Detailed financial statements for The J. M. Smucker Company (SJM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
The J. M. Smucker Company is an international enterprise specializing in the production and marketing of a diverse portfolio of branded food and beverage items. Its operations are organized into three principal U.S. retail divisions: Pet Foods, Coffee, and Consumer Foods.
Analysis Summary
The J. M. Smucker Company reported revenue of $9.05B in the most recent fiscal year, growing at a 5-year CAGR of 2.5%.
Trailing-twelve-month margins: gross margin 38.7%, operating margin 19.7%, net margin 2.5%. Free cash flow grew at -1.7% CAGR over 5 years.
At the current price of $116.23, SJM trades at a P/E of 54.76 and an ROE of 4.06%. Market capitalisation stands at $12.4B, placing it among large-cap names.
Balance sheet quality for SJM: current ratio of 0.8, net debt of $7.03B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | $7.39B | $7.36B | $7.84B | $7.80B | $8.00B | $8.00B | $8.53B | $8.18B | $8.73B | $9.05B |
| Cost of Revenue | $4.56B | $4.52B | $4.92B | $4.80B | $4.86B | $5.30B | $5.73B | $5.06B | $5.34B | $6.02B |
| Gross Profit | $2.84B | $2.84B | $2.92B | $3.00B | $3.14B | $2.70B | $2.80B | $3.12B | $3.38B | $3.03B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.38B | $1.36B | $1.51B | $1.47B | $1.52B | $1.36B | $1.46B | $1.45B | $1.53B | $1.50B |
| Operating Expenses | $1.79B | $1.79B | $1.99B | $1.78B | $1.75B | $1.68B | $2.64B | $1.81B | $4.06B | $1.69B |
| Operating Income | $1.04B | $1.04B | $928.6M | $1.22B | $1.39B | $1.02B | $157.5M | $1.31B | -$673.9M | $1.34B |
| EBITDA | $1.46B | $1.45B | $1.36B | $1.66B | $1.80B | $1.46B | $573.8M | $1.69B | -$155.6M | $875.8M |
| Interest Expense | $163.1M | $174.1M | $207.9M | $189.2M | $177.1M | $160.9M | $152.0M | $250.7M | $358.5M | $381.2M |
| Pre-tax Income | $878.4M | $861.0M | $701.6M | $1.03B | $1.17B | $843.8M | -$9.2M | $996.4M | -$1.05B | -$62.4M |
| Income Tax | $286.1M | -$477.6M | $187.2M | $247.2M | $295.6M | $212.1M | $82.1M | $252.4M | $184.0M | $76.3M |
| Net Income | $592.3M | $1.34B | $514.4M | $779.5M | $876.3M | $631.7M | -$91.3M | $744.0M | -$1.23B | -$138.7M |
| EPS | $5.11 | $11.79 | $4.52 | $6.84 | $7.79 | $5.84 | $-0.86 | $7.14 | $-11.57 | $-1.30 |
| EPS (Diluted) | $5.10 | $11.78 | $4.52 | $6.84 | $7.79 | $5.83 | $-0.86 | $7.13 | $-11.57 | $-1.30 |
| Shares Outstanding (Diluted) | $116.1M | $113.6M | $113.7M | $114.0M | $112.4M | $108.4M | $106.2M | $104.4M | $106.4M | $106.7M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Revenue | $2.33B | $2.34B | $2.27B | $2.22B |
| Gross Profit | $869.9M | $827.8M | $862.1M | $979.6M |
| Operating Income | $424.1M | $418.3M | $449.0M | $511.6M |
| EBITDA | $560.3M | -$413.3M | $549.9M | $637.7M |
| Net Income | $241.3M | -$724.2M | $388.1M | $324.3M |
| EPS | $2.26 | $-6.79 | $3.64 | $3.04 |
| EPS (Diluted) | $2.26 | $-6.79 | $3.64 | $3.03 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $166.8M | $192.6M | $101.3M | $391.1M | $334.3M | $169.9M | $655.8M | $62.0M | $69.9M | $58.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | $487.8M | 0 | 0 | 0 |
