# Packaged Foods — company-by-company sector analysis > Packaged Foods: JBS N.V. owns the largest revenue base; Once Upon A Farm, PBC has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Packaged Foods has underperformed S&P 500 by 19.5% over 52 weeks and 6.2% over 13 weeks. 11 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 28 beat the sector itself. JBS N.V. leads with revenue of $88,267 million, based on 26 of 30 comparable companies through Mar 2026. ### Is the Packaged Foods sector outperforming S&P 500? Packaged Foods has underperformed S&P 500 by 19.5% over 52 weeks and 6.2% over 13 weeks. 11 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 28 beat the sector itself. ### Which Packaged Foods company is largest by revenue? JBS N.V. leads with revenue of $88,267 million, based on 26 of 30 comparable companies through Mar 2026. ### Which Packaged Foods company is growing fastest? Once Upon A Farm, PBC has the fastest current revenue growth at 48.6%, across 25 of 30 comparable companies. ### Which Packaged Foods company has the strongest 4-Factor Sector Score? Central Garden & Pet Company ranks first at 64.1/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Packaged Foods company reports the most CAPEX? JBS N.V. reports the largest latest CAPEX at $566 million, with 30 of 30 companies comparable. ### Which Packaged Foods company has the least gross debt? Once Upon A Farm, PBC has the lowest comparable gross debt at $0 million. JBS N.V. has the highest at $23,147 million. ### Which Packaged Foods company has the lowest comparable PEG? JBS N.V. has the lowest comparable Guarded PEG at 0.16, among 16 of 30 companies that pass the metric’s comparability rules. ### How much history does this Packaged Foods comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength Packaged Foods has underperformed S&P 500 by 19.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 6.2%. 11 of 28 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Westrock Coffee Company is the strongest against the sector itself at +38.3%. 13-week sector return versus NIFTY 500: 6.2% 52-week sector return versus NIFTY 500: -20% Stocks leading NIFTY: 11/28 Stocks leading sector: 12/28 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 30 Combined market value: ₹2.0 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Central Garden & Pet Company (CENT): 64/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 20.7/35 | Capital efficiency 12.7/25 | Valuation 14.6/20 | Relative strength 16.1/20 - Exact sum: 20.7 + 12.7 + 14.6 + 16.1 = 64.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Seneca Foods Corporation (SENEA): 64/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 20.1/35 | Capital efficiency 12.0/25 | Valuation 16.0/20 | Relative strength 16.0/20 - Exact sum: 20.1 + 12 + 16 + 16 = 64.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. The J. M. Smucker Company (SJM): 62/100 — Mixed-positive evidence; evidence 68% - Growth & earnings 23.7/35 | Capital efficiency 12.1/25 | Valuation 9.2/20 | Relative strength 17.2/20 - Exact sum: 23.7 + 12.1 + 9.2 + 17.2 = 62.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. John B. Sanfilippo & Son, Inc. (JBSS): 61/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 16.4/35 | Capital efficiency 16.1/25 | Valuation 13.7/20 | Relative strength 14.6/20 - Exact sum: 16.4 + 16.1 + 13.7 + 14.6 = 60.8 - Decision use: Price leads the evidence: RS versus the benchmark is 6.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 5. Mama's Creations, Inc. (MAMA): 59/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 25.6/35 | Capital efficiency 13.6/25 | Valuation 5.5/20 | Relative strength 14.6/20 - Exact sum: 25.6 + 13.6 + 5.5 + 14.6 = 59.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 6. Westrock Coffee Company (WEST): 59/100 — Mixed-positive evidence; evidence 62% - Growth & earnings 24.3/35 | Capital efficiency 4.5/25 | Valuation 10.0/20 | Relative strength 19.8/20 - Exact sum: 24.3 + 4.5 + 10 + 19.8 = 58.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 7. Smithfield Foods, Inc. (SFD): 57/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 17.5/35 | Capital efficiency 15.6/25 | Valuation 13.2/20 | Relative strength 11.0/20 - Exact sum: 17.5 + 15.6 + 13.2 + 11 = 57.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 8. Darling Ingredients Inc. (DAR): 57/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 22.9/35 | Capital efficiency 12.9/25 | Valuation 8.7/20 | Relative strength 12.7/20 - Exact sum: 22.9 + 12.9 + 8.7 + 12.7 = 57.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 9. The Campbell's Company (CPB): 55/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 23.0/35 | Capital efficiency 9.9/25 | Valuation 15.1/20 | Relative strength 6.6/20 - Exact sum: 23 + 9.9 + 15.1 + 6.6 = 54.6 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -17.8% and the one-year return is -29.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 10. Herbalife Ltd. (HLF): 52/100 — Mixed-positive evidence; evidence 60% - Growth & earnings 18.2/35 | Capital efficiency 15.2/25 | Valuation 11.5/20 | Relative strength 7.4/20 - Exact sum: 18.2 + 15.2 + 11.5 + 7.4 = 52.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 11. Lamb Weston Holdings, Inc. (LW): 50/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 14.6/35 | Capital efficiency 9.9/25 | Valuation 9.6/20 | Relative strength 15.4/20 - Exact sum: 14.6 + 9.9 + 9.6 + 15.4 = 49.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 12. Utz Brands, Inc. (UTZ): 49/100 — Mixed-negative evidence; evidence 72% - Growth & earnings 13.2/35 | Capital efficiency 7.8/25 | Valuation 8.5/20 | Relative strength 19.7/20 - Exact sum: 13.2 + 7.8 + 8.5 + 19.7 = 49.2 - Decision use: Price leads the evidence: RS versus the benchmark is 31.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 13. The Kraft Heinz Company (KHC): 49/100 — Mixed-negative evidence; evidence 72% - Growth & earnings 11.2/35 | Capital efficiency 12.1/25 | Valuation 9.9/20 | Relative strength 16.0/20 - Exact sum: 11.2 + 12.1 + 9.9 + 16 = 49.2 - Decision use: Price leads the evidence: RS versus the benchmark is 3.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 14. Hormel Foods Corporation (HRL): 48/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 12.5/35 | Capital efficiency 12.3/25 | Valuation 9.1/20 | Relative strength 13.7/20 - Exact sum: 12.5 + 12.3 + 9.1 + 13.7 = 47.6 - Decision use: Price leads the evidence: RS versus the benchmark is -0.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 15. McCormick & Company, Incorporated (MKC): 44/100 — Mixed-negative evidence; evidence 86% - Growth & earnings 18.9/35 | Capital efficiency 14.2/25 | Valuation 6.7/20 | Relative strength 4.5/20 - Exact sum: 18.9 + 14.2 + 6.7 + 4.5 = 44.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 16. Ingredion Incorporated (INGR): 44/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 12.9/35 | Capital efficiency 15.2/25 | Valuation 12.3/20 | Relative strength 3.6/20 - Exact sum: 12.9 + 15.2 + 12.3 + 3.6 = 44 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 17. JBS N.V. (JBS): 44/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 14.7/35 | Capital efficiency 6.6/25 | Valuation 15.4/20 | Relative strength 7.0/20 - Exact sum: 14.7 + 6.6 + 15.4 + 7 = 43.7 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 18. Freshpet, Inc. (FRPT): 44/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 22.3/35 | Capital efficiency 9.4/25 | Valuation 5.4/20 | Relative strength 6.5/20 - Exact sum: 22.3 + 9.4 + 5.4 + 6.5 = 43.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 19. BellRing Brands, Inc. (BRBR): 43/100 — Mixed-negative evidence; evidence 70% - Growth & earnings 10.5/35 | Capital efficiency 15.7/25 | Valuation 13.7/20 | Relative strength 3.2/20 - Exact sum: 10.5 + 15.7 + 13.7 + 3.2 = 43.1 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 20. The Marzetti Company (MZTI): 42/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 15.0/35 | Capital efficiency 16.4/25 | Valuation 8.7/20 | Relative strength 1.8/20 - Exact sum: 15 + 16.4 + 8.7 + 1.8 = 41.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 21. Nomad Foods Limited (NOMD): 42/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 11.1/35 | Capital efficiency 9.7/25 | Valuation 11.4/20 | Relative strength 9.4/20 - Exact sum: 11.1 + 9.7 + 11.4 + 9.4 = 41.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 22. Conagra Brands, Inc. (CAG): 41/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 15.2/35 | Capital efficiency 7.4/25 | Valuation 10.5/20 | Relative strength 8.1/20 - Exact sum: 15.2 + 7.4 + 10.5 + 8.1 = 41.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 23. Pilgrim's Pride Corporation (PPC): 38/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 9.9/35 | Capital efficiency 10.4/25 | Valuation 15.0/20 | Relative strength 3.0/20 - Exact sum: 9.9 + 10.4 + 15 + 3 = 38.3 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 24. Post Holdings, Inc. (POST): 38/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 19.4/35 | Capital efficiency 8.7/25 | Valuation 5.7/20 | Relative strength 3.9/20 - Exact sum: 19.4 + 8.7 + 5.7 + 3.9 = 37.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 25. Flowers Foods, Inc. (FLO): 38/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 17.0/35 | Capital efficiency 9.1/25 | Valuation 9.5/20 | Relative strength 2.1/20 - Exact sum: 17 + 9.1 + 9.5 + 2.1 = 37.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 26. J&J Snack Foods Corp. (JJSF): 34/100 — Adverse evidence; evidence 76% - Growth & earnings 13.3/35 | Capital efficiency 11.2/25 | Valuation 3.9/20 | Relative strength 5.7/20 - Exact sum: 13.3 + 11.2 + 3.9 + 5.7 = 34.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 27. General Mills, Inc. (GIS): 27/100 — Adverse evidence; evidence 76% - Growth & earnings 4.1/35 | Capital efficiency 5.9/25 | Valuation 10.6/20 | Relative strength 6.6/20 - Exact sum: 4.1 + 5.9 + 10.6 + 6.6 = 27.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 28. The Simply Good Foods Company (SMPL): 25/100 — Adverse evidence; evidence 70% - Growth & earnings 3.6/35 | Capital efficiency 9.0/25 | Valuation 9.3/20 | Relative strength 3.1/20 - Exact sum: 3.6 + 9 + 9.3 + 3.1 = 25 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 29. Once Upon A Farm, PBC (OFRM): 49/100 — Thin evidence · provisional; evidence 42% - Growth & earnings 20.7/35 | Capital efficiency 8.3/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 20.7 + 8.3 + 10 + 10 = 49 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 30. The Magnum Ice Cream Company N.V. (MICC): 46/100 — Thin evidence · provisional; evidence 15% - Growth & earnings 16.7/35 | Capital efficiency 10.0/25 | Valuation 8.8/20 | Relative strength 10.0/20 - Exact sum: 16.7 + 10 + 8.8 + 10 = 45.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Revenue Scale & Growth Durability What the numbers say: JBS N.V. is the scale leader at $88,267 million, 253.2% ahead of The Kraft Heinz Company. Once Upon A Farm, PBC's growth is 48.6% from a $263 million base, with 9 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: JBS N.V. is the scale benchmark; Once Upon A Farm, PBC is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: JBS N.V.'s growth falls below Once Upon A Farm, PBC's for two consecutive comparable reports while operating margin also compresses. Evidence: JBS N.V. · $88,267 million | 253.2% versus #2 · The Kraft Heinz Company | 8/8 recent comparable periods | 26/30 companies · 533 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. JBS N.V. (JBS): ₹88.3K Cr 2. The Kraft Heinz Company (KHC): ₹25.0K Cr 3. Pilgrim's Pride Corporation (PPC): ₹18.6K Cr 4. General Mills, Inc. (GIS): ₹18.4K Cr 5. Smithfield Foods, Inc. (SFD): ₹15.6K Cr ### Revenue growth — fastest growers 1. Once Upon A Farm, PBC (OFRM): 49% 2. Westrock Coffee Company (WEST): 47% 3. Mama's Creations, Inc. (MAMA): 47% 4. Freshpet, Inc. (FRPT): 12% 5. JBS N.V. (JBS): 12% ### 20-quarter Revenue history - KHC: Sep 2021 ₹6.3K Cr | Dec 2021 ₹6.7K Cr | Mar 2022 ₹6.0K Cr | Jun 2022 ₹6.6K Cr | Sep 2022 ₹6.5K Cr | Dec 2022 ₹7.4K Cr | Mar 2023 — | Jun 2023 ₹6.5K Cr | Sep 2023 ₹6.7K Cr | Dec 2023 ₹6.9K Cr | Mar 2024 ₹6.4K Cr | Jun 2024 ₹6.5K Cr | Sep 2024 ₹6.4K Cr | Dec 2024 ₹6.6K Cr | Mar 2025 ₹6.0K Cr | Jun 2025 ₹6.4K Cr | Sep 2025 ₹6.2K Cr | Dec 2025 ₹6.4K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 — - GIS: Sep 2021 ₹4.5K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.9K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹5.2K Cr | Mar 2023 ₹5.1K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹5.1K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹4.8K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹4.4K Cr | Jun 2026 ₹4.6K Cr - JBS: Sep 2021 ₹17.0K Cr | Dec 2021 ₹17.4K Cr | Mar 2022 ₹19.2K Cr | Jun 2022 ₹18.7K Cr | Sep 2022 ₹18.8K Cr | Dec 2022 ₹17.6K Cr | Mar 2023 ₹16.7K Cr | Jun 2023 ₹18.1K Cr | Sep 2023 ₹18.7K Cr | Dec 2023 ₹19.9K Cr | Mar 2024 ₹18.0K Cr | Jun 2024 ₹19.3K Cr | Sep 2024 ₹19.9K Cr | Dec 2024 ₹20.0K Cr | Mar 2025 ₹19.5K Cr | Jun 2025 ₹21.0K Cr | Sep 2025 ₹22.6K Cr | Dec 2025 ₹23.1K Cr | Mar 2026 ₹21.6K Cr | Jun 2026 — - HRL: Sep 2021 ₹2.9K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 ₹3.0K Cr - MKC: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹1.9K Cr - SJM: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 ₹2.3K Cr - MICC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹4.4K Cr | Sep 2024 — | Dec 2024 ₹3.6K Cr | Mar 2025 — | Jun 2025 ₹4.5K Cr | Sep 2025 — | Dec 2025 ₹3.4K Cr | Mar 2026 — | Jun 2026 — - SFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 — - DAR: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 — | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 — | Mar 2026 ₹1.7K Cr | Jun 2026 ₹1.6K Cr - LW: Sep 2021 ₹984 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹955 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - CAG: Sep 2021 ₹2.7K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 — - PPC: Sep 2021 ₹3.8K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.5K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 — - CPB: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹2.4K Cr - INGR: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 — - POST: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 — - MZTI: Sep 2021 ₹392 Cr | Dec 2021 ₹428 Cr | Mar 2022 ₹403 Cr | Jun 2022 ₹452 Cr | Sep 2022 ₹426 Cr | Dec 2022 ₹477 Cr | Mar 2023 ₹465 Cr | Jun 2023 ₹455 Cr | Sep 2023 ₹462 Cr | Dec 2023 ₹486 Cr | Mar 2024 ₹471 Cr | Jun 2024 ₹453 Cr | Sep 2024 ₹467 Cr | Dec 2024 ₹509 Cr | Mar 2025 ₹458 Cr | Jun 2025 ₹475 Cr | Sep 2025 ₹493 Cr | Dec 2025 ₹518 Cr | Mar 2026 ₹453 Cr | Jun 2026 — - FRPT: Sep 2021 ₹108 Cr | Dec 2021 ₹116 Cr | Mar 2022 ₹132 Cr | Jun 2022 ₹146 Cr | Sep 2022 ₹151 Cr | Dec 2022 ₹166 Cr | Mar 2023 ₹168 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹201 Cr | Dec 2023 ₹215 Cr | Mar 2024 ₹224 Cr | Jun 2024 ₹235 Cr | Sep 2024 ₹253 Cr | Dec 2024 ₹263 Cr | Mar 2025 ₹263 Cr | Jun 2025 ₹265 Cr | Sep 2025 ₹289 Cr | Dec 2025 ₹285 Cr | Mar 2026 ₹298 Cr | Jun 2026 — - CENT: Sep 2021 ₹739 Cr | Dec 2021 ₹661 Cr | Mar 2022 ₹954 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹707 Cr | Dec 2022 ₹628 Cr | Mar 2023 ₹909 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹750 Cr | Dec 2023 ₹635 Cr | Mar 2024 ₹900 Cr | Jun 2024 ₹996 Cr | Sep 2024 ₹669 Cr | Dec 2024 ₹656 Cr | Mar 2025 ₹834 Cr | Jun 2025 ₹961 Cr | Sep 2025 ₹678 Cr | Dec 2025 ₹617 Cr | Mar 2026 ₹906 Cr | Jun 2026 — - UTZ: Sep 2021 ₹298 Cr | Dec 2021 ₹313 Cr | Mar 2022 ₹301 Cr | Jun 2022 ₹341 Cr | Sep 2022 ₹350 Cr | Dec 2022 ₹363 Cr | Mar 2023 ₹355 Cr | Jun 2023 ₹351 Cr | Sep 2023 ₹363 Cr | Dec 2023 ₹372 Cr | Mar 2024 ₹347 Cr | Jun 2024 ₹356 Cr | Sep 2024 ₹366 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹352 Cr | Jun 2025 ₹367 Cr | Sep 2025 ₹378 Cr | Dec 2025 ₹342 Cr | Mar 2026 ₹361 Cr | Jun 2026 — - NOMD: Sep 2021 ₹599 Cr | Dec 2021 ₹704 Cr | Mar 2022 ₹733 Cr | Jun 2022 ₹697 Cr | Sep 2022 ₹760 Cr | Dec 2022 ₹750 Cr | Mar 2023 ₹775 Cr | Jun 2023 ₹745 Cr | Sep 2023 ₹764 Cr | Dec 2023 ₹761 Cr | Mar 2024 ₹784 Cr | Jun 2024 ₹753 Cr | Sep 2024 ₹770 Cr | Dec 2024 ₹793 Cr | Mar 2025 ₹760 Cr | Jun 2025 ₹747 Cr | Sep 2025 ₹752 Cr | Dec 2025 ₹773 Cr | Mar 2026 ₹715 Cr | Jun 2026 — - FLO: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹983 Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 — | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 — | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 — | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.6K Cr - BRBR: Sep 2021 ₹340 Cr | Dec 2021 ₹307 Cr | Mar 2022 ₹315 Cr | Jun 2022 ₹371 Cr | Sep 2022 ₹379 Cr | Dec 2022 ₹363 Cr | Mar 2023 ₹386 Cr | Jun 2023 ₹446 Cr | Sep 2023 ₹473 Cr | Dec 2023 ₹430 Cr | Mar 2024 ₹495 Cr | Jun 2024 ₹515 Cr | Sep 2024 ₹556 Cr | Dec 2024 ₹533 Cr | Mar 2025 ₹588 Cr | Jun 2025 ₹548 Cr | Sep 2025 ₹648 Cr | Dec 2025 ₹537 Cr | Mar 2026 ₹599 Cr | Jun 2026 — - JJSF: Sep 2021 ₹323 Cr | Dec 2021 ₹318 Cr | Mar 2022 ₹282 Cr | Jun 2022 ₹380 Cr | Sep 2022 ₹400 Cr | Dec 2022 ₹351 Cr | Mar 2023 ₹338 Cr | Jun 2023 ₹426 Cr | Sep 2023 ₹444 Cr | Dec 2023 ₹348 Cr | Mar 2024 ₹360 Cr | Jun 2024 ₹440 Cr | Sep 2024 ₹427 Cr | Dec 2024 ₹363 Cr | Mar 2025 ₹356 Cr | Jun 2025 ₹454 Cr | Sep 2025 ₹410 Cr | Dec 2025 ₹344 Cr | Mar 2026 ₹345 Cr | Jun 2026 — - HLF: Sep 2021 ₹1.4K Cr | Dec 2021 — | Mar 2022 — | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 — | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 — | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - SENEA: Sep 2021 ₹235 Cr | Dec 2021 ₹372 Cr | Mar 2022 ₹446 Cr | Jun 2022 — | Sep 2022 ₹265 Cr | Dec 2022 ₹440 Cr | Mar 2023 ₹331 Cr | Jun 2023 — | Sep 2023 ₹299 Cr | Dec 2023 ₹444 Cr | Mar 2024 ₹308 Cr | Jun 2024 ₹305 Cr | Sep 2024 ₹425 Cr | Dec 2024 ₹503 Cr | Mar 2025 ₹346 Cr | Jun 2025 ₹297 Cr | Sep 2025 ₹460 Cr | Dec 2025 ₹508 Cr | Mar 2026 ₹394 Cr | Jun 2026 — - JBSS: Sep 2021 ₹226 Cr | Dec 2021 ₹253 Cr | Mar 2022 ₹219 Cr | Jun 2022 ₹258 Cr | Sep 2022 ₹253 Cr | Dec 2022 ₹274 Cr | Mar 2023 ₹239 Cr | Jun 2023 ₹234 Cr | Sep 2023 ₹234 Cr | Dec 2023 ₹291 Cr | Mar 2024 ₹272 Cr | Jun 2024 ₹270 Cr | Sep 2024 ₹276 Cr | Dec 2024 ₹301 Cr | Mar 2025 ₹261 Cr | Jun 2025 ₹269 Cr | Sep 2025 ₹299 Cr | Dec 2025 ₹315 Cr | Mar 2026 ₹282 Cr | Jun 2026 — - SMPL: Sep 2021 ₹260 Cr | Dec 2021 ₹281 Cr | Mar 2022 ₹297 Cr | Jun 2022 ₹317 Cr | Sep 2022 ₹274 Cr | Dec 2022 ₹301 Cr | Mar 2023 ₹297 Cr | Jun 2023 ₹325 Cr | Sep 2023 ₹320 Cr | Dec 2023 ₹309 Cr | Mar 2024 ₹312 Cr | Jun 2024 ₹335 Cr | Sep 2024 ₹376 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹360 Cr | Jun 2025 ₹381 Cr | Sep 2025 ₹369 Cr | Dec 2025 ₹340 Cr | Mar 2026 ₹326 Cr | Jun 2026 ₹357 Cr - MAMA: Sep 2021 ₹12 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹54 Cr | Jun 2026 ₹53 Cr - WEST: Sep 2021 ₹181 Cr | Dec 2021 ₹190 Cr | Mar 2022 ₹186 Cr | Jun 2022 ₹223 Cr | Sep 2022 ₹230 Cr | Dec 2022 ₹228 Cr | Mar 2023 ₹205 Cr | Jun 2023 ₹225 Cr | Sep 2023 ₹220 Cr | Dec 2023 ₹215 Cr | Mar 2024 ₹193 Cr | Jun 2024 ₹208 Cr | Sep 2024 ₹221 Cr | Dec 2024 ₹229 Cr | Mar 2025 ₹214 Cr | Jun 2025 ₹281 Cr | Sep 2025 ₹355 Cr | Dec 2025 ₹339 Cr | Mar 2026 ₹309 Cr | Jun 2026 — - OFRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹31 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹73 