Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to US$132, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 21x in the Food industry in the US. Total returns to shareholders of 167% over the past three years. Announcement • Mar 03
Seneca Foods Corporation (NasdaqGS : SENE.A) acquired Green Giant U.S. frozen business from B&G Foods, Inc. (NYSE : BGS). Seneca Foods Corporation (NasdaqGS : SENE.A) acquired Green Giant U.S. frozen business from B&G Foods, Inc. (NYSE : BGS) on March 02, 2026. The transaction includes the Green Giant brand and associated intellectual property; Green GiantU.S. frozen inventory and frozen vegetable manufacturing operations in Yuma, Arizona.
Barclays Capital Inc. and Deutsche Bank Securities Inc. acted as financial advisors to B&G Foods, Inc.
Seneca Foods Corporation (NasdaqGS : SENE.A) completed the acquisition of Green Giant U.S. frozen business from B&G Foods, Inc. (NYSE : BGS) on March 02, 2026. Reported Earnings • Feb 06
Third quarter 2026 earnings released: EPS: US$6.55 (vs US$2.12 in 3Q 2025) Third quarter 2026 results: EPS: US$6.55 (up from US$2.12 in 3Q 2025). Revenue: US$508.3m (up 1.1% from 3Q 2025). Net income: US$44.8m (up 206% from 3Q 2025). Profit margin: 8.8% (up from 2.9% in 3Q 2025). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$118, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 18x in the Food industry in the US. Total returns to shareholders of 86% over the past three years. Reported Earnings • Nov 06
Second quarter 2026 earnings released: EPS: US$4.34 (vs US$1.92 in 2Q 2025) Second quarter 2026 results: EPS: US$4.34 (up from US$1.92 in 2Q 2025). Revenue: US$460.0m (up 8.1% from 2Q 2025). Net income: US$29.7m (up 124% from 2Q 2025). Profit margin: 6.5% (up from 3.1% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: US$2.16 (vs US$1.82 in 1Q 2025) First quarter 2026 results: EPS: US$2.16 (up from US$1.82 in 1Q 2025). Revenue: US$297.5m (down 2.4% from 1Q 2025). Net income: US$14.9m (up 18% from 1Q 2025). Profit margin: 5.0% (up from 4.1% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 22% per year. Announcement • Jul 08
Seneca Foods Corporation, Annual General Meeting, Aug 07, 2025 Seneca Foods Corporation, Annual General Meeting, Aug 07, 2025. Location: 418 east conde street, janesville, United States Reported Earnings • Jun 13
Full year 2025 earnings released: EPS: US$5.96 (vs US$8.64 in FY 2024) Full year 2025 results: EPS: US$5.96 (down from US$8.64 in FY 2024). Revenue: US$1.58b (up 8.2% from FY 2024). Net income: US$41.2m (down 35% from FY 2024). Profit margin: 2.6% (down from 4.3% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jun 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.6% Last year net profit margin: 4.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 22% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (2.6% net profit margin). Reported Earnings • Feb 07
Third quarter 2025 earnings released: EPS: US$2.13 (vs US$2.48 in 3Q 2024) Third quarter 2025 results: EPS: US$2.13 (down from US$2.48 in 3Q 2024). Revenue: US$502.9m (up 13% from 3Q 2024). Net income: US$14.7m (down 17% from 3Q 2024). Profit margin: 2.9% (down from 4.0% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Dec 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. Independent Director Bruce Ware was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 07
Second quarter 2025 earnings released: EPS: US$1.92 (vs US$3.32 in 2Q 2024) Second quarter 2025 results: EPS: US$1.92 (down from US$3.32 in 2Q 2024). Revenue: US$425.5m (up 4.4% from 2Q 2024). Net income: US$13.3m (down 46% from 2Q 2024). Profit margin: 3.1% (down from 6.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: US$1.82 (vs US$3.04 in 1Q 2024) First quarter 2025 results: EPS: US$1.82 (down from US$3.04 in 1Q 2024). Revenue: US$304.7m (up 2.0% from 1Q 2024). Net income: US$12.7m (down 45% from 1Q 2024). Profit margin: 4.2% (down from 7.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Jul 09
Seneca Foods Corporation, Annual General Meeting, Aug 08, 2024 Seneca Foods Corporation, Annual General Meeting, Aug 08, 2024. Location: company offices, 418 east conde street, wi 53546, janesville United States Reported Earnings • Jun 16
Full year 2024 earnings released: EPS: US$8.64 (vs US$1.18 in FY 2023) Full year 2024 results: EPS: US$8.64 (up from US$1.18 in FY 2023). Revenue: US$1.46b (down 3.4% from FY 2023). Net income: US$63.2m (up US$54.0m from FY 2023). Profit margin: 4.3% (up from 0.6% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: US$2.48 (vs US$2.77 in 3Q 2023) Third quarter 2024 results: EPS: US$2.48 (down from US$2.77 in 3Q 2023). Revenue: US$444.5m (down 6.1% from 3Q 2023). Net income: US$17.7m (down 16% from 3Q 2023). Profit margin: 4.0% (down from 4.4% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: US$3.33 (vs US$2.05 in 2Q 2023) Second quarter 2024 results: EPS: US$3.33 (up from US$2.05 in 2Q 2023). Revenue: US$407.5m (down 7.4% from 2Q 2023). Net income: US$24.8m (up 54% from 2Q 2023). Profit margin: 6.1% (up from 3.7% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Nov 09
Seneca Foods Corporation (NasdaqGS:SENE.A) acquired of Green Giant U.S. shelf stable vegetable product line of B&G Foods, Inc. Seneca Foods Corporation (NasdaqGS:SENE.A) acquired of Green Giant U.S. shelf stable vegetable product line of B&G Foods, Inc. on November 8, 2023. The sale does not include Green Giant frozen, Green GiantCanada or the Le Sueur brand. B&G Foods intends to use the net proceeds from the sale for the repayment of long-term debt.
