2023-04: $62.49 per share

- 2023-05: $50.64 per share

- 2023-06: $51.04 per share

- 2023-07: $55.72 per share

- 2023-08: $53.27 per share

- 2023-09: $50.49 per share

- 2023-10: $46.35 per share

- 2023-11: $46.84 per share

- 2023-12: $53.75 per share

- 2024-01: $54.76 per share

- 2024-02: $54.24 per share

- 2024-03: $58.73 per share

- 2024-04: $60.65 per share

- 2024-05: $57.25 per share

- 2024-06: $57.14 per share

- 2024-07: $60.90 per share

- 2024-08: $64.31 per share

- 2024-09: $59.56 per share

- 2024-10: $58.59 per share

- 2024-11: $64.50 per share

- 2024-12: $57.44 per share

- 2025-01: $56.49 per share

- 2025-02: $61.34 per share

- 2025-03: $63.81 per share

- 2025-04: $61.24 per share

- 2025-05: $56.16 per share

- 2025-06: $55.94 per share

- 2025-07: $52.30 per share

- 2025-08: $56.78 per share

- 2025-09: $54.30 per share

- 2025-10: $51.41 per share

- 2025-11: $58.05 per share

- 2025-12: $58.62 per share

- 2026-01: $65.33 per share

- 2026-02: $64.99 per share

- 2026-03: $64.07 per share

- 2026-04: $64.07 per share

- 2026-05: $61.02 per share

- 2026-06: $57.25 per share

- 2026-07: $57.96 per share

- 2026-08: $55.14 per share

- 2026-09: $50.53 per share

- 2026-10: $54.04 per share

## Annual estimated value (USD per share)

- FY2016: low $24.48 per share, central $28.73 per share, high $33.42 per share

- FY2017: low $34.55 per share, central $40.83 per share, high $47.51 per share

- FY2018: low $51.15 per share, central $58.20 per share, high $67.59 per share

- FY2019: low $62.05 per share, central $74.28 per share, high $86.49 per share

- FY2020: low $66.42 per share, central $79.38 per share, high $92.20 per share

- FY2021: low $75.04 per share, central $89.22 per share, high $103.21 per share

- FY2022: low $103.40 per share, central $125.16 per share, high $145.83 per share

- FY2023: low $97.13 per share, central $110.52 per share, high $128.35 per share

- FY2024: low $80.81 per share, central $92.76 per share, high $107.49 per share

- FY2025: low $33.79 per share, central $38.39 per share, high $44.52 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

Prior published observations retained from 2026-10-15T06:38:19.719Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/100493/000010049325000095/tsn-20250927.htm); period 2025-09-27, filed 2025-11-10.

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.