JBSS · CIK 0000880117
What John B. Sanfilippo & Son, Inc. told the SEC could break it.
John B. Sanfilippo & Son is squeezed between volatile input costs and a few big customers. Nuts and other raw materials were about 73% of its cost of sales, and because there are no futures markets to hedge nut prices, it can only try to pass increases on to customers — a hypothetical 1% material-cost rise without an offsetting price increase would have cut fiscal 2025 gross profit by roughly $6.6 million. At the same time roughly half of its net sales (and 52% of net accounts receivable) come from a few large retail customers, so losing volume with one materially hits results. Its inputs are also trade-exposed: about 28% of its nut and dried-fruit purchases are foreign-sourced, and tariffs hit them directly — a combined 55% on China-sourced pepitas and pine nuts and 20% on Vietnamese cashews — with European equipment purchases adding further tariff and currency exposure.
4 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
- unhedgeable tree-nut/peanut commodity prices (materials = 73% of COGS)high
Nut and other raw-material costs were ~73% of Sanfilippo's cost of sales; with no established futures markets to hedge nut prices, it can only try to pass cost increases to customers, and a hypothetical 1% material-cost rise without price offset would have cut FY2025 gross profit by ~$6.6M.
“We are unable to engage in hedging activity related to commodity prices, because there are no established futures markets for nuts; therefore, we can only attempt to pass on the commodity cost increases in the form of price increases to our customers. A hypothetical 1% increase in material costs, without a corresponding price increase, would have decreased gross profit approximately $6.6 million for fiscal 2025.”
SEC filing →As of 2025
Customer concentration
- a few major customers ≈50% of net sales; 52% of net accounts receivablehigh
Sanfilippo's revenue is concentrated in a few large (unnamed) retail customers — roughly half of net sales (51% in FY2023) and 52% of net accounts receivable at June 2025 — so a sales-volume loss to a major customer (as occurred amid soft consumer demand) materially impacts results.
“In total, net accounts receivable from these customers were 52 % and 47 % of net accounts receivable at June 26, 2025 and June 27, 2024, respectively.”
SEC filing →As of 2025
Regulatory & policy
- import tariffs on China nuts (55%) and Vietnam cashews (20%); European equipmenthigh
Import tariffs raise Sanfilippo's input costs — ~2% of material costs (pepitas, pine nuts) from China face a combined 55% tariff and Vietnam cashews a 20% tariff — and ~half of a planned $90M equipment capex is payable to European vendors in foreign currency, exposed to tariffs and FX.
“Approximately 2% of our material costs, primarily pepitas and pine nuts, are currently sourced from China and are currently subject to a combined 55% tariff. Cashews are also imported and those sourced from Vietnam, which represents the majority of such imports, are currently subject to a 20% tariff.”
SEC filing →As of 2025
Supplier concentration
- ~28% of nut/dried-fruit purchases sourced from foreign countries (Mexico, Vietnam, West Africa)medium
About 28% of Sanfilippo's nut and dried-fruit purchase value in FY2025 came from foreign countries — pecans from Mexico, cashews from Vietnam and West Africa, plus other imports — exposing supply and cost to international trade, shipping and geopolitical disruptions.
“Approximately 28% of the dollar value of our total nut and dried fruit purchases for fiscal 2025 were made from foreign countries”
SEC filing →As of 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
“Net sales to Target Corporation accounted for approximately 11% of our net sales for fiscal 2025, 13% of our net sales for fiscal 2024 and 15% of our net sales for fiscal 2023.”
Cited →“Net sales to Walmart Inc. accounted for approximately 40% of our net sales for fiscal 2025, 39% of our net sales for fiscal 2024 and 36% of our net sales for fiscal 2023.”
Cited →
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