At a glance
JM Smucker Company is worth $14.03B. Revenue grew 3.7% to $9.05B in fiscal 2026, at a loss; over 5 years it has grown 2.5% a year. It pays a 3.37% dividend yield, raised every year for at least 9 years, and returned $3.23B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +32.0% over the past year with dividends reinvested and +4.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 19.4% in the 2020 crash (S&P 500: 33.7%) and 15.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 2 months after the lows.
The business in plain English
J.M. Smucker, founded in 1897 and incorporated in Ohio, makes and markets branded coffee, snacks, spreads and pet food. Its major brands include Folgers, Café Bustelo and Dunkin' coffee, Uncrustables frozen sandwiches, Jif peanut butter, Smucker's fruit spreads, Meow Mix cat food, Milk-Bone and Pup-Peroni dog snacks, and Hostess snack cakes such as Twinkies. Smucker licenses the Dunkin' name for packaged coffee through January 1, 2039, and pays royalties for it.
Most sales come from selling to retailers through its own sales force and brokers: grocery chains, club stores, discount and dollar stores, online sellers and pet stores. In the fiscal year ended April 30, 2026, net sales were about $9.05 billion. U.S. Retail Coffee was the largest segment at 36.5%, followed by U.S. Retail Frozen Handheld and Spreads (20.5%), U.S. Retail Pet Foods (17.7%), Sweet Baked Snacks (10.7%) and Away From Home (9.7%), which supplies restaurants, schools, offices and healthcare operators.
Sales are concentrated. Only 4% came from outside the U.S., mainly Canada. Walmart, including Sam's Club, accounted for 34% of net sales, and the top 10 customers about 60%. Smucker bought Hostess Brands in November 2023 and has since sold smaller pieces, including the Voortman cookie business and some value snack brands.
Price history
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SJM +32.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| U.S. Retail Coffee | $3.30B | 36.5% |
| U.S. Retail Frozen Handheld and Spreads | $1.85B | 20.5% |
| U.S. Retail Pet Foods | $1.60B | 17.7% |
| Sweet Baked Snacks | $971.3M | 10.7% |
| Away From Home | $879.0M | 9.7% |
| Other | $441.8M | 4.9% |
Latest results
- In Q1 FY2027 (ended Jul 31, 2026), revenue was $2.22B, up 5% from a year earlier, and net income was $324.3M.
- For fiscal 2026, revenue was $9.05B (+3.7% year over year; +2.5% a year from FY2021 to FY2026) with a -1.5% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +2.5% watch |
|---|---|
| Operating margin | 4% weak |
| Free cash flow margin | 12.8% good |
| Return on equity (FY2026) | -2.5% weak |
| Return on assets (FY2026) | -0.9% weak |
| Net cash (cash minus debt) | $-6.50B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $8.00B | $876.3M | $1.26B |
| FY2022 | $8.00B | $631.7M | $718.8M |
| FY2023 | $8.53B | $-91.3M | $717.0M |
| FY2024 | $8.18B | $744.0M | $642.9M |
| FY2025 | $8.73B | $-1.23B | $816.6M |
| FY2026 | $9.05B | $-138.7M | $1.16B |
Valuation snapshot
| Market value | $14.03B |
|---|---|
| P/E ratio | — |
| Dividend yield | 3.37% |
Rank among 1514 US companies
Market value at each year end
JM Smucker’s market value went from $14.91B at the end of 2016 to $14.03B on Nov 2, 2026, down 6%; since the end of 2025 it is up 34%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $14.03B | +34.5% |
| 2025 | $10.44B | -10.9% |
| 2024 | $11.72B | -12.6% |
| 2023 | $13.41B | -20.6% |
| 2022 | $16.90B | +14.8% |
| 2021 | $14.72B | +11.6% |
| 2020 | $13.19B | +11.1% |
| 2019 | $11.88B | +11.7% |
| 2018 | $10.64B | -24.6% |
| 2017 | $14.11B | -5.3% |
| 2016 | $14.91B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SJM price data to Nov 2, 2026 | +38.4% | +32.0% | +8.9% | +4.8% | +3.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +38.4% |
| 2025 | -7.6% |
| 2024 | -9.6% |
| 2023 | -17.8% |
| 2022 | +20.1% |
| 2021 | +21.0% |
| 2020 | +14.5% |
| 2019 | +14.9% |
| 2018 | -22.6% |
| 2017 | -0.5% |
| 2016 | +6.0% |
| 2015 | +25.0% |
| 2014 | -0.1% |
| 2013 | +22.7% |
| 2012 | +13.1% |
| 2011 | +22.2% |
| 2010 | +9.1% |
| 2009 | +46.7% |
| 2008 | -5.0% |
| 2007 | +8.5% |
| 2006 | +13.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 27.4% over that stretch · deepest drop along the way 32%, back to its old high 4.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 13.4% over that stretch · deepest drop along the way 19.4%, back to its old high 0.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 5.3% over that stretch · deepest drop along the way 15.5%, back to its old high 2.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 8 sales ($16.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 31, 2026 | Mark T Smucker CEO, Chair of Board, Director | sell | $11.1M |
| Jun 17, 2026 | Mark T Smucker CEO, Chair of Board, Director | sell | $1.5M |
| Aug 28, 2026 | Tucker H Marshall Chief Financial Officer | sell | $1.5M |
| Aug 28, 2026 | Tucker H Marshall Chief Financial Officer | sell | $977K |
| Jun 29, 2026 | Jill R Penrose Chief People Officer | sell | $583K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.19% | Mar 31, 2026 |
| BlackRock, Inc. | 5.9% | Mar 31, 2026 |
ETFs with the most weight in SJM
| MDPL Monarch Dividend Plus ETF | 3.28% |
| FTXG First Trust Nasdaq Food & Beverage ETF | 3.01% |
| PBJ Invesco Food & Beverage ETF | 2.9% |
| RSPS Invesco S&P 500 Equal Weight Consumer Staples ETF | 2.72% |
| SNPD Xtrackers S&P Dividend Aristocrats Screened ETF | 2.04% |
| SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 1.97% |
| NOBL ProShares S&P 500 Dividend Aristocrats ETF | 1.72% |
| KNG FT Vest S&P 500 Dividend Aristocrats Target Income ETF | 1.71% |
What could go wrong
- Heavy reliance on Walmart. Walmart and Sam's Club made up 34% of net sales in FY2026, and the top 10 customers about 60%. Losing or weakening a big retail relationship could hurt sales and profits.
