One-glance verdict
Undervalued
$170.82 our estimate vs market $82.36
Wall Street consensus: $102.00 (-40.3% lower than our fair-value estimate)
52% below our estimate, below the bear case
Fundamentals snapshot
John B. Sanfilippo & Son, Inc.
JBSS · NMS · Consumer Defensive · Packaged Foods
Current price
$82.36
52-week range
$59.07 - $92.08
Market cap
$962.79M
Balance sheet
Healthy
23.33x Strong cushion
Net debt $102.21M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 5.2% last year.
- Reward Returns 18.3% on equity, ahead of 80% of its peers.
- Risk Forward P/E (17.3x) is higher than trailing (14.4x) - earnings are expected to drop.
- Risk Net debt grew 85.7% over 3 years.
What this company does
John B. Sanfilippo & Son, Inc.
John B. Sanfilippo & Son is a food company that processes and sells nuts, snack bars, and peanut butter under its own brands like Fisher and Orchard Valley Harvest. The company makes most of its money selling to large grocery chains, both under its own brand names and as private label products (when a store, like Costco, puts its own brand name on a product made by another company). This strategy of selling to both brand-loyal shoppers and large retailers helps create steady and reliable demand for its products.
How the company got here
John B. Sanfilippo & Son began in 1922 when Gaspare Sanfilippo and his son John started a small family business shelling pecans by hand in a Chicago storefront. [5, 14] For decades, they supplied pecans to candy makers and distributors, gradually automating and expanding. [3, 9] A key turning point came in 1995 with the purchase of the Fisher nuts brand, which transformed the company from a behind-the-scenes processor into a nationally recognized name. [5, 9] Over the years, it went public on the stock market to fund growth and acquired other brands like Orchard Valley Harvest and Squirrel Brand to broaden its snack offerings. [5, 9]
What it actually does
At its core, the company processes and packages nuts like almonds, peanuts, and walnuts, selling them in various forms from raw and roasted to seasoned snack mixes. [6, 11] You would recognize their products in the grocery store under brand names like Fisher for baking and snacking nuts, Orchard Valley Harvest for trail mixes, and Squirrel Brand for premium nuts. [6] Beyond nuts, the company also makes and sells other snacks, including peanut butter, fruit and nut bars, and even cheese-based snacks. [6, 10] A large part of their business also involves packaging products for other companies to sell under their own store brands, often called 'private brands'. [2]
Consumer Channel
This is the largest and most visible part of the company, where it sells finished products directly to stores where everyday people shop. [4] This includes big grocery chains, mass merchandisers like Target or Walmart, and drug stores. [4] When you buy a can of Fisher peanuts or a bag of Orchard Valley Harvest trail mix, you are buying from this business segment. This segment also supplies the store-brand nuts and snacks that retailers sell under their own labels, like a grocery store's house brand. [2]
Commercial Ingredients Channel
This part of the business sells nuts and nut-based products to other food companies to use as ingredients in their own goods. [4] Think of a large bakery that needs chopped almonds for its pastries, an ice cream company that needs pecans for its butter pecan flavor, or a restaurant chain that uses nuts in its salads and dishes. [4] These customers buy in bulk from Sanfilippo & Son to use in the foods they prepare and sell to their own customers. [4]
Contract Manufacturing Channel
In this business, the company acts as a hired factory for other food manufacturers. [4] A company with a recipe for a new snack bar or trail mix might hire Sanfilippo & Son to produce and package the product for them under their brand name. [20] This allows other companies to sell products without having to own and operate their own nut-processing factories. This segment has grown with the addition of new customers and capabilities for making products like granola. [22]
