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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