Jbs N.v. (JBS)

Price$13.03Cached quoteAs of 2026-09-05 16:33 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because recovery hopes already offset today's weak cash generation.

At an equity value near $15 billion, JBS trades around 13 times trailing earnings. FY2025 earnings per share were $1.89, but first-half 2026 earnings dropped to $0.11 from $0.93, leaving roughly $1.07 over the latest twelve months. Enterprise value, meaning stock value plus net debt, is about 5.6 times last-twelve-month adjusted operating earnings. That is not obviously expensive, but the price already assumes a meaningful recovery from 2026's trough rather than today's depressed profit rate. Investing.com Canada+2SEC+2

Big pictureJBS earns well across cycles, but recent cash flow shows profits can swing sharply.

Revenue rose from $72.9 billion in 2023 to $77.2 billion in 2024 and $86.2 billion in 2025, while net income swung from a $0.2 billion loss to $1.77 billion and then $2.02 billion. Free cash flow—cash left after running and investing in the business—was about $0.88 billion, $2.75 billion, and $0.83 billion. The cycle weakened sharply afterward: first-half 2026 sales grew 12.3%, yet income attributable to JBS fell to $118 million from $1.03 billion and operating cash flow was only $63 million. SEC

Business strengthGlobal protein diversification protects sales, but debt and payouts leave less room for mistakes.

JBS's mix of proteins and regions cushions individual cycles. In 2025, Pilgrim's Pride produced about $2.80 billion of adjusted EBITDA—a rough operating-profit measure before interest, taxes and major non-cash charges—and Seara produced $1.55 billion while North American beef lost about $0.32 billion. The balance sheet is usable, not conservative: June 2026 debt was $22.65 billion, cash-like liquidity about $3.69 billion, and net debt 3.1 times adjusted EBITDA. Capital returns were aggressive too: 2025 dividends of $1.57 billion exceeded $0.83 billion of free cash flow. SEC+2SEC+2

What could change the storyCheaper cattle could restore profits, while share-funded deals could dilute any recovery.

The strongest bull case is cheaper U.S. cattle: North American beef lost $345 million of adjusted EBITDA in first-half 2026, so sustained positive profit there would materially lift group earnings. Reopened Mexican cattle imports directly target that bottleneck. The bear case is weaker recovery combined with aggressive capital allocation. JBS's Pilgrim's Pride proposal could create roughly 89 million new JBS shares, about 8% of the current total, although JBS would receive the remaining 18% of Pilgrim's earnings in exchange. Positive beef profit and stronger operating cash are the key confirmation signals. SEC+3Nasdaq+3USDA APHIS+3

AI: News

Mexican cattle reopeningThe United States reopened a cattle-import route from Mexico, easing a major beef-cost pressure.

USDA announced on July 24 that cattle imports from Mexico would restart in phases, beginning at Douglas, Arizona, on August 24, subject to disease controls. Mexico historically supplied more than one million cattle annually. Bloomberg reported JBS shares rose as much as 9.8% on July 27. The mechanism is direct: additional cattle supply can reduce livestock costs for JBS's North American beef plants, which were loss-making in first-half 2026. The benefit still depends on ports remaining open and import volumes becoming meaningful. USDA APHIS+2Bloomberg Law News+2

Loss and CEO transitionRecord sales came with a surprise loss, showing that higher meat prices did not protect profits.

On August 10, JBS reported record quarterly revenue of $23.9 billion, up 14%, while adjusted EBITDA fell 18% to $1.43 billion and the company posted a $102 million loss versus a $528 million profit a year earlier. Reuters reported the shares fell 5.8% after the announcement. JBS also named Wesley Batista Filho global CEO effective January 2027. The investment signal is margin compression despite rising sales, showing that protein and financing costs can overwhelm revenue growth. SEC+2Reuters+2

Pilgrim's Pride bidJBS offered shares for the remaining Pilgrim's Pride stake, trading cash savings for dilution risk.

On August 18, JBS proposed exchanging 2.086 JBS shares for each Pilgrim's Pride share it does not own, targeting the remaining 18%. Pilgrim's reported about 238.1 million shares outstanding in June, implying roughly 89 million new JBS shares, or about 8% of JBS's current total. Reuters reported Pilgrim's rose 7% and JBS about 1% after the proposal. Full ownership could simplify the structure and capture all Pilgrim's earnings, but the proposal is non-binding and transfers some future value through dilution. Reuters+2SEC+2

Loading local price history

Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$86.18B	$77.18B	$72.92B	$72.61B
Gross profit	$11.30B	$11.59B	$7.97B	$11.54B
Gross margin	13.11%	15.01%	10.93%	15.90%
Operating expenses	$7.14B	$7.21B	$6.88B	$6.82B
Operating income	$4.16B	$4.38B	$1.08B	$4.73B
Operating margin	4.83%	5.67%	1.49%	6.51%
EBITDA	$6.47B	$6.57B	$3.23B	$6.80B
EBITDA margin	7.51%	8.51%	4.43%	9.37%
Net income	$2.23B	$1.97B	−$131.7M	$3.00B
Net profit margin	2.59%	2.55%	−0.18%	4.13%
Basic EPSper basic share	$1.89	$1.65	-$0.19	—
Diluted EPSper diluted share	$1.89	$1.65	-$0.19	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of JBS
Holder	Shares held
Batista Joesley Mendonca	242.73M
Batista Wesley Mendonca	242.73M
BNDES Participacoes S.A.	199.29M
Davis Selected Advisers	50.02M
BlackRock, Inc.	32.27M
D. E. Shaw & Co., Inc.	11.28M
STATE STREET CORP	8M
BRANDES INVESTMENT PARTNERS, LP	7.69M
AMERIPRISE FINANCIAL INC	6.69M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	6.02M
Alberta Investment Management Corp	5.9M
Tomazoni Gilberto	5.87M
DISCOVERY CAPITAL MANAGEMENT, LLC / CT	5.44M
DEUTSCHE BANK AG\	4.89M
RAYMOND JAMES FINANCIAL INC	4.56M
BANK OF AMERICA CORP /DE/	3.96M
GEODE CAPITAL MANAGEMENT, LLC	3.75M
VAN ECK ASSOCIATES CORP	3.74M
Assenagon Asset Management S.A.	3.69M
UBS Group AG	3M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about JBS yet. Start the conversation.

Write the first post

Jbs N.v. (JBS)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.