What management is betting on now
The company's main focus is to grow its own brands, like Fisher and Orchard Valley Harvest, rather than just processing nuts for others. [2] Selling branded products generally earns a higher margin (the percentage of profit made on a sale) than selling basic ingredients. [2] They are also investing heavily in expanding their snack bar production, seeing it as a key area for future growth beyond traditional nuts. [20] Finally, management is always working to improve its manufacturing efficiency and carefully manage its purchasing of raw nuts, as the prices of these commodities (raw materials that can be bought and sold) can change unpredictably with weather and crop yields. [2]
Price history
How the share price has moved
—
Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$24.39M
FY2025 Q1
$-2.97M
FY2025 Q2
$-2.67M
FY2025 Q3
$-37.58M
FY2025 Q4
$23.05M
FY2026 Q1
$7.26M
FY2026 Q2
$40.05M
FY2026 Q3
$-21.47M
Revenue
$281.78M
Net income
$16.85M
Diluted EPS
1.43
Operating cash flow
$197.00K
Free cash flow
$-21.47M
Fetching…
Sources
Revenue
$314.78M
Net income
$17.96M
Diluted EPS
1.53
Operating cash flow
$62.49M
Free cash flow
$40.05M
Fetching…
Sources
Revenue
$298.68M
Net income
$18.73M
Diluted EPS
1.59
Operating cash flow
$32.13M
Free cash flow
$7.26M
Fetching…
Sources
Revenue
$269.08M
Net income
$13.53M
Diluted EPS
1.15
Operating cash flow
$36.53M
Free cash flow
$23.05M
Fetching…
Sources
Revenue
$260.91M
Net income
$20.15M
Diluted EPS
1.72
Operating cash flow
$-25.90M
Free cash flow
$-37.58M
Fetching…
Sources
Revenue
$301.07M
Net income
$13.60M
Diluted EPS
1.16
Operating cash flow
$10.98M
Free cash flow
$-2.67M
Fetching…
Sources
Revenue
$276.20M
Net income
$11.66M
Diluted EPS
1.00
Operating cash flow
$8.93M
Free cash flow
$-2.97M
Fetching…
Sources
Revenue
$269.57M
Net income
$10.01M
Diluted EPS
0.85
Operating cash flow
$35.23M
Free cash flow
$24.39M
Fetching…
Sources
Is it cheap or expensive?
Fair value $170.82 vs current price $82.36
Wall Street consensus is the average analyst price target: $102.00 (-40.3% lower than our fair-value estimate).
Our most-likely fair value is $170.82 a share — about 107.4% above today's price of $82.36, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net debt $102.2M. Interest coverage 23.3x.
Net debt
$102.21M
Interest coverage
23.33x
John B. Sanfilippo & Son, Inc.'s profit covers its interest bill about 23.3 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
JBSS
BASELINE
John B. Sanfilippo & Son, Inc.
Total debt $103.50M Interest coverage 23.33x This is the baseline the peer rows are being compared against.
Total debt $1.04B Interest coverage 0.25x -99% vs JBSS Carries about 94.4x less debt cushion than JBSS.
Total debt $448.46M Interest coverage 9.40x -60% vs JBSS Carries about 2.5x less debt cushion than JBSS.
Total debt $192.53M Interest coverage 67.00x +187% vs JBSS Carries about 2.9x more debt cushion than JBSS.
Total debt $1.47B Interest coverage 4.25x -82% vs JBSS Carries about 5.5x less debt cushion than JBSS.
What you should know
The case for and against JBSS
3 Rewards
3 Risks
Rewards
-
Revenue grew 5.2% last year.
-
Returns 18.3% on equity, ahead of 80% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Forward P/E (17.3x) is higher than trailing (14.4x) - earnings are expected to drop.
-
Net debt grew 85.7% over 3 years.
-
Insider ownership is only 1.8% (peer median: 13.8%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
14.42x
Forward P/E
17.30x
P/B
2.48x
P/S
0.83x
EV/EBITDA
8.70x
PEG ratio
1.52x
Profitability
How much profit each dollar creates
Gross margin
18.5%
Operating margin
8.1%
Net margin
5.8%
ROE
18.3%
ROA
9.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.27x
Current ratio
2.30x
Quick ratio
0.56x
Total debt
$103.50M
Total cash
$1.29M
Growth
How the business has been compounding
Revenue TTM
$1.16B
Revenue 5Y CAGR
6.6%
EPS TTM
5.71
EPS 5Y CAGR
-1.9%
Cash flow
How much cash the business throws off
Operating CF TTM
$131.35M
Free CF TTM
$-20.17M
FCF margin
-1.7%
Dividend
Shareholder payout
Yield
1.1%
Payout ratio
15.8%
Last ex-div date
2026-08-17