Seaboard Corporation (SEB) Stock Price & How to Invest

Seaboard reports six segments, and the 10-Q for the quarter ended July 4, 2026 names them as Pork, Commodity Trading and Milling (CT&M), Marine, Liquid Fuels, Power and Turkey, with a sugar and alcohol operation in Argentina parked in All Other and Corporate. CT&M is the revenue giant at ~$5.17 billion of fiscal 2025 sales, sourcing grains and oilseeds through ten trading offices and milling flour, feed and maize meal at 14 sites across ten countries. Pork contributed ~$2.06 billion from a single Oklahoma plant with double-shift capacity for about six million hogs a year, fed by hog production able to raise roughly eight million head. Marine added ~$1.61 billion, sailing 14 owned cargo vessels plus 11 chartered ones between the U.S. and 27 countries in the Caribbean and Central and South America. Liquid Fuels (~$605 million) runs 78 million gallons of biodiesel capacity and an 85-million-gallon renewable diesel plant in Kansas. Power (~$232 million) is two generating barges in Santo Domingo rated at 108 and 150 megawatts. Turkey books no revenue at all, being Seaboard's 52.5% non-controlling stake in Butterball, carried on the equity method. Roughly 14,000 people work across the group.

Trailing twelve-month revenue through July 4, 2026 was ~$10.27 billion, up from $9.75 billion in fiscal 2025 and $9.10 billion in 2024. What moves the bottom line is rarely the top line. Operating income over that same stretch was ~$345 million, yet net earnings attributable to Seaboard reached ~$634 million, or ~$661.87 a share. The bridge runs through ~$179 million of income from affiliates (Butterball plus the Seaboard Triumph Foods and Daily's Premium Meats pork ventures), ~$155 million of other income driven largely by marks on a ~$1.06 billion portfolio of trading securities held at Corporate, and a trailing income tax line that came out a net benefit after the 2025 valuation allowance release. Take those away and the operating business earns a low-single-digit margin on food and freight. At ~$4,260 the market pays ~$4.08 billion for total equity of ~$5.49 billion, so the shares trade below stated book. Seaboard pays $2.25 a quarter, a yield near 0.21%, and repurchased nothing in the first half of 2026 with ~$62 million left on the authorization. Capital instead goes into the asset base, with a 2026 budget of roughly $625 million after $562 million spent in 2025.

Litigation is the oldest of the exposures. In re Pork Antitrust Litigation, filed in the U.S. District Court for the District of Minnesota on June 28, 2018 against Seaboard Foods and other processors, alleges output coordination from January 2009 onward, facilitated by non-public data exchanged through Agri Stats. Classes were certified on March 3, 2023 and the court denied the defendants' summary judgment motion on March 31, 2025. Seaboard has settled with the direct purchaser class (June 2023), the two indirect purchaser classes (June 2024), Alaska, Puerto Rico and New Mexico, but it continues to litigate against opt-out direct action plaintiffs whose cases await remand to the courts where they were filed, and it states it cannot estimate reasonably possible loss beyond amounts already accrued. Operational concentration is stark. One Oklahoma plant carries the entire Pork segment, and substantially all of its hourly workforce sat under a collective bargaining agreement expiring in July 2026. Management said it is uncertain whether Pork will be profitable for the remainder of the year. CT&M runs mills in Ghana, Zambia, Nigeria, Mozambique, the Republic of the Congo and other markets where currency moves, unreliable power and political instability are live variables, while the sugar and alcohol business sits in Argentina. A risk factor added in the second quarter for the Iran conflict that began in February 2026 names higher fuel prices, higher shipping costs and firmer grain prices as effects already felt. The financial texture deserves attention too. Operating cash flow for the first half of 2026 was negative $30 million against positive $61 million a year earlier, as inventories absorbed $285 million. Lines of credit stood at $623 million at a weighted average 5.24%, on top of a $948 million term loan due 2033 at 5.35%. And with roughly 248,000 shares outside family control, ordinary order flow moves the quote further than the underlying business does in any given week.

We give no verdict on Seaboard Corporation. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Liquid Fuels flipped from the biggest drag to the biggest swing. The segment lost $127 million at the operating line in fiscal 2025.

The case against. Litigation is the oldest of the exposures.

Read the full bull and bear case on SEB, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Seaboard Corporation's investor relations page or your broker.

• Revenue (TTM): ~$10.27 billion for the twelve months to July 4, 2026, against $9.75 billion in fiscal 2025, $9.10 billion in 2024 and $9.56 billion in 2023. First-half 2026 sales of $5.32 billion were up $526 million year over year, with Liquid Fuels supplying $300 million of that increase on environmental credit and fuel sales, and CT&M $188 million on higher commodity volumes.
• Earnings and EPS (TTM): ~$634 million of net earnings attributable to Seaboard, or ~$661.87 per share, versus $496 million ($514.46) in fiscal 2025, $88 million ($90.62) in 2024 and $226 million ($202.21) in 2023. Operating income across the same twelve months was only ~$345 million. The remainder came from ~$179 million of income from affiliates, ~$155 million of other income, and an income tax line that netted to a benefit rather than an expense.
• Segment mix (fiscal 2025): CT&M produced $5.17 billion of the $9.75 billion in external sales but just $143 million of the $239 million in operating income. Marine contributed $165 million of operating income on $1.61 billion of sales, Pork $67 million on $2.06 billion, Power $46 million on $232 million, and Liquid Fuels lost $127 million on $605 million. Adding $138 million of affiliate income, total operating income and income from affiliates came to $377 million.
• Cash flow and balance sheet: Fiscal 2025 operating cash flow was $568 million against $562 million of capital expenditure. The first half of 2026 reversed that shape: negative $30 million from operations on a $285 million inventory build, with $198 million of capex. As of July 4, 2026 Seaboard held $145 million of cash and $1.06 billion of short-term investments against $623 million drawn on lines of credit and $986 million of face-value long-term debt, with total equity of $5.51 billion and ~$5,728 of book value per share.
• Market pricing: ~$4,259.96 a share as of August 22, 2026, a ~$4.08 billion market capitalization on 957,794 shares outstanding, inside a 52-week range of $3,140.01 to $5,989.37. Those figures work out to ~6.4 times trailing EPS, ~0.4 times trailing sales and ~0.74 times book, with an enterprise value near $4.8 billion against ~$671 million of trailing EBITDA, so roughly 7 times. The dividend runs $2.25 a quarter, ~$9.00 annualised, for a yield near 0.21%.

A single-digit P/E here is not describing a steady earnings stream. Trailing profit was helped by a net tax benefit following the 2025 valuation allowance release, by mark-to-market gains on the Corporate securities book, and by an unusually strong stretch at Butterball and Liquid Fuels, none of which management describes as repeatable. The discount to book value is the more durable observation, and it has persisted for years alongside a public float of roughly 248,000 shares that makes any multiple a thinly-traded one.

Other names that sit close to SEB: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get SEB exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so SEB sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where SEB fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

As of August 2026, Seaboard changes hands at roughly 0.74 times its ~$5,728 book value per share while six segments run on six separate commodity cycles. The discount to book and the quality of the trailing earnings point in opposite directions, and the headline multiple settles neither.

Whether SEB is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is SEB a buy or a sell?, and where the stock could go from here in the SEB stock forecast.

For income investors, whether SEB pays a dividend and how the payout looks is covered in does SEB pay a dividend? And to weigh SEB against a peer, read the full side-by-side comparisons: SEB vs TSN and SEB vs SFD.