Cr | Jun 2026 — ### 20-quarter Revenue growth history - KHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.9% | Sep 2022 2.9% | Dec 2022 10% | Mar 2023 — | Jun 2023 -1.0% | Sep 2023 3.3% | Dec 2023 -7.1% | Mar 2024 — | Jun 2024 -0.2% | Sep 2024 -5.0% | Dec 2024 -4.1% | Mar 2025 -6.4% | Jun 2025 -1.9% | Sep 2025 -2.3% | Dec 2025 -3.4% | Mar 2026 0.8% | Jun 2026 — - GIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.9% | Dec 2022 3.9% | Mar 2023 13% | Jun 2023 2.8% | Sep 2023 4.0% | Dec 2023 -1.6% | Mar 2024 -0.5% | Jun 2024 -6.3% | Sep 2024 -1.2% | Dec 2024 2.0% | Mar 2025 -5.0% | Jun 2025 -3.4% | Sep 2025 -6.8% | Dec 2025 -7.2% | Mar 2026 -8.4% | Jun 2026 1.2% - JBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.8% | Sep 2022 11% | Dec 2022 0.7% | Mar 2023 -13% | Jun 2023 -3.7% | Sep 2023 -0.6% | Dec 2023 13% | Mar 2024 7.9% | Jun 2024 6.8% | Sep 2024 6.4% | Dec 2024 0.6% | Mar 2025 8.5% | Jun 2025 8.9% | Sep 2025 13% | Dec 2025 15% | Mar 2026 11% | Jun 2026 — - HRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.9% | Dec 2022 -5.0% | Mar 2023 -2.4% | Jun 2023 -3.8% | Sep 2023 -2.3% | Dec 2023 -2.6% | Mar 2024 0.9% | Jun 2024 -3.1% | Sep 2024 -2.2% | Dec 2024 -1.9% | Mar 2025 -0.3% | Jun 2025 0.4% | Sep 2025 4.7% | Dec 2025 1.5% | Mar 2026 1.3% | Jun 2026 2.6% - MKC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.0% | Dec 2022 -2.0% | Mar 2023 2.9% | Jun 2023 7.9% | Sep 2023 5.6% | Dec 2023 3.4% | Mar 2024 2.4% | Jun 2024 -1.0% | Sep 2024 -0.3% | Dec 2024 2.6% | Mar 2025 0.2% | Jun 2025 1.0% | Sep 2025 2.7% | Dec 2025 2.9% | Mar 2026 17% | Jun 2026 17% - SJM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.8% | Dec 2022 7.6% | Mar 2023 7.7% | Jun 2023 9.9% | Sep 2023 -3.6% | Dec 2023 -12% | Mar 2024 0.6% | Jun 2024 -1.3% | Sep 2024 18% | Dec 2024 17% | Mar 2025 -1.9% | Jun 2025 -2.8% | Sep 2025 -0.6% | Dec 2025 2.6% | Mar 2026 7.0% | Jun 2026 5.8% - MICC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.5% | Sep 2025 — | Dec 2025 -4.1% | Mar 2026 — | Jun 2026 — - SFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 17% | Mar 2025 9.5% | Jun 2025 11% | Sep 2025 12% | Dec 2025 7.0% | Mar 2026 0.8% | Jun 2026 — - DAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 38% | Dec 2022 47% | Mar 2023 — | Jun 2023 31% | Sep 2023 6.6% | Dec 2023 -7.7% | Mar 2024 — | Jun 2024 -19% | Sep 2024 -19% | Dec 2024 -12% | Mar 2025 -2.8% | Jun 2025 1.9% | Sep 2025 10.0% | Dec 2025 — | Mar 2026 24% | Jun 2026 4.7% - LW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 14% | Dec 2022 27% | Mar 2023 31% | Jun 2023 47% | Sep 2023 48% | Dec 2023 36% | Mar 2024 16% | Jun 2024 -4.9% | Sep 2024 -0.7% | Dec 2024 -7.6% | Mar 2025 4.3% | Jun 2025 4.0% | Sep 2025 0.3% | Dec 2025 1.1% | Mar 2026 2.9% | Jun 2026 — - CAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.2% | Sep 2022 9.5% | Dec 2022 8.3% | Mar 2023 5.9% | Jun 2023 2.2% | Sep 2023 0.0% | Dec 2023 -3.2% | Mar 2024 -1.8% | Jun 2024 -2.3% | Sep 2024 -3.8% | Dec 2024 -0.4% | Mar 2025 -6.3% | Jun 2025 -4.3% | Sep 2025 -5.8% | Dec 2025 -6.8% | Mar 2026 -1.9% | Jun 2026 — - PPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 17% | Dec 2022 2.2% | Mar 2023 -1.8% | Jun 2023 -7.0% | Sep 2023 -2.4% | Dec 2023 9.7% | Mar 2024 4.7% | Jun 2024 5.8% | Sep 2024 5.2% | Dec 2024 -3.5% | Mar 2025 2.3% | Jun 2025 4.3% | Sep 2025 3.8% | Dec 2025 3.3% | Mar 2026 1.6% | Jun 2026 — - CPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6.1% | Dec 2022 15% | Mar 2023 12% | Jun 2023 4.7% | Sep 2023 4.1% | Dec 2023 -2.2% | Mar 2024 -1.2% | Jun 2024 6.3% | Sep 2024 11% | Dec 2024 10% | Mar 2025 9.3% | Jun 2025 4.5% | Sep 2025 1.2% | Dec 2025 -3.4% | Mar 2026 -4.5% | Jun 2026 -4.4% - INGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 15% | Dec 2022 13% | Mar 2023 13% | Jun 2023 1.2% | Sep 2023 0.5% | Dec 2023 -3.3% | Mar 2024 -12% | Jun 2024 -9.2% | Sep 2024 -8.0% | Dec 2024 -6.3% | Mar 2025 -3.7% | Jun 2025 -2.4% | Sep 2025 -2.9% | Dec 2025 -2.4% | Mar 2026 -1.2% | Jun 2026 — - POST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 16% | Dec 2022 17% | Mar 2023 15% | Jun 2023 22% | Sep 2023 23% | Dec 2023 26% | Mar 2024 23% | Jun 2024 4.8% | Sep 2024 3.3% | Dec 2024 0.5% | Mar 2025 -2.4% | Jun 2025 1.9% | Sep 2025 12% | Dec 2025 10% | Mar 2026 4.7% | Jun 2026 — - MZTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 8.7% | Dec 2022 11% | Mar 2023 15% | Jun 2023 0.7% | Sep 2023 8.5% | Dec 2023 1.9% | Mar 2024 1.3% | Jun 2024 -0.4% | Sep 2024 1.1% | Dec 2024 4.7% | Mar 2025 -2.8% | Jun 2025 4.9% | Sep 2025 5.6% | Dec 2025 1.8% | Mar 2026 -1.1% | Jun 2026 — - FRPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 40% | Dec 2022 43% | Mar 2023 27% | Jun 2023 25% | Sep 2023 33% | Dec 2023 30% | Mar 2024 33% | Jun 2024 28% | Sep 2024 26% | Dec 2024 22% | Mar 2025 17% | Jun 2025 13% | Sep 2025 14% | Dec 2025 8.4% | Mar 2026 13% | Jun 2026 — - CENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.1% | Sep 2022 -4.3% | Dec 2022 -5.0% | Mar 2023 -4.7% | Jun 2023 0.8% | Sep 2023 6.1% | Dec 2023 1.1% | Mar 2024 -1.0% | Jun 2024 -2.6% | Sep 2024 -11% | Dec 2024 3.3% | Mar 2025 -7.3% | Jun 2025 -3.5% | Sep 2025 1.4% | Dec 2025 -6.0% | Mar 2026 8.6% | Jun 2026 — - UTZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 17% | Dec 2022 16% | Mar 2023 18% | Jun 2023 2.9% | Sep 2023 3.7% | Dec 2023 2.5% | Mar 2024 -2.3% | Jun 2024 1.4% | Sep 2024 0.8% | Dec 2024 -8.3% | Mar 2025 1.4% | Jun 2025 3.1% | Sep 2025 3.3% | Dec 2025 0.3% | Mar 2026 2.6% | Jun 2026 — - NOMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 27% | Dec 2022 6.5% | Mar 2023 5.7% | Jun 2023 6.9% | Sep 2023 0.5% | Dec 2023 1.5% | Mar 2024 1.2% | Jun 2024 1.1% | Sep 2024 0.8% | Dec 2024 4.2% | Mar 2025 -3.1% | Jun 2025 -0.8% | Sep 2025 -2.3% | Dec 2025 -2.5% | Mar 2026 -5.9% | Jun 2026 — - FLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 13% | Mar 2023 — | Jun 2023 6.8% | Sep 2023 8.8% | Dec 2023 3.5% | Mar 2024 — | Jun 2024 2.8% | Sep 2024 -0.2% | Dec 2024 -0.7% | Mar 2025 — | Jun 2025 -1.5% | Sep 2025 1.5% | Dec 2025 3.0% | Mar 2026 — | Jun 2026 1.2% - BRBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.2% | Sep 2022 11% | Dec 2022 18% | Mar 2023 23% | Jun 2023 20% | Sep 2023 25% | Dec 2023 18% | Mar 2024 28% | Jun 2024 15% | Sep 2024 18% | Dec 2024 24% | Mar 2025 19% | Jun 2025 6.4% | Sep 2025 17% | Dec 2025 0.8% | Mar 2026 1.9% | Jun 2026 — - JJSF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 24% | Dec 2022 10% | Mar 2023 20% | Jun 2023 12% | Sep 2023 11% | Dec 2023 -0.9% | Mar 2024 6.5% | Jun 2024 3.3% | Sep 2024 -3.8% | Dec 2024 4.3% | Mar 2025 -1.1% | Jun 2025 3.2% | Sep 2025 -4.0% | Dec 2025 -5.2% | Mar 2026 -3.1% | Jun 2026 — - HLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10% | Sep 2022 -9.5% | Dec 2022 — | Mar 2023 — | Jun 2023 -5.7% | Sep 2023 — | Dec 2023 — | Mar 2024 1.0% | Jun 2024 -2.5% | Sep 2024 — | Dec 2024 -0.7% | Mar 2025 -3.3% | Jun 2025 -1.7% | Sep 2025 2.7% | Dec 2025 6.3% | Mar 2026 7.8% | Jun 2026 — - SENEA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 13% | Dec 2022 18% | Mar 2023 -26% | Jun 2023 — | Sep 2023 13% | Dec 2023 0.9% | Mar 2024 -7.0% | Jun 2024 — | Sep 2024 42% | Dec 2024 13% | Mar 2025 12% | Jun 2025 -2.6% | Sep 2025 8.2% | Dec 2025 1.0% | Mar 2026 14% | Jun 2026 — - JBSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 12% | Dec 2022 8.3% | Mar 2023 9.1% | Jun 2023 -9.3% | Sep 2023 -7.5% | Dec 2023 6.2% | Mar 2024 14% | Jun 2024 15% | Sep 2024 18% | Dec 2024 3.4% | Mar 2025 -4.0% | Jun 2025 -0.4% | Sep 2025 8.3% | Dec 2025 4.7% | Mar 2026 8.1% | Jun 2026 — - SMPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.4% | Dec 2022 7.1% | Mar 2023 0.0% | Jun 2023 2.5% | Sep 2023 17% | Dec 2023 2.7% | Mar 2024 5.1% | Jun 2024 3.1% | Sep 2024 18% | Dec 2024 10% | Mar 2025 15% | Jun 2025 14% | Sep 2025 -1.9% | Dec 2025 -0.3% | Mar 2026 -9.4% | Jun 2026 -6.3% - MAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 92% | Dec 2022 136% | Mar 2023 64% | Jun 2023 4.6% | Sep 2023 8.7% | Dec 2023 12% | Mar 2024 17% | Jun 2024 30% | Sep 2024 12% | Dec 2024 10% | Mar 2025 26% | Jun 2025 17% | Sep 2025 25% | Dec 2025 47% | Mar 2026 59% | Jun 2026 51% - WEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 27% | Dec 2022 20% | Mar 2023 10% | Jun 2023 0.9% | Sep 2023 -4.4% | Dec 2023 -5.7% | Mar 2024 -5.9% | Jun 2024 -7.6% | Sep 2024 0.5% | Dec 2024 6.5% | Mar 2025 11% | Jun 2025 35% | Sep 2025 61% | Dec 2025 48% | Mar 2026 44% | Jun 2026 — - OFRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 65% | Jun 2025 71% | Sep 2025 57% | Dec 2025 31% | Mar 2026 43% | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: The J. M. Smucker Company leads both opm at 19.6% and margin change at +47.5 percentage points. Investor read: The J. M. Smucker Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: The J. M. Smucker Company · 19.6% | 3.7% versus #2 · The Kraft Heinz Company | 3/8 recent comparable periods | 29/30 companies · 529 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. The J. M. Smucker Company (SJM): 20% 2. The Kraft Heinz Company (KHC): 19% 3. Darling Ingredients Inc. (DAR): 15% 4. McCormick & Company, Incorporated (MKC): 14% 5. Central Garden & Pet Company (CENT): 13% ### Margin change — fastest expanders 1. The J. M. Smucker Company (SJM): +47.5 pp 2. Darling Ingredients Inc. (DAR): +9.5 pp 3. Westrock Coffee Company (WEST): +7.1 pp 4. Freshpet, Inc. (FRPT): +5.9 pp 5. Seneca Foods Corporation (SENEA): +5.4 pp ### 20-quarter OPM history - KHC: Sep 2021 18% | Dec 2021 -0.3% | Mar 2022 18% | Jun 2022 8.3% | Sep 2022 12% | Dec 2022 17% | Mar 2023 — | Jun 2023 19% | Sep 2023 21% | Dec 2023 19% | Mar 2024 20% | Jun 2024 8.1% | Sep 2024 -1.6% | Dec 2024 -0.6% | Mar 2025 20% | Jun 2025 -126% | Sep 2025 16% | Dec 2025 17% | Mar 2026 19% | Jun 2026 — - GIS: Sep 2021 19% | Dec 2021 16% | Mar 2022 18% | Jun 2022 21% | Sep 2022 23% | Dec 2022 15% | Mar 2023 14% | Jun 2023 16% | Sep 2023 19% | Dec 2023 16% | Mar 2024 18% | Jun 2024 17% | Sep 2024 17% | Dec 2024 21% | Mar 2025 18% | Jun 2025 11% | Sep 2025 38% | Dec 2025 15% | Mar 2026 12% | Jun 2026 -45% - JBS: Sep 2021 12% | Dec 2021 9.5% | Mar 2022 8.2% | Jun 2022 8.3% | Sep 2022 7.1% | Dec 2022 2.7% | Mar 2023 -0.7% | Jun 2023 1.7% | Sep 2023 2.9% | Dec 2023 1.8% | Mar 2024 4.0% | Jun 2024 5.9% | Sep 2024 7.8% | Dec 2024 4.8% | Mar 2025 4.5% | Jun 2025 5.3% | Sep 2025 5.4% | Dec 2025 4.1% | Mar 2026 2.2% | Jun 2026 — - HRL: Sep 2021 7.2% | Dec 2021 10% | Mar 2022 11% | Jun 2022 11% | Sep 2022 9.6% | Dec 2022 11% | Mar 2023 9.7% | Jun 2023 9.9% | Sep 2023 7.3% | Dec 2023 8.4% | Mar 2024 9.5% | Jun 2024 8.7% | Sep 2024 8.2% | Dec 2024 9.4% | Mar 2025 7.6% | Jun 2025 8.6% | Sep 2025 7.9% | Dec 2025 0.1% | Mar 2026 8.0% | Jun 2026 7.3% - MKC: Sep 2021 17% | Dec 2021 16% | Mar 2022 14% | Jun 2022 10% | Sep 2022 15% | Dec 2022 16% | Mar 2023 13% | Jun 2023 13% | Sep 2023 15% | Dec 2023 17% | Mar 2024 15% | Jun 2024 14% | Sep 2024 17% | Dec 2024 17% | Mar 2025 14% | Jun 2025 15% | Sep 2025 17% | Dec 2025 17% | Mar 2026 12% | Jun 2026 14% - SJM: Sep 2021 14% | Dec 2021 15% | Mar 2022 7.3% | Jun 2022 15% | Sep 2022 9.6% | Dec 2022 13% | Mar 2023 14% | Jun 2023 -28% | Sep 2023 17% | Dec 2023 15% | Mar 2024 13% | Jun 2024 18% | Sep 2024 16% | Dec 2024 7.5% | Mar 2025 -27% | Jun 2025 -28% | Sep 2025 2.2% | Dec 2025 18% | Mar 2026 -23% | Jun 2026 20% - SFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.9% | Mar 2024 4.7% | Jun 2024 9.8% | Sep 2024 8.5% | Dec 2024 8.5% | Mar 2025 8.5% | Jun 2025 6.9% | Sep 2025 8.3% | Dec 2025 9.5% | Mar 2026 8.8% | Jun 2026 — - DAR: Sep 2021 22% | Dec 2021 17% | Mar 2022 16% | Jun 2022 17% | Sep 2022 17% | Dec 2022 15% | Mar 2023 — | Jun 2023 14% | Sep 2023 20% | Dec 2023 9.8% | Mar 2024 9.7% | Jun 2024 10% | Sep 2024 4.2% | Dec 2024 8.6% | Mar 2025 2.1% | Jun 2025 5.1% | Sep 2025 4.6% | Dec 2025 — | Mar 2026 5.7% | Jun 2026 15% - LW: Sep 2021 6.1% | Dec 2021 11% | Mar 2022 14% | Jun 2022 12% | Sep 2022 14% | Dec 2022 21% | Mar 2023 21% | Jun 2023 11% | Sep 2023 19% | Dec 2023 18% | Mar 2024 15% | Jun 2024 13% | Sep 2024 13% | Dec 2024 1.2% | Mar 2025 16% | Jun 2025 11% | Sep 2025 9.4% | Dec 2025 8.6% | Mar 2026 8.1% | Jun 2026 — - CAG: Sep 2021 14% | Dec 2021 13% | Mar 2022 12% | Jun 2022 7.4% | Sep 2022 -0.7% | Dec 2022 17% | Mar 2023 16% | Jun 2023 1.9% | Sep 2023 17% | Dec 2023 14% | Mar 2024 16% | Jun 2024 -1.0% | Sep 2024 14% | Dec 2024 13% | Mar 2025 8.4% | Jun 2025 12% | Sep 2025 13% | Dec 2025 -20% | Mar 2026 10% | Jun 2026 — - PPC: Sep 2021 3.2% | Dec 2021 1.4% | Mar 2022 9.5% | Jun 2022 11% | Sep 2022 7.6% | Dec 2022 -1.9% | Mar 2023 0.8% | Jun 2023 2.3% | Sep 2023 4.7% | Dec 2023 4.1% | Mar 2024 5.7% | Jun 2024 9.7% | Sep 2024 11% | Dec 2024 7.0% | Mar 2025 9.1% | Jun 2025 11% | Sep 2025 10% | Dec 2025 4.5% | Mar 2026 3.6% | Jun 2026 — - CPB: Sep 2021 22% | Dec 2021 17% | Mar 2022 15% | Jun 2022 14% | Sep 2022 8.6% | Dec 2022 17% | Mar 2023 14% | Jun 2023 11% | Sep 2023 13% | Dec 2023 14% | Mar 2024 13% | Jun 2024 11% | Sep 2024 3.4% | Dec 2024 13% | Mar 2025 12% | Jun 2025 6.5% | Sep 2025 12% | Dec 2025 13% | Mar 2026 11% | Jun 2026 10% - INGR: Sep 2021 9.8% | Dec 2021 4.9% | Mar 2022 11% | Jun 2022 10% | Sep 2022 9.0% | Dec 2022 7.9% | Mar 2023 14% | Jun 2023 12% | Sep 2023 11% | Dec 2023 11% | Mar 2024 11% | Jun 2024 13% | Sep 2024 14% | Dec 2024 9.0% | Mar 2025 15% | Jun 2025 15% | Sep 2025 14% | Dec 2025 13% | Mar 2026 11% | Jun 2026 — - POST: Sep 2021 6.2% | Dec 2021 5.8% | Mar 2022 7.1% | Jun 2022 6.9% | Sep 2022 8.4% | Dec 2022 9.6% | Mar 2023 8.5% | Jun 2023 8.5% | Sep 2023 7.9% | Dec 2023 11% | Mar 2024 9.5% | Jun 2024 10% | Sep 2024 9.5% | Dec 2024 11% | Mar 2025 9.3% | Jun 2025 12% | Sep 2025 7.5% | Dec 2025 11% | Mar 2026 10% | Jun 2026 — - MZTI: Sep 2021 10% | Dec 2021 11% | Mar 2022 -1.9% | Jun 2022 7.5% | Sep 2022 12% | Dec 2022 11% | Mar 2023 6.3% | Jun 2023 2.5% | Sep 2023 12% | Dec 2023 14% | Mar 2024 7.5% | Jun 2024 9.2% | Sep 2024 12% | Dec 2024 15% | Mar 2025 11% | Jun 2025 8.2% | Sep 2025 12% | Dec 2025 15% | Mar 2026 10% | Jun 2026 — - FRPT: Sep 2021 -0.8% | Dec 2021 -6.6% | Mar 2022 -12% | Jun 2022 -12% | Sep 2022 -11% | Dec 2022 -1.2% | Mar 2023 -13% | Jun 2023 -9.1% | Sep 2023 -3.5% | Dec 2023 6.9% | Mar 2024 3.8% | Jun 2024 -0.7% | Sep 2024 4.7% | Dec 2024 7.4% | Mar 2025 -4.4% | Jun 2025 6.7% | Sep 2025 8.6% | Dec 2025 16% | Mar 2026 1.5% | Jun 2026 — - CENT: Sep 2021 1.3% | Dec 2021 4.0% | Mar 2022 11% | Jun 2022 11% | Sep 2022 1.8% | Dec 2022 0.1% | Mar 2023 8.6% | Jun 2023 13% | Sep 2023 0.1% | Dec 2023 1.3% | Mar 2024 11% | Jun 2024 13% | Sep 2024 -1.7% | Dec 2024 4.3% | Mar 2025 12% | Jun 2025 15% | Sep 2025 0.1% | Dec 2025 3.9% | Mar 2026 13% | Jun 2026 — - UTZ: Sep 2021 1.5% | Dec 2021 0.9% | Mar 2022 -2.0% | Jun 2022 -6.6% | Sep 2022 1.5% | Dec 2022 4.1% | Mar 2023 2.1% | Jun 2023 -0.6% | Sep 2023 0.7% | Dec 2023 1.4% | Mar 2024 2.8% | Jun 2024 6.3% | Sep 2024 5.3% | Dec 2024 2.1% | Mar 2025 1.6% | Jun 2025 1.7% | Sep 2025 0.9% | Dec 2025 1.2% | Mar 2026 2.2% | Jun 2026 — - NOMD: Sep 2021 13% | Dec 2021 8.2% | Mar 2022 12% | Jun 2022 16% | Sep 2022 14% | Dec 2022 8.7% | Mar 2023 10% | Jun 2023 13% | Sep 2023 13% | Dec 2023 8.8% | Mar 2024 9.2% | Jun 2024 13% | Sep 2024 16% | Dec 2024 12% | Mar 2025 9.7% | Jun 2025 12% | Sep 2025 12% | Dec 2025 9.1% | Mar 2026 7.9% | Jun 2026 — - FLO: Sep 2021 7.3% | Dec 2021 5.1% | Mar 2022 5.5% | Jun 2022 7.8% | Sep 2022 6.4% | Dec 2022 4.8% | Mar 2023 — | Jun 2023 6.1% | Sep 2023 7.2% | Dec 2023 -4.9% | Mar 2024 — | Jun 2024 6.4% | Sep 2024 7.8% | Dec 2024 7.6% | Mar 2025 — | Jun 2025 5.5% | Sep 2025 7.5% | Dec 2025 5.4% | Mar 2026 -5.8% | Jun 2026 5.1% - BRBR: Sep 2021 16% | Dec 2021 17% | Mar 2022 11% | Jun 2022 18% | Sep 2022 16% | Dec 2022 21% | Mar 2023 15% | Jun 2023 17% | Sep 2023 17% | Dec 2023 17% | Mar 2024 18% | Jun 2024 22% | Sep 2024 20% | Dec 2024 22% | Mar 2025 16% | Jun 2025 8.2% | Sep 2025 16% | Dec 2025 15% | Mar 2026 11% | Jun 2026 — - JJSF: Sep 2021 7.8% | Dec 2021 4.7% | Mar 2022 1.5% | Jun 2022 5.6% | Sep 2022 5.4% | Dec 2022 2.7% | Mar 2023 3.0% | Jun 2023 11% | Sep 2023 9.4% | Dec 2023 2.8% | Mar 2024 5.0% | Jun 2024 11% | Sep 2024 9.3% | Dec 2024 1.7% | Mar 2025 1.7% | Jun 2025 13% | Sep 2025 2.8% | Dec 2025 0.2% | Mar 2026 0.5% | Jun 2026 — - HLF: Sep 2021 13% | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 11% | Dec 2022 — | Mar 2023 5.6% | Jun 2023 9.4% | Sep 2023 — | Dec 2023 4.6% | Mar 2024 5.7% | Jun 2024 6.3% | Sep 2024 10% | Dec 2024 8.8% | Mar 2025 10% | Jun 2025 11% | Sep 2025 9.9% | Dec 2025 7.8% | Mar 2026 11% | Jun 2026 — - SENEA: Sep 2021 7.5% | Dec 2021 5.9% | Mar 2022 5.3% | Jun 2022 — | Sep 2022 2.5% | Dec 2022 5.0% | Mar 2023 -1.6% | Jun 2023 — | Sep 2023 12% | Dec 2023 6.9% | Mar 2024 0.8% | Jun 2024 8.3% | Sep 2024 5.8% | Dec 2024 5.1% | Mar 2025 0.6% | Jun 2025 7.8% | Sep 2025 9.0% | Dec 2025 12% | Mar 2026 6.0% | Jun 2026 — - JBSS: Sep 2021 12% | Dec 2021 7.2% | Mar 2022 8.0% | Jun 2022 9.5% | Sep 2022 8.9% | Dec 2022 8.9% | Mar 2023 9.1% | Jun 2023 9.2% | Sep 2023 11% | Dec 2023 9.5% | Mar 2024 6.7% | Jun 2024 5.4% | Sep 2024 6.2% | Dec 2024 6.4% | Mar 2025 11% | Jun 2025 7.5% | Sep 2025 9.0% | Dec 2025 8.3% | Mar 2026 8.4% | Jun 2026 — - SMPL: Sep 2021 16% | Dec 2021 21% | Mar 2022 16% | Jun 2022 18% | Sep 2022 16% | Dec 2022 17% | Mar 2023 14% | Jun 2023 17% | Sep 2023 17% | Dec 2023 17% | Mar 2024 15% | Jun 2024 18% | Sep 2024 13% | Dec 2024 16% | Mar 2025 15% | Jun 2025 16% | Sep 2025 -3.2% | Dec 2025 11% | Mar 2026 -65% | Jun 2026 -14% - MAMA: Sep 2021 4.8% | Dec 2021 0.0% | Mar 2022 -9.8% | Jun 2022 1.2% | Sep 2022 -3.6% | Dec 2022 5.8% | Mar 2023 8.3% | Jun 2023 8.4% | Sep 2023 9.2% | Dec 2023 9.4% | Mar 2024 7.4% | Jun 2024 2.6% | Sep 2024 5.7% | Dec 2024 1.8% | Mar 2025 5.7% | Jun 2025 4.5% | Sep 2025 4.8% | Dec 2025 1.7% | Mar 2026 5.6% | Jun 2026 5.0% - WEST: Sep 2021 2.2% | Dec 2021 1.3% | Mar 2022 0.4% | Jun 2022 0.6% | Sep 2022 2.4% | Dec 2022 0.5% | Mar 2023 -3.6% | Jun 2023 -0.6% | Sep 2023 -2.4% | Dec 2023 -3.0% | Mar 2024 -5.3% | Jun 2024 -7.9% | Sep 2024 -5.8% | Dec 2024 -4.3% | Mar 2025 -6.1% | Jun 2025 -5.3% | Sep 2025 -2.4% | Dec 2025 -2.6% | Mar 2026 1.0% | Jun 2026 — - OFRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -3.6% | Jun 2024 -5.5% | Sep 2024 -11% | Dec 2024 2.8% | Mar 2025 -18% | Jun 2025 0.0% | Sep 2025 -1.6% | Dec 2025 7.1% | Mar 2026 -22% | Jun 2026 — ### 20-quarter Margin change history - KHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −10.4 pp | Sep 2022 −6.8 pp | Dec 2022 +16.9 pp | Mar 2023 — | Jun 2023 +10.9 pp | Sep 2023 +9.0 pp | Dec 2023 +2.4 pp | Mar 2024 — | Jun 2024 −11.1 pp | Sep 2024 −22.1 pp | Dec 2024 −19.6 pp | Mar 2025 −0.4 pp | Jun 2025 −133.6 pp | Sep 2025 +18.0 pp | Dec 2025 +17.7 pp | Mar 2026 −1.0 pp | Jun 2026 — - GIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.4 pp | Dec 2022 −0.6 pp | Mar 2023 −3.8 pp | Jun 2023 −4.5 pp | Sep 2023 −4.0 pp | Dec 2023 +0.5 pp | Mar 2024 +3.7 pp | Jun 2024 +0.2 pp | Sep 2024 −1.8 pp | Dec 2024 +4.8 pp | Mar 2025 +0.5 pp | Jun 2025 −5.4 pp | Sep 2025 +21.0 pp | Dec 2025 −5.6 pp | Mar 2026 −6.6 pp | Jun 2026 −56.5 pp - JBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 −4.7 pp | Dec 2022 −6.8 pp | Mar 2023 −8.9 pp | Jun 2023 −6.6 pp | Sep 2023 −4.2 pp | Dec 2023 −0.9 pp | Mar 2024 +4.7 pp | Jun 2024 +4.2 pp | Sep 2024 +4.9 pp | Dec 2024 +3.0 pp | Mar 2025 +0.5 pp | Jun 2025 −0.6 pp | Sep 2025 −2.4 pp | Dec 2025 −0.7 pp | Mar 2026 −2.3 pp | Jun 2026 — - HRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 +0.8 pp | Mar 2023 −0.8 pp | Jun 2023 −0.9 pp | Sep 2023 −2.3 pp | Dec 2023 −2.8 pp | Mar 2024 −0.2 pp | Jun 2024 −1.2 pp | Sep 2024 +0.9 pp | Dec 2024 +1.0 pp | Mar 2025 −1.9 pp | Jun 2025 −0.1 pp | Sep 2025 −0.3 pp | Dec 2025 −9.3 pp | Mar 2026 +0.4 pp | Jun 2026 −1.3 pp - MKC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.4 pp | Dec 2022 −0.4 pp | Mar 2023 −0.9 pp | Jun 2023 +3.2 pp | Sep 2023 −0.2 pp | Dec 2023 +1.4 pp | Mar 2024 +1.9 pp | Jun 2024 +0.8 pp | Sep 2024 +2.6 pp | Dec 2024 0.0 pp | Mar 2025 −0.6 pp | Jun 2025 +0.6 pp | Sep 2025 −0.4 pp | Dec 2025 −0.2 pp | Mar 2026 −1.9 pp | Jun 2026 −0.5 pp - SJM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.4 pp | Dec 2022 −1.9 pp | Mar 2023 +7.0 pp | Jun 2023 −43.1 pp | Sep 2023 +7.2 pp | Dec 2023 +2.1 pp | Mar 2024 −1.0 pp | Jun 2024 +46.7 pp | Sep 2024 −0.4 pp | Dec 2024 −7.9 pp | Mar 2025 −40.5 pp | Jun 2025 −46.3 pp | Sep 2025 −14.2 pp | Dec 2025 +10.5 pp | Mar 2026 +3.8 pp | Jun 2026 +47.5 pp - SFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 +7.6 pp | Mar 2025 +3.8 pp | Jun 2025 −2.9 pp | Sep 2025 −0.2 pp | Dec 2025 +1.0 pp | Mar 2026 +0.3 pp | Jun 2026 — - DAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.5 pp | Dec 2022 −1.9 pp | Mar 2023 — | Jun 2023 −2.7 pp | Sep 2023 +3.4 pp | Dec 2023 −5.6 pp | Mar 2024 — | Jun 2024 −4.1 pp | Sep 2024 −16.1 pp | Dec 2024 −1.2 pp | Mar 2025 −7.6 pp | Jun 2025 −5.1 pp | Sep 2025 +0.4 pp | Dec 2025 — | Mar 2026 +3.6 pp | Jun 2026 +9.5 pp - LW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.0 pp | Sep 2022 +7.8 pp | Dec 2022 +9.9 pp | Mar 2023 +7.2 pp | Jun 2023 −0.8 pp | Sep 2023 +5.5 pp | Dec 2023 −3.7 pp | Mar 2024 −5.8 pp | Jun 2024 +2.2 pp | Sep 2024 −6.6 pp | Dec 2024 −16.4 pp | Mar 2025 +1.0 pp | Jun 2025 −2.1 pp | Sep 2025 −3.4 pp | Dec 2025 +7.4 pp | Mar 2026 −8.3 pp | Jun 2026 — - CAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.1 pp | Sep 2022 −14.4 pp | Dec 2022 +3.2 pp | Mar 2023 +3.6 pp | Jun 2023 −5.5 pp | Sep 2023 +17.5 pp | Dec 2023 −2.6 pp | Mar 2024 −0.4 pp | Jun 2024 −2.9 pp | Sep 2024 −2.4 pp | Dec 2024 −1.4 pp | Mar 2025 −7.1 pp | Jun 2025 +12.5 pp | Sep 2025 −1.2 pp | Dec 2025 −32.7 pp | Mar 2026 +1.6 pp | Jun 2026 — - PPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +14.5 pp | Sep 2022 +4.4 pp | Dec 2022 −3.3 pp | Mar 2023 −8.7 pp | Jun 2023 −8.8 pp | Sep 2023 −2.9 pp | Dec 2023 +6.0 pp | Mar 2024 +4.9 pp | Jun 2024 +7.4 pp | Sep 2024 +6.4 pp | Dec 2024 +2.9 pp | Mar 2025 +3.4 pp | Jun 2025 +1.1 pp | Sep 2025 −0.7 pp | Dec 2025 −2.5 pp | Mar 2026 −5.5 pp | Jun 2026 — - CPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −13.3 pp | Dec 2022 +0.1 pp | Mar 2023 −0.5 pp | Jun 2023 −2.4 pp | Sep 2023 +4.6 pp | Dec 2023 −2.7 pp | Mar 2024 −1.2 pp | Jun 2024 −0.9 pp | Sep 2024 −9.8 pp | Dec 2024 −1.0 pp | Mar 2025 −0.7 pp | Jun 2025 −4.0 pp | Sep 2025 +8.2 pp | Dec 2025 −0.6 pp | Mar 2026 −1.6 pp | Jun 2026 +3.6 pp - INGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.2 pp | Sep 2022 −0.8 pp | Dec 2022 +3.0 pp | Mar 2023 +2.5 pp | Jun 2023 +1.7 pp | Sep 2023 +1.5 pp | Dec 2023 +2.6 pp | Mar 2024 −2.3 pp | Jun 2024 +0.7 pp | Sep 2024 +3.8 pp | Dec 2024 −1.5 pp | Mar 2025 +3.9 pp | Jun 2025 +2.0 pp | Sep 2025 −0.6 pp | Dec 2025 +3.5 pp | Mar 2026 −3.9 pp | Jun 2026 — - POST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.5 pp | Sep 2022 +2.2 pp | Dec 2022 +3.8 pp | Mar 2023 +1.4 pp | Jun 2023 +1.6 pp | Sep 2023 −0.5 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.9 pp | Sep 2024 +1.6 pp | Dec 2024 +0.2 pp | Mar 2025 −0.2 pp | Jun 2025 +1.4 pp | Sep 2025 −2.0 pp | Dec 2025 +0.2 pp | Mar 2026 +1.1 pp | Jun 2026 — - MZTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.1 pp | Sep 2022 +1.3 pp | Dec 2022 +0.2 pp | Mar 2023 +8.2 pp | Jun 2023 −5.0 pp | Sep 2023 +0.7 pp | Dec 2023 +2.7 pp | Mar 2024 +1.2 pp | Jun 2024 +6.7 pp | Sep 2024 −0.3 pp | Dec 2024 +1.4 pp | Mar 2025 +3.4 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 −0.4 pp | Mar 2026 −0.6 pp | Jun 2026 — - FRPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.4 pp | Sep 2022 −9.7 pp | Dec 2022 +5.4 pp | Mar 2023 −0.8 pp | Jun 2023 +3.3 pp | Sep 2023 +7.0 pp | Dec 2023 +8.1 pp | Mar 2024 +16.6 pp | Jun 2024 +8.4 pp | Sep 2024 +8.2 pp | Dec 2024 +0.5 pp | Mar 2025 −8.2 pp | Jun 2025 +7.4 pp | Sep 2025 +3.9 pp | Dec 2025 +8.2 pp | Mar 2026 +5.9 pp | Jun 2026 — - CENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.3 pp | Sep 2022 +0.5 pp | Dec 2022 −3.9 pp | Mar 2023 −2.6 pp | Jun 2023 +2.2 pp | Sep 2023 −1.7 pp | Dec 2023 +1.2 pp | Mar 2024 +2.4 pp | Jun 2024 −0.6 pp | Sep 2024 −1.8 pp | Dec 2024 +3.0 pp | Mar 2025 +0.8 pp | Jun 2025 +1.7 pp | Sep 2025 +1.8 pp | Dec 2025 −0.4 pp | Mar 2026 +0.8 pp | Jun 2026 — - UTZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +3.2 pp | Mar 2023 +4.1 pp | Jun 2023 +6.0 pp | Sep 2023 −0.8 pp | Dec 2023 −2.7 pp | Mar 2024 +0.7 pp | Jun 2024 +6.9 pp | Sep 2024 +4.6 pp | Dec 2024 +0.7 pp | Mar 2025 −1.2 pp | Jun 2025 −4.6 pp | Sep 2025 −4.4 pp | Dec 2025 −0.9 pp | Mar 2026 +0.6 pp | Jun 2026 — - NOMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.5 pp | Sep 2022 +0.9 pp | Dec 2022 +0.5 pp | Mar 2023 −1.7 pp | Jun 2023 −3.5 pp | Sep 2023 −1.4 pp | Dec 2023 +0.1 pp | Mar 2024 −1.1 pp | Jun 2024 +0.6 pp | Sep 2024 +3.0 pp | Dec 2024 +2.7 pp | Mar 2025 +0.5 pp | Jun 2025 −1.7 pp | Sep 2025 −3.5 pp | Dec 2025 −2.4 pp | Mar 2026 −1.8 pp | Jun 2026 — - FLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 −0.3 pp | Mar 2023 — | Jun 2023 −1.7 pp | Sep 2023 +0.8 pp | Dec 2023 −9.7 pp | Mar 2024 — | Jun 2024 +0.3 pp | Sep 2024 +0.6 pp | Dec 2024 +12.5 pp | Mar 2025 — | Jun 2025 −0.9 pp | Sep 2025 −0.3 pp | Dec 2025 −2.2 pp | Mar 2026 — | Jun 2026 −0.4 pp - BRBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.2 pp | Sep 2022 +0.5 pp | Dec 2022 +4.2 pp | Mar 2023 +4.5 pp | Jun 2023 −1.2 pp | Sep 2023 +0.4 pp | Dec 2023 −3.7 pp | Mar 2024 +3.4 pp | Jun 2024 +4.7 pp | Sep 2024 +3.7 pp | Dec 2024 +4.6 pp | Mar 2025 −2.2 pp | Jun 2025 −13.5 pp | Sep 2025 −4.4 pp | Dec 2025 −7.0 pp | Mar 2026 −5.2 pp | Jun 2026 — - JJSF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.2 pp | Sep 2022 −2.4 pp | Dec 2022 −2.0 pp | Mar 2023 +1.5 pp | Jun 2023 +5.7 pp | Sep 2023 +4.0 pp | Dec 2023 +0.1 pp | Mar 2024 +2.0 pp | Jun 2024 +0.1 pp | Sep 2024 −0.1 pp | Dec 2024 −1.1 pp | Mar 2025 −3.3 pp | Jun 2025 +1.9 pp | Sep 2025 −6.5 pp | Dec 2025 −1.5 pp | Mar 2026 −1.2 pp | Jun 2026 — - HLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.1 pp | Sep 2022 −1.8 pp | Dec 2022 — | Mar 2023 — | Jun 2023 −1.8 pp | Sep 2023 — | Dec 2023 — | Mar 2024 +0.1 pp | Jun 2024 −3.1 pp | Sep 2024 — | Dec 2024 +4.2 pp | Mar 2025 +4.4 pp | Jun 2025 +4.2 pp | Sep 2025 −0.3 pp | Dec 2025 −1.0 pp | Mar 2026 +0.4 pp | Jun 2026 — - SENEA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.0 pp | Dec 2022 −0.9 pp | Mar 2023 −6.9 pp | Jun 2023 — | Sep 2023 +9.4 pp | Dec 2023 +1.9 pp | Mar 2024 +2.4 pp | Jun 2024 — | Sep 2024 −6.1 pp | Dec 2024 −1.8 pp | Mar 2025 −0.2 pp | Jun 2025 −0.5 pp | Sep 2025 +3.2 pp | Dec 2025 +6.7 pp | Mar 2026 +5.4 pp | Jun 2026 — - JBSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.1 pp | Sep 2022 −3.2 pp | Dec 2022 +1.7 pp | Mar 2023 +1.1 pp | Jun 2023 −0.3 pp | Sep 2023 +1.6 pp | Dec 2023 +0.6 pp | Mar 2024 −2.4 pp | Jun 2024 −3.8 pp | Sep 2024 −4.3 pp | Dec 2024 −3.1 pp | Mar 2025 +4.1 pp | Jun 2025 +2.1 pp | Sep 2025 +2.8 pp | Dec 2025 +1.9 pp | Mar 2026 −2.4 pp | Jun 2026 — - SMPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −3.2 pp | Mar 2023 −1.2 pp | Jun 2023 −0.8 pp | Sep 2023 +1.5 pp | Dec 2023 −0.6 pp | Mar 2024 +1.1 pp | Jun 2024 +0.9 pp | Sep 2024 −4.7 pp | Dec 2024 −0.8 pp | Mar 2025 −0.2 pp | Jun 2025 −2.0 pp | Sep 2025 −15.9 pp | Dec 2025 −5.0 pp | Mar 2026 −80.6 pp | Jun 2026 −29.6 pp - MAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.4 pp | Dec 2022 +5.8 pp | Mar 2023 +18.1 pp | Jun 2023 +7.2 pp | Sep 2023 +12.8 pp | Dec 2023 +3.6 pp | Mar 2024 −0.9 pp | Jun 2024 −5.8 pp | Sep 2024 −3.5 pp | Dec 2024 −7.6 pp | Mar 2025 −1.7 pp | Jun 2025 +1.9 pp | Sep 2025 −0.9 pp | Dec 2025 −0.1 pp | Mar 2026 −0.1 pp | Jun 2026 +0.5 pp - WEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.4 pp | Sep 2022 +0.2 pp | Dec 2022 −0.8 pp | Mar 2023 −4.0 pp | Jun 2023 −1.2 pp | Sep 2023 −4.8 pp | Dec 2023 −3.5 pp | Mar 2024 −1.7 pp | Jun 2024 −7.3 pp | Sep 2024 −3.4 pp | Dec 2024 −1.3 pp | Mar 2025 −0.8 pp | Jun 2025 +2.6 pp | Sep 2025 +3.4 pp | Dec 2025 +1.7 pp | Mar 2026 +7.1 pp | Jun 2026 — - OFRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −14.6 pp | Jun 2025 +5.5 pp | Sep 2025 +9.5 pp | Dec 2025 +4.3 pp | Mar 2026 −4.0 pp | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: JBS N.V. leads with $1,915 million of TTM profit, 87.4% above Smithfield Foods, Inc.. Seneca Foods Corporation shows ≥100% on the scoring scale (173.8% uncapped) growth from a $115 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: JBS N.V. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: JBS N.V. · $1,915 million | 87.4% versus #2 · Smithfield Foods, Inc. | 4/8 recent comparable periods | 26/30 companies · 537 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. JBS N.V. (JBS): ₹1.9K Cr 2. Smithfield Foods, Inc. (SFD): ₹1.0K Cr 3. Pilgrim's Pride Corporation (PPC): ₹888 Cr 4. McCormick & Company, Incorporated (MKC): ₹710 Cr 5. Ingredion Incorporated (INGR): ₹681 Cr ### Profit growth — fastest growers 1. Seneca Foods Corporation (SENEA): 100% 2. Mama's Creations, Inc. (MAMA): 50% 3. Central Garden & Pet Company (CENT): 38% 4. The Campbell's Company (CPB): 34% 5. John B. Sanfilippo & Son, Inc. (JBSS): 21% ### 20-quarter Net profit history - KHC: Sep 2021 ₹736 Cr | Dec 2021 ₹-255 Cr | Mar 2022 ₹781 Cr | Jun 2022 ₹265 Cr | Sep 2022 ₹435 Cr | Dec 2022 ₹887 Cr | Mar 2023 — | Jun 2023 ₹837 Cr | Sep 2023 ₹998 Cr | Dec 2023 ₹757 Cr | Mar 2024 ₹804 Cr | Jun 2024 ₹100 Cr | Sep 2024 ₹-290 Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹714 Cr | Jun 2025 ₹-7.8K Cr | Sep 2025 ₹613 Cr | Dec 2025 ₹648 Cr | Mar 2026 ₹799 Cr | Jun 2026 — - GIS: Sep 2021 ₹638 Cr | Dec 2021 ₹608 Cr | Mar 2022 ₹663 Cr | Jun 2022 ₹826 Cr | Sep 2022 ₹823 Cr | Dec 2022 ₹608 Cr | Mar 2023 ₹558 Cr | Jun 2023 ₹620 Cr | Sep 2023 ₹680 Cr | Dec 2023 ₹602 Cr | Mar 2024 ₹676 Cr | Jun 2024 ₹560 Cr | Sep 2024 ₹584 Cr | Dec 2024 ₹802 Cr | Mar 2025 ₹631 Cr | Jun 2025 ₹302 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹414 Cr | Mar 2026 ₹306 Cr | Jun 2026 ₹-2.0K Cr - JBS: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹871 Cr | Sep 2022 ₹812 Cr | Dec 2022 ₹444 Cr | Mar 2023 ₹-275 Cr | Jun 2023 ₹-40 Cr | Sep 2023 ₹142 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹365 Cr | Jun 2024 ₹388 Cr | Sep 2024 ₹757 Cr | Dec 2024 ₹458 Cr | Mar 2025 ₹556 Cr | Jun 2025 ₹594 Cr | Sep 2025 ₹644 Cr | Dec 2025 ₹435 Cr | Mar 2026 ₹242 Cr | Jun 2026 — - HRL: Sep 2021 ₹177 Cr | Dec 2021 ₹282 Cr | Mar 2022 ₹240 Cr | Jun 2022 ₹262 Cr | Sep 2022 ₹219 Cr | Dec 2022 ₹280 Cr | Mar 2023 ₹218 Cr | Jun 2023 ₹217 Cr | Sep 2023 ₹163 Cr | Dec 2023 ₹195 Cr | Mar 2024 ₹219 Cr | Jun 2024 ₹189 Cr | Sep 2024 ₹177 Cr | Dec 2024 ₹220 Cr | Mar 2025 ₹171 Cr | Jun 2025 ₹180 Cr | Sep 2025 ₹184 Cr | Dec 2025 ₹-56 Cr | Mar 2026 ₹182 Cr | Jun 2026 ₹157 Cr - MKC: Sep 2021 ₹203 Cr | Dec 2021 ₹191 Cr | Mar 2022 ₹146 Cr | Jun 2022 ₹108 Cr | Sep 2022 ₹215 Cr | Dec 2022 ₹175 Cr | Mar 2023 ₹125 Cr | Jun 2023 ₹142 Cr | Sep 2023 ₹157 Cr | Dec 2023 ₹201 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹167 Cr | Sep 2024 ₹205 Cr | Dec 2024 ₹197 Cr | Mar 2025 ₹145 Cr | Jun 2025 ₹155 Cr | Sep 2025 ₹209 Cr | Dec 2025 ₹208 Cr | Mar 2026 ₹136 Cr | Jun 2026 ₹157 Cr - SJM: Sep 2021 ₹154 Cr | Dec 2021 ₹206 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹202 Cr | Sep 2022 ₹110 Cr | Dec 2022 ₹191 Cr | Mar 2023 ₹209 Cr | Jun 2023 ₹-601 Cr | Sep 2023 ₹184 Cr | Dec 2023 ₹195 Cr | Mar 2024 ₹120 Cr | Jun 2024 ₹245 Cr | Sep 2024 ₹185 Cr | Dec 2024 ₹-25 Cr | Mar 2025 ₹-662 Cr | Jun 2025 ₹-729 Cr | Sep 2025 ₹-44 Cr | Dec 2025 ₹241 Cr | Mar 2026 ₹-724 Cr | Jun 2026 ₹388 Cr - MICC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹462 Cr | Sep 2024 — | Dec 2024 ₹133 Cr | Mar 2025 — | Jun 2025 ₹464 Cr | Sep 2025 — | Dec 2025 ₹-157 Cr | Mar 2026 — | Jun 2026 — - SFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹10 Cr | Mar 2024 ₹112 Cr | Jun 2024 ₹259 Cr | Sep 2024 ₹209 Cr | Dec 2024 ₹217 Cr | Mar 2025 ₹227 Cr | Jun 2025 ₹188 Cr | Sep 2025 ₹252 Cr | Dec 2025 ₹331 Cr | Mar 2026 ₹251 Cr | Jun 2026 — - DAR: Sep 2021 ₹198 Cr | Dec 2021 ₹148 Cr | Mar 2022 ₹158 Cr | Jun 2022 ₹191 Cr | Sep 2022 ₹205 Cr | Dec 2022 ₹192 Cr | Mar 2023 — | Jun 2023 ₹190 Cr | Sep 2023 ₹255 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹-24 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹21 Cr | Dec 2025 — | Mar 2026 ₹59 Cr | Jun 2026 ₹137 Cr - LW: Sep 2021 ₹24 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹89 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹210 Cr | Mar 2023 ₹198 Cr | Jun 2023 ₹82 Cr | Sep 2023 ₹223 Cr | Dec 2023 ₹210 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹122 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹-38 Cr | Mar 2025 ₹144 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹51 Cr | Jun 2026 — - CAG: Sep 2021 ₹236 Cr | Dec 2021 ₹276 Cr | Mar 2022 ₹219 Cr | Jun 2022 ₹158 Cr | Sep 2022 ₹-78 Cr | Dec 2022 ₹382 Cr | Mar 2023 ₹342 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹320 Cr | Dec 2023 ₹286 Cr | Mar 2024 ₹309 Cr | Jun 2024 ₹-567 Cr | Sep 2024 ₹467 Cr | Dec 2024 ₹285 Cr | Mar 2025 ₹145 Cr | Jun 2025 ₹256 Cr | Sep 2025 ₹165 Cr | Dec 2025 ₹-664 Cr | Mar 2026 ₹200 Cr | Jun 2026 — - PPC: Sep 2021 ₹61 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹281 Cr | Jun 2022 ₹362 Cr | Sep 2022 ₹259 Cr | Dec 2022 ₹-155 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹122 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹175 Cr | Jun 2024 ₹327 Cr | Sep 2024 ₹350 Cr | Dec 2024 ₹236 Cr | Mar 2025 ₹296 Cr | Jun 2025 ₹356 Cr | Sep 2025 ₹343 Cr | Dec 2025 ₹88 Cr | Mar 2026 ₹101 Cr | Jun 2026 — - CPB: Sep 2021 ₹288 Cr | Dec 2021 ₹261 Cr | Mar 2022 ₹212 Cr | Jun 2022 ₹188 Cr | Sep 2022 ₹96 Cr | Dec 2022 ₹297 Cr | Mar 2023 ₹232 Cr | Jun 2023 ₹160 Cr | Sep 2023 ₹169 Cr | Dec 2023 ₹234 Cr | Mar 2024 ₹203 Cr | Jun 2024 ₹133 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹218 Cr | Mar 2025 ₹173 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹145 Cr | Dec 2025 ₹194 Cr | Mar 2026 ₹145 Cr | Jun 2026 ₹124 Cr - INGR: Sep 2021 ₹119 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹133 Cr | Jun 2022 ₹145 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹115 Cr | Mar 2023 ₹194 Cr | Jun 2023 ₹164 Cr | Sep 2023 ₹160 Cr | Dec 2023 ₹133 Cr | Mar 2024 ₹218 Cr | Jun 2024 ₹150 Cr | Sep 2024 ₹189 Cr | Dec 2024 ₹97 Cr | Mar 2025 ₹199 Cr | Jun 2025 ₹198 Cr | Sep 2025 ₹172 Cr | Dec 2025 ₹167 Cr | Mar 2026 ₹144 Cr | Jun 2026 — - POST: Sep 2021 ₹16 Cr | Dec 2021 ₹-44 Cr | Mar 2022 ₹528 Cr | Jun 2022 ₹173 Cr | Sep 2022 ₹86 Cr | Dec 2022 ₹94 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹88 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹100 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹113 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹109 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹82 Cr | Jun 2026 — - MZTI: Sep 2021 ₹31 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹37 Cr | Jun 2026 — - FRPT: Sep 2021 ₹-2 Cr | Dec 2021 ₹-9 Cr | Mar 2022 ₹-18 Cr | Jun 2022 ₹-21 Cr | Sep 2022 ₹-18 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹-25 Cr | Jun 2023 ₹-17 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹-13 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹49 Cr | Jun 2026 — - CENT: Sep 2021 ₹-3 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-8 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹62 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹-34 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹95 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹79 Cr | Jun 2026 — - UTZ: Sep 2021 ₹16 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹-10 Cr | Jun 2022 ₹-32 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹-14 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹-20 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-2 Cr | Jun 2026 — - NOMD: Sep 2021 ₹52 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹82 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹51 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹-11 Cr | Mar 2026 ₹29 Cr | Jun 2026 — - FLO: Sep 2021 ₹56 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹86 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹41 Cr | Mar 2023 — | Jun 2023 ₹71 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹-47 Cr | Mar 2024 — | Jun 2024 ₹73 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹65 Cr | Mar 2025 — | Jun 2025 ₹53 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹-67 Cr | Jun 2026 ₹42 Cr - BRBR: Sep 2021 ₹41 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹34 Cr | Jun 2026 — - JJSF: Sep 2021 ₹19 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - HLF: Sep 2021 ₹117 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹98 Cr | Jun 2022 ₹87 Cr | Sep 2022 ₹82 Cr | Dec 2022 ₹54 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹178 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹49 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹61 Cr | Jun 2026 — - SENEA: Sep 2021 ₹14 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹19 Cr | Jun 2022 — | Sep 2022 ₹5 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹-9 Cr | Jun 2023 — | Sep 2023 ₹23 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹25 Cr | Jun 2026 — - JBSS: Sep 2021 ₹19 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹17 Cr | Jun 2026 — - SMPL: Sep 2021 ₹18 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹-12 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹-160 Cr | Jun 2026 ₹-52 Cr - MAMA: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹2 Cr | Jun 2026 ₹2 Cr - WEST: Sep 2021 ₹-4 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹-6 Cr | Sep 2022 ₹-13 Cr | Dec 2022 ₹-32 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹-27 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹-20 Cr | Mar 2024 ₹-24 Cr | Jun 2024 ₹-18 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹-25 Cr | Mar 2025 ₹-27 Cr | Jun 2025 ₹-22 Cr | Sep 2025 ₹-19 Cr | Dec 2025 ₹-23 Cr | Mar 2026 ₹-9 Cr | Jun 2026 — - OFRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-1 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹-7 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹-19 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-11 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹-16 Cr | Jun 2026 — ### 20-quarter Profit growth history - KHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -41% | Dec 2022 — | Mar 2023 — | Jun 2023 216% | Sep 2023 129% | Dec 2023 -15% | Mar 2024 — | Jun 2024 -88% | Sep 2024 -129% | Dec 2024 182% | Mar 2025 -11% | Jun 2025 -7,923% | Sep 2025 — | Dec 2025 -70% | Mar 2026 12% | Jun 2026 — - GIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 29% | Dec 2022 0.0% | Mar 2023 -16% | Jun 2023 -25% | Sep 2023 -17% | Dec 2023 -1.0% | Mar 2024 21% | Jun 2024 -9.7% | Sep 2024 -14% | Dec 2024 33% | Mar 2025 -6.7% | Jun 2025 -46% | Sep 2025 106% | Dec 2025 -48% | Mar 2026 -52% | Jun 2026 -765% - JBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.8% | Sep 2022 -42% | Dec 2022 -62% | Mar 2023 -124% | Jun 2023 -105% | Sep 2023 -83% | Dec 2023 -96% | Mar 2024 — | Jun 2024 — | Sep 2024 433% | Dec 2024 2,594% | Mar 2025 52% | Jun 2025 53% | Sep 2025 -15% | Dec 2025 -5.0% | Mar 2026 -56% | Jun 2026 — - HRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 24% | Dec 2022 -0.7% | Mar 2023 -9.2% | Jun 2023 -17% | Sep 2023 -26% | Dec 2023 -30% | Mar 2024 0.5% | Jun 2024 -13% | Sep 2024 8.6% | Dec 2024 13% | Mar 2025 -22% | Jun 2025 -4.8% | Sep 2025 4.0% | Dec 2025 -125% | Mar 2026 6.4% | Jun 2026 -13% - MKC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.9% | Dec 2022 -8.4% | Mar 2023 -14% | Jun 2023 31% | Sep 2023 -27% | Dec 2023 15% | Mar 2024 16% | Jun 2024 18% | Sep 2024 31% | Dec 2024 -2.0% | Mar 2025 0.0% | Jun 2025 -7.2% | Sep 2025 2.0% | Dec 2025 5.6% | Mar 2026 -6.2% | Jun 2026 1.3% - SJM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -29% | Dec 2022 -7.3% | Mar 2023 199% | Jun 2023 -398% | Sep 2023 67% | Dec 2023 2.1% | Mar 2024 -43% | Jun 2024 — | Sep 2024 0.5% | Dec 2024 -113% | Mar 2025 -652% | Jun 2025 -398% | Sep 2025 -124% | Dec 2025 — | Mar 2026 — | Jun 2026 — - MICC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.4% | Sep 2025 — | Dec 2025 -218% | Mar 2026 — | Jun 2026 — - SFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2,070% | Mar 2025 103% | Jun 2025 -27% | Sep 2025 21% | Dec 2025 53% | Mar 2026 11% | Jun 2026 — - DAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.5% | Dec 2022 30% | Mar 2023 — | Jun 2023 -0.5% | Sep 2023 24% | Dec 2023 -55% | Mar 2024 — | Jun 2024 -57% | Sep 2024 -93% | Dec 2024 20% | Mar 2025 -129% | Jun 2025 -83% | Sep 2025 11% | Dec 2025 — | Mar 2026 — | Jun 2026 879% - LW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 59% | Sep 2022 138% | Dec 2022 855% | Mar 2023 157% | Jun 2023 -7.9% | Sep 2023 291% | Dec 2023 0.0% | Mar 2024 -27% | Jun 2024 49% | Sep 2024 -48% | Dec 2024 -118% | Mar 2025 -0.7% | Jun 2025 -1.6% | Sep 2025 -44% | Dec 2025 — | Mar 2026 -65% | Jun 2026 — - CAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -49% | Sep 2022 -133% | Dec 2022 38% | Mar 2023 56% | Jun 2023 -77% | Sep 2023 — | Dec 2023 -25% | Mar 2024 -9.7% | Jun 2024 -1,675% | Sep 2024 46% | Dec 2024 -0.4% | Mar 2025 -53% | Jun 2025 — | Sep 2025 -65% | Dec 2025 -333% | Mar 2026 38% | Jun 2026 — - PPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 325% | Dec 2022 -531% | Mar 2023 -98% | Jun 2023 -83% | Sep 2023 -53% | Dec 2023 — | Mar 2024 2,817% | Jun 2024 436% | Sep 2024 187% | Dec 2024 76% | Mar 2025 69% | Jun 2025 8.9% | Sep 2025 -2.0% | Dec 2025 -63% | Mar 2026 -66% | Jun 2026 — - CPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -67% | Dec 2022 14% | Mar 2023 9.4% | Jun 2023 -15% | Sep 2023 76% | Dec 2023 -21% | Mar 2024 -13% | Jun 2024 -17% | Sep 2024 -102% | Dec 2024 -6.8% | Mar 2025 -15% | Jun 2025 -50% | Sep 2025 — | Dec 2025 -11% | Mar 2026 -16% | Jun 2026 88% - INGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -20% | Sep 2022 -8.4% | Dec 2022 69% | Mar 2023 46% | Jun 2023 13% | Sep 2023 47% | Dec 2023 16% | Mar 2024 12% | Jun 2024 -8.5% | Sep 2024 18% | Dec 2024 -27% | Mar 2025 -8.7% | Jun 2025 32% | Sep 2025 -9.0% | Dec 2025 72% | Mar 2026 -28% | Jun 2026 — - POST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 438% | Dec 2022 — | Mar 2023 -89% | Jun 2023 -43% | Sep 2023 -23% | Dec 2023 -6.4% | Mar 2024 73% | Jun 2024 2.0% | Sep 2024 24% | Dec 2024 28% | Mar 2025 -36% | Jun 2025 9.0% | Sep 2025 -38% | Dec 2025 -14% | Mar 2026 32% | Jun 2026 — - MZTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.4% | Sep 2022 23% | Dec 2022 18% | Mar 2023 — | Jun 2023 -69% | Sep 2023 16% | Dec 2023 28% | Mar 2024 12% | Jun 2024 289% | Sep 2024 2.3% | Dec 2024 -3.9% | Mar 2025 46% | Jun 2025 -5.7% | Sep 2025 4.4% | Dec 2025 20% | Mar 2026 -9.8% | Jun 2026 — - FRPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 20% | Mar 2025 -168% | Jun 2025 — | Sep 2025 750% | Dec 2025 89% | Mar 2026 — | Jun 2026 — - CENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.3% | Sep 2022 — | Dec 2022 -189% | Mar 2023 -31% | Jun 2023 11% | Sep 2023 — | Dec 2023 — | Mar 2024 29% | Jun 2024 -3.6% | Sep 2024 -1,233% | Dec 2024 — | Mar 2025 3.2% | Jun 2025 19% | Sep 2025 — | Dec 2025 -50% | Mar 2026 23% | Jun 2026 — - UTZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -81% | Dec 2022 -97% | Mar 2023 — | Jun 2023 — | Sep 2023 -400% | Dec 2023 1,500% | Mar 2024 -86% | Jun 2024 — | Sep 2024 — | Dec 2024 -88% | Mar 2025 200% | Jun 2025 -60% | Sep 2025 -2,100% | Dec 2025 -250% | Mar 2026 -133% | Jun 2026 — - NOMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 47% | Sep 2022 58% | Dec 2022 28% | Mar 2023 -27% | Jun 2023 -35% | Sep 2023 -4.9% | Dec 2023 -32% | Mar 2024 -15% | Jun 2024 45% | Sep 2024 -10% | Dec 2024 104% | Mar 2025 -5.7% | Jun 2025 -20% | Sep 2025 -17% | Dec 2025 -122% | Mar 2026 -12% | Jun 2026 — - FLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -3.6% | Dec 2022 5.1% | Mar 2023 — | Jun 2023 -17% | Sep 2023 19% | Dec 2023 -215% | Mar 2024 — | Jun 2024 2.8% | Sep 2024 4.7% | Dec 2024 — | Mar 2025 — | Jun 2025 -27% | Sep 2025 -13% | Dec 2025 -38% | Mar 2026 — | Jun 2026 -21% - BRBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 -17% | Dec 2022 13% | Mar 2023 675% | Jun 2023 13% | Sep 2023 35% | Dec 2023 0.0% | Mar 2024 84% | Jun 2024 68% | Sep 2024 57% | Dec 2024 75% | Mar 2025 3.5% | Jun 2025 -72% | Sep 2025 -17% | Dec 2025 -43% | Mar 2026 -42% | Jun 2026 — - JJSF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -45% | Sep 2022 -11% | Dec 2022 -36% | Mar 2023 133% | Jun 2023 119% | Sep 2023 76% | Dec 2023 0.0% | Mar 2024 86% | Jun 2024 2.9% | Sep 2024 0.0% | Dec 2024 -29% | Mar 2025 -62% | Jun 2025 22% | Sep 2025 -63% | Dec 2025 -80% | Mar 2026 -60% | Jun 2026 — - HLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -40% | Sep 2022 -30% | Dec 2022 42% | Mar 2023 -70% | Jun 2023 -31% | Sep 2023 -48% | Dec 2023 -81% | Mar 2024 -17% | Jun 2024 -92% | Sep 2024 9.3% | Dec 2024 1,680% | Mar 2025 108% | Jun 2025 880% | Sep 2025 -8.5% | Dec 2025 -52% | Mar 2026 22% | Jun 2026 — - SENEA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -64% | Dec 2022 33% | Mar 2023 -147% | Jun 2023 — | Sep 2023 360% | Dec 2023 13% | Mar 2024 — | Jun 2024 — | Sep 2024 -43% | Dec 2024 -17% | Mar 2025 — | Jun 2025 15% | Sep 2025 131% | Dec 2025 200% | Mar 2026 2,400% | Jun 2026 — - JBSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 -16% | Dec 2022 31% | Mar 2023 33% | Jun 2023 -12% | Sep 2023 13% | Dec 2023 12% | Mar 2024 -19% | Jun 2024 -33% | Sep 2024 -33% | Dec 2024 -26% | Mar 2025 54% | Jun 2025 40% | Sep 2025 58% | Dec 2025 29% | Mar 2026 -15% | Jun 2026 — - SMPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 67% | Dec 2022 71% | Mar 2023 44% | Jun 2023 -10% | Sep 2023 23% | Dec 2023 0.0% | Mar 2024 27% | Jun 2024 17% | Sep 2024 -22% | Dec 2024 5.6% | Mar 2025 12% | Jun 2025 0.0% | Sep 2025 -141% | Dec 2025 -34% | Mar 2026 -532% | Jun 2026 -227% - MAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 100% | Mar 2024 -50% | Jun 2024 0.0% | Sep 2024 -50% | Dec 2024 -100% | Mar 2025 100% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 — | Mar 2026 0.0% | Jun 2026 100% - WEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -182% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Capacity Spending & Returns On It What the numbers say: JBS N.V. reports $566 million of CAPEX; Freshpet, Inc. has the highest covered intensity at 9.4%. Coverage is only 30 of 30 companies and 532 reported observations, so this is partial evidence—not a complete sector rank. Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation. This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns. Evidence: JBS N.V. · $566 million | 135.8% versus #2 · The Kraft Heinz Company | 8/8 recent comparable periods | 30/30 companies · 532 observations Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns. ### CAPEX — largest spenders 1. JBS N.V. (JBS): ₹566 Cr 2. The Kraft Heinz Company (KHC): ₹240 Cr 3. Pilgrim's Pride Corporation (PPC): ₹235 Cr 4. The Magnum Ice Cream Company N.V. (MICC): ₹207 Cr — older report 5. General Mills, Inc. (GIS): ₹184 Cr ### CAPEX intensity — highest reinvestment intensity 1. Freshpet, Inc. (FRPT): 9.4% 2. John B. Sanfilippo & Son, Inc. (JBSS): 7.8% 3. Lamb Weston Holdings, Inc. (LW): 6.5% 4. Darling Ingredients Inc. (DAR): 6.1% 5. Ingredion Incorporated (INGR): 6.1% ### 20-quarter CAPEX history - KHC: Sep 2021 ₹224 Cr | Dec 2021 ₹250 Cr | Mar 2022 ₹214 Cr | Jun 2022 ₹221 Cr | Sep 2022 ₹197 Cr | Dec 2022 ₹284 Cr | Mar 2023 — | Jun 2023 ₹266 Cr | Sep 2023 ₹242 Cr | Dec 2023 ₹234 Cr | Mar 2024 ₹294 Cr | Jun 2024 ₹249 Cr | Sep 2024 ₹234 Cr | Dec 2024 ₹247 Cr | Mar 2025 ₹238 Cr | Jun 2025 ₹187 Cr | Sep 2025 ₹171 Cr | Dec 2025 ₹205 Cr | Mar 2026 ₹240 Cr | Jun 2026 — - GIS: Sep 2021 ₹104 Cr | Dec 2021 ₹120 Cr | Mar 2022 ₹126 Cr | Jun 2022 ₹218 Cr | Sep 2022 ₹91 Cr | Dec 2022 ₹136 Cr | Mar 2023 ₹125 Cr | Jun 2023 ₹338 Cr | Sep 2023 ₹142 Cr | Dec 2023 ₹152 Cr | Mar 2024 ₹192 Cr | Jun 2024 ₹289 Cr | Sep 2024 ₹140 Cr | Dec 2024 ₹161 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹220 Cr | Sep 2025 ₹110 Cr | Dec 2025 ₹144 Cr | Mar 2026 ₹102 Cr | Jun 2026 ₹184 Cr - JBS: Sep 2021 ₹410 Cr | Dec 2021 ₹601 Cr | Mar 2022 ₹462 Cr | Jun 2022 ₹455 Cr | Sep 2022 ₹566 Cr | Dec 2022 ₹655 Cr | Mar 2023 ₹331 Cr | Jun 2023 ₹394 Cr | Sep 2023 ₹366 Cr | Dec 2023 ₹411 Cr | Mar 2024 ₹284 Cr | Jun 2024 ₹346 Cr | Sep 2024 ₹321 Cr | Dec 2024 ₹530 Cr | Mar 2025 ₹265 Cr | Jun 2025 ₹449 Cr | Sep 2025 ₹547 Cr | Dec 2025 ₹838 Cr | Mar 2026 ₹566 Cr | Jun 2026 — - HRL: Sep 2021 ₹54 Cr | Dec 2021 ₹93 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹78 Cr | Sep 2022 ₹61 Cr | Dec 2022 ₹90 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹102 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹91 Cr | Mar 2026 ₹69 Cr | Jun 2026 ₹82 Cr - MKC: Sep 2021 ₹77 Cr | Dec 2021 ₹88 Cr | Mar 2022 ₹44 Cr | Jun 2022 ₹58 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹69 Cr | Dec 2023 ₹77 Cr | Mar 2024 ₹62 Cr | Jun 2024 ₹68 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹33 Cr | Jun 2026 ₹43 Cr - SJM: Sep 2021 ₹68 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹117 Cr | Jun 2022 ₹173 Cr | Sep 2022 ₹88 Cr | Dec 2022 ₹102 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹150 Cr | Dec 2023 ₹149 Cr | Mar 2024 ₹157 Cr | Jun 2024 ₹131 Cr | Sep 2024 ₹124 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹95 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹72 Cr | Jun 2026 ₹95 Cr - MICC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹128 Cr | Sep 2024 — | Dec 2024 ₹193 Cr | Mar 2025 — | Jun 2025 ₹150 Cr | Sep 2025 — | Dec 2025 ₹207 Cr | Mar 2026 — | Jun 2026 — - SFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹92 Cr | Jun 2024 ₹81 Cr | Sep 2024 — | Dec 2024 ₹82 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹79 Cr | Sep 2025 — | Dec 2025 ₹95 Cr | Mar 2026 — | Jun 2026 — - DAR: Sep 2021 ₹65 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹72 Cr | Sep 2022 ₹80 Cr | Dec 2022 ₹106 Cr | Mar 2023 — | Jun 2023 ₹111 Cr | Sep 2023 ₹123 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹94 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹63 Cr | Jun 2025 — | Sep 2025 ₹90 Cr | Dec 2025 — | Mar 2026 ₹156 Cr | Jun 2026 ₹95 Cr - LW: Sep 2021 ₹79 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹71 Cr | Jun 2022 ₹72 Cr | Sep 2022 ₹101 Cr | Dec 2022 ₹132 Cr | Mar 2023 ₹197 Cr | Jun 2023 ₹225 Cr | Sep 2023 ₹267 Cr | Dec 2023 ₹240 Cr | Mar 2024 ₹256 Cr | Jun 2024 ₹166 Cr | Sep 2024 ₹326 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹102 Cr | Jun 2026 ₹146 Cr - CAG: Sep 2021 ₹155 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹107 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹125 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹79 Cr | Jun 2023 ₹95 Cr | Sep 2023 ₹144 Cr | Dec 2023 ₹70 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹133 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹89 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹96 Cr | Jun 2026 ₹109 Cr - PPC: Sep 2021 ₹97 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹146 Cr | Dec 2022 ₹145 Cr | Mar 2023 ₹132 Cr | Jun 2023 ₹155 Cr | Sep 2023 ₹146 Cr | Dec 2023 ₹111 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹98 Cr | Jun 2025 ₹161 Cr | Sep 2025 ₹182 Cr | Dec 2025 ₹270 Cr | Mar 2026 ₹235 Cr | Jun 2026 — - CPB: Sep 2021 ₹85 Cr | Dec 2021 ₹69 Cr | Mar 2022 ₹60 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹77 Cr | Mar 2023 ₹78 Cr | Jun 2023 ₹102 Cr | Sep 2023 ₹113 Cr | Dec 2023 ₹143 Cr | Mar 2024 ₹120 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹141 Cr | Dec 2024 ₹110 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹130 Cr | Dec 2025 ₹127 Cr | Mar 2026 ₹100 Cr | Jun 2026 ₹70 Cr - INGR: Sep 2021 ₹86 Cr | Dec 2021 ₹97 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹59 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹97 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹78 Cr | Sep 2023 ₹79 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹92 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹110 Cr | Jun 2026 — - POST: Sep 2021 ₹49 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹88 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹101 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹139 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹150 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹91 Cr | Jun 2026 — - MZTI: Sep 2021 ₹30 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹21 Cr | Jun 2026 — - FRPT: Sep 2021 ₹103 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹77 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹28 Cr | Jun 2026 — - CENT: Sep 2021 ₹23 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹51 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹10 Cr | Jun 2026 — - UTZ: Sep 2021 ₹9 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹14 Cr | Jun 2026 — - NOMD: Sep 2021 ₹17 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹21 Cr | Jun 2026 — - FLO: Sep 2021 ₹31 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹31 Cr | Mar 2023 — | Jun 2023 ₹34 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹29 Cr | Mar 2024 — | Jun 2024 ₹33 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹25 Cr | Mar 2025 — | Jun 2025 ₹26 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹24 Cr | Mar 2026 — | Jun 2026 ₹21 Cr - BRBR: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - JJSF: Sep 2021 ₹19 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹16 Cr | Jun 2026 — - HLF: Sep 2021 ₹36 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - SENEA: Sep 2021 ₹13 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹8 Cr | Jun 2022 — | Sep 2022 ₹19 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹14 Cr | Jun 2023 — | Sep 2023 ₹15 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹17 Cr | Jun 2026 — - JBSS: Sep 2021 ₹5 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹22 Cr | Jun 2026 — - SMPL: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹6 Cr | Jun 2026 ₹2 Cr - MAMA: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr - WEST: Sep 2021 — | Dec 2021 ₹13 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹7 Cr | Jun 2026 — - OFRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 — ### 20-quarter CAPEX intensity history - KHC: Sep 2021 3.5% | Dec 2021 3.7% | Mar 2022 3.5% | Jun 2022 3.4% | Sep 2022 3.0% | Dec 2022 3.8% | Mar 2023 — | Jun 2023 4.1% | Sep 2023 3.6% | Dec 2023 3.4% | Mar 2024 4.6% | Jun 2024 3.8% | Sep 2024 3.7% | Dec 2024 3.8% | Mar 2025 4.0% | Jun 2025 2.9% | Sep 2025 2.7% | Dec 2025 3.2% | Mar 2026 4.0% | Jun 2026 — - GIS: Sep 2021 2.3% | Dec 2021 2.4% | Mar 2022 2.8% | Jun 2022 4.5% | Sep 2022 1.9% | Dec 2022 2.6% | Mar 2023 2.4% | Jun 2023 6.7% | Sep 2023 2.9% | Dec 2023 3.0% | Mar 2024 3.8% | Jun 2024 6.1% | Sep 2024 2.9% | Dec 2024 3.1% | Mar 2025 2.1% | Jun 2025 4.8% | Sep 2025 2.4% | Dec 2025 3.0% | Mar 2026 2.3% | Jun 2026 4.0% - JBS: Sep 2021 2.4% | Dec 2021 3.4% | Mar 2022 2.4% | Jun 2022 2.4% | Sep 2022 3.0% | Dec 2022 3.7% | Mar 2023 2.0% | Jun 2023 2.2% | Sep 2023 2.0% | Dec 2023 2.1% | Mar 2024 1.6% | Jun 2024 1.8% | Sep 2024 1.6% | Dec 2024 2.7% | Mar 2025 1.4% | Jun 2025 2.1% | Sep 2025 2.4% | Dec 2025 3.6% | Mar 2026 2.6% | Jun 2026 — - HRL: Sep 2021 1.9% | Dec 2021 2.7% | Mar 2022 1.6% | Jun 2022 2.5% | Sep 2022 2.0% | Dec 2022 2.7% | Mar 2023 1.2% | Jun 2023 1.8% | Sep 2023 2.6% | Dec 2023 3.2% | Mar 2024 1.6% | Jun 2024 2.1% | Sep 2024 2.2% | Dec 2024 2.7% | Mar 2025 2.4% | Jun 2025 2.6% | Sep 2025 2.4% | Dec 2025 2.9% | Mar 2026 2.3% | Jun 2026 2.8% - MKC: Sep 2021 5.0% | Dec 2021 5.1% | Mar 2022 2.9% | Jun 2022 3.8% | Sep 2022 4.1% | Dec 2022 5.6% | Mar 2023 4.0% | Jun 2023 3.4% | Sep 2023 4.1% | Dec 2023 4.4% | Mar 2024 3.9% | Jun 2024 4.1% | Sep 2024 3.5% | Dec 2024 4.8% | Mar 2025 2.3% | Jun 2025 2.9% | Sep 2025 3.1% | Dec 2025 4.5% | Mar 2026 1.8% | Jun 2026 2.2% - SJM: Sep 2021 3.7% | Dec 2021 2.9% | Mar 2022 5.7% | Jun 2022 8.5% | Sep 2022 4.7% | Dec 2022 4.6% | Mar 2023 6.4% | Jun 2023 6.5% | Sep 2023 8.3% | Dec 2023 7.7% | Mar 2024 7.0% | Jun 2024 5.9% | Sep 2024 5.8% | Dec 2024 3.8% | Mar 2025 4.0% | Jun 2025 4.4% | Sep 2025 4.0% | Dec 2025 2.8% | Mar 2026 3.1% | Jun 2026 4.2% - MICC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.9% | Sep 2024 — | Dec 2024 5.4% | Mar 2025 — | Jun 2025 3.3% | Sep 2025 — | Dec 2025 6.1% | Mar 2026 — | Jun 2026 — - SFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.7% | Jun 2024 2.4% | Sep 2024 — | Dec 2024 2.1% | Mar 2025 2.1% | Jun 2025 2.1% | Sep 2025 — | Dec 2025 2.2% | Mar 2026 — | Jun 2026 — - DAR: Sep 2021 5.4% | Dec 2021 5.6% | Mar 2022 6.3% | Jun 2022 5.3% | Sep 2022 4.8% | Dec 2022 6.1% | Mar 2023 — | Jun 2023 6.2% | Sep 2023 7.0% | Dec 2023 11% | Mar 2024 6.6% | Jun 2024 6.7% | Sep 2024 4.7% | Dec 2024 5.1% | Mar 2025 4.6% | Jun 2025 — | Sep 2025 5.8% | Dec 2025 — | Mar 2026 9.1% | Jun 2026 6.1% - LW: Sep 2021 8.0% | Dec 2021 6.8% | Mar 2022 7.4% | Jun 2022 6.2% | Sep 2022 9.0% | Dec 2022 10% | Mar 2023 16% | Jun 2023 13% | Sep 2023 16% | Dec 2023 14% | Mar 2024 18% | Jun 2024 10% | Sep 2024 20% | Dec 2024 9.3% | Mar 2025 5.0% | Jun 2025 5.3% | Sep 2025 4.7% | Dec 2025 4.8% | Mar 2026 6.5% | Jun 2026 — - CAG: Sep 2021 5.8% | Dec 2021 3.4% | Mar 2022 3.7% | Jun 2022 3.4% | Sep 2022 4.3% | Dec 2022 1.9% | Mar 2023 2.6% | Jun 2023 3.2% | Sep 2023 5.0% | Dec 2023 2.2% | Mar 2024 3.2% | Jun 2024 2.7% | Sep 2024 4.8% | Dec 2024 2.6% | Mar 2025 3.1% | Jun 2025 3.1% | Sep 2025 5.6% | Dec 2025 2.4% | Mar 2026 3.4% | Jun 2026 — - PPC: Sep 2021 2.5% | Dec 2021 2.5% | Mar 2022 1.9% | Jun 2022 2.5% | Sep 2022 3.3% | Dec 2022 3.5% | Mar 2023 3.2% | Jun 2023 3.6% | Sep 2023 3.3% | Dec 2023 2.5% | Mar 2024 2.5% | Jun 2024 2.3% | Sep 2024 2.3% | Dec 2024 3.6% | Mar 2025 2.2% | Jun 2025 3.4% | Sep 2025 3.8% | Dec 2025 6.0% | Mar 2026 5.2% | Jun 2026 — - CPB: Sep 2021 4.5% | Dec 2021 3.1% | Mar 2022 2.7% | Jun 2022 2.3% | Sep 2022 3.2% | Dec 2022 3.0% | Mar 2023 3.1% | Jun 2023 4.6% | Sep 2023 5.5% | Dec 2023 5.7% | Mar 2024 4.9% | Jun 2024 4.8% | Sep 2024 6.1% | Dec 2024 4.0% | Mar 2025 3.8% | Jun 2025 3.4% | Sep 2025 5.6% | Dec 2025 4.7% | Mar 2026 3.9% | Jun 2026 3.0% - INGR: Sep 2021 4.9% | Dec 2021 5.5% | Mar 2022 4.5% | Jun 2022 2.9% | Sep 2022 2.9% | Dec 2022 4.9% | Mar 2023 3.6% | Jun 2023 3.8% | Sep 2023 3.9% | Dec 2023 4.2% | Mar 2024 3.5% | Jun 2024 2.9% | Sep 2024 2.7% | Dec 2024 6.9% | Mar 2025 5.1% | Jun 2025 5.5% | Sep 2025 5.8% | Dec 2025 7.7% | Mar 2026 6.1% | Jun 2026 — - POST: Sep 2021 3.6% | Dec 2021 4.3% | Mar 2022 3.2% | Jun 2022 4.3% | Sep 2022 5.6% | Dec 2022 3.3% | Mar 2023 5.0% | Jun 2023 3.7% | Sep 2023 5.2% | Dec 2023 4.1% | Mar 2024 5.0% | Jun 2024 5.7% | Sep 2024 6.9% | Dec 2024 7.0% | Mar 2025 4.7% | Jun 2025 6.6% | Sep 2025 6.7% | Dec 2025 5.3% | Mar 2026 4.5% | Jun 2026 — - MZTI: Sep 2021 7.7% | Dec 2021 8.4% | Mar 2022 9.4% | Jun 2022 6.0% | Sep 2022 5.9% | Dec 2022 6.7% | Mar 2023 4.7% | Jun 2023 2.4% | Sep 2023 3.9% | Dec 2023 3.9% | Mar 2024 3.2% | Jun 2024 3.5% | Sep 2024 3.9% | Dec 2024 2.2% | Mar 2025 3.3% | Jun 2025 2.9% | Sep 2025 3.2% | Dec 2025 3.5% | Mar 2026 4.6% | Jun 2026 — - FRPT: Sep 2021 95% | Dec 2021 87% | Mar 2022 42% | Jun 2022 27% | Sep 2022 48% | Dec 2022 38% | Mar 2023 35% | Jun 2023 24% | Sep 2023 29% | Dec 2023 36% | Mar 2024 21% | Jun 2024 20% | Sep 2024 13% | Dec 2024 22% | Mar 2025 9.9% | Jun 2025 13% | Sep 2025 12% | Dec 2025 19% | Mar 2026 9.4% | Jun 2026 — - CENT: Sep 2021 3.1% | Dec 2021 3.6% | Mar 2022 5.3% | Jun 2022 2.3% | Sep 2022 2.4% | Dec 2022 2.9% | Mar 2023 1.4% | Jun 2023 1.1% | Sep 2023 1.7% | Dec 2023 1.6% | Mar 2024 1.0% | Jun 2024 1.4% | Sep 2024 1.5% | Dec 2024 0.9% | Mar 2025 1.3% | Jun 2025 1.5% | Sep 2025 1.6% | Dec 2025 1.8% | Mar 2026 1.1% | Jun 2026 — - UTZ: Sep 2021 3.0% | Dec 2021 2.2% | Mar 2022 4.7% | Jun 2022 2.3% | Sep 2022 15% | Dec 2022 2.2% | Mar 2023 5.4% | Jun 2023 4.0% | Sep 2023 4.4% | Dec 2023 4.3% | Mar 2024 4.0% | Jun 2024 6.7% | Sep 2024 6.3% | Dec 2024 11% | Mar 2025 11% | Jun 2025 7.4% | Sep 2025 6.3% | Dec 2025 4.1% | Mar 2026 3.9% | Jun 2026 — - NOMD: Sep 2021 2.8% | Dec 2021 4.1% | Mar 2022 2.7% | Jun 2022 2.0% | Sep 2022 2.9% | Dec 2022 3.2% | Mar 2023 2.7% | Jun 2023 2.6% | Sep 2023 2.5% | Dec 2023 3.0% | Mar 2024 2.4% | Jun 2024 2.8% | Sep 2024 2.1% | Dec 2024 3.0% | Mar 2025 2.5% | Jun 2025 2.4% | Sep 2025 3.1% | Dec 2025 2.5% | Mar 2026 2.9% | Jun 2026 — - FLO: Sep 2021 3.0% | Dec 2021 2.7% | Mar 2022 5.0% | Jun 2022 3.5% | Sep 2022 4.2% | Dec 2022 2.7% | Mar 2023 — | Jun 2023 2.2% | Sep 2023 2.8% | Dec 2023 2.4% | Mar 2024 — | Jun 2024 2.1% | Sep 2024 2.3% | Dec 2024 2.1% | Mar 2025 — | Jun 2025 1.7% | Sep 2025 2.5% | Dec 2025 2.0% | Mar 2026 — | Jun 2026 1.3% - BRBR: Sep 2021 0.3% | Dec 2021 0.3% | Mar 2022 0.3% | Jun 2022 0.0% | Sep 2022 0.3% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.2% | Sep 2023 0.2% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.2% | Dec 2024 0.2% | Mar 2025 0.2% | Jun 2025 0.4% | Sep 2025 0.2% | Dec 2025 0.7% | Mar 2026 0.3% | Jun 2026 — - JJSF: Sep 2021 5.9% | Dec 2021 5.0% | Mar 2022 6.7% | Jun 2022 7.6% | Sep 2022 5.8% | Dec 2022 8.8% | Mar 2023 5.3% | Jun 2023 6.3% | Sep 2023 6.3% | Dec 2023 5.7% | Mar 2024 4.7% | Jun 2024 4.5% | Sep 2024 4.0% | Dec 2024 5.2% | Mar 2025 5.3% | Jun 2025 5.1% | Sep 2025 5.4% | Dec 2025 5.5% | Mar 2026 4.6% | Jun 2026 — - HLF: Sep 2021 2.5% | Dec 2021 — | Mar 2022 — | Jun 2022 2.5% | Sep 2022 2.9% | Dec 2022 — | Mar 2023 2.4% | Jun 2023 2.9% | Sep 2023 — | Dec 2023 2.9% | Mar 2024 2.6% | Jun 2024 2.8% | Sep 2024 2.2% | Dec 2024 2.2% | Mar 2025 1.5% | Jun 2025 1.8% | Sep 2025 1.6% | Dec 2025 1.5% | Mar 2026 0.8% | Jun 2026 — - SENEA: Sep 2021 5.5% | Dec 2021 4.0% | Mar 2022 1.8% | Jun 2022 — | Sep 2022 7.2% | Dec 2022 3.4% | Mar 2023 4.2% | Jun 2023 — | Sep 2023 5.0% | Dec 2023 1.1% | Mar 2024 1.6% | Jun 2024 3.9% | Sep 2024 1.4% | Dec 2024 1.8% | Mar 2025 2.9% | Jun 2025 3.7% | Sep 2025 1.7% | Dec 2025 1.6% | Mar 2026 4.3% | Jun 2026 — - JBSS: Sep 2021 2.2% | Dec 2021 1.6% | Mar 2022 1.4% | Jun 2022 1.9% | Sep 2022 2.4% | Dec 2022 2.2% | Mar 2023 1.7% | Jun 2023 2.1% | Sep 2023 2.6% | Dec 2023 1.7% | Mar 2024 2.6% | Jun 2024 4.1% | Sep 2024 4.3% | Dec 2024 4.7% | Mar 2025 4.6% | Jun 2025 4.8% | Sep 2025 8.4% | Dec 2025 7.0% | Mar 2026 7.8% | Jun 2026 — - SMPL: Sep 2021 1.2% | Dec 2021 1.1% | Mar 2022 0.7% | Jun 2022 0.0% | Sep 2022 0.4% | Dec 2022 0.3% | Mar 2023 0.3% | Jun 2023 2.5% | Sep 2023 0.3% | Dec 2023 0.3% | Mar 2024 0.0% | Jun 2024 0.3% | Sep 2024 1.1% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.5% | Sep 2025 4.9% | Dec 2025 0.6% | Mar 2026 1.8% | Jun 2026 0.6% - MAMA: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 3.3% | Sep 2024 7.1% | Dec 2024 6.3% | Mar 2025 0.0% | Jun 2025 2.9% | Sep 2025 2.9% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 0.0% - WEST: Sep 2021 — | Dec 2021 6.8% | Mar 2022 4.8% | Jun 2022 2.7% | Sep 2022 10% | Dec 2022 11% | Mar 2023 9.8% | Jun 2023 16% | Sep 2023 30% | Dec 2023 20% | Mar 2024 36% | Jun 2024 17% | Sep 2024 16% | Dec 2024 7.9% | Mar 2025 19% | Jun 2025 7.5% | Sep 2025 5.1% | Dec 2025 2.7% | Mar 2026 2.3% | Jun 2026 — - OFRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.2% | Jun 2024 2.9% | Sep 2024 0.0% | Dec 2024 2.0% | Mar 2025 0.0% | Jun 2025 3.3% | Sep 2025 3.0% | Dec 2025 3.1% | Mar 2026 1.4% | Jun 2026 — ## Debt Load & Balance-Sheet Headroom What the numbers say: The Marzetti Company has the clearest covered balance-sheet capacity with $181 million net cash and gross debt of $37 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information. Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt. This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods. Evidence: Once Upon A Farm, PBC · $0 million | 100% versus #2 · Mama's Creations, Inc. | 2/8 recent comparable periods | 29/30 companies · 534 observations Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business. ### Gross debt — lowest gross debt 1. Once Upon A Farm, PBC (OFRM): ₹0 Cr 2. Mama's Creations, Inc. (MAMA): ₹14 Cr 3. The Marzetti Company (MZTI): ₹37 Cr 4. Freshpet, Inc. (FRPT): ₹96 Cr 5. John B. Sanfilippo & Son, Inc. (JBSS): ₹98 Cr ### Net debt — lowest net debt 1. The Marzetti Company (MZTI): ₹-181 Cr 2. Once Upon A Farm, PBC (OFRM): ₹-100 Cr 3. Mama's Creations, Inc. (MAMA): ₹-10 Cr 4. John B. Sanfilippo & Son, Inc. (JBSS): ₹97 Cr 5. J&J Snack Foods Corp. (JJSF): ₹133 Cr ### 20-quarter Gross debt history - KHC: Sep 2021 ₹24.0K Cr | Dec 2021 ₹21.8K Cr | Mar 2022 ₹21.8K Cr | Jun 2022 ₹20.9K Cr | Sep 2022 ₹20.1K Cr | Dec 2022 ₹20.1K Cr | Mar 2023 — | Jun 2023 ₹20.1K Cr | Sep 2023 ₹20.0K Cr | Dec 2023 ₹20.0K Cr | Mar 2024 ₹20.5K Cr | Jun 2024 ₹19.9K Cr | Sep 2024 ₹20.1K Cr | Dec 2024 ₹19.9K Cr | Mar 2025 ₹21.6K Cr | Jun 2025 ₹21.2K Cr | Sep 2025 ₹21.2K Cr | Dec 2025 ₹21.2K Cr | Mar 2026 ₹21.1K Cr | Jun 2026 — - GIS: Sep 2021 ₹13.0K Cr | Dec 2021 ₹12.7K Cr | Mar 2022 ₹12.3K Cr | Jun 2022 ₹11.6K Cr | Sep 2022 ₹11.6K Cr | Dec 2022 ₹11.7K Cr | Mar 2023 ₹11.6K Cr | Jun 2023 ₹11.7K Cr | Sep 2023 ₹12.3K Cr | Dec 2023 ₹12.7K Cr | Mar 2024 ₹12.5K Cr | Jun 2024 ₹12.9K Cr | Sep 2024 ₹13.3K Cr | Dec 2024 ₹14.5K Cr | Mar 2025 ₹14.2K Cr | Jun 2025 ₹14.9K Cr | Sep 2025 ₹14.4K Cr | Dec 2025 ₹13.7K Cr | Mar 2026 ₹14.0K Cr | Jun 2026 ₹13.5K Cr - JBS: Sep 2021 ₹16.8K Cr | Dec 2021 ₹18.1K Cr | Mar 2022 ₹19.3K Cr | Jun 2022 ₹20.1K Cr | Sep 2022 ₹19.1K Cr | Dec 2022 ₹19.4K Cr | Mar 2023 ₹20.1K Cr | Jun 2023 ₹21.3K Cr | Sep 2023 ₹23.4K Cr | Dec 2023 ₹21.8K Cr | Mar 2024 ₹21.2K Cr | Jun 2024 ₹20.3K Cr | Sep 2024 ₹20.7K Cr | Dec 2024 ₹21.1K Cr | Mar 2025 ₹21.3K Cr | Jun 2025 ₹21.3K Cr | Sep 2025 ₹22.6K Cr | Dec 2025 ₹22.9K Cr | Mar 2026 ₹23.1K Cr | Jun 2026 — - HRL: Sep 2021 ₹3.3K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 ₹2.9K Cr - MKC: Sep 2021 ₹5.5K Cr | Dec 2021 ₹5.3K Cr | Mar 2022 ₹5.4K Cr | Jun 2022 ₹5.4K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.2K Cr | Mar 2023 ₹5.2K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹4.9K Cr | Jun 2026 ₹4.9K Cr - SJM: Sep 2021 ₹4.8K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.8K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹7.9K Cr | Mar 2024 ₹8.7K Cr | Jun 2024 ₹8.5K Cr | Sep 2024 ₹8.6K Cr | Dec 2024 ₹8.4K Cr | Mar 2025 ₹7.9K Cr | Jun 2025 ₹7.8K Cr | Sep 2025 ₹8.1K Cr | Dec 2025 ₹7.9K Cr | Mar 2026 ₹7.5K Cr | Jun 2026 ₹7.1K Cr - SFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.5K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹2.4K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - DAR: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 — | Jun 2023 ₹4.9K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 — | Mar 2026 ₹4.2K Cr | Jun 2026 ₹4.3K Cr - LW: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 ₹3.9K Cr - CAG: Sep 2021 ₹9.3K Cr | Dec 2021 ₹9.4K Cr | Mar 2022 ₹9.2K Cr | Jun 2022 ₹9.0K Cr | Sep 2022 ₹9.0K Cr | Dec 2022 ₹9.4K Cr | Mar 2023 ₹9.3K Cr | Jun 2023 ₹9.2K Cr | Sep 2023 ₹9.3K Cr | Dec 2023 ₹9.1K Cr | Mar 2024 ₹8.7K Cr | Jun 2024 ₹8.4K Cr | Sep 2024 ₹8.8K Cr | Dec 2024 ₹8.5K Cr | Mar 2025 ₹8.1K Cr | Jun 2025 ₹8.1K Cr | Sep 2025 ₹8.3K Cr | Dec 2025 ₹7.6K Cr | Mar 2026 ₹7.3K Cr | Jun 2026 ₹7.3K Cr - PPC: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 — - CPB: Sep 2021 ₹5.1K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹4.7K Cr | Sep 2022 ₹4.8K Cr | Dec 2022 ₹4.9K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹7.2K Cr | Dec 2024 ₹7.9K Cr | Mar 2025 ₹7.7K Cr | Jun 2025 ₹6.9K Cr | Sep 2025 ₹6.9K Cr | Dec 2025 ₹7.0K Cr | Mar 2026 ₹7.1K Cr | Jun 2026 ₹7.0K Cr - INGR: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 — - POST: Sep 2021 ₹6.4K Cr | Dec 2021 ₹7.5K Cr | Mar 2022 ₹6.1K Cr | Jun 2022 ₹6.0K Cr | Sep 2022 ₹6.0K Cr | Dec 2022 ₹5.9K Cr | Mar 2023 ₹5.8K Cr | Jun 2023 ₹6.2K Cr | Sep 2023 ₹6.0K Cr | Dec 2023 ₹6.3K Cr | Mar 2024 ₹6.4K Cr | Jun 2024 ₹6.4K Cr | Sep 2024 ₹6.8K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹6.9K Cr | Jun 2025 ₹7.3K Cr | Sep 2025 ₹7.4K Cr | Dec 2025 ₹7.5K Cr | Mar 2026 ₹7.6K Cr | Jun 2026 — - MZTI: Sep 2021 ₹18 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹37 Cr | Jun 2026 — - FRPT: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹397 Cr | Jun 2023 ₹397 Cr | Sep 2023 ₹425 Cr | Dec 2023 ₹425 Cr | Mar 2024 ₹424 Cr | Jun 2024 ₹424 Cr | Sep 2024 ₹424 Cr | Dec 2024 ₹424 Cr | Mar 2025 ₹430 Cr | Jun 2025 ₹495 Cr | Sep 2025 ₹495 Cr | Dec 2025 ₹98 Cr | Mar 2026 ₹96 Cr | Jun 2026 — - CENT: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 — - UTZ: Sep 2021 ₹833 Cr | Dec 2021 ₹839 Cr | Mar 2022 ₹877 Cr | Jun 2022 ₹900 Cr | Sep 2022 ₹929 Cr | Dec 2022 ₹936 Cr | Mar 2023 ₹945 Cr | Jun 2023 ₹960 Cr | Sep 2023 ₹997 Cr | Dec 2023 ₹944 Cr | Mar 2024 ₹784 Cr | Jun 2024 ₹822 Cr | Sep 2024 ₹805 Cr | Dec 2024 ₹791 Cr | Mar 2025 ₹870 Cr | Jun 2025 ₹890 Cr | Sep 2025 ₹874 Cr | Dec 2025 ₹870 Cr | Mar 2026 ₹862 Cr | Jun 2026 — - NOMD: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 — - FLO: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 — | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 — | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 — | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 ₹2.0K Cr - BRBR: Sep 2021 ₹598 Cr | Dec 2021 ₹508 Cr | Mar 2022 ₹939 Cr | Jun 2022 ₹914 Cr | Sep 2022 ₹930 Cr | Dec 2022 ₹945 Cr | Mar 2023 ₹970 Cr | Jun 2023 ₹911 Cr | Sep 2023 ₹857 Cr | Dec 2023 ₹832 Cr | Mar 2024 ₹832 Cr | Jun 2024 ₹833 Cr | Sep 2024 ₹833 Cr | Dec 2024 ₹833 Cr | Mar 2025 ₹954 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - JJSF: Sep 2021 ₹61 Cr | Dec 2021 ₹60 Cr | Mar 2022 ₹60 Cr | Jun 2022 ₹186 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹148 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹172 Cr | Sep 2023 ₹122 Cr | Dec 2023 ₹147 Cr | Mar 2024 ₹179 Cr | Jun 2024 ₹172 Cr | Sep 2024 ₹161 Cr | Dec 2024 ₹165 Cr | Mar 2025 ₹256 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹164 Cr | Dec 2025 ₹161 Cr | Mar 2026 ₹193 Cr | Jun 2026 — - HLF: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 — - SENEA: Sep 2021 ₹175 Cr | Dec 2021 ₹221 Cr | Mar 2022 ₹197 Cr | Jun 2022 — | Sep 2022 ₹230 Cr | Dec 2022 ₹373 Cr | Mar 2023 ₹492 Cr | Jun 2023 — | Sep 2023 ₹478 Cr | Dec 2023 ₹669 Cr | Mar 2024 ₹651 Cr | Jun 2024 ₹615 Cr | Sep 2024 ₹550 Cr | Dec 2024 ₹439 Cr | Mar 2025 ₹392 Cr | Jun 2025 ₹315 Cr | Sep 2025 ₹300 Cr | Dec 2025 ₹294 Cr | Mar 2026 ₹297 Cr | Jun 2026 — - JBSS: Sep 2021 ₹61 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹122 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹98 Cr | Jun 2026 — - SMPL: Sep 2021 ₹452 Cr | Dec 2021 ₹427 Cr | Mar 2022 ₹427 Cr | Jun 2022 ₹403 Cr | Sep 2022 ₹403 Cr | Dec 2022 ₹397 Cr | Mar 2023 ₹363 Cr | Jun 2023 ₹321 Cr | Sep 2023 ₹282 Cr | Dec 2023 ₹272 Cr | Mar 2024 ₹238 Cr | Jun 2024 ₹238 Cr | Sep 2024 ₹397 Cr | Dec 2024 ₹348 Cr | Mar 2025 ₹299 Cr | Jun 2025 ₹249 Cr | Sep 2025 ₹249 Cr | Dec 2025 ₹397 Cr | Mar 2026 ₹397 Cr | Jun 2026 ₹397 Cr - MAMA: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹14 Cr | Jun 2026 ₹14 Cr - WEST: Sep 2021 ₹338 Cr | Dec 2021 ₹338 Cr | Mar 2022 ₹386 Cr | Jun 2022 ₹386 Cr | Sep 2022 ₹238 Cr | Dec 2022 ₹225 Cr | Mar 2023 ₹267 Cr | Jun 2023 ₹293 Cr | Sep 2023 ₹268 Cr | Dec 2023 ₹340 Cr | Mar 2024 ₹381 Cr | Jun 2024 ₹456 Cr | Sep 2024 ₹504 Cr | Dec 2024 ₹505 Cr | Mar 2025 ₹540 Cr | Jun 2025 ₹579 Cr | Sep 2025 ₹594 Cr | Dec 2025 ₹582 Cr | Mar 2026 ₹578 Cr | Jun 2026 — - OFRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹24 Cr | Dec 2023 ₹24 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹25 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹0 Cr | Jun 2026 — ### 20-quarter Net debt history - KHC: Sep 2021 ₹21.7K Cr | Dec 2021 ₹18.4K Cr | Mar 2022 ₹18.8K Cr | Jun 2022 ₹19.4K Cr | Sep 2022 ₹19.1K Cr | Dec 2022 ₹19.0K Cr | Mar 2023 — | Jun 2023 ₹19.3K Cr | Sep 2023 ₹19.1K Cr | Dec 2023 ₹18.6K Cr | Mar 2024 ₹18.9K Cr | Jun 2024 ₹19.0K Cr | Sep 2024 ₹18.8K Cr | Dec 2024 ₹18.5K Cr | Mar 2025 ₹18.8K Cr | Jun 2025 ₹18.6K Cr | Sep 2025 ₹18.1K Cr | Dec 2025 ₹17.5K Cr | Mar 2026 ₹17.0K Cr | Jun 2026 — - GIS: Sep 2021 ₹12.2K Cr | Dec 2021 ₹11.7K Cr | Mar 2022 ₹11.4K Cr | Jun 2022 ₹11.1K Cr | Sep 2022 ₹11.0K Cr | Dec 2022 ₹11.1K Cr | Mar 2023 ₹11.0K Cr | Jun 2023 ₹11.1K Cr | Sep 2023 ₹11.8K Cr | Dec 2023 ₹12.1K Cr | Mar 2024 ₹11.9K Cr | Jun 2024 ₹12.5K Cr | Sep 2024 ₹12.9K Cr | Dec 2024 ₹12.2K Cr | Mar 2025 ₹13.7K Cr | Jun 2025 ₹14.5K Cr | Sep 2025 ₹13.5K Cr | Dec 2025 ₹13.1K Cr | Mar 2026 ₹13.2K Cr | Jun 2026 ₹13.1K Cr - JBS: Sep 2021 ₹12.3K Cr | Dec 2021 ₹13.7K Cr | Mar 2022 ₹15.4K Cr | Jun 2022 ₹16.3K Cr | Sep 2022 ₹15.9K Cr | Dec 2022 ₹16.8K Cr | Mar 2023 ₹18.2K Cr | Jun 2023 ₹18.5K Cr | Sep 2023 ₹17.9K Cr | Dec 2023 ₹17.1K Cr | Mar 2024 ₹17.7K Cr | Jun 2024 ₹16.5K Cr | Sep 2024 ₹15.5K Cr | Dec 2024 ₹15.3K Cr | Mar 2025 ₹18.3K Cr | Jun 2025 ₹18.3K Cr | Sep 2025 ₹18.5K Cr | Dec 2025 ₹18.1K Cr | Mar 2026 ₹19.7K Cr | Jun 2026 — - HRL: Sep 2021 ₹3.0K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹2.0K Cr - MKC: Sep 2021 ₹5.2K Cr | Dec 2021 ₹4.9K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹5.0K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 ₹4.6K Cr - SJM: Sep 2021 ₹4.6K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹8.7K Cr | Jun 2024 ₹8.4K Cr | Sep 2024 ₹8.6K Cr | Dec 2024 ₹8.3K Cr | Mar 2025 ₹7.9K Cr | Jun 2025 ₹7.7K Cr | Sep 2025 ₹8.0K Cr | Dec 2025 ₹7.9K Cr | Mar 2026 ₹7.4K Cr | Jun 2026 ₹7.0K Cr - SFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.9K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹1.7K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹2.1K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹857 Cr | Mar 2026 — | Jun 2026 — - DAR: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 — | Jun 2023 ₹4.7K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 — | Mar 2026 ₹4.1K Cr | Jun 2026 ₹4.2K Cr - LW: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 ₹3.8K Cr - CAG: Sep 2021 ₹9.2K Cr | Dec 2021 ₹9.3K Cr | Mar 2022 ₹9.1K Cr | Jun 2022 ₹8.9K Cr | Sep 2022 ₹9.0K Cr | Dec 2022 ₹9.4K Cr | Mar 2023 ₹9.2K Cr | Jun 2023 ₹9.1K Cr | Sep 2023 ₹9.2K Cr | Dec 2023 ₹9.0K Cr | Mar 2024 ₹8.6K Cr | Jun 2024 ₹8.4K Cr | Sep 2024 ₹8.6K Cr | Dec 2024 ₹8.4K Cr | Mar 2025 ₹8.1K Cr | Jun 2025 ₹8.0K Cr | Sep 2025 ₹7.6K Cr | Dec 2025 ₹7.6K Cr | Mar 2026 ₹7.3K Cr | Jun 2026 ₹7.1K Cr - PPC: Sep 2021 ₹2.9K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 — - CPB: Sep 2021 ₹5.0K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹7.1K Cr | Sep 2024 ₹7.1K Cr | Dec 2024 ₹7.1K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹6.7K Cr | Dec 2025 ₹6.8K Cr | Mar 2026 ₹6.5K Cr | Jun 2026 ₹6.6K Cr - INGR: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹956 Cr | Dec 2024 ₹823 Cr | Mar 2025 ₹938 Cr | Jun 2025 ₹919 Cr | Sep 2025 ₹877 Cr | Dec 2025 ₹757 Cr | Mar 2026 ₹907 Cr | Jun 2026 — - POST: Sep 2021 ₹5.8K Cr | Dec 2021 ₹6.3K Cr | Mar 2022 ₹5.6K Cr | Jun 2022 ₹5.8K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.3K Cr | Mar 2023 ₹5.3K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹6.1K Cr | Mar 2024 ₹6.1K Cr | Jun 2024 ₹6.1K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹6.1K Cr | Mar 2025 ₹6.3K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹7.2K Cr | Dec 2025 ₹7.2K Cr | Mar 2026 ₹7.4K Cr | Jun 2026 — - MZTI: Sep 2021 ₹-112 Cr | Dec 2021 ₹-98 Cr | Mar 2022 ₹-44 Cr | Jun 2022 ₹-40 Cr | Sep 2022 ₹-45 Cr | Dec 2022 ₹-77 Cr | Mar 2023 ₹-66 Cr | Jun 2023 ₹-71 Cr | Sep 2023 ₹-59 Cr | Dec 2023 ₹-121 Cr | Mar 2024 ₹-153 Cr | Jun 2024 ₹-118 Cr | Sep 2024 ₹-93 Cr | Dec 2024 ₹-161 Cr | Mar 2025 ₹-83 Cr | Jun 2025 ₹-118 Cr | Sep 2025 ₹-141 Cr | Dec 2025 ₹-163 Cr | Mar 2026 ₹-181 Cr | Jun 2026 — - FRPT: Sep 2021 ₹-164 Cr | Dec 2021 ₹-66 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹-245 Cr | Sep 2022 ₹-181 Cr | Dec 2022 ₹-127 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹128 Cr | Mar 2024 ₹166 Cr | Jun 2024 ₹172 Cr | Sep 2024 ₹149 Cr | Dec 2024 ₹155 Cr | Mar 2025 ₹186 Cr | Jun 2025 ₹251 Cr | Sep 2025 ₹220 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 — - CENT: Sep 2021 ₹917 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹871 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹810 Cr | Sep 2024 ₹652 Cr | Dec 2024 ₹779 Cr | Mar 2025 ₹894 Cr | Jun 2025 ₹708 Cr | Sep 2025 ₹542 Cr | Dec 2025 ₹689 Cr | Mar 2026 ₹749 Cr | Jun 2026 — - UTZ: Sep 2021 ₹806 Cr | Dec 2021 ₹813 Cr | Mar 2022 ₹835 Cr | Jun 2022 ₹885 Cr | Sep 2022 ₹909 Cr | Dec 2022 ₹884 Cr | Mar 2023 ₹872 Cr | Jun 2023 ₹902 Cr | Sep 2023 ₹923 Cr | Dec 2023 ₹884 Cr | Mar 2024 ₹737 Cr | Jun 2024 ₹755 Cr | Sep 2024 ₹740 Cr | Dec 2024 ₹735 Cr | Mar 2025 ₹807 Cr | Jun 2025 ₹835 Cr | Sep 2025 ₹816 Cr | Dec 2025 ₹750 Cr | Mar 2026 ₹788 Cr | Jun 2026 — - NOMD: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 — - FLO: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 — | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 — | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 — | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 ₹2.0K Cr - BRBR: Sep 2021 ₹445 Cr | Dec 2021 ₹478 Cr | Mar 2022 ₹869 Cr | Jun 2022 ₹879 Cr | Sep 2022 ₹894 Cr | Dec 2022 ₹901 Cr | Mar 2023 ₹944 Cr | Jun 2023 ₹885 Cr | Sep 2023 ₹809 Cr | Dec 2023 ₹747 Cr | Mar 2024 ₹753 Cr | Jun 2024 ₹760 Cr | Sep 2024 ₹762 Cr | Dec 2024 ₹783 Cr | Mar 2025 ₹926 Cr | Jun 2025 ₹965 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - JJSF: Sep 2021 ₹-230 Cr | Dec 2021 ₹-214 Cr | Mar 2022 ₹-166 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹91 Cr | Mar 2023 ₹105 Cr | Jun 2023 ₹106 Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹135 Cr | Jun 2024 ₹108 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹207 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹94 Cr | Mar 2026 ₹133 Cr | Jun 2026 — - HLF: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - SENEA: Sep 2021 ₹115 Cr | Dec 2021 ₹210 Cr | Mar 2022 ₹186 Cr | Jun 2022 — | Sep 2022 ₹218 Cr | Dec 2022 ₹360 Cr | Mar 2023 ₹487 Cr | Jun 2023 — | Sep 2023 ₹466 Cr | Dec 2023 ₹662 Cr | Mar 2024 ₹647 Cr | Jun 2024 ₹609 Cr | Sep 2024 ₹540 Cr | Dec 2024 ₹434 Cr | Mar 2025 ₹349 Cr | Jun 2025 ₹303 Cr | Sep 2025 ₹282 Cr | Dec 2025 ₹261 Cr | Mar 2026 ₹247 Cr | Jun 2026 — - JBSS: Sep 2021 ₹60 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹121 Cr | Jun 2025 ₹97 Cr | Sep 2025 ₹106 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹97 Cr | Jun 2026 — - SMPL: Sep 2021 ₹377 Cr | Dec 2021 ₹392 Cr | Mar 2022 ₹376 Cr | Jun 2022 ₹346 Cr | Sep 2022 ₹336 Cr | Dec 2022 ₹343 Cr | Mar 2023 ₹300 Cr | Jun 2023 ₹252 Cr | Sep 2023 ₹194 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹264 Cr | Dec 2024 ₹226 Cr | Mar 2025 ₹195 Cr | Jun 2025 ₹151 Cr | Sep 2025 ₹151 Cr | Dec 2025 ₹203 Cr | Mar 2026 ₹290 Cr | Jun 2026 ₹273 Cr - MAMA: Sep 2021 ₹-2 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹-6 Cr | Jun 2026 ₹-10 Cr - WEST: Sep 2021 ₹319 Cr | Dec 2021 ₹319 Cr | Mar 2022 ₹372 Cr | Jun 2022 ₹372 Cr | Sep 2022 ₹147 Cr | Dec 2022 ₹208 Cr | Mar 2023 ₹243 Cr | Jun 2023 ₹268 Cr | Sep 2023 ₹224 Cr | Dec 2023 ₹303 Cr | Mar 2024 ₹368 Cr | Jun 2024 ₹432 Cr | Sep 2024 ₹482 Cr | Dec 2024 ₹479 Cr | Mar 2025 ₹507 Cr | Jun 2025 ₹535 Cr | Sep 2025 ₹560 Cr | Dec 2025 ₹532 Cr | Mar 2026 ₹550 Cr | Jun 2026 — - OFRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-7 Cr | Dec 2023 ₹-7 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹-100 Cr | Jun 2026 — ## Return On Capital Employed What the numbers say: BellRing Brands, Inc. leads ROCE at 9.2%, 1.1 percentage points above Herbalife Ltd.. Once Upon A Farm, PBC has the strongest latest improvement at +24.