HRL · CIK 48465
What Hormel Foods Corporation told the SEC could break it.
Hormel's flagged risks are the everyday pressures of a packaged-protein company. Its results are sensitive to commodity input costs — pork, turkey and other proteins and grains — which, along with softness in Brazil, drove a decline in adjusted segment profit in fiscal 2025. On the sales side, Walmart and its subsidiaries are a major customer accounting for more than 10% of net sales (and more than 10% of net receivables), concentrating a meaningful slice of revenue in one retailer; and changes in global trade policy and tariffs, while only a minor factor in fiscal 2025, remain something it monitors.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- protein/meat and other commodity input costsmedium
Hormel's results are exposed to commodity input cost pressures (pork, turkey and other protein/grain inputs); adjusted segment profit declined in fiscal 2025 primarily due to commodity input cost pressures and softness in Brazil.
“Adjusted segment profit declined in the fourth quarter and full year of fiscal 2025, primarily due to commodity input cost pressures and softness in Brazil.”
SEC filing →As of 2025
Customer concentration
- Walmart is a >10% major customermedium
Walmart and its subsidiaries are disclosed as a major customer exceeding 10% of Hormel's net sales (and one customer was over 10% of net accounts receivable), concentrating a meaningful portion of revenue in a single retailer.
“As of October 26, 2025, and October 27, 2024, one customer accounted for more than 10 percent of net accounts receivable.”
SEC filing →As of 2025
Regulatory & policy
- global trade policy / tariffs (minor 2025 impact, monitored)low
Changes in global trade policies, including tariffs and retaliatory tariffs, had a minor impact on Hormel's fiscal 2025 results, and the company continues to monitor and evaluate the impact of proposed and enacted tariffs.
“Changes in global trade policies, including tariffs and retaliatory tariffs, had a minor impact on the Company's results of operations during fiscal 2025.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Major Customers: Sales to Walmart Inc. and its subsidiaries (Walmart) represented”
Cited →
Its suppliers
“Our largest customers for these products include Austria Pet Food GmbH, Campbell, Conagra Brands, Inc., Eagle Family Foods Group LLC, General Mills, Inc., Goya Foods, Inc., Hill's Pet Nutrition, Inc., Hormel Foods Corporation, Kraft Heinz, Mars, Incorporated, Nestlé, Nortera Foods Inc., O-AT-KA Milk Products, LLC, Pacific Coast Producers, Stanislaus Food Products Company and Tony Downs Foods Co.”
Cited →
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