Seaboard Corporation (SEB) Stock

Seaboard Corporation (SEB) is a Consumer Discretionary stock trading at $4253.42 (as of 2026-09-02), with a market capitalization of $4.07B and a trailing P/E of 6.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Seaboard Corporation is an agribusiness and transportation company with six operating segments: Pork, Commodity Trading and Milling, Marine, Sugar and Alcohol, Power, and Turkey. It produces and distributes products such as pork, animal feed and milling commodities, sugar and alcohol, and provides cargo shipping and related services, serving customers worldwide.

Understand Seaboard Corporation: how it makes money

Seaboard raises hogs, mills grain, ships bulk cargo, and generates power, selling pork, wheat flour, corn, sugar, and electricity to processors, foodservice, and distributors. The model stacks high-volume commodity flows through owned ships, mills, and power plants, so who pays spans processors, grocers, and utility-scale buyers rather than any single customer.

Seaboard's profit engine is control of the physical chain: it owns the hog barn, the grain elevator, the bulk carrier, the sugar mill, and the coal-fired plant, so it captures a small spread at every handoff of the same commodity. The result is enormous revenue with structurally thin percentages, because each step competes against spot prices in pork, grain, freight, or energy.

Business quality (Mixed): Mixed quality: 18% top-line growth on a $2.9B quarterly base is impressive, but 3% operating margin and 8% gross margin leave little cushion when any one commodity cycle turns. The ROE of 9% suggests thin capital efficiency typical of asset-heavy, low-margin wholesale flows.

Valuation: At 8× earnings, SEB trades 66% below the Wholesale average (23×). Note: the low multiple may reflect one-time earnings items.

Bull case

Deep valuation discount to peers: The stock trades at a P/E of 7.9x versus the wholesale industry average of 23x, a 66% discount, which prices in the commodity-cycle risk so heavily that any sustained margin recovery would be undersold.
Accelerating top-line growth: Quarterly revenue of $2.9B is up 18% year over year, showing the integrated pipeline (pork, grain, sugar, shipping, power) is scaling faster than the industry average and supporting the low multiple as a stale price rather than a justified one.

Bear case

Margins leave no room for error: Gross margin of 8% and operating margin of 3% mean a modest adverse move in pork prices, freight rates, or coal costs erases a large share of quarterly profit, and the company cannot pass costs through easily in commodity markets.

Valuation — source: SEC EDGAR (first-party)
Price	$4253.42
Market Cap	$4.07B
P/E Ratio	6.4
EV / EBITDA	7.4
Price / Book	0.74
Price / Sales	0.40
FCF Yield	0.1%
DCF Value (model)	$1452.06
DCF Upside vs Price	-65.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$9.75B
Net Margin	5.1%
Revenue Growth (YoY)	-2.9%
EPS Growth (YoY)	65.7%
FCF Growth (YoY)	-89.8%

Financial Health — source: SEC EDGAR
Altman Z-Score	3.31 (safe)
Piotroski F-Score	7/9 (strong)

Valuation vs Sector & Industry
Stock P/E	6.4
Sector P/E (Consumer Discretionary)	20.1
Industry P/E (Wholesale)	23.9
vs Sector	-68.3%
vs Industry	-73.3%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	DIMENSIONAL FUND ADVISORS LP ($266.22M)
Institutional Holders Tracked	10

Company
Sector	Consumer Discretionary
Industry	Wholesale
CEO	Robert L. Steer
Employees	14,000
Country	US
IPO Date	1973-02-22

Related Companies (Wholesale; 8 comparable wholesalers)

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.