# 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 2026-08-04. Not investment advice. ## Bottom line Packaged Foods has underperformed S&P 500 by 20.3% over 52 weeks and 6.6% over 13 weeks. 8 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 25 of 30 comparable companies through Mar 2026. ## Sector relative strength Packaged Foods has underperformed S&P 500 by 20.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 6.6%. 8 of 28 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Utz Brands, Inc. is the strongest against the sector itself at +37.4%. 13-week sector return versus NIFTY 500: 6.6% 52-week sector return versus NIFTY 500: -20% Stocks leading NIFTY: 8/28 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. Seneca Foods Corporation (SENEA): 65/100 — Thin evidence · provisional; evidence 60% - Growth & earnings 22.9/35 | Capital efficiency 10.8/25 | Valuation 15.7/20 | Relative strength 16.0/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 22.9 + 10.8 + 15.7 + 16 = 65.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 2. Darling Ingredients Inc. (DAR): 63/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 23.2/35 | Capital efficiency 17.1/25 | Valuation 9.8/20 | Relative strength 12.7/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 23.2 + 17.1 + 9.8 + 12.7 = 62.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 3. Central Garden & Pet Company (CENT): 63/100 — Mixed-positive evidence; evidence 66% - Growth & earnings 19.7/35 | Capital efficiency 13.6/25 | Valuation 15.1/20 | Relative strength 14.1/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 19.7 + 13.6 + 15.1 + 14.1 = 62.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. Mama's Creations, Inc. (MAMA): 60/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 24.5/35 | Capital efficiency 11.3/25 | Valuation 5.6/20 | Relative strength 18.5/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks - Exact sum: 24.5 + 11.3 + 5.6 + 18.5 = 59.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 5. The J. M. Smucker Company (SJM): 60/100 — Mixed-positive evidence; evidence 64% - Growth & earnings 22.5/35 | Capital efficiency 12.9/25 | Valuation 9.1/20 | Relative strength 15.2/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 22.5 + 12.9 + 9.1 + 15.2 = 59.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 6. John B. Sanfilippo & Son, Inc. (JBSS): 59/100 — Thin evidence · provisional; evidence 60% - Growth & earnings 16.6/35 | Capital efficiency 13.8/25 | Valuation 13.9/20 | Relative strength 14.5/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 16.6 + 13.8 + 13.9 + 14.5 = 58.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 7. The Campbell's Company (CPB): 56/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 22.1/35 | Capital efficiency 11.8/25 | Valuation 15.2/20 | Relative strength 6.9/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 22.1 + 11.8 + 15.2 + 6.9 = 56 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 8. Smithfield Foods, Inc. (SFD): 51/100 — Mixed-positive evidence; evidence 66% - Growth & earnings 17.4/35 | Capital efficiency 13.4/25 | Valuation 13.5/20 | Relative strength 7.0/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 17.4 + 13.4 + 13.5 + 7 = 51.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 9. Lamb Weston Holdings, Inc. (LW): 51/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 14.9/35 | Capital efficiency 12.0/25 | Valuation 9.5/20 | Relative strength 14.2/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 14.9 + 12 + 9.5 + 14.2 = 50.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 10. Utz Brands, Inc. (UTZ): 50/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 14.7/35 | Capital efficiency 7.3/25 | Valuation 8.5/20 | Relative strength 19.9/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 14.7 + 7.3 + 8.5 + 19.9 = 50.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 11. JBS N.V. (JBS): 48/100 — Thin evidence · provisional; evidence 60% - Growth & earnings 15.5/35 | Capital efficiency 9.6/25 | Valuation 15.5/20 | Relative strength 7.0/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 15.5 + 9.6 + 15.5 + 7 = 47.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 12. The Kraft Heinz Company (KHC): 47/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 13.4/35 | Capital efficiency 11.4/25 | Valuation 9.9/20 | Relative strength 12.3/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks - Exact sum: 13.4 + 11.4 + 9.9 + 12.3 = 47 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 13. Hormel Foods Corporation (HRL): 46/100 — Mixed-negative evidence; evidence 71% - Growth & earnings 13.1/35 | Capital efficiency 10.7/25 | Valuation 8.9/20 | Relative strength 13.6/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 13.1 + 10.7 + 8.9 + 13.6 = 46.3 - Decision use: Price leads the evidence: RS versus the benchmark is -4.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 14. Ingredion Incorporated (INGR): 45/100 — Mixed-negative evidence; evidence 66% - Growth & earnings 14.4/35 | Capital efficiency 14.0/25 | Valuation 12.5/20 | Relative strength 4.5/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 14.4 + 14 + 12.5 + 4.5 = 45.