Seneca Foods Corporation (NasdaqGS:SENE.A) completed the acquisition of Green Giant U.S. shelf stable vegetable product line of B&G Foods, Inc. on November 8, 2023. Board Change • Sep 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Bruce Ware was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to US$49.29, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 17x in the Food industry in the US. Total returns to shareholders of 10% over the past three years. Reported Earnings • Aug 01
Full year 2023 earnings released: EPS: US$1.18 (vs US$5.28 in FY 2022) Full year 2023 results: EPS: US$1.18 (down from US$5.28 in FY 2022). Revenue: US$1.51b (up 9.0% from FY 2022). Net income: US$9.18m (down 80% from FY 2022). Profit margin: 0.6% (down from 3.3% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Jul 08
Seneca Foods Corporation, Annual General Meeting, Aug 09, 2023 Seneca Foods Corporation, Annual General Meeting, Aug 09, 2023, at 13:00 Central Daylight. Location: Company’s Offices, 418 East Conde Street Janesville Wisconsin United States Agenda: To elect three directors to serve until the Annual Meeting of Shareholders in 2026 and until each of their successors is duly elected and shall qualify; to provide an advisory vote on executive compensation; to provide an advisory vote on the frequency of future advisory votes on executive compensation; to transact such other business. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to US$33.89, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 17x in the Food industry in the US. Total returns to shareholders of 1.2% over the past three years. New Risk • Jun 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.2% Last year net profit margin: 3.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (37% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (2.2% net profit margin). Reported Earnings • Jun 15
Full year 2023 earnings released: EPS: US$4.23 (vs US$5.83 in FY 2022) Full year 2023 results: EPS: US$4.23 (down from US$5.83 in FY 2022). Revenue: US$1.51b (up 9.0% from FY 2022). Net income: US$33.0m (down 35% from FY 2022). Profit margin: 2.2% (down from 3.7% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Feb 10
Third quarter 2023 earnings released: EPS: US$2.77 (vs US$2.16 in 3Q 2022) Third quarter 2023 results: EPS: US$2.77 (up from US$2.16 in 3Q 2022). Revenue: US$473.3m (up 6.2% from 3Q 2022). Net income: US$21.0m (up 13% from 3Q 2022). Profit margin: 4.4% (up from 4.2% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Board Change • Nov 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Chairman Kraig Kayser was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Second quarter 2023 earnings released: EPS: US$2.06 (vs US$1.32 in 2Q 2022) Second quarter 2023 results: EPS: US$2.06 (up from US$1.32 in 2Q 2022). Revenue: US$439.8m (up 18% from 2Q 2022). Net income: US$16.1m (up 39% from 2Q 2022). Profit margin: 3.7% (up from 3.1% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 21% per year. Reported Earnings • Aug 12
First quarter 2023 earnings released: EPS: US$0.63 (vs US$1.56 in 1Q 2022) First quarter 2023 results: EPS: US$0.63 (down from US$1.56 in 1Q 2022). Revenue: US$265.2m (up 13% from 1Q 2022). Net income: US$5.10m (down 64% from 1Q 2022). Profit margin: 1.9% (down from 6.0% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Jul 09
Seneca Foods Corporation, Annual General Meeting, Aug 10, 2022 Seneca Foods Corporation, Annual General Meeting, Aug 10, 2022, at 13:00 Central Daylight. Location: 418 East Conde Street Janesville United States Agenda: To elect four directors, three of whom to serve until the Annual Meeting of shareholders in 2025, one to serve until the Annual Meeting of shareholders in 2023, and until each of their successors is duly elected and shall qualify; To cast a non-binding advisory vote to ratify the appointment of Plante Moran, P.C. as the Company’s independent registered public accounting firm for the fiscal year ending March 31, 2023; and To transact such other business as may properly come before the Annual Meeting or any adjournment thereof. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 18% share price decline to US$49.26, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 17x in the Food industry in the US. Total returns to shareholders of 91% over the past three years. Reported Earnings • Jun 12
Full year 2022 earnings released: EPS: US$5.83 (vs US$13.82 in FY 2021) Full year 2022 results: EPS: US$5.83 (down from US$13.82 in FY 2021). Revenue: US$1.39b (down 5.6% from FY 2021). Net income: US$50.8m (down 60% from FY 2021). Profit margin: 3.7% (down from 8.6% in FY 2021). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Chairman Kraig Kayser was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 12
