SEBSeaboard Corporation
Is the business good?
A genuinely good business: 7 of 9 health tests passed, earnings fully cash-backed (1.8×), and margins widening.
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 10% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is SEB?
Seaboard Corporation earns 4.6% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 4.4 points below what the capital costs: growth destroys value
- Operating margin
- 3.4%
Operating margin · Conglomerates median 7.3% · 12 months to Q2 2026
- Cash conversion
- 1.75×
Cash conversion · 2.98× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −1.2%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 3.4% |
| FY2021 | 5.0% |
| FY2022 | 5.8% |
| FY2023 | −0.91% |
| FY2024 | 1.7% |
| FY2025 | 2.5% |
Details›
- Gross margin12 months to Q2 2026
- 8.1%
- Operating margin12 months to Q2 2026
- 3.4%
- Net margin12 months to Q2 2026
- 6.2%
- Free cash flow margin
- −0.22%
- Revenue, trailing twelve months
- $10.3B
- Free cash flow, trailing twelve months
- −$23M
- Net income, trailing twelve months
- $639M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 4.6%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.