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 15. McCormick & Company, Incorporated (MKC): 45/100 — Mixed-negative evidence; evidence 81% - Growth & earnings 18.4/35 | Capital efficiency 14.2/25 | Valuation 6.7/20 | Relative strength 6.0/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 18.4 + 14.2 + 6.7 + 6 = 45.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 16. BellRing Brands, Inc. (BRBR): 45/100 — Thin evidence · provisional; evidence 60% - Growth & earnings 13.0/35 | Capital efficiency 15.5/25 | Valuation 13.8/20 | Relative strength 3.0/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 13 + 15.5 + 13.8 + 3 = 45.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 17. Freshpet, Inc. (FRPT): 45/100 — Mixed-negative evidence; evidence 61% - Growth & earnings 20.5/35 | Capital efficiency 6.9/25 | Valuation 5.3/20 | Relative strength 12.4/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 20.5 + 6.9 + 5.3 + 12.4 = 45.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 18. Nomad Foods Limited (NOMD): 44/100 — Thin evidence · provisional; evidence 60% - Growth & earnings 13.3/35 | Capital efficiency 10.3/25 | Valuation 11.5/20 | Relative strength 8.6/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks - Exact sum: 13.3 + 10.3 + 11.5 + 8.6 = 43.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 19. The Marzetti Company (MZTI): 41/100 — Mixed-negative evidence; evidence 66% - Growth & earnings 15.8/35 | Capital efficiency 13.4/25 | Valuation 8.7/20 | Relative strength 2.8/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 15.8 + 13.4 + 8.7 + 2.8 = 40.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 20. Conagra Brands, Inc. (CAG): 40/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 15.5/35 | Capital efficiency 6.8/25 | Valuation 10.6/20 | Relative strength 6.9/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 15.5 + 6.8 + 10.6 + 6.9 = 39.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 21. Post Holdings, Inc. (POST): 39/100 — Mixed-negative evidence; evidence 66% - Growth & earnings 18.5/35 | Capital efficiency 11.6/25 | Valuation 5.6/20 | Relative strength 3.1/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 18.5 + 11.6 + 5.6 + 3.1 = 38.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 22. Flowers Foods, Inc. (FLO): 38/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 16.9/35 | Capital efficiency 10.1/25 | Valuation 9.4/20 | Relative strength 1.9/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 16.9 + 10.1 + 9.4 + 1.9 = 38.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 23. Pilgrim's Pride Corporation (PPC): 34/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 12.8/35 | Capital efficiency 8.7/25 | Valuation 10.2/20 | Relative strength 2.0/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 12.8 + 8.7 + 10.2 + 2 = 33.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 24. J&J Snack Foods Corp. (JJSF): 33/100 — Thin evidence · provisional; evidence 60% - Growth & earnings 14.6/35 | Capital efficiency 9.0/25 | Valuation 3.8/20 | Relative strength 6.0/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 14.6 + 9 + 3.8 + 6 = 33.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 25. General Mills, Inc. (GIS): 28/100 — Adverse evidence; evidence 71% - Growth & earnings 5.8/35 | Capital efficiency 6.5/25 | Valuation 10.7/20 | Relative strength 4.7/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 5.8 + 6.5 + 10.7 + 4.7 = 27.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 26. The Simply Good Foods Company (SMPL): 24/100 — Adverse evidence; evidence 65% - Growth & earnings 5.4/35 | Capital efficiency 5.7/25 | Valuation 9.2/20 | Relative strength 3.3/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 5.4 + 5.7 + 9.2 + 3.3 = 23.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 27. Westrock Coffee Company (WEST): 53/100 — Thin evidence · provisional; evidence 48% - Growth & earnings 21.7/35 | Capital efficiency 7.1/25 | Valuation 10.0/20 | Relative strength 14.0/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks - Exact sum: 21.7 + 7.1 + 10 + 14 = 52.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 28. Herbalife Ltd. (HLF): 51/100 — Thin evidence · provisional; evidence 50% - Growth & earnings 17.6/35 | Capital efficiency 14.8/25 | Valuation 11.5/20 | Relative strength 7.4/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 17.6 + 14.8 + 11.5 + 7.4 = 51.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 29. Once Upon A Farm, PBC (OFRM): 45/100 — Thin evidence · provisional; evidence 28% - Growth & earnings 19.6/35 | Capital efficiency 5.5/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks - Exact sum: 19.6 + 5.5 + 10 + 10 = 45.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 30. The Magnum Ice Cream Company N.V. (MICC): 45/100 — Thin evidence · provisional; evidence 18% - Growth & earnings 16.7/35 | Capital efficiency 9.2/25 | Valuation 8.7/20 | Relative strength 10.0/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks - Exact sum: 16.7 + 9.2 + 8.7 + 10 = 44.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Market action Mama's Creations, Inc. has the strongest one-year price move in Packaged Foods at +135.2%. Westrock Coffee Company leads on Mansfield relative strength against the S&P 500 at +27.8%. 