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Brazilian (BOVESPA) Food Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies12
  • 7D-1.0%
  • 3M-2.5%
  • 1Y3.4%
  • YTD4.4%

Over the last 7 days, the Food industry has dropped 4.2%, driven by pullbacks in M. Dias Branco Indústria e Comércio de Alimentos and Três Tentos Agroindustrial S/A of 3.2% and 2.6%, respectively. In contrast, Camil Alimentos has gained 6.0%. Over the last year, the industry has been flat overall. As for the next few years, earnings are expected to grow by 10% per annum.

Industry Valuation and Performance

Has the Brazilian Food Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025R$62.5bR$223.8bR$4.8b12x13x0.3x
Fri, 21 Nov 2025R$65.3bR$221.8bR$4.8b11.9x13.6x0.3x
Sun, 19 Oct 2025R$48.6bR$216.6bR$5.1b11.3x9.5x0.2x
Tue, 16 Sep 2025R$92.4bR$280.8bR$8.8b12.9x10.5x0.3x
Thu, 14 Aug 2025R$84.4bR$276.1bR$8.8b10.3x9.5x0.3x
Sat, 12 Jul 2025R$94.0bR$276.0bR$8.9b10.4x10.6x0.3x
Mon, 09 Jun 2025R$177.2bR$718.5bR$20.3b8.8x8.7x0.2x
Wed, 07 May 2025R$181.6bR$681.8bR$18.2b10.2x10x0.3x
Fri, 04 Apr 2025R$175.8bR$684.1bR$18.3b9.7x9.6x0.3x
Sun, 02 Mar 2025R$146.2bR$656.8bR$14.7b9.2x9.9x0.2x
Tue, 28 Jan 2025R$160.9bR$652.6bR$15.3b9.6x10.5x0.2x
Thu, 26 Dec 2024R$177.2bR$657.8bR$21.1b8.5x8.4x0.3x
Sat, 23 Nov 2024R$172.5bR$657.8bR$21.1b9.4x8.2x0.3x
Mon, 21 Oct 2024R$168.6bR$631.5bR$9.8b10.8x17.2x0.3x
Wed, 18 Sep 2024R$171.9bR$631.1bR$9.7b11.8x17.6x0.3x
Fri, 16 Aug 2024R$180.3bR$624.7bR$6.6b10.6x27.3x0.3x
Sun, 14 Jul 2024R$165.6bR$614.3bR$4.7b11.4x35.1x0.3x
Tue, 11 Jun 2024R$149.1bR$613.5bR$4.2b10.8x35.7x0.2x
Thu, 09 May 2024R$140.9bR$611.0bR$977.5m10.8x144.2x0.2x
Sat, 06 Apr 2024R$130.6bR$610.8b-R$561,519,000.0010.6x-232.6x0.2x
Mon, 04 Mar 2024R$130.8bR$614.0b-R$2,760,762,000.0010.7x-47.4x0.2x
Wed, 31 Jan 2024R$132.5bR$603.1b-R$3,853,024,000.009.9x-34.4x0.2x
Fri, 29 Dec 2023R$135.1bR$602.7b-R$3,848,941,000.0010.4x-35.1x0.2x
Sun, 26 Nov 2023R$129.2bR$602.3b-R$3,898,933,000.009.5x-33.1x0.2x
Tue, 24 Oct 2023R$113.6bR$610.0bR$4.0b9.6x28.6x0.2x
Thu, 21 Sep 2023R$114.5bR$609.8bR$4.0b9.9x28.5x0.2x
Sat, 19 Aug 2023R$114.2bR$609.6bR$3.8b10.1x30x0.2x
Mon, 17 Jul 2023R$112.3bR$615.1bR$14.2b8.5x7.9x0.2x
Wed, 14 Jun 2023R$104.4bR$614.6bR$14.4b7.7x7.2x0.2x
Fri, 12 May 2023R$96.5bR$607.8bR$21.5b7.9x4.5x0.2x
Sun, 09 Apr 2023R$90.5bR$607.0bR$21.6b7.6x4.2x0.1x
Tue, 07 Mar 2023R$103.5bR$609.9bR$25.9b10.1x4x0.2x
Thu, 02 Feb 2023R$105.4bR$595.1bR$29.3b7.4x3.6x0.2x
Sat, 31 Dec 2022R$109.3bR$594.8bR$29.2b7.1x3.7x0.2x
Price to Earnings Ratio

3.7x


Total Market Cap: R$109.3bTotal Earnings: R$29.2bTotal Revenue: R$594.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Food Industry Price to Earnings3Y Average 0.2x202320242025
Current Industry PE
  • Investors are optimistic on the Brazilian Food industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 13.1x which is higher than its 3-year average PE of 0.22x.
  • The industry is trading close to its 3-year average PS ratio of 0.23x.
Past Earnings Growth
  • The earnings for companies in the Food industry have declined 45% per year over the last three years,
  • Revenues have also declined 28% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Brazilian Consumer Staples industry?