| Receivables | $438.7M | $385.6M | $503.8M | $551.4M | $533.7M | $524.7M | $597.6M | $736.5M | $619.0M | $656.3M |
| Inventory | $905.7M | $854.4M | $910.3M | $895.3M | $959.9M | $1.09B | $1.01B | $1.04B | $1.21B | $1.13B |
| Total Current Assets | $1.64B | $1.55B | $1.63B | $1.97B | $1.94B | $2.01B | $2.86B | $1.97B | $2.15B | $1.97B |
| Property, Plant & Equipment | $1.62B | $1.73B | $1.91B | $2.12B | $2.14B | $2.24B | $2.34B | $3.25B | $3.19B | $3.18B |
| Goodwill | $6.08B | $5.94B | $6.31B | $6.30B | $6.02B | $6.02B | $5.22B | $7.65B | $5.71B | $5.21B |
| Intangible Assets | $6.15B | $5.92B | $6.72B | $6.43B | $6.04B | $5.65B | $4.43B | $7.26B | $6.35B | $5.68B |
| Total Assets | $15.64B | $15.30B | $16.71B | $16.97B | $16.28B | $16.05B | $14.99B | $20.27B | $17.56B | $16.22B |
| Accounts Payable | $477.2M | $512.1M | $591.0M | $782.0M | $1.03B | $1.19B | $1.39B | $1.34B | $1.29B | $1.18B |
| Short-term Debt | $953.0M | $144.0M | $1.22B | $248.0M | $1.23B | $180.0M | 0 | $1.59B | $640.8M | $570.9M |
| Total Current Liabilities | $1.83B | $1.03B | $2.34B | $1.59B | $2.87B | $1.95B | $1.99B | $3.76B | $2.65B | $2.54B |
| Long-term Debt | $4.45B | $4.69B | $4.69B | $5.37B | $3.52B | $4.31B | $4.31B | $6.77B | $7.04B | $6.39B |
| Total Liabilities | $8.79B | $7.41B | $8.74B | $8.78B | $8.16B | $7.91B | $7.70B | $12.58B | $11.48B | $10.68B |
| Retained Earnings | $1.24B | $2.24B | $2.37B | $2.75B | $2.85B | $2.89B | $2.13B | $2.19B | $501.8M | -$101.3M |
| Total Equity | $6.85B | $7.89B | $7.97B | $8.19B | $8.12B | $8.14B | $7.29B | $7.69B | $6.08B | $5.54B |
| Total Debt | $5.40B | $4.83B | $5.91B | $5.78B | $4.91B | $4.61B | $4.42B | $8.55B | $7.76B | $7.09B |
| Net Debt | $5.23B | $4.64B | $5.81B | $5.39B | $4.57B | $4.44B | $3.28B | $8.49B | $7.69B | $7.03B |
| Working Capital | -$190.8M | $521.2M | -$716.3M | $385.6M | -$925.8M | $57.3M | $872.0M | -$1.79B | -$505.4M | -$565.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Cash & Equivalents | $62.8M | $52.8M | $58.6M | $43.2M |
| Total Assets | $17.63B | $16.27B | $16.22B | $16.20B |
| Total Liabilities | $11.57B | $11.03B | $10.68B | $10.45B |
| Total Equity | $6.06B | $5.24B | $5.54B | $5.75B |
| Total Debt | $7.91B | $7.45B | $7.09B | $6.90B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | $592.3M | $1.34B | $514.4M | $779.5M | $876.3M | $631.7M | -$91.3M | $744.0M | -$1.23B | -$138.7M |
| Depreciation & Amortization | $419.0M | $413.1M | $446.3M | $446.5M | $452.5M | $459.1M | $436.5M | $430.8M | $502.5M | $557.0M |
| Stock-based Compensation | $22.0M | $15.4M | $20.7M | $26.8M | $28.7M | $22.3M | $25.6M | $23.9M | $29.9M | $23.6M |
| Change in Working Capital | -$31.3M | $119.5M | $103.9M | $183.9M | $176.9M | -$94.7M | $22.1M | -$8.3M | -$298.7M | -$11.5M |
| Operating Cash Flow | $1.06B | $1.22B | $1.14B | $1.25B | $1.56B | $1.14B | $1.19B | $1.23B | $1.21B | $1.47B |
| Capital Expenditure | -$192.4M | -$321.9M | -$359.8M | -$269.3M | -$306.7M | -$417.5M | -$471.0M | -$586.5M | -$393.8M | -$317.4M |
| Acquisitions | $500,000 | 0 | -$1.53B | $2.4M | $564.0M | $130.0M | $686.3M | -$3.86B | $326.0M | 0 |
