The J. M. Smucker Company
SJMNYSEUSD
- 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.
- $133.60 Prior regular-session close from the quote source.
- $131.01–$133.10 Regular-session low and high so far today.
- 1.1M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Nov 24 projected Projected for 2026-11-24 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $88.25–$136.22 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 SJM if its repeat-purchase brands hold shelf space and pricing power while management repairs margins and reduces acquisition-era leverage.
SJM price history
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Investment thesis
What must happen next
Smucker’s branded portfolio keeps enough consumer pull with retailers that repeat-purchase demand continues to convert into sales despite mature packaged-food categories.StrengtheningMateriality: High
GAAP annual revenue increased to $9.0509 billion in FY2026 from $8.7261 billion in FY2025. If shelf-space pull holds, the company has a stable revenue base to fund margin repair and debt reduction; if it breaks, the whole cash-flow thesis becomes defensive rather than compounding.
Watch: Walmart, Kroger, Costco, or other major retailers materially expand private-label shelf space in Smucker categories and reduce branded facings.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased to $9.0509 billion in FY2026 from $8.7261 billion in FY2025.
Open source ↗Brand pricing power and mix must offset agricultural, packaging, and manufacturing cost volatility so gross profit recovers rather than requiring permanent promotions.HoldingMateriality: High
GAAP annual gross_profit was $3.0345 billion in FY2026, still above FY2023 gross_profit of $2.8018 billion. Revenue growth is not enough; owners need proof that the brands can protect gross profit after input-cost shocks.
Watch: Coffee, peanut, wheat, sugar, meat, packaging, or freight costs rise faster than Smucker can price products without losing volume.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross_profit was $3.0345 billion in FY2026, still above FY2023 gross_profit of $2.8018 billion.
Open source ↗The branded-food model continues to convert earnings volatility into dependable operating cash flow, giving management room to reduce leverage and invest without relying on equity issuance.StrengtheningMateriality: Medium
GAAP annual operating_cash_flow rose to $1.4736 billion in FY2026 from $1.2104 billion in FY2025. Strong cash conversion is what can make a low-growth food company valuable despite GAAP noise; if cash weakens, debt and dividend flexibility become the constraint.
Watch: Inventory builds or retailer payment terms consume working capital as retailers push back on price and volume slows.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating_cash_flow rose to $1.4736 billion in FY2026 from $1.2104 billion in FY2025.
Open source ↗Management’s portfolio moves must turn acquired and legacy brands into sustainable operating profit rather than accounting scale followed by impairments.HoldingMateriality: Medium
GAAP annual operating_income improved to $360.2 million in FY2026 from a GAAP operating loss of $673.9 million in FY2025. Smucker can only create per-share value from acquisitions if added revenue becomes durable operating income, not balance-sheet write-downs and integration drag.
Watch: Acquired snack or packaged-food brands lose retailer support or consumer velocity after integration.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating_income improved to $360.2 million in FY2026 from a GAAP operating loss of $673.9 million in FY2025.
Open source ↗Operating cash generation is being directed toward balance-sheet repair, reducing financial risk and preserving flexibility for dividends, brand support, and selective investment.StrengtheningMateriality: Medium
GAAP total liabilities declined to $10.6756 billion at FY2026 year-end from $11.4807 billion at FY2025 year-end. A deleveraging path can raise equity value even with modest revenue growth; failure would leave more of the enterprise value claimed by creditors.
Watch: Refinancing occurs at materially higher interest costs, reducing cash available for debt paydown.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP total liabilities declined to $10.6756 billion at FY2026 year-end from $11.4807 billion at FY2025 year-end.
Open source ↗
Full investment case & evidence
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Original research
Smucker’s branded portfolio keeps enough consumer pull with retailers that repeat-purchase demand continues to convert into sales despite mature packaged-food categories. If shelf-space pull holds, the company has a stable revenue base to fund margin repair and debt reduction; if it breaks, the whole cash-flow thesis becomes defensive rather than compounding.
Brand pricing power and mix must offset agricultural, packaging, and manufacturing cost volatility so gross profit recovers rather than requiring permanent promotions. Revenue growth is not enough; owners need proof that the brands can protect gross profit after input-cost shocks.