BR Market-0.59%
Consumer Staples-3.63%
Food-1.01%
Packaged Foods and Meats-0.69%
Agricultural Products-1.79%
Industry PE
  • Investors are most optimistic about the Packaged Foods and Meats industry which is trading above its 3-year average PE ratio of 7.9x.
    • Analysts are expecting annual earnings growth of 6.9%, which is higher than its past year's earnings decline of 16.4% per year.
  • Investors are most pessimistic about the Agricultural Products industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 10.6x.
Forecasted Growth
  • Analysts are most optimistic on the Agricultural Products industry, expecting annual earnings growth of 19% over the next 5 years.
  • This is better than its past earnings growth rate of 8.5% per year.
  • In contrast, the Packaged Foods and Meats industry is expected to see its earnings grow by 6.9% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
CAML3 Camil AlimentosR$5.546.5%
+R$116.0m		-9.2%PE11.5x
SMTO3 São MartinhoR$15.640.9%
+R$46.0m		-35.1%PE10.2x

Latest News

TTEN3
R$16.41
Três Tentos Agroindustrial S/A
7D
-2.6%
1Y
20.9%

TTEN3: Stronger Margins Will Support A More Bullish Outlook

Analysts raised their price target for Três Tentos Agroindustrial S/A slightly, from R$20.84 to R$20.96, citing modestly stronger expectations for revenue growth and profit margins, despite a small reduction in projected future valuation multiples. What's in the News Company schedules a Special and Extraordinary Shareholders Meeting for December 30, 2025, to be held via online platform in Brazil (Key Developments) Valuation Changes Fair Value Estimate has risen slightly from R$20.84 to R$20.96 per share.
SOJA3
R$8.83
Boa Safra Sementes
7D
-0.5%
1Y
-11.1%
SMTO3
R$15.64
São Martinho
7D
0.9%
1Y
-35.1%

SMTO3: Removal From FTSE Index Will Pressure Liquidity And Returns

Analysts have reduced their price target on São Martinho from R$20.50 to R$13.90, reflecting a more cautious view on revenue growth and profitability, as well as a higher required return despite a richer assumed future valuation multiple. What's in the News São Martinho S.A. (BOVESPA:SMTO3) was removed from the FTSE All-World Index (USD), which may reduce passive fund ownership and trading liquidity (Index Constituent Drops, FTSE All-World).
SLCE3
R$16.00
SLC Agrícola
7D
-1.5%
1Y
-10.8%

SLCE3: Future Earnings Multiple Is Expected To Support Upward Share Repricing

Analysts have slightly raised their price target on SLC Agrícola to R$19.95 per share, reflecting a marginally higher assumed future valuation multiple despite modest trims to forecasts for revenue growth and profit margins. What's in the News The company has scheduled a special and extraordinary shareholders meeting for December 30, 2025, to be held exclusively remotely in Brazil (company filing).
BEEF3
R$5.70
Minerva
7D
-1.0%
1Y
4.8%

BEEF3: Higher Required Returns May Still Allow Shares To Climb

Analysts have trimmed their price target on Minerva by approximately $0.06 per share. This reflects slightly higher perceived risk from a modestly increased discount rate, which more than offsets small improvements in projected revenue growth and future valuation multiples.
AGRO3
R$20.08
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas
7D
-0.3%
1Y
-11.0%

AGRO3: Future Returns Will Benefit From Stronger Revenue Despite Higher Risk

Analysts have trimmed their price target on BrasilAgro, Companhia Brasileira de Propriedades Agrícolas, to R$31.00 from R$34.00, citing a higher required discount rate and a softer margin outlook that more than offset stronger projected revenue growth and a richer future valuation multiple. What's in the News Shareholders at the October 22, 2025 Extraordinary General Shareholders’ Meeting approved amendments to Articles 6 and 44, paragraph 7, of BrasilAgro’s bylaws, with 50,434,807 votes in favor and 8,288,534 against, alongside 13,917,979 abstentions (Key Developments).
MBRF3
R$19.53
Marfrig Global Foods
7D
-0.5%
1Y
17.2%

MBRF3: Future Earnings Outlook Will Benefit From Tighter 2026 Chicken Supply

Analysts modestly raised their price target on Marfrig Global Foods to R$29, reflecting a slightly higher fair value estimate of about R$25.16 per share. This revision is supported by expectations for a tighter Brazil chicken supply-demand balance in 2026 following the Marfrig BRF merger.
JALL3
R$2.88
Jalles Machado S/A
7D
-5.9%
1Y
-37.9%

JALL3: Higher Multiple Is Expected To Offset Softer Profitability Outlook

Analysts have trimmed their price target for Jalles Machado S/A to R$5.88 from R$6.32. This reflects more cautious assumptions for revenue growth and profit margins, even though a higher expected future P/E multiple is being used.
MDIA3
R$23.66
M. Dias Branco Indústria e Comércio de Alimentos
7D
-3.2%
1Y
15.3%
CAML3
R$5.54
Camil Alimentos
7D
6.5%
1Y
-9.2%

CAML3: Future Margins May Not Justify Current Elevated Share Price

Analysts have lifted their price target on Camil Alimentos from R$4.17 to R$4.64, citing expectations of slightly stronger profit margins and valuation multiples that more than offset softer projected revenue growth and a marginally higher discount rate. Valuation Changes The fair value estimate increased slightly from R$4.17 to R$4.64 per share, reflecting a modest uplift in the intrinsic valuation.