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: BellRing Brands, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: BellRing Brands, Inc. · 9.2% | 13.6% versus #2 · Herbalife Ltd. | 3/8 recent comparable periods | 30/30 companies · 536 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. BellRing Brands, Inc. (BRBR): 9.2% 2. Herbalife Ltd. (HLF): 8.1% 3. Mama's Creations, Inc. (MAMA): 5.3% 4. John B. Sanfilippo & Son, Inc. (JBSS): 5.2% 5. The Marzetti Company (MZTI): 4.1% ### ROCE change — fastest improvers 1. Once Upon A Farm, PBC (OFRM): +24.5 pp 2. The J. M. Smucker Company (SJM): +6.9 pp 3. Westrock Coffee Company (WEST): +2.0 pp 4. Darling Ingredients Inc. (DAR): +1.6 pp 5. Freshpet, Inc. (FRPT): +1.1 pp ### 20-quarter ROCE history - KHC: Sep 2021 1.3% | Dec 2021 0.0% | Mar 2022 1.3% | Jun 2022 0.6% | Sep 2022 0.9% | Dec 2022 1.5% | Mar 2023 — | Jun 2023 1.5% | Sep 2023 1.7% | Dec 2023 1.6% | Mar 2024 1.6% | Jun 2024 0.6% | Sep 2024 -0.1% | Dec 2024 0.0% | Mar 2025 1.4% | Jun 2025 -10% | Sep 2025 1.3% | Dec 2025 1.4% | Mar 2026 1.5% | Jun 2026 — - GIS: Sep 2021 — | Dec 2021 3.3% | Mar 2022 3.4% | Jun 2022 4.4% | Sep 2022 4.6% | Dec 2022 3.4% | Mar 2023 3.2% | Jun 2023 3.5% | Sep 2023 4.0% | Dec 2023 3.6% | Mar 2024 4.0% | Jun 2024 3.2% | Sep 2024 3.4% | Dec 2024 4.4% | Mar 2025 3.7% | Jun 2025 2.0% | Sep 2025 7.0% | Dec 2025 2.9% | Mar 2026 2.2% | Jun 2026 -8.6% - JBS: Sep 2021 8.1% | Dec 2021 6.6% | Mar 2022 6.2% | Jun 2022 5.8% | Sep 2022 4.9% | Dec 2022 1.7% | Mar 2023 -0.4% | Jun 2023 1.0% | Sep 2023 1.8% | Dec 2023 1.2% | Mar 2024 2.4% | Jun 2024 3.7% | Sep 2024 4.9% | Dec 2024 3.1% | Mar 2025 2.8% | Jun 2025 3.6% | Sep 2025 3.9% | Dec 2025 3.0% | Mar 2026 1.5% | Jun 2026 — - HRL: Sep 2021 — | Dec 2021 3.6% | Mar 2022 3.2% | Jun 2022 3.3% | Sep 2022 2.6% | Dec 2022 3.2% | Mar 2023 2.5% | Jun 2023 2.5% | Sep 2023 1.9% | Dec 2023 2.4% | Mar 2024 2.5% | Jun 2024 2.1% | Sep 2024 2.1% | Dec 2024 2.5% | Mar 2025 2.0% | Jun 2025 2.1% | Sep 2025 2.0% | Dec 2025 0.0% | Mar 2026 2.0% | Jun 2026 1.8% - MKC: Sep 2021 — | Dec 2021 3.0% | Mar 2022 2.1% | Jun 2022 1.6% | Sep 2022 2.4% | Dec 2022 2.7% | Mar 2023 2.0% | Jun 2023 2.2% | Sep 2023 2.5% | Dec 2023 3.1% | Mar 2024 2.4% | Jun 2024 2.3% | Sep 2024 2.9% | Dec 2024 3.1% | Mar 2025 2.3% | Jun 2025 2.5% | Sep 2025 2.9% | Dec 2025 3.1% | Mar 2026 2.0% | Jun 2026 2.4% - SJM: Sep 2021 — | Dec 2021 2.2% | Mar 2022 1.1% | Jun 2022 2.2% | Sep 2022 1.3% | Dec 2022 2.1% | Mar 2023 2.2% | Jun 2023 -4.7% | Sep 2023 2.3% | Dec 2023 2.0% | Mar 2024 1.9% | Jun 2024 2.8% | Sep 2024 2.4% | Dec 2024 1.0% | Mar 2025 -3.6% | Jun 2025 -3.8% | Sep 2025 0.3% | Dec 2025 2.7% | Mar 2026 -3.8% | Jun 2026 3.1% - MICC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 8.4% | Jun 2024 8.4% | Sep 2024 2.3% | Dec 2024 2.3% | Mar 2025 8.0% | Jun 2025 8.0% | Sep 2025 0.4% | Dec 2025 0.4% | Mar 2026 — | Jun 2026 — - SFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0% | Jun 2023 — | Sep 2023 — | Dec 2023 -1.0% | Mar 2024 — | Jun 2024 — | Sep 2024 6.2% | Dec 2024 3.3% | Mar 2025 6.6% | Jun 2025 5.3% | Sep 2025 3.2% | Dec 2025 4.0% | Mar 2026 3.1% | Jun 2026 — - DAR: Sep 2021 — | Dec 2021 4.1% | Mar 2022 4.1% | Jun 2022 4.3% | Sep 2022 4.5% | Dec 2022 4.1% | Mar 2023 — | Jun 2023 3.3% | Sep 2023 4.2% | Dec 2023 1.7% | Mar 2024 1.4% | Jun 2024 1.5% | Sep 2024 0.6% | Dec 2024 1.3% | Mar 2025 0.3% | Jun 2025 0.8% | Sep 2025 0.8% | Dec 2025 — | Mar 2026 1.1% | Jun 2026 2.4% - LW: Sep 2021 1.7% | Dec 2021 3.3% | Mar 2022 3.8% | Jun 2022 3.9% | Sep 2022 4.4% | Dec 2022 7.6% | Mar 2023 6.9% | Jun 2023 4.3% | Sep 2023 7.3% | Dec 2023 6.7% | Mar 2024 4.6% | Jun 2024 3.9% | Sep 2024 3.8% | Dec 2024 0.3% | Mar 2025 4.4% | Jun 2025 3.2% | Sep 2025 2.7% | Dec 2025 2.4% | Mar 2026 2.1% | Jun 2026 2.8% - CAG: Sep 2021 1.9% | Dec 2021 2.1% | Mar 2022 1.9% | Jun 2022 1.1% | Sep 2022 -0.1% | Dec 2022 2.9% | Mar 2023 2.6% | Jun 2023 0.3% | Sep 2023 2.7% | Dec 2023 2.4% | Mar 2024 2.5% | Jun 2024 -0.2% | Sep 2024 2.2% | Dec 2024 2.3% | Mar 2025 1.4% | Jun 2025 1.9% | Sep 2025 2.0% | Dec 2025 -3.7% | Mar 2026 1.7% | Jun 2026 -11% - PPC: Sep 2021 2.0% | Dec 2021 0.9% | Mar 2022 6.4% | Jun 2022 8.3% | Sep 2022 5.2% | Dec 2022 -1.2% | Mar 2023 0.5% | Jun 2023 1.4% | Sep 2023 3.0% | Dec 2023 2.6% | Mar 2024 3.5% | Jun 2024 5.9% | Sep 2024 6.6% | Dec 2024 4.0% | Mar 2025 5.6% | Jun 2025 6.8% | Sep 2025 6.4% | Dec 2025 2.6% | Mar 2026 2.2% | Jun 2026 — - CPB: Sep 2021 — | Dec 2021 3.9% | Mar 2022 3.3% | Jun 2022 3.1% | Sep 2022 1.8% | Dec 2022 4.7% | Mar 2023 3.7% | Jun 2023 2.7% | Sep 2023 2.9% | Dec 2023 3.8% | Mar 2024 3.3% | Jun 2024 2.3% | Sep 2024 0.7% | Dec 2024 3.2% | Mar 2025 2.9% | Jun 2025 1.4% | Sep 2025 2.3% | Dec 2025 2.7% | Mar 2026 2.2% | Jun 2026 2.0% - INGR: Sep 2021 3.1% | Dec 2021 1.6% | Mar 2022 3.8% | Jun 2022 3.7% | Sep 2022 3.3% | Dec 2022 2.8% | Mar 2023 5.1% | Jun 2023 4.4% | Sep 2023 3.8% | Dec 2023 3.5% | Mar 2024 3.6% | Jun 2024 4.0% | Sep 2024 4.4% | Dec 2024 2.7% | Mar 2025 4.5% | Jun 2025 4.3% | Sep 2025 3.9% | Dec 2025 3.5% | Mar 2026 3.1% | Jun 2026 — - POST: Sep 2021 0.8% | Dec 2021 0.7% | Mar 2022 0.9% | Jun 2022 0.9% | Sep 2022 1.2% | Dec 2022 1.3% | Mar 2023 1.3% | Jun 2023 1.4% | Sep 2023 1.4% | Dec 2023 1.9% | Mar 2024 1.7% | Jun 2024 1.8% | Sep 2024 1.7% | Dec 2024 1.9% | Mar 2025 1.6% | Jun 2025 2.0% | Sep 2025 1.4% | Dec 2025 2.0% | Mar 2026 1.8% | Jun 2026 — - MZTI: Sep 2021 4.5% | Dec 2021 4.9% | Mar 2022 -0.8% | Jun 2022 3.6% | Sep 2022 5.3% | Dec 2022 5.4% | Mar 2023 3.1% | Jun 2023 1.2% | Sep 2023 6.0% | Dec 2023 6.8% | Mar 2024 3.6% | Jun 2024 4.2% | Sep 2024 5.6% | Dec 2024 7.4% | Mar 2025 4.8% | Jun 2025 3.7% | Sep 2025 5.4% | Dec 2025 6.8% | Mar 2026 4.1% | Jun 2026 — - FRPT: Sep 2021 -0.1% | Dec 2021 -1.4% | Mar 2022 -2.1% | Jun 2022 -2.0% | Sep 2022 -1.8% | Dec 2022 -0.2% | Mar 2023 -2.0% | Jun 2023 -1.4% | Sep 2023 -0.6% | Dec 2023 1.2% | Mar 2024 0.6% | Jun 2024 -0.1% | Sep 2024 0.8% | Dec 2024 1.4% | Mar 2025 -0.8% | Jun 2025 1.2% | Sep 2025 1.6% | Dec 2025 2.8% | Mar 2026 0.3% | Jun 2026 — - CENT: Sep 2021 0.4% | Dec 2021 1.1% | Mar 2022 4.2% | Jun 2022 4.2% | Sep 2022 0.5% | Dec 2022 0.0% | Mar 2023 2.8% | Jun 2023 4.3% | Sep 2023 0.3% | Dec 2023 0.3% | Mar 2024 3.2% | Jun 2024 3.9% | Sep 2024 -1.1% | Dec 2024 0.9% | Mar 2025 3.1% | Jun 2025 4.4% | Sep 2025 -0.2% | Dec 2025 0.5% | Mar 2026 3.7% | Jun 2026 — - UTZ: Sep 2021 — | Dec 2021 0.1% | Mar 2022 -0.2% | Jun 2022 -0.9% | Sep 2022 0.2% | Dec 2022 0.6% | Mar 2023 0.3% | Jun 2023 -0.1% | Sep 2023 0.1% | Dec 2023 0.2% | Mar 2024 0.4% | Jun 2024 0.9% | Sep 2024 0.8% | Dec 2024 0.3% | Mar 2025 0.2% | Jun 2025 0.3% | Sep 2025 0.1% | Dec 2025 0.2% | Mar 2026 0.3% | Jun 2026 — - NOMD: Sep 2021 1.6% | Dec 2021 1.2% | Mar 2022 1.8% | Jun 2022 2.2% | Sep 2022 2.0% | Dec 2022 1.2% | Mar 2023 1.5% | Jun 2023 1.8% | Sep 2023 1.8% | Dec 2023 1.2% | Mar 2024 1.3% | Jun 2024 1.9% | Sep 2024 2.3% | Dec 2024 1.7% | Mar 2025 1.4% | Jun 2025 1.6% | Sep 2025 1.8% | Dec 2025 1.3% | Mar 2026 1.1% | Jun 2026 — - FLO: Sep 2021 — | Dec 2021 2.0% | Mar 2022 1.9% | Jun 2022 4.0% | Sep 2022 2.9% | Dec 2022 2.2% | Mar 2023 — | Jun 2023 3.3% | Sep 2023 3.1% | Dec 2023 -2.2% | Mar 2024 — | Jun 2024 3.5% | Sep 2024 3.4% | Dec 2024 3.2% | Mar 2025 — | Jun 2025 2.6% | Sep 2025 2.8% | Dec 2025 2.1% | Mar 2026 -2.3% | Jun 2026 2.3% - BRBR: Sep 2021 11% | Dec 2021 10% | Mar 2022 6.9% | Jun 2022 14% | Sep 2022 12% | Dec 2022 15% | Mar 2023 10% | Jun 2023 14% | Sep 2023 14% | Dec 2023 13% | Mar 2024 15% | Jun 2024 19% | Sep 2024 19% | Dec 2024 19% | Mar 2025 15% | Jun 2025 6.9% | Sep 2025 16% | Dec 2025 11% | Mar 2026 9.2% | Jun 2026 — - JJSF: Sep 2021 2.7% | Dec 2021 1.6% | Mar 2022 0.4% | Jun 2022 2.1% | Sep 2022 2.2% | Dec 2022 0.9% | Mar 2023 1.0% | Jun 2023 4.4% | Sep 2023 3.9% | Dec 2023 0.9% | Mar 2024 1.6% | Jun 2024 4.4% | Sep 2024 3.5% | Dec 2024 0.5% | Mar 2025 0.5% | Jun 2025 5.1% | Sep 2025 1.0% | Dec 2025 0.1% | Mar 2026 0.2% | Jun 2026 — - HLF: Sep 2021 10% | Dec 2021 4.6% | Mar 2022 9.2% | Jun 2022 8.6% | Sep 2022 8.3% | Dec 2022 5.1% | Mar 2023 4.4% | Jun 2023 7.5% | Sep 2023 6.5% | Dec 2023 3.4% | Mar 2024 4.5% | Jun 2024 5.1% | Sep 2024 8.7% | Dec 2024 7.0% | Mar 2025 7.5% | Jun 2025 8.1% | Sep 2025 8.2% | Dec 2025 6.1% | Mar 2026 8.1% | Jun 2026 — - SENEA: Sep 2021 18% | Dec 2021 16% | Mar 2022 13% | Jun 2022 — | Sep 2022 7.5% | Dec 2022 6.3% | Mar 2023 2.7% | Jun 2023 — | Sep 2023 5.6% | Dec 2023 5.9% | Mar 2024 9.1% | Jun 2024 9.1% | Sep 2024 8.2% | Dec 2024 8.5% | Mar 2025 8.2% | Jun 2025 7.9% | Sep 2025 9.5% | Dec 2025 5.9% | Mar 2026 2.3% | Jun 2026 — - JBSS: Sep 2021 9.7% | Dec 2021 6.1% | Mar 2022 5.9% | Jun 2022 7.8% | Sep 2022 7.5% | Dec 2022 7.9% | Mar 2023 6.7% | Jun 2023 6.5% | Sep 2023 7.6% | Dec 2023 8.1% | Mar 2024 5.1% | Jun 2024 4.0% | Sep 2024 4.8% | Dec 2024 5.2% | Mar 2025 7.2% | Jun 2025 4.8% | Sep 2025 6.4% | Dec 2025 6.0% | Mar 2026 5.2% | Jun 2026 — - SMPL: Sep 2021 — | Dec 2021 3.0% | Mar 2022 2.3% | Jun 2022 2.8% | Sep 2022 2.2% | Dec 2022 2.6% | Mar 2023 2.1% | Jun 2023 2.7% | Sep 2023 2.8% | Dec 2023 2.6% | Mar 2024 2.4% | Jun 2024 2.9% | Sep 2024 2.2% | Dec 2024 2.5% | Mar 2025 2.5% | Jun 2025 2.7% | Sep 2025 -0.5% | Dec 2025 1.6% | Mar 2026 -9.8% | Jun 2026 -2.3% - MAMA: Sep 2021 — | Dec 2021 0.0% | Mar 2022 -8.7% | Jun 2022 1.6% | Sep 2022 -5.0% | Dec 2022 9.0% | Mar 2023 8.7% | Jun 2023 8.5% | Sep 2023 9.4% | Dec 2023 11% | Mar 2024 7.7% | Jun 2024 3.0% | Sep 2024 5.8% | Dec 2024 2.0% | Mar 2025 6.6% | Jun 2025 5.0% | Sep 2025 5.2% | Dec 2025 1.8% | Mar 2026 6.3% | Jun 2026 5.3% - WEST: Sep 2021 1.0% | Dec 2021 0.6% | Mar 2022 0.4% | Jun 2022 0.6% | Sep 2022 1.2% | Dec 2022 0.2% | Mar 2023 -1.5% | Jun 2023 -0.3% | Sep 2023 -0.9% | Dec 2023 -1.0% | Mar 2024 -1.5% | Jun 2024 -2.4% | Sep 2024 -1.7% | Dec 2024 -1.3% | Mar 2025 -1.6% | Jun 2025 -1.9% | Sep 2025 -1.1% | Dec 2025 -1.1% | Mar 2026 0.4% | Jun 2026 — - OFRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 -11% | Dec 2024 3.3% | Mar 2025 -40% | Jun 2025 0.1% | Sep 2025 -2.2% | Dec 2025 8.0% | Mar 2026 -16% | Jun 2026 — ### 20-quarter ROCE change history - KHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +1.5 pp | Mar 2023 — | Jun 2023 +0.9 pp | Sep 2023 +0.8 pp | Dec 2023 +0.1 pp | Mar 2024 — | Jun 2024 −0.9 pp | Sep 2024 −1.8 pp | Dec 2024 −1.6 pp | Mar 2025 −0.2 pp | Jun 2025 −10.9 pp | Sep 2025 +1.4 pp | Dec 2025 +1.4 pp | Mar 2026 +0.1 pp | Jun 2026 — - GIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 −0.2 pp | Jun 2023 −0.9 pp | Sep 2023 −0.6 pp | Dec 2023 +0.2 pp | Mar 2024 +0.8 pp | Jun 2024 −0.3 pp | Sep 2024 −0.6 pp | Dec 2024 +0.8 pp | Mar 2025 −0.3 pp | Jun 2025 −1.2 pp | Sep 2025 +3.6 pp | Dec 2025 −1.5 pp | Mar 2026 −1.5 pp | Jun 2026 −10.6 pp - JBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.2 pp | Dec 2022 −4.9 pp | Mar 2023 −6.6 pp | Jun 2023 −4.8 pp | Sep 2023 −3.1 pp | Dec 2023 −0.5 pp | Mar 2024 +2.8 pp | Jun 2024 +2.7 pp | Sep 2024 +3.1 pp | Dec 2024 +1.9 pp | Mar 2025 +0.4 pp | Jun 2025 −0.1 pp | Sep 2025 −1.0 pp | Dec 2025 −0.1 pp | Mar 2026 −1.3 pp | Jun 2026 — - HRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.4 pp | Mar 2023 −0.7 pp | Jun 2023 −0.8 pp | Sep 2023 −0.7 pp | Dec 2023 −0.8 pp | Mar 2024 0.0 pp | Jun 2024 −0.4 pp | Sep 2024 +0.2 pp | Dec 2024 +0.1 pp | Mar 2025 −0.5 pp | Jun 2025 0.0 pp | Sep 2025 −0.1 pp | Dec 2025 −2.5 pp | Mar 2026 0.0 pp | Jun 2026 −0.3 pp - MKC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.3 pp | Mar 2023 −0.1 pp | Jun 2023 +0.6 pp | Sep 2023 +0.1 pp | Dec 2023 +0.4 pp | Mar 2024 +0.4 pp | Jun 2024 +0.1 pp | Sep 2024 +0.4 pp | Dec 2024 0.0 pp | Mar 2025 −0.1 pp | Jun 2025 +0.2 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −0.3 pp | Jun 2026 −0.1 pp - SJM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.1 pp | Mar 2023 +1.1 pp | Jun 2023 −6.9 pp | Sep 2023 +1.0 pp | Dec 2023 −0.1 pp | Mar 2024 −0.3 pp | Jun 2024 +7.5 pp | Sep 2024 +0.1 pp | Dec 2024 −1.0 pp | Mar 2025 −5.5 pp | Jun 2025 −6.6 pp | Sep 2025 −2.1 pp | Dec 2025 +1.7 pp | Mar 2026 −0.2 pp | Jun 2026 +6.9 pp - MICC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +2.3 pp | Dec 2024 +2.3 pp | Mar 2025 −0.4 pp | Jun 2025 −0.4 pp | Sep 2025 −1.9 pp | Dec 2025 −1.9 pp | Mar 2026 — | Jun 2026 — - SFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 +4.3 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −3.0 pp | Dec 2025 +0.7 pp | Mar 2026 −3.5 pp | Jun 2026 — - DAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 −1.0 pp | Sep 2023 −0.3 pp | Dec 2023 −2.4 pp | Mar 2024 — | Jun 2024 −1.8 pp | Sep 2024 −3.6 pp | Dec 2024 −0.4 pp | Mar 2025 −1.1 pp | Jun 2025 −0.7 pp | Sep 2025 +0.2 pp | Dec 2025 — | Mar 2026 +0.8 pp | Jun 2026 +1.6 pp - LW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.7 pp | Dec 2022 +4.3 pp | Mar 2023 +3.1 pp | Jun 2023 +0.4 pp | Sep 2023 +2.9 pp | Dec 2023 −0.9 pp | Mar 2024 −2.3 pp | Jun 2024 −0.4 pp | Sep 2024 −3.5 pp | Dec 2024 −6.4 pp | Mar 2025 −0.2 pp | Jun 2025 −0.7 pp | Sep 2025 −1.1 pp | Dec 2025 +2.1 pp | Mar 2026 −2.3 pp | Jun 2026 −0.4 pp - CAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 +0.8 pp | Mar 2023 +0.7 pp | Jun 2023 −0.8 pp | Sep 2023 +2.8 pp | Dec 2023 −0.5 pp | Mar 2024 −0.1 pp | Jun 2024 −0.5 pp | Sep 2024 −0.5 pp | Dec 2024 −0.1 pp | Mar 2025 −1.1 pp | Jun 2025 +2.1 pp | Sep 2025 −0.2 pp | Dec 2025 −6.0 pp | Mar 2026 +0.3 pp | Jun 2026 −12.7 pp - PPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.2 pp | Dec 2022 −2.1 pp | Mar 2023 −5.9 pp | Jun 2023 −6.9 pp | Sep 2023 −2.2 pp | Dec 2023 +3.8 pp | Mar 2024 +3.0 pp | Jun 2024 +4.5 pp | Sep 2024 +3.6 pp | Dec 2024 +1.4 pp | Mar 2025 +2.1 pp | Jun 2025 +0.9 pp | Sep 2025 −0.2 pp | Dec 2025 −1.4 pp | Mar 2026 −3.4 pp | Jun 2026 — - CPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.8 pp | Mar 2023 +0.4 pp | Jun 2023 −0.4 pp | Sep 2023 +1.1 pp | Dec 2023 −0.9 pp | Mar 2024 −0.4 pp | Jun 2024 −0.4 pp | Sep 2024 −2.2 pp | Dec 2024 −0.6 pp | Mar 2025 −0.4 pp | Jun 2025 −0.9 pp | Sep 2025 +1.6 pp | Dec 2025 −0.5 pp | Mar 2026 −0.7 pp | Jun 2026 +0.6 pp - INGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +1.2 pp | Mar 2023 +1.3 pp | Jun 2023 +0.7 pp | Sep 2023 +0.5 pp | Dec 2023 +0.7 pp | Mar 2024 −1.5 pp | Jun 2024 −0.4 pp | Sep 2024 +0.6 pp | Dec 2024 −0.8 pp | Mar 2025 +0.9 pp | Jun 2025 +0.3 pp | Sep 2025 −0.5 pp | Dec 2025 +0.8 pp | Mar 2026 −1.4 pp | Jun 2026 — - POST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.6 pp | Mar 2023 +0.4 pp | Jun 2023 +0.5 pp | Sep 2023 +0.2 pp | Dec 2023 +0.6 pp | Mar 2024 +0.4 pp | Jun 2024 +0.4 pp | Sep 2024 +0.3 pp | Dec 2024 0.0 pp | Mar 2025 −0.1 pp | Jun 2025 +0.2 pp | Sep 2025 −0.3 pp | Dec 2025 +0.1 pp | Mar 2026 +0.2 pp | Jun 2026 — - MZTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +0.5 pp | Mar 2023 +3.9 pp | Jun 2023 −2.4 pp | Sep 2023 +0.7 pp | Dec 2023 +1.4 pp | Mar 2024 +0.5 pp | Jun 2024 +3.0 pp | Sep 2024 −0.4 pp | Dec 2024 +0.6 pp | Mar 2025 +1.2 pp | Jun 2025 −0.5 pp | Sep 2025 −0.2 pp | Dec 2025 −0.6 pp | Mar 2026 −0.7 pp | Jun 2026 — - FRPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.7 pp | Dec 2022 +1.2 pp | Mar 2023 +0.1 pp | Jun 2023 +0.6 pp | Sep 2023 +1.2 pp | Dec 2023 +1.4 pp | Mar 2024 +2.6 pp | Jun 2024 +1.3 pp | Sep 2024 +1.4 pp | Dec 2024 +0.2 pp | Mar 2025 −1.4 pp | Jun 2025 +1.3 pp | Sep 2025 +0.8 pp | Dec 2025 +1.4 pp | Mar 2026 +1.1 pp | Jun 2026 — - CENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −1.1 pp | Mar 2023 −1.4 pp | Jun 2023 +0.1 pp | Sep 2023 −0.2 pp | Dec 2023 +0.3 pp | Mar 2024 +0.4 pp | Jun 2024 −0.4 pp | Sep 2024 −1.4 pp | Dec 2024 +0.6 pp | Mar 2025 −0.1 pp | Jun 2025 +0.5 pp | Sep 2025 +0.9 pp | Dec 2025 −0.4 pp | Mar 2026 +0.6 pp | Jun 2026 — - UTZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.5 pp | Mar 2023 +0.5 pp | Jun 2023 +0.8 pp | Sep 2023 −0.1 pp | Dec 2023 −0.4 pp | Mar 2024 +0.1 pp | Jun 2024 +1.0 pp | Sep 2024 +0.7 pp | Dec 2024 +0.1 pp | Mar 2025 −0.2 pp | Jun 2025 −0.6 pp | Sep 2025 −0.7 pp | Dec 2025 −0.1 pp | Mar 2026 +0.1 pp | Jun 2026 — - NOMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 0.0 pp | Mar 2023 −0.3 pp | Jun 2023 −0.4 pp | Sep 2023 −0.2 pp | Dec 2023 0.0 pp | Mar 2024 −0.2 pp | Jun 2024 +0.1 pp | Sep 2024 +0.5 pp | Dec 2024 +0.5 pp | Mar 2025 +0.1 pp | Jun 2025 −0.3 pp | Sep 2025 −0.5 pp | Dec 2025 −0.4 pp | Mar 2026 −0.3 pp | Jun 2026 — - FLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.2 pp | Mar 2023 — | Jun 2023 −0.7 pp | Sep 2023 +0.2 pp | Dec 2023 −4.4 pp | Mar 2024 — | Jun 2024 +0.2 pp | Sep 2024 +0.3 pp | Dec 2024 +5.4 pp | Mar 2025 — | Jun 2025 −0.9 pp | Sep 2025 −0.6 pp | Dec 2025 −1.1 pp | Mar 2026 — | Jun 2026 −0.3 pp - BRBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +4.4 pp | Mar 2023 +3.3 pp | Jun 2023 −0.2 pp | Sep 2023 +2.0 pp | Dec 2023 −1.7 pp | Mar 2024 +4.9 pp | Jun 2024 +5.5 pp | Sep 2024 +5.0 pp | Dec 2024 +5.7 pp | Mar 2025 −0.4 pp | Jun 2025 −12.5 pp | Sep 2025 −3.3 pp | Dec 2025 −7.3 pp | Mar 2026 −5.5 pp | Jun 2026 — - JJSF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −0.7 