8 of 28 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04. ### Strongest one-year price performers 1. Mama's Creations, Inc. (MAMA): 135% 2. Darling Ingredients Inc. (DAR): 96% 3. Seneca Foods Corporation (SENEA): 69% 4. Herbalife Ltd. (HLF): 44% 5. John B. Sanfilippo & Son, Inc. (JBSS): 34% ### Strongest relative strength versus NIFTY 500 1. Westrock Coffee Company (WEST): 28% 2. Utz Brands, Inc. (UTZ): 27% 3. Mama's Creations, Inc. (MAMA): 23% 4. Seneca Foods Corporation (SENEA): 19% 5. Darling Ingredients Inc. (DAR): 16% ## 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 | 25/30 companies · 506 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 — older report 2. The Kraft Heinz Company (KHC): ₹25.0K Cr — older report 3. General Mills, Inc. (GIS): ₹18.4K Cr 4. Smithfield Foods, Inc. (SFD): ₹15.6K Cr — older report 5. Hormel Foods Corporation (HRL): ₹12.2K Cr ### Revenue growth — fastest growers 1. Once Upon A Farm, PBC (OFRM): 49% — older report 2. Westrock Coffee Company (WEST): 47% — older report 3. Mama's Creations, Inc. (MAMA): 47% 4. Freshpet, Inc. (FRPT): 12% — older report 5. JBS N.V. (JBS): 12% — older report ### 20-quarter Revenue history - KHC: 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 — | Sep 2026 — - GIS: 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 | Sep 2026 — - JBS: 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 — | Sep 2026 — - MKC: 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 | Sep 2026 — - HRL: 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 | Sep 2026 — - SJM: 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 | Sep 2026 — - MICC: 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 — | Sep 2026 — - SFD: 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 — | Sep 2026 — - DAR: 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 | Sep 2026 — - LW: 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 — | Sep 2026 — - CAG: 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 — | Sep 2026 — - CPB: 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 | Sep 2026 — - INGR: 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 — | Sep 2026 — - PPC: 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 — | Sep 2026 — - POST: 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 — | Sep 2026 — - FRPT: 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 — | Sep 2026 — - MZTI: 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 — | Sep 2026 — - CENT: 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 — | Sep 2026 — - UTZ: 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 — | Sep 2026 — - NOMD: 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 — | Sep 2026 — - FLO: 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 | Sep 2026 — - BRBR: 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 — | Sep 2026 — - JJSF: 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 — | Sep 2026 — - HLF: 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 — | Sep 2026 — - SENEA: 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 — | Sep 2026 — - SMPL: 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 | Sep 2026 — - JBSS: 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 — | Sep 2026 — - MAMA: 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 | Sep 2026 — - WEST: 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 — | Sep 2026 — - OFRM: 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 — | Sep 2026 — ### 20-quarter Revenue growth history - KHC: 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 — | Sep 2026 — - GIS: 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% | Sep 2026 — - JBS: 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 — | Sep 2026 — - MKC: 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% | Sep 2026 — - HRL: 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% | Sep 2026 — - SJM: 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% | Sep 2026 — - MICC: 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 — | Sep 2026 — - SFD: 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 — | Sep 2026 — - DAR: 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% | Sep 2026 — - LW: 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 — | Sep 2026 — - CAG: 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 — | Sep 2026 — - CPB: 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% | Sep 2026 — - INGR: 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 — | Sep 2026 — - PPC: 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 — | Sep 2026 — - POST: 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 — | Sep 2026 — - FRPT: 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 — | Sep 2026 — - MZTI: 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 — | Sep 2026 — - CENT: 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 — | Sep 2026 — - UTZ: 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 — | Sep 2026 — - NOMD: 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 — | Sep 2026 — - FLO: 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% | Sep 2026 — - BRBR: 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 — | Sep 2026 — - JJSF: 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 — | Sep 2026 — - HLF: 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 — | Sep 2026 — - SENEA: 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 — | Sep 2026 — - SMPL: 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% | Sep 2026 — - JBSS: 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 — | Sep 2026 — - MAMA: 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% | Sep 2026 — - WEST: 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 — | Sep 2026 — - OFRM: 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 — | Sep 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 · 502 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% — older report 3. Darling Ingredients Inc. (DAR): 15% 4. McCormick & Company, Incorporated (MKC): 14% 5. Central Garden & Pet Company (CENT): 13% — older report ### 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 — older report 4. Freshpet, Inc. (FRPT): +5.9 pp — older report 5. Seneca Foods Corporation (SENEA): +5.4 pp — older report ### 20-quarter OPM history - KHC: 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 — | Sep 2026 — - GIS: 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% | Sep 2026 — - JBS: 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 — | Sep 2026 — - MKC: 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% | Sep 2026 — - HRL: 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% | Sep 2026 — - SJM: 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% | Sep 2026 — - SFD: 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 — | Sep 2026 — - DAR: 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% | Sep 2026 — - LW: 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 — | Sep 2026 — - CAG: 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 — | Sep 2026 — - CPB: 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% | Sep 2026 — - INGR: 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 — | Sep 2026 — - PPC: 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 — | Sep 2026 — - POST: 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 — | Sep 2026 — - FRPT: 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 — | Sep 2026 — - MZTI: 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 — | Sep 2026 — - CENT: 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 — | Sep 2026 — - UTZ: 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 — | Sep 2026 — - NOMD: 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 — | Sep 2026 — - FLO: 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% | Sep 2026 — - BRBR: 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 — | Sep 2026 — - JJSF: 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 — | Sep 2026 — - HLF: 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 — | Sep 2026 — - SENEA: 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 — | Sep 2026 — - SMPL: 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% | Sep 2026 — - JBSS: 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 — | Sep 2026 — - MAMA: 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% | Sep 2026 — - WEST: 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 — | Sep 2026 — - OFRM: 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 — | Sep 2026 — ### 20-quarter Margin change history - KHC: 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 — | Sep 2026 — - GIS: 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 | Sep 2026 — - JBS: 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 — | Sep 2026 — - MKC: 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 | Sep 2026 — - HRL: 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 | Sep 2026 — - SJM: 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 | Sep 2026 — - SFD: 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 — | Sep 2026 — - DAR: 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 | Sep 2026 — - LW: 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 — | Sep 2026 — - CAG: 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 — | Sep 2026 — - CPB: 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 | Sep 2026 — - INGR: 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 — | Sep 2026 — - PPC: 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 — | Sep 2026 — - POST: 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 — | Sep 2026 — - FRPT: 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 — | Sep 2026 — - MZTI: 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 — | Sep 2026 — - CENT: 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 — | Sep 2026 — - UTZ: 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 — | Sep 2026 — - NOMD: 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 — | Sep 2026 — - FLO: 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 | Sep 2026 — - BRBR: 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 — | Sep 2026 — - JJSF: 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 — | Sep 2026 — - HLF: 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 — | Sep 2026 — - SENEA: 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 — | Sep 2026 — - SMPL: 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 | Sep 2026 — - JBSS: 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 — | Sep 2026 — - MAMA: 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 | Sep 2026 — - WEST: 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 — | Sep 2026 — - OFRM: 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 — | Sep 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 | 25/30 companies · 510 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 — older report 2. Smithfield Foods, Inc. (SFD): ₹1.0K