Quality Investor

Seaboard Corporation

Rank #433Capital Return

SEB · NYSE · Industrials

Seaboard Corporation (SEB) — Rank #433 by gross profitability (GP/assets 0.08) · ROE 9.0% · Piotroski F-Score 7 / 9.

As-of 2026-09-28 · CIK 0000088121 · all metrics point-in-time as of the filing date.

About

Seaboard Corporation, together with its subsidiaries, operates in agricultural, energy, and ocean transportation business worldwide.

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It operates through Pork, Commodity Trading and Milling (CT&M), Marine, Liquid Fuels, Power, and Turkey segments. The Pork segment produces and sells pork products to further processors, food service operators, grocery stores, and distributors; and hogs. The CT&M segment sources, transports, and markets wheat, corn, soybeans, soybean meal, and other commodities; and produces and sells wheat flour, maize meal, manufactured feed, and oilseed crush commodities. The Marine segment provides cargo shipping services; owns and leases dry, refrigerated, specialized containers, and other related equipment; and operates a terminal and an off-port warehouse and cargo storage. The Liquid Fuels segment owns biodiesel plants and terminal facilities. The Power segment operates as an independent power producer that generates electricity for the power grid in the Dominican Republic. The Turkey segment produces and processes turkey products to retail stores, food service outlets, and industrial entities, as well as exports products to foreign markets. The company also produces and sells sugar and alcohol.

Seaboard Corporation was founded in 1918 and is headquartered in Merriam, Kansas.

Industry
Conglomerates
Sector
Industrials
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

14,000

Industry

Conglomerates

Exchange

NYSE

Signal Flags

3 green
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak

Quality Profile

Profitability

1/1 pass
GP / assets
0.08
Return on equity
9.0%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.58
Current ratio
2.40×
Net cash
$449.00M

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
—

Growth

2/2 pass
Revenue growth
7.1%
Piotroski F-Score
7 / 9
Share dilution
-0.7%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.08

Primary signal (Novy-Marx).

5th of 5 SIC 51 peers

Return on equity

9.0%

Gross margin

7.1%

5th of 5 SIC 51 peers

Revenue growth (YoY)

7.1%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-4.7%

Revenue CAGR (5Y)

6.5%

Earnings CAGR (3Y)

-5.1%

FCF CAGR (3Y)

-69.0%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.58

Current ratio

2.40×

4th of 5 SIC 51 peers

Quick ratio

1.16×

Net cash

$449.00M

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 17 years of history

Strong
2008-2009 (GFC)
N/AN/A
2020 (COVID)
4.2%Grew through it
Worst year on record(any fiscal year, not recession-limited)
-15.0%Significant decline

Cash-flow health

Free cash flow

$6.00M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.99

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

—

Stock-based comp intensity.

Dividend safety

Composite score

2.0 / 5

Fair
Payout ratio
1.8%5/5 Strong
FCF coverage
0.67×1/5 Weak
Dividend growth streak
0 yr0/5 Weak
Balance-sheet health
D/E 0.58 · IC N/A2/5 Fair

Piotroski F-Score

F-Score

7 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Capital Return
Op. Leverage
Decline
Value