Has the U.S. Food Industry valuation changed over the past few years?

Investors are optimistic on the American Food industry, and appear confident in long term growth rates. The industry is trading at a PE ratio of 34.0x which is higher than its 3-year average PE of 23.4x. The industry is trading close to its 3-year average PS ratio of 0.92x.

Which industries have driven the changes within the U.S. Consumer Staples industry?

Investors are most optimistic about the Packaged Foods and Meats industry which is trading above its 3-year average PE ratio of 25.5x. Analysts are expecting annual earnings growth of 19.2%, which is higher than its past year's earnings decline of 14.7% 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 16.4x.

U.S. Food Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 22 Jun 2026	US$388.7b	US$571.3b	US$11.4b	17.1x	34x	0.7x
Wed, 20 May 2026	US$407.0b	US$571.6b	US$10.3b	18.2x	39.4x	0.7x
Fri, 17 Apr 2026	US$397.1b	US$557.8b	US$9.9b	21.3x	40x	0.7x
Sun, 15 Mar 2026	US$406.2b	US$556.2b	US$10.0b	22.2x	40.4x	0.7x
Tue, 10 Feb 2026	US$435.5b	US$559.3b	US$11.5b	23.1x	37.9x	0.8x
Thu, 08 Jan 2026	US$381.1b	US$555.9b	US$14.5b	19.9x	26.3x	0.7x
Sat, 06 Dec 2025	US$423.0b	US$569.2b	US$17.0b	21.8x	24.9x	0.7x
Mon, 03 Nov 2025	US$416.8b	US$558.6b	US$17.8b	17.8x	23.5x	0.7x
Wed, 01 Oct 2025	US$437.4b	US$553.6b	US$16.4b	18.4x	26.6x	0.8x
Fri, 29 Aug 2025	US$451.7b	US$555.2b	US$16.0b	20.7x	28.2x	0.8x
Sun, 27 Jul 2025	US$463.6b	US$548.2b	US$24.1b	19.8x	19.2x	0.8x
Tue, 24 Jun 2025	US$448.3b	US$548.6b	US$23.5b	19.2x	19.1x	0.8x
Thu, 22 May 2025	US$435.9b	US$468.1b	US$22.5b	18.6x	19.3x	0.9x
Sat, 19 Apr 2025	US$444.5b	US$472.3b	US$24.9b	17.5x	17.8x	0.9x
Mon, 17 Mar 2025	US$439.5b	US$471.8b	US$24.4b	17.1x	18x	0.9x
Wed, 12 Feb 2025	US$430.0b	US$475.9b	US$23.9b	19.5x	18x	0.9x
Fri, 10 Jan 2025	US$432.1b	US$464.8b	US$21.8b	19.7x	19.9x	0.9x
Sun, 08 Dec 2024	US$461.2b	US$464.4b	US$21.6b	19.9x	21.3x	1x
Tue, 05 Nov 2024	US$472.1b	US$460.8b	US$21.8b	17.8x	21.6x	1x
Thu, 03 Oct 2024	US$495.1b	US$462.0b	US$22.4b	18.8x	22.1x	1.1x
Sat, 31 Aug 2024	US$488.8b	US$461.5b	US$22.2b	20.9x	22x	1.1x
Mon, 29 Jul 2024	US$469.4b	US$467.0b	US$23.7b	18.9x	19.8x	1x
Wed, 26 Jun 2024	US$468.4b	US$473.8b	US$25.1b	14.9x	18.6x	1x
Fri, 24 May 2024	US$488.0b	US$474.0b	US$24.3b	17.2x	20.1x	1x
Sun, 21 Apr 2024	US$477.9b	US$472.7b	US$24.8b	16.6x	19.3x	1x
Tue, 19 Mar 2024	US$477.6b	US$473.1b	US$24.5b	15x	19.5x	1x
Thu, 15 Feb 2024	US$464.6b	US$478.9b	US$25.2b	14.5x	18.4x	1x
Sat, 13 Jan 2024	US$494.7b	US$490.0b	US$25.4b	15.9x	19.5x	1x
Mon, 11 Dec 2023	US$487.1b	US$490.0b	US$25.5b	16.4x	19.1x	1x
Wed, 08 Nov 2023	US$470.8b	US$490.1b	US$26.4b	16.1x	17.8x	1x
Fri, 06 Oct 2023	US$470.0b	US$494.5b	US$26.4b	17.1x	17.8x	1x
Sun, 03 Sep 2023	US$508.2b	US$491.0b	US$26.4b	16x	19.2x	1x
Tue, 01 Aug 2023	US$546.3b	US$493.7b	US$26.3b	17.7x	20.8x	1.1x
Thu, 29 Jun 2023	US$538.3b	US$499.4b	US$26.6b	17.2x	20.2x	1.1x


US Market	1.39%
Consumer Staples	-2.85%
Food	-4.82%
Packaged Foods and Meats	-4.67%
Agricultural Products	-5.34%

Company	Last Price	7D	1Y	Valuation
MAMA Mama's Creations	US$17.77	19.2% +US$116.4m	124.9%	PE118.5x
FRPT Freshpet	US$55.01	4.5% +US$115.5m	-25.8%	PE13.5x
SOWG Sow Good	US$3.87	90.6% +US$37.0m	-67.5%	PE-11.1x
AVO Mission Produce	US$11.49	2.6% +US$25.6m	-8.5%	PE44.5x
BYND Beyond Meat	US$0.71	4.3% +US$15.3m	-79.3%	PE1.7x