Cr — older report 3. McCormick & Company, Incorporated (MKC): ₹710 Cr 4. Ingredion Incorporated (INGR): ₹681 Cr — older report 5. The Campbell's Company (CPB): ₹608 Cr ### Profit growth — fastest growers 1. Seneca Foods Corporation (SENEA): 100% — older report 2. Mama's Creations, Inc. (MAMA): 50% 3. Central Garden & Pet Company (CENT): 38% — older report 4. The Campbell's Company (CPB): 34% 5. John B. Sanfilippo & Son, Inc. (JBSS): 21% — older report ### 20-quarter Net profit history - KHC: 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 — | Sep 2026 — - GIS: 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 | Sep 2026 — - JBS: 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 — | Sep 2026 — - MKC: 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 | Sep 2026 — - HRL: 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 | Sep 2026 — - SJM: 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 | Sep 2026 — - MICC: 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 — | Sep 2026 — - SFD: 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 — | Sep 2026 — - DAR: 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 | Sep 2026 — - LW: 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 — | Sep 2026 — - CAG: 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 — | Sep 2026 — - CPB: 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 | Sep 2026 — - INGR: 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 — | Sep 2026 — - PPC: 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 — | Sep 2026 — - POST: 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 — | Sep 2026 — - FRPT: 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 — | Sep 2026 — - MZTI: 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 — | Sep 2026 — - CENT: 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 — | Sep 2026 — - UTZ: 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 — | Sep 2026 — - NOMD: 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 — | Sep 2026 — - FLO: 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 | Sep 2026 — - BRBR: 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 — | Sep 2026 — - JJSF: 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 — | Sep 2026 — - HLF: 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 — | Sep 2026 — - SENEA: 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 — | Sep 2026 — - SMPL: 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 | Sep 2026 — - JBSS: 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 — | Sep 2026 — - MAMA: 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 | Sep 2026 — - WEST: 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 — | Sep 2026 — - OFRM: 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 — | Sep 2026 — ### 20-quarter Profit growth history - KHC: 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 — | Sep 2026 — - GIS: 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% | Sep 2026 — - JBS: 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 — | Sep 2026 — - MKC: 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% | Sep 2026 — - HRL: 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% | Sep 2026 — - SJM: 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 — | Sep 2026 — - MICC: 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 — | Sep 2026 — - SFD: 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 — | Sep 2026 — - DAR: 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% | Sep 2026 — - LW: 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 — | Sep 2026 — - CAG: 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 — | Sep 2026 — - CPB: 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% | Sep 2026 — - INGR: 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 — | Sep 2026 — - PPC: 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 — | Sep 2026 — - POST: 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 — | Sep 2026 — - FRPT: 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 — | Sep 2026 — - MZTI: 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 — | Sep 2026 — - CENT: 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 — | Sep 2026 — - UTZ: 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 — | Sep 2026 — - NOMD: 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 — | Sep 2026 — - FLO: 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% | Sep 2026 — - BRBR: 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 — | Sep 2026 — - JJSF: 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 — | Sep 2026 — - HLF: 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 — | Sep 2026 — - SENEA: 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 — | Sep 2026 — - SMPL: 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% | Sep 2026 — - JBSS: 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 — | Sep 2026 — - MAMA: 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% | Sep 2026 — - WEST: 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 — | Sep 2026 — ## Return On Capital Employed What the numbers say: Darling Ingredients Inc. leads ROCE at 12%, 2.8 percentage points above BellRing Brands, Inc.. 