Forensic Analysis · Consumer Staples / Food & Beverage · as of Sep 25, 2026
Sanfilippo John B & Son Inc (JBSS)
A forensic read on Sanfilippo John B & Son Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
6.9
Distress distance
Clean
Earnings quality
4
Forensic signals
12.7
P / E (ttm)
16.3%
ROE
$792M
Market cap
0.85%
Dividend yield
6.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Sanfilippo John B & Son Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 6.9, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+13.1%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +13.1% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by PP&E up +44% against revenue +6% and receivables up +10% against revenue +6%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 15% of net operating assets, against an accruals ratio of 13.1%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
+0.4%/yr
FY2024–FY2026
Share count.Diluted share count changed +1% over the last 2 years to FY2026 (+0.4%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.
131% of FCF
FY2026
Shareholder returns.Returned $47M to shareholders (buybacks + dividends) in FY2026 — 131% of free cash flow, but 38% of operating cash flow. Returns run ahead of free cash flow because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep. Counting the $4M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 143%.
-30%
FY2024→FY2025
Dividend — cut.The payout was CUT ~30% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$1.18B
Revenue Growth YoY+6.2%
Revenue CAGR (2yr)+5.0%
Net Margin5.3%
Free Cash Flow$35.7M
Return on Equity16.3%
Debt / Equity0.13x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Sanfilippo John B & Son Inc's actual 10-K/10-Q/8-K filings?