Pilgrim's Pride Corporation (PPC)
被低估基本面
75
价格
$27.01
市值
$6.49B
第一部分 · 这家公司值多少
概览
Pilgrim's Pride raises, processes and sells chicken, and to a lesser extent pork, to grocery chains, foodservice operators and restaurants across the US, the UK, continental Europe and Mexico. It contracts with independent farmers who raise its birds under company supervision, then owns and runs the hatcheries, feed mills and processing plants that turn live birds into fresh, frozen and prepared chicken products, sold partly under its own brands and largely under retailers' private labels. JBS, the Brazilian meat producer, owns a large majority of its shares.
盈利方式
Revenue comes from selling processed chicken and pork by the pound to large retail and foodservice customers under contracts that are periodically renegotiated. Profitability is squeezed between two volatile costs it does not control: feed (corn and soybean meal), its largest expense, and wholesale chicken prices, which move with industry-wide supply and consumer demand. Because margins are thin and highly sensitive to this spread, results swing significantly from year to year even when sales volumes stay roughly stable.
分部营收
Chicken and prepared-food products sold across the US to retail, foodservice and club-store customers; the largest and most mature market.
Fresh and prepared chicken sold in the UK and continental Europe under company and retailer private-label brands, run mainly through the Moy Park and Pilgrim's UK operations.
Chicken production and sales in Mexico, the smallest of the three regional segments.
护城河
未发现护城河 · 无Chicken is a commodity: consumers and foodservice buyers choose largely on price, and Pilgrim's Pride's scale as one of the largest US processors lowers costs somewhat but does not let it charge more than smaller rivals for the same cut of meat. Feed costs and wholesale chicken prices are set by industry-wide supply and demand that no single producer, however large, can control.
需求驱动因素
防御型Chicken is the most affordable major protein, so consumer demand for it stays fairly steady through economic cycles and can even rise when shoppers trade down from beef or dining out. What swings sharply is not demand but the margin between wholesale chicken prices and feed costs, which behaves more like a commodity spread than a typical demand cycle.
主要风险
- Feed cost volatility — Corn and soybean meal are Pilgrim's Pride's largest input costs, and a spike in grain prices, driven by weather, biofuel demand or trade disruptions, directly squeezes margins that the company cannot always pass through to customers.
- Wholesale chicken price cyclicality — Chicken prices swing with industry-wide production levels; when processors collectively grow supply too fast, prices and margins fall across the whole sector regardless of how efficiently any single company operates.
- Animal health and biosecurity risk — An outbreak of avian influenza or another disease can force the destruction of flocks, disrupt supply and trigger export restrictions from importing countries, hitting volume and costs at the same time.
- Litigation and regulatory exposure — Pilgrim's Pride has faced antitrust investigations and litigation over alleged price-fixing in the broiler-chicken industry, and adverse outcomes or new regulation could bring fines or changes to how the company can operate.
客户集中度
主要客户占营收的16.8%
The two largest US customers together account for about 17% of consolidated net sales, with no single customer above 10%, among a base that includes Chick-fil-A, Kroger, Costco, Walmart and McDonald's across its markets.
看多理由
Buyers argue that geographic diversification across the US, UK, Europe and Mexico smooths out regional supply swings, that a shift toward more prepared and branded products reduces exposure to raw commodity pricing, and that scale as one of the world's largest chicken producers supports cost efficiency through the cycle.
看空理由
Sellers fear that chicken remains a low-margin commodity business whose profits are set by the gap between feed costs and wholesale prices that no producer controls, that past antitrust litigation signals structural pricing risk across the industry, and that majority ownership by JBS limits minority shareholders' influence over capital allocation.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users
The largest US chicken processor, selling fresh and prepared poultry to the same supermarket chains, quick-service restaurants and foodservice distributors that Pilgrim's Pride supplies.
Privately held third-largest US broiler producer, competing head-on with Pilgrim's Pride for commodity chicken volumes and big-box and foodservice contracts in the American South.
Family-owned US poultry processor whose branded, no-antibiotics and organic chicken lines compete for the same retail shelf space and premium consumer as Pilgrim's Pride's branded offer.
Private US chicken processor focused on further-processed and foodservice cuts, bidding against Pilgrim's Pride for restaurant-chain and distributor supply contracts.
One of the UK's biggest poultry and chilled-food suppliers, competing directly with Pilgrim's UK and Moy Park for British retailers' own-label chicken and ready-meal contracts.
UK fresh pork, poultry and prepared-foods producer bidding for the same British supermarket own-label programmes as Pilgrim's European business.
资产负债表与流动性
营收
$18.44B
最近12个月(截至2026/6/28)
净利润
$546M
最近12个月(截至2026/6/28)
自由现金流
$1.12B
股东权益合计
$3.68B
负债合计
$6.65B
流动比率
1.36
利息覆盖率
5.61
债务/EBITDA
1.50
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$94.14
当前价格
$27.01
安全边际
+71.3%
公允价值区间
$61.19 - $127.09
所用估值方法之间的离散区间,并非经过统计校准的置信区间。
估算方法
估值指标
市盈率(P/E)
11.74
ROE
29.4%
市净率(P/B)
1.72
P/FCF
8.80
毛利率
9.6%
ROIC
10.0%
盈利能力雷达图
价值创造(经济护城河)
ROIC
10.0%
WACC
6.7%
ROIC − WACC
+3.3 pp
ROIC 超过资本成本:公司正在为股东创造价值。
基本面分析标准
通过(18)
- EPS shows upward trend
- ROIC 10.0%
- P/FCF 8.80
- P/B Ratio 1.72
- Debt/Equity ratio
- Operating Margin 5.0%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Price below Graham Number
- ROE 14.8%
- Revenue Growth 5Y 8.9%
- PEG Ratio 0.19
- Earnings Quality (OCF/NI) 2.24
- Share Dilution 0.3%
- Piotroski F-Score 6/9
未通过(8)
- Price CAGR 3.82%
- Gross Margin 9.6%
- CapEx intensity
- Low reliance on intangibles
- DCF valuation (Fairly valued)
- Analyst Consensus 36% Buy
- Earnings Surprise avg -9.9%
- Net Margin Trend 3.0% vs 6.8%
不可用(1)
- Dividend Payout NaN%
Piotroski F-评分
信号混杂:部分领域需关注
盈利质量
高质量:盈利有现金流支撑
股权稀释
股份数量稳定
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Fabio Sandri | President & CEO | 53 |
| Mr. Matthew R. Galvanoni | CFO & Chief Accounting Officer | 52 |
| Mr. Andrew Rojeski | Head of Strategy, Investor Relations & Net-Zero Programs | - |
| Mr. Jesus Munoz | President of Pilgrim's Mexico | - |
审计风险
7
董事会风险
10
薪酬风险
3
股东权利风险
5
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
via SEC EDGAR
Latest News
Recent headlines for PPC, sourced from Markets Gazette.
- 8/18/2026POSITIVEJBS Seeks Rest of Pilgrim’s Pride in $1.2 Billion Offer
Pilgrim's Pride Corp. shares surged following a $1.2 billion stock offer from JBS NV, which aims to acquire the remaining shares of the chicken producer it does not already own. This significant offer represents a substantial premium for Pilgrim's Pride shareholders, driving the stock's largest gain in five years. The proposed acquisition by JBS, a major player in the global meatpacking industry, signals strong strategic interest and potential consolidation within the sector. Investors are likely to view this development favorably, anticipating a successful completion of the deal and a positive outcome for Pilgrim's Pride stakeholders.
via Markets Gazette