pp | Mar 2023 +0.6 pp | Jun 2023 +2.3 pp | Sep 2023 +1.7 pp | Dec 2023 0.0 pp | Mar 2024 +0.6 pp | Jun 2024 0.0 pp | Sep 2024 −0.4 pp | Dec 2024 −0.4 pp | Mar 2025 −1.1 pp | Jun 2025 +0.7 pp | Sep 2025 −2.5 pp | Dec 2025 −0.4 pp | Mar 2026 −0.3 pp | Jun 2026 — - HLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 +0.5 pp | Mar 2023 −4.8 pp | Jun 2023 −1.1 pp | Sep 2023 −1.8 pp | Dec 2023 −1.7 pp | Mar 2024 +0.1 pp | Jun 2024 −2.4 pp | Sep 2024 +2.2 pp | Dec 2024 +3.6 pp | Mar 2025 +3.0 pp | Jun 2025 +3.0 pp | Sep 2025 −0.5 pp | Dec 2025 −0.9 pp | Mar 2026 +0.6 pp | Jun 2026 — - SENEA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.0 pp | Dec 2022 −9.7 pp | Mar 2023 −9.9 pp | Jun 2023 — | Sep 2023 −1.9 pp | Dec 2023 −0.4 pp | Mar 2024 +6.4 pp | Jun 2024 — | Sep 2024 +2.6 pp | Dec 2024 +2.6 pp | Mar 2025 −0.9 pp | Jun 2025 −1.2 pp | Sep 2025 +1.3 pp | Dec 2025 −2.6 pp | Mar 2026 −5.9 pp | Jun 2026 — - JBSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 +1.8 pp | Mar 2023 +0.8 pp | Jun 2023 −1.3 pp | Sep 2023 +0.1 pp | Dec 2023 +0.2 pp | Mar 2024 −1.6 pp | Jun 2024 −2.5 pp | Sep 2024 −2.8 pp | Dec 2024 −2.9 pp | Mar 2025 +2.1 pp | Jun 2025 +0.8 pp | Sep 2025 +1.6 pp | Dec 2025 +0.8 pp | Mar 2026 −2.0 pp | Jun 2026 — - SMPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.4 pp | Mar 2023 −0.2 pp | Jun 2023 −0.1 pp | Sep 2023 +0.6 pp | Dec 2023 0.0 pp | Mar 2024 +0.3 pp | Jun 2024 +0.2 pp | Sep 2024 −0.6 pp | Dec 2024 −0.1 pp | Mar 2025 +0.1 pp | Jun 2025 −0.2 pp | Sep 2025 −2.7 pp | Dec 2025 −0.9 pp | Mar 2026 −12.3 pp | Jun 2026 −5.0 pp - MAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +9.0 pp | Mar 2023 +17.4 pp | Jun 2023 +6.9 pp | Sep 2023 +14.4 pp | Dec 2023 +1.8 pp | Mar 2024 −1.0 pp | Jun 2024 −5.5 pp | Sep 2024 −3.6 pp | Dec 2024 −8.8 pp | Mar 2025 −1.1 pp | Jun 2025 +2.0 pp | Sep 2025 −0.6 pp | Dec 2025 −0.2 pp | Mar 2026 −0.3 pp | Jun 2026 +0.3 pp - WEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −0.4 pp | Mar 2023 −1.9 pp | Jun 2023 −0.9 pp | Sep 2023 −2.1 pp | Dec 2023 −1.2 pp | Mar 2024 0.0 pp | Jun 2024 −2.1 pp | Sep 2024 −0.8 pp | Dec 2024 −0.3 pp | Mar 2025 −0.1 pp | Jun 2025 +0.5 pp | Sep 2025 +0.6 pp | Dec 2025 +0.2 pp | Mar 2026 +2.0 pp | Jun 2026 — - OFRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −11.1 pp | Dec 2024 +3.3 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +8.9 pp | Dec 2025 +4.7 pp | Mar 2026 +24.5 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: JBS N.V. has the lowest comparable Guarded PEG at 0.16×, 40.7% below Seneca Foods Corporation. Only 16 of 30 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: JBS N.V. · 0.16× | 40.7% versus #2 · Seneca Foods Corporation | 0/4 recent comparable periods | 16/30 companies · 83 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction. ### Guarded PEG — lowest PEG 1. JBS N.V. (JBS): 0.2 2. Seneca Foods Corporation (SENEA): 0.3 3. Central Garden & Pet Company (CENT): 0.3 4. The Campbell's Company (CPB): 0.3 5. Pilgrim's Pride Corporation (PPC): 0.3 ### P/E — lowest P/E 1. Herbalife Ltd. (HLF): 6.5 2. McCormick & Company, Incorporated (MKC): 7.9 3. Seneca Foods Corporation (SENEA): 9.1 4. Nomad Foods Limited (NOMD): 9.3 5. Pilgrim's Pride Corporation (PPC): 9.8 ### 20-quarter Guarded PEG history - GIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.2 | Mar 2025 — | Jun 2025 — | Sep 2025 0.4 | Dec 2025 — | Mar 2026 — | Jun 2026 — - JBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 — | Jun 2026 — - MKC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 4.3 | Jun 2024 4.6 | Sep 2024 1.2 | Dec 2024 1.7 | Mar 2025 2.6 | Jun 2025 4.9 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - SFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.0 | Dec 2025 — | Mar 2026 — | Jun 2026 — - LW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.2 | Mar 2026 — | Jun 2026 — - CAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.3 | Mar 2024 0.7 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - PPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.7 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.3 | Dec 2025 — | Mar 2026 — | Jun 2026 — - CPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.1 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.8 | Dec 2025 2.9 | Mar 2026 2.7 | Jun 2026 0.3 - INGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 0.5 | Sep 2023 0.3 | Dec 2023 0.4 | Mar 2024 0.6 | Jun 2024 0.8 | Sep 2024 1.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.7 | Mar 2026 1.1 | Jun 2026 — - POST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.2 | Dec 2024 0.6 | Mar 2025 2.7 | Jun 2025 2.0 | Sep 2025 — | Dec 2025 — | Mar 2026 2.9 | Jun 2026 — - MZTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.0 | Jun 2023 2.1 | Sep 2023 1.8 | Dec 2023 1.3 | Mar 2024 — | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 1.4 | Mar 2025 1.0 | Jun 2025 5.1 | Sep 2025 4.3 | Dec 2025 1.7 | Mar 2026 — | Jun 2026 — - FRPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 3.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.2 | Jun 2024 0.8 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.4 | Mar 2026 0.3 | Jun 2026 — - NOMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.5 | Mar 2025 0.5 | Jun 2025 1.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - BRBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 — | Dec 2023 1.1 | Mar 2024 1.3 | Jun 2024 0.7 | Sep 2024 0.6 | Dec 2024 — | Mar 2025 0.7 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - JJSF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.1 | Sep 2024 4.2 | Dec 2024 6.4 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - SENEA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.3 | Dec 2025 — | Mar 2026 — | Jun 2026 — - JBSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.1 | Jun 2023 — | Sep 2023 1.6 | Dec 2023 2.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.5 | Dec 2025 0.3 | Mar 2026 0.7 | Jun 2026 — - SMPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.0 | Sep 2023 1.2 | Dec 2023 4.1 | Mar 2024 3.3 | Jun 2024 1.7 | Sep 2024 — | Dec 2024 3.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 4.3 | Mar 2026 2.6 | Jun 2026 2.6 ### 20-quarter P/E history - KHC: Sep 2021 19.0 | Dec 2021 43.0 | Mar 2022 39.7 | Jun 2022 31.5 | Sep 2022 34.6 | Dec 2022 21.3 | Mar 2023 — | Jun 2023 19.7 | Sep 2023 13.9 | Dec 2023 16.0 | Mar 2024 16.1 | Jun 2024 20.7 | Sep 2024 31.9 | Dec 2024 13.6 | Mar 2025 13.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - GIS: Sep 2021 — | Dec 2021 17.3 | Mar 2022 18.1 | Jun 2022 15.8 | Sep 2022 16.1 | Dec 2022 17.3 | Mar 2023 17.4 | Jun 2023 19.5 | Sep 2023 16.7 | Dec 2023 15.9 | Mar 2024 15.0 | Jun 2024 15.9 | Sep 2024 16.9 | Dec 2024 14.1 | Mar 2025 13.4 | Jun 2025 13.0 | Sep 2025 9.5 | Dec 2025 10.4 | Mar 2026 10.9 | Jun 2026 — - JBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 7.6 | Sep 2025 9.0 | Dec 2025 7.6 | Mar 2026 11.3 | Jun 2026 — - HRL: Sep 2021 — | Dec 2021 25.5 | Mar 2022 28.0 | Jun 2022 29.9 | Sep 2022 27.0 | Dec 2022 25.8 | Mar 2023 25.1 | Jun 2023 23.7 | Sep 2023 25.5 | Dec 2023 21.7 | Mar 2024 21.2 | Jun 2024 25.2 | Sep 2024 22.5 | Dec 2024 21.1 | Mar 2025 22.5 | Jun 2025 21.8 | Sep 2025 21.3 | Dec 2025 27.4 | Mar 2026 27.6 | Jun 2026 25.4 - MKC: Sep 2021 — | Dec 2021 30.7 | Mar 2022 34.4 | Jun 2022 36.7 | Sep 2022 32.8 | Dec 2022 33.8 | Mar 2023 30.1 | Jun 2023 33.1 | Sep 2023 34.2 | Dec 2023 25.7 | Mar 2024 26.3 | Jun 2024 26.4 | Sep 2024 27.2 | Dec 2024 26.9 | Mar 2025 28.4 | Jun 2025 25.3 | Sep 2025 24.4 | Dec 2025 23.0 | Mar 2026 11.7 | Jun 2026 7.9 - SJM: Sep 2021 — | Dec 2021 17.6 | Mar 2022 26.5 | Jun 2022 23.5 | Sep 2022 24.3 | Dec 2022 28.3 | Mar 2023 23.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 16.1 | Sep 2024 16.7 | Dec 2024 23.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MICC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 28.1 | Mar 2026 — | Jun 2026 — - SFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 7.6 | Jun 2025 9.8 | Sep 2025 10.5 | Dec 2025 8.9 | Mar 2026 10.4 | Jun 2026 — - DAR: Sep 2021 — | Dec 2021 22.9 | Mar 2022 17.8 | Jun 2022 20.2 | Sep 2022 15.0 | Dec 2022 14.8 | Mar 2023 — | Jun 2023 13.0 | Sep 2023 13.2 | Dec 2023 12.3 | Mar 2024 13.7 | Jun 2024 15.8 | Sep 2024 23.0 | Dec 2024 19.2 | Mar 2025 29.1 | Jun 2025 57.2 | Sep 2025 47.1 | Dec 2025 — | Mar 2026 96.5 | Jun 2026 46.9 - LW: Sep 2021 37.1 | Dec 2021 39.5 | Mar 2022 41.8 | Jun 2022 48.9 | Sep 2022 28.8 | Dec 2022 26.2 | Mar 2023 26.5 | Jun 2023 15.9 | Sep 2023 13.8 | Dec 2023 12.8 | Mar 2024 13.5 | Jun 2024 17.6 | Sep 2024 14.5 | Dec 2024 29.9 | Mar 2025 21.5 | Jun 2025 22.2 | Sep 2025 27.0 | Dec 2025 20.4 | Mar 2026 22.3 | Jun 2026 20.8 - CAG: Sep 2021 13.3 | Dec 2021 13.9 | Mar 2022 16.4 | Jun 2022 18.0 | Sep 2022 29.3 | Dec 2022 26.3 | Mar 2023 21.9 | Jun 2023 24.5 | Sep 2023 13.3 | Dec 2023 13.8 | Mar 2024 14.2 | Jun 2024 42.1 | Sep 2024 29.7 | Dec 2024 26.9 | Mar 2025 37.9 | Jun 2025 9.3 | Sep 2025 11.2 | Dec 2025 — | Mar 2026 — | Jun 2026 — - PPC: Sep 2021 — | Dec 2021 211.9 | Mar 2022 27.5 | Jun 2022 10.2 | Sep 2022 6.2 | Dec 2022 7.7 | Mar 2023 11.3 | Jun 2023 30.2 | Sep 2023 190.1 | Dec 2023 20.3 | Mar 2024 16.7 | Jun 2024 12.1 | Sep 2024 10.6 | Dec 2024 10.1 | Mar 2025 10.5 | Jun 2025 8.6 | Sep 2025 7.9 | Dec 2025 8.8 | Mar 2026 9.8 | Jun 2026 — - CPB: Sep 2021 — | Dec 2021 12.8 | Mar 2022 14.6 | Jun 2022 15.1 | Sep 2022 19.7 | Dec 2022 20.1 | Mar 2023 18.9 | Jun 2023 20.8 | Sep 2023 16.2 | Dec 2023 15.3 | Mar 2024 17.4 | Jun 2024 18.2 | Sep 2024 24.7 | Dec 2024 25.7 | Mar 2025 22.5 | Jun 2025 24.0 | Sep 2025 16.1 | Dec 2025 15.6 | Mar 2026 15.3 | Jun 2026 10.3 - INGR: Sep 2021 36.9 | Dec 2021 55.9 | Mar 2022 12.0 | Jun 2022 13.0 | Sep 2022 12.2 | Dec 2022 13.3 | Mar 2023 12.3 | Jun 2023 12.4 | Sep 2023 10.5 | Dec 2023 11.3 | Mar 2024 11.7 | Jun 2024 11.7 | Sep 2024 13.4 | Dec 2024 14.2 | Mar 2025 14.3 | Jun 2025 13.2 | Sep 2025 12.2 | Dec 2025 9.9 | Mar 2026 10.9 | Jun 2026 — - POST: Sep 2021 30.9 | Dec 2021 85.4 | Mar 2022 9.1 | Jun 2022 7.3 | Sep 2022 6.8 | Dec 2022 6.5 | Mar 2023 13.9 | Jun 2023 16.9 | Sep 2023 17.8 | Dec 2023 18.9 | Mar 2024 20.4 | Jun 2024 19.4 | Sep 2024 20.5 | Dec 2024 18.9 | Mar 2025 20.7 | Jun 2025 18.5 | Sep 2025 19.5 | Dec 2025 18.3 | Mar 2026 16.6 | Jun 2026 — - MZTI: Sep 2021 34.2 | Dec 2021 36.3 | Mar 2022 44.7 | Jun 2022 39.6 | Sep 2022 42.9 | Dec 2022 53.3 | Mar 2023 42.6 | Jun 2023 49.8 | Sep 2023 38.7 | Dec 2023 35.6 | Mar 2024 43.1 | Jun 2024 32.8 | Sep 2024 30.6 | Dec 2024 30.4 | Mar 2025 28.5 | Jun 2025 28.5 | Sep 2025 28.1 | Dec 2025 25.2 | Mar 2026 21.7 | Jun 2026 — - FRPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 643.7 | Jun 2024 258.8 | Sep 2024 153.7 | Dec 2024 159.3 | Mar 2025 268.3 | Jun 2025 101.4 | Sep 2025 24.1 | Dec 2025 23.1 | Mar 2026 15.8 | Jun 2026 — - CENT: Sep 2021 16.6 | Dec 2021 18.1 | Mar 2022 16.0 | Jun 2022 15.6 | Sep 2022 13.2 | Dec 2022 15.1 | Mar 2023 18.6 | Jun 2023 16.3 | Sep 2023 18.4 | Dec 2023 24.8 | Mar 2024 19.2 | Jun 2024 17.7 | Sep 2024 22.6 | Dec 2024 21.4 | Mar 2025 19.3 | Jun 2025 16.6 | Sep 2025 13.0 | Dec 2025 13.2 | Mar 2026 13.4 | Jun 2026 — - UTZ: Sep 2021 — | Dec 2021 — | Mar 2022 63.8 | Jun 2022 53.4 | Sep 2022 121.3 | Dec 2022 — | Mar 2023 — | Jun 2023 164.7 | Sep 2023 1,636.0 | Dec 2023 — | Mar 2024 — | Jun 2024 554.7 | Sep 2024 — | Dec 2024 82.0 | Mar 2025 44.0 | Jun 2025 59.3 | Sep 2025 173.1 | Dec 2025 1,046.0 | Mar 2026 — | Jun 2026 — - NOMD: Sep 2021 20.2 | Dec 2021 21.9 | Mar 2022 19.2 | Jun 2022 15.9 | Sep 2022 10.5 | Dec 2022 11.2 | Mar 2023 12.8 | Jun 2023 13.4 | Sep 2023 12.1 | Dec 2023 13.6 | Mar 2024 16.5 | Jun 2024 12.3 | Sep 2024 13.9 | Dec 2024 11.5 | Mar 2025 13.0 | Jun 2025 10.8 | Sep 2025 8.7 | Dec 2025 11.7 | Mar 2026 9.3 | Jun 2026 — - FLO: Sep 2021 — | Dec 2021 23.8 | Mar 2022 28.3 | Jun 2022 26.8 | Sep 2022 26.8 | Dec 2022 24.1 | Mar 2023 — | Jun 2023 27.2 | Sep 2023 23.0 | Dec 2023 33.5 | Mar 2024 — | Jun 2024 41.7 | Sep 2024 35.2 | Dec 2024 21.5 | Mar 2025 — | Jun 2025 18.6 | Sep 2025 16.8 | Dec 2025 13.4 | Mar 2026 27.0 | Jun 2026 21.5 - BRBR: Sep 2021 43.9 | Dec 2021 39.6 | Mar 2022 32.1 | Jun 2022 32.3 | Sep 2022 23.4 | Dec 2022 28.8 | Mar 2023 30.9 | Jun 2023 32.1 | Sep 2023 33.5 | Dec 2023 44.7 | Mar 2024 41.0 | Jun 2024 34.2 | Sep 2024 32.7 | Dec 2024 35.4 | Mar 2025 34.6 | Jun 2025 33.1 | Sep 2025 21.6 | Dec 2025 18.4 | Mar 2026 12.5 | Jun 2026 — - JJSF: Sep 2021 52.8 | Dec 2021 46.0 | Mar 2022 47.9 | Jun 2022 55.0 | Sep 2022 55.5 | Dec 2022 69.1 | Mar 2023 60.6 | Jun 2023 45.8 | Sep 2023 40.1 | Dec 2023 40.7 | Mar 2024 32.6 | Jun 2024 36.1 | Sep 2024 38.4 | Dec 2024 36.0 | Mar 2025 33.4 | Jun 2025 26.0 | Sep 2025 28.5 | Dec 2025 28.6 | Mar 2026 26.8 | Jun 2026 — - HLF: Sep 2021 9.8 | Dec 2021 9.9 | Mar 2022 8.1 | Jun 2022 6.2 | Sep 2022 6.5 | Dec 2022 4.6 | Mar 2023 6.3 | Jun 2023 5.8 | Sep 2023 7.5 | Dec 2023 10.8 | Mar 2024 7.3 | Jun 2024 12.7 | Sep 2024 8.5 | Dec 2024 2.7 | Mar 2025 3.2 | Jun 2025 2.7 | Sep 2025 2.7 | Dec 2025 5.9 | Mar 2026 6.5 | Jun 2026 — - SENEA: Sep 2021 4.0 | Dec 2021 3.9 | Mar 2022 7.0 | Jun 2022 — | Sep 2022 12.4 | Dec 2022 9.8 | Mar 2023 — | Jun 2023 — | Sep 2023 9.2 | Dec 2023 11.5 | Mar 2024 — | Jun 2024 7.6 | Sep 2024 10.5 | Dec 2024 14.1 | Mar 2025 15.0 | Jun 2025 16.0 | Sep 2025 12.3 | Dec 2025 8.5 | Mar 2026 9.1 | Jun 2026 — - JBSS: Sep 2021 14.1 | Dec 2021 17.4 | Mar 2022 16.7 | Jun 2022 13.6 | Sep 2022 15.3 | Dec 2022 15.4 | Mar 2023 17.1 | Jun 2023 22.1 | Sep 2023 17.9 | Dec 2023 18.3 | Mar 2024 19.1 | Jun 2024 18.8 | Sep 2024 20.6 | Dec 2024 20.5 | Mar 2025 15.0 | Jun 2025 12.5 | Sep 2025 11.2 | Dec 2025 12.1 | Mar 2026 13.6 | Jun 2026 — - SMPL: Sep 2021 — | Dec 2021 189.7 | Mar 2022 60.0 | Jun 2022 42.3 | Sep 2022 29.2 | Dec 2022 31.7 | Mar 2023 29.9 | Jun 2023 28.8 | Sep 2023 26.1 | Dec 2023 30.0 | Mar 2024 25.6 | Jun 2024 25.7 | Sep 2024 22.9 | Dec 2024 28.2 | Mar 2025 26.2 | Jun 2025 24.1 | Sep 2025 28.1 | Dec 2025 21.9 | Mar 2026 — | Jun 2026 — - MAMA: Sep 2021 — | Dec 2021 33.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 33.3 | Jun 2023 18.6 | Sep 2023 20.6 | Dec 2023 16.9 | Mar 2024 25.4 | Jun 2024 39.6 | Sep 2024 58.6 | Dec 2024 82.8 | Mar 2025 85.6 | Jun 2025 60.0 | Sep 2025 75.1 | Dec 2025 96.3 | Mar 2026 116.2 | Jun 2026 94.6 ## Enterprise Value & Book Value What the numbers say: Herbalife Ltd. leads ev/ebitda at 5.23×; Nomad Foods Limited leads p/bv at 0.47×. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: Herbalife Ltd. · 5.23× | 16.2% versus #2 · Pilgrim's Pride Corporation | 8/8 recent comparable periods | 29/30 companies · 476 observations Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts. ### EV/EBITDA — lowest EV/EBITDA 1. Herbalife Ltd. (HLF): 5.2 2. Pilgrim's Pride Corporation (PPC): 6.2 3. JBS N.V. (JBS): 6.5 4. Seneca Foods Corporation (SENEA): 6.6 5. Ingredion Incorporated (INGR): 6.9 ### P/BV — lowest P/BV 1. Nomad Foods Limited (NOMD): 0.5 2. The Kraft Heinz Company (KHC): 0.6 3. The Simply Good Foods Company (SMPL): 0.7 4. Utz Brands, Inc. (UTZ): 0.9 5. Conagra Brands, Inc. (CAG): 1.0 ### 20-quarter EV/EBITDA history - KHC: Sep 2021 11.2 | Dec 2021 14.1 | Mar 2022 15.3 | Jun 2022 18.0 | Sep 2022 18.4 | Dec 2022 15.1 | Mar 2023 — | Jun 2023 14.3 | Sep 2023 11.4 | Dec 2023 11.5 | Mar 2024 11.4 | Jun 2024 12.2 | Sep 2024 15.5 | Dec 2024 21.0 | Mar 2025 21.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - GIS: Sep 2021 — | Dec 2021 13.9 | Mar 2022 14.7 | Jun 2022 13.1 | Sep 2022 13.2 | Dec 2022 14.1 | Mar 2023 14.0 | Jun 2023 15.3 | Sep 2023 13.5 | Dec 2023 12.9 | Mar 2024 12.2 | Jun 2024 12.8 | Sep 2024 13.5 | Dec 2024 11.6 | Mar 2025 11.5 | Jun 2025 11.3 | Sep 2025 8.5 | Dec 2025 8.8 | Mar 2026 9.2 | Jun 2026 21.5 - JBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 5.3 | Sep 2025 5.6 | Dec 2025 5.3 | Mar 2026 6.5 | Jun 2026 — - HRL: Sep 2021 — | Dec 2021 19.3 | Mar 2022 24.0 | Jun 2022 25.4 | Sep 2022 22.6 | Dec 2022 18.1 | Mar 2023 21.2 | Jun 2023 20.0 | Sep 2023 21.4 | Dec 2023 14.9 | Mar 2024 18.1 | Jun 2024 21.2 | Sep 2024 19.0 | Dec 2024 14.4 | Mar 2025 18.8 | Jun 2025 18.4 | Sep 2025 18.1 | Dec 2025 15.6 | Mar 2026 21.1 | Jun 2026 19.7 - MKC: Sep 2021 — | Dec 2021 23.2 | Mar 2022 26.1 | Jun 2022 27.3 | Sep 2022 25.8 | Dec 2022 26.0 | Mar 2023 23.5 | Jun 2023 24.8 | Sep 2023 23.5 | Dec 2023 18.6 | Mar 2024 19.1 | Jun 2024 19.5 | Sep 2024 20.6 | Dec 2024 19.9 | Mar 2025 20.8 | Jun 2025 18.7 | Sep 2025 18.0 | Dec 2025 16.9 | Mar 2026 18.6 | Jun 2026 13.2 - SJM: Sep 2021 — | Dec 2021 10.7 | Mar 2022 13.7 | Jun 2022 12.8 | Sep 2022 13.4 | Dec 2022 15.1 | Mar 2023 13.3 | Jun 2023 33.0 | Sep 2023 27.7 | Dec 2023 22.9 | Mar 2024 34.1 | Jun 2024 11.9 | Sep 2024 11.6 | Dec 2024 11.8 | Mar 2025 23.1 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 19.1 - MICC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 12.0 | Mar 2026 — | Jun 2026 — - SFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 7.5 | Jun 2025 9.0 | Sep 2025 9.0 | Dec 2025 6.1 | Mar 2026 9.6 | Jun 2026 — - DAR: Sep 2021 — | Dec 2021 12.5 | Mar 2022 10.6 | Jun 2022 12.4 | Sep 2022 10.4 | Dec 2022 10.4 | Mar 2023 — | Jun 2023 9.5 | Sep 2023 9.4 | Dec 2023 8.6 | Mar 2024 9.0 | Jun 2024 9.2 | Sep 2024 10.3 | Dec 2024 9.9 | Mar 2025 10.6 | Jun 2025 13.1 | Sep 2025 11.8 | Dec 2025 — | Mar 2026 12.9 | Jun 2026 14.8 - LW: Sep 2021 19.6 | Dec 2021 17.4 | Mar 2022 20.3 | Jun 2022 18.8 | Sep 2022 18.8 | Dec 2022 16.4 | Mar 2023 16.4 | Jun 2023 17.5 | Sep 2023 13.4 | Dec 2023 13.3 | Mar 2024 14.0 | Jun 2024 12.0 | Sep 2024 10.0 | Dec 2024 14.3 | Mar 2025 11.0 | Jun 2025 11.4 | Sep 2025 11.6 | Dec 2025 10.6 | Mar 2026 10.7 | Jun 2026 9.9 - CAG: Sep 2021 12.5 | Dec 2021 13.0 | Mar 2022 14.5 | Jun 2022 14.5 | Sep 2022 19.3 | Dec 2022 18.5 | Mar 2023 16.7 | Jun 2023 17.9 | Sep 2023 12.1 | Dec 2023 12.2 | Mar 2024 12.0 | Jun 2024 18.3 | Sep 2024 10.9 | Dec 2024 10.3 | Mar 2025 14.4 | Jun 2025 10.7 | Sep 2025 21.5 | Dec 2025 — | Mar 2026 113.2 | Jun 2026 — - PPC: Sep 2021 17.7 | Dec 2021 16.5 | Mar 2022 10.3 | Jun 2022 7.0 | Sep 2022 4.9 | Dec 2022 5.5 | Mar 2023 7.1 | Jun 2023 10.2 | Sep 2023 12.6 | Dec 2023 10.0 | Mar 2024 9.3 | Jun 2024 7.4 | Sep 2024 6.6 | Dec 2024 6.3 | Mar 2025 6.7 | Jun 2025 6.0 | Sep 2025 5.7 | Dec 2025 5.9 | Mar 2026 6.2 | Jun 2026 — - CPB: Sep 2021 — | Dec 2021 9.6 | Mar 2022 10.5 | Jun 2022 10.8 | Sep 2022 13.0 | Dec 2022 13.1 | Mar 2023 12.3 | Jun 2023 13.1 | Sep 2023 10.8 | Dec 2023 10.3 | Mar 2024 11.0 | Jun 2024 12.8 | Sep 2024 14.9 | Dec 2024 14.8 | Mar 2025 12.7 | Jun 2025 12.8 | Sep 2025 10.5 | Dec 2025 10.4 | Mar 2026 10.2 | Jun 2026 8.4 - INGR: Sep 2021 13.2 | Dec 2021 15.6 | Mar 2022 8.6 | Jun 2022 8.8 | Sep 2022 8.2 | Dec 2022 9.0 | Mar 2023 8.7 | Jun 2023 8.5 | Sep 2023 7.6 | Dec 2023 7.6 | Mar 2024 8.4 | Jun 2024 8.2 | Sep 2024 8.8 | Dec 2024 8.9 | Mar 2025 8.4 | Jun 2025 8.2 | Sep 2025 7.4 | Dec 2025 6.3 | Mar 2026 6.9 | Jun 2026 — - POST: Sep 2021 12.6 | Dec 2021 13.4 | Mar 2022 12.8 | Jun 2022 14.8 | Sep 2022 13.2 | Dec 2022 12.6 | Mar 2023 12.2 | Jun 2023 11.9 | Sep 2023 11.0 | Dec 2023 10.6 | Mar 2024 10.8 | Jun 2024 10.1 | Sep 2024 10.1 | Dec 2024 10.0 | Mar 2025 10.1 | Jun 2025 9.3 | Sep 2025 9.8 | Dec 2025 9.0 | Mar 2026 8.5 | Jun 2026 — - MZTI: Sep 2021 20.4 | Dec 2021 21.2 | Mar 2022 24.5 | Jun 2022 22.2 | Sep 2022 24.6 | Dec 2022 31.0 | Mar 2023 26.1 | Jun 