Pilgrim's Pride
PPCNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $28.21 Prior regular-session close from the quote source.
- $25.90–$28.58 Regular-session low and high so far today.
- 1.3M Regular-session shares traded · Nov 12, 4:00 PM ET.
- Feb 11 projected Projected for 2027-02-11 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $25.00–$44.84 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own PPC if Pilgrim's Pride converts vertical integration, scale and deep foodservice/retail customer relationships into consistent protein supply, above-industry operating margins and strong cash generation that can fund shareholder returns while JBS ownership provides strategic support.
PPC price history
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Investment thesis
What must happen next
PPC's vertical integration and scale give it a durable cost/service advantage that supports structurally higher gross profitability versus smaller/less-integrated competitors.StrengtheningMateriality: High
GrossProfit increased from 1,118,401,000 (FY2023) to 2,312,767,000 (FY2024) and to 2,358,143,000 (FY2025), showing material improvement while scale and integration described in Item 1 (plants, feed mills, hatcheries, ~4,500 growers) remained in place. If true, PPC can keep higher gross margins and defend contracts with large foodservice and retail customers; if false, competitors can underprice or win share and margins will compress.
Watch: A severe avian influenza or biosecurity event that forces plant shutdowns or culls large portions of the grower flock, reducing supply and increasing unit costs before prices fully pass through.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GrossProfit increased from 1,118,401,000 (FY2023) to 2,312,767,000 (FY2024) and to 2,358,143,000 (FY2025), showing material improvement while scale and integration described.
Open source ↗PPC's diversified end markets (U.S. foodservice, retail, Europe, Mexico, exports) and large customer base reduce concentration risk and stabilize demand, supporting steady revenue growth.StrengtheningMateriality: High
Revenue grew from 17,362,217,000 (FY2023) to 17,878,291,000 (FY2024) to 18,497,553,000 (FY2025), with business_text listing sales across U.S., Europe and Mexico and named major customers across retail and foodservice. Diversified channels mean demand shocks in one channel (e.g., foodservice) are offset by others (retail, exports), limiting revenue downside and supporting steady utilization and fixed-cost absorption.
Watch: A major customer shift (e.g., a chain moving volume to a competitor or in-sourcing) that removes a material proportion of foodservice volumes.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue grew from 17,362,217,000 (FY2023) to 17,878,291,000 (FY2024) to 18,497,553,000 (FY2025), with business_text listing sales across U.S., Europe and Mexico.
Open source ↗Historical operating cash flow is large enough to fund capex and sizable shareholder returns, but cash generation is volatile and sensitive to working capital and inventory cycle moves.HoldingMateriality: Medium
Operating_cash_flow was 677,877,000 (FY2023), 1,990,127,000 (FY2024) and 1,371,650,000 (FY2025), demonstrating large but variable cash generation. If operating cash flow remains robust, management can sustain dividends/return excess capital; if OCF weakens due to inventory builds or receivable timing or input shocks, liquidity and returns will be constrained.
Watch: Sharp increases in inventories or receivables (working-capital builds) tied to rising input costs or slower collections that materially reduce OCF.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating_cash_flow was 677,877,000 (FY2023), 1,990,127,000 (FY2024) and 1,371,650,000 (FY2025), demonstrating large but variable cash generation.
Open source ↗Sustaining operating-margin expansion (not just temporary commodity/timing effects) is the key driver of valuation upside because recent operating income gains must persist to justify the current low multiple's expectations.StrengtheningMateriality: Medium
Operating_income rose from 522,286,000 (FY2023) to 1,506,069,000 (FY2024) to 1,613,539,000 (FY2025) while revenue increased only modestly—indicating margin expansion rather than pure top-line growth. If operating margins revert, earnings and cash flow will fall and the 'cheap' valuation will reflect cyclical, not structural, improvement; if margins persist, the stock can re-rate modestly higher or deliver strong FCF returns.
Watch: Rapid feed-grain (corn/soy) price increases that cannot be passed through to customers, compressing gross and operating margins.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating_income rose from 522,286,000 (FY2023) to 1,506,069,000 (FY2024) to 1,613,539,000 (FY2025) while revenue increased only modestly—indicating margin expansion rather than.
Open source ↗
Full investment case & evidence
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Original research
PPC's vertical integration and scale give it a durable cost/service advantage that supports structurally higher gross profitability versus smaller/less-integrated competitors. If true, PPC can keep higher gross margins and defend contracts with large foodservice and retail customers; if false, competitors can underprice or win share and margins will compress.
