Tyson Foods (TSN)
Consumer Staples · $20.6B market cap · SEC CIK 0000100493
ahead of 9% of the S&P 500 · #31 of 36 in Consumer Staples
Next reports on Nov 16, 2026, before the open, with analysts expecting $0.59 in earnings per share.
52-week range $49.96 to $69.48. 13% below its 52-week high and 21% above its low.
The case for TSN
- Pays a 4.1% dividend while you wait.
- Trades at 1.14× book value, close to what the balance sheet says it owns.
- Moves less than the market (beta 0.35).
- Price/sales of 0.4× is lower than 94% of Consumer Staples companies.
The case against
- Expensive for its growth: 36.0× earnings, where 0% a year of growth plus a 4.1% dividend would justify about 14×.
- Earnings per share down 26.5%.
- Return on equity of only 3%.
- Net margin of 1.0% leaves very little room for error.
- Dividend takes 122% of earnings, leaving little cushion.
- Long-term debt of $7.9B against $1.2B of cash.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Consumer Staples companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 33 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 27 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 25 |
| Momentumhow the price has behaved lately | 59 |
| Stabilityhow violently it moves, what it owes and what it pays you | 51 |
- Each factor except momentum is half fixed thresholds, half rank among the 36 Consumer Staples companies.
The financials
Revenue growth
Is the business growing? Slowly
| Last 12 months | +3.3% |
|---|---|
| Over 5 years | +4.7% a year |
| FY2025 revenue | $54.4B (+2%) |
Free cash flow
Is it generating real cash? A little
| FY2025 free cash flow | $1.2B |
|---|---|
| Of revenue | 2% |
| Of profit | 248% |
Profit margins
Is profitability improving? Holding steady
| Gross margin | 7% |
|---|---|
| Operating margin | 2% |
| Net margin, FY24 → FY25 → now | 1.5% → 0.9% → 1.0% |
Debt vs. cash
Is the balance sheet healthy? Mostly, with some debt to carry
| Cash | $1.2B |
|---|---|
| Long-term debt | $7.9B |
| Net debt | $6.7B |
| Years to repay | 3.7 yrs |
Valuation
Is the stock price reasonable? No, expensive
| P/E | 36.0× |
|---|---|
| Fair P/E for its growth | 14× |
| P/FCF | 17.5× |
| Forward P/E | 14.8× |
| EV / EBITDA | 11.1× |
At 36.0× earnings it trades well above the 14× that 0% a year of growth plus a 4.1% dividend would justify. At 17.5× free cash flow it trades above that same mark.
The financials, five years deep
Pulled from Tyson Foods's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $54.4B | $53.3B | $52.9B | $53.3B | $47.0B |
| Change on the year | +2% | +1% | −1% | +13% | — |
| Free cash flow | |||||
| Free cash flow | $1.2B | $1.5B | −$187M | $800M | $2.6B |
| Of revenue | 2% | 3% | 0% | 2% | 6% |
| Profit margins | |||||
| Gross margin | 6.5% | 6.8% | 5.0% | 12.5% | 13.9% |
| Operating margin | 2.0% | 2.6% | −0.7% | 8.3% | 9.3% |
| Net margin | 0.9% | 1.5% | −1.2% | 6.1% | 6.5% |
| Debt vs. cash | |||||
| Cash | $1.2B | $1.7B | $573M | $1.0B | $2.5B |
| Long-term debt | $7.9B | $9.7B | $7.6B | $7.9B | $8.3B |
| Net cash (debt) | −$6.7B | −$8.0B | −$7.0B | −$6.8B | −$5.8B |
What Tyson Foods says it does
Tyson Foods, Inc. and its subsidiaries (collectively, the “Company,” “we,” “us,” “our,” “Tyson Foods” or “Tyson”) (NYSE: TSN) is a world-class food company and recognized leader in protein. Founded in 1935 by John W. Tyson, it has grown under four generations of family leadership. The Company is unified by this purpose: Tyson Foods. We Feed the World Like Family™ and has a broad portfolio of iconic products and brands including Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, State Fair®, Aidells® and ibp®. Tyson Foods is dedicated to bringing high-quality food to every table in the world, safely, and affordably, now and for future generations. Headquartered in Springdale, Arkansas, the Company had approximately 133,000 employees (“team members”) on September 27, 2025. Through its Core Values, Tyson Foods strives to operate with integrity, create value for its shareholders, customers, communities and team members, be…
Risk factors TSN lists in its 10-K
- We may not realize any or all of the anticipated benefits of our financial excellence programs and operational optimization plans, which may prove to be more difficult, costly or time consuming than expected
- We are subject to risks associated with our international activities, which could negatively affect our sales to customers in foreign locations, as well as our operations and assets in such locations and in the United States
- Global pandemics have had, and may in the future have, an adverse impact on our business and operations
- We may not be able to successfully consummate favorable strategic acquisitions or divestitures or successfully integrate acquired businesses
- Tyson Limited Partnership can exercise significant control
- Fluctuations in commodity prices and in the availability of raw materials, especially feed grains, live cattle, live swine and other inputs could negatively impact our earnings
- The prices we receive for our products may fluctuate due to competition from other food producers and processors
- Disease outbreaks can adversely impact our ability to conduct our operations and the supply and demand for our products
- Changes in consumer preference and failure to maintain favorable consumer perception of our brands and products could negatively impact our business
- Failure to continually innovate and successfully launch new products and maintain our brand image through marketing investment could adversely impact our operating results
- The loss of one or more of our largest customers could negatively impact our business
- Failure to leverage our brand value propositions to compete against private label products, especially during economic downturn, may adversely affect our profitability
- Labor shortages and increased turnover or increases in employee and employee-related costs could have adverse effects on our profitability
- We depend on the availability of, and good relations with, our team members and their labor unions
- If we are unable to attract, hire or retain key team members or a highly skilled and experienced global workforce, it could have a negative impact on our business, financial condition or results of operations
- We depend on contract farmers and independent producers to supply us with livestock
- Product liability claims could adversely affect our business operations and financial results, or damage our reputation
- The Company is required to comply with stringent environmental laws and regulations
- New or more stringent domestic and international government regulations could impose material costs on us and could adversely affect our business
- Failure to comply with applicable legal standards or requirements could result in regulatory enforcement actions, legal claims or class actions lawsuits, or affect our product sales, reputation and profitability
- Climate change may have a long-term adverse impact on our business
- Our level of indebtedness and the terms of our indebtedness could negatively impact our business and liquidity position
- An impairment in the carrying value of our goodwill or indefinite life intangible assets could negatively impact our consolidated results of operations and net worth
- Participation in a Multiemployer Pension Plan could adversely affect our business
- Volatility in the capital markets or interest rates could adversely impact our pension costs and the funded status of our pension plans
- Market fluctuations could negatively impact our operating results as we hedge certain transactions
- Deterioration of economic conditions could negatively impact our business
- Extreme factors or forces beyond our control could negatively impact our business
- Failure to maximize or to successfully assert our intellectual property rights could impact our competitiveness
- We may incur additional tax expense or become subject to additional tax liabilities