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: Darling Ingredients 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: Darling Ingredients Inc. · 12% | 30.4% versus #2 · BellRing Brands, Inc. | 4/8 recent comparable periods | 30/30 companies · 521 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. Darling Ingredients Inc. (DAR): 12% 2. BellRing Brands, Inc. (BRBR): 9.2% — older report 3. Central Garden & Pet Company (CENT): 8.8% — older report 4. Herbalife Ltd. (HLF): 8.1% — older report 5. Mama's Creations, Inc. (MAMA): 5.3% ### ROCE change — fastest improvers 1. Once Upon A Farm, PBC (OFRM): +24.5 pp — older report 2. Darling Ingredients Inc. (DAR): +11.2 pp 3. The J. M. Smucker Company (SJM): +6.9 pp 4. Seneca Foods Corporation (SENEA): +2.1 pp — older report 5. Westrock Coffee Company (WEST): +2.0 pp — older report ### 20-quarter ROCE history - KHC: 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 — | Sep 2026 — - GIS: 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% | Sep 2026 — - JBS: 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 — | Sep 2026 — - MKC: 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% | Sep 2026 — - HRL: 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% | Sep 2026 — - SJM: 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% | Sep 2026 — - MICC: 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 — | Sep 2026 — - SFD: 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 — | Sep 2026 — - DAR: 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% | Sep 2026 12% - LW: 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% | Sep 2026 — - CAG: 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% | Sep 2026 — - CPB: 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% | Sep 2026 — - INGR: 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 — | Sep 2026 — - PPC: 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 0.9% | Sep 2026 — - POST: 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 — | Sep 2026 — - FRPT: 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 — | Sep 2026 — - MZTI: 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 — | Sep 2026 — - CENT: Dec 2021 9.7% | Mar 2022 9.2% | Jun 2022 9.1% | Sep 2022 9.2% | Dec 2022 8.3% | Mar 2023 7.1% | Jun 2023 7.8% | Sep 2023 7.4% | Dec 2023 7.7% | Mar 2024 8.2% | Jun 2024 7.6% | Sep 2024 7.3% | Dec 2024 8.1% | Mar 2025 8.0% | Jun 2025 8.2% | Sep 2025 8.6% | Dec 2025 8.5% | Mar 2026 8.8% | Jun 2026 — | Sep 2026 — - UTZ: 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 — | Sep 2026 — - NOMD: 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 — | Sep 2026 — - FLO: 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% | Sep 2026 — - BRBR: 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 — | Sep 2026 — - JJSF: 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 — | Sep 2026 — - HLF: 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 — | Sep 2026 — - SENEA: Dec 2021 2.9% | Mar 2022 3.2% | Jun 2022 — | Sep 2022 0.8% | Dec 2022 2.5% | Mar 2023 -0.6% | Jun 2023 — | Sep 2023 3.8% | Dec 2023 2.7% | Mar 2024 0.2% | Jun 2024 2.3% | Sep 2024 2.2% | Dec 2024 2.3% | Mar 2025 0.2% | Jun 2025 2.2% | Sep 2025 4.0% | Dec 2025 5.9% | Mar 2026 2.3% | Jun 2026 — | Sep 2026 — - SMPL: 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% | Sep 2026 — - JBSS: 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 — | Sep 2026 — - MAMA: 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% | Sep 2026 — - WEST: 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 — | Sep 2026 — - OFRM: 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 — | Sep 2026 — ### 20-quarter ROCE change history - KHC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - GIS: 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 | Sep 2026 — - JBS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - MKC: 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 | Sep 2026 — - HRL: 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 | Sep 2026 — - SJM: 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 | Sep 2026 — - MICC: 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 — | Sep 2026 — - SFD: 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 — | Sep 2026 — - DAR: 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 | Sep 2026 +11.2 pp - LW: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 | Sep 2026 — - CAG: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 | Sep 2026 — - CPB: 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 | Sep 2026 — - INGR: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - PPC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 −5.9 pp | Sep 2026 — - POST: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - FRPT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - MZTI: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - CENT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.4 pp | Mar 2023 −2.1 pp | Jun 2023 −1.3 pp | Sep 2023 −1.8 pp | Dec 2023 −0.6 pp | Mar 2024 +1.1 pp | Jun 2024 −0.2 pp | Sep 2024 −0.1 pp | Dec 2024 +0.4 pp | Mar 2025 −0.2 pp | Jun 2025 +0.6 pp | Sep 2025 +1.3 pp | Dec 2025 +0.4 pp | Mar 2026 +0.8 pp | Jun 2026 — | Sep 2026 — - UTZ: 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 — | Sep 2026 — - NOMD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - FLO: 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 | Sep 2026 — - BRBR: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - JJSF: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - HLF: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - SENEA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.4 