J.M. Smucker

SJM · NYSE · Consumer Staples · Financials, fiscal 2017 to 2026

SJM · Last close · October 26, 2026

$128.64

J.M. Smucker's revenue rose 3.7% to $9.1 billion in fiscal 2026. Its operating margin was 4.0%, up from −7.7% a year earlier. Free cash flow was $1.2 billion, up 41.6%. It paid out $470 million in dividends and buybacks, 41% of free cash flow.

J M SMUCKER Co Latest fiscal year ended April 30, 2026 10-K filed June 9, 2026 · 0000091419-26-000050 Updated October 9, 2026

Revenue

$9.1B

3.7%

Operating margin

4.0%

11.7 pts

Net income

−$139M

Free cash flow

$1.2B

41.6%

Return on capital

2.2%

5.8 pts

Market cap

—

No share count

P/E

60.1x

On $2.14 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Smucker's filings stopped tagging its average share count after fiscal 2022, so share counts and the measures built on them are blank from fiscal 2023.

What J.M. Smucker does

J.M. Smucker, founded in 1897, makes and sells branded food and beverages, mostly in the United States. Operations outside the U.S. are mainly in Canada, and net sales outside the U.S. were 4 percent of the total in fiscal 2026. Its main products are coffee, frozen handheld foods, sweet baked goods, pet snacks, peanut butter, cat food, fruit spreads, toppings and syrups, and baking mixes.

It has five reportable segments. Three are U.S. Retail segments: Coffee, Frozen Handheld and Spreads, and Pet Foods. These sell mainly through direct sales and brokers to food retailers, club stores, discount stores, online sellers, pet stores, drug stores and mass merchandisers. The other two are Sweet Baked Snacks, sold in many retail channels, and Away From Home, which sells through foodservice distributors and operators such as restaurants, schools and healthcare facilities.

It has reshaped its mix in recent years. It bought Hostess Brands in November 2023, and it has sold several smaller businesses, including Voortman in December 2024 and some sweet baked snacks value brands in March 2025.

Its biggest risks, as it describes them

The loss of or a change with a significant customer, including its largest customer.
Problems with single-source suppliers, or with products made at only one site.
Higher costs of raw materials and transportation that it may not pass on to customers.
Consumer perceptions of its brands, and competition from private label and cheaper brands.
Risks from acquisitions, sales of businesses and restructuring, and its substantial debt.

From J.M. Smucker's annual report on Form 10-K, filed June 9, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2024, earnings per share grew 4.9% a year and net income 3.3% a year. J.M. Smucker then lost money in fiscal 2025 and 2026.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value J.M. Smucker yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What J.M. Smucker says to expect

Full year fiscal 2027: net salesNet sales is now expected to decrease 1.0 to 2.0 percent versus the prior year.
Full year fiscal 2027: adjusted earnings per shareAdjusted earnings per share is now expected to range from $10.50 to $11.00.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed August 26, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from J.M. Smucker's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need J.M. Smucker's diluted shares, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at April 30, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to J.M. Smucker's own revenue growth, as above. Cautious: growth of 0% then 1% a year, 2% after year 10, a 9% discount rate. Base: growth of 2% then 2% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 4% then 3.5% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $128.64
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from J.M. Smucker's earnings per share of $2.14 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 24×, the middle of J.M. Smucker's own P/E today, its peers' median and its sector's median (the Consumer Staples median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 9%, 8% and 7%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to July 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Campbell's, Post.

Earnings growth in the years ahead (% a year) Starts at J.M. Smucker's revenue growth over the last 3 years, 2.0% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $128.64
Value at this multiple, against the last close: —
J.M. Smucker's P/E at the last close: 60.1×

