Company Reports

We will discontinue analyst coverage of Tyson Foods on or about April 20.

No-moat Tyson primarily sells raw beef, pork, and chicken, although it has increased its exposure to prepared foods. Despite the scale it has amassed (with a sales base around $54 billion in fiscal 2025), meat is a commodity that carries little to no brand or pricing power, exposing sellers to volatility in both costs and revenue. Tyson's strategy to sell three proteins is intended to offer diversification. But diversification has its costs, and the headwinds of any one meat have weighed on companywide results at times. Additionally, we think there are limited revenue or cost synergies.

Tyson Foods' shares were up less than 1% on Feb. 2, 2026, as fiscal first-quarter sales excluding legal contingency accruals were up 6.2% and adjusted operating income, or AOI, margin shrank 80 basis points to 4%. Beef continued to be the lagging segment amid higher costs.

No-moat Tyson primarily sells raw beef, pork, and chicken, although it has increased its exposure to prepared foods. Despite the scale it has amassed (with a sales base around $54 billion in fiscal 2025), meat is a commodity that carries little to no brand or pricing power, exposing sellers to volatility in both costs and revenue. Tyson's strategy to sell three proteins is intended to offer diversification. But diversification has its costs, and the headwinds of any one meat have weighed on companywide results at times. Additionally, we think there are limited revenue or cost synergies.

Tyson Foods' shares were up 2% on Nov. 10 as fiscal fourth-quarter sales excluding legal contingency accruals were up 3.3% and adjusted operating income, or AOI, margin expanded 50 basis points to 4.3%. Beef continued to be the lagging segment, but losses narrowed as fiscal 2025 progressed.

No-moat Tyson primarily sells raw beef, pork, and chicken, although it has increased its exposure to prepared foods. Despite the scale it has amassed (with a sales base around $53 billion in fiscal 2024), meat is a commodity that carries little to no brand or pricing power, exposing sellers to volatility in both costs and revenue. Tyson's strategy to sell three proteins is intended to offer diversification. But diversification has its costs, and the headwinds of any one meat have weighed on companywide results at times. Additionally, we think there are limited revenue or cost synergies.

Tyson Foods' shares were up 2% on Aug. 4 as every segment except beef saw adjusted operating income rise over the prior year. Sales were up 4% and AOI was up 3% despite being negatively affected by beef, where processor margins continued to be crushed by a strained cattle supply.

No-moat Tyson primarily sells raw beef, pork, and chicken, although it has increased its exposure to prepared foods. Despite the scale it has amassed (with a sales base around $53 billion), meat is a commodity that carries little to no brand or pricing power, exposing sellers to volatility in both costs and revenue. Tyson's strategy to sell three meats is intended to offer diversification. But diversification has its costs, and the headwinds of any one meat have weighed on companywide results at times. Additionally, we think there's limited revenue or cost synergies across different proteins.

Tyson Foods shares were down 8% despite achieving the highest quarterly adjusted operating income, or AOI, since fiscal 2022. Fiscal second-quarter sales were flat after legal contingency accruals, but AOI was up 27% as margin expanded 70 basis points over the prior-year quarter.

No-moat Tyson primarily sells raw beef, pork, and chicken, although it has increased its exposure to prepared foods. Despite the scale it has amassed (with a sales base around $53 billion), meat is a commodity that carries little to no brand or pricing power, exposing sellers to volatility in both costs and revenue. Tyson's strategy to sell three meats is intended to offer diversification. But diversification has its costs, and the headwinds of any one meat have weighed on companywide results at times. Additionally, we think there's limited revenue or cost synergies across different proteins.

Tyson Foods shares were up 2% on the highest quarterly adjusted operating income achieved since fiscal 2022. Fiscal first-quarter sales were up 2.3%, but AOI was up 60% as margin expanded roughly 170 basis points. Chicken was particularly strong as beef continued to generate an AOI loss.