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: US$2.16 (down from US$7.96 in 3Q 2021). Revenue: US$445.6m (down 8.0% from 3Q 2021). Net income: US$18.7m (down 74% from 3Q 2021). Profit margin: 4.2% (down from 15% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.1%. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Second quarter 2022 earnings released: EPS US$1.32 (vs US$1.98 in 2Q 2021) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2022 results: Revenue: US$372.3m (down 4.6% from 2Q 2021). Net income: US$11.7m (down 35% from 2Q 2021). Profit margin: 3.1% (down from 4.6% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
First quarter 2022 earnings released: EPS US$1.56 (vs US$2.26 in 1Q 2021) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2022 results: Revenue: US$235.0m (down 18% from 1Q 2021). Net income: US$14.1m (down 31% from 1Q 2021). Profit margin: 6.0% (down from 7.2% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 13
Full year 2021 earnings released: EPS US$13.82 (vs US$5.50 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: US$1.47b (up 9.9% from FY 2020). Net income: US$125.6m (up 147% from FY 2020). Profit margin: 8.6% (up from 3.8% in FY 2020). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 25
New 90-day high: US$54.87 The company is up 31% from its price of US$41.99 on 25 November 2020. The American market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 3.0% over the same period. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 31% share price gain to US$50.97, the stock is trading at a trailing P/E ratio of 3.5x, up from the previous P/E ratio of 2.7x. This compares to an average P/E of 25x in the Food industry in the US. Total returns to shareholders over the past three years are 77%. Reported Earnings • Feb 05
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$484.4m (up 23% from 3Q 2020). Net income: US$72.5m (up 198% from 3Q 2020). Profit margin: 15% (up from 6.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Feb 04
Seneca Foods Corporation Elects Linda K. Nelson as Independent Director and Member of the Audit Committee of the Board Effective February 3rd the Board of Directors of Seneca Foods Corporation (the Company) increased the size of the Board from seven to eight members and appointed Linda K. Nelson to fill the newly created position on the Board. Ms. Nelson will serve as an independent director and has been appointed as a member of the Audit Committee of the Board. Ms. Nelson has over 26 years of experience in financial and operational management. Most recently, Ms. Nelson serves as a financial executive consultant, holding a senior leadership position on various acquisition and merger due diligence teams evaluating opportunities for both large-scale private equity firms and local entrepreneurs. From 2011 to 2013, Ms. Nelson held the role of Chief Financial Officer for First American Equipment Finance. Is New 90 Day High Low • Jan 30
New 90-day low: US$36.25 The company is down 2.0% from its price of US$36.85 on 30 October 2020. The American market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 6.0% over the same period. Reported Earnings • Nov 06
Second quarter 2021 earnings released: EPS US$1.99 The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$390.3m (up 5.5% from 2Q 2020). Net income: US$18.1m (up 293% from 2Q 2020). Profit margin: 4.6% (up from 1.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Nov 06
Seneca Foods Corporation Appoints Donald J. Stuart as New Member of the Board Effective November 4, 2020, Seneca Foods Corporations Board of Directors has appointed Donald J. Stuart as a new member of the Board. Mr. Stuart is a Managing Partner/Founder at Cadent Consulting Group. Prior to Cadent, he served as Chief Operating Officer of Kantar Retail and was part of the three-person senior management team that oversaw all aspects of company operations. Mr. Stuart was a founding partner of Cannondale Associates in 1992, as well as Managing Director and CEO/President. Announcement • Oct 29
Seneca Foods Corporation Announces Retirement of Thomas Paulson from the Board On October 27, 2020 Thomas Paulson notified the Board of Directors of Seneca Foods Corporation of his decision to retire from the Board effective immediately. Mr. Paulson has served as a director of the Company since 2004 and his retirement is not due to a disagreement with the Company relating to the Company's operations, policies or practices. Announcement • Sep 02
Seneca Foods Corporation Announces Executive Changes, Effective October 1, 2020 Seneca Foods Corporation announced retirement of Kraig H. Kayser as Chief Executive Officer. Also on August 31, 2020 the Board appointed Paul L. Palmby as Chief Executive Officer to be effective October 1, 2020. 
