SEABOARD CORP /DE/ earns about 7% on invested capital, and has bought back 17% of its shares over 5 years. The applicable estimate puts fair value near $5,196.49 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $9.23B1 | $11.2B2 | $9.56B3 | $9.1B3 | $9.75B3 |
| Net income | $571M4 | $582M5 | $227M6 | $90M6 | $501M6 |
| Operating cash flow | $92M7 | $676M8 | $710M9 | $519M9 | $568M9 |
| Capital expenditure | $460M10 | $474M11 | $506M12 | $511M12 | $562M12 |
| Free cash flow (derived) | −$368M7,10 | $202M8,11 | $204M9,12 | $8M9,12 | $6M9,12 |
| Total debt | $716M13,14 | $702M15 | $997M16 | $987M17 | $977M17 |
| Cash & equivalents | $75M18 | $199M19 | $56M20 | $98M21 | $178M21 |
| Diluted shares | 1.2M | 1.2M | 1.1M | 971,055 | 964,113 |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $54,060.05 of net worth that earned you $5,196.49 and generated $62.23 of cash last year, against $10,133.67 of debt.
It earned an average 7% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is down 17% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 36% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period10 years
- FCF growth0.0%
- Starting free cash flow$8M
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period5 years
- FCF growth0.0%
- Starting free cash flow$8M
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$501M
- Growth assumed0.0%
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MeritValue on the App Store →- 10-K filed 2024-02-13 · period ending 2021-12-31 · accession 0000088121-24-000025 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2025-02-13 · period ending 2022-12-31 · accession 0000088121-25-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2026-02-12 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000088121-26-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2024-02-13 · period ending 2021-12-31 · accession 0000088121-24-000025 (ProfitLoss)
- 10-K filed 2025-02-13 · period ending 2022-12-31 · accession 0000088121-25-000017 (ProfitLoss)
- 10-K filed 2026-02-12 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000088121-26-000012 (ProfitLoss)
- 10-K filed 2024-02-13 · period ending 2021-12-31 · accession 0000088121-24-000025 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-02-13 · period ending 2022-12-31 · accession 0000088121-25-000017 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-02-12 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000088121-26-000012 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-02-13 · period ending 2021-12-31 · accession 0000088121-24-000025 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2025-02-13 · period ending 2022-12-31 · accession 0000088121-25-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-02-12 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000088121-26-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2022-02-15 · period ending 2021-12-31 · accession 0000088121-22-000017 (LongTermDebtNoncurrent)
- 10-K filed 2022-02-15 · period ending 2021-12-31 · accession 0000088121-22-000017 (LongTermDebtCurrent)
- 10-K filed 2024-02-13 · period ending 2022-12-31 · accession 0000088121-24-000025 (LongTermDebtNoncurrent)
- 10-K filed 2025-02-13 · period ending 2023-12-31 · accession 0000088121-25-000017 (LongTermDebtNoncurrent)
- 10-K filed 2026-02-12 · periods ending 2024-12-31, 2025-12-31 · accession 0000088121-26-000012 (LongTermDebtNoncurrent)
- 10-K filed 2023-02-14 · period ending 2021-12-31 · accession 0000088121-23-000020 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2024-02-13 · period ending 2022-12-31 · accession 0000088121-24-000025 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-02-13 · period ending 2023-12-31 · accession 0000088121-25-000017 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-02-12 · periods ending 2024-12-31, 2025-12-31 · accession 0000088121-26-000012 (CashAndCashEquivalentsAtCarryingValue)