Most of Tyson's revenue and costs are exposed to the volatility of meat cycles. In recent years, US cattle prices have skyrocketed amid low herd sizes. This has squeezed profits for its beef segment, Tyson's largest, and weighed on companywide adjusted operating income, or AOI, margin.

Tyson Foods shares were up a high-single-digit percentage on strong performance to end fiscal 2024. Although full-year sales were up less than 1%, adjusted operating income, or AOI, nearly doubled, powered by resurgent chicken markets and a milder recovery in pork.

No-moat Tyson primarily sells raw beef, pork, and chicken, although it has increased its exposure to prepared foods. Despite the scale it has amassed (with a sales base around $53 billion), meat is a commodity and carries little to no brand or pricing power, exposing sellers to volatility in both costs and revenue. Tyson’s strategy to sell three meats is intended to offer diversification. But diversification has its costs, and the headwinds of any one meat have weighed on companywide results at times. Additionally, we think there’s limited revenue or cost synergies across different proteins.

No-moat Tyson primarily sells raw beef, pork, and chicken, although it has increased its exposure to prepared foods. Despite the scale it has amassed (with a sales base around $53 billion), meat is a commodity and carries little to no brand or pricing power, exposing sellers to volatility in both costs and revenue. Tyson’s strategy to sell three meats is intended to offer diversification. But diversification has its costs, and the headwinds of any one meat have weighed on companywide results at times. Additionally, we think there’s limited revenue or cost synergies across different proteins.

We don't expect a major change to our $80 fair value estimate for no-moat Tyson based on its June-ended fiscal 2024 third quarter. Most of the quarter was unsurprising, as chicken performed well, pork continued its recovery, prepared foods remained a solid contributor, and beef continued to struggle. The downside looks more muted for the rest of fiscal 2024, as the company narrowed the bottom end of its full-year adjusted operating income guidance by $200 million to $1.6 billion-$1.8 billion. Given the continued recovery, shares were up 2% on a day when the Morningstar US Market Index was down 2.4%.

Tyson primarily sells raw beef, pork, and chicken, although it has increased its exposure to prepared foods. Despite the scale it has amassed (with a sales base that exceeds $53 billion), meat is a commodity and carries little to no brand or pricing power, exposing sellers to volatility in both costs and revenue. Tyson’s strategy to sell three meats is intended to offer diversification. But diversification has its costs, and the headwinds of any one meat have weighed on companywide results at times. Additionally, we think there’s limited revenue or cost synergies across different proteins.

No-moat Tyson Foods announced the suspension of CFO John Tyson following his arrest on charges of driving while intoxicated. He was previously arrested for public intoxication and criminal trespass in 2022. After the earlier arrest, the company announced that two separate reviews resulted in actions consistent with internal guidelines, without further detail, while expressing support for John Tyson as CFO. Tyson Foods has appointed Curt Calaway, senior vice president of finance, corporate development, and treasurer, as interim CFO. Calaway has been with the company for 18 years in various financial leadership positions, so we expect minimal disruption.

We expect to make a low-single-digit percentage cut to our $83 fair value estimate for no-moat Tyson after our review of its March-ended fiscal 2024 second quarter. For the most part, results continued to signal a cyclical recovery in chicken and pork. However, the recovery in beef will take a little longer than we expected as heifer retention has yet to improve. Still, we don’t see any changes to the long-term fundamental supply and dynamics and see these challenges as cyclical.

Tyson primarily sells raw beef, pork, and chicken, although it has increased its exposure to prepared foods. Despite the scale it has amassed (with a sales base that exceeds $53 billion), meat is a commodity and carries little to no brand or pricing power, exposing sellers to volatility in both costs and revenue. Tyson’s strategy to sell three meats is intended to offer diversification. But diversification has its costs, and the headwinds of any one meat have weighed on companywide results at times. Additionally, we think there’s limited revenue or cost synergies across different proteins.