The branded-food model continues to convert earnings volatility into dependable operating cash flow, giving management room to reduce leverage and invest without relying on equity issuance. Strong cash conversion is what can make a low-growth food company valuable despite GAAP noise; if cash weakens, debt and dividend flexibility become the constraint.
Management’s portfolio moves must turn acquired and legacy brands into sustainable operating profit rather than accounting scale followed by impairments. Smucker can only create per-share value from acquisitions if added revenue becomes durable operating income, not balance-sheet write-downs and integration drag.
Operating cash generation is being directed toward balance-sheet repair, reducing financial risk and preserving flexibility for dividends, brand support, and selective investment. A deleveraging path can raise equity value even with modest revenue growth; failure would leave more of the enterprise value claimed by creditors.
All standing thesis claims
Original report summary
its repeat-purchase brands hold shelf space and pricing power while management repairs margins and reduces acquisition-era leverage.
Bull case and bear case
Bull case and bear case for J M SMUCKER Co
Where the evidence on J M SMUCKER Co stands: Holding on the latest evidence (Nov 6, 2026). Of its 5 thesis points, 3 strengthening and 2 holding.
Bull case: what the evidence supports
Smucker’s branded portfolio keeps enough consumer pull with retailers that repeat-purchase demand continues to convert into sales despite mature packaged-food categories.
Brand pricing power and mix must offset agricultural, packaging, and manufacturing cost volatility so gross profit recovers rather than requiring permanent promotions.
The branded-food model continues to convert earnings volatility into dependable operating cash flow, giving management room to reduce leverage and invest without relying on equity issuance.
Management’s portfolio moves must turn acquired and legacy brands into sustainable operating profit rather than accounting scale followed by impairments.
Operating cash generation is being directed toward balance-sheet repair, reducing financial risk and preserving flexibility for dividends, brand support, and selective investment.
Bear case: what would count against it
Walmart, Kroger, Costco, or other major retailers materially expand private-label shelf space in Smucker categories and reduce branded facings.
Coffee, peanut, wheat, sugar, meat, packaging, or freight costs rise faster than Smucker can price products without losing volume.
Inventory builds or retailer payment terms consume working capital as retailers push back on price and volume slows.
Thesis-Break Engine
What has broken in J M SMUCKER Co’s thesis
Each break OptimistFi flagged on J M SMUCKER Co, dated — with what has historically followed the same kind of break across the market, not a forecast for J M SMUCKER Co.
- Insider-selling clustercondition set before this filing
Across all companies, this kind of break has happened 9,137 times before. Those stocks beat comparable companies by a median of 1% over the next six months, and 30% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
J M SMUCKER Co filed an SEC 8-K on 2026-08-26: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
J M SMUCKER Co filed an SEC 8-K on 2026-06-09: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Walmart, Kroger, Costco, or other major retailers materially expand private-label shelf space in Smucker categories and reduce branded facings.
- Coffee, peanut, wheat, sugar, meat, packaging, or freight costs rise faster than Smucker can price products without losing volume.
- Inventory builds or retailer payment terms consume working capital as retailers push back on price and volume slows.
- Acquired snack or packaged-food brands lose retailer support or consumer velocity after integration.
- Refinancing occurs at materially higher interest costs, reducing cash available for debt paydown.
SJM news
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Financial statements
SJM income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
SJM: quick answers
- When does J M SMUCKER Co (SJM) report earnings next?
- J M SMUCKER Co's next results are projected for November 24, 2026, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on August 26, 2026. Earnings calendar
- What is SJM's short interest?
- As of October 30, 2026, 3.1M SJM shares were sold short, 2.95% of its shares outstanding, down 23.3% from the count before. At the stock's average daily volume that is 2.9 days to cover. FINRA publishes the count twice a month. SJM short interest history
- Have members of Congress traded SJM?
- 45 trades in SJM have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed SJM trade
- Which well-known investors own SJM?
- 2 of the 37 well-known funds tracked here reported SJM shares in their latest 13F filings. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.1%; Maverick Capital, 0.0%. Fund portfolios
SJM in well-known investors’ portfolios
2 of 37 funds reported SJM 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 | 0.05% | $11.9M | +3.7% | Q2 2026 |
| Maverick Capital | 0.03% | $3.1M | −7.1% | Q2 2026 |