Seneca Foods Corp (SENEA)

Price$177.03Cached quoteAs of 2026-10-02 09:33 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because recent profits are strong but unusually volatile.

At the observed price, the equity is worth about $1.29 billion, or roughly 11.5 times fiscal 2026 diluted earnings; diluted means potential extra shares are included. It is also about 1.7 times June book value, the assets left for shareholders after liabilities. Those figures look moderate, but six-year average net income was only about $67 million, implying roughly 19 times mid-cycle earnings. The price therefore assumes much of the recent margin recovery lasts, making Fair-priced more defensible than a clear bargain.

Big pictureProfit has rebounded sharply, but cash generation remains tied to crop and inventory cycles.

Fiscal 2026 revenue rose 5% to $1.66 billion, while net income jumped from $41 million to $115 million as gross margin recovered to 13.9% from 9.5%. Yet annual net income ranged from $9 million to $126 million over six years. Free cash flow—cash left after operations and equipment spending—averaged only about $27 million across that span because inventory building consumed cash in fiscal 2023 and 2024 before releasing it in 2025 and 2026. Recent earnings are real, but one strong crop cycle is not a durable baseline.

Business strengthRapid debt reduction and buybacks provide meaningful protection against a weaker harvest.

At June 27, cash was $86.9 million against roughly $240.2 million of debt and debt-like obligations, down from $385.2 million fifteen months earlier. Current assets of $784.2 million covered current liabilities 3.8 times, and shareholder equity reached $774.5 million. A further $50 million term-loan payment followed in July, though paying from cash does not immediately reduce net debt. Shares outstanding fell about 11% from March 2023 to June 2026, so buybacks created per-share value rather than dilution. There is no meaningful common dividend.

What could change the storyA successful Green Giant turnaround can lift value, while fading margins would expose overpricing.

The strongest upside case is that Green Giant frozen sales become profitable: first-quarter frozen revenue nearly tripled to $67.9 million, and total sales rose 36%. The warning is that the acquired business lost $3.3 million before tax in its first month, while integration fees reached $1.4 million in the latest quarter. Sustained annual earnings above roughly $100 million and cash after equipment spending above $100 million through a full crop cycle would support the valuation. A return toward the six-year $67 million profit average would make it look demanding.

AI: News

First-quarter sales surgeGreen Giant and higher volumes drove a sharp sales rise, though reported margins narrowed.

On August 6, Seneca reported June-quarter sales of $405.2 million, up 36.2%, and net income of $19.5 million, up 31%. Frozen-vegetable sales rose to $67.9 million from $22.9 million, reflecting the new Green Giant business. Reported gross margin fell to 11.8% from 14.1%, largely because the prior year had a larger inventory-accounting benefit. Shares gained 7.4% in the next session; the timing is consistent with a favorable response but does not prove the report caused the move.

Record annual profitHigher volumes and cheaper inventory restored margins, producing a major annual earnings recovery.

On June 11, the company reported fiscal 2026 sales of $1.66 billion, up 5.1%, and net income of $114.7 million versus $41.2 million. Gross margin widened to 13.9% from 9.5% as older high-cost inventory cleared and pack costs normalized. Management also reported record adjusted earnings of $14.15 per share after allowing for potential extra shares. Shares rose 17.5% the next session; the close timing strongly suggests the release mattered, although it cannot establish sole causation.

Green Giant frozen dealThe Green Giant purchase expanded frozen foods sharply, but the acquired operation initially lost money.

Seneca completed the Green Giant U.S. frozen purchase on March 2 for about $61.5 million, funded with cash. Acquired net assets were valued at $68.1 million, creating a $6.7 million accounting gain. The business added $23.4 million of sales but lost $3.3 million before tax during its first month. The deal reunited frozen and shelf-stable Green Giant products and more than doubled Seneca's frozen business, creating scale and growth potential but making a turnaround central to future returns.