- Volatile coffee costs and tariffs. U.S. retail coffee brings in 36.5% of sales, and green (unroasted) coffee comes only from abroad. Prices swing with weather, crop disease, speculation and tariffs, and raising shelf prices can cost sales volume.
- Hostess deal may fall short. Smucker bought Hostess Brands in November 2023, and the annual report warns the benefits may be smaller or slower than hoped. Weak results could force write-downs of goodwill (the premium paid for acquired businesses).
- A large debt load. Total debt was about $6.54 billion against $43.2 million of cash as of July 31, 2026. Heavy debt limits flexibility, and a credit downgrade could raise borrowing costs and squeeze cash for dividends.
- Single suppliers and single plants. Smucker relies on one main supplier for items such as K-Cup pods, Pup-Peroni dog snacks, liquid coffee and some Folgers and Jif packaging. Some products are made at a single plant, so outages could empty shelves.
- Store brands and cheaper rivals. Store brands (private label) held 14.0% of dollar sales in Smucker's U.S. retail and snack categories over the 52 weeks to April 19, 2026, up from 13.7%. Shoppers often trade down when budgets tighten.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Other company announcement
- Quarterly results released
For income and retirement investors
Smucker has raised its regular dividend for at least 9 straight fiscal years (FY2017 through FY2026). Dividends per share grew from $3.60 in FY2021 to $4.40 in FY2026, about 4.1% a year, and the yield was 3.52% as of October 28, 2026. The company posted a net loss in FY2026, so a payout ratio based on earnings isn't meaningful. Dividends used about 40% of free cash flow (cash left after running and investing in the business). Buybacks shrank to $5.6 million in FY2026 from $372.8 million in FY2024.
In the 2008 financial crisis the shares fell 32% at their worst but regained their peak by July 2009. They dropped 19.4% in the 2020 COVID crash and recovered within a month. Over the 2022 bear market they gained 5.3%, despite a 15.5% dip along the way. Single stocks carry more risk than diversified funds, because one company's problems can hit the whole investment.
Questions investors ask
How does J.M. Smucker make money?
Smucker sells branded coffee, snacks, spreads and pet food, mostly to U.S. retailers such as grocery chains, club stores and dollar stores. Net sales were about $9.05 billion in the fiscal year ended April 30, 2026. U.S. Retail Coffee (Folgers, Café Bustelo, Dunkin') made up 36.5%, Frozen Handheld and Spreads (Uncrustables, Jif, Smucker's) 20.5%, Pet Foods (Meow Mix, Milk-Bone) 17.7%, Sweet Baked Snacks (Hostess) 10.7%, and Away From Home, which serves restaurants and other foodservice customers, 9.7%.
Does Smucker raise its dividend every year?
It has for at least 9 straight fiscal years, from FY2017 through FY2026, and the streak may be longer. Dividends per share rose from $3.60 in FY2021 to $4.40 in FY2026, growth of about 4.1% a year. The yield was 3.52% as of October 28, 2026. The board sets each dividend at its discretion, so past increases don't guarantee future ones.
Is Smucker's dividend safe?
Cash flow covered it in FY2026, but earnings did not. Dividends used about 40% of free cash flow, which was about $1.16 billion. Free cash flow is the cash left after running and investing in the business. Smucker reported a net loss of $138.7 million that year, after a $1.23 billion loss in FY2025. Total debt was about $6.54 billion as of July 31, 2026. No dividend is guaranteed, and the board decides each payment.
How has SJM stock performed?
Unevenly. The shares fell in each calendar year from 2023 through 2025, then rose 32.2% from the start of 2026 to October 28, 2026, and 24.6% over the year ended that date. Over longer periods, price gains were modest: about 3.7% a year over five years and 2.7% a year over 10 years, as of October 28, 2026. The deepest drop in the three years to that date was 27%.
How much does Smucker depend on Walmart?
About a third of its sales. Walmart, including Sam's Club, accounted for 34% of Smucker's net sales in FY2026 and 33% in each of the two prior years. Its top 10 customers together made up about 60%, and no customer other than Walmart topped 10%. Most Walmart sales fall in the U.S. Retail segments. The annual report lists losing the largest customer as a risk, though the company says strong demand for its brands makes that unlikely to happen to a significant extent.