Company	Last close	Earnings per share	P/E today
J.M. SmuckerSJM	$128.64	$2.14	60.1×
Campbell'sCPB	$20.63	$1.31	15.7×
PostPOST	$80.44	$5.47	14.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	170	656	62	70	59
Debt incl. finance leases	4,494	4,318	8,375	7,690	6,974
Net debt (negative means net cash)	4,325	3,662	8,313	7,620	6,916
Net debt to EBITDA	2.9x	6.2x	4.8x	—	7.5x
Debt to equity	0.6x	0.6x	1.1x	1.3x	1.3x
Interest coverage	6.6x	1.0x	7.7x	−1.6x	0.9x
Current ratio	1.0x	1.4x	0.5x	0.8x	0.8x
Quick ratio	0.5x	0.9x	0.2x	0.3x	0.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $99,801 of J.M. Smucker shares on the open market, and 5 insiders sold $17.6 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 31, 2026	Mark T SmuckerCEO, Chair of Board, Director	Sold	84,821	$131.39	$11.1 million	Form 4
Aug 31, 2026	Robert D FergusonChief Product Supply Officer	Sold	2,522	$132.41	$333,938	Form 4
Aug 28, 2026	Tucker H MarshallChief Financial Officer	Sold	18,482	$132.05	$2.4 million	Form 4
Jun 29, 2026	Jill R PenroseChief People Officer	Sold	5,000	$116.70	$583,500	Form 4
Jun 26, 2026	Jeannette L KnudsenChief Legal Officer	Sold	4,353	$115.08	$500,943	Form 4
Jun 24, 2026	Tucker H MarshallChief Financial Officer	Sold	3,630	$111.05	$403,112	Form 4
Jun 17, 2026	Mark T SmuckerCEO, Chair of Board, Director	Sold	13,000	$115.11	$1.5 million	Form 4
Jun 11, 2026	Jeannette L KnudsenChief Legal Officer	Sold	5,550	$116.29	$645,410	Form 4
Mar 10, 2026	Mark T SmuckerCEO, Chair of Board, Director	Sold	463	$108.92	$50,391	Form 4
Mar 2, 2026	Tarang AminDirector	Bought	880	$113.41	$99,801	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	—	—	—
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Pass
F-score	—	—	—
Accruals ratio	−2.8%	−12.9%	−9.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put J.M. Smucker side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
J.M. Smucker	FY26	3.7%	4.0%	12.8%	2.2%	7.5x	—
Campbell's	FY26	−5.0%	8.7%	7.0%	6.2%	5.3x	5	Compare
Post	FY25	3.0%	9.8%	6.0%	5.7%	5.5x	4	Compare
Magnum Ice Cream	FY25	−0.5%	7.6%	1.6%	—	—	—	Compare
Conagra Brands	FY26	−2.9%	−14.4%	8.7%	−8.3%	—	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	7,392	7,357	7,838	7,801	8,003	7,999	8,529	8,179	8,726	9,051
Revenue growth	−5.4%	−0.5%	6.5%	−0.5%	2.6%	−0.1%	6.6%	−4.1%	6.7%	3.7%
Gross profit	2,835	2,836	2,916	3,002	3,139	2,701	2,802	3,115	3,385	3,034
Research and development	58	—	—	—	—	—	—	—	—	—
Operating income	1,043	1,044	929	1,223	1,387	1,024	158	1,306	−674	360
Net income	592	1,339	514	780	876	632	−91	744	−1,231	−139
Diluted EPS (US$)	5.10	11.78	4.52	6.84	7.79	5.83	−0.86	7.13	−11.57	−1.30
Diluted shares (millions)	116	113	113	113	112	108	—	—	—	—
Cash flow
Cash from operations	1,059	1,218	1,141	1,255	1,565	1,136	1,194	1,229	1,210	1,474
Capital expenditure	192	322	360	269	307	418	477	586	394	317
Free cash flow	867	896	781	986	1,258	719	717	643	817	1,156
Dividends paid	339	350	378	397	403	418	430	438	455	465
Share buybacks	438	7	5	4	678	270	368	373	3	6
Acquisitions	0	0	1,903	0	0	0	0	3,921	0	0
Stock-based compensation	22	15	21	27	29	22	26	24	30	24
Balance sheet at fiscal year end
Cash and short-term investments	167	193	101	391	334	170	656	62	70	59
Debt incl. finance leases	5,398	4,832	5,911	5,627	4,756	4,494	4,318	8,375	7,690	6,974
Total assets	15,640	15,301	16,711	16,970	16,284	16,055	14,991	20,274	17,563	16,219
Total liabilities	8,790	7,410	8,741	8,780	8,159	7,915	7,701	12,580	11,481	10,676
Shareholders' equity	6,850	7,891	7,970	8,191	8,125	8,140	7,291	7,694	6,083	5,544
Margins and ratios
Gross margin	38.4%	38.5%	37.2%	38.5%	39.2%	33.8%	32.9%	38.1%	38.8%	33.5%
Operating margin	14.1%	14.2%	11.8%	15.7%	17.3%	12.8%	1.9%	16.0%	−7.7%	4.0%
Net margin	8.0%	18.2%	6.6%	10.0%	10.9%	7.9%	−1.1%	9.1%	−14.1%	−1.5%
Free cash flow margin	11.7%	12.2%	10.0%	12.6%	15.7%	9.0%	8.4%	7.9%	9.4%	12.8%
Return on capital	5.8%	8.5%	5.2%	6.8%	8.0%	6.1%	1.1%	7.2%	−3.6%	2.2%
Return on equity	8.6%	18.2%	6.5%	9.7%	10.7%	7.8%	−1.2%	9.9%	−17.9%	−2.4%
Return on assets	3.8%	8.7%	3.2%	4.6%	5.3%	3.9%	−0.6%	4.2%	−6.5%	−0.8%
Net debt to EBITDA	3.6x	3.2x	4.2x	3.1x	2.4x	2.9x	6.2x	4.8x	—	7.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: J.M. Smucker's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with J.M. Smucker.