PPC's diversified end markets (U.S. foodservice, retail, Europe, Mexico, exports) and large customer base reduce concentration risk and stabilize demand, supporting steady revenue growth. Diversified channels mean demand shocks in one channel (e.g., foodservice) are offset by others (retail, exports), limiting revenue downside and supporting steady utilization and fixed-cost absorption.
Historical operating cash flow is large enough to fund capex and sizable shareholder returns, but cash generation is volatile and sensitive to working capital and inventory cycle moves. If operating cash flow remains robust, management can sustain dividends/return excess capital; if OCF weakens due to inventory builds or receivable timing or input shocks, liquidity and returns will be constrained.
Sustaining operating-margin expansion (not just temporary commodity/timing effects) is the key driver of valuation upside because recent operating income gains must persist to justify the current low multiple's expectations. If operating margins revert, earnings and cash flow will fall and the 'cheap' valuation will reflect cyclical, not structural, improvement; if margins persist, the stock can re-rate modestly higher or deliver strong FCF returns.
All standing thesis claims
Original report summary
Pilgrim's Pride converts vertical integration, scale and deep foodservice/retail customer relationships into consistent protein supply, above-industry operating margins and strong cash generation that can fund shareholder returns while JBS ownership provides strategic support.
Bull case and bear case
Bull case and bear case for Pilgrims Pride
Where the evidence on Pilgrims Pride stands: Holding on the latest evidence (Nov 12, 2026). Of its 4 thesis points, 3 strengthening and 1 holding.
Bull case: what the evidence supports
PPC's vertical integration and scale give it a durable cost/service advantage that supports structurally higher gross profitability versus smaller/less-integrated competitors.
PPC's diversified end markets (U.S. foodservice, retail, Europe, Mexico, exports) and large customer base reduce concentration risk and stabilize demand, supporting steady revenue growth.
Historical operating cash flow is large enough to fund capex and sizable shareholder returns, but cash generation is volatile and sensitive to working capital and inventory cycle moves.
Sustaining operating-margin expansion (not just temporary commodity/timing effects) is the key driver of valuation upside because recent operating income gains must persist to justify the current low multiple's expectations.
Bear case: what would count against it
A severe avian influenza or biosecurity event that forces plant shutdowns or culls large portions of the grower flock, reducing supply and increasing unit costs before prices fully pass through.
A major customer shift (e.g., a chain moving volume to a competitor or in-sourcing) that removes a material proportion of foodservice volumes.
Sharp increases in inventories or receivables (working-capital builds) tied to rising input costs or slower collections that materially reduce OCF.
Thesis-Break Engine
Thesis-break watch · Pilgrims Pride
No break has crossed Pilgrims Pride’s thesis. Its break conditions are checked against every new filing as it lands.
Early warning
The break condition read on the trailing twelve months through Pilgrims Pride’s latest quarterly report, ahead of the annual figure it is written on.
- Operating-margin compression, trailing 12 months
Across all companies, this kind of early warning has happened 2,641 times before. Those stocks trailed the market by a median of 1% over the next six months, and 36% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedRegulation FD disclosure.
Pilgrims Pride filed an SEC 8-K on 2026-10-29: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Pilgrims Pride filed an SEC 8-K on 2026-10-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedOther material event.
Pilgrims Pride filed an SEC 8-K on 2026-10-09: Other material event. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A severe avian influenza or biosecurity event that forces plant shutdowns or culls large portions of the grower flock, reducing supply and increasing unit costs before prices fully pass through.
- A major customer shift (e.g., a chain moving volume to a competitor or in-sourcing) that removes a material proportion of foodservice volumes.
- Sharp increases in inventories or receivables (working-capital builds) tied to rising input costs or slower collections that materially reduce OCF.
- Rapid feed-grain (corn/soy) price increases that cannot be passed through to customers, compressing gross and operating margins.
PPC news
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Financial statements
PPC income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
PPC: quick answers
- When does Pilgrims Pride (PPC) report earnings next?
- Pilgrims Pride's next results are projected for February 11, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 29, 2026. Earnings calendar
- What is PPC's short interest?
- As of October 30, 2026, 5.8M PPC shares were sold short, 2.44% of its shares outstanding, down 4.3% from the count before. At the stock's average daily volume that is 5.6 days to cover. FINRA publishes the count twice a month. PPC short interest history
- Have members of Congress traded PPC?
- Reports made public in the last 90 days disclose 4 trades in PPC by 1 filer: 1 purchase and 3 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed PPC trade
- Which well-known investors own PPC?
- 1 of the 37 well-known funds tracked here reported PPC shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
PPC in well-known investors’ portfolios
1 of 37 funds reported PPC shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.03% | $6.2M | +147.6% | Q2 2026 |