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Forensic Analysis · Nondurable-Goods Wholesale · as of Nov 11, 2026

Seaboard Corp /De/ (SEB)

A forensic read on Seaboard Corp /De/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective
Forensic grade
Safe
Financial health
5.9
Distress distance
Clean
Earnings quality
2
Forensic signals
10.0%
ROE
7.1%
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 (auditor quality, say on pay, board independence, going concern). 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.

Seaboard Corp /De/ earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 5.9, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

3.4%
FY2025
Return on invested capital. Return on invested capital is 3.4% in the latest fiscal year and rising across FY2023–FY2025 from -1.3%. After-tax operating profit was ($78M) in FY2023 and $215M in FY2025, with operating income at -0.9% of revenue in FY2023, 1.7% in FY2024 and 2.5% in FY2025. The capital base behind it went from $6.2B in FY2023 to $6.4B in FY2025 (+3%), while the revenue it carried went from $9.6B to $9.7B. $1.1B of the $6.4B base at FY2025 is short-term investments (16.7%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.
800% of FCF
FY2025
Shareholder returns. Returned $48M to shareholders (buybacks + dividends) in FY2025 — 800% of free cash flow, but 8% of operating cash flow. Returns run ahead of free cash flow, with the gap funded by debt or cash reserves rather than the cash the business itself throws off; the payout itself is still covered by operating cash.

Key fundamentals

Latest Revenue$9.75B
Revenue Growth YoY+7.1%
Revenue CAGR (2yr)+1.0%
Net Margin5.1%
Free Cash Flow$6.0M
Return on Equity10.0%
Debt / Equity0.19x

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Data from SEC EDGAR public filings · metrics as of Nov 11, 2026. Forensic signals flag probability, not certainty.

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