One-glance verdict
Within fair range
$23.49 our estimate vs market $30.13
28% above our estimate
Fundamentals snapshot
Wilmar International Limited
WLMIY · PNK · Consumer Defensive · Packaged Foods
Current price
$30.13
52-week range
$21.92 - $32.34
Market cap
$18.81B
Balance sheet
Stretched
1.47x Concerning
Net debt $19.69B. 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 4.5% last year.
- Reward Returns 6.6% on equity, ahead of 33% of its peers.
- Risk Stock trades 27.9% above its 5-year average P/E.
- Risk Insider ownership is only 0.0% (peer median: 1.2%).
What this company does
Wilmar International Limited
Wilmar International is a giant food company, primarily in Asia, that's involved in the entire food production journey from farm to shelf. It makes most of its money by growing crops like palm oil and sugarcane, processing them into everyday products like cooking oil, flour, and rice, and selling them to consumers and other businesses. This matters because the company is a key supplier of essential food staples, and its control over the whole supply chain (the path from raw material to final product) can give it an advantage over competitors.
How the company got here
Wilmar was co-founded in 1991 by Kuok Khoon Hong and Martua Sitorus, starting as a small palm oil trading firm in Singapore. Their first major project was a 7,000-hectare oil palm plantation in Indonesia, marking their move into growing raw materials. A critical turning point came in 2007 when Wilmar merged with the Kuok Group's related businesses, creating one of Asia's largest agribusiness groups. The company's core idea was always vertical integration (controlling every step of production from the farm to the store), which allowed it to manage costs and profits effectively. Strategic partnerships, like the one with India's Adani Group, helped it expand into massive new markets.
What it actually does
While you may not see the Wilmar name on your groceries, the company is a giant that makes the basic food ingredients and products used by billions of people every day, especially in Asia and Africa. It takes raw crops like palm fruit, soybeans, and sugarcane and controls their entire journey from the field to the supermarket shelf. The final products include well-known brands of cooking oil, flour, rice, and sugar that you would find in a store. Beyond food for people, Wilmar also produces animal feed and ingredients for everyday items like soap and cosmetics.
Food Products
This is the part of the business that makes and sells products directly to shoppers and other food businesses. It takes the company's own raw materials—like vegetable oils, sugar, and flour—and packages them into branded goods for the grocery aisle. This segment is the most profitable part of the company because selling a finished product with a recognized brand name, like 'Arawana' cooking oil in China, earns more money than selling just the raw ingredients. Customers are everyday consumers, restaurants, and bakeries who pay for these ready-to-use food items.
Feed and Industrial Products
This is the company's largest business segment by sheer volume. It focuses on processing agricultural commodities (raw materials like soybeans or palm oil) into ingredients for other industries, not for direct sale to shoppers. For example, it crushes massive amounts of soybeans to create protein meal, which is then sold to farmers to use as animal feed. This division also transforms palm oil into oleochemicals (the building blocks for soaps, detergents, and cosmetics) and biodiesel (a renewable fuel).
Plantation and Sugar Milling
This is where the entire process begins, often called the 'upstream' part of the business. Wilmar owns and operates vast farms, known as plantations, to grow crops like oil palm and sugarcane, primarily in Southeast Asia. After harvesting, the company runs its own mills to crush the palm fruit for oil and process the sugarcane into raw sugar. This segment acts as the foundational supplier for Wilmar's other businesses, providing the essential raw materials needed to make everything else.
What management is betting on now
Management's core strategy remains focused on its integrated model, which means owning the entire supply chain (the complete process from raw material to final product) to keep costs low and predictable. A major priority is expanding its branded food products, as these have higher profit margins (the amount of profit made on each dollar of sales) than raw commodities. The company is heavily investing in 'Central Kitchen Food Parks' in China, which are large-scale facilities to prepare and supply ready-to-eat meals to institutions like schools and businesses. Wilmar is also deepening its presence in India, a huge and growing market, by increasing its ownership in its Indian business.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $23.49 vs current price $30.13
Our most-likely fair value is $23.49 a share — about 22.1% away from today's price of $30.13, so the stock currently looks fairly priced.
Is it drowning in debt?
Stretched
Net debt $19.7B. Interest coverage 1.5x.
Net debt
$19.69B
Interest coverage
1.47x
Wilmar International Limited's profit covers its interest bill about 1.5 times over. which is weaker than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
WLMIY
BASELINE
Wilmar International Limited
Total debt $32.50B Interest coverage 1.47x This is the baseline the peer rows are being compared against.
Total debt $9.34B Interest coverage 2.33x +58% vs WLMIY Carries about 1.6x more debt cushion than WLMIY.
Total debt $17.06B Interest coverage 2.06x +40% vs WLMIY Carries about 1.4x more debt cushion than WLMIY.
Total debt $0.00 Interest coverage 4.93x +235% vs WLMIY Carries about 3.3x more debt cushion than WLMIY.
Total debt $8.01B Interest coverage 3.21x +118% vs WLMIY Carries about 2.2x more debt cushion than WLMIY.
Total debt $4.17B Interest coverage 1.86x +27% vs WLMIY Carries about 1.3x more debt cushion than WLMIY.
What you should know
The case for and against WLMIY
3 Rewards
3 Risks
Rewards
-
Revenue grew 4.5% last year.
-
Returns 6.6% on equity, ahead of 33% of its peers.
-
Free cash flow was positive in 2/10 years.
Risks
-
Stock trades 27.9% above its 5-year average P/E.
-
Insider ownership is only 0.0% (peer median: 1.2%).
-
Operating margin compressed from 4.5% to 3.7% over 3 years.
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)
13.21x
Forward P/E
—
P/B
0.86x
P/S
0.25x
EV/EBITDA
10.15x
PEG ratio
9.64x
Profitability
How much profit each dollar creates
Gross margin
8.4%
Operating margin
3.7%
Net margin
1.9%
ROE
6.6%
ROA
2.7%
Health
Liquidity and balance-sheet strength
Debt / equity
1.28x
Current ratio
1.09x
Quick ratio
0.59x
Total debt
$32.50B
Total cash
$12.81B
Growth
How the business has been compounding
Revenue TTM
$76.08B
Revenue 5Y CAGR
-1.4%
EPS TTM
2.28
EPS 5Y CAGR
-16.1%
Cash flow
How much cash the business throws off
Operating CF TTM
$2.36B
Free CF TTM
$1.28B
FCF margin
1.7%
Dividend
Shareholder payout
Yield
3.9%
Payout ratio
48.0%
Last ex-div date
2026-08-24