| Stock Repurchased | -$437.6M | -$7.0M | -$5.4M | -$4.2M | -$678.4M | -$270.4M | -$367.5M | -$372.8M | -$3.3M | -$5.6M |
| Dividends Paid | -$339.3M | -$350.3M | -$377.9M | -$396.8M | -$403.2M | -$418.1M | -$430.2M | -$437.5M | -$455.4M | -$464.7M |
| Free Cash Flow | $866.6M | $896.1M | $781.4M | $985.5M | $1.26B | $718.8M | $717.0M | $642.9M | $816.6M | $1.16B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Operating Cash Flow | $346.5M | $558.5M | $579.2M | $425.7M |
| Capital Expenditure | -$66.3M | -$71.5M | -$95.3M | -$88.4M |
| Free Cash Flow | $280.2M | $487.0M | $483.9M | $337.3M |
| Dividends Paid | -$116.8M | -$116.7M | -$116.8M | -$116.8M |
| Stock-based Compensation | $8.9M | $2.5M | $3.2M | $12.2M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue Growth (YoY) | | -0.5% | +6.5% | -0.5% | +2.6% | -0.0% | +6.6% | -4.1% | +6.7% | +3.7% |
| Net Income Growth (YoY) | | +126.0% | -61.6% | +51.5% | +12.4% | -27.9% | -114.5% | +914.9% | -265.4% | +88.7% |
| EPS Growth (YoY) | | +130.7% | -61.7% | +51.3% | +13.9% | -25.0% | -114.7% | +930.2% | -262.0% | +88.8% |
| Shares Change (YoY) | | -2.2% | +0.1% | +0.3% | -1.4% | -3.6% | -2.0% | -1.7% | +1.9% | +0.3% |
| FCF Growth (YoY) | | +3.4% | -12.8% | +26.1% | +27.7% | -42.9% | -0.3% | -10.3% | +27.0% | +41.6% |
| Gross Margin | 38.4% | 38.5% | 37.2% | 38.5% | 39.2% | 33.8% | 32.8% | 38.1% | 38.8% | 33.5% |
| Operating Margin | 14.1% | 14.2% | 11.8% | 15.7% | 17.3% | 12.8% | 1.8% | 16.0% | -7.7% | 14.8% |
| EBITDA Margin | 19.8% | 19.7% | 17.3% | 21.3% | 22.5% | 18.3% | 6.7% | 20.7% | -1.8% | 9.7% |
| Net Margin | 8.0% | 18.2% | 6.6% | 10.0% | 11.0% | 7.9% | -1.1% | 9.1% | -14.1% | -1.5% |
| FCF Margin | 11.7% | 12.2% | 10.0% | 12.6% | 15.7% | 9.0% | 8.4% | 7.9% | 9.4% | 12.8% |
| Effective Tax Rate | 32.6% | -55.5% | 26.7% | 24.1% | 25.2% | 25.1% | -892.4% | 25.3% | -17.6% | -122.3% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | $7.46 | $7.89 | $6.87 | $8.64 | $11.19 | $6.63 | $6.75 | $6.16 | $7.67 | $10.84 |
| Dividends Per Share | $2.92 | $3.08 | $3.32 | $3.48 | $3.59 | $3.86 | $4.05 | $4.19 | $4.28 | $4.36 |
| Shares Outstanding (Basic) | $116.0M | $113.6M | $113.7M | $114.0M | $112.4M | $108.2M | $106.2M | $104.1M | $106.4M | $106.7M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | 4.06% |
| Return on Invested Capital | 6.88% |
| Return on Assets | 1.42% |
| Gross Margin | 38.65% |
| Operating Margin | 19.69% |
| Net Margin | 2.51% |
Financial Health
| Debt / Equity | 1.20 |
| Current Ratio | 0.87 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.37 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | 24.64 | 9.68 | 27.13 | 16.80 | 16.82 | 23.45 | -182.60 | 16.09 | -10.05 | -75.41 |
| P/B | 2.13 | 1.64 | 1.75 | 1.60 | 1.81 | 1.82 | 2.29 | 1.55 | 2.03 | 1.89 |
| P/S | 1.98 | 1.76 | 1.78 | 1.68 | 1.84 | 1.85 | 1.96 | 1.46 | 1.42 | 1.16 |
| Gross Margin | 38.4% | 38.5% | 37.2% | 38.5% | 39.2% | 33.8% | 32.8% | 38.1% | 38.8% | 33.5% |
| Operating Margin | 14.1% | 14.2% | 11.8% | 15.7% | 17.3% | 12.8% | 1.8% | 16.0% | -7.7% | 14.8% |
| Net Margin | 8.0% | 18.2% | 6.6% | 10.0% | 11.0% | 7.9% | -1.1% | 9.1% | -14.1% | -1.5% |