Announcement • Jun 18

Archer-Daniels-Midland Company Submits Filing to Federal Energy Regulatory Commission Regarding Notice to Withdraw in Northern Natural Gas Company Proceeding

Archer-Daniels-Midland Company has submitted the following document to the Federal Energy Regulatory Commission: UNITED STATES OF AMERICA BEFORE THE FEDERAL ENERGY REGULATORY COMMISSION Northern Natural Gas Company Docket Nos. RP25-989-000 RP25-989-001 RP25-989-006 RP25-989-007 RP25-989-008 ANSWER OF ARCHER-DANIELS-MIDLAND TO NORTHERN NATURAL RESPONSE TO NOTICE TO WITHDRAW. Pursuant to Rule 213 of the Federal Energy Regulatory Commission’s Rules of Practice and Procedure, this filing is being made to clarify and confirm the record. On May 22, 2026, Archer-Daniels-Midland (“ADM”) properly filed, pursuant to Rule 216, a Notice to Withdraw its opposition to the pending settlement. Rule 216 expressly states that good cause is required to disallow a withdrawal. Moreover, Rule 216 (b)(1) states: (b) Action on withdrawals. (1) The withdrawal of any pleading is effective at the end of 15 days from the date of filing of a notice of withdrawal, if no motion in opposition to the notice of withdrawal is filed within that period and the decisional authority does not issue an order disallowing the withdrawal within that period. The decisional authority may disallow, for a good cause, all or part of a withdrawal. Northern Natural Gas Company’s (“Northern”) June 4, 2026, filing is not “a motion in opposition” to ADM’s Notice to Withdraw. Rule 216 is clear and unambiguous. Northern’s pleading was filed and identified as a “Response” citing to FERC Rule 213 governing answers. At no time does Northern indicate that it “opposes” ADM’s Notice to Withdraw or provide any cause to disallow ADM’s withdrawal. In fact, the pipeline states that “Northern does not oppose ADM’s desire to exist this proceeding.” Rule 216 required Northern to file a Motion pursuant to this rule or to Rule 212 (pertaining to motions). Northern purposely failed to satisfy the requirements of Rule 216. No order of disallowance of ADM’s Notice to Withdraw was issued by any decisional authority within the 15-day period specified in the Rule. Accordingly, the substance of Northern’s pleading is irrelevant because ADM’s withdrawal was effective as a matter of law on June 6, 2026. Moreover, notwithstanding the June 9, 2026 Order of the Chief Judge Accepting Tariff Records in this proceeding, ADM’s withdrawal was effective as a matter of law on June 6, 2026, and, respectfully, the June 9 Order of the Chief Judge should be modified accordingly. Out of an abundance of caution and notwithstanding the foregoing, ADM provides this answer to Northern’s Response to the Notice to Withdraw to: 1) correct mischaracterizations made by Northern; and 2) clarify the record thereby removing any ambiguity related to the applicability of the previously filed Notice to Withdraw made by ADM. First, Northern states “ADM has not sought to withdraw any of the pleadings it filed in the proceeding.” There is nothing nefarious about ADM’s Notice to Withdraw. It was ADM’s intent to withdraw its name from all pleadings that can be interpreted as contesting the settlement. The Notice to Withdraw made absolutely clear that ADM no longer opposed the settlement. Several of the pleadings on which ADM was a signatory involved other entities. These pleadings were filed jointly to facilitate an efficient, non-duplicative record for the Commission’s review. ADM’s Notice to Withdraw its opposition to the settlement and to withdraw its name from such pleadings was clearly made on ADM’s own behalf. ADM does not have the unilateral right or legal ability to make decisions or representations on behalf of any other party to this proceeding and any arguments to the contrary are simply specious and disingenuous. Indeed, Rule 216(c) makes it clear that a party’s withdrawal cannot prejudice any other participant and ADM’s actions in withdrawing its name from those joint pleadings was consistent with this rule. Second, Northern’s contention that ADM is attempting to “have its cake and eat it too” is factually untrue and legally unfounded. Upon the effectiveness of ADM’s Notice to Withdraw, ADM was no longer opposed to the Settlement and was no longer afforded any opportunity to benefit from any reduced rates resulting from any severed litigation that may ensue. Finally, Northern’s attempt to continue to characterize ADM’s Notice to Withdraw as support for a Trailblazer 1 approach or to hold ADM to any resulting Trailblazer 4 analysis is baseless. Again, upon the June 6, 2026 effectiveness of ADM’s Notice to Withdraw, any resulting consequence from the May 18, 2026 oral argument was rendered moot with respect to ADM. WHEREFORE, there is no legal basis on which ADM’s unilateral withdrawal can be denied at this stage of the proceeding, nor does Northern even suggest a legitimate legal basis for denial of ADM’s Notice to Withdraw. Accordingly, in the June 9 Order of the Chief Judge Accepting Tariff Records, the Chief Judge noted that ADM was listed on the tariff sheets as a “Contesting Party” and indicated that his Order is without prejudice to any future filings addressing the circumstances of ADM’s Notice to Withdraw. For the foregoing reasons, ADM respectfully requests that the Chief Judge issue a supplemental order noting the effectiveness of ADM’s Notice to Withdraw and the resulting removal of ADM from the list as ADM is no longer a Contesting Party. I hereby certify that I have on this 15th day of June 2026, caused to be served a copy of the foregoing upon all parties on the service lists in these proceedings in accordance with the requirement of Rule 2010 of the Commission’s Rules of Practice and Procedure, 18 C.F.R § 385.2010 (2025).

U.S. Food Industry Analysis

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