JBS N.V.
JBSdata completeness 100%3 fiscal years on fileJBS N.V. earns about 93% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $17.14 and $19.89 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $72.9B1 | $77.2B1 | $86.2B1 |
| Net income | −$198.9M2 | $1.77B2 | $2.02B2 |
| Operating cash flow | $2.38B3 | $4.23B3 | $2.93B3 |
| Capital expenditure | $1.5B4 | $1.48B4 | $2.1B4 |
| Free cash flow (derived) | $876.6M3 | $2.75B3 | $832.7M3 |
| Total debt | — | — | $191M5 |
| Cash & equivalents | $4.57B6 | $5.61B6 | $4.57B6 |
| Diluted shares | 1.07B | 1.07B | 1.07B |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $81.46 of net worth that earned you $18.95 and generated $7.79 of cash last year, against $1.79 of debt.
It earned about 93% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is roughly flat over 3 years — little dilution, little buyback. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $17.14 and $19.89 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$876.6M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$876.6M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$1.77B
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $15.82 |
| Base | 5.0% | $18.65 |
| Bull | 10.0% | $22.05 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2023-12-31 · accession 0001213900-26-034213 (Revenue)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-034213 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-034213 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-034213 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2025-12-31 · accession 0001213900-26-034213 (Borrowings)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-034213 (CashAndCashEquivalents)