pp | Mar 2023 −3.8 pp | Jun 2023 — | Sep 2023 +3.0 pp | Dec 2023 +0.2 pp | Mar 2024 +0.8 pp | Jun 2024 — | Sep 2024 −1.6 pp | Dec 2024 −0.4 pp | Mar 2025 0.0 pp | Jun 2025 −0.1 pp | Sep 2025 +1.8 pp | Dec 2025 +3.6 pp | Mar 2026 +2.1 pp | Jun 2026 — | Sep 2026 — - SMPL: 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 | Sep 2026 — - JBSS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - MAMA: 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 | Sep 2026 — - WEST: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 — - OFRM: 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 — | Sep 2026 — ## Valuation Against Growth & Quality What the numbers say: JBS N.V. has the lowest comparable PEG at 0.16×, 36% below Central Garden & Pet Company. Only 15 of 30 companies have earnings and growth steady enough for the ratio to mean anything, 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× | 36% versus #2 · Central Garden & Pet Company | 0/4 recent comparable periods | 15/30 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing. ### PEG — lowest PEG 1. JBS N.V. (JBS): 0.2 — older report 2. Central Garden & Pet Company (CENT): 0.3 — older report 3. Seneca Foods Corporation (SENEA): 0.3 — older report 4. The Campbell's Company (CPB): 0.3 5. John B. Sanfilippo & Son, Inc. (JBSS): 0.7 — older report ### P/E — lowest P/E 1. Herbalife Ltd. (HLF): 6.5 — older report 2. McCormick & Company, Incorporated (MKC): 7.9 3. Seneca Foods Corporation (SENEA): 9.1 — older report 4. Nomad Foods Limited (NOMD): 9.3 — older report 5. The Campbell's Company (CPB): 10.3 ### 20-quarter PEG history - GIS: 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 — | Sep 2026 — - JBS: 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 — | Sep 2026 — - MKC: 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 — | Sep 2026 — - SFD: 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 — | Sep 2026 — - LW: 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 — | Sep 2026 — - CAG: 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 — | Sep 2026 — - CPB: 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 | Sep 2026 — - INGR: 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 — | Sep 2026 — - PPC: 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 — | Sep 2026 — - POST: 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 — | Sep 2026 — - FRPT: 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 — | Sep 2026 — - MZTI: 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 — | Sep 2026 — - CENT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.0 | Jun 2024 0.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 — | Sep 2026 — - NOMD: 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 — | Sep 2026 — - BRBR: 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 — | Sep 2026 — - JJSF: 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 — | Sep 2026 — - SENEA: 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 — | Sep 2026 — - SMPL: 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 — | Sep 2026 — - JBSS: 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 — | Sep 2026 — - MAMA: 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 | Sep 2026 — ### 20-quarter P/E history - KHC: 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 — | Sep 2026 — - GIS: 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 — | Sep 2026 — - JBS: 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 — | Sep 2026 — - MKC: 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 | Sep 2026 — - HRL: 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 | Sep 2026 — - SJM: 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 — | Sep 2026 — - MICC: 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 — | Sep 2026 — - SFD: 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 — | Sep 2026 — - DAR: 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 | Sep 2026 15.2 - LW: 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 | Sep 2026 — - CAG: 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 — | Sep 2026 — - CPB: 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 | Sep 2026 — - INGR: 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 — | Sep 2026 — - PPC: 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 12.5 | Sep 2026 — - POST: 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 — | Sep 2026 — - FRPT: 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 — | Sep 2026 — - MZTI: 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 — | Sep 2026 — - CENT: Dec 2021 17.0 | Mar 2022 15.4 | Jun 2022 15.1 | Sep 2022 — | Dec 2022 — | Mar 2023 18.2 | Jun 2023 16.1 | Sep 2023 17.5 | Dec 2023 18.2 | Mar 2024 16.4 | Jun 2024 15.8 | Sep 2024 — | Dec 2024 18.5 | Mar 2025 17.5 | Jun 2025 14.7 | Sep 2025 — | Dec 2025 12.1 | Mar 2026 12.1 | Jun 2026 — | Sep 2026 — - UTZ: 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 — | Sep 2026 — - NOMD: 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 — | Sep 2026 — - FLO: 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 | Sep 2026 — - BRBR: 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 — | Sep 2026 — - JJSF: 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 — | Sep 2026 — - HLF: 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 — | Sep 2026 — - SENEA: Dec 2021 4.0 | Mar 2022 7.2 | Jun 2022 — | Sep 2022 9.4 | Dec 2022 7.5 | Mar 2023 45.1 | Jun 2023 — | Sep 2023 9.0 | Dec 2023 11.4 | Mar 2024 6.7 | Jun 2024 7.8 | Sep 2024 10.6 | Dec 2024 14.0 | Mar 2025 15.1 | Jun 2025 16.2 | Sep 2025 12.5 | Dec 2025 8.5 | Mar 2026 9.1 | Jun 2026 — | Sep 2026 — - SMPL: 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 — | Sep 2026 — - JBSS: 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 — | Sep 2026 — - MAMA: 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 | Sep 2026 — ## 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. - 18 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker. ## Every company - The Kraft Heinz Company (KHC) — market value ₹31.6K Cr; latest fundamentals Mar 2026 - General Mills, Inc. (GIS) — market value ₹19.3K Cr; latest fundamentals Jun 2026 - JBS N.V. (JBS) — market value ₹14.6K Cr; latest fundamentals Mar 2026 - McCormick & Company, Incorporated (MKC) — market value ₹14.0K Cr; latest fundamentals Jun 2026 - Hormel Foods Corporation (HRL) — market value ₹13.9K Cr; latest fundamentals Jun 2026 - The J. M. Smucker Company (SJM) — market value ₹12.7K Cr; latest fundamentals Jun 2026 - The Magnum Ice Cream Company N.V. (MICC) — market value ₹11.2K Cr; latest fundamentals Dec 2025 - Smithfield Foods, Inc. (SFD) — market value ₹10.0K Cr; latest fundamentals Mar 2026 - Darling Ingredients Inc. (DAR) — market value ₹9.6K Cr; latest fundamentals Sep 2026 - Lamb Weston Holdings, Inc. (LW) — market value ₹7.3K Cr; latest fundamentals Jun 2026 - Conagra Brands, Inc. (CAG) — market value ₹7.2K Cr; latest fundamentals Jun 2026 - The Campbell's Company (CPB) — market value ₹6.8K Cr; latest fundamentals Jun 2026 - Ingredion Incorporated (INGR) — market value ₹6.6K Cr; latest fundamentals Mar 2026 - Pilgrim's Pride Corporation (PPC) — market value ₹6.4K Cr; latest fundamentals Jun 2026 - Post Holdings, Inc. (POST) — market value ₹4.1K Cr; latest fundamentals Mar 2026 - Freshpet, Inc. (FRPT) — market value ₹3.1K Cr; latest fundamentals Mar 2026 - The Marzetti Company (MZTI) — 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 ₹1.5K 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 - The Simply Good Foods Company (SMPL) — market value ₹1.0K Cr; latest fundamentals Jun 2026 - John B. Sanfilippo & Son, Inc. (JBSS) — market value ₹986 Cr; latest fundamentals Mar 2026 - Mama's Creations, Inc. (MAMA) — market value ₹877 Cr; latest fundamentals Jun 2026 - Westrock Coffee Company (WEST) — market value ₹779 Cr; latest fundamentals Mar 2026 - Once Upon A Farm, PBC (OFRM) — market value ₹721 Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Sep 2026; prices through 2026-08-04. 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 ### Is the Packaged Foods sector outperforming S&P 500? Packaged Foods has underperformed S&P 500 by 20.3% over 52 weeks and 6.6% over 13 weeks. 8 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 25 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 24 of 30 comparable companies. ### Which Packaged Foods company has the strongest 4-Factor Sector Score? Seneca Foods Corporation ranks first at 65.4/100 with 59.9% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Packaged Foods company has the lowest comparable PEG? JBS N.V. has the lowest comparable PEG at 0.16, among 15 of 30 companies whose earnings and growth are steady enough for the ratio to mean anything. ### How much history does this Packaged Foods comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Sep 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. ### 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 25 of 30 companies with comparable reporting through Mar 2026. ### 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 25 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? Darling Ingredients Inc. leads on return on capital employed at 12%, 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 PEG — where a LOWER number is cheaper — JBS N.V. screens cheapest at 0.16×. Only 15 of 30 companies have earnings and growth steady enough for the ratio to mean anything, 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. ### Is the Packaged Foods sector beating the market? Packaged Foods has underperformed S&P 500 by 20.3% over the last 52 weeks and 6.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 8 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? Seneca Foods Corporation scores 65.4 out of 100 with 59.9% evidence confidence, from 22.9 points on growth and earnings, 10.8 on capital efficiency, 15.7 on valuation and 16 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, ending Sep 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 $199,272 million of combined market value. The Kraft Heinz Company is the largest at $31,589 million, about 16% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04. ### 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 2026-08-04. ### How is the Packaged Foods sector performing? 8 of the 28 covered Packaged Foods companies are beating S&P 500 on Mansfield relative strength. The sector itself is 20.3% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04. ### 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 Sep 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.