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Total cash / debt

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Financial statements

	2026	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$1.66B	$1.58B	$1.46B	$1.51B	$1.39B	$1.47B	$1.34B	$1.20B	$1.16B	$1.26B	$1.28B	$1.29B	$1.34B	$1.28B	$1.26B	$1.19B	$1.28B
Gross profit	$231.2M	$150.2M	$188.2M	$104.3M	$141.6M	$232.2M	$141.9M	$39.5M	$81.0M	$112.0M	$150.6M	$84.4M	$92.3M	$141.3M	$92.8M	$93.2M	$150.3M
Gross margin	13.93%	9.51%	12.90%	6.91%	10.22%	15.82%	10.62%	3.29%	6.97%	8.87%	11.77%	6.56%	6.88%	11.07%	7.38%	7.84%	11.74%
Operating expenses	$82.8M	$1.50B	$1.35B	$1.49B	$1.32B	$1.29B	$1.27B	$1.24B	$1.15B	$1.23B	$1.19B	$1.27B	$1.32B	$1.21B	$1.23B	$1.16B	$1.20B
Operating income	$148.4M	$77.8M	$107.2M	$21.4M	$64.0M	$181.1M	$70.5M	−$38.1M	$14.8M	$34.7M	$91.7M	$20.4M	$23.6M	$70.9M	$25.6M	$32.3M	$85.0M
Operating margin	8.94%	4.93%	7.35%	1.42%	4.62%	12.34%	5.28%	−3.17%	1.28%	2.75%	7.17%	1.58%	1.76%	5.56%	2.04%	2.71%	6.64%
EBITDA	$192.4M	$122.5M	$150.7M	$62.3M	$100.5M	$213.4M	$101.5M	−$6.8M	$46.4M	$59.6M	$113.5M	$42.2M	$46.9M	$94.2M	$48.3M	$54.9M	$107.4M
EBITDA margin	11.59%	7.76%	10.33%	4.13%	7.26%	14.54%	7.60%	−0.57%	3.99%	4.72%	8.87%	3.28%	3.50%	7.38%	3.84%	4.61%	8.39%
Net income	$114.7M	$41.2M	$63.3M	$9.2M	$46.2M	$126.1M	$52.3M	$5.7M	−$8.5M	$15.9M	$56.4M	$9.9M	$13.8M	$41.4M	$11.3M	$17.7M	$48.4M
Net profit margin	6.91%	2.61%	4.34%	0.61%	3.34%	8.59%	3.92%	0.48%	−0.73%	1.26%	4.41%	0.77%	1.03%	3.24%	0.89%	1.49%	3.78%
Basic EPSper basic share	$16.75	$5.95	$8.64	$1.19	$5.28	$13.82	$5.62	$0.59	-$0.87	$1.61	$5.65	$0.91	$1.24	$3.59	$0.93	$1.45	$3.98
Diluted EPSper diluted share	$16.59	$5.90	$8.56	$1.16	$5.24	$13.72	$5.58	$0.59	-$0.87	$1.60	$5.61	$0.90	$1.23	$3.57	$0.92	$1.45	$3.96

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈8.59%of listed shares

BlackRock, Inc.448.25K shares · Jun 30, 2026

View holders

Top 20 reported holders of SENEA
Holder	% owned
BlackRock, Inc.	≈8.59%448.25K shares
DIMENSIONAL FUND ADVISORS LP	≈8.12%423.87K shares
AMERICAN CENTURY COMPANIES INC	≈5.58%291.32K shares
ALLIANCEBERNSTEIN L.P.	≈3.90%203.54K shares
VANGUARD CAPITAL MANAGEMENT LLC	≈3.79%197.67K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈3.59%187.69K shares
GEODE CAPITAL MANAGEMENT, LLC	≈3.06%159.6K shares
STATE STREET CORP	≈2.44%127.25K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	≈1.67%87.32K shares
LAZARD ASSET MANAGEMENT LLC	≈1.48%77.39K shares
Qube Research & Technologies Ltd	≈1.41%73.59K shares
ACADIAN ASSET MANAGEMENT LLC	≈1.25%65.46K shares
NORTHERN TRUST CORP	≈1.23%64.37K shares
MARSHALL WACE, LLP	≈1.13%59.18K shares
O'SHAUGHNESSY ASSET MANAGEMENT, LLC	≈1.08%56.43K shares
TWO SIGMA INVESTMENTS, LP	≈1.04%54.15K shares
JANE STREET GROUP, LLC	≈1.03%53.59K shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC	≈1.02%53.43K shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	≈0.90%47.2K shares
Empowered Funds, LLC	≈0.87%45.16K shares

Percentages use 5.22M shares of this listed class outstanding on Jun 27, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗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 ↗

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