# Tyson Foods, Inc. (TSN)

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

**Price:** USD 57.07 (+2.09% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 55.9 · day 55.89–57.18 · 52w 49.96–69.48 · market cap $20.1B · NYQ

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $55.7B, net income $574M (1.0% margin), free cash flow $1.16B (SEC filings).
- Valuation: P/E 35.0x (avg 33.7x at the last 2 fiscal year-ends), EV/EBITDA 10.9x, net debt $7.27B.
- Earnings quality: non-operating income -$437M vs operating income $1.26B over the last four quarters; P/E excluding non-operating income ≈22.5x (estimate: non-operating income taxed at the company's 27.1% effective rate).
- 6 of 80 tracked superinvestors hold TSN (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 1 new, 3 added, 2 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $1.0M; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y +14.0% vs S&P 500 +14.9%; 5Y -18.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-16, EPS estimate USD 0.6, revenue estimate $14.2B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $47.0B | $53.3B | $52.9B | $53.3B | $54.4B | $55.7B |
| Gross profit | $6.53B | $6.67B | $2.63B | $3.63B | $3.56B | — |
| Operating income | $4.40B | $4.41B | -$395M | $1.41B | $1.10B | $1.26B |
| Net income | $3.05B | $3.24B | -$648M | $800M | $474M | $574M |
| EPS (diluted) | $8.34 | $8.92 | -$1.87 | $2.25 | $1.33 | — |
| Free cash flow | $2.63B | $800M | -$187M | $1.46B | $1.18B | $1.16B |
| Gross margin | 13.9% | 12.5% | 5.0% | 6.8% | 6.5% | — |
| Operating margin | 9.3% | 8.3% | -0.7% | 2.6% | 2.0% | 2.3% |
| Net margin | 6.5% | 6.1% | -1.2% | 1.5% | 0.9% | 1.0% |
| Revenue growth | +8.9% | +13.2% | -0.8% | +0.8% | +2.1% | — |
| Cash + short-term investments | $2.51B | $1.03B | $573M | $1.72B | $1.23B | — |
| Total debt | $9.35B | $8.32B | $9.51B | $9.79B | $8.83B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 35.0x · P/E ex non-operating (est.) ≈22.5x · P/S 0.4x · EV/EBITDA 10.9x · EV/Sales 0.5x · P/FCF 17.3x · P/B 1.1x · FCF yield 5.78% · Earnings yield 2.86% · Dividend yield (paid, TTM) 3.50% · Net debt $7.27B · EV $27.3B
P/E at fiscal year-ends: Sep 2025 40.9x, Sep 2024 26.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold TSN (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 3.11% | $724M | Reduced -3.3% | Q2 2026 |
| Richard Pzena | Pzena Investment Management | 2.86% | $974M | Reduced -0.8% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 2.42% | $29.4M | Added +17.6% | Q3 2026 |
| Yacktman Asset Management |  | 1.83% | $148M | Added +2.5% | Q2 2026 |
| Thomas Gayner | Markel Group | 0.40% | $52.3M | Added +2.7% | Q2 2026 |
| Lee Ainslie | Maverick Capital | 0.01% | $1.6M | New position | Q2 2026 |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $1.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-04 | Schomburger Jeffrey K | President & CEO Elect | 19,450 | $1.0M | 51.5 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Piper Sandler | Target lowered | Overweight | $66 → $56 |
| 2026-09-18 | JP Morgan | Upgrade | Neutral → Overweight | $65 → $63 |
| 2026-09-10 | Piper Sandler | Target lowered | Overweight | $78 → $66 |
| 2026-09-04 | BMO Capital | Target lowered | Outperform | $75 → $65 |
| 2026-09-04 | Barclays | Target lowered | Overweight | $78 → $75 |
| 2026-07-14 | JP Morgan | Target lowered | Neutral | $71 → $65 |
| 2026-07-02 | B of A Securities | Target lowered | Neutral | $70 → $68 |
| 2026-07-02 | Bernstein | Target lowered | Market Perform | $72 → $63 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +14.0% | -18.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +14.1% | -4.1% |
| Volatility (annualized) | 26.7% | 24.8% |
| Max drawdown | -25.3% (May 2026→Oct 2026) | -51.1% (Feb 2022→Oct 2023) |

## Peers (Farm Products)
BG (Bunge Limited) USD 103.15 +0.90% · ADM (Archer-Daniels-Midland Company) USD 79.84 +0.60% · CALM (Cal-Maine Foods, Inc.) USD 63.83 +5.31% · AGRO (Adecoagro S.A.) USD 9.83 +3.69% · DMC (Del Monte Corporation) USD 29.93 +7.28% · DOLE (Dole plc) USD 13.52 +3.13%

## More
Full page: https://nexqual.com/TSN · 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 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Beef | $5.39B | 38.9% | -3.8% |
| Chicken | $4.25B | 30.7% | +0.8% |
| Prepared Foods | $2.56B | 18.4% | +1.7% |
| Pork | $1.58B | 11.4% | +4.9% |
| International | $601.0M | 4.3% | +7.9% |
| Total revenue | $13.87B | 100% | — |
The lines above cover 103.7% of total revenue.

## Customer concentration

Period ended 2025-09-27: 18.7% of revenue from unnamed direct customers (10-K, filed 2025-11-10).

## Company outlook (8-K filed 2026-08-03)

- "The following is a summary of the updated outlook for each of our segments, as well as an outlook for corporate expenses and amortization, revenue, capital expenditures, net interest expense, liquidity, free cash flow and tax rate for fiscal 2026."
- "As our accounting cycle results in a 53-week year in fiscal 2026 as compared to a 52-week year in fiscal 2025, the fiscal 2026 outlook is based on a comparable 52-week year."
- "The Company is not able to reconcile its full-year fiscal 2026 projected adjusted results to its fiscal 2026 projected GAAP results because certain information necessary to calculate such measures on a GAAP basis is unavailable or dependent on the timing of future events outside of our control."
- "Beef USDA projects domestic production will decrease approximately 3% in fiscal 2026 as compared to fiscal 2025."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.60 | $1.22 | -50.7% | $14.17B | 8 |
| Next quarter (ends 2026-12-31) | $0.97 | $1.11 | -12.6% | $14.27B | 6 |
| Current fiscal year (ends 2026-09-30) | $3.55 | $4.03 | -11.9% | $56.24B | 10 |
| Next fiscal year (ends 2027-09-30) | $3.90 | $4.48 | -13.1% | $55.44B | 10 |