2023 28.4 | Sep 2023 22.1 | Dec 2023 20.4 | Mar 2024 24.7 | Jun 2024 19.9 | Sep 2024 18.7 | Dec 2024 17.3 | Mar 2025 16.8 | Jun 2025 16.4 | Sep 2025 16.0 | Dec 2025 15.0 | Mar 2026 12.5 | Jun 2026 — - FRPT: Sep 2021 705.7 | Dec 2021 701.5 | Mar 2022 7,970.3 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 456.3 | Jun 2023 101.3 | Sep 2023 400.0 | Dec 2023 153.7 | Mar 2024 97.2 | Jun 2024 83.2 | Sep 2024 68.7 | Dec 2024 66.0 | Mar 2025 43.5 | Jun 2025 29.6 | Sep 2025 21.0 | Dec 2025 18.6 | Mar 2026 16.2 | Jun 2026 — - CENT: Sep 2021 10.5 | Dec 2021 11.4 | Mar 2022 11.1 | Jun 2022 10.5 | Sep 2022 9.4 | Dec 2022 10.4 | Mar 2023 11.7 | Jun 2023 10.0 | Sep 2023 10.7 | Dec 2023 14.3 | Mar 2024 12.2 | Jun 2024 10.7 | Sep 2024 11.3 | Dec 2024 11.3 | Mar 2025 11.0 | Jun 2025 9.4 | Sep 2025 7.9 | Dec 2025 8.5 | Mar 2026 8.9 | Jun 2026 — - UTZ: Sep 2021 — | Dec 2021 29.4 | Mar 2022 31.0 | Jun 2022 45.8 | Sep 2022 42.6 | Dec 2022 35.9 | Mar 2023 31.5 | Jun 2023 26.9 | Sep 2023 28.2 | Dec 2023 28.8 | Mar 2024 28.0 | Jun 2024 23.1 | Sep 2024 21.7 | Dec 2024 21.0 | Mar 2025 21.2 | Jun 2025 22.5 | Sep 2025 25.0 | Dec 2025 22.5 | Mar 2026 19.2 | Jun 2026 — - NOMD: Sep 2021 14.3 | Dec 2021 12.6 | Mar 2022 14.4 | Jun 2022 13.4 | Sep 2022 10.8 | Dec 2022 8.6 | Mar 2023 11.1 | Jun 2023 11.1 | Sep 2023 10.4 | Dec 2023 8.4 | Mar 2024 11.7 | Jun 2024 10.6 | Sep 2024 10.5 | Dec 2024 7.7 | Mar 2025 10.0 | Jun 2025 8.9 | Sep 2025 8.5 | Dec 2025 6.8 | Mar 2026 8.2 | Jun 2026 — - FLO: Sep 2021 — | Dec 2021 14.2 | Mar 2022 15.8 | Jun 2022 16.5 | Sep 2022 16.5 | Dec 2022 14.3 | Mar 2023 — | Jun 2023 16.6 | Sep 2023 14.5 | Dec 2023 18.4 | Mar 2024 — | Jun 2024 19.4 | Sep 2024 17.9 | Dec 2024 12.2 | Mar 2025 — | Jun 2025 12.8 | Sep 2025 11.6 | Dec 2025 10.3 | Mar 2026 12.7 | Jun 2026 11.5 - BRBR: Sep 2021 21.0 | Dec 2021 19.6 | Mar 2022 18.1 | Jun 2022 18.9 | Sep 2022 15.8 | Dec 2022 16.9 | Mar 2023 19.4 | Jun 2023 19.7 | Sep 2023 19.7 | Dec 2023 24.2 | Mar 2024 23.4 | Jun 2024 20.6 | Sep 2024 20.2 | Dec 2024 23.4 | Mar 2025 23.2 | Jun 2025 21.6 | Sep 2025 14.4 | Dec 2025 12.7 | Mar 2026 9.8 | Jun 2026 — - JJSF: Sep 2021 22.4 | Dec 2021 20.6 | Mar 2022 21.4 | Jun 2022 24.3 | Sep 2022 23.5 | Dec 2022 27.1 | Mar 2023 24.1 | Jun 2023 20.7 | Sep 2023 18.7 | Dec 2023 19.1 | Mar 2024 15.9 | Jun 2024 17.3 | Sep 2024 18.1 | Dec 2024 16.9 | Mar 2025 15.7 | Jun 2025 12.2 | Sep 2025 12.2 | Dec 2025 11.8 | Mar 2026 10.9 | Jun 2026 — - HLF: Sep 2021 7.4 | Dec 2021 7.7 | Mar 2022 7.0 | Jun 2022 6.4 | Sep 2022 6.7 | Dec 2022 5.8 | Mar 2023 6.9 | Jun 2023 6.6 | Sep 2023 7.2 | Dec 2023 7.8 | Mar 2024 6.7 | Jun 2024 7.4 | Sep 2024 6.0 | Dec 2024 5.3 | Mar 2025 5.2 | Jun 2025 4.7 | Sep 2025 4.5 | Dec 2025 5.2 | Mar 2026 5.2 | Jun 2026 — - SENEA: Sep 2021 3.5 | Dec 2021 3.4 | Mar 2022 4.7 | Jun 2022 — | Sep 2022 6.3 | Dec 2022 6.3 | Mar 2023 — | Jun 2023 — | Sep 2023 7.2 | Dec 2023 8.0 | Mar 2024 6.8 | Jun 2024 7.2 | Sep 2024 8.0 | Dec 2024 8.6 | Mar 2025 8.6 | Jun 2025 8.7 | Sep 2025 7.5 | Dec 2025 5.9 | Mar 2026 6.6 | Jun 2026 — - JBSS: Sep 2021 8.9 | Dec 2021 10.6 | Mar 2022 10.5 | Jun 2022 8.3 | Sep 2022 9.3 | Dec 2022 9.2 | Mar 2023 10.3 | Jun 2023 12.5 | Sep 2023 10.5 | Dec 2023 10.9 | Mar 2024 11.2 | Jun 2024 10.6 | Sep 2024 11.3 | Dec 2024 11.0 | Mar 2025 8.7 | Jun 2025 7.2 | Sep 2025 6.6 | Dec 2025 6.8 | Mar 2026 7.7 | Jun 2026 — - SMPL: Sep 2021 — | Dec 2021 19.1 | Mar 2022 19.2 | Jun 2022 20.4 | Sep 2022 15.6 | Dec 2022 19.3 | Mar 2023 19.4 | Jun 2023 18.2 | Sep 2023 16.1 | Dec 2023 18.1 | Mar 2024 15.9 | Jun 2024 15.9 | Sep 2024 15.0 | Dec 2024 18.5 | Mar 2025 17.0 | Jun 2025 15.3 | Sep 2025 16.9 | Dec 2025 13.4 | Mar 2026 — | Jun 2026 — - MAMA: Sep 2021 — | Dec 2021 28.3 | Mar 2022 76.2 | Jun 2022 152.7 | Sep 2022 — | Dec 2022 41.3 | Mar 2023 18.0 | Jun 2023 13.2 | Sep 2023 15.7 | Dec 2023 12.4 | Mar 2024 14.5 | Jun 2024 21.0 | Sep 2024 28.5 | Dec 2024 36.8 | Mar 2025 37.3 | Jun 2025 27.5 | Sep 2025 32.8 | Dec 2025 38.3 | Mar 2026 46.9 | Jun 2026 38.1 - WEST: Sep 2021 — | Dec 2021 28.2 | Mar 2022 29.5 | Jun 2022 118.0 | Sep 2022 33.0 | Dec 2022 45.3 | Mar 2023 58.8 | Jun 2023 61.9 | Sep 2023 108.7 | Dec 2023 239.8 | Mar 2024 311.2 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 56.6 | Jun 2025 41.0 | Sep 2025 33.3 | Dec 2025 28.1 | Mar 2026 19.4 | Jun 2026 — ### 20-quarter P/BV history - KHC: Sep 2021 0.9 | Dec 2021 0.9 | Mar 2022 1.0 | Jun 2022 1.0 | Sep 2022 0.9 | Dec 2022 1.0 | Mar 2023 — | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 0.7 | Mar 2026 0.6 | Jun 2026 — - GIS: Sep 2021 — | Dec 2021 4.0 | Mar 2022 4.2 | Jun 2022 4.0 | Sep 2022 4.3 | Dec 2022 4.8 | Mar 2023 4.6 | Jun 2023 4.7 | Sep 2023 3.9 | Dec 2023 4.0 | Mar 2024 3.9 | Jun 2024 4.1 | Sep 2024 4.2 | Dec 2024 3.9 | Mar 2025 3.6 | Jun 2025 3.2 | Sep 2025 2.8 | Dec 2025 2.8 | Mar 2026 2.6 | Jun 2026 2.4 - JBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.9 | Sep 2025 1.9 | Dec 2025 1.8 | Mar 2026 2.3 | Jun 2026 — - HRL: Sep 2021 — | Dec 2021 3.3 | Mar 2022 3.6 | Jun 2022 3.9 | Sep 2022 3.7 | Dec 2022 3.4 | Mar 2023 3.2 | Jun 2023 2.9 | Sep 2023 2.9 | Dec 2023 2.2 | Mar 2024 2.2 | Jun 2024 2.5 | Sep 2024 2.2 | Dec 2024 2.1 | Mar 2025 2.1 | Jun 2025 2.0 | Sep 2025 2.0 | Dec 2025 1.7 | Mar 2026 1.7 | Jun 2026 1.5 - MKC: Sep 2021 — | Dec 2021 5.2 | Mar 2022 5.6 | Jun 2022 5.4 | Sep 2022 4.9 | Dec 2022 4.9 | Mar 2023 4.1 | Jun 2023 4.7 | Sep 2023 4.4 | Dec 2023 3.4 | Mar 2024 3.5 | Jun 2024 3.6 | Sep 2024 4.0 | Dec 2024 4.0 | Mar 2025 4.1 | Jun 2025 3.5 | Sep 2025 3.3 | Dec 2025 3.2 | Mar 2026 2.7 | Jun 2026 1.8 - SJM: Sep 2021 — | Dec 2021 1.6 | Mar 2022 1.8 | Jun 2022 1.8 | Sep 2022 1.7 | Dec 2022 2.0 | Mar 2023 2.0 | Jun 2023 2.2 | Sep 2023 2.2 | Dec 2023 1.6 | Mar 2024 1.9 | Jun 2024 1.6 | Sep 2024 1.6 | Dec 2024 1.6 | Mar 2025 1.7 | Jun 2025 2.0 | Sep 2025 1.9 | Dec 2025 1.8 | Mar 2026 2.1 | Jun 2026 1.9 - MICC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 13.2 | Mar 2026 — | Jun 2026 — - SFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.3 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.3 | Mar 2026 1.5 | Jun 2026 — - DAR: Sep 2021 — | Dec 2021 3.7 | Mar 2022 3.4 | Jun 2022 3.9 | Sep 2022 2.9 | Dec 2022 3.0 | Mar 2023 — | Jun 2023 2.3 | Sep 2023 2.3 | Dec 2023 1.7 | Mar 2024 1.6 | Jun 2024 1.3 | Sep 2024 1.3 | Dec 2024 1.2 | Mar 2025 1.1 | Jun 2025 1.3 | Sep 2025 1.1 | Dec 2025 — | Mar 2026 1.3 | Jun 2026 2.1 - LW: Sep 2021 22.4 | Dec 2021 21.0 | Mar 2022 25.0 | Jun 2022 27.0 | Sep 2022 22.8 | Dec 2022 21.6 | Mar 2023 20.1 | Jun 2023 11.5 | Sep 2023 9.3 | Dec 2023 8.6 | Mar 2024 8.4 | Jun 2024 7.1 | Sep 2024 4.9 | Dec 2024 6.7 | Mar 2025 4.8 | Jun 2025 4.5 | Sep 2025 4.4 | Dec 2025 4.6 | Mar 2026 3.7 | Jun 2026 3.3 - CAG: Sep 2021 1.9 | Dec 2021 1.8 | Mar 2022 1.9 | Jun 2022 1.8 | Sep 2022 2.0 | Dec 2022 2.0 | Mar 2023 2.0 | Jun 2023 1.9 | Sep 2023 1.6 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.7 | Sep 2024 1.7 | Dec 2024 1.5 | Mar 2025 1.4 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 1.1 | Jun 2026 1.0 - PPC: Sep 2021 2.7 | Dec 2021 2.6 | Mar 2022 2.1 | Jun 2022 2.6 | Sep 2022 2.1 | Dec 2022 2.0 | Mar 2023 1.8 | Jun 2023 1.6 | Sep 2023 1.8 | Dec 2023 2.0 | Mar 2024 2.3 | Jun 2024 2.4 | Sep 2024 2.5 | Dec 2024 2.6 | Mar 2025 4.1 | Jun 2025 2.8 | Sep 2025 2.7 | Dec 2025 2.6 | Mar 2026 2.4 | Jun 2026 — - CPB: Sep 2021 — | Dec 2021 3.7 | Mar 2022 4.0 | Jun 2022 4.2 | Sep 2022 4.4 | Dec 2022 4.6 | Mar 2023 4.3 | Jun 2023 4.5 | Sep 2023 3.8 | Dec 2023 3.2 | Mar 2024 3.5 | Jun 2024 3.4 | Sep 2024 3.7 | Dec 2024 3.7 | Mar 2025 3.0 | Jun 2025 2.8 | Sep 2025 2.5 | Dec 2025 2.3 | Mar 2026 2.1 | Jun 2026 1.5 - INGR: Sep 2021 1.9 | Dec 2021 2.1 | Mar 2022 1.8 | Jun 2022 1.8 | Sep 2022 1.7 | Dec 2022 2.0 | Mar 2023 2.1 | Jun 2023 2.1 | Sep 2023 1.9 | Dec 2023 2.0 | Mar 2024 2.1 | Jun 2024 2.0 | Sep 2024 2.3 | Dec 2024 2.3 | Mar 2025 2.2 | Jun 2025 2.1 | Sep 2025 1.8 | Dec 2025 1.6 | Mar 2026 1.6 | Jun 2026 — - POST: Sep 2021 1.7 | Dec 2021 1.8 | Mar 2022 1.2 | Jun 2022 1.5 | Sep 2022 1.5 | Dec 2022 1.5 | Mar 2023 1.5 | Jun 2023 1.4 | Sep 2023 1.4 | Dec 2023 1.4 | Mar 2024 1.6 | Jun 2024 1.6 | Sep 2024 1.7 | Dec 2024 1.7 | Mar 2025 1.7 | Jun 2025 1.5 | Sep 2025 1.5 | Dec 2025 1.5 | Mar 2026 1.5 | Jun 2026 — - MZTI: Sep 2021 5.5 | Dec 2021 5.3 | Mar 2022 4.9 | Jun 2022 4.2 | Sep 2022 4.8 | Dec 2022 6.2 | Mar 2023 6.4 | Jun 2023 6.4 | Sep 2023 5.2 | Dec 2023 5.0 | Mar 2024 6.3 | Jun 2024 5.6 | Sep 2024 5.2 | Dec 2024 4.9 | Mar 2025 4.8 | Jun 2025 4.8 | Sep 2025 4.7 | Dec 2025 4.4 | Mar 2026 3.6 | Jun 2026 — - FRPT: Sep 2021 8.6 | Dec 2021 5.8 | Mar 2022 6.3 | Jun 2022 2.4 | Sep 2022 2.3 | Dec 2022 2.5 | Mar 2023 3.4 | Jun 2023 3.4 | Sep 2023 3.4 | Dec 2023 4.4 | Mar 2024 5.7 | Jun 2024 6.3 | Sep 2024 6.5 | Dec 2024 6.8 | Mar 2025 3.9 | Jun 2025 3.1 | Sep 2025 2.3 | Dec 2025 2.5 | Mar 2026 2.3 | Jun 2026 — - CENT: Sep 2021 2.1 | Dec 2021 2.3 | Mar 2022 1.9 | Jun 2022 1.7 | Sep 2022 1.5 | Dec 2022 1.5 | Mar 2023 1.5 | Jun 2023 1.4 | Sep 2023 1.6 | Dec 2023 2.3 | Mar 2024 1.9 | Jun 2024 1.6 | Sep 2024 1.6 | Dec 2024 1.7 | Mar 2025 1.5 | Jun 2025 1.4 | Sep 2025 1.3 | Dec 2025 1.3 | Mar 2026 1.4 | Jun 2026 — - UTZ: Sep 2021 — | Dec 2021 1.7 | Mar 2022 1.8 | Jun 2022 1.8 | Sep 2022 1.7 | Dec 2022 1.7 | Mar 2023 1.8 | Jun 2023 1.9 | Sep 2023 1.9 | Dec 2023 1.5 | Mar 2024 2.2 | Jun 2024 2.0 | Sep 2024 2.2 | Dec 2024 1.9 | Mar 2025 1.7 | Jun 2025 1.5 | Sep 2025 1.5 | Dec 2025 1.3 | Mar 2026 0.9 | Jun 2026 — - NOMD: Sep 2021 1.8 | Dec 2021 1.7 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.0 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 1.0 | Mar 2025 1.1 | Jun 2025 0.8 | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 0.5 | Jun 2026 — - FLO: Sep 2021 — | Dec 2021 3.7 | Mar 2022 4.1 | Jun 2022 4.0 | Sep 2022 4.0 | Dec 2022 3.6 | Mar 2023 — | Jun 2023 3.9 | Sep 2023 3.5 | Dec 2023 3.3 | Mar 2024 — | Jun 2024 3.8 | Sep 2024 3.3 | Dec 2024 3.4 | Mar 2025 — | Jun 2025 2.7 | Sep 2025 2.3 | Dec 2025 2.0 | Mar 2026 1.8 | Jun 2026 1.4 - BRBR: Sep 2021 -0.4 | Dec 2021 -0.4 | Mar 2022 -7.3 | Jun 2022 -8.7 | Sep 2022 -7.4 | Dec 2022 -9.4 | Mar 2023 -12.5 | Jun 2023 -13.3 | Sep 2023 -16.7 | Dec 2023 -25.3 | Mar 2024 -31.2 | Jun 2024 -30.7 | Sep 2024 -38.0 | Dec 2024 -66.2 | Mar 2025 -37.6 | Jun 2025 -23.7 | Sep 2025 -9.7 | Dec 2025 -6.3 | Mar 2026 -3.8 | Jun 2026 — - JJSF: Sep 2021 3.5 | Dec 2021 3.5 | Mar 2022 3.5 | Jun 2022 3.1 | Sep 2022 3.0 | Dec 2022 3.4 | Mar 2023 3.3 | Jun 2023 3.4 | Sep 2023 3.5 | Dec 2023 3.6 | Mar 2024 3.1 | Jun 2024 3.4 | Sep 2024 3.5 | Dec 2024 3.2 | Mar 2025 2.7 | Jun 2025 2.2 | Sep 2025 1.9 | Dec 2025 1.9 | Mar 2026 1.7 | Jun 2026 — - HLF: Sep 2021 -3.3 | Dec 2021 -3.0 | Mar 2022 -2.1 | Jun 2022 -1.4 | Sep 2022 -1.4 | Dec 2022 -1.2 | Mar 2023 -1.3 | Jun 2023 -1.1 | Sep 2023 -1.3 | Dec 2023 -1.4 | Mar 2024 -1.0 | Jun 2024 -1.0 | Sep 2024 -0.8 | Dec 2024 -0.9 | Mar 2025 -1.2 | Jun 2025 -1.4 | Sep 2025 -1.4 | Dec 2025 -2.6 | Mar 2026 -3.5 | Jun 2026 — - SENEA: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 0.7 | Jun 2022 — | Sep 2022 0.8 | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 — | Sep 2023 0.4 | Dec 2023 0.6 | Mar 2024 0.7 | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 0.9 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 1.4 | Jun 2026 — - JBSS: Sep 2021 4.1 | Dec 2021 4.3 | Mar 2022 3.7 | Jun 2022 3.0 | Sep 2022 3.3 | Dec 2022 3.5 | Mar 2023 3.8 | Jun 2023 4.8 | Sep 2023 4.1 | Dec 2023 4.0 | Mar 2024 3.9 | Jun 2024 3.5 | Sep 2024 3.6 | Dec 2024 3.1 | Mar 2025 2.4 | Jun 2025 2.1 | Sep 2025 2.0 | Dec 2025 2.3 | Mar 2026 2.3 | Jun 2026 — - SMPL: Sep 2021 — | Dec 2021 3.0 | Mar 2022 2.8 | Jun 2022 2.9 | Sep 2022 2.2 | Dec 2022 2.6 | Mar 2023 2.6 | Jun 2023 2.4 | Sep 2023 2.2 | Dec 2023 2.4 | Mar 2024 2.2 | Jun 2024 2.2 | Sep 2024 1.8 | Dec 2024 2.3 | Mar 2025 2.1 | Jun 2025 1.9 | Sep 2025 1.6 | Dec 2025 1.1 | Mar 2026 1.0 | Jun 2026 0.7 - MAMA: Sep 2021 — | Dec 2021 10.2 | Mar 2022 8.5 | Jun 2022 7.6 | Sep 2022 6.4 | Dec 2022 3.6 | Mar 2023 5.8 | Jun 2023 5.3 | Sep 2023 8.7 | Dec 2023 7.0 | Mar 2024 8.2 | Jun 2024 10.9 | Sep 2024 12.8 | Dec 2024 12.2 | Mar 2025 11.6 | Jun 2025 9.4 | Sep 2025 10.6 | Dec 2025 8.7 | Mar 2026 11.7 | Jun 2026 10.4 - WEST: Sep 2021 — | Dec 2021 -1.9 | Mar 2022 -1.6 | Jun 2022 -15.9 | Sep 2022 33.2 | Dec 2022 108.1 | Mar 2023 89.6 | Jun 2023 -57.8 | Sep 2023 6.2 | Dec 2023 7.9 | Mar 2024 10.0 | Jun 2024 11.1 | Sep 2024 5.5 | Dec 2024 6.2 | Mar 2025 9.6 | Jun 2025 29.7 | Sep 2025 41.1 | Dec 2025 -211.1 | Mar 2026 -20.5 | Jun 2026 — - OFRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 4.3 | Jun 2026 — ## Market action Mama's Creations, Inc. has the strongest one-year price move in Packaged Foods at +120.5%. Westrock Coffee Company leads on Mansfield relative strength against the S&P 500 at +37%. 11 of 28 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. Mama's Creations, Inc. (MAMA): 121% 2. Darling Ingredients Inc. (DAR): 86% 3. Seneca Foods Corporation (SENEA): 65% 4. Herbalife Ltd. (HLF): 37% 5. John B. Sanfilippo & Son, Inc. (JBSS): 33% ### Strongest relative strength versus NIFTY 500 1. Westrock Coffee Company (WEST): 37% 2. Utz Brands, Inc. (UTZ): 32% 3. Mama's Creations, Inc. (MAMA): 23% 4. Seneca Foods Corporation (SENEA): 21% 5. Darling Ingredients Inc. (DAR): 19% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker. ## Every company - The Kraft Heinz Company (KHC) — market value ₹32.4K Cr; latest fundamentals Mar 2026 - General Mills, Inc. (GIS) — market value ₹20.1K Cr; latest fundamentals Jun 2026 - JBS N.V. (JBS) — market value ₹14.9K Cr; latest fundamentals Mar 2026 - Hormel Foods Corporation (HRL) — market value ₹14.1K Cr; latest fundamentals Jun 2026 - McCormick & Company, Incorporated (MKC) — market value ₹13.9K Cr; latest fundamentals Jun 2026 - The J. M. Smucker Company (SJM) — market value ₹13.2K Cr; latest fundamentals Jun 2026 - The Magnum Ice Cream Company N.V. (MICC) — market value ₹11.4K Cr; latest fundamentals Dec 2025 - Smithfield Foods, Inc. (SFD) — market value ₹10.7K Cr; latest fundamentals Mar 2026 - Darling Ingredients Inc. (DAR) — market value ₹9.3K Cr; latest fundamentals Jun 2026 - Lamb Weston Holdings, Inc. (LW) — market value ₹7.5K Cr; latest fundamentals Jun 2026 - Conagra Brands, Inc. (CAG) — market value ₹7.4K Cr; latest fundamentals Jun 2026 - Pilgrim's Pride Corporation (PPC) — market value ₹7.1K Cr; latest fundamentals Mar 2026 - The Campbell's Company (CPB) — market value ₹6.8K Cr; latest fundamentals Jun 2026 - Ingredion Incorporated (INGR) — market value ₹6.5K Cr; latest fundamentals Mar 2026 - Post Holdings, Inc. (POST) — market value ₹4.3K Cr; latest fundamentals Mar 2026 - The Marzetti Company (MZTI) — market value ₹3.0K Cr; latest fundamentals Mar 2026 - Freshpet, Inc. (FRPT) — market value ₹3.0K Cr; latest fundamentals Mar 2026 - Central Garden & Pet Company (CENT) — market value ₹2.8K Cr; latest fundamentals Mar 2026 - Utz Brands, Inc. (UTZ) — market value ₹2.0K Cr; latest fundamentals Mar 2026 - Nomad Foods Limited (NOMD) — market value ₹1.7K Cr; latest fundamentals Mar 2026 - Flowers Foods, Inc. (FLO) — market value ₹1.6K Cr; latest fundamentals Jun 2026 - BellRing Brands, Inc. (BRBR) — market value ₹1.6K Cr; latest fundamentals Mar 2026 - J&J Snack Foods Corp. (JJSF) — market value ₹1.5K Cr; latest fundamentals Mar 2026 - Herbalife Ltd. (HLF) — market value ₹1.3K Cr; latest fundamentals Mar 2026 - Seneca Foods Corporation (SENEA) — market value ₹1.2K Cr; latest fundamentals Mar 2026 - John B. Sanfilippo & Son, Inc. (JBSS) — market value ₹989 Cr; latest fundamentals Mar 2026 - The Simply Good Foods Company (SMPL) — market value ₹941 Cr; latest fundamentals Jun 2026 - Mama's Creations, Inc. (MAMA) — market value ₹830 Cr; latest fundamentals Jun 2026 - Westrock Coffee Company (WEST) — market value ₹803 Cr; latest fundamentals Mar 2026 - Once Upon A Farm, PBC (OFRM) — market value ₹661 Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Which Packaged Foods company is the biggest? JBS N.V. is the largest, with trailing-twelve-month revenue of $88,267 million, ahead of The Kraft Heinz Company at $24,990 million. That covers 26 of 30 companies with comparable reporting through Mar 2026. ### Which Packaged Foods company is growing fastest? Once Upon A Farm, PBC has the fastest revenue growth at 48.6% year on year, across 25 of 30 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which Packaged Foods company has the best profit margins? The J. M. Smucker Company has the highest operating margin at 19.6%, from 29 of 30 comparable companies. The J. M. Smucker Company shows the biggest recent improvement, at +47.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Packaged Foods company makes the most profit? JBS N.V. earns the most, at $1,915 million of trailing-twelve-month net profit, from 26 of 30 comparable companies. Seneca Foods Corporation has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Packaged Foods company earns the highest return on capital? BellRing Brands, Inc. leads on return on capital employed at 9.2%, across 30 of 30 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Packaged Foods stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — JBS N.V. screens cheapest at 0.16×. Only 16 of 30 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Which Packaged Foods company has the strongest balance sheet? Once Upon A Farm, PBC carries the lowest comparable gross debt at $0 million, from 29 of 30 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment. ### Which Packaged Foods company is investing most in new capacity? JBS N.V. reports the largest capital spending at $566 million, across 30 of 30 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation. ### Is the Packaged Foods sector beating the market? Packaged Foods has underperformed S&P 500 by 19.5% over the last 52 weeks and 6.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 11 of 28 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Packaged Foods stock has the strongest price momentum? Westrock Coffee Company has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Packaged Foods company scores highest for research priority? Central Garden & Pet Company scores 64.1 out of 100 with 82% evidence confidence, from 20.7 points on growth and earnings, 12.7 on capital efficiency, 14.6 on valuation and 16.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Packaged Foods companies does this comparison cover, and over what period? It compares 30 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Packaged Foods sector? The 30 Packaged Foods companies on this page carry $203,201 million of combined market value. The Kraft Heinz Company is the largest at $32,372 million, about 16% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Packaged Foods sector's P/E ratio? The median price-to-earnings ratio across the 30 Packaged Foods companies on this page is 13.8×, measured on the 28 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28. ### How is the Packaged Foods sector performing? 11 of the 28 covered Packaged Foods companies are beating S&P 500 on Mansfield relative strength. The sector itself is 19.5% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28. ### How many Packaged Foods stocks are listed in the US? This comparison covers 30 listed Packaged Foods companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/packaged-foods