# Seaboard Corporation (SEB)

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

**Price:** USD 3,863.58 (+2.34% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 3,775.27 · day 3,783.5–3,893.57 · 52w 3,140.01–5,989.37 · market cap $3.70B · ASE

## Key facts
- Last four reported quarters (through Jul 4, 2026): revenue $10.3B, net income $639M (6.2% margin), free cash flow -$23.0M (SEC filings).
- Valuation: P/E 5.8x (avg 17.5x at the last 3 fiscal year-ends), EV/EBITDA 5.2x, net cash $235M.
- Earnings quality: non-operating income $155M vs operating income $345M over the last four quarters; P/E excluding non-operating income ≈7.6x (estimate: non-operating income taxed at the company's 0% effective rate).
- 2 of 80 tracked superinvestors hold SEB (13F, Q2 2026): 0 new, 1 added, 0 reduced, 1 unchanged.
- Analysts: None.
- Total return with dividends: 1Y +16.8% vs S&P 500 +14.9%; 5Y -5.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.23B | $11.2B | $9.56B | $9.10B | $9.75B | $10.3B |
| Gross profit | $818M | $1.03B | $316M | $576M | $693M | — |
| Operating income | $458M | $657M | -$87.0M | $156M | $239M | $345M |
| Net income | $571M | $582M | $227M | $90.0M | $501M | $639M |
| EPS (diluted) | — | $499.66 | $202.21 | $90.62 | $514.46 | — |
| Free cash flow | -$368M | $202M | $204M | $8.0M | $6.0M | -$23.0M |
| Gross margin | 8.9% | 9.2% | 3.3% | 6.3% | 7.1% | — |
| Operating margin | 5.0% | 5.8% | -0.9% | 1.7% | 2.5% | 3.4% |
| Net margin | 6.2% | 5.2% | 2.4% | 1.0% | 5.1% | 6.2% |
| Revenue growth | +29.5% | +21.8% | -15.0% | -4.8% | +7.1% | — |
| Cash + short-term investments | $1.49B | $1.28B | $1.03B | $1.17B | $1.23B | — |
| Total debt | $716M | $702M | $997M | $987M | $977M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 4, 2026)
P/E 5.8x · P/E ex non-operating (est.) ≈7.6x · P/S 0.4x · EV/EBITDA 5.2x · EV/Sales 0.3x · P/B 0.7x · FCF yield -0.62% · Earnings yield 17.27% · Dividend yield (paid, TTM) 0.24% · Net cash $235M · EV $3.47B
P/E at fiscal year-ends: Dec 2025 8.6x, Dec 2024 26.2x, Dec 2023 17.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold SEB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Kahn Brothers | Kahn Brothers Group | 5.88% | $33.2M | Unchanged |
| Lee Ainslie | Maverick Capital | 0.03% | $3.9M | Added +16.5% |

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +16.8% | -5.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +16.8% | -1.1% |
| Volatility (annualized) | 37.1% | 29.4% |
| Max drawdown | -36.6% (Apr 2026→Oct 2026) | -43.2% (Mar 2022→Dec 2024) |

## Peers (Conglomerates)
VMI (Valmont Industries, Inc.) USD 435.87 -2.81% · HON (Honeywell International Inc.) USD 218.31 +1.67% · MMM (3M Company) USD 175.56 +0.47% · NSC (Norfolk Southern Corporation) USD 338.23 +3.09% · HWM (Howmet Aerospace Inc.) USD 193.29 -7.14% · NOC (Northrop Grumman Corporation) USD 552.35 +2.42%

## More
Full page: https://nexqual.com/SEB · 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

## Revenue by business segment (quarter ended 2026-07-04)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Commodity Trading & Milling | $1.55B | 53.1% | +15.5% |
| Pork | $502.0M | 17.2% | -5.1% |
| Marine | $403.0M | 13.8% | +5.2% |
| Liquid Fuels | $370.0M | 12.7% | +153.4% |
| Power | $74.0M | 2.5% | +37.0% |
| Corporate & Other | $22.0M | 0.8% | -12.0% |
| Total revenue | $2.92B | 100% | — |

## Revenue by product line (quarter ended 2026-07-04)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $2.42B | 82.8% | +19.8% |
| Service | $428.0M | 14.6% | +5.4% |
| Product & Service Other | $74.0M | 2.5% | +37.0% |
| Energy Service | $74.0M | 2.5% | +37.0% |
| Product & Service Other Services | $13.0M | 0.4% | +8.3% |
| Transportation | $6.0M | 0.2% | +0.0% |
| Total revenue | $2.92B | 100% | — |
The lines above cover 103.2% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Caribbean Central & South America | $4.39B | 45.1% | +12.7% |
| Africa | $2.54B | 26.1% | +4.9% |
| United States | $2.14B | 22.0% | +1.6% |
| Segment Geographical Groups Of Countries Group Three | $341.0M | 3.5% | +4.3% |
| Segment Geographical Groups Of Countries Group Four | $227.0M | 2.3% | -11.7% |
| Segment Geographical Groups Of Countries Group Six | $82.0M | 0.8% | +0.0% |
| All Other Countries | $19.0M | 0.2% | +280.0% |
| Total revenue | $9.75B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year (ends 2024-12-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |