The J. M. Smucker Company (SJM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-35.2%

$85.07

vs $131.22 price

Levered DCF

$255.98

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.52

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-75.41×	-10.05×	16.09×	-182.6×	23.45×	16.82×	16.8×	27.13×
P/B	1.89×	2.03×	1.55×	2.29×	1.82×	1.81×	1.6×	1.74×
P/S	1.16×	1.42×	1.46×	1.96×	1.85×	1.83×	1.68×	1.77×
EV / EBITDA	19.97×	-128.94×	12.09×	35.63×	13.15×	10.68×	11.12×	14.51×
Gross margin	33.5%	38.8%	38.1%	32.8%	33.8%	39.2%	38.5%	37.2%
Operating margin	4.0%	-7.7%	16.0%	1.8%	12.8%	17.3%	15.7%	11.8%
Net margin	-1.5%	-14.1%	9.1%	-1.1%	7.9%	11.0%	10.0%	6.6%
Current ratio	0.78×	0.81×	0.52×	1.44×	1.03×	0.68×	1.24×	0.69×
Debt / equity	1.28×	1.28×	1.11×	0.61×	0.57×	0.6×	0.71×	0.74×
Interest coverage	0.94×	-1.73×	4.94×	1.04×	6.36×	7.83×	6.46×	4.47×
Dividend yield	4.4%	3.7%	3.7%	2.6%	2.8%	2.7%	3.0%	2.7%
Payout ratio	-335.0%	-37.0%	58.8%	-471.2%	66.2%	46.0%	50.9%	73.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-2.5%	-20.2%	9.7%	-1.3%	7.8%	10.8%	9.5%	6.5%
Return on invested capital	2.5%	-4.3%	5.4%	1.2%	5.4%	7.1%	5.9%	4.4%
Return on assets	-0.9%	-7.0%	3.7%	-0.6%	3.9%	5.4%	4.6%	3.1%
Free cash flow yield	11.1%	6.6%	5.4%	4.3%	4.9%	8.6%	7.5%	5.6%
Earnings yield	-1.3%	-9.9%	6.2%	-0.5%	4.3%	6.0%	6.0%	3.7%
Enterprise value	$17.5B	$20.1B	$20.4B	$20.4B	$19.3B	$19.2B	$18.5B	$19.7B
Net debt / EBITDA	8.03×	-49.43×	5.02×	6.57×	3.03×	2.54×	3.24×	4.28×
Cash conversion cycle (days)	24	20	11	1	17	19	34	47