# Pilgrim's Pride Corporation (PPC)

> Source: Nexqual · https://nexqual.com/PPC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Pilgrim's Pride Corporation (PPC), nexqual.com/PPC" · informational, not investment advice.

**Price:** USD 28.09 (+1.23% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 27.75 · day 27.26–28.27 · 52w 25–44.84 · market cap $6.69B · NMS

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $18.4B, net income $546M (3.0% margin), free cash flow $267M (SEC filings).
- Valuation: P/E 12.3x (avg 13.0x at the last 3 fiscal year-ends).
- Analysts: Hold (mean 2.63 on a 1–5 scale) (8 analysts), mean target USD 33 (range 28–42).
- Total return with dividends: 1Y -25.3% vs S&P 500 +14.9%; 5Y +14.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.54, revenue estimate $4.65B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $14.8B | $17.5B | $17.4B | $17.9B | $18.5B | $18.4B |
| Gross profit | $1.37B | $1.81B | $1.12B | $2.31B | $2.36B | — |
| Operating income | $211M | $1.18B | $522M | $1.51B | $1.61B | $925M |
| Net income | $31.0M | $746M | $322M | $1.09B | $1.08B | $546M |
| EPS (diluted) | $0.13 | $3.10 | $1.36 | $4.57 | $4.54 | — |
| Free cash flow | -$55.2M | $183M | $120M | $1.53B | $653M | $267M |
| Gross margin | 9.2% | 10.4% | 6.4% | 12.9% | 12.7% | — |
| Operating margin | 1.4% | 6.7% | 3.0% | 8.4% | 8.7% | 5.0% |
| Net margin | 0.2% | 4.3% | 1.9% | 6.1% | 5.9% | 3.0% |
| Revenue growth | +22.2% | +18.2% | -0.6% | +3.0% | +3.5% | — |
| Cash + short-term investments | $428M | $401M | $698M | $2.05B | $640M | — |
| Total debt | $3.25B | $3.22B | $3.34B | $3.21B | $3.09B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 12.3x · P/S 0.4x · P/FCF 25.0x · P/B 1.8x · FCF yield 4.00% · Earnings yield 8.16%
P/E at fiscal year-ends: Dec 2025 8.6x, Dec 2024 9.9x, Dec 2023 20.4x.

## Analysts
Consensus Hold (mean 2.63 on a 1–5 scale), 8 analysts; mean target USD 33 (low 28, high 42).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | UBS | Target lowered | Neutral | $30 → $28 |
| 2026-07-02 | B of A Securities | Target lowered | Neutral | $37 → $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -25.3% | +14.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -25.4% | +2.7% |
| Volatility (annualized) | 35.1% | 30.3% |
| Max drawdown | -42.4% (Feb 2026→Oct 2026) | -47.1% (Apr 2025→Jun 2026) |

## Peers (Packaged Foods)
CPB (The Campbell's Company) USD 21.26 +8.69% · CAG (ConAgra Brands, Inc.) USD 15.07 +7.34% · INGR (Ingredion Incorporated) USD 97.18 +1.57% · SFD (Smithfield Foods, Inc.) USD 18.81 +2.79% · LW (Lamb Weston Holdings, Inc.) USD 55.18 +3.90% · DAR (Darling Ingredients Inc.) USD 55.64 -5.84%

## More
Full page: https://nexqual.com/PPC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PPC's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/802481/000080248126000011/ppc-20251228.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Kroger (KR) | "Our sales efforts are largely targeted towards the foodservice industry, principally chain restaurants and food processors, such as Chick-fil-A® and retail customers, including grocery store chains and wholesale clubs, s…" |
| Customer | Costco (COST) | "Our sales efforts are largely targeted towards the foodservice industry, principally chain restaurants and food processors, such as Chick-fil-A® and retail customers, including grocery store chains and wholesale clubs, s…" |
| Customer | McDonald's (MCD) | "Our sales efforts are largely targeted towards the foodservice industry, principally chain restaurants and food processors, such as Chick-fil-A® and retail customers, including grocery store chains and wholesale clubs, s…" |
| Partner | JBS | "As a result, subject to restrictions on voting power and actions in the Stockholders Agreement with JBS USA Holding Lux S.a.r.l. and our organization documents, JBS USA Holdings has the ability to control our management,…" |
| Partner | SAP (SAP) | "(b)The Company has an agreement with JBS USA to allocate costs associated with JBS USA's procurement of SAP licenses and maintenance services for both companies." |

## Revenue by business segment (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| U.S. | $2.65B | 57.3% | -6.1% | -$11.1M | -0.4% |
| Europe | $1.39B | 30.0% | +1.3% | $60.6M | 4.4% |
| Mexico | $587.3M | 12.7% | +3.8% | $16.5M | 2.8% |
| Total revenue | $4.63B | 100% | — | $66.0M | 1.4% |

## Revenue by product line (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Fresh | $2.09B | 45.1% | -10.3% |
| Prepared | $339.1M | 7.3% | +9.9% |
| Export | $115.5M | 2.5% | +15.9% |
| Other | $105.9M | 2.3% | +27.1% |
| Total revenue | $4.63B | 100% | — |
The lines above cover 57.3% of total revenue.

## Revenue by region (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $2.53B | 54.8% | -6.9% |
| Europe | $1.36B | 29.5% | +1.0% |
| Mexico | $602.6M | 13.0% | +4.9% |
| Asia-Pacific | $82.4M | 1.8% | +8.6% |
| Canada, Caribbean and Central America | $26.0M | 0.6% | +44.6% |
| Africa | $9.9M | 0.2% | -7.9% |
| South America | $7.3M | 0.2% | -6.4% |
| Total revenue | $4.63B | 100% | — |

## Company outlook (8-K filed 2026-07-30)

- "Total protein supply also expanded further given additional egg availability and pork imports. 2 Projects to drive sales and mitigate the impact of commodity volatility remain on schedule."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.54 | $0.89 | -38.9% | $4.65B | 4 |
| Next quarter (ends 2026-12-31) | $0.47 | $0.54 | -13.5% | $4.59B | 4 |
| Current fiscal year (ends 2026-12-31) | $2.27 | $2.78 | -18.3% | $18.52B | 6 |
| Next fiscal year (ends 2027-12-31) | $2.66 | $3.16 | -15.7% | $18.93B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±13.1%; last 8 reports averaged ±5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 52.7% | ±13.1% |
| 2026-12-18 | 56 | 39.8% | ±12.6% |
| 2027-03-19 | 147 | 43.1% | ±21.6% |
| 2027-06-17 | 237 | 41.4% | ±26.3% |